Core Viewpoint - The company reported a decline in financial performance for the six months ending June 30, 2025, with significant reductions in revenue, gross profit, and net profit, indicating challenges in the current market environment [1] Financial Performance - Revenue for the period was RMB 543 million, a year-on-year decrease of 11.7% [1] - Gross profit amounted to RMB 108 million, reflecting a year-on-year decline of 21.7% [1] - Net profit was RMB 25.3 million, showing a substantial year-on-year decrease of 58.2% [1] Strategic Response - Despite the adverse environment, the company leveraged its product quality and service capabilities to maintain strategic advantages in capacity layout [1] - The company has actively explored emerging markets and expanded its product categories to adapt to market conditions [1]

Core Insights - The company reported a revenue of approximately 543 million, representing a year-on-year decrease of 11.7% [1] - Net profit was 25.31 million, reflecting a significant year-on-year decline of 58.2% [1] - Earnings per share stood at 0.12 [1] Revenue Analysis - The decrease in revenue is primarily attributed to uncertainties arising from U.S. tariff policies, which have led to a decline in sales [1]

Core Viewpoint - Xiangjiang Electric (02619) reported a decline in revenue and net profit for the first half of 2025, primarily due to uncertainties caused by U.S. tariff policies leading to a drop in sales [1] Financial Performance - Revenue for the first half of 2025 was approximately 543 million, representing a year-on-year decrease of 11.7% [1] - Net profit was 25.31 million, reflecting a significant year-on-year decline of 58.2% [1] - Earnings per share stood at 0.12 [1]

[Company Information and Financial Highlights](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Hubei Xiangjiang Electrical Appliance Co., Ltd. (Stock Code: 2619) reported significant declines in revenue, gross profit, and net profit for the six months ended June 30, 2025 Key Financial Data for H1 2025 (RMB thousand) | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 542,800 | 614,400 | | Gross Profit | 107,600 | 137,400 | | Net Profit | 25,300 | 60,500 | - For the six months ended June 30, 2025, revenue decreased by **11.7%** year-on-year, gross profit decreased by **21.7%** year-on-year, and net profit significantly decreased by **58.2%** year-on-year[4](index=4&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company reported a profit of **RMB 25,313 thousand**, a significant decrease from the prior year, with basic and diluted earnings per share at **RMB 0.12** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 542,816 | 614,423 | | Cost of Sales | (435,249) | (477,013) | | Gross Profit | 107,567 | 137,410 | | Other Income | 12,747 | 8,762 | | Selling Expenses | (12,355) | (14,900) | | Administrative Expenses | (55,377) | (45,819) | | Research and Development Expenses | (14,740) | (16,455) | | Finance Costs | (8,083) | (5,561) | | Profit Before Tax | 30,750 | 70,927 | | Income Tax Expense | (5,437) | (10,388) | | Profit for the Period | 25,313 | 60,539 | | Earnings Per Share (RMB) | 0.12 | 0.30 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets less current liabilities increased to **RMB 1,247,314 thousand**, with net assets rising to **RMB 1,097,054 thousand**, driven by share issuance and profit accumulation Condensed Consolidated Statement of Financial Position (RMB thousand) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 688,378 | 734,637 | | Current Assets | 1,018,601 | 1,161,331 | | Current Liabilities | 629,994 | 648,654 | | Net Current Assets | 388,607 | 512,677 | | Total Assets Less Current Liabilities | 1,076,985 | 1,247,314 | | Non-current Liabilities | 150,260 | 150,774 | | Net Assets | 1,097,054 | 926,211 | | Share Capital | 272,880 | 204,660 | | Reserves | 824,174 | 721,551 | | Total Equity | 1,097,054 | 926,211 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the basis of preparation, accounting policies, and specific components of the interim financial statements, including revenue by product, income tax, dividends, EPS, trade receivables/payables, borrowings, and share capital changes [General Information and Basis of Preparation](index=5&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Hubei Xiangjiang Electrical Appliance Co., Ltd., a China-registered company, listed on the HKEX on June 25, 2025, focuses on home appliance R&D, manufacturing, and sales, with interim financials prepared under IAS 34 and HKEX Listing Rules - The company primarily engages in the research, design, manufacturing, and sale of electrical and non-electrical home furnishings[8](index=8&type=chunk) - The company's shares were listed on the Main Board of the Hong Kong Stock Exchange on **June 25, 2025**[8](index=8&type=chunk) - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard **34** and the HKEX Listing Rules, with the first-time application of IFRS amendments having no significant impact on financial position[9](index=9&type=chunk)[10](index=10&type=chunk) [Revenue Segment Information](index=6&type=section&id=5.