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: 夢金園黃金珠寶集團股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 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) | 02585 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 233,023,466 | RMB | | 1 RMB | | 233,023,466 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 233,023,466 | RMB | | 1 RMB | | 233,023,466 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Insights - The company, Mengjinyuan, has been recognized in the "Asia Brand 500" list for three consecutive years, ranking third in the domestic jewelry industry, reflecting its strong brand presence and market position [1][8] - Mengjinyuan has achieved significant breakthroughs in international expansion through product innovation, channel development, and brand rejuvenation strategies [1][8] Product Innovation Driving Growth - Mengjinyuan has invested heavily in technology research and development, holding 639 patents, including 48 invention patents, establishing a solid technological barrier [3] - The company has developed a patented solder-free welding technology that enhances gold jewelry purity to over 999.9‰, addressing long-standing industry issues [3] - In September 2025, Mengjinyuan launched two new product series: "High Light Moment" featuring advanced craftsmanship and "Red Rhythm Oriental 2.0" integrating cultural elements, enhancing user experience and social engagement [3] Channel Expansion and Globalization - As competition in first-tier cities intensifies, Mengjinyuan has adopted a differentiated channel development strategy, establishing a network of 2,733 offline stores and a robust online presence across major e-commerce platforms [5] - The company's overseas revenue reached 145 million yuan in the first half of 2025, marking a 285.9% year-on-year increase, with successful international sales of its high-end spring clasp technology [5] Brand Marketing and Cultural Empowerment - Mengjinyuan's brand rejuvenation strategy has been effective, collaborating with various celebrities to blend traditional jewelry with modern lifestyles [7] - The company preserves traditional craftsmanship as a provincial-level intangible cultural heritage, integrating ancient techniques with contemporary design [7] - In early 2025, Mengjinyuan showcased its designs on a major fashion cultural program, emphasizing its commitment to innovation and cultural representation [7] - The company plans to introduce over 200 new products monthly across five key categories, leveraging social media platforms for marketing and customer engagement [7] Global Brand Recognition - The recognition of Mengjinyuan in the Asia Brand 500 signifies a shift from manufacturing advantages to brand advantages among Asian brands, showcasing its maturity in technology integration, cultural output, and global operational capabilities [8] - Mengjinyuan's growth trajectory serves as a model for other Asian consumer brands in the context of artificial intelligence and trade restructuring [8]

"红韵东方2.0"：当国风美学遇上旋转设计 一场关于"光"的革命，从此黄金不再低调。如果说黄金在过去是"压箱底的传承"，那如今它早已成 为"日常穿搭的宣言"。梦金园这一次，真的把光"戴"在了身上！ 全新"高光时刻"系列以"微米级光轨耀刻工艺"打造，真正做到360度通体闪耀无暗面——无论从哪个角 度捕捉，都能折射出细腻而夺目的光芒。更惊艳的是，单颗金珠仅重0.27克，轻盈如羽，却依旧保持 130HV高硬度，日常佩戴无压力。 这意味着什么？ ——"金轻显大"，视觉存在感强，实际克重轻，轻松叠戴也不厚重。这才是Z世代"懒系精致"的终极解 法！ 梦金园用"高光时刻"和"红韵东方2.0"告诉市场：黄金可以是日常的、轻盈的、可玩的，甚至有 点"萌"的。当黄金不再沉重，风格才能真正轻盈。 谁说传统文化不能"玩"起来？ 梦金园这一次把"东方红"彻底激活！ 编辑：吴郑思 "八宝妙转"项链融入佛教八宝元素——金鱼、宝瓶、莲花、法螺……轻轻一转，福运随行，轴承工艺支 持持续转动90秒，兼具仪式感与趣味性；"宝相如意·手串"则结合红玛瑙与黄金，链间一朵宝相花悄然 绽放，"一转福运至"，寓意与美感双双在线。更不用说那些古法花丝、云纹图 ...

2025年以来，国际金价仍处于历史高位区间，传统黄金消费的"保值逻辑"有所弱化，而年轻消费群体对产品设计、文化内涵与日常佩戴场景的需求显著提 升。据梦金园发布会援引的行业数据显示，2025年上半年小红书平台黄金类笔记数量同比增长5倍，"新中式""文玩手串"等关键词声量增幅达291%。 面对这一趋势，老铺黄金依托"古法工艺+高端收藏"定位坚守高客单价市场，潮宏基则聚焦"时尚设计+轻奢风格"吸引年轻时尚女性。梦金园此番推出的新 品，明显意图通过"工艺突破+文化叙事+全域营销"的组合策略，覆盖更广泛的消费场景与价格带。 "高光时刻"系列：以技术参数建立差异化 该系列主打"光轨耀刻工艺"，宣称通过自研钻石刀头与20天打磨周期，实现产品360度通体无暗面闪耀，硬度达到130HV（较普通硬金提升45%），单颗 金珠克重降至0.27克（降幅36%）。这一工艺突破直接对标潮宏基等品牌的轻奢产品线，但在克重、光泽度等参数上形成明显差异化卖点。 转自：新华财经 2025年9月8日，梦金园（02585.HK）召开新品发布会，正式推出"高光时刻"与"红韵东方2.0"两大产品系列。 在黄金价格持续高位运行、消费动机从"保值"向"悦己" ...

夢金園黃金珠寶集團股份有限公司 MOKINGRAN JEWELLERY GROUP CO., LTD. 股份代號 : 2585 （於中華人民共和國註冊成立的股份有限公司） 2025 中期報告 夢金園黃金珠寶集團股份有限公司 MOKINGRAN JEWELLERY GROUP CO., LTD. Stock Code: 2585 (A joint stock company incorporated in the People's Republic of China with limited liability) INTERIM REPORT 2025 MOKIN GRAN JEWELLE RY GR OUP CO., LT D. 夢金園黃金珠寶集團股份有限公 司 Interim R e port 20 2 5 中期報告 目 錄 | 公司資料 | 02 | | --- | --- | | 管理層討論及分析 | 04 | | 企業管治及其他資料 | 18 | | 綜合損益及其他全面收益表 | 30 | | 綜合財務狀況表 | 31 | | 綜合權益變動表 | 33 | | 綜合現金流量表 | 34 | | 綜合財 ...

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: 夢金園黃金珠寶集團股份有限公司 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02585 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 233,023,466 | RMB | | 1 RMB | | 233,023,466 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 233,023,466 | RMB | | 1 RMB | | 233,023,466 | | 2. 股份分類 | 普通股 | 股份類別 | 其 ...

