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: 武漢有機控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD ...

Group 1 - The company's revenue for the six months ending June 30, 2025, is approximately RMB 1,440.2 million, representing a year-on-year decrease of about RMB 210.9 million or approximately 12.8% [1] - The gross profit is approximately RMB 163.0 million, which is a decrease of about RMB 23.6 million or approximately 12.7% compared to the same period in 2024 [1] - The net profit for the period is approximately RMB 38.7 million, reflecting a decrease of about RMB 9.4 million or approximately 19.4% year-on-year [1]

Core Viewpoint - Wuhan Organic (02881) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to falling product prices and weak demand in the global chemical industry [1] Financial Performance - Revenue for the period was 1.44 billion RMB, a year-on-year decrease of 12.77% [1] - Shareholder profit attributable to the company was 38.73 million RMB, down 19.39% year-on-year [1] - Basic earnings per share were 0.42 RMB [1] Price and Cost Factors - The decrease in revenue and gross profit was mainly attributed to an average unit price drop of approximately 1,341 RMB per ton for products [1] - The decline in the price of the main raw material, toluene, led to corresponding adjustments in product prices [1] Industry Context - The global chemical industry is experiencing continued weak demand, which has exerted additional pressure on pricing [1] - The company implemented a full-capacity production and rapid turnover sales strategy to optimize operational efficiency, further impacting pricing [1]

[Financial Summary and Performance Announcement](index=1&type=section&id=I.%20Financial%20Summary%20and%20Performance%20Announcement) [Financial Summary](index=1&type=section&id=1.1%20Financial%20Summary) Wuhan Organic Holdings Company Limited announced its interim results for the six months ended June 30, 2025, with revenue, gross profit, net profit, and basic earnings per share all decreasing compared to the same period last year H1 2025 Financial Summary (Year-on-Year) | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,440.2 | 1,651.1 | (210.9) | (12.8%) | | Gross Profit | 163.0 | 186.6 | (23.6) | (12.7%) | | Net Profit | 38.7 | 48.1 | (9.4) | (19.4%) | | Basic and Diluted EPS (RMB) | 0.42 | 0.63 | (0.21) | (33.3%) | [Performance Announcement](index=1&type=section&id=1.2%20Performance%20Announcement) The company's board of directors announced the unaudited condensed consolidated interim results for the six months ended June 30, 2025, with comparable data for the same period in 2024 - The Group announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025, providing comparable data for the same period in 2024[3](index=3&type=chunk) [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue, gross profit, and profit for the period all decreased compared to the same period last year Key Data from Condensed Consolidated Interim Statement of Profit or Loss (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 1,440,232 | 1,651,158 | | Cost of Sales | (1,277,195) | (1,464,482) | | Gross Profit | 163,037 | 186,676 | | Profit Before Tax | 47,492 | 63,424 | | Income Tax Expense | (8,762) | (15,375) | | Profit for the Period | 38,730 | 48,049 | | Profit Attributable to Owners of the Parent | 38,730 | 48,049 | | Basic and Diluted EPS (RMB) | 0.42 | 0.63 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the six months ended June 30, 2025, decreased due to lower profit and exchange differences Key Data from Condensed Consolidated Interim Statement of Comprehensive Income (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 38,730 | 48,049 | | Exchange Differences on Translation of Foreign Operations | (51) | 26 | | Other Comprehensive Income for the Period (Net of Tax) | (51) | 26 | | Total Comprehensive Income for the Period | 38,679 | 48,075 | | Attributable to Owners of the Parent | 38,679 | 48,075 | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, total non-current and current assets increased, but net current liabilities remained negative, indicating liquidity pressure, while total assets less current liabilities and total non-current liabilities also increased Key Data from Condensed Consolidated Interim Statement of Financial Position (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 1,507,752 | 1,401,521 | | Total Current Assets | 1,102,244 | 950,201 | | Total Current Liabilities | 1,641,759 | 1,574,966 | | Net Current Liabilities | (539,515) | (624,765) | | Total Assets Less Current Liabilities | 968,237 | 776,756 | | Total Non-current Liabilities | 300,722 | 103,131 | | Net Assets | 667,515 | 673,625 | | Total Equity | 667,515 | 673,625 | [Condensed Consolidated Interim Statement of Changes in Equity](index=6&type=section&id=2.4%20Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners of the parent as of June 30, 2025, slightly decreased from the beginning of the year, influenced by profit, declared dividends, and exchange fluctuations Key Data from Condensed Consolidated Interim Statement of Changes in Equity (RMB thousand) | Metric | January 1, 2025 | Profit for the Period | Exchange Fluctuations | Dividends Declared | Share-based Payments | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Equity | 673,625 | 38,730 | (51) | (44,999) | 210 | 667,515 | H1 2024 Changes in Equity (RMB thousand) | Metric | January 1, 2024 | Profit for the Period | Exchange Fluctuations | Issue of New Shares | Share Issue Expenses | Share-based Payments | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Equity | 529,617 | 48,049 | 26 | 91,687 | (26,263) | 210 | 643,326 | [Condensed Consolidated Interim Statement of Cash Flows](index=7&type=section&id=2.5%20Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) Net cash from operating activities significantly decreased, net cash used in investing activities increased, and net cash from financing activities substantially grew, resulting in a net increase in cash and cash equivalents Key Data from Condensed Consolidated Interim Statement of Cash Flows (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 2,501 | 126,124 | | Net Cash Used in Investing Activities | (128,048) | (28,097) | | Net Cash from Financing Activities | 246,331 | 43,525 | | Net Increase in Cash and Cash Equivalents | 120,784 | 141,552 | | Cash and Cash Equivalents at End of Period | 194,413 | 207,011 | - Net cash from operating activities significantly decreased year-on-year, primarily due to increased inventories, trade receivables, and income tax paid[11](index=11&type=chunk) - Net cash used in investing activities significantly increased, mainly due to a substantial increase in expenditures for the purchase of property, plant, and equipment[12](index=12&type=chunk) - Net cash from financing activities substantially grew, primarily benefiting from increased proceeds from interest-bearing bank and other borrowings[12](index=12&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=9&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Company and Group Information](index=9&type=section&id=3.1%20Company%20and%20Group%20Information) Wuhan Organic Holdings Company Limited, incorporated in the Cayman Islands, manufactures and sells toluene derivatives through its Chinese subsidiaries and was listed on the Hong Kong Stock Exchange in June 2024 - The Company was incorporated in the Cayman Islands on September 23, 2016, as an investment holding company[13](index=13&type=chunk) - Its principal subsidiaries in China are engaged in the manufacturing and sale of toluene oxidation products, toluene chlorination products, and their derivatives[13](index=13&type=chunk) - The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since June 18, 2024[13](index=13&type=chunk) [Basis of Preparation](index=9&type=section&id=3.2%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared under HKAS 34 and on a going concern basis, as management believes the Group has sufficient funds to continue operations despite net current liabilities - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[14](index=14&type=chunk) - Despite net current liabilities of approximately **RMB 540 million** as of June 30, 2025, the Board believes the Group has sufficient available funds to continue as a going concern, including future operating cash inflows and approximately **RMB 650 million** in available credit facilities[15](index=15&type=chunk) [Changes in Accounting Policies](index=10&type=section&id=3.3%20Changes%20in%20Accounting%20Policies) This period saw the first-time adoption of the revised HKAS 21 'Lack of Exchangeability', clarifying currency exchangeability assessment and spot exchange rate estimation methods, and requiring related disclosures - The revised Hong Kong Accounting Standard 21 'Lack of Exchangeability' was adopted for the first time in the current period[16](index=16&type=chunk) - This amendment clarifies how an entity should assess currency exchangeability and estimate the spot exchange rate in the absence of exchangeability, and requires disclosure of related information[16](index=16&type=chunk) [Operating Segment Information](index=10&type=section&id=3.4%20Operating%20Segment%20Information) No operating segment information is presented as the chief operating decision-maker reviews overall financial performance, with all non-current assets in mainland China and no single customer exceeding 10% of revenue - The chief operating decision-maker reviews the Group's overall financial performance, thus no operating segment information is presented[17](index=17&type=chunk) - As of June 30, 2025, and December 31, 2024, all of the Group's non-current assets were located in mainland China[19](index=19&type=chunk) - For the six months ended June 30, 2024, and 2025, no revenue from transactions with a single external customer accounted for **10%** or more of the Group's total revenue[21](index=21&type=chunk) [Revenue](index=11&type=section&id=3.5%20Revenue) For the six months ended June 30, 2025, total revenue was RMB 1,440,232 thousand, primarily from toluene oxidation products, toluene chlorination products, and product trading, with mainland China contributing the largest share Revenue Analysis (RMB thousand) | Type of Goods or Services | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Toluene Oxidation Products | 894,653 | 1,025,415 | | Toluene Chlorination Products | 348,943 | 335,685 | | Product Trading | 196,636 | 290,058 | | **Total** | **1,440,232** | **1,651,158** | | Geographical Market | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Mainland China | 1,100,924 | 1,219,025 | | Asia (excluding Mainland China) | 158,832 | 171,413 | | European Union | 107,574 | 135,583 | | Americas | 64,930 | 111,118 | | Other Countries/Regions | 7,972 | 14,019 | | **Total** | **1,440,232** | **1,651,158** | - All revenue is recognized at a point in time when goods are transferred[24](index=24&type=chunk) [Profit Before Tax](index=12&type=section&id=3.6%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax decreased, with key adjustments including increased depreciation, amortization, R&D expenses, and government grants and exchange differences Profit Before Tax Adjustments (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Before Tax | 47,492 | 63,424 | | Finance Costs | 17,487 | 21,134 | | Depreciation of Property, Plant and Equipment | 65,131 | 58,757 | | Research and Development Costs (Expensed in the Year) | 72,737 | 58,855 | | Government Grants Related to Income | (9,708) | (3,705) | | Employee Benefit Expenses | 61,803 | 51,123 | - Amortization of other intangible assets is included in 'Administrative expenses' in the statement of profit or loss[25](index=25&type=chunk) [Income Tax Expense](index=13&type=section&id=3.7%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense decreased, with varying tax rates by region, including a 15% preferential rate for high-tech enterprises in mainland China Income Tax Expense Analysis (RMB thousand) | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong Current | 38 | 92 | | Mainland China Current | 12,132 | 6,371 | | Deferred Income Tax | (3,408) | 8,912 | | **Total Tax Expense for the Period** | **8,762** | **15,375** | - Entities incorporated in the Cayman Islands and British Virgin Islands are not subject to income tax[28](index=28&type=chunk) - The statutory corporate income tax rate in mainland China is **25%**, but high-tech enterprises (such as Wuhan Organic Industrial Co., Ltd. and Qianjiang Xinyihong Organic Chemical Co., Ltd.) enjoy a preferential tax rate of **15%**[30](index=30&type=chunk) [Dividends](index=14&type=section&id=3.8%20Dividends) On May 15, 2025, the company's shareholders approved and declared a final dividend of RMB 0.4823 per ordinary share for 2024, totaling approximately RMB 44,999 thousand - On May 15, 2025, the Company declared a final dividend