%20%E6%94%B6%E7%9B%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Revenue is segmented into electrical and non-electrical home furnishings, with both categories experiencing declines for the six months ended June 30, 2025, totaling **RMB 438,537 thousand** and **RMB 104,279 thousand** respectively Revenue by Product Category (RMB thousand) | Product Category | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Electrical Home Appliances | 438,537 | 467,538 | | - Heating Appliances | 275,694 | 296,238 | | - Motorized Appliances | 111,458 | 127,415 | | - Electronic Appliances | 51,385 | 43,885 | | Non-electrical Home Furnishings | 104,279 | 146,885 | | - Garden Hoses | 97,628 | 135,033 | | - Others | 6,651 | 11,852 | | **Total Revenue** | **542,816** | **614,423** | - The company's primary operating decision-makers allocate resources and assess performance based on revenue analysis by product category, with no other separate financial information provided[13](index=13&type=chunk) [Income Tax Expense](index=7&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the six months ended June 30, 2025, decreased to **RMB 5,437 thousand**, primarily comprising China, Hong Kong, and US taxes, with Chinese subsidiaries benefiting from a **15%** high-tech enterprise tax rate Income Tax Expense Details (RMB thousand) | Tax Category | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax | 6,088 | 9,582 | | - China Corporate Income Tax | 5,615 | 9,319 | | - Hong Kong | 473 | 97 | | - United States | – | 166 | | Over-provision in Prior Years | (1,944) | – | | Deferred Tax | 1,293 | 806 | | **Total Income Tax Expense** | **5,437** | **10,388** | - Chinese subsidiaries are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[16](index=16&type=chunk) - Hong Kong profits tax operates under a two-tiered tax rate system, with eligible entities taxed at **8.25%** on the first **HKD 2 million** of profits and **16.5%** on the excess[17](index=17&type=chunk) - US subsidiaries pay corporate income tax at a federal rate of **21%** and a maximum state rate of **8.84%**[18](index=18&type=chunk) [Dividends and Earnings Per Share](index=8&type=section&id=7.%20%E8%82%A1%E6%81%AF) No dividends were paid or proposed during the reporting period, and basic earnings per share significantly decreased to **RMB 0.12** for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed by the company during the reporting period or prior reporting periods[19](index=19&type=chunk)[69](index=69&type=chunk) Earnings Per Share Calculation (RMB thousand) | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company for Basic EPS Calculation | 25,313 | 60,539 | | Weighted Average Number of Ordinary Shares (thousand shares) for Basic and Diluted EPS Calculation | 206,921 | 204,660 | | **Basic and Diluted Earnings Per Share (RMB)** | **0.12** | **0.30** | [Trade and Other Receivables and Payables](index=8&type=section&id=9.%20%E8%B3%80%20%E6%98%93%20%E6%87%89%20%E6%94%B6%20%E6%AC%BE%20%E9%A0%85%EF%BC%8F%E6%8C%89%20%E5%85%AC%20%E5%85%81%20%E5%80%BC%20%E8%A8%88%20%E5%85%A5%20%E5%85%B6%20%E4%BB%96%20%E5%85%A8%20%E9%9D%A2%20%E6%94%B6%20%E7%9B%8A%20%E7%9A%84%20%E8%B3%80%20%E6%98%93%20%E6%87%89%20%E6%94%B6%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, net trade receivables decreased to **RMB 181,647 thousand**, while trade receivables at fair value through OCI increased to **RMB 9,218 thousand**, and total trade payables and bills payable were **RMB 274,301 thousand** Trade Receivables (RMB thousand) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 186,913 | 241,286 | | Less: Provision for Expected Credit Losses | (5,266) | (5,646) | | **Net Amount** | **181,647** | **235,640** | Trade Receivables Aging Analysis (RMB thousand) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 182,845 | 236,440 | | 1 to 2 years | 819 | 776 | | 2 to 3 years | 68 | 840 | | Over 3 years | 3,181 | 3,230 | | **Total** | **186,913** | **241,286** | - Trade receivables at fair value through other comprehensive income increased to **RMB 9,218 thousand**, primarily representing trade receivables held under a "hold to collect and sell" business model, achieved through collecting contractual cash flows and non-recourse factoring[23](index=23&type=chunk) Trade Payables and Bills Payable (RMB thousand) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 249,478 | 264,457 | | Bills Payable | 24,823 | 28,017 | | **Total** | **274,301** | **292,474** | - The credit period for trade payables is typically within **120** days, and all bills payable are due within one year[25](index=25&type=chunk) [Borrowings and Share Capital](index=10&type=section&id=11.