Core Viewpoint - The company reported a revenue of RMB 10.451 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.72% [1] - The company experienced a loss attributable to shareholders of RMB 70.091 million, compared to a profit of RMB 47.433 million in the same period last year, resulting in a loss per share of RMB 0.26 [1] Group 1 - The company primarily sells products through a network of franchise and self-operated stores [1] - As of June 30, 2025, the company has established a sales network covering 2,733 stores, including 2,704 franchise stores and 29 self-operated stores [1] - The company is continuously expanding its online sales platform to broaden consumer reach and establish long-term connections between the brand and consumers [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and strategic initiatives of the company, including revenue growth and expansion in both domestic and international markets [1][2] Group 2 - For the six months ending June 30, 2025, the company's total revenue increased by 4.7% year-on-year to RMB 10.451 billion, while the net loss was RMB 64 million compared to a net profit of RMB 52.3 million in the same period last year [1] - The company reported a loss attributable to shareholders of RMB 70.091 million, contrasting with a profit of RMB 47.433 million in the previous year [1] - The company has established a sales network of 2,733 stores, comprising 2,704 franchise stores and 29 self-operated stores, and is expanding its online sales platform to enhance consumer reach [1] Group 3 - The company has been actively pursuing overseas expansion, exporting products such as gold jewelry, K-gold jewelry, and various accessory types to regions including North America, Europe, the Middle East, and Southeast Asia [2] - In the first half of 2025, overseas revenue reached RMB 145 million, representing a significant year-on-year growth of 285.9% [2] - The company is launching new product lines that blend traditional aesthetics with modern design, emphasizing the uniqueness of craftsmanship and cultural heritage [2]

我们主要通过加盟店及自营店组成的线下网络向消费者销售产品。此外，我们亦通过电商平台的线上销 售向消费者提供产品。截至2025年6月30日，本公司已建立覆盖2733家门店的线下销售网络，其中加盟 店2704家，自营店29家，同时我们持续扩展我们的线上平台销售，拓宽我们的消费者覆盖范围及形成品 牌与消费者间的长久联系。 梦金园(02585)发布截至2025年6月30日止6个月中期业绩，该集团取得收益人民币104.51亿元(单位下 同)，同比增加4.72%;公司拥有人应占亏损7009.1万元，去年同期则取得溢利4743.3万元;每股亏损0.26 元。 ...

Company Information This section provides Mokingran Gold Jewelry Group's fundamental company information, including board and committee compositions, with recent changes noted - Board member changes: **Mr. Wang Guoxin** appointed Executive Director from May 16, 2025, Ms. Jiang Liying retired; **Mr. Weng Xin**, **Mr. Ding Xiaodong** appointed Independent Non-executive Directors from May 16, 2025, Mr. Wang Gongyong, Mr. Huang Fangliang retired[9](index=9&type=chunk) - Audit Committee Chairman change: **Mr. Ding Xiaodong** appointed Audit Committee Chairman from May 16, 2025, Mr. Wang Gongyong retired[9](index=9&type=chunk) - Company website: http://www.mokingran.com[10](index=10&type=chunk) - Stock code: **02585**[11](index=11&type=chunk) Management Discussion and Analysis This section reviews Mokingran Gold Jewelry Group's H1 2025 operations, noting a 4.7% revenue increase but a net loss due to rising gold prices, alongside strategic market responses [Industry Review](index=5&type=section&id=Industry%20Review) High gold prices in H1 2025 suppressed jewelry consumption but boosted investment demand, while e-commerce and "Guofeng" trends reshaped the market - High gold prices impact consumption: In H1 2025, the average closing price of Au9999 was over RMB 200/gram higher year-on-year, leading to a **26.0% year-on-year decrease** in gold jewelry consumption[13](index=13&type=chunk) Overview of Domestic Gold Consumption in H1 2025 | Indicator | H1 2025 Consumption (tonnes) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Total Domestic Gold Consumption | 505.205 | -3.54 | | Gold Jewelry Consumption | 199.826 | -26.0 | | Gold Bar and Coin Consumption | 264.242 | +23.69 | | Industrial and Other Gold Consumption | 41.137 | +2.59 | - E-commerce dominance: Young consumers' purchasing power significantly increased through e-commerce and live streaming platforms, removing geographical limitations for gold jewelry sales[15](index=15&type=chunk) - "Guofeng" trend and youth appeal: "Guofeng" style ornaments, combining modern fashion with traditional intangible cultural heritage elements, are favored by young consumers, driving design innovation[16](index=16&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) The Group's H1 2025 revenue grew 4.7% to RMB 10,450.9 million, but a net loss of RMB 64.0 million was recorded, alongside significant overseas expansion and new product launches Total Revenue and Net Loss in H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Total Revenue | 10,450.9 | 9,979.9 | +4.7 | | Net Loss/(Profit) for the Period | (64.0) | 52.3 | From profit to loss | - Sales network: As of June 30, 2025, the offline sales network covered **2,733 stores** (**2,704 franchised stores**, **29 self-operated stores**), with continued expansion of online platforms[17](index=17&type=chunk) - Overseas business expansion: Overseas revenue reached **RMB 144.7 million**, a **285.9% year-on-year increase**, with products sold to North America, Europe, the Middle East, and Southeast Asia[18](index=18&type=chunk) - New product lines launched: Introduced "Blue and White Ancient Charm Series," "Red Oriental Charm Series," and "Golden Palace Fan," among other "Guofeng" new products combining traditional aesthetics with exquisite craftsmanship[19](index=19&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk)[25](index=25&type=chunk) [Marketing Strategy Upgrade, Solid Brand Building](index=9&type=section&id=Marketing%20Strategy%20Upgrade%2C%20Solid%20Brand%20Building) In H1 2025, the company upgraded its brand and marketing strategies, enhancing sales and exposure through diverse channels, attracting young consumers, and earning prestigious brand recognitions - Brand upgrade and integrated marketing: Launched brand upgrade strategy and omni-channel integrated marketing, enhancing sales performance and brand exposure through multi-channel promotion[29](index=29&type=chunk) - New media operations: Increased efforts in new media operations and content marketing, effectively boosting young demographic preference and store traffic[29](index=29&type=chunk) - Brand accolades: Included in the "Good Products Shandong" brand directory and retained its position among "China's 500 Most Valuable Brands"[29](index=29&type=chunk) - CCTV program promotion: Featured on China Central Television's "Chinese New Product Night" program in March 2025, promoting brand philosophy[29](index=29&type=chunk) - Corporate social responsibility: Sponsored a group wedding in May 2025, fulfilling corporate social responsibility and increasing brand visibility[31](index=31&type=chunk) [Financial