Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

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: | 手回集團有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02621 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | ...

Core Insights - The company is actively seizing opportunities for transformation in the life insurance industry, focusing on optimizing product structure and business models following the adjustment of the predetermined interest rate policy in October 2024 [1] - The company reported a robust growth in first-year premiums and revenue, achieving double-digit growth on a quarter-on-quarter basis in the first and second quarters of 2025 [1] Product Performance - The company emphasized supply-side innovation, with first-year premiums for long-term critical illness insurance reaching approximately 227 million RMB, a year-on-year increase of 30.7% [1] - Dividend products showed remarkable performance, with first-year premiums of 241 million RMB, a significant year-on-year increase of 147.7%, leading to revenue growth exceeding 100% [1] Technological Advancements - Technology empowerment is a key driver for the company's high-quality development, with the full launch of an AI product configuration platform in the first half of 2025, improving product delivery efficiency by over 50% [1] - Various self-developed AI systems have been applied in compliance management, customer service, and risk control, significantly enhancing quality and efficiency [1] Financial Performance - As of June 30, 2025, the company's total assets increased to approximately 2.2 billion RMB, an 18.5% growth compared to the end of 2024 [2] - The company reported a total premium income of approximately 4.9 billion RMB in the first half of 2025, a year-on-year increase of 25.7%, with profits soaring to 664 million RMB, reflecting a growth rate exceeding 900% [4] Service Quality - The company's intelligent claims processing system handled over 15,000 "flash claims" in the first half of 2025, with an average claim processing time of only 0.27 days and a customer satisfaction rate of 99% [2] Strategic Outlook - The company plans to continue iterating on star IP products, focusing on customized dividend insurance and corporate insurance layouts, while enhancing product ecology and brand influence [2] - The company aims to deepen the integration of online and offline channels, cultivate high-quality agents, and leverage technology to create industry-leading intelligent underwriting and service systems [2]

Group 1 - The company reported a revenue of 555 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 21.18% [1] - The company achieved a profit attributable to shareholders of 664 million RMB, compared to a loss of 75.984 million RMB in the same period last year, indicating a turnaround to profitability [1] - Basic earnings per share were reported at 5.93 RMB [1] Group 2 - The decrease in revenue was primarily attributed to increased uncertainty in the macroeconomic environment, a slowdown in financial consumer demand, and the insurance industry's implementation of the "reporting and commission integration" policy, which reduced commission rates [1]

Core Viewpoint - The company reported a significant decrease in revenue but achieved profitability compared to the previous year, indicating a potential recovery despite challenging market conditions [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 555 million yuan, representing a year-on-year decrease of 21.18% [1] - Shareholders' profit amounted to 664 million yuan, a turnaround from a loss of 75.984 million yuan in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at 5.93 yuan [1] Factors Affecting Performance - The decline in revenue was attributed to increased uncertainty in the macroeconomic environment, a slowdown in financial consumer demand, and a reduction in commission rates due to the insurance industry's implementation of the "reporting and business integration" policy [1] - The decrease in income from insurance transaction services was a significant contributor to the overall revenue decline [1]

Core Viewpoint - The company reported a decline in key financial metrics for the first half of 2025, indicating potential challenges in its business performance [1] Financial Performance - The company's first-year premium for the first half of 2025 is approximately RMB 1.5 billion, representing a year-on-year decrease of 0.6% [1] - Revenue for the same period is approximately RMB 554.5 million, showing a significant year-on-year decline of 21.2% [1] - Adjusted net profit (non-Hong Kong Financial Reporting Standards) is approximately RMB 65.7 million, reflecting a substantial year-on-year decrease of 49.0% [1]

Company Information and Financial Highlights [Company Overview](index=1&type=section&id=Company%20Overview) Shouhui Group Limited, incorporated in the Cayman Islands, listed on HKEX in May 2025, presents its unaudited interim results for H1 2025 - The company was incorporated in the Cayman Islands on **August 3, 2023**, and listed on the Main Board of the Hong Kong Stock Exchange on **May 30, 2025**[2](index=2&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) H1 2025 revenue and gross profit declined, but profit surged due to financial instrument fair value changes, while adjusted net profit decreased Key Financial Data for H1 2025 | Metric | H1 2025 (RMB Million) | H1 2024 (RMB Million) | YoY Change | |---|---|---|---| | Adjusted Net Profit* | 65.7 | 129.0 | -49.0% | - The significant increase in profit for the period was primarily driven by gains from changes in the fair value of financial instruments issued to investors[4](index=4&type=chunk)[41](index=41&type=chunk) Business Review [Business Model