%20%E5%80%9F%20%E6%AC%BE) For the six months ended June 30, 2025, the company secured **RMB 382,273 thousand** in new bank loans and repaid **RMB 315,335 thousand**, with share capital increasing due to the issuance of **68,220,000 H-shares** - For the six months ended June 30, 2025, the company obtained new bank loans of **RMB 382,273 thousand**, an increase from **RMB 262,459 thousand** in the prior year[26](index=26&type=chunk) - New loans bear fixed market interest rates ranging from **2.55%** to **5.00%** and are repayable in installments over a period of six months to three years[26](index=26&type=chunk) - The company's share capital increased due to the listing and issuance of **68,220,000 H-shares** on **June 25, 2025**, bringing the total share capital to **272,879,509** shares, with gross proceeds of approximately **RMB 178,092 thousand**[27](index=27&type=chunk)[28](index=28&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews H1 2025 operating performance, analyzes revenue, gross profit, and net profit declines, outlines future strategies including overseas capacity, automation, R&D, and discusses financial position, liquidity, market risks, and employee matters [Business Overview and Review](index=11&type=section&id=%E6%A6%82%20%E8%A7%88) As a Chinese home furnishings manufacturer, the company experienced declines in sales, revenue, and gross margin in H1 2025 due to US trade policy uncertainties, leading to a **58.2%** drop in net profit - The company is a Chinese home furnishings manufacturer, with products categorized into heating, motorized, electronic appliances, and non-electrical home furnishings (e.g., garden hoses, cookware)[29](index=29&type=chunk) - In H1 2025, sales decreased by **15.4%** to **9.0 million units** and revenue decreased by **11.7%** to **RMB 542.8 million** due to uncertainties from US trade policies[30](index=30&type=chunk) - Gross margin declined from **22.4%** to **19.8%**, gross profit decreased by **21.7%** to **RMB 107.6 million**, and net profit fell by **58.2%**[31](index=31&type=chunk) - Administrative expenses increased by **20.9%** to **RMB 55.4 million** due to the gradual operation of production facilities in China and Indonesia, while exchange gains decreased by **49.2%** to **RMB 4.5 million**[31](index=31&type=chunk) [Business Outlook and Strategy](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%89%8D%E6%99%AF) Facing a complex operating environment, the company will pursue sustainable growth by expanding overseas production, enhancing automation and digitalization, and increasing R&D investment to build core competitiveness - The company will advance overseas capacity expansion, having established its first overseas plant in Indonesia and investing in a second production base in Thailand, aiming to build a global production layout, mitigate trade risks, and reduce tariff impacts[32](index=32&type=chunk) - The company launched a smart manufacturing initiative, establishing the Xiangjiang Smart Factory in Huizhou, China, procuring advanced automation equipment, and planning to implement a computerized manufacturing execution system to enhance automation and digitalization[33](index=33&type=chunk) - The company will increase R&D investment, planning to build a new R&D center in Qichun County, Hubei Province, and collaborate with universities and research institutions to explore new technologies, processes, and materials in home furnishings manufacturing, enhancing product technological content and added value[34](index=34&type=chunk) [Financial Performance Analysis](index=13&type=section&id=%E6%94%B6%20%E7%9B%8A) This section analyzes financial metric changes, attributing revenue and gross profit declines to US tariffs and reduced sales, while administrative expenses rose due to new facility staffing, and finance costs increased as interest capitalization ceased [Revenue and Gross Profit](index=13&type=section&id=%E6%94%B6%20%E7%9B%8A) For the six months ended June 30, 2025, revenue decreased by **11.7%** to **RMB 542,800 thousand** due to US tariffs, and gross profit fell **21.7%** to **RMB 107,600 thousand**, with gross margin declining to **19.8%** - Revenue decreased by **11.7%** to **RMB 542,800 thousand** year-on-year, primarily attributed to a decline in sales volume caused by uncertainties arising from US tariff policies[35](index=35&type=chunk) - Gross profit decreased by **21.7%** to **RMB 107,600 thousand** year-on-year, with gross margin declining by **2.6%** to **19.8%** from **22.4%**, mainly due to lower sales volume and a decrease in overall gross margin[36](index=36&type=chunk) [Cost