Review, Operating Results and Analysis](index=10&type=section&id=Financial%20Review%2C%20Operating%20Results%20and%20Analysis) H1 2025 saw a 4.7% revenue increase to RMB 10,450.9 million, but a net loss of RMB 64.0 million resulted from higher gold price-related financial instrument losses, despite improved gross profit Overview of Total Revenue in H1 2025 | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Total Revenue | 10,450,919 | 9,979,744 | +4.7 | Revenue by Product and Service in H1 2025 | Product/Service | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Gold Jewelry and Other Gold Products | 10,135,196 | 9,834,885 | +3.1 | | K-Gold Jewelry, Diamond-Set Jewelry and Other Products | 262,860 | 99,925 | +163.2 | | Services | 52,863 | 44,934 | +17.8 | Revenue by Geographical Market in H1 2025 | Geographical Market | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Mainland China | 10,306,178 | 9,942,215 | +3.7 | | Overseas | 144,741 | 37,529 | +285.9 | - Gross profit and gross margin: Gross profit increased by **33.2% year-on-year** to **RMB 822.5 million**, and gross margin improved from **6.2% to 7.9%**, primarily due to rising gold prices and increased overseas sales[41](index=41&type=chunk) - Other expenses and net gains/losses: Recorded a net loss of **RMB 695.9 million**, compared to RMB 347.8 million in the same period last year, primarily due to increased losses from Au (T+D) contracts and gold leases caused by rising gold prices[46](index=46&type=chunk) - Net loss for the period: Recorded a net loss of **RMB 64.0 million**, compared to a net profit of RMB 52.3 million in the same period last year[51](index=51&type=chunk) [Financial Position Review](index=13&type=section&id=Financial%20Position%20Review) As of June 30, 2025, the Group's total assets were RMB 5,122.2 million, with net assets at RMB 2,285.7 million, reflecting shifts in inventory, payables, prepayments, and gold leases Overview of Assets and Liabilities in H1 2025 | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Total Assets | 5,122.2 | 4,934.7 | +3.8 | | Total Liabilities | 2,836.5 | 2,457.0 | +15.4 | | Net Assets | 2,285.7 | 2,477.6 | -7.7 | - Inventory decrease: Inventory was **RMB 2,406.4 million**, a **5.4% year-on-year decrease**, primarily due to a reduction in raw materials[54](index=54&type=chunk) - Prepayments increase: Prepayments, deposits, and other receivables increased by **9.5% year-on-year** to **RMB 592.9 million**, mainly due to the increased value of gold leased to customers caused by rising gold prices[56](index=56&type=chunk) - Cash and cash equivalents increase: Cash and cash equivalents were **RMB 849.3 million**, an increase of **52.7%** from the end of 2024[58](index=58&type=chunk) - Trade payables and bills payable decrease: Decreased by **55.0% year-on-year** to **RMB 177.4 million**, primarily due to reduced use of bills payable for raw material purchases[59](index=59&type=chunk) - Gold leases significantly increase: Gold leases increased by **84.2% year-on-year** to **RMB 661.6 million**, primarily due to increased gold lease commitments and the fair value increase of borrowed gold[62](index=62&type=chunk) - Capital expenditure decrease: Capital expenditure was **RMB 10.8 million**, a significant decrease from RMB 165.1 million as of December 31, 2024[66](index=66&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 1,833 employees, with remuneration based on performance, and continuous investment in talent development and harmonious labor relations - Employee count: As of June 30, 2025, **1,833 full-time employees** (December 31, 2024: 1,884 employees)[72](index=72&type=chunk) - Remuneration policy: Determined based on scope of duties, industry practice, educational background, experience, and performance, offering basic salary, year-end bonuses, allowances, and in-kind benefits[72](index=72&type=chunk) - Talent development: Continuous investment in recruitment, vocational training (3-6 months), and internal training programs, with regular employee performance reviews[73](index=73&type=chunk) - Labor relations: No strikes or labor disputes with significant business impact occurred during the reporting period[73](index=73&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group maintained strong liquidity with RMB 5,122.2 million in total assets, a 1.6x current ratio, and sufficient working capital for future needs - Asset ratio: As of June 30, 2025, interest-bearing borrowings were approximately **RMB 1,511.8 million**, total assets approximately **RMB 5,122.2 million**, and the asset ratio approximately **29.5%** (December 31, 2024: 27.3%)[74](index=74&type=chunk) Net Current Assets and Current Ratio | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Net Current Assets | 1,762.1 | 1,996.5 | | Current Ratio | 1.6 times | 1.9 times | - Cash and cash equivalents: As of June 30, 2025, cash and cash equivalents (including pledged/restricted deposits) were approximately **RMB 1,236.8 million** (December 31, 2024: RMB 1,022.8 million)[75](index=75&type=chunk) - Borrowings increase: Borrowings (including current and non-current portions) were **RMB 1,511.8 million**, primarily for general operating needs[77](index=77&type=chunk) - Sufficiency of working capital: The Directors believe the Group will have sufficient working capital to meet future financing and operating capital needs, based on expected profitability and long-term relationships with major banks[77](index=77&type=chunk) [Outlook](index=17&type=section&id=Outlook) The company anticipates favorable conditions from global economic recovery and stable gold prices, focusing on prudent operations, sales network expansion, product optimization, overseas market development, and gold price risk management - Market opportunities: Anticipates global economic recovery, stabilizing gold prices, and potential structural growth[78](index=78&type=chunk) - Sales network strategy: Consolidate channel penetration and brand upgrading, refine city and market management, deepen e-commerce platform and private domain traffic deployment, and increase penetration among young customer segments[79](index=79&type=chunk) - Product strategy: Optimize product lines, offer customized promotion plans, combine holiday marketing with new product launches, and enhance customer stickiness and loyalty[80](index=80&type=chunk) - Overseas market expansion: Launch international online operation and promotion models, leveraging international social media and shopping platforms, focusing on core markets and gradually expanding[81](index=81&type=chunk) - Gold price risk management: Implement measures to mitigate adverse effects of short-term sharp gold price increases, strengthening internal controls for Au (T+D) business and gold leases[81](index=81&type=chunk) Corporate Governance and Other Information This section details H1 2025 corporate governance compliance, including board and shareholder interests, share award