and Strategy](index=2&type=section&id=Business%20Model%20and%20Strategy) The company operates as a leading Chinese life insurance intermediary, focusing on digital transformation to build a comprehensive transaction and service platform - The company is positioned as a leading Chinese life insurance intermediary service provider, with digital transformation as its core strategy[5](index=5&type=chunk) - Core revenue is derived from premium distribution commissions, synergistically served by three major platforms: Xiaoyusan (2C), Kacha Bao (2A), and Niubao 100 (2B)[5](index=5&type=chunk) - The distributed product matrix covers diverse categories including long-term life insurance, long-term critical illness insurance, long-term medical insurance, and short-term insurance[5](index=5&type=chunk) [Operating Performance](index=2&type=section&id=Operating%20Performance) Despite macroeconomic uncertainties and commission rate adjustments, the company achieved RMB 4.9 billion in total premiums for H1 2025, a 25.7% increase, though first-year premiums and revenue declined - In H1 2025, the company's total premiums were approximately **RMB 4.9 billion**, representing a **25.7%** year-on-year increase[6](index=6&type=chunk) - Affected by macroeconomic conditions, slowing financial consumption, and the "reporting and execution alignment" policy, H1 2025 first-year premiums decreased by **0.6%**, revenue by **21.2%**, and adjusted net profit by **49.0%** year-on-year[8](index=8&type=chunk) - First-year premiums and revenue in Q1 and Q2 2025 both maintained double-digit quarter-on-quarter growth, indicating a positive business growth trend after the adjustment of pre-set interest rates[6](index=6&type=chunk) [Product Structure and Asset Status](index=3&type=section&id=Product%20Structure%20and%20Asset%20Status) Long-term critical illness first-year premiums grew by 30.7%, and participating products surged by 147.7%; total assets increased by 18.5% to RMB 2.2 billion, with net assets turning positive to RMB 1.2 billion due to IPO reclassification H1 2025 Product Structure Performance | Product Category | First-Year Premiums (RMB Billion) | YoY Growth | Growth Category | |---|---|---|---| | Participating Products | 2.41 | +147.7% | >+100% | - As of June 30, 2025, the company's total assets amounted to approximately **RMB 2.2 billion**, an **18.5%** increase from the end of 2024[7](index=7&type=chunk) - As of June 30, 2025, the company's net assets totaled approximately **RMB 1.2 billion**, a significant improvement from net liabilities of **RMB 0.7 billion** at the end of 2024, primarily due to the reclassification of financial instruments issued to investors from liabilities to equity after the IPO[7](index=7&type=chunk) Business Updates [Market-Oriented Product Customization and IP Management](index=3&type=section&id=Market-Oriented%20Product%20Customization%20and%20IP%20Management) The company continues to develop customer-centric customized insurance products, collaborating with over 100 insurers to distribute more than 2,200 products, with customized products accounting for over 51% of first-year premiums - As of June 30, 2025, the company has established deep cooperation with over **100** insurance companies, cumulatively distributing over **2,200** insurance products[9](index=9&type=chunk) - During the reporting period, customized product first-year premiums totaled approximately **RMB 799.4 million**, accounting for over **51%** of the company's total first-year premiums[9](index=9&type=chunk) - Over **14** IPs have been incubated, covering various insurance products, with continuous iteration and optimization of Super Mary adult critical illness and Bumblebee child critical illness series driving a **30.7%** year-on-year increase in long-term critical illness first-year premiums[10](index=10&type=chunk) [Digitally-Driven Omnichannel Strategic Layout](index=4&type=section&id=Digitally-Driven%20Omnichannel%20Strategic%20Layout) The company deepens its "2C+2A+2B" omnichannel strategy through Xiaoyusan, Kacha Bao, and Niubao 100 platforms, serving over 3.8 million policyholders and expanding its agent network - The company deepens its "2C+2A+2B" omnichannel strategic layout through its three major platforms: Xiaoyusan (2C), Kacha Bao (2A), and Niubao 100 (2B)[11](index=11&type=chunk) - As of June 30, 2025, the company has cumulatively served over **3.8 million** policyholders, aggregated over **1,300** business partners, signed over **29,000** agents, and its service footprint covers **15** provincial administrative regions nationwide[11](index=11&type=chunk) - The company is building a comprehensive self-media matrix across platforms like Douyin, Xiaohongshu, Bilibili, Baidu, WeChat ecosystem, and Weibo, establishing a full-link marketing system[12](index=12&type=chunk) [R&D Capabilities Closely Integrated with Industry Practices](index=5&type=section&id=R%26D%20Capabilities%20Closely%20Integrated%20with%20Industry%20Practices) The company continuously invests in online transaction capabilities and AI technology, launching a unified product configuration platform and self-developed AI systems that significantly improve efficiency and drive a 46.7% increase in insurance technology service revenue - In H1 2025, the unified product configuration platform was fully launched, supporting efficient listing of over **200** products and shortening the average delivery cycle by over **50%**[13](index=13&type=chunk) - Self-developed AI multi-modal quality inspection system and AI Eagle Eye verification system improved efficiency by **56%** and **63%** respectively, ensuring compliance and efficiency[13](index=13&type=chunk) - Nearly **30** AI services have been launched, including AI