of Sales and Other Income/Gains](index=13&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales decreased by **8.8%** to **RMB 435,200 thousand** due to lower sales, while other income rose to **RMB 12,700 thousand** from increased government grants, and other net gains/losses declined to **RMB 2,500 thousand** due to exchange rate fluctuations - Cost of sales decreased by **8.8%** to **RMB 435,200 thousand** year-on-year, primarily due to a decrease in sales volume caused by ongoing uncertainties from US trade policies[37](index=37&type=chunk) - Other income increased to **RMB 12,700 thousand** year-on-year, mainly due to government grants increasing by **190.5%** from **RMB 1,400 thousand** to **RMB 4,100 thousand**[38](index=38&type=chunk) - Other net gains and losses decreased to **RMB 2,500 thousand**, primarily attributable to a reduction in exchange gains/losses due to exchange rate fluctuations[39](index=39&type=chunk) [Operating Expenses](index=13&type=section&id=%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) Selling expenses decreased by **17.1%** to **RMB 12,400 thousand** due to reduced sales, administrative expenses increased by **20.9%** to **RMB 55,400 thousand** from increased staffing, and R&D expenses fell **10.4%** to **RMB 14,700 thousand** due to fewer projects - Selling expenses decreased by **17.1%** to **RMB 12,400 thousand** year-on-year, primarily due to a reduction in sales personnel salaries resulting from decreased sales volume[40](index=40&type=chunk) - Administrative expenses increased by **20.9%** to **RMB 55,400 thousand** year-on-year, mainly due to an increase in management personnel at the Group's production facilities in China and Indonesia[41](index=41&type=chunk) - Research and development expenses decreased by **10.4%** to **RMB 14,700 thousand** year-on-year, primarily due to a reduction in the number of R&D projects during the reporting period[42](index=42&type=chunk) - Other expenses were zero, compared to **RMB 1,800 thousand** in the prior year, mainly due to reduced donations and the termination of the previous A-share listing plan[43](index=43&type=chunk) [Finance Costs and Income Tax](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs increased to **RMB 8,100 thousand** as interest capitalization ceased, while income tax expense decreased to **RMB 5,400 thousand** due to lower pre-tax profit, though the effective tax rate rose from **14.6%** to **17.7%** - Finance costs increased to **RMB 8,100 thousand** year-on-year, primarily due to the cessation of interest capitalization upon completion of the Xiangjiang Smart Factory construction[44](index=44&type=chunk) - Income tax expense decreased to **RMB 5,400 thousand** year-on-year, mainly due to a reduction in profit before tax during the reporting period compared to the same period in 2024, with the effective tax rate increasing from **14.6%** to **17.7%**[45](index=45&type=chunk) [Net Profit](index=14&type=section&id=%E7%B4%94%20%E5%88%A9) For the six months ended June 30, 2025, the company reported a net profit of **RMB 25,300 thousand**, a significant decrease from **RMB 60,500 thousand** in the prior year - For the six months ended June 30, 2025, the company recorded a net profit of **RMB 25,300 thousand**, compared to **RMB 60,500 thousand** in the prior year[46](index=46&type=chunk) [Financial Position and Liquidity](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, shareholders' equity increased to **RMB 1,097,100 thousand**, driven by share issuance and retained earnings, with cash and bank balances totaling **RMB 657,100 thousand**, and the gearing ratio improving from **45.7%** to **42.1%** - Shareholders' equity increased from **RMB 926,200 thousand** as of December 31, 2024, to **RMB 1,097,100 thousand** as of June 30, 2025, primarily due to the issuance of share capital from the listing and an increase in reserves from profit recorded during the reporting period[47](index=47&type=chunk) - Bank balances and cash, pledged and restricted bank deposits totaled **RMB 657,100 thousand**, mainly due to proceeds from the listing and an increase in bank borrowings[48](index=48&type=chunk) - The gearing ratio (total liabilities divided by total assets) decreased from **45.7%** as of December 31, 2024, to **42.1%** as of June 30, 2025[50](index=50&type=chunk) - The company adopts a prudent financial management strategy, mitigating credit risk through continuous credit assessment and evaluation of debtors' financial positions, while closely monitoring liquidity[51](index=51&type=chunk) [Market Risks](index=15&type=section&id=%E5%B8%82%E5%A0%B4%E9%A2%A8%E9%9A%AA) The company faces interest rate, industry policy, and foreign exchange risks, managing interest rate exposure through fixed/floating