scheme, H-share full circulation, and management changes, reflecting a commitment to high standards [Compliance with Corporate Governance Code](index=19&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company fully complied with all provisions of the HKEX Listing Rules' Corporate Governance Code in H1 2025, demonstrating a commitment to high standards - Full compliance: For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[83](index=83&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=19&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Model Code for directors' securities transactions, with all directors confirming full compliance and no employee breaches during the reporting period - Director compliance: All directors confirmed full compliance with the Model Code during the reporting period[84](index=84&type=chunk) - Employee compliance: No instances of employees breaching the Model Code were found[84](index=84&type=chunk) [Audit Committee and Review of Interim Results and Interim Report](index=19&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results%20and%20Interim%20Report) The Audit Committee, composed of three INEDs, reviewed H1 2025 interim financial results, confirming compliance and appropriate disclosures, though the statements were unaudited - Committee composition: Composed of three independent non-executive directors: **Mr. Ding Xiaodong (Chairman)**, **Mr. Bai Xianyue**, and **Mr. Weng Xin**[85](index=85&type=chunk) - Review conclusion: The Audit Committee reviewed and deemed the interim financial results compliant with relevant accounting standards, rules, and regulations, with appropriate disclosures[85](index=85&type=chunk) - Unreviewed/unaudited: The condensed consolidated financial statements in this interim report were not reviewed or audited by Deloitte Touche Tohmatsu[85](index=85&type=chunk) [Share Capital](index=19&type=section&id=Share%20Capital) As of June 30, 2025, the company's total share capital was RMB 273,023,466.00, comprising 273,023,466 shares, with no treasury shares held - Total share capital: **RMB 273,023,466.00**[86](index=86&type=chunk) - Share composition: **273,023,466 shares**, comprising **40,000,000 unlisted shares** and **233,023,466 H shares**[86](index=86&type=chunk) - Treasury shares: As of June 30, 2025, the company held no treasury shares[87](index=87&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=20&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, executive directors held significant share interests through various ownership forms, with Mr. Wang Zhongshan and Ms. Zhang Xiuqin holding a substantial combined stake Overview of Directors' Shareholdings | Name and Position | Share Description | Nature of Interest | Number of Shares | Approximate Interest Percentage | | :--- | :--- | :--- | :--- | :--- | | Mr. Wang Zhongshan (Executive Director) | H Shares (L) | Beneficial Owner | 64,760,000 | 23.72% | | | | Controlled Corporation Interest | 22,000,000 | 8.06% | | | | Spouse Interest | 78,000,000 | 28.57% | | Ms. Zhang Xiuqin (Executive Director) | H Shares (L) | Beneficial Owner | 60,000,000 | 21.98% | | | | Controlled Corporation Interest | 18,000,000 | 6.59% | | | | Spouse Interest | 86,760,000 | 31.78% | | Mr. Wang Guoxin (Executive Director) | Unlisted Shares (L) | Controlled Corporation Interest | 40,000,000 | 14.65% | - Spouse interests and controlled corporate interests: **Mr. Wang Zhongshan** and **Ms. Zhang Xiuqin** are spouses and indirectly hold shares through employee shareholding platforms (Jinmeng Partnership, Jinyuan Partnership, Jinlong Partnership) and Tianjin Yuanyinmeng (50% owned by **Mr. Wang Guoxin** and **Ms. Wang Na** each)[88](index=88&type=chunk) [Major Shareholders' Interests and Short Positions](index=21&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions) As of June 30, 2025, Jinmeng Partnership, Ms. Wang Na, and Tianjin Yuanyinmeng were major shareholders, each holding 5% or more of the company's shares Overview of Major Shareholders' Shareholdings | Name and Position | Share Description | Nature of Interest | Number of Shares | Approximate Interest Percentage | | :--- | :--- | :--- | :--- | :--- | | Jinmeng Partnership | H Shares (L) | Beneficial Owner | 22,000,000 | 8.06% | | Ms. Wang Na | Unlisted Shares (L) | Controlled Corporation Interest | 40,000,000 | 14.65% | | Tianjin Yuanyinmeng | Unlisted Shares (L) | Beneficial Owner | 40,000,000 | 14.65% | - Employee shareholding platform: **Jinmeng Partnership** is one of the employee shareholding platforms[92](index=92&type=chunk) - Tianjin Yuanyinmeng: **50% owned by Mr. Wang Guoxin** and **Ms. Wang Na** each[93](index=93&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period, holding no treasury shares as of June 30, 2025 - No securities transactions: During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[94](index=94&type=chunk) - No treasury shares: As of June 30, 2025, the company held no treasury shares[95](index=95&type=chunk) [Pledge of Shares by Controlling Shareholders](index=21&type=section&id=Pledge%20of%20Shares%20by%20Controlling%20Shareholders) No controlling shareholders pledged their shares in the company to secure debts or provide other support during the reporting period - No share pledges: During the reporting period, no controlling shareholders pledged any of their shares in the company[96](index=96&type=chunk) [Company Loan Agreements or Financial Assistance](index=22&type=section&id=Company%20Loan%20Agreements%20or%20Financial%20Assistance) During the reporting period, the company provided no disclosable financial assistance or guarantees to associated companies, nor did it breach any loan agreements - No financial assistance/guarantees: During the reporting period, the company provided no financial assistance or guarantees to associated companies[97](index=97&type=chunk) - No loan agreement breaches: During the reporting period, the company did not enter into any loan agreements involving specific performance covenants by controlling shareholders, and there were no breaches of any loan agreement terms[97](index=97&type=chunk) [Share Scheme](index=22&type=section&id=Share%20Scheme) The company adopted a Share Award Scheme on February 10, 2025, to attract and retain talent, aligning interests with shareholders, with a 10-year term, 10% share limit, and performance-based vesting [Purpose](index=22&type=section&id=Purpose) The Share Award Scheme aims to attract, incentivize, and retain talent through equity, enhancing the incentive mechanism and aligning interests to maximize company value - Attract, incentivize, and retain talent: Provide equity opportunities to attract, incentivize, and retain skilled and experienced personnel[99](index=99&type=chunk) - Improve incentive mechanism: Attract, incentivize, and retain core employees and service providers who contribute significantly to the company's continuous operation, development, and long-term growth[99](index=99&type=chunk) - Align