Core Viewpoint - Lingbao Gold (03330.HK) reported a significant increase in gold ingot production and revenue for the first half of 2025, driven by effective production organization and market opportunities [1] Group 1: Production and Revenue - The company produced approximately 10,821 kilograms (about 347,884 ounces) of gold ingots in the first half of 2025, an increase of about 2,870 kilograms (approximately 92,286 ounces) compared to the same period last year [1] - Due to the increase in gold ingot production, the company's revenue rose by approximately 82.02% year-on-year, amounting to about RMB 7.793 billion [1] Group 2: Profit and Earnings - The net profit for the period was approximately RMB 670 million, compared to RMB 153 million in the same period last year, reflecting the benefits of increased production and higher gold sales prices [1] - The basic earnings per share for the company during this period were RMB 0.52, and the board recommended an interim dividend of RMB 0.164 per share [1]

智通财经APP讯，灵宝黄金(03330)发布截至2025年6月30日止6个月中期业绩，集团收入人民币77.93亿 元，同比增长82.02%;股东应占溢利6.64亿元，同比增长335.28%;每股盈利52.33分;中期股息0.164元。 于2025年上半年度，集团生产金锭约10,821公斤(约347,884盎司)，比去年同期增加约2,870公斤(约92,286 盎司)，金锭生产增加的主要原因为集团上半年紧抓市场机遇，高效组织生产，释放产能效能，提高矿 山产金量，同时增加合质金生产数量，合并导致金锭产量增加。 ...

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 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。 Lingbao Gold Group Company Ltd. （於中華人民共和國註冊成立的股份有限公司） 靈寶黃金集團股份有限公司 （股份代號：3330） 董事名單及其角色和職能 靈寶黃金集團股份有限公司董事會（「董事會」）成員載列如下： – 1 – 董事會設立4個委員會。各董事會成員在這些委員會中所擔任的職位載列如下： 戰略委員會 陳建正先生 （委員會主席） 邢江澤先生 何成群先生 吳黎明先生 趙理女士 薄少川先生 審計委員會 執行董事 陳建正先生 （董事長） 邢江澤先生 （副董事長） 何成群先生 （總裁） 吳黎明先生 趙理女士 非執行董事 張飛虎先生 王冠然先生 獨立非執行董事 楊志達先生 陳聰發先生 薄少川先生 郭新生先生 – 2 – 楊志達先生 （委員會主席） 張飛虎先生 陳聰發先生 薄少川先生 郭新生先生 提名委員會 薄少川先生 （委員會主席） 趙理女士 王冠然先生 陳聰發先生 郭新生先生 ...

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。 – 1 – (a) 本公司執行董事兼主席陳建正先生（「陳先生」）已不再擔任提名委員會成員，並 獲委任為薪酬委員會成員；及 (b) 執行董事趙理女士（「趙女士」）已獲委任為提名委員會成員，並不再擔任薪酬委 員會成員。 提名委員會及薪酬與考核委員會組成的變動 靈寶黃金集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，為回 應香港聯合交易所有限公司證券上市規則（「上市規則」）附錄C1所載自二零二五年 七月一日起生效的經修訂企業管治守則，本公司提名委員會（「提名委員會」）及薪酬 與考核委員會（「薪酬委員會」）的組成有以下變動，自二零二五年八月二十六日起生 效： Lingbao Gold Group Company Ltd. 於本公告日期，陳先生及趙女士於董事會及相關董事會委員會（如適用）擔任的其他 職務並無變動。 靈寶黃金集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份 ...

EF001 免責聲明 | 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 | | | | --- | --- | --- | | 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。 | | | | 股票發行人現金股息公告 | | | | 發行人名稱 | 靈寶黃金集團股份有限公司 | | | 股份代號 | 03330 | | | 多櫃檯股份代號及貨幣 | 不適用 | | | 相關股份代號及名稱 | 不適用 | | | 公告標題 | 建議截至2025年6月30日止六個月的中期股息 | | | 公告日期 | 2025年8月26日 | | | 公告狀態 | 新公告 | | | 股息信息 | | | | 股息類型 | 中期（半年期） | | | 股息性質 | 普通股息 | | | 財政年末 | 2025年12月31日 | | | 宣派股息的報告期末 | 2025年6月30日 | | | 宣派股息 | 每 股 0.164 RMB | | | 股東批准日期 | 2025年9月17日 | | | 香港過戶登記處相關信息 ...

Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The company achieved significant growth in revenue and net profit for the six months ended June 30, 2025, driven by increased gold production and higher selling prices - Revenue increased by **82.02%** year-on-year, and profit for the period increased by **338.92%** year-on-year[4](index=4&type=chunk) Condensed Consolidated Statement of Profit or Loss Table | Indicator | For the six months ended June 30, 2025 (thousand RMB) | For the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Revenue | 7,792,736 | 4,281,228 | | Cost of sales | (6,654,557) | (3,873,542) | | Gross profit | 1,138,179 | 407,686 | | Operating profit | 947,985 | 256,570 | | Profit before tax | 879,939 | 182,511 | | Profit for the period | 670,041 | 152,658 | | Profit attributable to equity holders of the Company | 663,969 | 152,538 | | Basic and diluted earnings per share (RMB cents) | 52.33 | 12.54 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income for the period significantly increased, primarily due to a substantial rise in profit for the period, with other comprehensive income items also contributing - Total comprehensive income for the period increased by **364.09%** year-on-year[5](index=5&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Table | Indicator | For the six months ended June 30, 2025 (thousand RMB) | For the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Profit for the period | 670,041 | 152,658 | | Exchange differences arising from translation of financial statements of overseas subsidiaries | 985 | (7,522) | | Fair value changes of equity instruments at fair value through other comprehensive income | 2,544 | — | | Other comprehensive income for the period | 3,529 | (7,522) | | Total comprehensive income for the period | 673,570 | 145,136 | | Total comprehensive income attributable to equity holders of the Company | 666,725 | 146,257 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and shareholders' equity increased, with net current assets turning positive, indicating improved liquidity - Net current assets improved significantly, from **negative 16,520 thousand RMB** at the end of 2024 to **positive 357,153 thousand RMB** in mid-2025[6](index=6&type=chunk) - Capital investments increased, with construction in progress rising from **404,065 thousand RMB** to **668,697 thousand RMB**, and intangible assets from **899,808 thousand RMB** to **1,050,122 thousand RMB**[6](index=6&type=chunk) Condensed Consolidated Statement of Financial Position Table | Indicator | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Non-current assets | 4,570,026 | 4,206,351 | | Current assets | 4,481,195 | 3,008,793 | | Current liabilities | 4,124,042 | 3,025,313 | | Net current assets/(liabilities) | 357,153 | (16,520) | | Total assets less current liabilities | 4,927,179 | 4,189,831 | | Non-current liabilities | 986,659 | 1,031,647 | | Net assets | 3,940,520 | 3,158,184 | | Total equity attributable to equity holders of the Company | 4,161,263 | 3,385,772 | | Total equity | 3,940,520 | 3,158,184 | Notes to the Condensed Interim Financial Report [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with HKAS 34 and complies with HKEX Listing Rules, reviewed by the Audit Committee and authorized for issue - The report is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - It adopts the historical cost basis and going concern basis, with the Board assessing the Group's ability to continue as a going concern[8](index=8&type=chunk) [2 Changes in Accounting Policies](index=6&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Amendment) "Lack of Exchangeability," which had no material impact on the results or financial position for the current or prior periods - Applied HKAS 21 (Amendment) "Lack of Exchangeability," with no material impact[10](index=10&type=chunk) [3 Segment Reporting](index=7&type=section&id=3%20Segment%20Reporting) The Group manages and reports its operations across four segments: mining (China), mining (Kyrgyzstan), smelting, and retail, all showing significant growth - The Group has four reportable segments: Mining—China, Mining—Kyrgyzstan, Smelting, and Retail[11](index=11&type=chunk)[12](index=12&type=chunk) Segment Revenue and Profit (For the six months ended June 30, 2025) Table | Segment | 2025 Revenue (thousand RMB) | 