instruments without swaps, monitoring policy changes, and reviewing FX risk for potential hedging with derivatives - The company is exposed to interest rate fluctuations, changes in industry policies, and foreign exchange risks[52](index=52&type=chunk) - Interest rate risk is primarily managed through fixed or floating rate cash, bank deposits, and borrowings, with no interest rate swaps used for hedging during the reporting period[53](index=53&type=chunk)[54](index=54&type=chunk) - Changes in laws and regulations within the global home furnishings, small appliances, and garden hose industries could significantly impact the company's production and operations[55](index=55&type=chunk) - The company's revenue is denominated in USD and RMB, and proceeds from the initial public offering are denominated in HKD, creating foreign exchange risk; the company will regularly review foreign exchange risk and may use derivative financial instruments for hedging when necessary[56](index=56&type=chunk) [Employee Information](index=16&type=section&id=%E5%83%B1%E5%93%A1%E8%B3%87%E6%96%99) As of June 30, 2025, the company employed **2,380** staff with total employee costs of approximately **RMB 103.3 million**, a decrease from the prior year, emphasizing competitive compensation, training, and social security participation - As of June 30, 2025, the company had **2,380** employees; total employee costs were approximately **RMB 103.3 million**, a decrease from **RMB 111.1 million** in the prior year[58](index=58&type=chunk) - The company prioritizes employee recruitment, training, and retention, offering competitive remuneration packages (including basic salary, bonuses, and medical insurance) and on-the-job training, while participating in various social security schemes in China[59](index=59&type=chunk) [Use of Proceeds from Global Offering](index=17&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company's global offering on the HKEX on June 25, 2025, yielded net proceeds of approximately **HKD 155.6 million**, which remained unutilized as of June 30, 2025, and will be used as disclosed in the prospectus - The company was listed on the Stock Exchange on **June 25, 2025**, with net proceeds from the global offering amounting to approximately **HKD 155,600,000**[60](index=60&type=chunk) - As of **June 30, 2025**, the net proceeds remained unutilized and will be used according to the purposes and timetable disclosed in the prospectus, with no changes currently anticipated[60](index=60&type=chunk) [Significant Investments and Acquisitions](index=17&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the company held no significant equity investments, had no major investment or capital asset plans, and undertook no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - As of **June 30, 2025**, the company did not hold any significant equity investments in other companies, nor did it have any major investment or capital asset plans[61](index=61&type=chunk)[62](index=62&type=chunk) - During the reporting period, the company did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[63](index=63&type=chunk) [Other Information](index=17&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the company's continuing disclosure obligations under the Listing Rules, compliance with the Model Code for Securities Transactions, corporate governance practices (including the combined Chairman and CEO roles), interim dividend policy, post-reporting period events, and the Audit Committee's review of interim results and announcement publication [Continuing Disclosure and Securities Trading](index=17&type=section&id=%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E9%A0%85%E4%B8%8B%E4%B9%8B%E6%8C%81%E7%BA%8C%E6%8A%AB%E9%9C%B2%E8%B2%AC%E4%BB%BB) Beyond this announcement, the company has no other continuing disclosure obligations under the Listing Rules, and neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities since listing, holding no treasury shares as of June 30, 2025 - Except as disclosed in this announcement, the company has no other continuing disclosure obligations under Rules **13.20**, **13.21**, and **13.22** of the Listing Rules[64](index=64&type=chunk) - From the listing date to the announcement date, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held as of **June 30, 2025**[65](index=65&type=chunk) [Corporate Governance](index=18&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted and complied with the Model Code for Securities Transactions by Directors and the Corporate Governance Code, with the Chairman and CEO roles combined by Mr. Pan Yun, which the Board deems in the Group's best interest, balanced by three independent non-executive directors - The company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all Directors and Supervisors have fully complied with it from the listing date to **June 30, 2025**[66](index=66&type=chunk) - The company has adopted the Corporate Governance Code and complied with all applicable code provisions from the listing date to **June 30, 2025**, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Pan Yun[67](index=67&type=chunk)[68](index=68&type=chunk) - The Board believes that Mr. Pan Yun's combined role as Chairman and Chief Executive Officer is in the best interest of the Group, and the three independent non-executive directors ensure a balance of power and authority[68](index=68&type=chunk) [Events After Reporting Period and Review](index=18&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant post-reporting period events affecting business or financial performance occurred, and the Audit Committee reviewed and approved the unaudited interim financial information for H1 2025, confirming compliance with accounting standards and Listing Rules - No significant events related to the business or financial performance of the company occurred from the end of the reporting period to the date of this announcement[70](index=70&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and the unaudited interim financial information, deeming its preparation to be in compliance with applicable accounting standards, Listing Rules, and other relevant legal requirements[71](index=71&type=chunk)[72](index=72&type=chunk) - This results announcement has been published on the HKEX website www.hkexnews.hk and the company's website www.xjgroup.com, and the interim report will be published in due course[73](index=73&type=chunk)

Group 1 - The company, Xiangjiang Electric (02619.HK), will hold a board meeting on August 26, 2025 [1] - The meeting will review and approve the group's interim results for the six months ending June 30, 2025, and discuss the proposal for an interim dividend distribution, if any [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 會 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 X.J. ELECTRICS (HU BEI) CO., LTD 湖北香江電器股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2619） 董事會會議召開日期 湖 北 香 江 電 器 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公司將於2025年8月26日（星 期 二）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批 准 本 公 司 及其附屬公司截至2025年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績 及 其 刊 發，以 及考慮建議派發截至2025年6月30日 止 六 個 月 的 中 期 股 息（如 有）。 湖北香江電器股份有限公司 董事長兼執行董事 潘 允 深 圳，2025年8月13日 於 本 公 告 日 期，執 行 董 事 為 潘 允 先 生、Gu ...

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7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: 湖北香江電器股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02619 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 68,220,000 | RMB | | | 1 RMB | | 68,220,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 68,220,000 | RMB | | | 1 RMB | | 68,220,000 | | 2. 股份分類 | 普通股 | 股份類別 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) saw 11 companies submit applications for listing from June 30 to July 6, with no companies passing the listing hearing during this period. Additionally, 7 companies initiated their public offerings, and 5 new stocks were listed. Group 1: Companies Submitting Applications - Puxiang Health Holdings Limited is a leading provider of integrated medical and elderly care services in North China, ranking second in revenue among its peers and first in revenue growth from 2022 to 2024 [2] - Magnesium Health Technology Co., Ltd. focuses on innovative payment solutions for medical expenses, being the largest provider of innovative health insurance solutions in China by policy count [3] - Yangtuo Technology Inc. operates a trading and service platform for home care and nutrition products, holding a 10.1% market share in the low-tier market [4] - Xiamen Ruiwei Information Technology Co., Ltd. specializes in image intelligent analysis products and solutions, leveraging machine learning and computer vision technologies [5] - Zijin Gold International Limited is a leading global gold mining company, ranking ninth in gold reserves and eleventh in production as of 2024 [6] - EVE Energy Co., Ltd. is a leading lithium battery platform company, ranking first in China for consumer cylindrical battery shipments and second globally for energy storage battery shipments [7] - Zhejiang Yifei Intelligent Technology Co., Ltd. is a leading industrial robotics company in China, focusing on the light industry [8] - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. is a leading power semiconductor company, ranking second in the global OLED display PMIC market [9] - Beijing Tongrentang Medical Investment Co., Ltd. is the largest non-public Chinese medicine hospital group by outpatient and inpatient visits [11] - Shandong Linglong Tire Co., Ltd. is the largest OE tire manufacturer in China and the third largest globally [12] - Magnesium Holdings Limited is an innovative automotive technology company focused on AI-driven integrated domain control solutions [13] Group 2: Public Offerings and New Listings - Seven companies initiated their public offerings, including Anjii Foods, which had a subscription rate of 44.2 times for its public offering [14][15] - Other companies like Lens Technology and Fortior also initiated their public offerings with significant interest from cornerstone investors [16][19] - Five new stocks were listed, including Yunzhisheng, which saw a closing price increase of 44.59% on its first day [20][21][22][23] Group 3: Market Insights - The Hong Kong Stock Exchange raised over HKD 107 billion in the first half of 2025, with a 20% increase in the Hang Seng Index [24] - The biopharmaceutical sector has seen a resurgence, with 10 companies successfully listing in the first half of 2025, compared to only 12 for the entire previous year [25][26] - The total fundraising amount for the biopharmaceutical sector reached HKD 15.6 billion in the first half of 2025, indicating strong market interest [26][27]

Core Viewpoint - Xiangjiang Electric, a kitchen small appliance manufacturer, officially listed on the Hong Kong Stock Exchange on June 25, 2023, with an initial share price of HKD 2.86, but closed at HKD 2.52, reflecting an 11.89% drop on the first day of trading [1][4]. Company Overview - Founded in 2012, Xiangjiang Electric is headquartered in Qichun County, Hubei, China, and operates primarily as an ODM and OEM, serving clients like Walmart and Philips [4][6]. - The company has grown from a regional player to a leading enterprise in the kitchen appliance industry, with annual revenue exceeding RMB 1.5 billion [4][6]. Financial Performance - Revenue from 2022 to 2024 is projected to be RMB 1.097 billion, RMB 1.188 billion, and RMB 1.502 billion, respectively, with net profits of approximately RMB 80 million, RMB 120 million, and RMB 140 million [6]. - The company’s sales in North America accounted for 71.2%, 83.6%, and 83.7% of total revenue from 2022 to 2024, indicating a strong reliance on this market [6][5]. Fundraising and Investment Plans - Xiangjiang Electric raised approximately HKD 156 million from its IPO, with plans to allocate 41.9% of the funds to establish a factory in Thailand to enhance global operations [4][7]. - The company also intends to invest about 37.3% of the raised funds in a new R&D center in Qichun County, covering an area of approximately 6,000 square meters [7]. Market Strategy - The company aims to expand its overseas market presence, particularly in North America, and has factories in Indonesia and Thailand to mitigate tariff risks expected in 2025 [5][6]. - Xiangjiang Electric plans to maintain and enhance its OBM (Own Brand Manufacturing) business and explore acquisition opportunities for brands in the home goods sector concentrated in the European and American markets [7]. R&D Focus - The company’s future R&D efforts will concentrate on small appliances, with a shift towards smart appliances, including the development of new products like high-power egg beaters and smart electric frying pans [7].

Core Viewpoint - Hubei Xiangjiang Electric Appliance Co., Ltd. (Xiangjiang Electric) listed on the Hong Kong Stock Exchange, opening below the issue price and closing at a significant loss on its first day of trading [1][2]. Group 1: Company Overview - Xiangjiang Electric specializes in the research, design, production, and sale of electrical and non-electrical household products [1]. - The company issued a total of 68,220,000 shares, with 34,110,000 shares allocated for both the Hong Kong public offering and international offering [2]. Group 2: Financial Details - The final offer price was set at 2.860 HKD per share, raising a total of 195.11 million HKD, with net proceeds of 155.57 million HKD after deducting estimated listing expenses of 39.54 million HKD [2][3]. - The company plans to use the net proceeds for establishing a factory in Thailand, purchasing and installing machinery, setting up a new R&D center, and for general working capital [3]. Group 3: Key Investors - Major cornerstone investors include Hubei Shunjie Investment (Hong Kong) Co., Ltd., Hong Kong Xinghuang Holdings Limited, and Hong Kong Yunxing Technology Trade Management Co., Ltd., with respective allocations of 15,008,000 shares (22.00%), 11,256,000 shares (16.50%), and 3,752,000 shares (5.50%) [4][5]. Group 4: Financial Projections - Revenue projections for Xiangjiang Electric from 2022 to 2024 are 1.10 billion RMB, 1.19 billion RMB, and 1.50 billion RMB, respectively, with net profits of 80.26 million RMB, 121.46 million RMB, and 140.43 million RMB for the same years [6][7].