shareholder interests: Closely align the interests of beneficiaries with those of shareholders, investors, and the company, enhancing corporate cohesion and maximizing company value[99](index=99&type=chunk) [Term](index=22&type=section&id=Term) The Share Award Scheme is valid for **ten years**, from February 10, 2025, to February 9, 2035 - Validity period: Valid for **ten (10) years** from the adoption date, until February 9, 2035[98](index=98&type=chunk) [Administration](index=22&type=section&id=Administration) The Share Award Scheme is approved by the general meeting as the highest authority, with the board and/or its delegates serving as the executive body - Highest authority: The general meeting is responsible for reviewing and approving the adoption of the Share Award Scheme[100](index=100&type=chunk) - Executive body: The board and/or its authorized persons are the executive body for the Share Award Scheme within their respective scopes of authority[100](index=100&type=chunk) [Eligible Participants](index=23&type=section&id=Eligible%20Participants) Eligible participants include full-time employees, associated entity participants, and service providers, with disqualification for regulatory breaches; unvested awards are reclaimed upon ineligibility, except for work-related injury or death - Main categories: Employee participants (full-time, excluding connected persons), associated entity participants (excluding connected persons), and service providers and partners (excluding connected persons)[102](index=102&type=chunk) - Disqualification conditions: Publicly censured or penalized by securities regulators in the past 12 months, violating laws and regulations, severely harming company interests, etc[102](index=102&type=chunk) - Award share reclamation conditions: If a participant ceases to be eligible due to reasons such as resignation, expiration or termination of employment contract, reaching statutory retirement age, accidental injury, or death, awarded but unvested shares will be immediately reclaimed[102](index=102&type=chunk)[107](index=107&type=chunk) - Special circumstances: For those injured or deceased due to work-related incidents, awarded but unvested shares will continue to vest[107](index=107&type=chunk) [Scheme Limit and Grant of Awards](index=24&type=section&id=Scheme%20Limit%20and%20Grant%20of%20Awards) The maximum award shares under the scheme is **10% of issued shares** (27,302,346 shares), with specific terms detailed in award letters to beneficiaries - Scheme limit: Shall not exceed **10% of the total issued shares** as of the adoption date (i.e., **27,302,346 shares**)[105](index=105&type=chunk) - Grant method: Specific terms such as grant date, number of award shares, and vesting conditions will be detailed in award letters[105](index=105&type=chunk) [Restrictions](index=24&type=section&id=Restrictions) The Share Award Scheme is limited to "non-connected persons," prohibiting awards to connected persons and during periods of non-approval, prospectus issuance, legal violations, scheme limit breaches, or blackout periods - Non-connected persons restriction: Awards shall not be granted to connected persons of the company[106](index=106&type=chunk) - Prohibited grant situations: Including lack of approval, requirement to issue a prospectus, violation of laws and regulations, exceeding the scheme limit, expiration of the scheme term, authorized persons possessing inside information, or during blackout periods before results announcements[112](index=112&type=chunk) [Awards and Funding Source](index=25&type=section&id=Awards%20and%20Funding%20Source) To fulfill award requirements, the board will direct the trustee to purchase H shares using internal funds or trust cash via on-market or off-market transactions - Purchase method: The board instructs the trustee to purchase H shares through on-market or off-market transactions[109](index=109&type=chunk) - Funding source: The Group's internal funds or cash income from the trust[110](index=110&type=chunk) [Vesting of Awards](index=25&type=section&id=Vesting%20of%20Awards) Awards vest based on company performance and conditions in the award letter, with a board-determined vesting period of at least **12 months**, after which shares are released or sold for cash - Vesting conditions: Subject to the company's performance targets and other vesting conditions specified in the relevant award letter[111](index=111&type=chunk) - Vesting period: Determined by the board, with each vesting period not less than **twelve (12) months**[113](index=113&type=chunk) - Post-vesting treatment: The trustee may release the award shares to selected beneficiaries, or sell them and pay the actual sale price in cash[113](index=113&type=chunk) [Forfeiture of Awards](index=26&type=section&id=Forfeiture%20of%20Awards) Award shares are immediately forfeited and become returned shares held by the trustee if beneficiaries fail to meet vesting conditions - Forfeiture condition: Failure to fulfill vesting conditions[114](index=114&type=chunk) - Treatment: The relevant award shares are immediately forfeited and become returned shares held by the trustee[114](index=114&type=chunk) [Voting Rights and Dividends](index=26&type=section&id=Voting%20Rights%20and%20Dividends) Neither beneficiaries nor the trustee can exercise voting rights for H shares held in trust; dividends from unvested shares are retained by the trustee, while vested shares' dividends go to beneficiaries - Voting rights restriction: Neither selected beneficiaries nor the trustee shall exercise voting rights for H shares held by the trustee[115](index=115&type=chunk) - Dividend treatment: Dividends from unvested and returned shares are retained by the trustee; dividends from vested award shares are received by beneficiaries[115](index=115&type=chunk) [Amendments and Termination](index=26&type=section&id=Amendments%20and%20Termination) Any amendments to the Share Award Scheme require board resolution; the scheme terminates after **ten years** from adoption or an earlier board-determined date - Amendment method: Any amendments or supplements shall be made by board resolution[116](index=116&type=chunk) - Termination conditions: Expiration of **ten (10) years** from the adoption date, or an earlier termination date determined by the board[116](index=116&type=chunk) [Appointment of Trustee](index=26&type=section&id=Appointment%20of%20Trustee) The company appointed an independent professional trustee under a trust deed for the Share Award Scheme, ensuring independence of the trustee and its beneficial owners - Trustee appointment: The company has appointed a professional trustee[117](index=117&type=chunk) - Independence: Both the trustee and its ultimate beneficial owners are independent third parties[117](index=117&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - No interim dividend: The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[119](index=119&type=chunk) [Changes