policy management, private domain customer AI management, and AI outbound calling robots, empowering various business scenarios[13](index=13&type=chunk) - Insurance technology service revenue was approximately **RMB 5.1 million**, a **46.7%** year-on-year increase, with the AI intelligent risk control system contributing over half of this revenue[14](index=14&type=chunk) [Efficient and Convenient Insurance Customer Service](index=6&type=section&id=Efficient%20and%20Convenient%20Insurance%20Customer%20Service) The company provides 24/7 consultation and claims reporting services, processing over 15,000 flash claims totaling over RMB 11 million in H1 2025 with an average processing time of 0.27 days and 99% customer satisfaction - The company provides **24/7** consultation and claims reporting services, covering comprehensive policy management[15](index=15&type=chunk) - In H1 2025, over **15,000** flash claims were processed, totaling over **RMB 11 million**, with an average claims processing time as low as **0.27 days** and customer satisfaction reaching **99%**[15](index=15&type=chunk) - As of June 30, 2025, the company has over **3.8 million** policyholders, with those aged **30-45** contributing **62.1%** of total premiums[16](index=16&type=chunk) Business Outlook and Future Plans [Market Outlook and Strategic Direction](index=7&type=section&id=Market%20Outlook%20and%20Strategic%20Direction) The company anticipates further declines in China's life insurance pre-set interest rates in H2 2025 and plans to strengthen its business foundation to consolidate market position and increase market share - China's life insurance industry is expected to see further declines in pre-set interest rates in H2 2025, presenting both opportunities and challenges[17](index=17&type=chunk) - The company will further strengthen its business foundation, actively consolidate its market position, and increase market share[17](index=17&type=chunk) [Product and Brand Development](index=7&type=section&id=Product%20and%20Brand%20Development) The company plans to continuously iterate existing IP products, enrich its distribution portfolio, and actively develop customized participating insurance series to increase their sales proportion, while also expanding enterprise insurance products - The company will continuously iterate existing IP products, such as Super Mary adult critical illness and Bumblebee child critical illness, and actively develop customized participating insurance series[17](index=17&type=chunk) - It plans to expand its enterprise insurance product series (e.g., aviation, legal, travel, employee benefits) to build a comprehensive insurance product ecosystem covering both individual and enterprise clients[17](index=17&type=chunk) [Channel and Partnership Expansion](index=7&type=section&id=Channel%20and%20Partnership%20Expansion) The company will deepen its online-offline integrated marketing strategy, strengthen product IP and brand promotion, and expand its offline branch network while recruiting and empowering professional agents - The company will deepen its online-offline integrated marketing strategy, strengthen product IP creation and brand promotion, and enhance user coverage and conversion[18](index=18&type=chunk) - It plans to deepen the layout of its offline branch network, continuously recruit and cultivate a professional agent team, and empower agents through technological innovation[19](index=19&type=chunk) - The company will strengthen existing business partnerships, deepen cooperation with media advertising companies, and explore property and casualty insurance business scenarios to achieve diversified development[19](index=19&type=chunk) [R&D and Technological Innovation](index=8&type=section&id=R%26D%20and%20Technological%20Innovation) The company will continue to deepen the application of technology across the entire insurance value chain, upgrading core transaction systems and intelligent marketing tools, while focusing on AI applications like underwriting and advisory to achieve full-process intelligent upgrades - The company will continue to deepen the application of technology across the entire insurance business chain, iterating and upgrading its online core transaction system, intelligent marketing tools, and quality management system[20](index=20&type=chunk) - It will focus on key areas such as AI underwriting, AI insurance advisors, and AI insurance document precise analysis to achieve full-process intelligent upgrades and enhance AI technology penetration[20](index=20&type=chunk) [Overseas Business Exploration](index=8&type=section&id=Overseas%20Business%20Exploration) The company will actively explore overseas insurance business expansion to inject new momentum for long-term sustainable development - The company will actively explore overseas insurance business expansion to inject new momentum for its long-term sustainable development[21](index=21&type=chunk) Financial Analysis [Revenue Analysis](index=9&type=section&id=Revenue%20Analysis) In H1 2025, total group revenue decreased by 21.2% to RMB 554.5 million, primarily due to macroeconomic uncertainties, slowing financial consumption, and reduced commission rates, with insurance transaction services declining and technology services growing [Revenue Overview](index=9&type=section&id=Revenue%20Overview) Group revenue decreased by 21.2% to RMB 554.5 million in H1 2025 from RMB 703.6 million in H1 2024, mainly due to reduced insurance transaction service revenue - Revenue decreased by **21.2%** year-on-year to **RMB 554.5 million**, primarily due to a combination of macroeconomic uncertainties, slowing financial consumption demand, and reduced commission rates under the "reporting and execution