of **RMB 0.4823** per ordinary share for 2024, totaling approximately **RMB 44,999 thousand**[31](index=31&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=14&type=section&id=3.9%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, basic earnings per share decreased due to lower profit and an increase in the weighted average number of ordinary shares outstanding EPS Calculation (RMB) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Ordinary Equity Holders of the Parent (RMB thousand) | 38,730 | 48,049 | | Weighted Average Number of Ordinary Shares Outstanding for the Period | 93,300,000 | 76,307,143 | | Earnings Per Share (Basic and Diluted) | 0.42 | 0.63 | - For the six months ended June 30, 2025, and 2024, the Company had no potential dilutive share options or other financial instruments related to its ordinary shares outstanding[32](index=32&type=chunk) [Property, Plant and Equipment](index=15&type=section&id=3.10%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired assets at a cost of RMB 151,745 thousand, generated a net gain of RMB 27 thousand from asset disposals, and pledged certain buildings for bank loans - For the six months ended June 30, 2025, the Group's cost of acquiring property, plant, and equipment was **RMB 151,745 thousand**, a significant increase from **RMB 90,654 thousand** in the same period last year[37](index=37&type=chunk) - As of June 30, 2025, certain buildings with a gross carrying amount of **RMB 133,337 thousand** were pledged to secure bank and other borrowings[37](index=37&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=3.11%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased, with a higher proportion of bills receivables and most trade receivables aged within 4 months Trade and Bills Receivables (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 152,059 | 154,044 | | Bills Receivables | 185,003 | 158,781 | | Impairment | (1,282) | (1,410) | | **Total** | **335,780** | **311,415** | Trade Receivables Aging Analysis (RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 4 months | 127,556 | 133,608 | | Over 4 months but within 6 months | 20,084 | 13,839 | | Over 6 months but within 12 months | 3,137 | 5,188 | Bills Receivables Maturity Analysis (RMB thousand) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 85,624 | 101,203 | | Over 3 months but within 6 months | 99,379 | 57,578 | [Trade and Bills Payables](index=16&type=section&id=3.12%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables slightly increased, with the vast majority aged within 1 year Trade and Bills Payables Aging Analysis (RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 371,354 | 360,695 | | 1 to 2 years | — | 61 | | Over 2 years | 21 | 22 | | **Total** | **371,375** | **360,778** | [Interest-bearing Bank and Other Borrowings](index=17&type=section&id=3.13%20Interest-bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings significantly increased, with a higher proportion of current borrowings and new non-current secured and unsecured bank loans Interest-bearing Bank and Other Borrowings Analysis (RMB thousand) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Current Borrowings** | | | | Bank Loans — Secured | 288,500 | 98,500 | | Bank Loans — Unsecured | 668,408 | 709,950 | | Current Portion of Long-term Bank Loans — Secured | 10,428 | 42,000 | | Current Portion of Long-term Bank Loans — Unsecured | — | 23,500 | | Other Borrowings — Unsecured | 30,000 | 49,000 | | **Total Current** | **997,336** | **922,950** | | **Non-current Borrowings** | | | | Bank Loans — Secured | 157,412 | — | | Bank Loans — Unsecured | 48,000 | — | | **Total Non-current** | **205,412** | **—** | | **Total** | **1,202,748** | **922,950** | - Most bank and other borrowings are denominated in RMB and bear fixed interest rates, while some secured bank loans bear floating interest rates[46](index=46&type=chunk) - The Group plans to repay maturing loans on schedule through extensions, utilization of unused bank financing, and operating cash inflows[46](index=46&type=chunk) [Share Capital](index=18&type=section&id=3.14%20Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital remained consistent with December 31, 2024, comprising 93,300,000 ordinary shares of USD 0.0001 each Share Capital Information (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 61 | 61 | | Number of Ordinary Shares | 93,300,000 | 93,300,000 | [Commitments](index=18&type=section&id=3.15%20Commitments) As of June 30, 2025, the Group's contractual commitments were RMB 38,911 thousand, primarily related to plant and machinery, with bank and other borrowings secured by certain assets Contractual Commitments (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but not provided for: Plant and machinery | 38,911 | 27,794 | - The Group's bank and other borrowings are secured by property, plant and equipment, and buildings with a gross carrying amount of **RMB 133,337 thousand**, and leasehold land with a gross carrying amount of **RMB 112,844 thousand**[46](index=46&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) [Performance Review](index=19&type=section&id=4.1%20Performance%20Review) The Group's overall revenue and gross profit decreased due to weak global chemical industry demand, declining raw material prices, and intensified competition, while striving to maintain profitability through optimized strategies - The Group is a renowned supplier of toluene derivatives, primarily engaged in the manufacturing and sale of toluene oxidation products, toluene chlorination products, and their derivatives, as well as product trading[47](index=47&type=chunk) - During the reporting period, the Group's overall revenue decreased by **12.8%** year-on-year to **RMB 1,440.2 million**, and gross profit decreased by **12.7%** year-on-year to **RMB 163.0 million**, primarily due to a decrease in the overall average selling price per unit of products[51](index=51&type=chunk) - Profit attributable to owners of the parent decreased by **19.4%** to **RMB 38.7 million**, and net profit margin decreased by **0.2** percentage points to **2.7%**[52](index=52&type=chunk)[53](index=53&type=chunk) [Performance by Product Type](index=19&type=section&id=4.1.1%20Performance%20by%20Product%20Type) Toluene oxidation product revenue decreased but gross margin improved, toluene chlorination product revenue grew but gross margin declined, and product trading revenue and gross profit both significantly fell Performance Overview by Product Type (RMB thousand) | Product Type | H1 2025 Revenue | H1 2024 Revenue | H1 2025 Gross Margin | H1 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Toluene Oxidation Products and Their Derivatives | 894,653 | 1,025,415 | 12.9% | 11.6% | | Toluene Chlorination Products and Their Derivatives | 348,943 | 335,685 | 13.5% | 18.8% | | Product Trading | 196,636 | 290,058 | 0.4% | 1.4% | | **Total** | **1,440,232** | **1,651,158** | **11.3%** | **11.3%** | - The overall average selling price per ton of products decreased by approximately **RMB 1,341/ton**, which was the primary reason for the reduction in revenue and gross profit[51](index=51&type=chunk) - Overall gross margin remained flat year-on-year, mainly due to the improved gross margin of toluene oxidation products offsetting declines in other products[51](index=51&type=chunk) [Revenue by Customer Geographical Location](index=20&type=section&id=4.1.2%20Revenue%20by%20Customer%20Geographical%20Location) During the reporting period, both domestic and export sales decreased, with a more significant decline in export sales Revenue by Customer Geographical Location (RMB thousand) | Sales Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Domestic Sales | 1,100,924 | 1,219,025 | | Export Sales | 339,308 | 432,133 | | **Total** | **1,440,232** | **1,651,158** | [Toluene Oxidation Products and Their Derivatives](index=21&type=section&id=4.1.3%20Toluene%20Oxidation%20Products%20and%20Their%20Derivatives) Revenue from toluene oxidation products and their derivatives decreased by 12.8% year-on-year, but gross margin increased by 1.3 percentage points to 12.9%, driven by differentiated strategies and high-value-added products - Revenue from toluene oxidation products and their derivatives accounted for approximately **62.1%** of the Group's total revenue[54](index=54&type=chunk) - Revenue decreased by **12.8%** to **RMB 894.7 million**, mainly due to the pass-through of lower raw material costs to reduced average product selling prices[54](index=54&type=chunk) - Gross margin increased by **1.3** percentage points to **12.9%**, primarily due to differentiated business strategies, improved capacity utilization, and increased gross margin for high-value-added products[55](index=55&type=chunk) [Toluene Chlorination Products and Their Derivatives](index=21&type=section&id=4.1.4%20Toluene%20Chlorination%20Products%20and%20Their%20Derivatives) Revenue from toluene chlorination products and their derivatives increased by 3.9% year-on-year, with sales volume up 46.5%, but gross profit and gross margin declined due to weak downstream demand and price promotions - Revenue from toluene chlorination products and their derivatives accounted for approximately **24.2%** of the Group's total revenue[57](index=57&type=chunk) - Revenue increased by **3.9%** to **RMB 348.9 million**, with sales volume growing by **46.5%** to **62,046 tons**, but the average unit selling price decreased by **29.1%**[57](index=57&type=chunk)[58](index=58&type=chunk) - Gross profit decreased by **25.2%** to **RMB 47.3 million**, and gross margin decreased by **5.3** percentage points to **13.5%**, primarily because the decline in unit price was greater than the decline in cost[58](index=58&type=chunk) [Product Trading](index=22&type=section&id=4.1.5%20Product%20Trading) Product trading revenue decreased by 32.2% year-on-year to RMB 196.6 million, gross profit fell to RMB 0.7 million, and gross margin decreased to 0.4%, primarily due to losses from toluene trading - Product trading revenue accounted for approximately **13.7%** of the Group's total revenue[59](index=59&type=chunk) - Revenue decreased by **32.2%** to **RMB 196.6 million**, primarily affected by both price and sales volume declines[59](index=59&type=chunk) - Gross profit decreased to **RMB 0.7 million**, and gross margin decreased to **0.4%**, primarily due to losses from toluene trading[59](index=59&type=chunk)[60](index=60&type=chunk) [Exports](index=23&type=section&id=4.1.6%20Exports) Export revenue decreased by 21.5% year-on-year, with its proportion of total revenue declining, mainly due to lower raw material costs, sluggish global chemical demand, and US tariff policies - Export revenue decreased by **21.5%** to **RMB 339.3 million**[61](index=61&type=chunk) - Export revenue accounted for approximately **23.6%** of total revenue, a decrease of **2.6** percentage points from the same period last year[61](index=61&type=chunk) - Reasons for the decline include lower raw material costs leading to reduced selling prices, persistent sluggish demand in the global chemical industry, and US tariff policies[61](index=61&type=chunk) [Business Outlook](index=23&type=section&id=4.2%20Business%20Outlook) The Group will monitor market dynamics, adjust strategies, expand sales networks, enhance R&D, and implement cost reduction measures to improve profitability, while continuing investment in the Hubei Xinxuanhong production base expansion - The global chemical industry faces weak demand and high competitive pressure, with weakening macroeconomic growth momentum, volatile downward trends in the international crude oil market, and US tariff policies exacerbating trade friction[62](index=62&type=chunk) - The Group will implement several strategic initiatives, including flexible scheduling of production facility maintenance, optimizing product sales strategies, expanding global sales and marketing networks, enhancing R&D capabilities to develop high-value products, and achieving cost reduction and efficiency improvement through production process optimization, energy efficiency enhancement, and technological transformation[63](index=63&type=chunk) - The second phase expansion plan for the Hubei Xinxuanhong production base is expected to commence construction in the second half of 2025, with some capacity commencing production in 2026 and the remainder phased into use until 2029, to promote business growth[64](index=64&type=chunk) [Financial Review](index=25&type=section&id=4.3%20Financial%20Review) The Group experienced decreased revenue and gross profit, partially offset by expense control and capitalized interest, maintaining sound liquidity despite increased borrowings and a higher debt-to-equity ratio, while continuing investment in capacity expansion and managing working capital - The Group's daily working capital is primarily sourced from operating cash flows, bank borrowings, and