in Information of Directors and Senior Management](index=27&type=section&id=Changes%20in%20Information%20of%20Directors%20and%20Senior%20Management) The company formed its third Board of Directors on May 16, 2025, comprising executive directors Mr. Wang Zhongshan, Ms. Zhang Xiuqin, Mr. Wang Guoxin, Mr. Wang Zegang, and independent non-executive directors Mr. Bai Xianyue, Mr. Weng Xin, and Mr. Ding Xiaodong - Third Board of Directors established: Established at the annual general meeting on **May 16, 2025**[120](index=120&type=chunk) - Board members: Including **Mr. Wang Zhongshan**, **Ms. Zhang Xiuqin**, **Mr. Wang Guoxin**, **Mr. Wang Zegang** (Executive Directors) and **Mr. Bai Xianyue**, **Mr. Weng Xin**, **Mr. Ding Xiaodong** (Independent Non-executive Directors)[120](index=120&type=chunk) [Other Significant Events During the Reporting Period](index=27&type=section&id=Other%20Significant%20Events%20During%20the%20Reporting%20Period) During the reporting period, the company held EGM and AGM, passing resolutions on a share award scheme, H-share full circulation (164.76 million shares converted), board appointments, and committee revisions - First Extraordinary General Meeting in 2025: Held on **February 10, 2025**, passing special resolutions including the adoption of a share award scheme, amendments to the articles of association, and H-share full circulation[121](index=121&type=chunk)[123](index=123&type=chunk) - H-share full circulation progress: **164,760,000 unlisted shares** were converted to H-shares on **April 25, 2025**, and commenced listing on the HKEX on **April 28, 2025**. The company is processing the full circulation application for the remaining **40,000,000 unlisted shares**[122](index=122&type=chunk)[124](index=124&type=chunk) - Annual General Meeting: Held on **May 16, 2025**, passing special resolutions including the abolition of the supervisory committee, amendments to the company's articles of association, and the appointment of the third Board of Directors[126](index=126&type=chunk)[131](index=131&type=chunk) - Board committee changes: The "Strategy Committee" was renamed "Strategy and Sustainable Development Committee," with its terms of reference revised to include ESG-related responsibilities; the terms of reference for the Audit Committee, Nomination Committee, and Remuneration and Appraisal Committee were also revised[128](index=128&type=chunk)[129](index=129&type=chunk) - Senior management appointments: **Mr. Wang Zhongshan** appointed Chairman of the third Board of Directors, and **Mr. Wang Guoxin** appointed General Manager of the company[132](index=132&type=chunk)[136](index=136&type=chunk) [Significant Events After Reporting Period](index=29&type=section&id=Significant%20Events%20After%20Reporting%20Period) The Board confirmed no significant events after the reporting period beyond those already disclosed in this interim report - No significant events: The Board confirmed no significant events after the reporting period requiring shareholders' attention[134](index=134&type=chunk) [Use of Proceeds](index=29&type=section&id=Use%20of%20Proceeds) The company raised **RMB 420.7 million** net proceeds from its November 2024 listing, utilizing **RMB 11.7 million** by June 30, 2025, with the remainder to be fully deployed by end-2026 - Net proceeds: **HKD 452.5 million** (approximately **RMB 420.7 million**)[135](index=135&type=chunk) Overview of Use of Proceeds | Purpose | Proportion of Proposed Allocation in Prospectus (%) | Proposed Allocation in Prospectus (RMB million) | Actual Use During Reporting Period (RMB million) | Unutilized Amount as of End of Reporting Period (RMB million) | Expected Timetable | | :--- | :--- | :--- | :--- | :--- | :--- | | Production Expansion Plan | 50.0 | 210.4 | 7.5 | 202.9 | To be fully utilized by end of 2026 | | Expansion of Sales Network (Subtotal) | 34.0 | 143.0 | — | 143.0 | To be fully utilized by end of 2026 | | Upgrade Information Technology (Subtotal) | 16.0 | 67.3 | 4.2 | 63.1 | To be fully utilized by end of 2025 | | **Total** | **100** | **420.7** | **11.7** | **409.0** | | - Placement of unutilized proceeds: All remaining net proceeds are deposited in certain licensed financial institutions in China[135](index=135&type=chunk) Consolidated Statement of Profit or Loss and Other Comprehensive Income For H1 2025, the Group reported revenue of RMB 10,450,919 thousand but incurred a net loss of RMB 64,015 thousand, primarily due to increased cost of sales and financial instrument losses Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 10,450,919 | 9,979,744 | | Cost of Sales | (9,628,441) | (9,362,238) | | Gross Profit | 822,478 | 617,506 | | Other Income | 8,484 | 10,648 | | Distribution and Selling Expenses | (108,169) | (118,939) | | Research and Development Expenses | (12,332) | (11,258) | | Administrative Expenses | (49,184) | (40,471) | | Other Expenses and Net Gains and Losses | (695,934) | (347,823) | | Finance Costs | (42,390) | (35,432) | | Reversal of/(Impairment Loss) under Expected Credit Loss Model, Net | 5,975 | (238) | | Listing Expenses | — | (7,132) | | (Loss)/Profit Before Tax | (71,072) | 66,861 | | Income Tax Credit/(Expense) | 7,057 | (14,609) | | **(Loss)/Profit and Total Comprehensive (Expense)/Income for the Period** | **(64,015)** | **52,252** | - Basic and diluted (loss)/earnings per share: **RMB (0.26)** (2024: RMB 0.21)[139](index=139&type=chunk) Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 5,122,233 thousand, with total liabilities at RMB 2,836,544 thousand, resulting in net assets of RMB 2,285,689 thousand Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | 636,770 | 695,753 | | Property, Plant and Equipment | 365,915 | 381,444 | | Deferred Tax Assets | 120,266 | 41,866 | | **Current Assets** | 4,485,463 | 4,238,903 | | Inventories | 2,406,392 | 2,544,284 | | Cash and Cash Equivalents | 849,257 | 556,167 | | **Current Liabilities** | 2,723,364 | 2,242,388 | | Borrowings | 1,427,406 | 1,167,496 | | Gold Leases | 661,604 | 359,087 | | **Non-current Liabilities** | 113,180 | 214,621 | | **Net Assets** | **2,285,689** | **2,477,647** | | **Total Equity** | **2,285,689** | **2,477,647** | Consolidated Statement of Changes in Equity For H1 2025, equity attributable to owners decreased from RMB 2,457,722 thousand to RMB 2,259,688 thousand, driven by period loss, share repurchases, and declared dividends Key Data from Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 2,259,688 | 2,457,722 | | Non-controlling Interests | 26,001 | 19,925 | | **Total Equity** | **2,285,689** | **2,477,647** | - Key change factors: Total (loss)/profit and comprehensive (expense)/income for the period: **RMB (70,091) thousand**; Share repurchases: **RMB (46,036) thousand**; Dividends declared: **RMB (81,907) thousand**[143](index=143&type=chunk) Consolidated Statement of Cash Flows For H1 2025, the Group generated net cash from operating, investing, and financing