alignment" policy[22](index=22&type=chunk) [Revenue by Business Segment](index=9&type=section&id=Revenue%20by%20Business%20Segment) Insurance transaction service revenue decreased by 21.5% to RMB 549.5 million, accounting for 99.1% of total revenue, while insurance technology service revenue increased by 46.7% to RMB 5.1 million Revenue by Business Segment (RMB Thousand) | Business Segment | H1 2025 | % of Total | H1 2024 | % of Total | |---|---|---|---|---| | **Total** | **554,548** | **100.0%** | **703,560** | **100.0%** | - The decrease in insurance transaction service revenue was mainly due to reduced demand for long-term life insurance products, lower commission rates, and lower-than-expected sales of customized product Jinyibao[25](index=25&type=chunk) - The increase in insurance technology service revenue was primarily due to growth in risk assessment assistance and other technology services[25](index=25&type=chunk) [Revenue by Insurance Product](index=10&type=section&id=Revenue%20by%20Insurance%20Product) Long-term life insurance revenue significantly decreased year-on-year, while critical illness insurance revenue increased by 24.0%, partially offsetting declines in life and medical insurance Revenue by Insurance Product (RMB Thousand) | Insurance Product | H1 2025 | % of Total | H1 2024 | % of Total | |---|---|---|---|---| | **Total** | **549,488** | **100.0%** | **700,111** | **100.0%** | - Long-term life insurance revenue decreased year-on-year, while critical illness insurance revenue increased year-on-year, partially offsetting the decline in life and medical insurance[25](index=25&type=chunk) [Cost and Gross Profit Analysis](index=11&type=section&id=Cost%20and%20Gross%20Profit%20Analysis) In H1 2025, operating costs decreased by 16.4% to RMB 357.9 million due to lower revenue, leading to a 28.6% decline in overall gross profit to RMB 196.6 million and a drop in gross margin to 35.5% [Operating Costs](index=11&type=section&id=Operating%20Costs) Operating costs, primarily comprising commissions to agents, channel promotion fees, and staff salaries, decreased by 16.4% to RMB 357.9 million in H1 2025, mainly due to reduced revenue - Operating costs decreased by **16.4%** year-on-year to **RMB 357.9 million**, primarily due to a year-on-year reduction in commission expenses and channel promotion fees resulting from lower revenue[28](index=28&type=chunk) [Gross Profit and Gross Margin](index=11&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Overall gross profit decreased by 28.6% to RMB 196.6 million, with gross margin falling from 39.2% to 35.5%, mainly due to a decline in insurance transaction service gross margin, while insurance technology service gross margin increased Gross Profit and Gross Margin by Business Segment (RMB Thousand) | Business Segment | H1 2025 Gross Profit | H1 2025 Gross Margin | H1 2024 Gross Profit | H1 2024 Gross Margin | |---|---|---|---|---| | **Total** | **196,605** | **35.5%** | **275,485** | **39.2%** | - The gross margin for insurance transaction services decreased, primarily due to a reduced contribution from high-margin long-term medical and other insurance products, and increased commission expenses and promotion fees to gain market share in long-term critical illness insurance[31](index=31&type=chunk) - The gross margin for insurance technology services increased, mainly due to enhanced cost control measures for risk control and assessment technology services[31](index=31&type=chunk) [Expenses and Other Gains/Losses](index=12&type=section&id=Expenses%20and%20Other%20Gains%2FLosses) Other net income decreased by 46.7% to RMB 2.7 million, sales and marketing expenses decreased by 9.4%, while general and administrative expenses increased by 13.4% due to listing expenses and depreciation; R&D expenses decreased by 16.9%, and profit for the period surged 977.3% to RMB 664.6 million, driven by fair value changes of financial instruments [Other Net Income](index=12&type=section&id=Other%20Net%20Income) Other net income decreased by 46.7% to RMB 2.7 million, primarily due to reduced realized gains from financial assets measured at fair value and diluted gains from associates Other Net Income Details (RMB Thousand) | Item | H1 2025 | % of Total | H1 2024 | % of Total | |---|---|---|---|---| | **Total** | **2,668** | **100.0%** | **5,010** | **100.0%** | - The decrease in other net income was mainly due to reduced diluted gains from associates and lower realized gains and losses from financial assets measured at fair value[35](index=35&type=chunk) [Sales and Marketing Expenses](index=13&type=section&id=Sales%20and%20Marketing%20Expenses) Sales and marketing expenses decreased by 9.4% to RMB 61.1 million, primarily due to enhanced cost control and optimized marketing processes, leading to reduced advertising and marketing expenses and controlled personnel costs - Sales and marketing expenses decreased by **9.4%** to **RMB 61.1 million**, primarily due to reduced advertising and marketing expenses and lower salaries and other benefits[36](index=36&type=chunk) [General and Administrative Expenses](index=13&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by 13.4% to RMB 53.3 million, mainly due to increased listing expenses and higher depreciation of right-of-use assets from new leased office premises - General and administrative expenses increased by **13.4%** to **RMB 53.3 million**, primarily due to increased listing expenses and higher depreciation expenses for right-of-use assets from newly leased office premises[37](index=37&type=chunk) [Research and Development Expenses](index=13&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by 16.9% to RMB 22.9 million, primarily due to improved internal organizational efficiency, controlled