net proceeds from the global offering[74](index=74&type=chunk) - As of June 30, 2025, interest-bearing bank and other borrowings increased by **30.3%** to **RMB 1,202.7 million**, primarily for daily business operations and capacity expansion[75](index=75&type=chunk) - The Group has **RMB 650 million** in unused bank credit facilities to meet liquidity needs[75](index=75&type=chunk) [Revenue and Gross Profit](index=25&type=section&id=4.3.1%20Revenue%20and%20Gross%20Profit) During the reporting period, revenue and gross profit decreased by 12.8% and 12.7% respectively, but gross margin remained flat at 11.3% year-on-year Revenue and Gross Profit (RMB million) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,440.2 | 1,651.2 | (12.8%) | | Gross Profit | 163.0 | 186.7 | (12.7%) | | Gross Margin | 11.3% | 11.3% | 0.0% | [Other Income and Gains](index=25&type=section&id=4.3.2%20Other%20Income%20and%20Gains) Other income and gains decreased by RMB 2.3 million to RMB 28.4 million, primarily due to reduced VAT super deduction, partially offset by government grants Other Income and Gains (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 28.4 | 30.7 | (2.3) | - The decrease was mainly due to a reduction in VAT super deduction, partially offset by government grants received for foreign economic and trade development[66](index=66&type=chunk) [Selling and Distribution Expenses](index=25&type=section&id=4.3.3%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by RMB 1.1 million to RMB 12.3 million, primarily due to reduced staff remuneration resulting from lower sales volume Selling and Distribution Expenses (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 12.3 | 13.4 | (1.1) | - Selling and distribution expenses as a percentage of revenue increased from **0.8%** to **0.9%**[67](index=67&type=chunk) [Administrative Expenses](index=25&type=section&id=4.3.4%20Administrative%20Expenses) Administrative expenses decreased by RMB 10.1 million to RMB 50.1 million, primarily due to the absence of listing expenses in the current period Administrative Expenses (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 50.1 | 60.2 | (10.1) | - Administrative expenses as a percentage of revenue decreased from **3.6%** to **3.5%**[68](index=68&type=chunk) [Research and Development Expenses](index=26&type=section&id=4.3.5%20Research%20and%20Development%20Expenses) R&D expenses increased by RMB 13.8 million to RMB 72.7 million, primarily due to increased material input as new process R&D projects entered the verification and testing phase Research and Development Expenses (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 72.7 | 58.9 | 13.8 | - R&D expenses as a percentage of revenue increased from **3.6%** to **5.1%**[69](index=69&type=chunk) [Finance Costs](index=26&type=section&id=4.3.6%20Finance%20Costs) Finance costs decreased by RMB 3.6 million to RMB 17.5 million, primarily due to lower borrowing interest rates and capitalization of interest for the Xinxuanhong project Finance Costs (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Finance Costs | 17.5 | 21.1 | (3.6) | [Income Tax Expense](index=26&type=section&id=4.3.7%20Income%20Tax%20Expense) Income tax expense decreased by RMB 6.6 million to RMB 8.8 million, primarily due to lower profit before tax and the absence of non-deductible listing expenses in the current period, with the effective tax rate decreasing Income Tax Expense (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 8.8 | 15.4 | (6.6) | - The effective tax rate decreased from **24.2%** to **18.5%**, primarily due to the absence of non-deductible listing expenses in the current period[71](index=71&type=chunk) [Profit for the Period](index=26&type=section&id=4.3.8%20Profit%20for%20the%20Period) Net profit for the period decreased by RMB 9.4 million to RMB 38.7 million, with net profit margin decreasing from 2.9% to 2.7% Profit for the Period (RMB million) | Metric | H1 2025 | H1 2024 | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Profit | 38.7 | 48.1 | (9.4) | (19.4%) | | Net Profit Margin | 2.7% | 2.9% | (0.2%) | | [Liquidity and Capital Structure](index=27&type=section&id=4.3.9%20Liquidity%20and%20Capital%20Structure) The Group maintained sound liquidity with increased cash and cash equivalents, while interest-bearing bank and other borrowings increased for operations and capacity expansion Liquidity and Borrowings (RMB million) | Metric | June 30, 2025 | December 31, 2024 | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 194.4 | 73.7 | 120.7 | 163.8% | | Pledged Deposits | 81.2 | 125.4 | (44.2) | (35.2%) | | Interest-bearing Bank and Other Borrowings | 1,202.7 | 923.0 | 279.7 | 30.3% | - The Group has revolving credit accounts totaling **RMB 1.94 billion**, of which **RMB 650 million** is unused credit facilities[75](index=75&type=chunk) - The Group does not have any risk hedging instruments or foreign currency investment hedges[76](index=76&type=chunk) [Gearing Ratio](index=27&type=section&id=4.3.10%20Gearing%20Ratio) As of June 30, 2025, the equity-to-debt ratio increased to 140.5% from 108.4% as of December 31, 2024, primarily due to increased borrowings Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity-to-Debt Ratio | 140.5% | 108.4% | - The increase in the equity-to-debt ratio was primarily due to increased borrowings[77](index=77&type=chunk) [Basic and Diluted Earnings Per Share](index=28&type=section&id=4.3.11%20Basic%20and%20Diluted%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share was RMB 0.42, a year-on-year decrease of 33.3% Basic and Diluted Earnings Per Share (RMB) | Metric | H1 2025 | H1 2024 | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 0.42 | 0.63 | (0.21) | (33.3%) | [Current Assets](index=28&type=section&id=4.3.12%20Current%20Assets) As of June 30, 2025, total current assets increased to RMB 1,102.2 million, primarily comprising inventories, trade and bills receivables, prepayments, and cash equivalents Current Assets Composition (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | 1,102.2 | 950.2 | | Inventories | 335.8 | 292.4 | | Trade and Bills Receivables | 335.8 | 311.4 | | Prepayments, Deposits and Other Receivables | 155.0 | 147.3 | | Cash and Cash Equivalents | 194.4 | 73.7 | | Pledged Deposits | 81.2 | 125.4 | [Inventories](index=28&type=section&id=4.3.13%20Inventories) Inventories increased by RMB 43.4 million to RMB 335.8 million, and inventory turnover days increased from 37 to 45, primarily due to the full-capacity rapid turnover strategy being affected by weak market demand and new products' market expansion not meeting expectations Inventories and Turnover Days (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Inventories | 335.8 | 292.4 | | Inventory Turnover Days | 45 days | 37 days | - The increase in inventories was mainly due to the full-capacity rapid turnover strategy being affected by weak downstream demand for chlorination products, and the market expansion of new products from Xinxuanhong not meeting expectations[80](index=80&type=chunk) [Trade and Bills Receivables](index=29&type=section&id=4.3.14%20Trade%20and%20Bills%20Receivables) Trade and bills receivables increased by RMB 24.4 million to RMB 335.8 million, and turnover days increased from 34 to 41, primarily due to an increase in bills receivables received that did not meet derecognition criteria Trade and Bills Receivables (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables | 335.8 | 311.4 | | Turnover Days | 41 days | 34 days | - The increase in trade receivables balance and turnover days was primarily attributable to an increase in bills receivables received by the Group that did not meet derecognition criteria[81](index=81&type=chunk) [Prepayments and Other Receivables](index=29&type=section&id=4.3.15%20Prepayments%20and%20Other%20Receivables) Prepayments and other receivables increased by RMB 7.7 million to RMB 155.0 million, primarily due to increased prepayments for raw material purchases Prepayments and Other Receivables (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments and Other Receivables | 155.0 | 147.3 | | Change | 7.7 | | - The increase was mainly due to increased prepayments for raw material purchases[82](index=82&type=chunk) [Current Liabilities](index=29&type=section&id=4.3.16%20Current%20Liabilities) Total current liabilities increased to RMB 1,641.8 million, primarily including trade and bills payables, other payables, accrued expenses and contract liabilities, and interest-bearing bank and other borrowings Current Liabilities Composition (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Liabilities | 1,641.8 | 1,575.0 | | Trade and Bills Payables | 371.4 | 360.8 | | Other Payables, Accrued Expenses and Contract Liabilities | 263.1 | 286.0 | | Interest-bearing Bank and Other Borrowings | 997.3 | 923.0 | | Lease Liabilities | 10.0 | 3.9 | [Trade and Bills Payables](index=29&type=section&id=4.3.17%20Trade%20and%20Bills%20Payables) Trade and bills payables increased by RMB 10.6 million to RMB 371.4 million, and turnover days increased from 32 to 52, primarily due to suppliers offering more relaxed payment terms Trade and Bills Payables (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Payables | 371.4 | 360.8 | | Turnover Days | 52 days | 32 days | - The increase was primarily attributable to suppliers providing more relaxed payment terms[84](index=84&type=chunk) [Other Payables, Accrued Expenses and Contract Liabilities](index=30&type=section&id=4.3.18%20Other%20Payables%2C%20Accrued%20Expenses%20and%20Contract%20Liabilities) Total other payables, accrued expenses, and contract liabilities decreased by RMB 22.9 million to RMB 263.1 million, primarily due to the settlement of Xinxuanhong Phase I project payments Other Payables, Accrued Expenses and Contract Liabilities (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total | 263.1 | 286.0 | | Change | (22.9) | | - The decrease was mainly due to the settlement of Xinxuanhong Phase I project payments[85](index=85&type=chunk) [Pledge of Assets](index=30&type=section&id=4.3.19%20Pledge%20of%20Assets) As of June 30, 2025, the Group pledged property, plant and equipment, and leasehold land with a net book value of approximately RMB 246.2 million to secure bank and other borrowings and bank facilities Net Book Value of Pledged Assets (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Book Value of Pledged Assets | 246.2 | 258.8 | [Material Acquisitions, Disposals and Major Investments](index=30&type=section&id=4.3.20%20Material%20Acquisitions%2C%20Disposals%20and%20Major%20Investments) Aside from the production expansion of the Hubei Xinxuanhong production base, the Group had no other material acquisitions, disposals, or major investments during the reporting period - Aside from the production expansion of the Hubei Xinxuanhong production base, the Group had no other material acquisitions, disposals, or major investments during the reporting period[87](index=87&type=chunk) [Capital Expenditure and Capital Commitments](index=30&type=section&id=4.3.21%20Capital%20Expenditure%20and%20Capital%20Commitments) Capital expenditure during the reporting period was RMB 166.1 million, primarily related to the purchase of property, plant and equipment, and leasehold land, with period-end contractual commitments of RMB 38.9 million Capital Expenditure and Commitments (RMB million) | Metric | H1 2025 | | :--- | :--- | | Capital Expenditure | 166.1 | | Contractual Commitments (Period-end) | 38.9 | [Future Plans for Material Investments or Capital Assets](index=30&type=section&id=4.3.22%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Aside from the Hubei Xinxuanhong production base expansion plan and the construction of Kangxin Industrial Park, the Group has no other future plans for material investments or capital assets - The Group's future plans include the Hubei Xinxuanhong production base expansion plan and the construction of Kangxin Industrial Park[89](index=89&type=chunk) [Contingent Liabilities](index=30&type=section&id=4.3.23%20Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[90](index=90&type=chunk) [Other Information](index=31&type=section&id=V.