2024 Revenue (thousand RMB) | 2025 Profit (thousand RMB) | 2024 Profit (thousand RMB) | | :--- | :--- | :--- | :--- | :--- | | Mining—China | 1,614,816 | 706,577 | 949,664 | 267,377 | | Mining—Kyrgyzstan | 190,383 | 71,521 | 62,467 | 5,900 | | Smelting | 7,960,292 | 4,291,005 | 47,379 | (24,444) | | Retail | 7,425 | 4,995 | 283 | 61 | | Total reportable segments | 9,772,916 | 5,074,098 | 1,059,793 | 248,894 | | Consolidated Revenue | 7,792,736 | 4,281,228 | | | | Consolidated Profit Before Tax | | | 879,939 | 182,511 | [3(a) Segment Results, Assets and Liabilities](index=7&type=section&id=3(a)%20Segment%20Results,%20Assets%20and%20Liabilities) Both Mining (China) and Smelting segments achieved substantial growth in revenue and profit, with the Smelting segment turning profitable, indicating improved operational efficiency - Mining—China segment revenue increased by **128.56%**, and profit increased by **255.18%**[13](index=13&type=chunk) - Smelting segment revenue increased by **85.51%**, turning from a loss in the same period of 2024 to a profit of **47,379 thousand RMB** in 2025[13](index=13&type=chunk) [3(b) Reconciliation of Reportable Segment Revenue and Profit or Loss](index=8&type=section&id=3(b)%20Reconciliation%20of%20Reportable%20Segment%20Revenue%20and%20Profit%20or%20Loss) The reconciliation shows consolidated revenue of 7,792,736 thousand RMB and consolidated profit before tax of 879,939 thousand RMB after inter-segment eliminations, reflecting enhanced overall profitability - Inter-segment revenue eliminations amounted to **1,980,180 thousand RMB**, resulting in consolidated revenue of **7,792,736 thousand RMB**[14](index=14&type=chunk) - Inter-segment profit eliminations amounted to **6,148 thousand RMB**, resulting in consolidated profit before tax of **879,939 thousand RMB**[14](index=14&type=chunk) [4 Revenue](index=9&type=section&id=4%20Revenue) The Group's primary business involves the mining, beneficiation, smelting, and sale of gold and other metal products, with revenue primarily from gold sales showing significant growth - The main business involves the mining, beneficiation, smelting, and sale of gold and other metal products in China[15](index=15&type=chunk) - Revenue from gold sales increased by **84.25%** year-on-year, serving as the primary driver for total revenue growth[17](index=17&type=chunk) Revenue Breakdown by Major Product Line Table | Product Line | For the six months ended June 30, 2025 (thousand RMB) | For the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Sales of gold | 7,862,157 | 4,267,444 | | Sales of other metals | 101,258 | 81,098 | | Sales of jewelry | 5,613 | 2,347 | | Others | 2,416 | 4,535 | | Less: Sales tax and levies | (178,708) | (74,196) | | **Total Revenue** | **7,792,736** | **4,281,228** | [5 Profit Before Tax](index=10&type=section&id=5%20Profit%20Before%20Tax) Profit before tax increased, influenced by a decrease in finance costs, a significant reduction in net other losses, and an increase in government grants - Finance costs decreased by **8.12%** year-on-year[18](index=18&type=chunk) - Net other losses significantly reduced from **24,680 thousand RMB** to **1,626 thousand RMB**, primarily due to financial instruments at fair value through profit or loss turning from loss to gain[18](index=18&type=chunk) - Government grants increased by **92.02%**[18](index=18&type=chunk) Profit Before Tax Components Table | Item | For the six months ended June 30, 2025 (thousand RMB) | For the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Finance costs | 68,046 | 74,059 | | Net other losses | 1,626 | 24,680 | | Net (gain)/loss on financial instruments at fair value through profit or loss | (36,003) | 20,324 | | Government grants | (5,367) | (2,795) | | Bank interest income | (9,102) | (14,150) | [6 Income Tax in the Condensed Consolidated Statement of Profit or Loss](index=11&type=section&id=6%20Income%20Tax%20in%20the%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Income tax expense significantly increased due to a substantial rise in profit for the period, with Chinese subsidiaries applying a 25% statutory rate and high-tech enterprises enjoying a 15% preferential rate - Income tax expense increased by **603.78%** year-on-year[20](index=20&type=chunk) - Chinese subsidiaries are subject to a **25%** statutory tax rate, while high-tech enterprises (e.g., Habahe Huatai Gold Co., Ltd.) enjoy a **15%** preferential tax rate[21](index=21&type=chunk) - The corporate income tax rate in Kyrgyzstan is **0%**[24](index=24&type=chunk) Income Tax Components Table | Item | For the six months ended June 30, 2025 (thousand RMB) | For the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Current tax — Provision for China income tax for the period | 195,173 | 43,449 | | Under/(over) provision in prior years | 14,991 | (19,335) | | Deferred tax | (266) | 5,739 | | **Total Income Tax** | **209,898** | **29,853** | [7 Earnings Per Share](index=11&type=section&id=7%20Earnings%20Per%20Share) Basic earnings per share significantly increased, reflecting the company's enhanced profitability, with diluted EPS being the same due to no dilutive potential ordinary shares - Basic earnings per share increased by **317.31%** year-on-year[22](index=22&type=chunk) - The weighted average number of ordinary shares outstanding increased from **1,216,246,829** to **1,268,710,862** shares[22](index=22&type=chunk) Earnings Per Share Table | Indicator | For the six months ended June 30, 2025 (RMB cents) | For the six months ended June 30, 2024 (RMB cents) | | :--- | :--- | :--- | | Basic earnings per share | 52.33 | 12.54 | | Diluted earnings per share | 52.33 | 12.54 | [8 Property, Plant and Equipment and Construction in Progress](index=12&type=section&id=8%20Property,%20Plant%20and%20Equipment%20and%20Construction%20in%20Progress) The Group's investments in property, plant and equipment and construction in progress significantly increased, reflecting its strategy to expand production capacity and infrastructure - Acquisitions/additions of property, plant and equipment increased by **97.43%** year-on-year[25](index=25&type=chunk) - Additions to construction in progress increased by **49.65%** year-on-year[25](index=25&type=chunk) - Disposal of property, plant and equipment resulted in a loss of **3,922 thousand RMB**, compared to a gain of **873 thousand RMB** in the prior period[25](index=25&type=chunk) Property, Plant and Equipment and Construction in Progress Changes Table | Item | Acquisitions/Additions for the six months ended June 30, 2025 (thousand RMB) | Acquisitions/Additions for the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Property, plant and equipment | 19,939 | 10,099 | | Construction in progress | 309,987 | 207,136 | [9 Intangible Assets](index=12&type=section&id=9%20Intangible%20Assets) The Group's investments in exploration and evaluation assets and mining rights substantially increased, highlighting its focus on future resource reserves and production capacity - Additions to mining rights significantly increased from zero in the prior period to **157,297 thousand RMB**[26](index=26&type=chunk) - Of the total