personnel costs, and a reduction in the average number of R&D personnel - Research and development expenses decreased by **16.9%** to **RMB 22.9 million**, primarily due to reduced salaries and other benefits[38](index=38&type=chunk) [Impairment Loss Provision](index=13&type=section&id=Impairment%20Loss%20Provision) Impairment loss provision decreased by 22.4% to RMB 0.3 million, mainly due to a year-on-year reduction in the increase of trade receivables and contract assets - Impairment loss provision decreased by **22.4%** to **RMB 0.3 million**, primarily due to a year-on-year reduction in the increase of trade receivables and contract assets[39](index=39&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) Finance costs, primarily interest expenses on lease liabilities, remained relatively stable at RMB 0.2 million for the six months ended June 30, 2025 - Finance costs remained relatively stable at **RMB 0.2 million**[40](index=40&type=chunk) [Changes in Fair Value of Financial Instruments Issued to Investors](index=14&type=section&id=Changes%20in%20Fair%20Value%20of%20Financial%20Instruments%20Issued%20to%20Investors) For the six months ended June 30, 2025, the company recorded a gain of RMB 619.0 million from changes in the fair value of financial instruments issued to investors, compared to a loss of RMB 190.2 million in the prior period, mainly due to changes in the company's valuation - A gain of **RMB 619.0 million** was recognized from changes in the fair value of financial instruments issued to investors (H1 2024: loss of **RMB 190.2 million**), primarily due to changes in the company's valuation[41](index=41&type=chunk) [Share of Loss of Associates](index=14&type=section&id=Share%20of%20Loss%20of%20Associates) Share of loss of associates increased from RMB 1.0 million in H1 2024 to RMB 2.5 million in H1 2025 - Share of loss of associates increased from **RMB 1.0 million** to **RMB 2.5 million**[42](index=42&type=chunk) [Income Tax](index=14&type=section&id=Income%20Tax) Income tax decreased by 40.6% to RMB 13.4 million, primarily due to a reduction in taxable income compared to the prior period - Income tax decreased by **40.6%** to **RMB 13.4 million**, primarily due to reduced taxable income[43](index=43&type=chunk) [Profit Overview](index=15&type=section&id=Profit%20Overview) In H1 2025, the Group's profit for the period was RMB 664.6 million, a significant increase of 977.3% from a loss of RMB 75.8 million in the prior year, while adjusted net profit (non-HKFRS) decreased by 49.0% to RMB 65.7 million [Profit/(Loss) for the Period](index=15&type=section&id=Profit%2F%28Loss%29%20for%20the%20Period) The Group recorded a profit of RMB 664.6 million in H1 2025, a 977.3% increase from a loss of RMB 75.8 million in H1 2024 - Profit for the period was **RMB 664.6 million**, a **977.3%** year-on-year increase (H1 2024: loss of **RMB 75.8 million**)[44](index=44&type=chunk) [Adjusted Net Profit](index=15&type=section&id=Adjusted%20Net%20Profit) Adjusted net profit (non-HKFRS measure) was RMB 65.7 million, a 49.0% year-on-year decrease, excluding the impact of fair value changes of financial instruments issued to investors, share-based payment expenses, and listing expenses Reconciliation of Profit/(Loss) for the Period to Adjusted Net Profit (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Adjusted Profit for the Period** | **65,738** | **129,003** | - Adjusted net profit (non-HKFRS measure) decreased by **49.0%** year-on-year to **RMB 65.7 million**[46](index=46&type=chunk) [Balance Sheet Items Analysis](index=16&type=section&id=Balance%20Sheet%20Items%20Analysis) As of June 30, 2025, intangible assets remained stable, equity in associates decreased, while prepayments, other receivables, other assets, trade receivables, contract assets, trade payables, other payables, accrued expenses, and lease liabilities all increased [Intangible Assets](index=16&type=section&id=Intangible%20Assets) As of June 30, 2025, the carrying value of intangible assets remained stable at RMB 40.6 million, primarily comprising software, copyrights, trademarks, and licenses - The carrying value of intangible assets remained stable at **RMB 40.6 million**[47](index=47&type=chunk) [Equity in Associates](index=16&type=section&id=Equity%20in%20Associates) Equity in associates decreased from RMB 5.1 million at the end of 2024 to RMB 2.6 million as of June 30, 2025 - Equity in associates decreased from **RMB 5.1 million** to **RMB 2.6 million**[48](index=48&type=chunk) [Prepayments, Other Receivables and Other Assets](index=16&type=section&id=Prepayments%2C%20Other%20Receivables%20and%20Other%20Assets) Prepayments, other receivables, and other assets increased significantly from RMB 29.5 million at the end of 2024 to RMB 118.1 million as of June 30, 2025, mainly due to subscriptions to time deposits exceeding three months - Prepayments, other receivables, and other assets increased from **RMB 29.5 million** to **RMB 118.1 million**, primarily due to subscriptions to time deposits with maturities exceeding three months[49](index=49&type=chunk) [Trade Receivables](index=16&type=section&id=Trade%20Receivables) Trade receivables increased from RMB 96.1 million at the end of 2024 to RMB 134.9 million as of June 30, 2025, mainly due to increased unsettled amounts from business growth in Q2 2025 - Trade receivables increased from **RMB 96.1 million** to **RMB 134.9 million**, primarily due to business growth in Q2 2025[50](index=50&type=chunk) [Contract Assets](index=16&type=section&id=Contract%20Assets) Contract assets increased from RMB 849.6 million at the end of 2024 to RMB 913.0 million as of June 30, 2025 - Contract assets increased from **RMB 849.6 million** to **RMB 913.0 