%20Other%20Information) [Foreign Exchange and Interest Rate Risks](index=31&type=section&id=5.1%20Foreign%20Exchange%20and%20Interest%20Rate%20Risks) The Group's primary business is RMB-denominated, facing minimal foreign exchange and interest rate risks, with no current hedging policies - The Group's principal operations are conducted in China and denominated in RMB, and management believes there is no significant foreign exchange risk[91](index=91&type=chunk) - Currently, the Group does not have any foreign currency hedging policies[91](index=91&type=chunk) - Except for some floating-rate borrowings, all bank and other borrowings are denominated in RMB and bear fixed interest rates, and interest rate risk is considered minimal and controllable[91](index=91&type=chunk) [Use of Proceeds from Global Offering](index=31&type=section&id=5.2%20Use%20of%20Proceeds%20from%20Global%20Offering) The Company, listed in June 2024, utilized HKD 10.0 million of its HKD 25.9 million global offering proceeds for working capital and sales & marketing, with most funds still allocated for Hubei Xinxuanhong production base expansion Use of Proceeds from Global Offering and Utilization (HKD million) | Use of Proceeds | Percentage (%) | Net Proceeds from Global Offering | Amount Utilized as of June 30, 2025 | Amount Unutilized as of June 30, 2025 | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction of new production facilities to increase capacity at Hubei Xinxuanhong production base | 82.0% | 21.2 | 6.4 | 14.8 | On or before December 2028 | | Research and Development Activities | 3.0% | 0.8 | 0.2 | 0.6 | On or before December 2026 | | Sales and Marketing Activities | 5.0% | 1.3 | 0.8 | 0.5 | On or before December 2026 | | Working Capital and General Corporate Purposes | 10.0% | 2.6 | 2.6 | — | — | | **Total** | **100%** | **25.9** | **10.0** | **15.9** | | - Net proceeds from the global offering were approximately **HKD 25.9 million**[92](index=92&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=5.3%20Employees%20and%20Remuneration%20Policy) The Group had 631 employees, with total employee costs of RMB 61.8 million, a year-on-year increase, mainly due to salary adjustments, increased social security expenses, and employee bonuses from cost reduction and efficiency improvement measures Employee and Remuneration Information (RMB million) | Metric | June 30, 2025 | December 31, 2024 | H1 2025 Employee Costs | H1 2024 Employee Costs | | :--- | :--- | :--- | :--- | :--- | | Number of Employees | 631 | 626 | | | | Total Employee Costs | | | 61.8 | 51.1 | - The increase in employee costs was mainly due to salary adjustments, increased social security expenses, and increased employee bonuses resulting from cost reduction and efficiency improvement measures[95](index=95&type=chunk) [Events After Reporting Period](index=33&type=section&id=5.4%20Events%20After%20Reporting%20Period) After the reporting period, Hubei Kangxin Chemical Trading Co., Ltd., an indirect wholly-owned subsidiary of the Company, entered into a construction contract with Hubei Tongsheng Construction Engineering Co., Ltd. for the construction of Kangxin Industrial Park - On July 8, 2025, Hubei Kangxin Chemical Trading Co., Ltd. entered into a construction contract with Hubei Tongsheng Construction Engineering Co., Ltd. for the construction of Kangxin Industrial Park[96](index=96&type=chunk) [Interim Dividend](index=33&type=section&id=5.5%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period[97](index=97&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=5.6%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares, and the Company held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[98](index=98&type=chunk) - As of June 30, 2025, the Company held no treasury shares[98](index=98&type=chunk) [Compliance with Corporate Governance Code](index=33&type=section&id=5.7%20Compliance%20with%20Corporate%20Governance%20Code) The Group is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange throughout the reporting period - The Group is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[99](index=99&type=chunk) - Throughout the reporting period, the Company has complied with all applicable code provisions set out in the Corporate Governance Code[100](index=100&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=34&type=section&id=5.8%20Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules, and all directors confirmed compliance with the code throughout the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules[101](index=101&type=chunk) - Following enquiry, each Director confirmed compliance with the requirements set out in the Model Code throughout the reporting period, and the Company was not aware of any non-compliance[101](index=101&type=chunk) [Audit Committee and Review of Financial Statements](index=34&type=section&id=5.9%20Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025, and Ernst & Young, the independent auditor, has performed an independent review - The Audit Committee has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025[102](index=102&type=chunk) - Ernst & Young, the independent auditor, has performed an independent review of the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[102](index=102&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=5.10%20Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement will be published on the Stock Exchange website and the Company's website, and the interim report will be dispatched to shareholders and published on the websites in due course - This interim results announcement will be published on the Stock Exchange website www.hkexnews.hk and the Company's website www.chinaorganic.com[103](index=103&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course[103](index=103&type=chunk) [Board of Directors Information](index=35&type=section&id=5.11%20Board%20of%20Directors%20Information) As of the announcement date, the Board of Directors comprises Executive, Non-executive, and Independent Non-executive Directors - The Board of Directors comprises Executive Directors Mr. Zou Xiaohong (Chairman) and Mr. Chen Ping[104](index=104&type=chunk) - Non-executive Directors include Mr. Gao Lei, Mr. Shen Yingming, and Ms. Li Deye[104](index=104&type=chunk) - Independent Non-executive Directors include Mr. Liao Qiyu, Dr. Liu Zhongdong, and Dr. Yuan Kang[104](index=104&type=chunk)

武 漢 有 機 控 股 有 限 公 司 Wuhan Youji Holdings Ltd. （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：2881） 環境、社會及管治(ESG)委員會職權範圍 第一章 總則 第一條 武漢有機控股有限公司（下稱「公司」）為進一步提升公司環境、社會及 管治（「ESG」）管理水平，健全ESG管理體系和提升ESG管理能力，董事會（「董 事會」）決議通過於2023年2月1日成立ESG委員會（下稱「委員會」）。 第二條 委員會為董事會轄下的專門工作機構，對董事會負責。 第三條 本職權範圍對委員會的權力和職責範圍作出明確說明，是委員會開展 工作的重要指引和依據。 第四條 委員會應以本職權範圍為依據，行使董事會授予的權力和履行職責， 向董事會作出報告及提出建議，以健全ESG管理體系，進一步提升公司ESG管 理水平。 第五條 ESG工作小組（下稱「工作小組」）在委員會的指導下全面統籌ESG管理 工作，工作小組由公司相關部門負責人組成。 第二章 委員會組成 第六條 委員會應由三名或以上成員組成，成員均由董事會委任。 第七條 委員會設主席一人，由董事會委任，負責主 ...

Group 1 - The company, Wuhan Organic (02881.HK), announced that it will hold a board meeting on August 22, 2025, to consider and approve its unaudited consolidated interim results for the six months ending June 30, 2025 [1] - The board meeting will also consider the proposal for the distribution of an interim dividend, if any [1]

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：2881） 董事會會議日期 武漢有機控股有限公司（「本公司」及其附屬公司「本集團」）董事（「董事」）會（「董 事會」）謹此宣佈，本公司將於二零二五年八月二十二日（星期五）舉行董事會 會議，以（其中包括）考慮及批准本集團截至二零二五年六月三十日止六個月 的未經審核綜合中期業績以及考慮派發中期股息（如有）之建議。 香港，二零二五年八月十二日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Wuhan Youji Holdings Ltd. 武 漢 有 機 控 股 有 限 公 司 承董事會命 武漢有機控股有限公司 董事會主席兼執行董事 鄒曉虹先生 於本公告日期，董事會包括執行董事鄒曉虹先生及陳平先生；非執行董事高雷先生、申英明 先生及李德曄女士；以及獨立非執行董事廖啟宇先生、劉鐘棟博士及袁康博士。 ...

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: 武漢有機控股有限公司 呈交日期: 2025年8月5日 | 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) | 02881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 3,284.2 million, an increase of about RMB 607.1 million or approximately 22.7% compared to the same period in 2023[2]. - Gross profit for the year was approximately RMB 396.3 million, up by about RMB 66.5 million or approximately 20.2% year-on-year[2]. - Net profit reached approximately RMB 123.0 million, representing an increase of about RMB 50.1 million or approximately 68.8% compared to the previous year[2]. - Basic and diluted earnings per share attributable to ordinary equity holders of the parent were approximately RMB 1.45, an increase of about RMB 0.48 or approximately 49.5% from the previous year[2]. - The company reported total comprehensive income of RMB 123.2 million for the year, compared to RMB 73.1 million in the previous year[8]. - Customer contract revenue for 2024 reached RMB 3,284,183,000, an increase of 22.6% from RMB 2,677,103,000 in 2023[38]. - Revenue from toluene oxidation products was RMB 2,069,979,000 in 2024, up 36.5% from RMB 1,515,254,000 in 2023[40]. - The group's pre-tax profit reached RMB 2,887,933 thousand in 2024, up from RMB 2,347,338 thousand in 2023, reflecting a growth of approximately 23%[48]. - The total tax expense for 2024 was RMB 36,060 thousand, compared to RMB 21,836 thousand in 2023, indicating an increase of approximately 65%[52]. - Basic earnings per share rose to RMB 1.45 in 2024, compared to RMB 0.97 in 2023, marking an increase of about 49%[60]. Dividends - The board proposed a final dividend of RMB 0.4823 per ordinary share, subject to shareholder approval at the annual general meeting[3]. - The company proposed a special dividend of RMB 0.4823 per ordinary share for 2024, while the final dividend for 2023 was RMB 3.6 per share[57]. Assets and Liabilities - Non-current assets increased to RMB 1,401.5 million from RMB 1,283.3 million in the previous year[9]. - Current assets rose to RMB 950.2 million, up from RMB 832.6 million in the previous year[9]. - Total liabilities increased to RMB 1,678.1 million, compared to RMB 1,586.3 million in the previous year[10]. - The company's equity attributable to ordinary equity holders increased to RMB 673.6 million from RMB 529.6 million in the previous year[10]. - The company's total liabilities included a net current liability of approximately RMB 625 million as of December 31, 2024[19]. - The company's depreciation expense for property, plant, and equipment was RMB 114,536 thousand in 2024, slightly up from RMB 111,198 thousand in 2023[15]. - The company reported a net impairment of trade receivables of RMB 786 thousand in 2024, compared to a reversal of RMB 188 thousand in 2023[48]. - Trade receivables increased to RMB 154,044,000 in 2024 from RMB 97,211,000 in 2023, reflecting a significant growth in customer transactions[66]. - The group’s trade receivables impairment provision rose to RMB 1,410,000 in 2024 from RMB 624,000 in 2023, indicating increased credit risk[73]. Cash Flow - Operating cash flow for the year ended December 31, 2024, was RMB 262,508 thousand, an increase of 61.4% compared to RMB 162,596 thousand in 2023[15]. - Cash flow from investing activities showed a net outflow of RMB 61,441 thousand in 2024, an improvement from a net outflow of RMB 81,898 thousand in 2023[16]. - Cash flow from financing activities resulted in a net outflow of RMB 192,948 thousand in 2024, compared to a net outflow of RMB 98,905 thousand in 2023[16]. - The company’s cash and cash equivalents increased to RMB 73,680 thousand at the end of 2024, up from RMB 65,433 thousand at the end of 2023[16]. Market Performance - Revenue from the Asia market (excluding mainland China) increased to RMB 492,040,000 in 2024, a rise of 71.3% from RMB 287,508,000 in 2023[42]. - Total other income for 2024 amounted to RMB 74,140,000, significantly higher than RMB 25,505,000 in 2023, marking a growth of 290.5%[46]. - The group reported a net foreign exchange gain of RMB 6,877,000 in 2024, compared to RMB 3,617,000 in 2023[46]. - The sales revenue of toluene oxidation products and their derivatives increased by approximately 36.6% to about RMB 2,070.0 million, up from RMB 1,515.3 million year-on-year[91]. - Export revenue rose by approximately 35.4% to about RMB 835.5 million, compared to RMB 617.1 million in the same period last year[96]. Research and Development - Research and development expenses increased to RMB 137,994 thousand in 2024 from RMB 99,959 thousand in 2023, representing a rise of about 38%[48]. - The company plans to expand its production capacity with a new facility in Hubei, expected to start production by the end of 2024, with an annual capacity of 40,000 tons of fine chemicals[100]. - The second phase of the Hubei facility expansion is expected to begin construction in the second half of 2025, with additional capacity coming online in stages until 2029[100]. Governance and Compliance - The audit committee has been established to review and supervise the financial reporting process and internal control systems of the company[139]. - The consolidated financial statements for the year ending December 31, 2024, have been reviewed by the audit committee[140]. - The auditor, Ernst & Young, confirmed that the financial figures in the announcement align with the preliminary consolidated financial statements for the year[140]. - There were no significant changes regarding the company that need to be disclosed according to the listing rules during the reporting period[140]. - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[141]. - The annual report for the year ending December 31, 2024, will include all information required by the listing rules and will be sent to shareholders as necessary[141]. - The board of directors consists of both executive and non-executive members, ensuring a diverse governance structure[142].