intangible asset acquisitions at period-end, **124,056 thousand RMB** remained unpaid and recognized as other payables[26](index=26&type=chunk) Intangible Assets Additions Table | Item | Additions for the six months ended June 30, 2025 (thousand RMB) | Additions for the six months ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Exploration and evaluation assets | 25,863 | 25,706 | | Mining rights | 157,297 | 0 | [10 Inventories](index=12&type=section&id=10%20Inventories) Total inventories increased, primarily due to growth in gold concentrate, doré, and gold bar inventories, reflecting enhanced production volumes - Total inventories increased by **11.11%** compared to the end of 2024[27](index=27&type=chunk) - The carrying amount of inventories sold increased from **3,872,711 thousand RMB** to **6,653,504 thousand RMB**, and inventory write-downs increased from **831 thousand RMB** to **1,053 thousand RMB**[28](index=28&type=chunk) Inventories Components Table | Item | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Gold ore | 70,391 | 68,182 | | Gold concentrate and doré | 1,122,674 | 1,026,615 | | Gold bars | 480,114 | 410,385 | | By-products | 28,985 | 24,564 | | Spare parts and consumables | 112,193 | 103,219 | | **Total Inventories** | **1,814,357** | **1,632,965** | [11 Trade and Other Receivables](index=13&type=section&id=11%20Trade%20and%20Other%20Receivables) Total trade and other receivables significantly increased, mainly due to substantial growth in purchase deposits and prepayments, reflecting business expansion and increased supply chain activities - Total trade and other receivables increased by **99.40%** year-on-year[29](index=29&type=chunk) - Purchase deposits (net of provision for irrecoverable amounts) significantly increased from **46,478 thousand RMB** to **362,717 thousand RMB**[29](index=29&type=chunk) - Prepayments increased from **131,872 thousand RMB** to **387,635 thousand RMB**[29](index=29&type=chunk) Trade and Other Receivables Components Table | Item | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade and bills receivables (net of loss allowance) | 161,718 | 193,477 | | Other receivables (net of loss allowance) | 36,031 | 102,970 | | Purchase deposits (net of provision for irrecoverable amounts) | 362,717 | 46,478 | | Prepayments | 387,635 | 131,872 | | **Total** | **949,630** | **476,258** | [12 Cash and Cash Equivalents and Restricted Cash](index=14&type=section&id=12%20Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) Total cash and cash equivalents and restricted cash significantly increased, reflecting enhanced liquidity, with restricted cash growth primarily from pledged deposits for letters of credit and bank acceptance bills - Total cash and cash equivalents and restricted cash increased by **82.84%** year-on-year[30](index=30&type=chunk) - Pledged deposits for bank acceptance bills significantly increased from **250,000 thousand RMB** to **685,000 thousand RMB**[30](index=30&type=chunk) Cash and Restricted Cash Components Table | Item | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Cash at bank and in hand | 435,835 | 279,985 | | Restricted cash — Pledged deposits for letters of credit | 350,000 | 265,000 | | Restricted cash — Pledged deposits for bank acceptance bills | 685,000 | 250,000 | | Restricted cash — Security deposits for environmental governance | 18,084 | 27,820 | | Restricted cash — Others | 155,872 | 76,765 | | **Total** | **1,644,791** | **899,570** | [13 Bank Borrowings](index=15&type=section&id=13%20Bank%20Borrowings) Total bank borrowings increased, with short-term borrowings accounting for the largest proportion, and secured borrowings significantly rising, reflecting the company's ability to obtain financing using assets - Total bank borrowings increased by **28.47%** year-on-year[32](index=32&type=chunk) - Secured bank borrowings increased by **100.97%** from **515,000 thousand RMB** to **1,035,000 thousand RMB**[33](index=33&type=chunk) Carrying Amount of Bank Borrowings Table | Item | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Short-term bank borrowings | 2,928,781 | 2,081,810 | | Long-term bank borrowings | 468,700 | 562,700 | | **Total Bank Borrowings** | **3,397,481** | **2,644,510** | Bank Borrowings Collateralization Table | Collateral Type | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Secured | 1,035,000 | 515,000 | | Guaranteed | 389,105 | 783,680 | | Unsecured | 1,973,376 | 1,345,830 | | **Total** | **3,397,481** | **2,644,510** | [14 Trade and Other Payables](index=17&type=section&id=14%20Trade%20and%20Other%20Payables) Total trade and other payables significantly increased, influenced by payables for mining rights, exploration rights, and dividends to shareholders, reflecting business expansion and dividend policy changes - Total current trade and other payables increased by **33.89%** year-on-year[34](index=34&type=chunk) - Payables for mining rights significantly increased from **8,460 thousand RMB** to **87,949 thousand RMB**[34](index=34&type=chunk) - New payables for exploration rights amounted to **35,787 thousand RMB**[34](index=34&type=chunk) - New dividends payable to equity holders of the Company amounted to **95,572 thousand RMB**[34](index=34&type=chunk) Trade and Other Payables Components Table | Item | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Total trade payables | 477,512 | 464,901 | | Other payables and accrued expenses | 321,861 | 283,981 | | Payables for mining rights | 87,949 | 8,460 | | Payables for exploration rights | 35,787 | — | | Dividends payable to equity holders of the Company, net of withholding tax | 95,572 | — | | **Total Current Trade and Other Payables** | **1,046,938** | **781,947** | | Total Non-current Other Payables | 511,662 | 451,993 | [15 Share Capital and Reserves](index=18&type=section&id=15%20Share%20Capital%20and%20Reserves) The Group's share capital increased through H share issuance and conversion of domestic shares to H shares, with the Board proposing an interim dividend reflecting improved profitability and shareholder returns - On January 23, 2025, **385,578,033** domestic shares were converted into H shares[38](index=38&type=chunk) - On March 18, 2025, **43,500,000** H shares were issued, raising net proceeds of approximately **211,724 thousand RMB**[38](index=38&type=chunk) - The Board recommended an interim dividend of **RMB 0.164** per share (nil for the same period in 2024), totaling **211,064 thousand RMB**[39](index=39&type=chunk) Share Capital Changes Table | Item | As of December 31, 2024 (Total Shares) | As of June 30, 2025 (Total Shares) | | :--- | :--- | :--- | | Total registered, issued and fully paid shares | 1,243,476,055 | 1,286,976,055 | | Share capital amount (thousand RMB) | 248,695 | 257,395 | Business Review and Outlook [Overall Performance Overview](index=20&type=section&id=Overall%20Performance%20Overview) In H1 2025, the Group achieved record high gold ingot production and revenue, with net profit significantly increasing due to efficient production, capacity release, and rising gold prices - Gold ingot production was approximately **10,821 kg** (approximately **347,884 ounces**), an increase of approximately **2,870 kg** (approximately **92,286 ounces**) year-on-year[41](index=41&type=chunk) - Revenue was approximately **7,792,736 thousand RMB**, an increase of approximately **82.02%** year-on-year[41](index=41&type=chunk) - Net profit was approximately **670,041 thousand RMB**, a year-on-year increase of **338.92%**[41](index=41&type=chunk) - Basic earnings per share were **RMB 0.52**, a year-on-year increase of **300%**[41](index=41&type=chunk) - As of June 30, 2025, the Group held **37** mining and exploration rights, covering an area of **216.04 square kilometers**, with total gold reserve resources of approximately **128.50 tons** (**4,131,365 ounces**)[41](index=41&type=chunk) [1. Mining Segment](index=20&type=section&id=1.%20Mining%20Segment) The mining segment achieved substantial growth in both revenue and profit, primarily driven by increased production capacity, improved beneficiation recovery rates, and higher gold prices in China and Kyrgyzstan - The mining business primarily sells gold concentrate and doré, with most sales being inter-group[42](index=42&type=chunk) [Revenue and Production](index=21&type=section&id=Revenue%20and%20Production) Total revenue for the mining segment increased by 132.00% year-on-year, with significant increases in gold concentrate and doré production, attributed to improved mine production levels and rising gold prices - Total revenue for the mining segment was approximately **1,805,199 thousand RMB**, an increase of approximately **132.00%** year-on-year[43](index=43&type=chunk) - Gold concentrate production increased by approximately **1,043 kg** to **2,499 kg**, and doré production increased by approximately **38 kg** to **386 kg**[43](index=43&type=chunk) Mining Segment Production and Sales Volume Table | Product | Unit | 2025 Production Volume | 2025 Sales Volume | 2024 Production Volume | 2024 Sales Volume | | :--- | :--- | :--- | :--- | :--- | :--- | | Gold concentrate (contained gold) | kg | 2,499 | 2,514 | 1,456 | 1,378 | | Doré | kg | 386 | 386 | 348 | 347 | | Total | kg | 2,884 | 2,900 | 1,805 | 1,725 | | Total | ounces | 92,731 | 93,243 | 58,022 | 55,465 | [Segment Performance](index=22&type=section&id=Segment%20Performance) Total profit for the mining segment increased by 270.37% year-on-year, mainly due to enhanced beneficiation capacity, cost reduction, and efficiency improvements in China, along with increased production and refined management in Kyrgyzstan - Total profit for the mining segment was approximately **1,012,131 thousand RMB**, an increase of approximately **270.37%** year-on-year[44](index=44&type=chunk)[45](index=45&type=chunk) - Profit from mining in China was approximately **949,664 thousand RMB**, an increase of approximately **255.18%** year-on-year[44](index=44&type=chunk) - Profit from mining in Kyrgyzstan significantly increased year-on-year to approximately **62,467 thousand RMB**[44](index=44&type=chunk) - The ratio of mining business segment performance to segment revenue was approximately **56.07%**, up from **35.12%** in the prior period[44](index=44&type=chunk) [2. Smelting Segment](index=23&type=section&id=2.%20Smelting%20Segment) The smelting segment turned profitable with a substantial increase in total revenue, driven by higher mining segment output, increased doré production, rising prices of precious metals and sulfuric acid, and enhanced cost control - The smelting plant is located in Henan Province and can comprehensively recover gold, silver, copper products, and sulfuric acid[46](index=46&type=chunk) [Sales and Production](index=23&type=section&id=Sales%20and%20Production) Total revenue for the smelting segment increased by 85.51% year-on-year, primarily influenced by increased output from the mining segment and higher doré production - Total revenue for the smelting segment was approximately **7,960,292 thousand RMB**, an increase of approximately **85.51%** year-on-year[47](index=47&type=chunk) - Gold ingot production from processing externally purchased doré increased from **3,148 kg** to **6,224 kg**, a growth of **97.71%**[46](index=46&type=chunk) Smelting Segment Production and Sales Volume Table | Product | Unit | 2025 Production Volume | 2025 Sales Volume | 2024 Production Volume | 2024 Sales Volume | | :--- | :--- | :--- | :--- | :--- | :--- | | Gold ingot (processed from gold concentrate) | kg | 4,597 | 4,617 | 4,802 | 4,795 | | Gold ingot (processed from externally purchased doré) | kg | 6,224 | 6,225 | 3,148 | 3,119 | | Silver | kg | 4,442 | 4,313 | 4,785 | 4,860 | | Copper products | ton | 845 | 829 | 775 | 792 | | Sulfuric acid | ton | 39,346 | 38,851 | 53,165 | 51,597 | [Segment Performance](index=24&type=section&id=Segment%20Performance) The smelting segment successfully turned a loss into a profit of 47,379 thousand RMB, primarily due to capitalizing on rising precious metal and sulfuric acid prices, alongside enhanced cost control and management - The smelting segment recorded a profit of **47,379 thousand RMB**, compared to a loss of approximately **24,444 thousand RMB** in the prior period[48](index=48&type=chunk) - Profitability was mainly attributed to seizing opportunities from rising precious metal and sulfuric acid prices, and strengthening cost control and production organization[48](index=48&type=chunk) [Consolidated Operating Results](index=24&type=section&id=Consolidated%20Operating%20Results) The Group's consolidated revenue and gross profit significantly increased, with a notable improvement in gross profit margin, driven by higher output of externally purchased doré and mining segment, rising prices, and improved profitability across segments [Revenue](index=24&type=section&id=Revenue) The Group's total revenue increased by 82.02% year-on-year, primarily driven by a substantial increase in gold ingot sales, with gold concentrate sales also growing significantly - Gold ingot sales increased by **83.94%** year-on-year, and gold concentrate sales increased by **91.19%** year-on-year[49](index=49&type=chunk) - The average selling price of gold ingots increased by **34.25%** from **RMB 517,812/kg** to **RMB 695,176/kg**[49](index=49&type=chunk) Sales Analysis by Product Category Table | Product Name | 2025 Amount (thousand RMB) | 2025 Sales Volume | 2025 Average Selling Price per Unit (RMB/kg or ton) | 2024 Amount (thousand RMB) | 2024 Sales Volume | 2024 Average Selling Price per Unit (RMB/kg or ton) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gold ingot | 7,537,559 | 10,842 kg | 695,176 | 4,097,968 | 7,914 kg | 517,812 | | Silver | 31,393 | 4,313 kg | 7,278 | 29,642 | 4,860 kg | 6,099 | | Copper products | 56,541 | 829 tons | 68,217 | 51,456 | 792 tons | 64,970 | | Sulfuric acid | 13,324 | 38,851 tons | 343 | 2,419 | 51,597 tons | 47 | | Gold concentrate | 324,016 | 471 kg | 687,208 | 169,476 | 332 kg | 510,470 | | Others | 8,611 | | | 4,463 | | | | **Revenue Before Tax** | **7,971,444** | | | **4,355,424** | | | | Less: Sales tax and surcharges | (178,708) | | | (74,196) | | | | **Total Revenue** | **7,792,736** | | | **4,281,228** | | | [Gross Profit and Gross Profit Margin](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's gross profit and gross profit margin significantly improved, primarily due to increased gross profit from Nanshan Branch, Xingyuan Company, Fujin Company, and the smelting segment turning profitable - Gross profit increased by **179.19%** year-on-year, and gross profit margin improved by **5.09** percentage points[50](index=50&type=chunk) Gross Profit and Gross Profit Margin Table | Indicator | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | | :--- | :--- | :--- | | Gross profit | 1,138,179 | 407,686 | | Gross profit margin | 14.61% | 9.52% | [Review of H1 2025](index=25&type=section&id=Review%20of%20H1%202025) In H1 2025, the Group achieved record high total revenue and net profit by focusing on cost control, efficiency, quality, and capacity expansion, capitalizing on high gold prices, and making significant progress in production, technology, management, digitalization, ESG, and internationalization - Total revenue and net profit reached new historical highs, laying a solid foundation for a new round of development[51](index=51&type=chunk) [Efficient and Orderly Production Organization, Smooth Progress of Key Projects](index=25&type=section&id=(%E4%B8%80)%20Efficient%20and%20Orderly%20Production%20Organization,%20Smooth%20Progress%20of%20Key%20Projects) In H1, the Group accelerated production, with major units like Fujin, Xingyuan, and Nanshan Branch making smooth progress in mining, infrastructure, and beneficiation plant construction, while the smelting green upgrade project entered trial operation and the new materials industrial park refinery topped out - Fujin Company rationally allocated mining faces, increasing daily ore output and grade[51](index=51&type=chunk) - Xingyuan Company added **23** mining points, continuously increasing average daily ore output[51](index=51&type=chunk) - Nanshan Branch efficiently advanced infrastructure, development, and production exploration projects, accelerating the construction of Baihua beneficiation plant and tailings pond[51](index=51&type=chunk) - The smelting branch's green upgrade project was successfully completed and entered trial operation[51](index=51&type=chunk) - The first phase of the Lingbao Gold New Materials Industrial Park refinery topped out, entering the equipment installation and commissioning phase[51](index=51&type=chunk) [Dual-Track Drive of Technological Transformation and Operational Optimization for Cost Reduction and Efficiency Improvement](index=26&type=section&id=(%E4%BA%8C)%20Dual-Track%20Drive%20of%20Technological%20Transformation%20and%20Operational%20Optimization%20for%20Cost%20Reduction%20and%20Efficiency%20Improvement) The Group achieved cost reduction and efficiency improvement through technological transformation and operational optimization, including Huatai Company's introduction of mechanized mining equipment, Xingyuan Company's innovative tailings disposal, and the smelting branch's personnel optimization and competitive mechanisms - Huatai Company introduced new semi-automatic mechanized mining equipment, increasing grinding capacity from **1,800 tons/day** to **2,200 tons/day**, a **22.2%** increase[52](index=52&type=chunk) - Huatai Company optimized the high-pressure water pump power distribution system modification plan, saving approximately **10 million RMB** in equipment investment[52](index=52&type=chunk) - Xingyuan Company completed the online auction and disposal of **950,000 tons** of tailings, extending the service life of the tailings pond[52](index=52&type=chunk) - The smelting branch's labor costs decreased by **6.62 million RMB** year-on-year, iron-silicon slag disposal costs decreased by **6.10 million RMB** year-on-year, and sulfuric acid sales net profit increased by **9.38 million RMB** in H1[52](index=52&type=chunk) - Various mines re-evaluated and adjusted industrial grades to increase resource volume and maximize resource recovery[52](index=52&type=chunk) [Orderly Advancement of Internal Reforms, Continuous Improvement in Refined Management](index=26&type=section&id=(%E4%B8%89)%20Orderly%20Advancement%20of%20Internal%20Reforms,%20Continuous%20Improvement%20in%20Refined%20Management) The Group deepened internal reforms by establishing a specialized geological exploration company, setting up an engineering management team, advancing salary reforms, streamlining structures, and successfully recruiting 83 professionals and 91 fresh graduates, while continuously strengthening cost control - Established a specialized geological exploration company to enhance mineral resource exploration effectiveness and resource assurance capabilities[53](index=53&type=chunk) - Added a professional engineering management team to strengthen full-lifecycle control of engineering construction projects[53](index=53&type=chunk) - Advanced salary reforms and "three-fixed" (fixed responsibilities, fixed positions, fixed personnel) work at headquarters and subsidiaries, achieving precise control of human resource costs and upgrading the full-staff performance incentive system[54](index=54&type=chunk) - Successfully recruited **83** professional talents, including **27** core technical talents, through a special talent introduction program[54](index=54&type=chunk) - Hired **91** fresh graduates, with **49** in geology, surveying, and mining-related majors[54](index=54&type=chunk) - Strengthened dynamic control over key links such as engineering design, production operations, material procurement, material consumption, and expense expenditures, promoting refined management of production costs[54](index=54&type=chunk) - The share award scheme was approved by the general meeting of shareholders on August 5 and will be implemented[55](index=55&type=chunk) [Deepening Digital Transformation, New Breakthroughs in 3D Digital Mine Construction](index=27&type=section&id=(%E5%9B%9B)%20Deepening%20Digital%20Transformation,%20New%20Breakthroughs%20in%203D%20Digital%20Mine%20Construction) The Group fully advanced digital transformation, completing the overall plan design, with 3 out of 11 digital projects implemented, launching the Lingjin AI Lab, building an enterprise-level AI knowledge base, and piloting AI-assisted office in finance and HR, while deepening MES system application and achieving 3D collaborative design at Huatai Company - Completed the overall plan design for digital transformation, with **3** out of **11** digital projects successfully implemented[56](index=56&type=chunk) - Launched the Lingjin AI Lab project, deployed localized AI large models, built an enterprise-level AI knowledge base, and piloted AI-assisted office in finance and HR[56](index=56&type=chunk) - Deepened MES system application, launched the second phase of the BI and data visualization system project, and successfully launched the first phase of the asset management system[57](index=57&type=chunk) - Huatai Company achieved 3D collaborative design for geology, surveying, and mining professionals, fully applying digital technology[57](index=57&type=chunk) [Comprehensive Improvement in ESG Governance, Stable Safety and Environmental Operations](index=28&type=section&id=(%E4%BA%94)%20Comprehensive%20Improvement%20in%20ESG%20Governance,%20Stable%20Safety%20and%20Environmental%20Operations) The Group comprehensively improved ESG governance, launched a "Beautiful Mine Construction Project" pilot, increased safety and environmental investments, advanced the construction of a comprehensive safety management platform and mine equipment upgrades, and actively fulfilled social responsibilities through various donations - Launched the "Beautiful Mine Construction Project," with Nanshan Branch as the first pilot[58](index=58&type=chunk) - Invested a cumulative **23.37 million RMB** in safety and environmental protection, focusing on the construction of the Lingjin comprehensive safety management platform[58](index=58&type=chunk) - Implemented a safety confirmation system for underground mining operations and improved the safety management assessment and incentive mechanism[58](index=58&type=chunk) - Donated **10 million RMB** for the reconstruction of village roads in Zhuyang Town, Lingbao City[59](index=59&type=chunk) - Donated smart eye-protection lamps, energy-saving air conditioners, and advanced integrated teaching machines worth over **500,000 RMB** to five primary and secondary schools in Lingbao City[59](index=59&type=chunk) - Donated **100,000 RMB** to the judicial assistance public fund of the Lingbao City Procuratorate[59](index=59&type=chunk) [Steady Progress in Internationalization](index=29&type=section&id=(%E5%85%AD)%20Steady%20Progress%20in%20Internationalization) The Group steadily advanced its internationalization process, establishing a standardized overseas project database, successfully completing a strategic investment in an Oceania gold mine project, and initially building an overseas business network covering Asia, Africa, and Oceania - Established a standardized overseas project database and improved full-process management of M&A information[60](index=60&type=chunk) - Successfully completed a strategic investment in an Oceania gold mine project[60](index=60&type=chunk) - Initially built an overseas business network covering Asia, Africa, and Oceania[60](index=60&type=chunk) [Outlook for H2 2025](index=29&type=section&id=Outlook%20for%20H2%202025) In H2, the Group will maintain strategic focus, capitalize on rising gold prices and favorable policies, accelerate key projects, deepen reforms, enhance operational efficiency, optimize cost structure, expedite internationalization and digitalization, and uphold safety and environmental standards for stable development [Strengthening Production Organization for Steady Performance Growth](index=29&type=section&id=(%E4%B8%80)%20Strengthening%20Production%20Organization%20for%20Steady%20Performance%20Growth) In H2, the Group will continue to seize opportunities from high gold prices, advance exploration, reserve enhancement, capacity expansion, and technological transformation projects, strengthen production scheduling, and consolidate operating results for steady performance growth - Seize opportunities from high gold prices, advance exploration, reserve enhancement, capacity expansion, and technological transformation projects[61](index=61&type=chunk) [Implementing Prospecting Breakthrough Actions to Continuously Solidify the Foundation for Industrial Development](index=30&type=section&id=(%E4%BA%8C)%20Implementing%20Prospecting%20Breakthrough%20Actions%20to%20Continuously%20Solidify%20the%20Foundation%20for%20Industrial%20Development) The Group will leverage its geological exploration company to intensify independent prospecting efforts, introduce advanced technologies, and accelerate key exploration projects and deep exploration to ensure resource continuity and sustainable development - Rely on the geological exploration company to intensify independent prospecting efforts, introducing advanced prospecting concepts and technologies[62](index=62&type=chunk) - Accelerate the advancement of key exploration projects, deep exploration, and exploration planning work[62](index=62&type=chunk) [Focusing on Key Projects to Expand New Development Space](index=30&type=section&id=(%E4%B8%89)%20Focusing%20on%20Key%20Projects%20to%20Expand%20New%20Development%20Space) The Group will accelerate the construction of key projects for major production units, including Nanshan Branch, Xingyuan Company, Huatai Company, Fujin Company, Jinchan Company, and the Smelting Branch, covering infrastructure, beneficiation plants, tailings ponds, technological upgrades, and green transformation - Accelerate the construction of Nanshan Branch's Qiangma infrastructure project, Baihua beneficiation plant, and new tailings pond project[62](index=62&type=chunk) - Advance Xingyuan Company's Shangshanghe-Laowan mining section infrastructure project, new tailings pond project, and preliminary feasibility study for a new beneficiation plant project[62](index=62&type=chunk) - Advance Huatai Company's 3D digital mine construction, optimization of mining methods, and new tailings pond project[62](index=62&type=chunk) - Advance the Smelting Branch's iron-silicon slag disposal and green upgrade project[62](index=62&type=chunk) [Improving Overseas Project Management, Steadily Advancing Internationalization Strategy](index=30&type=section&id=(%E5%9B%9B)%20Improving%20Overseas%20Project%20Management,%20Steadily%20Advancing%20Internationalization%20Strategy) The Group will actively advance the screening, inspection, tracking, and implementation of key overseas projects, strengthen new project information collection, expand its partner network, and establish a comprehensive risk management system for overseas investments, aiming to complete key M&A projects in target regions - Actively advance the screening, inspection, tracking, and implementation of key overseas projects[62](index=62&type=chunk) - Strengthen new project information collection and expand connections with domestic and international mining companies and investment institutions[62](index=62&type=chunk) - Establish and improve a comprehensive risk management system covering the entire process of overseas investments[62](index=62&type=chunk) - Aim to complete key M&A projects in target regions in H2[62](index=62&type=chunk) [Deepening Application Synergy, Advancing Digital Strategy Implementation](index=31&type=section&id=(%E4%BA%94)%20Deepening%20Application%20Synergy,%20Advancing%20Digital%20Strategy%20Implementation) The Group will comprehensively advance the iteration and upgrade of MES and BI systems, promote 3D digitalization in geology and surveying at mine units, accelerate AI and data team building, deploy AI knowledge base systems, and explore innovative applications of RPA and AI in finance and other business scenarios - Comprehensively advance the iteration and upgrade of MES and BI systems, achieving deep application and value realization[63](index=63&type=chunk) - Mine units will vigorously promote 3D digitalization in geology and surveying, achieving full-element data collection, visualization, and full-lifecycle application[63](index=63&type=chunk) - Accelerate AI and data team building, deploy AI knowledge base systems, and explore innovative applications of RPA and AI technologies in finance and other business scenarios[63](index=63&type=chunk) [Comprehensive Cost Reduction and Control to Forge New Cost Advantages](index=31&type=section&id=(%E5%85%AD)%20Comprehensive%20Cost%20Reduction%20and%20Control%20to%20Forge%20New%20Cost%20Advantages) The Group will precisely target key breakthroughs in cost optimization, analyze cost composition across all dimensions, implement precise measures to control fixed costs, dynamically optimize variable costs, and uncover hidden cost optimization opportunities to enhance refined cost management - Build a comprehensive cost control system, analyzing cost composition across all dimensions including production operations, investment construction, technological innovation, safety, and environmental protection[63](index=63&type=chunk) - Implement precise measures to control fixed costs, dynamically optimize variable costs, and uncover hidden cost optimization opportunities[63](index=63&type=chunk) - The engineering management team will strengthen full-lifecycle project control to ensure cost input translates into economic benefits[63](index=63&type=chunk) [Upholding Safety and Environmental Bottom Line, Ensuring Stable Production Operations](index=31&type=section&id=(%E4%B8%83)%20Upholding%20Safety%20and%20Environmental%20Bottom%20Line,%20Ensuring%20Stable%20Production%20Operations) The Group will focus on the three-year action plan for fundamental safety production improvements, strictly investigate hidden hazards, manage dangerous operations, strengthen mine management, and improve online monitoring of tailings ponds to eliminate major risks - Focus on the three-year action plan for fundamental safety production improvements, strictly investigate hidden hazards, and strictly manage dangerous operations[63](index=63&type=chunk) - Improve online monitoring of tailings ponds to ensure major hazards are eliminated and risks are fully controlled[63](index=63&type=chunk) - Fully launch the comprehensive safety management platform to achieve intelligent full-process supervision[63](index=63&type=chunk) Financial Review [Liquidity and Financial Resources](index=32&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity significantly improved, with a substantial increase in cash and cash equivalents, an enhanced current ratio, and a stable gearing ratio, planning further reductions in gearing and improved financing capabilities - Restricted cash, cash and cash equivalents increased by **82.84%** year-on-year[64](index=64&type=chunk) - The current ratio improved from **99.45%** to **108.66%**, indicating improved liquidity[64](index=64&type=chunk) - Unutilized unsecured bank facilities amounted to approximately **787,150 thousand RMB**[65](index=65&type=chunk) - Plans to reduce the gearing ratio and enhance financing capabilities through refined management, optimized fund allocation, reasonable supply chain financing, optimized financing structure, and placement of new H shares[66](index=66&type=chunk)[67](index=67&type=chunk) Liquidity and Financial Resources Overview Table | Indicator | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Restricted cash, cash and cash equivalents | 1,644,791 | 899,570 | | Total equity | 3,940,520 | 3,158,184 | | Current assets | 4,481,195 | 3,008,793 | | Current liabilities | 4,124,042 | 3,025,313 | | Current ratio | 108.66% | 99.45% | | Outstanding bank and other borrowings | 3,397,481 | 2,644,510 | | Gearing ratio | 37.54% | 36.65% | [Pledges and Guarantees](index=33&type=section&id=Pledges%20and%20Guarantees) Details of the Group's pledges and guarantees, primarily related to bank borrowings, are disclosed in Note 13 to the financial statements - Details of pledges and guarantees are referred to Note 13 — Bank Borrowings in the financial statements[68](index=68&type=chunk) [Market Risks](index=33&type=section&id=Market%20Risks) The Group faces market risks from fluctuations in gold and other commodity values, interest rates, and foreign currency exchange rates, strictly prohibiting speculative use of commodity derivatives - Faces risks from fluctuations in gold prices and other commodity values, with products sold at market prices[69](index=69&type=chunk)[70](index=70&type=chunk) - Strictly prohibits the use of commodity derivatives or futures for speculative purposes; all commodity derivatives are used to hedge against potential fluctuations[70](index=70&type=chunk) - Faces risks from fluctuations in debt interest rates, with People's Bank of China interest rate adjustments potentially affecting financing costs[71](index=71&type=chunk) - Primarily transacts in RMB, but some bank deposits, trade receivables, trade payables, and bank loans are denominated in foreign currencies (mainly USD), exposing the Group to exchange rate risks[72](index=72&type=chunk) [Contractual Obligations](index=34&type=section&id=Contractual%20Obligations) The Group's total capital commitments increased, primarily related to contracted costs not yet provided for in the financial statements - As of June 30, 2025, total capital commitments were approximately **29,555 thousand RMB**, an increase of approximately **11,984 thousand RMB** year-on-year[74](index=74&type=chunk) [Capital Expenditure](index=34&type=section&id=Capital%20Expenditure) The Group's capital expenditure significantly increased, mainly for mine construction, renewal of mining rights, and upgrades of production equipment, reflecting continuous investment in infrastructure and production capacity - Capital expenditure for the period was approximately **402,720 thousand RMB**, an increase of approximately **39.81%** year-on-year[75](index=75&type=chunk) - Capital expenditure primarily involved mine construction, renewal of mining rights for subsidiaries, development project equipment, and upgrades of production equipment[75](index=75&type=chunk) [Contingent Liabilities](index=34&type=section&id=Contingent%20Liabilities) As of the end of the reporting period, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[76](index=76&type=chunk) [Human Resources](index=34&type=section&id=Human%20Resources) The Group's employee count slightly increased, with remuneration policies based on merit, seniority, and competence, focusing on employee training, development, and incentive policies - As of June 30, 2025, the Group had **3,655** employees, a slight increase from **3,618** at the end of 2024[77](index=77&type=chunk) - Remuneration policies are determined based on employee merit, seniority, and competence[77](index=77&type=chunk) - Provides induction training, on-the-job training, and remuneration incentive policies[77](index=77&type=chunk) [Funding and Treasury Policies](index=35&type=section&id=Funding%20and%20Treasury%20Policies) The Group maintains prudent funding and treasury policies, depositing surplus funds with licensed financial institutions and closely monitoring liquidity to ensure operational working capital needs are met - Maintains prudent funding and treasury policies, depositing surplus funds with licensed banks and financial institutions[78](index=78&type=chunk) - The Board closely monitors liquidity to ensure funding needs are met[78](index=78&type=chunk) [Material Investments](index=35&type=section&id=Material%20Investments) As of the end of the reporting period, the Group held no material investments - As of June 30, 2025, the Group held no material investments[79](index=79&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=35&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) As of the end of the reporting period, the Group had no material acquisitions or disposals of subsidiaries or associates - As of June 30, 2025, there were no material acquisitions or disposals of subsidiaries or associates[80](index=80&type=chunk) [Future Plans for Material Investments or Capital Assets](index=35&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Except as disclosed elsewhere in this announcement, the Group has no other future plans for material acquisitions, investments, or capital assets as of the date of this announcement - Except as disclosed, there are no other future plans for material acquisitions, investments, or capital assets[81](index=81&type=chunk) [Events After Reporting Period](index=35&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the period-end up to the date of this announcement - No significant events occurred after the period-end up to the date of this announcement[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares, and the Company held no treasury shares - No purchase, sale, or redemption of the Company's listed securities occurred during the period[83](index=83&type=chunk) - As of June 30, 2025, the Company held no treasury shares[83](index=83&type=chunk) [Interim Dividend](index=35&type=section&id=Interim%20Dividend) The Board recommended an interim dividend of RMB 0.164 per share, detailing tax arrangements for H share shareholders and periods for closure of the register of members - The Board recommended an interim dividend of **RMB 0.164** per share (H1 2024: nil)[84](index=84&type=chunk) - The interim dividend is expected to be paid on or about October 22, 2025, subject to shareholder approval[84](index=84&type=chunk) [Dividend Tax Arrangements](index=35&type=section&id=Dividend%20Tax%20Arrangements) The Company will withhold enterprise income tax at a 10% rate for non-resident enterprise H share shareholders and individual income tax for H share individual shareholders based on tax treaties between their resident countries/regions and China - Before distributing interim dividends to non-resident enterprise H share shareholders, enterprise income tax will be withheld at a **10%** rate[84](index=84&type=chunk) - Individual income tax rates for H share individual shareholders depend on tax treaties between their resident countries/regions and China, potentially **10%**, below **10%** (requiring refund application), above **10%** but below **20%**, or **20%**[86](index=86&type=chunk) [Closure of Register of Members](index=37&type=section&id=Closure%20of%20Register%20of%20Members) To determine H share shareholders eligible to attend and vote at the EGM, the Company will close its register of members from September 12 to September 17, 2025; for interim dividend eligibility, it will be closed from September 23 to September 28, 2025 - To determine H share shareholders eligible to attend and vote at the extraordinary general meeting, the register of members will be closed from **September 12 to September 17, 2025**[88](index=88&type=chunk) - To determine H share shareholders eligible for the interim dividend, the register of members will be closed from **September 23 to September 28, 2025**[89](index=89&type=chunk) Corporate Governance and Others [Corporate Governance](index=37&type=section&id=Corporate%20Governance) The Company is committed to maintaining high standards of corporate governance, having adopted relevant code provisions of the Corporate Governance Code and confirming compliance with all applicable provisions during the period - Adopted relevant code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules[90](index=90&type=chunk) - The Board believes that all applicable code provisions of the Corporate Governance Code were complied with during the period[91](index=91&type=chunk) [Standard Code for Securities Transactions](index=38&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted the Standard Code for Securities Transactions as a code of conduct for directors, supervisors, and employees with inside information, confirming compliance by all directors and supervisors during the period - Adopted the Standard Code set out in Appendix C3 of the Listing Rules as a code of conduct for directors, supervisors, and employees with inside information regarding securities transactions[92](index=92&type=chunk) - All directors and supervisors confirmed compliance with the Standard Code during the period, with no breaches by employees identified[92](index=92&type=chunk) [Audit Committee](index=38&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors and one non-executive director, reviewed this interim financial report, which was also reviewed by external auditors in accordance with HKSRS 2410 - The Audit Committee comprises four independent non-executive directors and one non-executive director[93](index=93&type=chunk) - The Audit Committee reviewed the unaudited interim financial report for the six months ended June 30, 2025[93](index=93&type=chunk) - External auditors reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[93](index=93&type=chunk) [Publication of Results Announcement and Interim Report](index=38&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX and company websites, with the 2025 interim report to be dispatched to shareholders and published online in due course - The results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.irasia.com/listco/hk/lingbao)[94](index=94&type=chunk) - The 2025 interim report will be dispatched to shareholders and published on the website in due course[94](index=94&type=chunk) [Board of Directors](index=39&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises five executive directors, two non-executive directors, and four independent non-executive directors - The Board of Directors includes five executive directors, two non-executive directors, and four independent non-executive directors[96](index=96&type=chunk)

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

| 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 相生指数 | 25524.92 | -1.18% | | 国企指数 | 9148.66 | -1.07% | | 红筹指数 | 4343.85 | -1.02% | 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯：北京时间8月26日16:00，恒生指数收盘下跌304.99点，跌幅为1.18%，报收25524.92点；国 企指数收盘下跌99.34点，跌幅为1.07%，报收9148.66点；红筹指数收盘下跌44.65点，跌幅为1.02%，报 收4343.85点。南向资金当日净流入165.73亿港元。东方甄选跌超11%，蔚来、君实生物跌超6%，中兴 通讯跌近6%，碧桂园跌超5%；中国黄金国际涨超10%，灵宝黄金涨超9%。 （记者 胡玲） ...

消息面上，美联储主席鲍威尔周五在杰克逊霍尔全球央行年会上表示，美国就业市场面临的下行风险上 升，风险的平衡转变可能使得美联储调整政策立场成为恰当之举。这是鲍威尔迄今为止发出的最强烈的 信号，暗示美联储最早将于9月降息。华鑫证券指，美联储仍处于降息周期，鲍威尔发言为贵金属市场 注入强心剂，看好黄金价格进一步上涨。另值得关注的是，据报道，特朗普在社交媒体高调宣布，解除 美联储理事丽莎·库克（Lisa Cook）职务"立即生效"，此举引发对联储独立性的担忧。 黄金股再度走高，截至发稿，中国黄金（600916）国际(02099)涨6.46%，报94.8港元；灵宝黄金(03330) 涨6.08%，报12.22港元；招金矿业(01818)涨3.78%，报22.5港元；山东黄金（600547）(01787)涨 3.54%，报28.66港元。 ...