million**[51](index=51&type=chunk) [Trade Payables](index=17&type=section&id=Trade%20Payables) Trade payables increased from RMB 463.6 million at the end of 2024 to RMB 512.0 million as of June 30, 2025, primarily due to increased operating costs related to renewal income - Trade payables increased from **RMB 463.6 million** to **RMB 512.0 million**, primarily due to increased operating costs related to renewal income[52](index=52&type=chunk) [Other Payables, Accrued Expenses and Other Liabilities](index=17&type=section&id=Other%20Payables%2C%20Accrued%20Expenses%20and%20Other%20Liabilities) Other payables, accrued expenses, and other liabilities increased from RMB 126.8 million at the end of 2024 to RMB 162.9 million as of June 30, 2025, mainly due to increased premium collection business - Other payables, accrued expenses, and other liabilities increased from **RMB 126.8 million** to **RMB 162.9 million**, primarily due to increased premium collection business[53](index=53&type=chunk) [Lease Liabilities](index=17&type=section&id=Lease%20Liabilities) Lease liabilities increased from RMB 5.7 million at the end of 2024 to RMB 18.2 million as of June 30, 2025, mainly due to multiple office lease agreements entered into during the period - Lease liabilities increased from **RMB 5.7 million** to **RMB 18.2 million**, primarily due to multiple office lease agreements entered into during the period[54](index=54&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[55](index=55&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The Group primarily funds its operations through net cash generated from operations and net proceeds from the global offering, with bank balances and cash at RMB 249.1 million as of June 30, 2025, and no asset pledges or significant foreign currency risks - The Group primarily funds its operations through net cash generated from operations and net proceeds from the global offering[56](index=56&type=chunk) - As of June 30, 2025, bank balances and cash amounted to **RMB 249.1 million**[56](index=56&type=chunk) - Capital expenditure was **RMB 17.7 million**, primarily for right-of-use assets related to leased offices[57](index=57&type=chunk) - As of June 30, 2025, the Group had no pledged assets, the gearing ratio was not applicable, and it was not exposed to significant foreign currency risk[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=19&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the unaudited consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, detailing financial performance including revenue, costs, expenses, profit/loss, and earnings/loss per share Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 | H1 2024 | |---|---|---| | Diluted Earnings/(Loss) Per Share | RMB 0.22 | RMB (0.94) | [Consolidated Statement of Financial Position](index=21&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section presents the unaudited consolidated statement of financial position as of June 30, 2025, detailing asset and liability structure including non-current assets, current assets, current liabilities, non-current liabilities, and capital and reserves Summary of Consolidated Statement of Financial Position (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | Total Equity/(Deficiency) | 1,182,294 | (739,803) | Notes to the Financial Report [Basis of Preparation and General Information](index=23&type=section&id=Basis%20of%20Preparation%20and%20General%20Information) This interim financial report is prepared in accordance with HKAS 34 "Interim Financial Reporting" and has been reviewed by KPMG - This interim financial report is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and has been reviewed by KPMG[69](index=69&type=chunk)[70](index=70&type=chunk) [Changes in Accounting Policies](index=23&type=section&id=Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which has no material impact on the interim financial report, and no other new standards or interpretations not yet effective have been adopted - Hong Kong Accounting Standard 21 (Amendment) has been applied, but it has no material impact on the interim financial report[71](index=71&type=chunk) - No new standards or interpretations not yet effective have been adopted in the current accounting period[72](index=72&type=chunk) [Revenue and Segment Reporting](index=23&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's revenue primarily derives from two segments: insurance transaction services and insurance technology services, with the former accounting for the majority but declining, and the latter showing growth; all revenue and operating profit originate from China Revenue Breakdown (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Total** | **554,548** | **703,560** | - The Group reports by two business lines: insurance transaction services and insurance technology services, with all revenue and operating profit originating from China[74](index=74&type=chunk)[75](index=75&type=chunk)[78](index=78&type=chunk) [Profit/(Loss) Before Tax](index=26&type=section&id=Profit%2F%28Loss%29%20Before%20Tax) This section details finance costs, staff costs, and other items affecting profit/loss before tax, noting stable finance costs, reduced staff costs, and increased depreciation, amortization, professional service fees, and listing expenses Finance Costs (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | Interest expense on lease liabilities | 222 | 154 | Staff Costs (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Total** | **70,878** | **78,382** | Other Items (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | Listing expenses | 14,247 | 9,656 | [Income Tax in the Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=27&type=section&id=Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group is exempt from income tax in the Cayman Islands and Hong Kong, while its PRC subsidiaries are subject to a 25% tax rate, with Shenzhen Shouhui Technology Group Co., Ltd. enjoying a preferential 15% rate as a high-tech enterprise; income tax expense decreased by 40.6% to RMB 13.4 million - Shenzhen Shouhui Technology Group Co., Ltd., as a high-tech enterprise, enjoys a preferential income tax rate of **15%**[82](index=82&type=chunk) Income Tax in the Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB Thousand) | Item | H1 2025 | H1 2024 | |---|---|---| | **Total** | **13,393** | **22,550** | [Earnings/(Loss) Per Share](index=29&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) In H1 2025, basic earnings per share were RMB 5.93 and diluted earnings per share were RMB 0.22, a significant improvement from basic and diluted losses per share of RMB (0.94) in the prior period, driven by a substantial increase in profit for the period Earnings/(Loss) Per Share | Metric | H1 2025 | H1 2024 | |---|---|---| | Diluted Earnings/(Loss) Per Share | RMB 0.22 | RMB (0.94) | - Basic earnings per share are calculated based on profit attributable to ordinary equity shareholders of the Company of **RMB 664.26 million** and a weighted average of **111.94 million** shares[84](index=84&type=chunk) - Diluted earnings per share are calculated based on profit attributable to ordinary equity shareholders of the Company of **RMB 45.245 million** and a weighted average of **204.82 million** shares[85](index=85&type=chunk) [Trade Receivables and Contract Assets](index=29&type=section&id=Trade%20Receivables%20and%20Contract%20Assets) As of June 30, 2025, net trade receivables were RMB 134.9 million and net contract assets were RMB 913.0 million, both increasing from the end of 2024, reflecting business growth Trade Receivables and Contract Assets (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | Net contract assets | 912,990 | 849,584 | Ageing Analysis of Trade Receivables (RMB Thousand) | Ageing | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | No invoice | 105,716 | 92,351 | [Cash and Cash Equivalents and Restricted Cash](index=30&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) As of June 30, 2025, cash and cash equivalents significantly increased to RMB 249.1 million from RMB 113.4 million at the end of 2024, with restricted cash totaling RMB 92.3 million, primarily for regulatory reserves and premiums collected on behalf of insurers Cash and Cash Equivalents (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **Total** | **249,143** | **113,368** | Restricted Cash (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **Total** | **92,294** | **49,806** | - Restricted cash primarily includes reserves required by regulations and premiums collected on behalf of insurance companies[91](index=91&type=chunk) [Trade Payables](index=31&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were RMB 512.0 million, an increase from RMB 463.6 million at the end of 2024, mainly comprising amounts due to suppliers Trade Payables (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **Total** | **511,957** | **463,616** | [Financial Instruments Issued to Investors](index=32&type=section&id=Financial%20Instruments%20Issued%20to%20Investors) As of June 30, 2025, the carrying value of financial instruments issued to investors was zero, as all preference shares were converted to ordinary shares upon IPO completion, and the carrying value of financial liabilities was reclassified to equity Changes in Financial Instruments Issued to Investors (RMB Thousand) | Item | As of June 30, 2025 | As of December 31, 2024 | |---|---|---| | **At period/year-end** | **—** | **1,702,171** | - Upon completion of the initial public offering, all preference shares were converted to ordinary shares, and the carrying value of financial liabilities was reclassified to equity[93](index=93&type=chunk) [Capital and Reserves](index=32&type=section&id=Capital%20and%20Reserves) As of June 30, 2025, share capital was RMB 0.016 million and share premium was RMB 183.528 million, with changes primarily driven by the IPO, preference share conversion, and capitalization issue; no dividends were paid during the period Share Capital and Share Premium (RMB Thousand) | Item | Number of Shares | Share Capital | Share Premium | |---|---|---|---| | **As of June 30, 2025** | **226,379** | **16** | **183,528** | - Preference shares were reclassified to equity upon completion of the initial public offering on May 30, 2025, resulting in a capital reserve of approximately **RMB 1,083.156 million**[95](index=95&type=chunk) - No dividends were paid by the Company for the six months ended June 30, 2025[99](index=99&type=chunk) Other Information [Material Investments, Acquisitions and Disposals](index=34&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the Group held no material investments and made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group held no material investments and made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[101](index=101&type=chunk) [Future Plans for Material Investments or Capital Assets](index=34&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group intends to utilize the net proceeds from the global offering as planned in the prospectus, with no other material investment or capital asset plans disclosed - The Group intends to utilize the net proceeds from the global offering as planned in the prospectus[102](index=102&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 704 full-time employees, all located in China, offering competitive remuneration, continuous training, and an IPO pre-share award scheme to incentivize staff - As of June 30, 2025, the Group had **704** full-time employees, all located in China[103](index=103&type=chunk) - The company provides competitive remuneration, continuous education and training programs, and has adopted a pre-IPO share award scheme[103](index=103&type=chunk) [Use of Listing Proceeds](index=35&type=section&id=Use%20of%20Listing%20Proceeds) The company listed on May 30, 2025, with net proceeds from the global offering of approximately HKD 134.2 million; as of June 30, 2025, HKD 0.9 million was utilized for expanding sales teams, marketing, and server purchases, with the remaining HKD 133.3 million to be used as planned - Net proceeds from the global offering were approximately **HKD 134.2 million**[104](index=104&type=chunk) Use of Listing Proceeds (HKD Million) | Item | Planned Amount | % of Total | Amount Used | Remaining Amount | |---|---|---|---|---| | **Total** | **134.2** | **100.0%** | **0.9** | **133.3** | [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[105](index=105&type=chunk) [Corporate Governance and Compliance](index=36&type=section&id=Corporate%20Governance%20and%20Compliance) The Group maintains high corporate governance standards, complying with all applicable principles and code provisions of the Corporate Governance Code, except for the combined roles of Chairman and CEO, which the Board believes benefits management and is continuously reviewed; directors and employees have complied with the Model Code for Securities Transactions, and the Audit Committee has reviewed the interim results [Compliance with Corporate Governance Practices](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Practices) The Company has complied with all applicable principles and code provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer, which the Board believes benefits management and is continuously reviewed - The company has complied with all applicable principles and code provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer[106](index=106&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer benefits the Group's management and will continue to review its effectiveness[106](index=106&type=chunk) [Compliance with Model Code for Securities Transactions](index=36&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) All Directors have confirmed compliance with the Model Code for Securities Transactions from the listing date up to June 30, 2025 - All Directors have confirmed compliance with the Model Code for Securities Transactions from the listing date up to June 30, 2025[108](index=108&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors, has reviewed the Group's unaudited condensed consolidated interim results for the reporting period and found them to be in compliance with applicable accounting standards and Listing Rules - The Audit Committee, composed of three independent non-executive Directors, has reviewed the Group's interim results and found them to be in compliance with applicable accounting standards and Listing Rules[109](index=109&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=37&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Securities) From the listing date up to June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - From the listing date up to June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[110](index=110&type=chunk) [Events After the Reporting Period](index=37&type=section&id=Events%20After%20the%20Reporting%20Period) No significant post-reporting period events have occurred that would materially affect the Group - No significant post-reporting period events have occurred that would materially affect the Group[111](index=111&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=38&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX and Company websites, and the interim report will be dispatched to shareholders who elected to receive printed copies and published on the aforementioned websites in due course - This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course[112](index=112&type=chunk) Definitions [Definitions](index=38&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in the report to ensure accurate understanding of its content - This section provides definitions for key terms and abbreviations used in the report[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)

Shouhui Group Limited 手回集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02621） 發佈公司通訊 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 2.07A 條 1 以及手回集 團有限公司（「本公司」）的公司章程細則，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公 司通訊（「公司通訊 2」），並僅應股東要求向其寄發印刷本形式的公司通訊。 就此而言，以下安排將於 2025 年 8 月 25 日生效。 安排 1. 可供採取行動的公司通訊 4 本公司將以電子通訊方式（通過電子郵件）向股東個別地發送可供採取行動的公司通訊。如果本公 司沒有獲取股東的電子郵箱地址或其提供的電子郵箱地址無效 5，本公司將以印刷本形式向其發送 可供採取行動的公司通訊，連同一份索取股東有效電子郵箱地址的表格，以便將來以電子通訊方式 發送可供採取行動的公司通訊。 2. 公司通訊 本公司將在本公司網站（www.shouhui-tech.com）及聯交所網站（www.hkexnews.hk）上發佈公司 通訊。 本公司不會向股東發出公司通訊網站版本 6 的登載通知。本公司鼓勵股東主 ...

Shouhui Group Limited 手回集團有限公司 (Incorporated in the Cayman Islands with limited liability) （Stock Code：02621） Dear Non-registered Holder, 25 August 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to the amended Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") effective from 31 December 2023, Shouhui Group Limited (the "Company") has adopted new arrangement to disseminate corporate communication ...

Core Viewpoint - The company, Hand Return Group (02621.HK), announced that it will hold a board meeting on August 26, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution, if any [1] Summary by Relevant Categories - **Company Announcement** - The board meeting is scheduled for August 26, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The board will also consider the proposal for an interim dividend distribution [1]