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides an overview of the company's board of directors, committees, and essential corporate details [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) This section outlines the composition of the company's Board of Directors (executive, non-executive, independent non-executive directors) and its key committees (Audit, Remuneration, Nomination Committees) - Executive Directors include Mr. Zou Xiaohong and Mr. Chen Ping[3](index=3&type=chunk) - Independent Non-Executive Directors include Dr. Liu Zhongdong, Dr. Yuan Kang, and Mr. Liao Qiyu[3](index=3&type=chunk) - Mr. Liao Qiyu chairs both the Audit Committee and Remuneration Committee, while Mr. Zou Xiaohong chairs the Nomination Committee[3](index=3&type=chunk) [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides fundamental company information, including registration details, contact information, auditors, compliance advisors, legal advisors, principal place of business, share registrar, and principal bankers - The company was incorporated in the Cayman Islands, with stock code **2881**[3](index=3&type=chunk) - The company's website is www.chinaorganic.com[3](index=3&type=chunk) - The auditor is Ernst & Young[3](index=3&type=chunk) [Financial Performance Summary](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) This section presents a high-level overview of the company's key financial results for the reporting period [Key Financial Highlights](index=4&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes the company's financial performance, highlighting growth in revenue, profit, and earnings per share Key Financial Highlights for the Six Months Ended June 30 | Indicator | 2024 (RMB thousands) | 2023 (RMB thousands) | Change (RMB thousands) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,651,158 | 1,263,372 | 387,786 | 30.7% | | Gross Profit | 186,676 | 185,606 | 1,070 | 0.6% | | Profit for the Period | 48,049 | 44,547 | 3,502 | 7.9% | | Profit Attributable to Owners of the Parent | 48,049 | 44,547 | 3,502 | 7.9% | | Basic and Diluted Earnings Per Share (RMB per share) | 0.63 | 0.59 | 0.04 | 6.8% | [Management Discussion and Analysis](index=5&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides management's perspective on the company's operational and financial performance, outlook, and key financial metrics [Performance Review](index=5&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) This section reviews the company's revenue growth and export expansion, highlighting the impact of competitive pricing on gross profit margins - The company is a renowned supplier of toluene derivatives in China and global markets, primarily focusing on manufacturing toluene oxidation products and toluene chlorination products and their derivatives, and engaging in product trading[7](index=7&type=chunk) - During the reporting period, the Group's overall revenue increased by **30.7%** to **RMB 1,651.2 million** compared to the same period in 2023, with overall gross profit increasing by **0.6%** to **RMB 186.7 million**[10](index=10&type=chunk) - The overall gross profit margin decreased by **3.4 percentage points** year-on-year to **11.3%**, mainly due to the strategy of selling products at lower prices to maintain market share and production facility utilization[10](index=10&type=chunk) - Profit attributable to owners of the parent company increased by **7.9%** to **RMB 48.0 million**, with net profit margin decreasing by **0.6 percentage points** to **2.9%**[10](index=10&type=chunk) [Performance by Product Type](index=5&type=section&id=%E5%88%86%E7%94%A2%E5%93%81%E9%A1%9E%E5%9E%8B%E6%A5%AD%E7%B8%BE) This section details revenue and sales volume changes across product segments, highlighting shifts in gross profit margins Performance by Product Type Comparison (For the Six Months Ended June 30) | Product Type | 2024 Revenue (RMB thousands) | 2023 Revenue (RMB thousands) | Revenue Change Rate | 2024 Sales Volume (tons) | 2023 Sales Volume (tons) | Sales Volume Change Rate | 2024 Gross Profit Margin | 2023 Gross Profit Margin | Gross Profit Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toluene Oxidation Products and Derivatives | 1,025,415 | 618,900 | 65.7% | 126,315 | 73,492 | 71.9% | 11.6% | 15.0% | -3.4% | | Toluene Chlorination Products and Derivatives | 335,685 | 370,689 | -9.4% | 42,343 | 54,519 | -22.3% | 18.8% | 22.2% | -3.4% | | Product Trading | 290,058 | 273,783 | 5.9% | 42,845 | 40,625 | 5.5% | 1.4% | 3.8% | -2.4% | | **Total** | **1,651,158** | **1,263,372** | **30.7%** | **211,503** | **168,636** | **25.4%** | **11.3%** | **14.7%** | **-3.4%** | [Export Performance](index=7&type=section&id=%E5%87%BA%E5%8F%A3) During the reporting period, the company's export revenue significantly increased by **52.7%** to **RMB 432.1 million**, with its proportion of total revenue rising by **3.8 percentage points** to **26.2%**, primarily due to seizing market share from a major overseas competitor's reduced supply capacity - Export revenue was approximately **RMB 432.1 million**, an increase of approximately **52.7%** compared to the same period in 2023[14](index=14&type=chunk) - Export revenue accounted for approximately **26.2%** of total revenue, an increase of **3.8 percentage points** compared to the same period in 2023[14](index=14&type=chunk) - Export growth was primarily due to the Group seizing market share lost by its largest overseas competitor in toluene oxidation products, whose supply capacity decreased[14](index=14&type=chunk) [Business Outlook](index=8&type=section&id=%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B) The company plans to enhance profitability through market expansion, operational optimization, and new production facility commissioning - Facing global and Chinese economic uncertainties and geopolitical tensions, the company reduced product selling prices to compete effectively, maintain market position, and sustain production facility utilization[16](index=16&type=chunk) - Future financial performance will be improved through optimizing production processes, strengthening energy management, actively exploring domestic and international markets, developing new customers, maintaining customer relationships, and reinforcing raw material supplier relationships[16](index=16&type=chunk) - The first phase of the Hubei Xinxuanhong production base (designed capacity of **40,000 tons**, including benzyl acetate, benzyl toluene, and dibenzylamine) is expected to commence operations in the second half of 2024, which is anticipated to further promote business growth[16](index=16&type=chunk) [Financial Review](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews key financial indicators, including revenue, profit, expenses, liquidity, and capital structure [Revenue and Gross Profit](index=8&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E6%AF%9B%E5%88%A9) During the reporting period, revenue increased by **30.7%** year-on-year to **RMB 1,651.2 million**, and gross profit increased by **0.6%** year-on-year to **RMB 186.7 million**, with the gross profit margin decreasing from **14.7%** in the prior year to **11.3%** Revenue and Gross Profit Comparison | Indicator | 2024 (RMB thousands) | 2023 (RMB thousands) | Change (RMB thousands) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,651,200 | 1,263,400 | 387,800 | 30.7% | | Gross Profit | 186,700 | 185,600 | 1,100 | 0.6% | | Gross Profit Margin | 11.3% | 14.7% | -3.4% | - | [Other Income and Gains](index=9&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains significantly increased by **RMB 19.7 million** to **RMB 30.7 million**, primarily due to an increase in additional VAT deductions - Other income and gains amounted to approximately **RMB 30.7 million**, an increase of approximately **RMB 19.7 million** compared to the same period in 2023, mainly due to increased additional VAT deductions during the period[19](index=19&type=chunk) [Selling and Distribution Expenses](index=9&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses increased by **RMB 1.9 million** to **RMB 13.4 million**, primarily due to sales expansion, increased staff remuneration, and business entertainment expenses, with its proportion of revenue slightly decreasing to **0.8%** - Selling and distribution expenses were approximately **RMB 13.4 million**, an increase of approximately **RMB 1.9 million** compared to the same period in 2023, mainly due to sales expansion, increased staff remuneration, and business entertainment expenses[20](index=20&type=chunk) - Selling and distribution expenses accounted for approximately **0.8%** of the Group's revenue (2023: **0.9%**)[20](index=20&type=chunk) [Administrative Expenses](index=9&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by **RMB 11.6 million** to **RMB 60.2 million**, primarily due to increased staff remuneration, listing fees, and taxes, with its proportion of revenue slightly decreasing to **3.6%** - Administrative expenses were approximately **RMB 60.2 million**, an increase of approximately **RMB 11.6 million** compared to the same period in 2023, mainly due to increased staff remuneration, listing fees, and taxes[21](index=21&type=chunk) - Administrative expenses accounted for approximately **3.6%** of the Group's revenue (2023: **3.8%**)[21](index=21&type=chunk) [Research and Development Expenses](index=9&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) Research and development expenses increased by **RMB 4.2 million** to **RMB 58.9 million**, primarily due to increased staff remuneration and depreciation and amortization, with its proportion of revenue decreasing to **3.6%** - Research and development expenses were approximately **RMB 58.9 million**, an increase of approximately **RMB 4.2 million** compared to the same period in 2023, mainly due to increased staff remuneration and depreciation and amortization[22](index=22&type=chunk) - Research and development expenses accounted for approximately **3.6%** of the Group's revenue (2023: **4.3%**)[22](index=22&type=chunk) [Finance Costs](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs increased by **RMB 3.2 million** to **RMB 21.1 million**, primarily due to increased borrowings to support business operations - Finance costs were approximately **RMB 21.1 million**, an increase of approximately **RMB 3.2 million** compared to the same period in 2023, mainly due to increased borrowings to support business operations[23](index=23&type=chunk) [Income Tax Expense](index=9&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by **RMB 1.5 million** to **RMB 15.4 million**, primarily due to increased profit before tax, with the effective tax rate slightly rising to **24.2%** - Income tax expense was approximately **RMB 15.4 million**, an increase of approximately **RMB 1.5 million** compared to the same period in 2023, mainly due to increased profit before tax during the reporting period[24](index=24&type=chunk) - The effective tax rate slightly increased from **23.8%** in the same period of 2023 to **24.2%** in the reporting period[24](index=24&type=chunk) [Profit for the Period](index=9&type=section&id=%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9) Net profit for the reporting period increased by **7.9%** to **RMB 48.0 million**, with the net profit margin decreasing by **0.6 percentage points** to **2.9%** - The Group recorded a net profit of approximately **RMB 48.0 million**, an increase of approximately **RMB 3.5 million** or **7.9%** compared to the same period in 2023[25](index=25&type=chunk) - The net profit margin was approximately **2.9%** (2023: **3.5%**), a decrease of approximately **0.6 percentage points**[25](index=25&type=chunk) [Basic and Diluted Earnings Per Share](index=10&type=section&id=%E6%AF%8F%E8%82%A1%E5%9F%BA%E6%9C%AC%E5%8F%8A%E6%94%A4%E8%96%84%E7%9B%88%E5%88%A9) Basic and diluted earnings per share increased by **6.8%** year-on-year to **RMB 0.63** - Basic and diluted earnings per share attributable to ordinary equity holders of the parent company were approximately **RMB 0.63**, an increase of approximately **RMB 0.04** or approximately **6.8%** compared to the same period in 2023[27](index=27&type=chunk) [Financial Policy, Liquidity, and Capital Structure](index=10&type=section&id=%E8%B2%A1%E6%94%BF%E6%94%BF%E7%AD%96%E3%80%81%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) The company maintains a sound liquidity position, with primary funding sources being operating cash flow, bank borrowings, and proceeds from the global offering, resulting in a significant increase in cash and cash equivalents and a **10.0%** increase in total interest-bearing bank and other borrowings - The Group has adopted a prudent financial management approach for its financial strategy, maintaining a sound liquidity position[28](index=28&type=chunk) - Working capital for daily operations is primarily sourced from cash flows generated from ordinary business activities, bank borrowings, and net proceeds from the global offering[29](index=29&type=chunk) Liquidity and Capital Structure Key Indicators | Indicator | June 30, 2024 (RMB millions) | December 31, 2023 (RMB millions) | Change (RMB millions) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 207.0 | 65.4 | 141.6 | 216.5% | | Pledged Deposits | 73.0 | 40.1 | 32.9 | 82.0% | | Total Interest-Bearing Bank and Other Borrowings | 1,009.0 | 917.5 | 91.4 | 10.0% | - As of June 30, 2024, the Group had unused bank credit facilities of **RMB 560 million**[29](index=29&type=chunk) [Gearing Ratio](index=10&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The gearing ratio decreased from **158.5%** as of December 31, 2023, to **116.7%** as of June 30, 2024 - As of June 30, 2024, the Group's gearing ratio (calculated as net debt divided by total equity) was approximately **116.7%**, a decrease from approximately **158.5%** as of December 31, 2023[30](index=30&type=chunk) [Current Assets](index=10&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) Total current assets increased to **RMB 1,033.3 million**, primarily driven by increases in cash and cash equivalents, trade and bills receivables, while inventories and prepayments and other receivables decreased Current Assets Composition Comparison | Indicator | June 30, 2024 (RMB millions) | December 31, 2023 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Total Current Assets | 1,033.3 | 832.6 | 200.7 | | Inventories | 275.2 | 285.3 | -10.1 | | Trade and Bills Receivables | 354.4 | 296.3 | 58.1 | | Prepayments and Other Receivables | 123.7 | 145.4 | -21.6 | | Cash and Cash Equivalents | 207.0 | 65.4 | 141.6 | | Pledged Deposits | 73.0 | 40.1 | 32.9 | [Inventories](index=11&type=section&id=%E5%AD%98%E8%B2%A8) Total inventories decreased by **RMB 10.1 million** to **RMB 275.2 million**, with inventory turnover days falling from **47 days** to **35 days**, mainly due to a low-price sales strategy to accelerate turnover - Total inventories amounted to approximately **RMB 275.2 million**, a decrease of approximately **RMB 10.1 million** compared to December 31, 2023[33](index=33&type=chunk) - Inventory turnover days decreased from **47 days** for the year ended December 31, 2023, to **35 days** during the reporting period, primarily due to the Group's low-price sales strategy to accelerate turnover in response to market competition[33](index=33&type=chunk) [Trade and Bills Receivables](index=11&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Trade and bills receivables increased by **RMB 58.1 million** to **RMB 354.4 million**, mainly due to increased revenue, while turnover days decreased from **42 days** to **35 days** due to a higher proportion of derecognized bills receivable with improved credit ratings - Trade and bills receivables amounted to approximately **RMB 354.4 million**, an increase of approximately **RMB 58.1 million** compared to December 31, 2023, mainly due to increased revenue during the reporting period[34](index=34&type=chunk) - Turnover days for trade and bills receivables decreased from **42 days** for the year ended December 31, 2023, to **35 days** during the reporting period, primarily because the proportion of derecognized bills receivable with improved credit ratings from issuing banks increased[34](index=34&type=chunk) [Prepayments and Other Receivables](index=11&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Prepayments and other receivables decreased by **RMB 21.6 million** to **RMB 123.7 million**, primarily due to a reduction in related party loan amounts - Prepayments and other receivables amounted to approximately **RMB 123.7 million**, a decrease of approximately **RMB 21.6 million** compared to December 31, 2023, mainly due to a reduction in related party loan amounts[35](index=35&type=chunk) [Current Liabilities](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B2%A0%E5%82%B5) Total current liabilities increased to **RMB 1,623.1 million**, primarily driven by increases in trade and bills payables and interest-bearing bank and other borrowings, while other payables, accruals, and income tax payables decreased Current Liabilities Composition Comparison | Indicator | June 30, 2024 (RMB millions) | December 31, 2023 (RMB millions) | Change (RMB millions) | | :--- | :--- | :--- | :--- | | Total Current Liabilities | 1,623.1 | 1,422.7 | 200.4 | | Trade and Bills Payables | 259.3 | 149.7 | 109.6 | | Other Payables, Accruals, and Contract Liabilities | 338.3 | 373.0 | -34.7 | | Interest-Bearing Bank and Other Borrowings | 1,009.0 | 852.0 | 157.0 | | Lease Liabilities | 14.2 | 15.9 | -1.7 | | Income Tax Payable | 2.3 | 32.1 | -29.8 | [Trade and Bills Payables](index=11&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) Trade and bills payables increased by **RMB 109.6 million** to **RMB 259.3 million**, primarily due to increased purchases corresponding to higher sales, with turnover days remaining consistent at **25 days** - Trade and bills payables amounted to approximately **RMB 259.3 million**, an increase of approximately **RMB 109.6 million** compared to December 31, 2023, mainly due to increased sales and corresponding purchases during the reporting period[37](index=37&type=chunk) - Turnover days for trade and bills payables remained consistent at **25 days** compared to the year ended December 31, 2023[37](index=37&type=chunk) [Other Payables, Accruals, and Contract Liabilities](index=12&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%E4%BB%A5%E5%8F%8A%E5%90%88%E7%B4%84%E8%B2%A0%E5%82%B5) Other payables, accruals, and contract liabilities decreased by **RMB 34.7 million** to **RMB 338.3 million**, primarily due to the payment of dividends payable - Total other payables, accruals, and contract liabilities amounted to approximately **RMB 338.3 million**, a decrease of approximately **RMB 34.7 million** compared to December 31, 2023, mainly due to the payment of dividends payable[39](index=39&type=chunk) [Pledge of Assets](index=12&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2024, the company pledged property, plant, and equipment with a net book value of approximately **RMB 264.2 million** to secure bank borrowings and credit facilities - As of June 30, 2024, certain property, plant and equipment with a net book value of approximately **RMB 264.2 million** were pledged to obtain bank and other borrowings and bank credit facilities granted to the Group[40](index=40&type=chunk) [Material Acquisitions, Disposals, and Major Investments](index=12&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) Aside from the expansion of the Hubei Xinxuanhong production base, there were no other material acquisitions, disposals, or major investments during the reporting period - Other than the production expansion of the Hubei Xinxuanhong production base disclosed above, the Group had no other material acquisitions, disposals, or major investments during the reporting period[41](index=41&type=chunk) [Capital Expenditure and Capital Commitments](index=12&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) Capital expenditure for the reporting period amounted to **RMB 104.3 million**, primarily for the purchase of property, plant and equipment, and leasehold land - During the reporting period, the Group's capital expenditure amounted to **RMB 104.3 million**, primarily related to the purchase of property, plant and equipment and leasehold land[42](index=42&type=chunk) [Future Plans for Major Investments or Capital Assets](index=12&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Aside from the Hubei Xinxuanhong production base expansion plan, the company has no other plans for major investments or acquisitions of capital assets - Other than the production expansion plan for the Hubei Xinxuanhong production base disclosed above and in the prospectus, as of June 30, 2024, and the date of this interim report, the Group had no other plans for major investments or acquisitions of capital assets[43](index=43&type=chunk) [Contingent Liabilities](index=12&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2024, the company had no significant contingent liabilities - As of June 30, 2024, the Group had no significant contingent liabilities (December 31, 2023: nil)[44](index=44&type=chunk) [Foreign Exchange and Interest Rate Risks](index=12&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA%E5%8F%8A%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) The company's primary business is denominated in RMB, facing no significant foreign exchange risk, and currently has no foreign currency hedging policy; interest rate risk is considered extremely low and controllable, with most bank borrowings bearing fixed interest rates - The Group's principal business is conducted in China and primarily denominated in RMB, thus management believes there is no significant foreign exchange risk, and currently no foreign currency hedging policy is in place[45](index=45&type=chunk) - Except for unsecured bank loans of **RMB 23.5 million** bearing floating interest rates, all bank loans and other borrowings are denominated in RMB and bear fixed interest rates, and management considers interest rate risk to be extremely low and controllable, requiring no hedging activities[45](index=45&type=chunk) [Use of Proceeds from Global Offering](index=13&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) This section details the allocation of net proceeds from the global offering, primarily for capacity expansion, R&D, and working capital - The Company's shares were listed on the Main Board of the Stock Exchange on June 18, 2024 (the Listing Date), with net proceeds from the global offering of approximately **HKD 25.9 million**[47](index=47&type=chunk) Use of Net Proceeds from Global Offering | Purpose | Proportion (%) | Net Proceeds from Global Offering (HKD millions) | Amount Utilized as of June 30, 2024 (HKD millions) | Unutilized Amount as of June 30, 2024 (HKD millions) | Expected Timeframe for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction of new production facilities to increase capacity at Hubei Xinxuanhong production base | 82.0 | 21.2 | — | 21.2 | On or before December 2028 | | Research and development activities | 3.0 | 0.8 | — | 0.8 | On or before December 2026 | | Sales and marketing activities | 5.0 | 1.3 | — | 1.3 | On or before December 2026 | | Working capital and general corporate purposes | 10.0 | 2.6 | — | 2.6 | On or before December 2025 | | **Total** | **100** | **25.9** | **—** | **25.9** | | [Employees and Remuneration Policy](index=13&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) The company maintains an incentive-based remuneration system and training programs for its **625 employees**, with increased staff costs - The Group has established human resources policies and systems aimed at incorporating more incentive-based rewards and bonuses into its remuneration system, and providing diverse employee training and personal development programs[48](index=48&type=chunk) - As of June 30, 2024, the Group had a total of **625 employees** (December 31, 2023: **625 employees**)[48](index=48&type=chunk) - During the reporting period, the Group's total staff costs were approximately **RMB 51.1 million** (2023: approximately **RMB 41.5 million**), with the increase mainly attributable to higher performance bonuses corresponding to achieving performance targets during the period[48](index=48&type=chunk) [Other Information](index=14&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers corporate governance, directors' and major shareholders' interests, and other statutory disclosures [Purchase, Sale or Redemption of the Company's Listed Securities](index=14&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) From the listing date up to the report date, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares - From the Listing Date up to the date of this interim report, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[49](index=49&type=chunk) [Compliance with Corporate Governance Code](index=14&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has complied with all applicable code provisions of the Corporate Governance Code since its listing date - From the Listing Date up to the date of this interim report, the Company has complied with all applicable code provisions contained in the Corporate Governance Code[50](index=50&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=14&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%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) Upon enquiry, all directors confirmed their compliance with the standard requirements set out in the Model Code since the listing date - Following specific enquiries made to all Directors, each Director has confirmed that they have complied with the standard requirements set out in the Model Code from the Listing Date up to the date of this interim report[51](index=51&type=chunk) [Audit Committee and Review of Financial Statements](index=14&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024, and independent auditor Ernst & Young has performed an independent review - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024[52](index=52&type=chunk) - The Company's independent auditor, Ernst & Young, performed an independent review of the Group's interim condensed consolidated financial information for the six months ended June 30, 2024, in accordance with Hong Kong Standard on Review Engagements 2410[52](index=52&type=chunk) [Changes in Information of Directors and/or Senior Management](index=14&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E2%81%A0%2F%E6%88%96%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E8%B3%87%E6%96%99%E4%B9%8B%E8%AE%8A%E6%9B%B4) From the date of the prospectus up to the report date, there have been no changes in the information of any of the company's directors or chief executive requiring disclosure under the Listing Rules - From the date of the prospectus up to the date of this interim report, there have been no changes in the information of any of the Company's Directors or chief executive requiring disclosure under Rule 13.51B(1) of the Listing Rules[53](index=53&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=15&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E6%93%81%E6%9C%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses directors' and chief executive's interests in the company's shares and related securities Directors' Interests in the Company's Shares and Underlying Shares (As of June 30, 2024) | Director Name | Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Gao Lei | Interest in controlled corporation | 50,150,842 (L) | 53.75% | | Mr. Shen Yingming | Interest in controlled corporation | 12,537,710 (L) | 13.44% | [Directors' Rights to Acquire Shares or Debentures](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%BC%E8%B2%B7%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E5%88%A9) During the reporting period, neither the company nor its subsidiaries entered into any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate - Neither the Company nor its subsidiaries entered into any arrangements during the reporting period that would enable Directors to acquire benefits by purchasing shares or debentures of the Company or any other body corporate[57](index=57&type=chunk) [Directors' Interests in Material Contracts](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E9%87%8D%E5%A4%A7%E5%90%88%E7%B4%84%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of the end of the reporting period or at any time during the reporting period, neither the company nor any of its subsidiaries entered into any material contracts in which a director had a direct or indirect material interest - As of the end of the reporting period or at any time during the reporting period, neither the Company nor any of its subsidiaries entered into any material contracts in which a Director had a direct or indirect material interest[58](index=58&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section details substantial shareholders' interests in the company's shares and related securities Substantial Shareholders' Interests in the Company's Shares and Underlying Shares (As of June 30, 2024) | Shareholder Name | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Vastocean Capital Limited | Beneficial owner | 50,150,842 (L) | 53.75% | | Mr. Gao Lei | Interest in controlled corporation | 50,150,842 (L) | 53.75% | | SYM Holdings Limited | Beneficial owner | 12,537,710 (L) | 13.44% | | Mr. Shen Yingming | Interest in controlled corporation | 12,537,710 (L) | 13.44% | | Custodian Capital Ltd. | Interest of agent | 7,271,448 (L) | 7.79% | [Pre-emptive Rights](index=17&type=section&id=%E5%84%AA%E5%85%88%E8%B3%BC%E8%B2%B7%E6%AC%8A) There are no pre-emptive rights provisions under the Articles of Association or Cayman Islands law requiring the company to offer new shares to existing shareholders on a pro-rata basis - There are no pre-emptive rights provisions under the Articles of Association or Cayman Islands law that would oblige the Company to offer new shares on a pro-rata basis to existing shareholders[61](index=61&type=chunk) [Interim Dividend](index=17&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period (for the six months ended June 30, 2023: nil)[61](index=61&type=chunk) [Events After Reporting Period](index=17&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As of the date of this interim report, the company had no other significant events after the reporting period - The Group had no other significant events after June 30, 2024, up to the date of this interim report[61](index=61&type=chunk) [Independent Review Report](index=18&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) This section presents the independent auditor's review report on the interim condensed consolidated financial information [Introduction](index=18&type=section&id=%E5%BC%95%E8%A8%80) Ernst & Young has reviewed the company's interim financial information for the six months ended June 30, 2024, prepared in accordance with Hong Kong Accounting Standard 34 - Ernst & Young has reviewed the condensed consolidated statement of financial position of Wuhan Organic Holdings Company Limited and its subsidiaries as of June 30, 2024, and the related condensed consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity, and statement of cash flows for the six-month period then ended, and explanatory notes[62](index=62&type=chunk) - The interim financial information report is prepared in compliance with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants[62](index=62&type=chunk) [Scope of Review](index=18&type=section&id=%E5%AF%A9%E9%96%B1%E7%AF%84%E5%9C%8D) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, with a scope narrower than an audit, thus no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[63](index=63&type=chunk) - A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit; accordingly, we do not express an audit opinion[63](index=63&type=chunk) [Conclusion](index=18&type=section&id=%E7%B5%90%E8%AB%96) Based on the review, no matters were identified that would lead the auditor to believe that the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[64](index=64&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=19&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This section provides the interim condensed consolidated statement detailing the company's revenues, expenses, and net profit [Key Profit or Loss Statement Data](index=19&type=section&id=%E6%90%8D%E7%9B%8A%E8%A1%A8%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) For the six months ended June 30, 2024, the company's revenue was **RMB 1,651,158 thousand**, gross profit **RMB 186,676 thousand**, profit for the period **RMB 48,049 thousand**, and basic and diluted earnings per share **RMB 0.63** Interim Condensed Consolidated Statement of Profit or Loss Key Data (For the Six Months Ended June 30) | Indicator | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 1,651,158 | 1,263,372 | | Cost of Sales | (1,464,482) | (1,077,766) | | Gross Profit | 186,676 | 185,606 | | Other Income and Gains | 30,746 | 11,049 | | Selling and Distribution Expenses | (13,414) | (11,451) | | Administrative Expenses | (60,205) | (48,633) | | Research and Development Expenses | (58,855) | (54,695) | | Finance Costs | (21,134) | (17,919) | | Profit Before Tax | 63,424 | 58,462 | | Income Tax Expense | (15,375) | (13,915) | | Profit for the Period | 48,049 | 44,547 | | Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (RMB per share) | 0.63 | 0.59 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=20&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the interim condensed consolidated statement of comprehensive income, including profit for the period and other comprehensive income [Key Comprehensive Income Data](index=20&type=section&id=%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) For the six months ended June 30, 2024, profit for the period was **RMB 48,049 thousand**, and with exchange differences on translation of overseas operations of **RMB 26 thousand**, total comprehensive income for the period was **RMB 48,075 thousand** Interim Condensed Consolidated Statement of Comprehensive Income Key Data (For the Six Months Ended June 30) | Indicator | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 48,049 | 44,547 | | Other Comprehensive Income: Exchange differences on translation of overseas operations | 26 | 345 | | Total Comprehensive Income for the Period | 48,075 | 44,892 | | Attributable to Owners of the Parent | 48,075 | 44,892 | [Interim Condensed Consolidated Statement of Financial Position](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%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) This section details the company's assets, liabilities, and equity at the end of the reporting period [Key Financial Position Statement Data](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) As of June 30, 2024, the company's total non-current assets were **RMB 1,334,419 thousand**, total current assets **RMB 1,033,296 thousand**, total current liabilities **RMB 1,623,056 thousand**, and net assets **RMB 643,326 thousand** Interim Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 1,051,929 | 1,020,081 | | Right-of-Use Assets | 194,148 | 190,527 | | Total Non-Current Assets | 1,334,419 | 1,283,308 | | **Current Assets** | | | | Inventories | 275,167 | 285,333 | | Trade and Bills Receivables | 354,379 | 296,314 | | Cash and Cash Equivalents | 207,011 | 65,433 | | Total Current Assets | 1,033,296 | 832,574 | | **Current Liabilities** | | | | Trade and Bills Payables | 259,308 | 149,705 | | Interest-Bearing Bank and Other Borrowings | 1,008,950 | 852,020 | | Total Current Liabilities | 1,623,056 | 1,422,654 | | Net Current Liabilities | (589,760) | (590,080) | | **Non-Current Liabilities** | | | | Total Non-Current Liabilities | 101,333 | 163,611 | | **Net Assets** | 643,326 | 529,617 | | **Total Equity** | 643,326 | 529,617 | [Interim Condensed Consolidated Statement of Changes in Equity](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section outlines the changes in the company's equity components over the reporting period [Key Equity Movement Data](index=22&type=section&id=%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) As of June 30, 2024, the company's total equity was **RMB 643,326 thousand**, an increase from the beginning of the year, with profit for the period at **RMB 48,049 thousand**, new share issuance contributing **RMB 91,687 thousand**, and share issue expenses of **RMB 26,263 thousand** Interim Condensed Consolidated Statement of Changes in Equity Key Data (For the Six Months Ended June 30) | Indicator | January 1, 2024 (RMB thousands) | Profit for the Period (RMB thousands) | Issue of New Shares (RMB thousands) | Share Issue Expenses (RMB thousands) | June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 48 | — | 13 | — | 61 | | Merger Reserve | 64,802 | — | — | — | 64,802 | | Capital Reserve | (32,670) | — | 91,674 | (26,263) | 32,741 | | Other Reserves | 1,257 | — | — | — | 1,467 | | Statutory Reserve | 68,712 | — | — | — | 68,712 | | Exchange Fluctuation Reserve | 593 | 26 | — | — | 619 | | Retained Profits | 426,875 | 48,049 | — | — | 474,924 | | **Total Equity** | **529,617** | **48,075** | **91,687** | **(26,263)** | **643,326** | [Interim Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) This section presents the company's cash inflows and outflows from operating, investing, and financing activities [Key Cash Flow Statement Data](index=25&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) For the six months ended June 30, 2024, net cash from operating activities was **RMB 126,124 thousand**, net cash used in investing activities was **RMB 28,097 thousand**, net cash from financing activities was **RMB 43,525 thousand**, and cash and cash equivalents at the end of the period were **RMB 207,011 thousand** Interim Condensed Consolidated Statement of Cash Flows Key Data (For the Six Months Ended June 30) | Indicator | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 126,124 | 23,285 | | Net Cash (Used In)/From Investing Activities | (28,097) | 4,909 | | Net Cash From Financing Activities | 43,525 | 25,351 | | Net Increase in Cash and Cash Equivalents | 141,552 | 53,545 | | Cash and Cash Equivalents at Beginning of Period | 65,433 | 83,451 | | Cash and Cash Equivalents at End of Period | 207,011 | 137,341 | [Notes to Interim Condensed Consolidated Financial Information](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) This section provides detailed explanatory notes supporting the interim condensed consolidated financial statements [1. Company and Group Information](index=27&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E5%8F%8A%E9%9B%86%E5%9C%98%E8%B3%87%E6%96%99) Wuhan Organic Holdings Company Limited was incorporated in the Cayman Islands on September 23, 2016, primarily engaged in the manufacturing and sale of toluene oxidation products, toluene chlorination products, and their derivatives, with its shares listed on the Main Board of the Stock Exchange since June 18, 2024 - Wuhan Organic Holdings Company Limited was incorporated as an exempted company in the Cayman Islands on September 23, 2016[93](index=93&type=chunk) - The Company's principal subsidiaries are primarily engaged in the manufacturing and sale of toluene oxidation products, toluene chlorination products, and their derivatives in China[93](index=93&type=chunk) - The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since June 18, 2024[93](index=93&type=chunk) [2. Basis of Preparation](index=27&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information for the six months ended June 30, 2024, has been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting and should be read in conjunction with the accountant's report contained in the company's prospectus - The interim condensed consolidated financial information for the six months ended June 30, 2024, has been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting[94](index=94&type=chunk) - The interim condensed consolidated financial information should be read in conjunction with the accountant's report contained in the Company's prospectus dated June 7, 2024[94](index=94&type=chunk) [3. Changes in Accounting Policies](index=27&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) This period saw the initial adoption of revised Hong Kong Financial Reporting Standards, including amendments to HKFRS 16, HKAS 1, and HKAS 7 & HKFRS 7, which had no material impact on the company's financial position or performance - The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the accountant's report, except for the initial adoption of the following revised Hong Kong Financial Reporting Standards during the current period: amendments to HKFRS 16, HKAS 1, and HKAS 7 & HKFRS 7[95](index=95&type=chunk) - The amendments to HKFRS 16 had no impact on the Group's financial position or performance[95](index=95&type=chunk) - The amendments to HKAS 1 and HKAS 7 & HKFRS 7 had no impact on the Group's financial position or performance[97](index=97&type=chunk) [4. Operating Segment Information](index=28&type=section&id=4.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The company's directors, as the chief operating decision-makers, review the Group's overall financial performance, thus no separate operating segment financial information is presented; all non-current assets are located in mainland China, and there were no single external customer transactions accounting for **10%** or more of total revenue during the reporting period - For resource allocation and performance assessment, information reported to the Company's Directors (the chief operating decision-makers) does not contain separate operating segment financial information, as the Directors review the Group's overall financial performance; therefore, no further information on operating segments is presented[98](index=98&type=chunk) - As of June 30, 2024, and December 31, 2023, all of the Group's non-current assets were located in mainland China[99](index=99&type=chunk) - For the six months ended June 30, 2023, and 2024, no revenue from transactions with a single external customer accounted for **10%** or more of the Group's total revenue[100](index=100&type=chunk) [5. Revenue](index=29&type=section&id=5.%20%E6%94%B6%E5%85%A5) Total revenue from customer contracts amounted to **RMB 1,651,158 thousand**, primarily derived from toluene oxidation products (**RMB 1,025,415 thousand**), toluene chlorination products (**RMB 335,685 thousand**), and product trading (**RMB 290,058 thousand**), with sales in mainland China accounting for the vast majority of total revenue Revenue from Customer Contracts Breakdown (For the Six Months Ended June 30) | Type of Goods or Services | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Toluene Oxidation Products | 1,025,415 | 618,900 | | Toluene Chlorination Products | 335,685 | 370,689 | | Product Trading | 290,058 | 273,783 | | **Total** | **1,651,158** | **1,263,372** | Revenue by Geographical Market (For the Six Months Ended June 30) | Geographical Market | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 1,219,025 | 980,344 | | Asia (excluding Mainland China) | 171,413 | 134,162 | | European Union | 135,583 | 76,457 | | Americas | 111,118 | 63,688 | | Other Countries/Regions | 14,019 | 8,721 | | **Total** | **1,651,158** | **1,263,372** | [6. Profit Before Tax](index=30&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax was **RMB 63,424 thousand**, primarily influenced by cost of inventories sold, R&D costs, depreciation and amortization, listing expenses, additional VAT deductions, and government grants, with total employee benefit expenses amounting to **RMB 51,123 thousand** Profit Before Tax Adjustments (For the Six Months Ended June 30) | Item | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold | 1,464,482 | 1,077,766 | | Research and Development Costs | 58,855 | 54,695 | | Depreciation of Property, Plant and Equipment | 58,757 | 55,429 | | Depreciation of Right-of-Use Assets | 9,999 | 10,287 | | Listing Expenses | 9,481 | 8,739 | | Additional Deductions for Input VAT | (11,486) | (1,517) | | Government Grants Related to Income | (3,705) | (400) | | Government Grants Related to Assets | (2,735) | (2,634) | Employee Benefit Expenses (For the Six Months Ended June 30) | Item | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 41,436 | 33,322 | | Performance Bonuses | 2,205 | — | | Contributions to Pension Schemes | 7,272 | 7,920 | | **Total** | **51,123** | **41,452** | [7. Income Tax Expense](index=31&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Total income tax expense was **RMB 15,375 thousand**, primarily comprising PRC enterprise income tax and deferred income tax, with Hong Kong profits tax accrued at **16.5%** and PRC enterprise income tax at a statutory rate of **25%**, though high-tech enterprises enjoy a preferential rate of **15%** Income Tax Expense Components (For the Six Months Ended June 30) | Item | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Current — Hong Kong | 92 | 47 | | Current — Mainland China | 6,371 | 9,166 | | Deferred Income Tax | 8,912 | 4,702 | | **Total Tax Expense for the Period** | **15,375** | **13,915** | - During the reporting period, Hong Kong profits tax was provided at a rate of **16.5%** on the estimated assessable profits arising in Hong Kong, except for one subsidiary of the Group which is a qualifying entity under the two-tiered profits tax regime, subject to tax rates of **8.25%** and **16.5%**[112](index=112&type=chunk) - Enterprise income tax in mainland China is provided at the statutory rate of **25%** on assessable profits in accordance with the PRC Enterprise Income Tax Law, except that Wuhan Organic Industrial Co., Ltd. and Qianjiang Xinyihong Organic Chemical Co., Ltd. were recognized as high-tech enterprises and enjoyed a preferential income tax rate of **15%** during the reporting period[113](index=113&type=chunk) [8. Dividends](index=31&type=section&id=8.%20%E8%82%A1%E6%81%AF) For the six months ended June 30, 2024, the company did not declare any dividends to ordinary shareholders - For the six months ended June 30, 2024, no dividends were declared to ordinary shareholders of the Company (for the six months ended June 30, 2023: nil)[114](index=114&type=chunk) [9. Earnings Per Share Attributable to Owners of the Company](index=32&type=section&id=9.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share were **RMB 0.63**, calculated based on profit for the period attributable to ordinary equity holders of the parent company and the weighted average number of **76,307,143** ordinary shares outstanding during the reporting period Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Company | 48,049 | 44,547 | | Weighted Average Number of Ordinary Shares Outstanding During the Period (shares) | 76,307,143 | 75,000,000 | | Earnings Per Share (Basic and Diluted, RMB per share) | 0.63 | 0.59 | - For the six months ended June 30, 2024, and 2023, the Company had no potential dilutive share options or other financial instruments related to issued ordinary shares[116](index=116&type=chunk) [10. Property, Plant and Equipment](index=32&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) During the reporting period, the company acquired assets at a cost of **RMB 90,654 thousand** and disposed of assets with a net book value of **RMB 49 thousand**, and as of June 30, 2024, certain buildings with a gross book value of **RMB 125,049 thousand** were pledged - For the six months ended June 30, 2024, the Group acquired assets at a cost of **RMB 90,654,000**[116](index=116&type=chunk) - For the six months ended June 30, 2024, the Group disposed of assets with a net book value of **RMB 49,000**[117](index=117&type=chunk) - As of June 30, 2024, certain buildings with a gross book value of **RMB 125,049,000** were pledged to obtain bank loans and other borrowings for the Group[117](index=117&type=chunk) [11. Trade and Bills Receivables](index=33&type=section&id=11.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2024, total trade and bills receivables amounted to **RMB 354,379 thousand**, comprising **RMB 171,374 thousand** in trade receivables and **RMB 184,069 thousand** in bills receivables, with most trade receivables aged within **4 months** Trade and Bills Receivables (As of June 30) | Item | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 171,374 | 97,211 | | Bills Receivables | 184,069 | 199,727 | | Impairment | (1,064) | (624) | | **Total** | **354,379** | **296,314** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Within 4 months | 133,141 | 95,913 | | Over 4 months but within 6 months | 36,937 | — | | Over 6 months but within 12 months | 232 | 674 | | **Total** | **170,310** | **96,587** | [12. Trade and Bills Payables](index=34&type=section&id=12.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2024, total trade and bills payables amounted to **RMB 259,308 thousand**, with the majority aged within **1 year** Ageing Analysis of Trade and Bills Payables (As of June 30) | Ageing | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 259,247 | 149,444 | | 1 to 2 years | 35 | 152 | | Over 2 years | 26 | 109 | | **Total** | **259,308** | **149,705** | [13. Interest-Bearing Bank and Other Borrowings](index=34&type=section&id=13.%20%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E6%AC%BE) As of June 30, 2024, total interest-bearing bank and other borrowings amounted to **RMB 1,008,950 thousand**, with most being current borrowings, secured by plant, equipment, buildings, and leasehold land Interest-Bearing Bank and Other Borrowings (As of June 30) | Type | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Current Bank Loans — Secured | 160,500 | 268,020 | | Current Bank Loans — Unsecured | 709,950 | 514,000 | | Current Portion of Long-Term Bank Loans — Secured | 49,000 | 12,000 | | Current Portion of Long-Term Bank Loans — Unsecured | 40,500 | 18,000 | | Other Borrowings — Unsecured | 49,000 | 40,000 | | **Total Current** | **1,008,950** | **852,020** | | Non-Current Bank Loans — Secured | — | 42,000 | | Non-Current Bank Loans — Unsecured | — | 23,500 | | **Total Non-Current** | **—** | **65,500** | | **Total** | **1,008,950** | **917,520** | - The Group's bank loans and other borrowings are secured by plant, equipment, and buildings (gross book value of **RMB 125,049,000**) and leasehold land (gross book value of **RMB 139,193,000**) located in mainland China[121](index=121&type=chunk) - Except for unsecured bank loans amounting to **RMB 23,500,000** as of June 30, 2024, which bear floating interest rates, all other bank loans and borrowings of the Group are denominated in RMB and bear fixed interest rates[121](index=121&type=chunk) [14. Share Capital](index=35&type=section&id=14.%20%E8%82%A1%E6%9C%AC) As of June 30, 2024, the issued and fully paid share capital consisted of **93,300,000** ordinary shares of **USD 0.0001** each, totaling **RMB 61 thousand**, with **18,300,000** new shares issued during the reporting period due to the initial public offering Issued Share Capital (As of June 30) | Indicator | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (shares) | 93,300,000 | 75,000,000 | | Share Capital (RMB thousands) | 61 | 48 | - For the Company's Hong Kong public offering and international offering on June 18, 2024, **18,300,000** ordinary shares of **USD 0.0001** each were issued and allotted at an offer price of **HKD 5.50** per share, for a total consideration of **HKD 100,650,000** (equivalent to **RMB 91,687,000**)[123](index=123&type=chunk) [15. Cash and Cash Equivalents and Pledged Deposits](index=36&type=section&id=15.%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%E4%BB%A5%E5%8F%8A%E5%B7%B2%E6%8A%B5%E6%8A%BC%E5%AD%98%E6%AC%BE) As of June 30, 2024, cash and bank balances totaled **RMB 280,012 thousand**, including pledged deposits of **RMB 73,001 thousand** (for bills payable and letters of credit), resulting in net cash and cash equivalents of **RMB 207,011 thousand** Cash and Cash Equivalents and Pledged Deposits (As of June 30) | Item | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 280,012 | 105,560 | | Less: Pledged Time Deposits | (73,001) | (40,127) | | **Cash and Cash Equivalents** | **207,011** | **65,433** | - Pledged time deposits include **RMB 24,001 thousand** pledged for bills payable and **RMB 49,000 thousand** pledged for letters of credit[123](index=123&type=chunk) [16. Commitments](index=36&type=section&id=16.%20%E6%89%BF%E6%93%94) As of June 30, 2024, the Group's contracted but unprovided capital commitments primarily related to plant and machinery, amounting to **RMB 51,050 thousand** - The Group had the following contractual commitments at the end of the reporting period: contracted but unprovided plant and machinery amounted to **RMB 51,050 thousand**[124](index=124&type=chunk) [17. Related Party Transactions](index=37&type=section&id=17.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) This section outlines significant transactions with related parties, including purchases, sales, services, and loans - Related parties include entities controlled by Mr. Gao Yuankun, father of Mr. Gao Lei (such as Linuo Group, Wuhan Linuo Investment Holding Group Co., Ltd.), entities related to Executive Director Mr. Zou Xiaohong (such as Yingcheng Wuhuan Organic Materials Co., Ltd.), and the joint venture Hebei Kangshi[125](index=125&type=chunk)[126](index=126&type=chunk) Significant Related Party Transactions (For the Six Months Ended June 30) | Transaction Type | Related Party | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | :--- | | Purchase of Goods or Services | Hebei Kangshi | 66,220 | 68,596 | | Purchase of Machinery | Xinkang Chemical | 77,150 | 80,170 | | Sale of Goods | Hubei Tuopu | 14,849 | 5,783 | | Provision of Services | Xinkang Chemical | 1,620 | 597 | | Loans to Related Parties | Hebei Kangshi | 8,489 | — | | Settlement of Loans from Related Parties | Hebei Kangshi | 53,572 | — | Outstanding Balances with Related Parties (As of June 30) | Item | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | | Total Amounts Due from Related Parties | 19,447 | 61,024 | | Total Amounts Due to Related Parties | 8,692 | 5,966 | [18. Fair Value and Fair Value Hierarchy of Financial Instruments](index=41&type=section&id=18.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E5%8F%8A%E5%85%AC%E5%B9%B3%E5%80%BC%E5%B1%A4%E7%B4%9A) This section discusses the fair value measurement of financial instruments, with most fair values approximating carrying amounts - Management assesses that the fair value of financial assets such as cash and cash equivalents, pledged deposits, trade receivables, and current financial liabilities is similar to their carrying amounts, largely due to the short-term maturity of these instruments[151](index=151&type=chunk) Assets Measured at Fair Value (As of June 30) | Item | Fair Value Hierarchy Level | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | | :--- | :--- | :--- | :--- | | Bills Receivables | Level 2 | 184,069 | 199,727 | | Fund Investments | Level 2 | — | 10,500 | | **Total** | | **184,069** | **210,227** | - During the six months ended June 30, 2024, there were no transfers between Level 1 and Level 2 fair value measurements, nor any transfers into or out of Level 3 fair value measurements for financial assets[154](index=154&type=chunk) [19. Events After the Reporting Period](index=43&type=section&id=19.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As of the publication date of these interim condensed consolidated financial information, the company has no post-June 30, 2024, events requiring disclosure - As of the publication date of these interim condensed consolidated financial information, the Company has no post-June 30, 2024, events requiring disclosure[156](index=156&type=chunk) [20. Approval of Interim Condensed Consolidated Financial Information](index=43&type=section&id=20.%20%E6%89%B9%E5%87%86%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The interim condensed consolidated financial information was approved by the Board of Directors and authorized for issue on August 23, 2024 - The interim condensed consolidated financial information was approved by the Board of Directors and authorized for issue on August 23, 2024[156](index=156&type=chunk) [Definitions](index=43&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used throughout the report [Definitions of Key Terms](index=43&type=section&id=%E9%97%9C%E9%8D%B5%E8%A9%9E%E5%BD%99%E5%AE%9A%E7%BE%A9) This section provides definitions for key terms used in the report, such as "the Company", "Board", "Global Offering", and "Listing Rules" - This section provides definitions for key terms used in the report, such as "the Company", "Board", "Global Offering", and "Listing Rules"[157](index=157&type=chunk)[158](index=158&type=chunk)