activities, resulting in an increase of RMB 289,423 thousand in cash and cash equivalents to RMB 849,257 thousand Key Data from Consolidated Statement of Cash Flows | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 65,606 | (13,685) | | Net Cash Generated From Investing Activities | 95,922 | 65,028 | | Net Cash Generated From Financing Activities | 127,895 | 156,733 | | Net Increase in Cash and Cash Equivalents | 289,423 | 208,076 | | Cash and Cash Equivalents at End of Period | 849,257 | 364,034 | Notes to the Consolidated Financial Statements This section provides detailed notes to the H1 2025 condensed consolidated financial statements, covering company information, accounting policies, revenue, expenses, balance sheet changes, dividends, share capital, financial instruments, and related party transactions [General Information](index=36&type=section&id=General%20Information) Mokingran Gold Jewelry Group Co., Ltd., established in China on September 8, 2000, primarily designs, produces, wholesales, and retails jewelry, with financial statements presented in RMB - Date of establishment: **September 8, 2000**[147](index=147&type=chunk) - Principal activities: Design, production, wholesale, and retail of jewelry[147](index=147&type=chunk) - Functional currency: **RMB**[148](index=148&type=chunk) [Basis of Preparation](index=36&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared on a historical cost basis, excluding financial instruments measured at fair value - Basis of preparation: Historical cost basis, with financial instruments measured at fair value[149](index=149&type=chunk) [Accounting Policies](index=36&type=section&id=Accounting%20Policies) The condensed consolidated financial statements adhere to HKAS 34 and HKEX Listing Rules, with no significant impact from the first-time application of revised HKFRS - Accounting standards: Hong Kong Accounting Standard 34 and Listing Rules[150](index=150&type=chunk) - New standards application: First-time application of revised Hong Kong Financial Reporting Standards, with no significant impact on financial position and performance[151](index=151&type=chunk) [Revenue and Segment Information](index=37&type=section&id=Revenue%20and%20Segment%20Information) The Group operates a single segment in China, primarily deriving revenue from mainland China through sales of gold jewelry, K-gold and diamond-set jewelry, and related services - Single operating segment: The Group has only one operating and reportable segment[152](index=152&type=chunk) - Geographical revenue source: The vast majority of revenue is from mainland China (**98.6%**), with overseas revenue accounting for **1.4%** and growing by **285.9% year-on-year**[152](index=152&type=chunk) Revenue by Type | Goods or Service Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gold Jewelry and Other Gold Products | 10,135,196 | 9,834,885 | | K-Gold Jewelry, Diamond-Set Jewelry and Other Products | 262,860 | 99,925 | | Other Services | 52,863 | 44,934 | | **Total** | **10,450,919** | **9,979,744** | - Revenue recognition timing: **RMB 10,425,104 thousand** recognized at a point in time, and **RMB 25,815 thousand** recognized over a period of time[152](index=152&type=chunk) [Other Income](index=38&type=section&id=Other%20Income) H1 2025 other income was RMB 8,484 thousand, a **19.8% year-on-year decrease**, mainly due to reduced VAT super deduction, with key sources including interest, franchisee income, rent, and government grants Overview of Other Income | Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank and Other Deposits | 1,435 | 2,261 | | Other Income from Franchisees and Provincial Agents | 2,896 | 1,533 | | Rental Income | 1,241 | 1,741 | | Government Grants | 2,748 | 2,844 | | VAT Super Deduction | 164 | 2,165 | | Others | — | 104 | | **Total** | **8,484** | **10,648** | - Reason for decrease: Primarily due to reduced VAT super deduction[42](index=42&type=chunk)[154](index=154&type=chunk) [Other Expenses and Net Gains and Losses](index=39&type=section&id=Other%20Expenses%20and%20Net%20Gains%20and%20Losses) H1 2025 saw a significant net loss of RMB 695,934 thousand, primarily driven by increased realized losses from Au (T+D) contracts and unrealized losses from gold leases - Significant increase in net loss: Recorded a net loss of **RMB 695,934 thousand**, compared to RMB 347,823 thousand in the same period last year[155](index=155&type=chunk) Composition of Other Expenses and Net Gains | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Realized Loss from Au (T+D) Contracts | (588,039) | (298,527) | | Net Unrealized (Loss)/Gain from Gold Leases | (110,765) | 20,440 | | Net Foreign Exchange Gain | 4,597 | 53 | - Reason: Primarily due to increased losses from Au (T+D) contracts and gold leases caused by rising gold prices[46](index=46&type=chunk)[155](index=155&type=chunk) [Reversal of Impairment Loss/(Impairment Loss) under Expected Credit Loss Model, Net](index=40&type=section&id=Reversal%20of%20Impairment%20Loss%2F%28Impairment%20Loss%29%20under%20Expected%20Credit%20Loss%20Model%2C%20Net) H1 2025 saw a net reversal of expected credit loss of RMB 5,975 thousand, primarily from trade and other receivables, contrasting with a net impairment loss in the prior year - Impairment loss reversal: Recorded a net reversal of **RMB 5,975 thousand** (2024: impairment loss of RMB 238 thousand)[157](index=157&type=chunk) Composition of Reversal of Impairment Loss/(Impairment Loss), Net | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 4,177 | 424 | | Other Receivables | 1,798 | (662) | | **Total** | **5,975** | **(238)** | [Income Tax (Credit)/Expense](index=40&type=section&id=Income%20Tax%20%28Credit%29%2FExpense) H1 2025 saw an income tax credit of RMB 7,057 thousand, contrasting with an expense in the prior year, with Chinese subsidiaries subject to 25% or 5% preferential tax rates - Income tax change: H1 2025 recorded an income tax credit of **RMB 7,057 thousand** (2024: income tax expense of RMB 14,609 thousand)[158](index=158&type=chunk) - Tax rate: The statutory corporate income tax rate in China is **25%**, with some small low-profit enterprises enjoying a preferential tax rate of **5%**[158](index=158&type=chunk) - Hong Kong tax: Hong Kong subsidiaries recorded losses, thus no Hong Kong tax provision was made[159](index=159&type=chunk) [(Loss)/Profit for the Period](index=41&type=section&id=%28Loss%29%2FProfit%20for%20the%20Period) The Group's (loss)/profit for the period is determined after accounting for depreciation, amortization, and inventory write-downs - Total depreciation and amortization: **RMB 30,706 thousand** (2024: RMB 30,466 thousand), of which **RMB 12,350 thousand** was capitalized in inventory[160](index=160&type=chunk) - Write-down of inventories: **RMB 10,400 thousand** (2024: RMB 2,268 thousand)[160](index=160&type=chunk) [(Loss)/Earnings Per Share](index=41&type=section&id=%28Loss%29%2FEarnings%20Per%20Share) For H1 2025, basic (loss) per share was **RMB 0.26**, compared to basic earnings of RMB 0.21 in the prior year, with no diluted calculation due to no potential ordinary shares Basic (Loss)/Earnings Per Share | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Basic (Loss)/Earnings Per Share | (0.26) | 0.21 | - Weighted average number of ordinary shares: **272,091 thousand shares** (2024: 229,067 thousand shares)[160](index=160&type=chunk) - No dilutive effect: Diluted (loss)/earnings per share was not calculated due to the absence of potential ordinary shares[160](index=160&type=chunk) [Dividends](index=42&type=section&id=Dividends) During this interim period, the company declared and paid a final dividend of **RMB 0.3 per share** for FY2024, totaling **RMB 81,907 thousand** - Final dividend: Final dividend of **RMB 0.3 per share** for the year ended December 31, 2024[161](index=161&type=chunk) - Total amount: **RMB 81,907 thousand**[161](index=161&type=chunk) - Payment time: Paid in **July 2025**[161](index=161&type=chunk) [Property, Plant and Equipment and Intangible Assets](index=42&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Intangible%20Assets) During this interim period, the Group acquired **RMB 9,135 thousand** in property, plant, and equipment, and **RMB 1,183 thousand** in intangible assets - Acquisition of property, plant and equipment: **RMB 9,135 thousand** (H1 2024: RMB 16,963 thousand)[162](index=162&type=chunk) - Acquisition of intangible assets: **RMB 1,183 thousand** (H1 2024: RMB 88 thousand)[163](index=163&type=chunk) [Inventories](index=42&type=section&id=Inventories) As of June 30, 2025, total inventories were **RMB 2,406,392 thousand**, a **5.4% decrease** from end-2024, mainly due to reduced raw materials Composition of Inventories | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw Materials | 619,665 | 960,422 | | Finished Goods | 1,773,871 | 1,552,134 | | **Total** | **2,406,392** | **2,544,284** | - Reason for decrease: Primarily due to a reduction in raw materials[54](index=54&type=chunk) [Trade Receivables](index=43&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables were **RMB 280,389 thousand**, a **1.4% year-on-year increase**, with a typical credit period of 3 to 90 days - Net trade receivables: **RMB 280,389 thousand** (December 31, 2024: RMB 276,379 thousand)[165](index=165&type=chunk) Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 125,932 | 237,173 | | 90 to 180 days | 97,854 | 15,430 | | 180 days to 1 year | 38,247 | 22,883 | | 1 to 2 years | 18,356 | 893 | | **Total** | **280,389** | **276,379** | [Trade Payables and Bills Payable](index=44&type=section&id=Trade%20Payables%20and%20Bills%20Payable) As of June 30, 2025, total trade payables and bills payable were **RMB 177,356 thousand**, a **55.0% year-on-year decrease**, mainly due to reduced use of bills payable for raw material purchases - Total trade payables and bills payable: **RMB 177,356 thousand** (December 31, 2024: RMB 394,083 thousand)[167](index=167&type=chunk) Composition of Trade Payables and Bills Payable | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bills Payable under Supplier Financing Arrangements | 140,000 | 370,000 | | Trade Payables | 37,356 | 24,083 | | **Total** | **177,356** | **394,083** | - Reason for decrease: Primarily due to reduced use of bills payable for raw material purchases[59](index=59&type=chunk) - Maturity: All bills payable have a maturity period of less than one year[168](index=168&type=chunk) [Borrowings](index=44&type=section&id=Borrowings) During this interim period, the Group secured **RMB 800,740 thousand** in new borrowings at fixed interest rates of **3.50% to 6.00%**, repayable within one year - New borrowings amount: **RMB 800,740 thousand** (H1 2024: RMB 904,300 thousand)[169](index=169&type=chunk) - Interest rate and term: Bearing fixed interest rates from **3.50% to 6.00%**, repayable within one year[169](index=169&type=chunk) [Gold Leases](index=45&type=section&id=Gold%20Leases) As of June 30, 2025, gold leases totaled **RMB 661,604 thousand**, an **84.2% year-on-year increase**, driven by higher commitments and fair value, with terms of 3-12 months - Gold lease amount: **RMB 661,604 thousand** (December 31, 2024: RMB 359,087 thousand)[170](index=170&type=chunk) - Reason for increase: Primarily due to increased gold lease commitments and the fair value increase of gold borrowed from banks[62](index=62&type=chunk) - Term and classification: Term of **3 to 12 months**, classified as liabilities measured at fair value through profit or loss[170](index=170&type=chunk) - Fair value measurement: Determined by reference to gold market bid prices in highly liquid markets, classified as Level 2 in the fair value hierarchy[171](index=171&type=chunk) [Share Capital and Treasury Shares](index=45&type=section&id=Share%20Capital%20and%20Treasury%20Shares) As of June 30, 2025, issued share capital was **RMB 273,023 thousand**; the company repurchased **2,798,400 shares** for **RMB 46,036 thousand** as treasury shares during the period - Issued and fully paid share capital: **RMB 273,023 thousand**[172](index=172&type=chunk) - Treasury shares: Repurchased **2,798,400 shares** for a total consideration of **RMB 46,036 thousand**, held as treasury shares[172](index=172&type=chunk) - Initial public offering: Approximately **43,956,000 new shares** issued on **November 29, 2024**, with total proceeds of approximately **RMB 487,156 thousand**[172](index=172&type=chunk) [Fair Value Measurement of Financial Instruments](index=46&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) Management believes the carrying amounts of financial assets and liabilities recognized at amortized cost in the consolidated financial statements approximate their fair values - Fair value and carrying amount: The carrying amounts of financial assets and financial liabilities recognized at amortized cost approximate their respective fair values[173](index=173&type=chunk) [Related Party Disclosures](index=46&type=section&id=Related%20Party%20Disclosures) During the reporting period, the Group engaged in related party transactions with controlling shareholders for short-term lease expenses - Related party transactions: Short-term lease expenses with controlling shareholders amounted to **RMB 12 thousand** in H1 2025 (H1 2024: RMB 179 thousand)[174](index=174&type=chunk) Definitions This section provides definitions for key terms used throughout the interim report, ensuring clarity for readers - Glossary: Includes definitions for "Articles of Association," "Audit Committee," "Au (T+D)," "Board," "Corporate Governance Code," "China," "Company," "Controlling Shareholder," "Director," "H Shares," "HKD," "HKEX," "Independent Third Party," "Gold Bar," "K Gold," "Listing Rules," "Model Code," "RMB," "SFO," "Shares," "Shareholder," "Subsidiary," "Tianjin Yuanyinmeng," "Unlisted Shares," etc[175](index=175&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk)