致：香港交易及結算所有限公司 公司名稱: 南京中生聯合股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03332 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 946,298,370 | RMB | | 0.1 RMB | | 94,629,837 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 946,298,370 | RMB | | 0.1 RMB | | 94,629,837 | 本月底法定/註冊股本總額： RMB 94,629,837 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section outlines the company's governance structure, including directors, committees, and key contact information [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) This section lists the company's executive and independent non-executive directors, along with the composition of its audit, remuneration, nomination, and strategy and development committees - Executive Directors include Mr. Gui Pinghu (Chairman), Ms. Zhang Yuan (CEO), and Ms. Zhu Feifei[2](index=2&type=chunk)[3](index=3&type=chunk) - Independent Non-Executive Directors include Mr. Yu Bo, Mr. Ye Bangyin, and Mr. Cheng Jianming[2](index=2&type=chunk)[3](index=3&type=chunk) - Mr. Ye Bangyin chairs the Audit Committee, Mr. Cheng Jianming chairs the Remuneration Committee, Mr. Yu Bo chairs the Nomination Committee, and Mr. Gui Pinghu chairs the Strategy and Development Committee[3](index=3&type=chunk)[4](index=4&type=chunk) [Company Contacts and Advisers](index=3&type=section&id=Company%20Contacts%20and%20Advisers) This section provides details on the company's joint company secretaries, registered office, Hong Kong principal place of business, authorized representatives, legal advisers, H-share registrar, principal bankers, and auditor - Joint Company Secretaries are Ms. Zhi Hui and Mr. You Zilin[3](index=3&type=chunk)[4](index=4&type=chunk) - The company's registered office and headquarters are in Nanjing, Jiangsu Province, China, with its principal place of business in Hong Kong at 40/F, Jardine House, 1 Connaught Place[3](index=3&type=chunk)[4](index=4&type=chunk) - The auditor is Ernst & Young, and the stock code is **3332**[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance indicators for the first half of 2025 [2025 First Half Financial Highlights](index=5&type=section&id=2025%20First%20Half%20Financial%20Highlights) The company's financial performance declined in the first half of 2025, with year-on-year decreases in revenue, gross profit, and profit for the period, reduced basic earnings per share, and no interim dividend declared 2025 First Half Financial Highlights | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 332.4 | 370.2 | -10.2% | | Gross Profit | 243.4 | 268.7 | -9.4% | | Profit for the Period | 15.3 | 33.4 | -54.2% | | Basic Earnings Per Share | 1.62 cents | 3.53 cents | -54.0% | - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[10](index=10&type=chunk) [Product Information](index=6&type=section&id=Product%20Information) This section details the company's extensive 'Good Health' product line, encompassing a wide range of nutritional supplements and health foods [Good Health Series](index=6&type=section&id=Good%20Health%20Series) The company's primary product line, 'Good Health,' offers a diverse range of nutritional and health supplements, including oyster essence, propolis, high calcium, CoQ10, grapeseed, glucosamine, green-lipped mussel, milk thistle, fish oil, bilberry lutein, collagen, stomach powder, immune powder, cranberry evening primrose oil, nasal capsules, throat lozenges, lactoferrin milk powder, probiotics, calcium-iron-zinc nutritional packs, and various children's products - The 'Good Health' series features a rich product line, including adult health supplements such as oyster essence capsules, propolis capsules, high calcium liquid calcium and vitamin D, CoQ10 capsules, grapeseed 55,000 capsules, glucosamine capsules, green-lipped mussel 6000 capsules, milk thistle capsules, fish oil capsules, high-concentration fish oil capsules, bilberry lutein capsules, and collagen capsules[13](index=13&type=chunk)[14](index=14&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - It also includes specialized functional products like stomach powder, Vilex Immune Powder, cranberry evening primrose oil capsules, Vilex Nasal Capsules, Vilex Throat Lozenges, lactoferrin milk powder, Little Monkey Lactoferrin Powder, Vilmin Compound Powder, and lactase milk powder[22](index=22&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) - Children's series products include calcium-iron-zinc nutritional packs, probiotic solid beverages, children's vision chewable tablets, children's immunity chewable tablets, children's growth chewable tablets, children's magnesium chewable tablets, children's algal oil DHA capsules, children's vision lutein chewable tablets, and gummy candy series[25](index=25&type=chunk)[26](index=26&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review and analysis of the group's business operations, financial performance, and future outlook [Business Review](index=11&type=section&id=Business%20Review) In the first half of 2025, the group's performance declined due to global economic slowdown, trade policy uncertainties, and intensified industry competition, with revenue decreasing by 10.2% and profit by 54.2%, while the group focused on cross-border e-commerce for its 'Good Health' brand, enhancing promotion on platforms like Douyin and launching 11 new products - In the first half of 2025, the group's revenue was approximately **RMB 332.4 million**, a year-on-year decrease of **10.2%**[32](index=32&type=chunk)[35](index=35&type=chunk) - Profit for the period was approximately **RMB 15.3 million**, a year-on-year decrease of **54.2%**[32](index=32&type=chunk)[35](index=35&type=chunk) - The group focused on the 'Good Health' brand's cross-border e-commerce business, implementing a combined strategy of influencer marketing, external promotion, and live streaming on Douyin, alongside brand building and sales promotion through distributors, pharmacies, duty-free shops, and e-commerce platforms[33](index=33&type=chunk)[36](index=36&type=chunk) - For the six months ended June 30, 2025, the group launched **11 new products**, comprising **9** from the 'Good Health' series and **2** from the 'Living Nature' series[34](index=34&type=chunk)[36](index=36&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This section provides a detailed review of the group's financial performance for the first half of 2025, including specific data and reasons for changes in revenue, gross profit, other income and gains, selling and distribution expenses, administrative expenses, income tax expense, and profit for the period [Results Overview](index=12&type=section&id=Results%20Overview) In the first half of 2025, the group experienced significant declines in both revenue and profit, with a corresponding reduction in earnings per share 2025 First Half Performance Overview | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 332.4 | 370.2 | -10.2% | | Profit for the Period | 15.3 | 33.4 | -54.2% | | Earnings Per Share | 1.62 cents | 3.53 cents | -54.0% | [Revenue Analysis](index=12&type=section&id=Revenue%20Analysis) The decrease in revenue is primarily attributed to reduced income from infant and child products sold through mainland China distributor platforms - Revenue for the first half of 2025 was approximately **RMB 332.4 million**, a decrease of approximately **RMB 37.8 million** or **10.2%** compared to the first half of 2024[40](index=40&type=chunk)[44](index=44&type=chunk) - The decrease in revenue was primarily due to lower income generated from infant and child products sold through domestic distributor platforms for the six months ended June 30, 2025[40](index=40&type=chunk)[44](index=44&type=chunk) [Gross Profit Analysis](index=12&type=section&id=Gross%20Profit%20Analysis) Gross profit decreased by 9.4% year-on-year, but the gross profit margin remained stable at approximately 73.2% Gross Profit and Gross Profit Margin | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Gross Profit | 243.4 | 268.7 | -9.4% | | Gross Profit Margin | 73.2% | 72.6% | +0.6% | [Other Income and Gains](index=12&type=section&id=Other%20Income%20and%20Gains) Other income and gains, primarily comprising rental income, government grants, and bank interest income, saw a slight year-on-year increase, mainly driven by higher bank interest income Other Income and Gains | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Other Income and Gains | 3.8 | 3.5 | +8.6% | - The increase was primarily due to higher bank interest income[42](index=42&type=chunk)[46](index=46&type=chunk) [Operating Expenses](index=13&type=section&id=Operating%20Expenses) Selling and distribution expenses increased by 2.4% year-on-year, rising to 7.1% of sales revenue, mainly due to increased investment in cross-border e-commerce promotion and staff expansion, while administrative expenses decreased by 2.4% year-on-year, with its proportion to sales revenue remaining largely stable Operating Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 190.7 | 186.3 | +2.4% | | Selling and Distribution Expenses as % of Revenue | 57.4% | 50.3% | +7.1% | | Administrative Expenses | 36.5 | 37.4 | -2.4% | | Administrative Expenses as % of Revenue | 11.0% | 10.1% | +0.9% | - The increase in selling and distribution expenses was primarily due to the group's continued vigorous development of the 'Good Health' brand's cross-border e-commerce channel business in the Chinese market, increased investment in sales promotion resources, and an expanded headcount in the cross-border e-commerce department[47](index=47&type=chunk)[50](index=50&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) Income tax expense significantly decreased year-on-year, primarily due to a decline in the pre-tax profit of the New Zealand subsidiary, Good Health Products Limited Income Tax Expense | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Income Tax Expense | 2.5 | 6.9 | -63.8% | - The decrease in income tax expense was primarily attributable to the lower pre-tax profit of Good Health Products Limited, one of the company's New Zealand subsidiaries, for the six months ended June 30, 2025, compared to the same period last year[49](index=49&type=chunk)[52](index=52&type=chunk) [Profit for the Period](index=14&type=section&id=Profit%20for%20the%20Period) The combined effect of decreased revenue and an increased proportion of selling and distribution expenses led to a 54.2% year-on-year decline in profit for the period in the first half of 2025, with the profit margin falling from 9.0% to 4.6% Profit for the Period and Profit Margin | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Profit for the Period | 15.3 | 33.4 | -54.2% | | Profit Margin | 4.6% | 9.0% | -4.4% | - The decline in profit was primarily due to the combined impact of reduced revenue and an increased proportion of selling and distribution expenses relative to sales revenue[54](index=54&type=chunk)[57](index=57&type=chunk) [Other Comprehensive Income](index=14&type=section&id=Other%20Comprehensive%20Income) In the first half of 2025, the group recorded exchange gains of approximately **RMB 13.7 million**, primarily due to a significant appreciation of the New Zealand Dollar against the Renminbi, contrasting with an exchange loss in the prior period Exchange Differences | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Exchange differences on translation of foreign operations | 13.7 (gain) | -2.5 (loss) | - The exchange gain was primarily due to a significant appreciation of the New Zealand Dollar against the Renminbi[55](index=55&type=chunk)[58](index=58&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the group's cash flows, inventories, trade receivables, trade payables, foreign exchange risk, borrowings and asset pledges, gearing ratio, and capital expenditure and commitments [Cash Flow](index=14&type=section&id=Cash%20Flow) As of June 30, 2025, the group's cash and cash equivalents increased by approximately **RMB 31.6 million** compared to the end of 2024, primarily driven by net cash inflows from operating activities, financing activities, and exchange rate effects Changes in Cash and Cash Equivalents | Item | Amount (RMB million) | | :--- | :--- | | Increase in cash and cash equivalents from beginning to end of period | 31.6 | | Net cash inflow from operating activities | 9.5 | | Net cash outflow from investing activities | -0.03 | | Net cash inflow from financing activities | 17.7 | | Cash inflow from exchange rate effects | 4.4 | [Working Capital](index=15&type=section&id=Working%20Capital) Inventories decreased by 5.5%, mainly due to increased raw material demand from e-commerce channel development and enhanced procurement management; trade receivables increased by 49.2%, primarily from growth in cross-border e-commerce platform sales; and trade payables increased by 39.8% to meet increased production capacity needs for core products driven by cross-border e-commerce sales growth Changes in Working Capital Metrics | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Inventories | 112.5 | 119.1 | -5.5% | | Trade Receivables | 62.5 | 41.9 | +49.2% | | Trade Payables | 17.9 | 12.8 | +39.8% | - The decrease in inventories was primarily due to the vigorous development of the 'Good Health' e-commerce channel, leading to increased raw material usage to meet second-half e-commerce sales demand, coupled with strengthened raw material procurement management[60](index=60&type=chunk)[63](index=63&type=chunk) - The increase in trade receivables was mainly due to growth in sales revenue from cross-border e-commerce channels, particularly the increase in receivables from e-commerce platforms[61](index=61&type=chunk)[64](index=64&type=chunk) - The growth in trade payables was primarily due to the continuous increase in cross-border e-commerce sales, leading to increased procurement of raw materials required for production to boost output of certain core products in response to market demand[62](index=62&type=chunk)[65](index=65&type=chunk) [Debt and Gearing](index=16&type=section&id=Debt%20and%20Gearing) As of June 30, 2025, the group incurred new borrowings of **RMB 20 million** at an annual interest rate of **2.6%**, pledging approximately **RMB 1.5 million** in property as collateral, with the gearing ratio increasing to **21.1%** Borrowings and Gearing Ratio | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Borrowings | 20.0 | 0 | | Annual Interest Rate on Borrowings | 2.6% | - | | Net Book Value of Pledged Property | 1.5 | 0 | | Gearing Ratio | 21.1% | 18.7% | - The group has not adopted any hedging or alternative policies to manage foreign exchange risk, considering its exposure manageable[67](index=67&type=chunk)[72](index=72&type=chunk) [Capital Expenditure and Commitments](index=16&type=section&id=Capital%20Expenditure%20and%20Commitments) Capital expenditure for the first half of 2025 significantly decreased to **RMB 0.3 million**, with no material capital commitments or contingent liabilities Capital Expenditure | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Additions to Property, Plant and Equipment | 0.3 | 5.8 | - As of June 30, 2025, the group had no material capital commitments or contingent liabilities[71](index=71&type=chunk)[76](index=76&type=chunk) [Outlook](index=17&type=section&id=Outlook) For the second half of 2025, the global economy is expected to continue its trend of slowing growth, increasing regional divergence, trade fragmentation, and policy uncertainty, while China's economy faces structural breakthroughs and domestic demand challenges, but supply-side reform 2.0, accelerated commercialization of tech manufacturing (e.g., AI terminals, drones), stable employment, expanded domestic demand, high-level opening-up, and green low-carbon development policies will inject new vitality into high-quality development - In the first half of 2025, the global economy exhibited a complex landscape of escalating risks and uneven recovery, with global economic growth slowing and major institutions generally lowering their full-year growth forecasts[77](index=77&type=chunk)[79](index=79&type=chunk) - China's economy achieved better-than-expected growth amidst internal and external pressures but still faces challenges such as unresolved deflationary pressure, increasing employment pressure, and insufficient consumer confidence[77](index=77&type=chunk)[79](index=79&type=chunk) - In the second half of 2025, China's economic development will confront challenges of structural breakthroughs and domestic demand strengthening, but policies such as supply-side reform 2.0, accelerated commercialization of technology manufacturing (e.g., AI terminals, drones), stable employment, expanded domestic demand, high-level opening-up, and green low-carbon development will inject new vitality[78](index=78&type=chunk)[80](index=80&type=chunk) - The group's key priorities for the second half include vigorously developing e-commerce platforms to expand sales, optimizing promotion strategies, and accelerating new product R&D; strengthening supply chain management, developing quality suppliers, enhancing production capacity, and shortening production and procurement cycles; and optimizing promotional expenses to improve overall profitability[82](index=82&type=chunk)[84](index=84&type=chunk) [Human Resources Management](index=18&type=section&id=Human%20Resources%20Management) The group considers high-quality employees a key asset for success, providing regular training and corporate culture education, along with competitive compensation and benefits; as of June 30, 2025, the group employed **481** staff, with total salaries and related costs amounting to approximately **RMB 51.5 million** - The group continuously enhances employees' knowledge and skills in nutritional supplements, maternal and infant nutrition, and cross-border e-commerce operations and promotion through comprehensive training and corporate culture education[82](index=82&type=chunk)[83](index=83&type=chunk) - As of June 30, 2025, the group employed **481** staff (**350** in China, **128** in New Zealand, and **3** in Australia)[82](index=82&type=chunk)[83](index=83&type=chunk) Salaries and Related Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Total Salaries and Related Costs | 51.5 | 51.7 | [Other Information](index=18&type=section&id=Other%20Information) This section covers shareholding details, securities transactions, director and supervisor information, corporate governance, investments, and interim dividend policy [Shareholding Information](index=19&type=section&id=Shareholding%20Information) This section discloses the interests and short positions of directors, supervisors, senior management, and substantial shareholders in the company's shares and related shares [Directors', Supervisors' and Chief Executives' Interests](index=19&type=section&id=Directors%27%2C%20Supervisors%27%20and%20Chief%20Executives%27%20Interests) As of June 30, 2025, Executive Director Mr. Gui Pinghu held a **54.84%** H-share interest in the company, with his spouse Ms. Wu Yanmei holding **5.60%**, and other directors and supervisors also holding minor H-share interests Shareholding of Directors, Supervisors, and Senior Management (June 30, 2025) | Name | Capacity | Nature of Interest | Class of Shares | Number of Shares Held | Approximate % of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Gui Pinghu | Director | Beneficial Owner | H Shares | 518,937,108 | 54.84 | | Mr. Gui Pinghu | Director | Spouse's Interest | H Shares | 52,965,000 | 5.60 | | Ms. Zhang Yuan | Director | Beneficial Owner | H Shares | 6,817,550 | 0.72 | | Ms. Zhu Feifei | Director | Beneficial Owner | H Shares | 659,340 | 0.07 | | Ms. Yu Min | Supervisor | Beneficial Owner | H Shares | 409,340 | 0.04 | [Substantial Shareholders' Interests](index=21&type=section&id=Substantial%20Shareholders%27%20Interests) As of June 30, 2025, in addition to directors and supervisors, Ms. Wu Yanmei, Mr. Gui Ke, Derun Group (International) Holdings Limited, and its associates were substantial shareholders, holding **5%** or more of the company's shares Shareholding of Substantial Shareholders (June 30, 2025) | Name/Entity | Nature of Interest | Class of Shares | Number of Shares Held | Approximate % of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | | Ms. Wu Yanmei | Beneficial Owner | H Shares | 52,965,000 | 5.60 | | Ms. Wu Yanmei | Spouse's Interest | H Shares | 518,937,108 | 54.84 | | Mr. Gui Ke | Beneficial Owner | H Shares | 65,923,000 | 6.97 | | Ms. Li Shi | Spouse's Interest | H Shares | 65,923,000 | 6.97 | | Derun Group (International) Holdings Limited | Beneficial Owner | H Shares | 59,121,600 | 6.25 | | Derun Group Holdings Limited | Controlled Corporation Interest | H Shares | 59,121,600 | 6.25 | | Ms. Guan Liwen | Controlled Corporation Interest | H Shares | 59,121,600 | 6.25 | | Ms. Guan Liwen | Spouse's Interest | H Shares | 404,000 | 0.04 | | Mr. Peng Shaoyan | Controlled Corporation Interest | H Shares | 59,121,600 | 6.25 | | Mr. Peng Shaoyan | Beneficial Owner | H Shares | 404,000 | 0.04 | [Securities Transactions](index=23&type=section&id=Securities%20Transactions) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities, nor did they hold any treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[100](index=100&type=chunk)[105](index=105&type=chunk) - For the six months ended June 30, 2025, the group held no treasury shares[100](index=100&type=chunk)[105](index=105&type=chunk) [Directors and Supervisors Information](index=23&type=section&id=Directors%20and%20Supervisors%20Information) Executive Director Mr. Gui Pinghu was appointed as a director of Living Nature Natural Products Limited and Living Nature Limited on June 1, 2025, while Executive Director Ms. Zhang Yuan resigned from her directorships in both companies on the same date, with no other changes to director and supervisor information since the publication date of the 2024 annual report - Executive Director Mr. Gui Pinghu was appointed as a director of Living Nature Natural Products Limited and Living Nature Limited on **June 1, 2025**[101](index=101&type=chunk)[106](index=106&type=chunk) - Executive Director Ms. Zhang Yuan resigned as a director of Living Nature Natural Products Limited and Living Nature Limited on **June 1, 2025**[101](index=101&type=chunk)[106](index=106&type=chunk) - Save as disclosed, there have been no changes to the information on directors and supervisors since the publication date of the company's 2024 annual report[102](index=102&type=chunk)[106](index=106&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The company adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, with all directors and supervisors confirming compliance during the reporting period, and the company's corporate governance practices align with the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules of the Stock Exchange as the code of conduct for directors' dealings in the company's securities[103](index=103&type=chunk)[107](index=107&type=chunk) - All directors and supervisors have confirmed their compliance with the Model Code for the six months ended June 30, 2025, and up to the date of this interim report[103](index=103&type=chunk)[107](index=107&type=chunk) - The directors believe that the company has complied with the code provisions set out in Part 2 of the Corporate Governance Code contained in Appendix C1 of the Listing Rules for the six months ended June 30, 2025, and up to the date of this interim report[104](index=104&type=chunk)[108](index=108&type=chunk) [Investments and Events](index=24&type=section&id=Investments%20and%20Events) For the six months ended June 30, 2025, the company made no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures, and no material events affecting the group occurred after the reporting period - For the six months ended June 30, 2025, there were no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[109](index=109&type=chunk)[113](index=113&type=chunk) - No material events affecting the group occurred after the six months ended June 30, 2025, and up to the date of this interim report[110](index=110&type=chunk)[114](index=114&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[111](index=111&type=chunk)[115](index=115&type=chunk) [Audit Committee](index=24&type=section&id=Audit%20Committee) The company's Audit Committee reviewed the group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, comprising three independent non-executive directors chaired by Mr. Ye Bangyin, with primary responsibilities including reviewing and monitoring financial reporting, internal controls, and risk management systems - The group's unaudited interim condensed consolidated financial results for the six months ended June 30, 2025, have been reviewed by the company's Audit Committee[112](index=112&type=chunk)[116](index=116&type=chunk) - The Audit Committee comprises three independent non-executive directors, Mr. Yu Bo, Mr. Ye Bangyin, and Mr. Cheng Jianming, with Mr. Ye Bangyin serving as Chairman[112](index=112&type=chunk)[116](index=116&type=chunk) - The primary responsibilities of the Audit Committee are to review and monitor the company's financial reporting, internal control, and risk management systems, and to assist the Board in fulfilling its audit responsibilities[112](index=112&type=chunk)[116](index=116&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the group's financial performance, including revenue, gross profit, and profit for the period, along with other comprehensive income [Consolidated Profit and Loss](index=24&type=section&id=Consolidated%20Profit%20and%20Loss) For the six months ended June 30, 2025, the group reported revenue of **RMB 332.4 million**, gross profit of **RMB 243.4 million**, profit for the period of **RMB 15.3 million**, and basic earnings per share of **1.62 cents**, with all metrics decreasing compared to the prior period Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 332,364 | 370,189 | | Cost of Sales | (88,975) | (101,503) | | Gross Profit | 243,389 | 268,686 | | Other Income and Gains | 3,819 | 3,492 | | Selling and Distribution Expenses | (190,710) | (186,263) | | Administrative Expenses | (36,462) | (37,420) | | Finance Costs | (1,672) | (1,723) | | Other Expenses | (561) | (6,439) | | Profit Before Tax | 17,803 | 40,333 | | Income Tax Expense | (2,481) | (6,924) | | Profit for the Period | 15,322 | 33,409 | | Exchange differences on translation of foreign operations | 13,689 | (2,523) | | Total Comprehensive Income for the Period | 29,011 | 30,886 | | Basic Earnings Per Share | 1.62 cents | 3.53 cents | [Interim Condensed Consolidated Statement of Financial Position](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the group's assets, liabilities, and equity as of the reporting date [Consolidated Financial Position](index=25&type=section&id=Consolidated%20Financial%20Position) As of June 30, 2025, the group's total assets were **RMB 549.3 million**, net current assets were **RMB 250.2 million**, and net assets were **RMB 423.1 million**, with both total assets and net assets increasing compared to December 31, 2024 Summary of Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 76,793 | 80,416 | | Investment Properties | 56,857 | 57,256 | | Right-of-use Assets | 37,426 | 37,117 | | Goodwill | 31,870 | 30,023 | | Other Intangible Assets | 130 | 912 | | Deferred Tax Assets | 12,518 | 12,288 | | Other Non-current Assets | 791 | 214 | | **Total Non-current Assets** | **216,385** | **218,226** | | **Current Assets** | | | | Inventories | 112,467 | 119,085 | | Trade Receivables | 62,482 | 41,902 | | Prepayments, Deposits and Other Receivables | 21,879 | 21,814 | | Cash and Cash Equivalents | 136,115 | 104,530 | | **Total Current Assets** | **332,943** | **287,331** | | **Total Assets** | **549,328** | **505,557** | | **Current Liabilities** | | | | Trade Payables | 17,868 | 12,750 | | Other Payables and Accruals | 36,213 | 44,145 | | Interest-bearing Loans and Borrowings | 20,000 | – | | Lease Liabilities | 4,759 | 4,286 | | Tax Payable | 3,908 | 7,958 | | **Total Current Liabilities** | **82,748** | **69,139** | | **Net Current Assets** | **250,195** | **218,192** | | **Total Assets Less Current Liabilities** | **466,580** | **436,418** | | **Non-current Liabilities** | | | | Lease Liabilities | 30,606 | 29,615 | | Deferred Tax Liabilities | 12,081 | 11,968 | | Provisions | 786 | 739 | | **Total Non-current Liabilities** | **43,473** | **42,322** | | **Net Assets** | **423,107** | **394,096** | | **Total Equity** | **423,107** | **394,096** | [Interim Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the group's equity attributable to owners of the parent during the reporting period [Consolidated Changes in Equity](index=26&type=section&id=Consolidated%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the parent was **RMB 423.1 million**, an increase of approximately **RMB 29 million** from the beginning of the year, primarily due to profit for the period and an increase in exchange fluctuation reserve Summary of Interim Condensed Consolidated Statement of Changes in Equity | Item | January 1, 2025 (Audited) (RMB thousand) | Profit for the Period (RMB thousand) | Exchange Differences (RMB thousand) | June 30, 2025 (Unaudited) (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Share Capital | 94,630 | – | – | 94,630 | | Capital Reserve | 544,223 | – | – | 544,223 | | Exchange Fluctuation Reserve | (23,201) | – | 13,689 | (9,512) | | Statutory Surplus Reserve | 55,902 | – | – | 55,902 | | Merger Reserve | (3,871) | – | – | (3,871) | | Other Reserves | (2,022) | – | – | (2,022) | | Asset Revaluation Reserve | 12,972 | – | – | 12,972 | | Accumulated Losses | (284,537) | 15,322 | – | (269,215) | | **Total Equity** | **394,096** | **15,322** | **13,689** | **423,107** | [Interim Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement provides an overview of the group's cash inflows and outflows from operating, investing, and financing activities [Consolidated Cash Flows](index=27&type=section&id=Consolidated%20Cash%20Flows) For the six months ended June 30, 2025, the group generated net cash inflow of **RMB 9.5 million** from operating activities, net cash outflow of **RMB 0.03 million** from investing activities, net cash inflow of **RMB 17.7 million** from financing activities, with cash and cash equivalents totaling **RMB 136.1 million** at period-end Summary of Interim Condensed Consolidated Statement of Cash Flows | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 9,480 | (32,287) | | Net cash used in investing activities | (32) | (5,135) | | Net cash generated from/(used in) financing activities | 17,726 | (2,272) | | Net increase/(decrease) in cash and cash equivalents | 27,174 | (39,694) | | Cash and cash equivalents at beginning of period | 104,530 | 117,556 | | Effect of foreign exchange rate changes, net | 4,411 | (884) | | Cash and cash equivalents at end of period | 136,115 | 76,978 | [Notes to the Interim Condensed Consolidated Financial Statements](index=28&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanatory notes to the interim condensed consolidated financial statements, covering accounting policies, segment information, and specific financial line items [Corporate and Group Information](index=29&type=section&id=Corporate%20and%20Group%20Information) The company, a joint stock company incorporated in China, primarily manufactures and sells nutritional supplements and health foods in China, Australia, and New Zealand, with notes detailing key subsidiaries including their place of registration, date of establishment, registered capital, and principal activities - The company is a joint stock company incorporated in the People's Republic of China, primarily engaged in the manufacture and sale of nutritional supplements and health foods in China, Australia, and New Zealand[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - Key subsidiaries include Nanjing ZhongSheng Bio-Technology Co., Ltd. (production, processing, and sale of health foods), New Good Health Nutrition (Nanjing) Co., Ltd. (retail of health foods and e-commerce operations), and Good Health Products Limited (New Zealand, production, processing, and sale of health foods)[128](index=128&type=chunk)[131](index=131&type=chunk) [Basis of Preparation and Changes to Accounting Policies](index=31&type=section&id=Basis%20of%20Preparation%20and%20Changes%20to%20Accounting%20Policies) The interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and presented in RMB, with the first-time adoption of revised HKFRS accounting standards in this period having no material impact on financial information due to the convertibility of the group's transaction and functional currencies - The group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting and are presented in Renminbi[132](index=132&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk) - This period marks the first-time adoption of revised Hong Kong Financial Reporting Standards accounting standards, specifically the amendments to Hong Kong Accounting Standard 21 'Lack of Exchangeability'[134](index=134&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk) - As the currencies used for the group's transactions and the functional currencies used by group entities for translating the group's presentation currency are convertible, these amendments have had no impact on the interim condensed consolidated financial information[135](index=135&type=chunk)[137](index=137&type=chunk) [Operating Segment Information](index=32&type=section&id=Operating%20Segment%20Information) The group operates a single reportable segment, manufacturing and selling nutritional supplements and health foods in China, Australia, and New Zealand, with revenue primarily from mainland China, followed by New Zealand and Australia, and non-current assets also predominantly located in these regions - The group operates a single business unit based on its products and has a single reportable segment, which is the manufacture and sale of nutritional supplements and packaged health foods in China, Australia, and New Zealand[138](index=138&type=chunk)[139](index=139&type=chunk) Revenue Analysis by Major Market | Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 273,002 | 304,902 | | New Zealand | 52,571 | 52,862 | | Australia | 437 | 3,463 | | Other Countries | 6,354 | 8,962 | | **Total** | **332,364** | **370,189** | Geographical Distribution of Non-current Assets (excluding goodwill and deferred tax assets) | Region | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 134,373 | 138,178 | | New Zealand | 37,445 | 37,564 | | Australia | 179 | 173 | | **Total** | **171,997** | **175,915** | - No revenue from transactions with a single external customer accounted for **10%** or more of the group's revenue[144](index=144&type=chunk)[146](index=146&type=chunk) [Revenue, Other Income and Gains](index=34&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Revenue primarily derives from goods sales, recognized at a specific point in time, while other income and gains mainly comprise bank interest income, government grants, reversal of impairment on trade receivables, net exchange differences, and rental income - Revenue refers to the net invoiced value of goods sold after deducting returns and trade discounts, and the value of services provided, all recognized at the point in time when goods or services are transferred[148](index=148&type=chunk)[150](index=150&type=chunk)[153](index=153&type=chunk) Analysis of Other Income and Gains | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Interest Income | 798 | 572 | | Government Grants | 628 | 573 | | Reversal of Impairment on Trade Receivables | 163 | – | | Net Exchange Differences | 108 | – | | Rental Income | 1,899 | 2,089 | | Others | 223 | 258 | | **Total** | **3,819** | **3,492** | [Profit Before Tax](index=35&type=section&id=Profit%20Before%20Tax) Profit before tax is derived after deducting costs of inventories sold, staff costs, depreciation and amortization of various assets, lease payments, and R&D expenses, with a reversal of impairment on trade receivables and a net exchange gain recorded for the period Deductions from Profit Before Tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Inventories Sold | 88,975 | 101,503 | | Staff Costs (excluding key management personnel remuneration) | 46,712 | 46,473 | | Depreciation of Right-of-use Assets | 1,486 | 1,554 | | Amortization of Intangible Assets | 811 | 1,003 | | Depreciation of Property, Plant and Equipment | 4,325 | 4,446 | | Lease Payments (not included in lease liabilities measurement) | 436 | 436 | | Trade Receivables (Reversal)/Impairment | (163) | 837 | | Net Exchange Differences | (108) | 4,737 | | Government Grants | (628) | (573) | | Research and Development Expenses | 440 | 416 | [Income Tax Expense](index=36&type=section&id=Income%20Tax%20Expense_Notes) Income tax expense for the first half of 2025 was **RMB 2.5 million**, a significant decrease from the prior period, with Chinese subsidiaries subject to a **25%** tax rate, New Zealand **28%**, and Australia **30%** Income Tax Expense | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current — New Zealand | 2,318 | 8,218 | | Deferred | 163 | (1,294) | | **Total Tax Expense for the Period** | **2,481** | **6,924** | - Chinese subsidiaries are subject to an income tax rate of **25%**, New Zealand **28%**, and Australia **30%**[158](index=158&type=chunk)[160](index=160&type=chunk) [Dividend](index=36&type=section&id=Dividend_Notes) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, and no dividend has been proposed for the year ended December 31, 2024 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[159](index=159&type=chunk)[161](index=161&type=chunk) - The Board has not proposed any dividend for the year ended December 31, 2024[159](index=159&type=chunk)[161](index=161&type=chunk) [Earnings Per Share](index=37&type=section&id=Earnings%20Per%20Share) Basic earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the parent and the weighted average number of ordinary shares outstanding, with no potential dilutive ordinary shares outstanding for the periods ended June 30, 2025, and 2024 - Basic earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the parent and the weighted average number of **946,298,370** ordinary shares outstanding during the period[162](index=162&type=chunk)[164](index=164&type=chunk) - For the periods ended June 30, 2025, and 2024, the group had no potential dilutive ordinary shares outstanding[163](index=163&type=chunk)[165](index=165&type=chunk) Basic Earnings Per Share Calculation | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent | 15,322 | 33,409 | | Weighted average number of ordinary shares outstanding | 946,298,370 | 946,298,370 | [Property, Plant and Equipment](index=38&type=section&id=Property%2C%20Plant%20and%20Equipment) Additions to property, plant, and equipment for the period amounted to **RMB 253 thousand**, a significant decrease from the prior period, with no impairment losses recognized for either period Additions to Property, Plant and Equipment | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Additions to Property, Plant and Equipment | 253 | 9,028 | - No impairment losses were recognized for property, plant, and equipment for the current or prior period[169](index=169&type=chunk) [Inventories](index=38&type=section&id=Inventories_Notes) As of June 30, 2025, the group's total inventories amounted to **RMB 112.5 million**, a **5.5%** decrease from the end of 2024, primarily driven by a reduction in raw materials Composition of Inventories | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw Materials | 7,032 | 18,332 | | Work-in-progress | 3,175 | 1,523 | | Finished Goods | 102,057 | 99,144 | | Purchased Goods | 203 | 86 | | **Total** | **112,467** | **119,085** | [Trade Receivables](index=38&type=section&id=Trade%20Receivables_Notes) As of June 30, 2025, the net book value of trade receivables was **RMB 62.5 million**, a **49.2%** increase from the end of 2024, with receivables within one month accounting for the largest proportion, and a reversal of impairment loss of **RMB 163 thousand** recorded for the period Net Book Value of Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 65,990 | 45,429 | | Impairment | (3,508) | (3,527) | | **Net Book Value** | **62,482** | **41,902** | Ageing Analysis of Trade Receivables (by invoice date) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 44,046 | 38,962 | | 1 to 3 months | 17,834 | 2,543 | | 3 months to 1 year | 429 | 303 | | Over 1 year | 173 | 94 | | **Total** | **62,482** | **41,902** | Movement in Provision for Impairment Loss on Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Beginning of Year | 3,527 | 2,994 | | Accumulated Impairment Loss | (163) | 759 | | Exchange Adjustment | 144 | (226) | | **Total** | **3,508** | **3,527** | [Prepayments, Deposits and Other Receivables](index=40&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to **RMB 21.9 million**, largely consistent with the end of 2024, with none of these assets being overdue or impaired Composition of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments | 16,716 | 17,195 | | Right of Return Assets | 440 | 36 | | Deposits and Other Receivables | 4,723 | 4,583 | | **Total** | **21,879** | **21,814** | - None of the aforementioned assets are overdue or impaired, and they involve receivables with no recent history of default[179](index=179&type=chunk) [Cash and Cash Equivalents](index=41&type=section&id=Cash%20and%20Cash%20Equivalents_Notes) As of June 30, 2025, total cash and cash equivalents amounted to **RMB 136.1 million**, primarily comprising cash and bank balances, representing an increase from the end of 2024 Composition of Cash and Cash Equivalents | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash and Bank Balances | 127,480 | 95,937 | | Time Deposits | 8,635 | 8,593 | | **Cash and Cash Equivalents** | **136,115** | **104,530** | [Trade Payables](index=41&type=section&id=Trade%20Payables_Notes) As of June 30, 2025, total trade payables amounted to **RMB 17.9 million**, a **39.8%** increase from the end of 2024, with trade payables being interest-free and typically settled within 30 to 90 days Ageing Analysis of Trade Payables (by invoice date) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 14,912 | 11,310 | | 1 to 3 months | 1,836 | 124 | | 3 months to 1 year | 360 | 556 | | Over 1 year | 760 | 760 | | **Total** | **17,868** | **12,750** | - Trade payables are interest-free and generally settled within 30 to 90 days[184](index=184&type=chunk) [Other Payables and Accruals](index=42&type=section&id=Other%20Payables%20and%20Accruals) As of June 30, 2025, total other payables and accruals amounted to **RMB 36.2 million**, a decrease from the end of 2024, primarily due to reductions in accrued payroll and refund liabilities Composition of Other Payables and Accruals | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accrued Payroll | 12,285 | 22,480 | | Contract Liabilities | 11,725 | 10,075 | | Other Payables | 9,045 | 5,030 | | Refund Liabilities | 1,922 | 3,170 | | Other Taxes Payable | 1,236 | 3,390 | | **Total** | **36,213** | **44,145** | - Other payables are non-interest bearing[187](index=187&type=chunk) [Share Capital](index=43&type=section&id=Share%20Capital) As of June 30, 2025, the company had **946,298,370** issued and fully paid ordinary shares, with total share capital of **RMB 94.6 million**, consistent with the end of 2024 Share Capital Information | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Number of Issued and Fully Paid Ordinary Shares | 946,298,370 | 946,298,370 | | Share Capital | 94,630 | 94,630 | [Related Party Disclosures](index=43&type=section&id=Related%20Party%20Disclosures) This section discloses the remuneration of the group's key management personnel, including basic salaries and bonuses, social insurance, and housing provident fund contributions Key Management Personnel Remuneration | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Basic Salaries and Bonuses | 4,749 | 5,184 | | Social Insurance and Housing Provident Fund | 84 | 85 | | **Total Remuneration Paid to Key Management Personnel** | **4,833** | **5,269** | [Financial Instruments by Category](index=44&type=section&id=Financial%20Instruments%20by%20Category) As of June 30, 2025, total financial assets measured at amortized cost amounted to **RMB 203.3 million**, and total financial liabilities were **RMB 26.9 million** Financial Assets Measured at Amortized Cost | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 62,482 | 41,902 | | Financial Assets included in Prepayments, Deposits and Other Receivables | 4,723 | 4,583 | | Cash and Cash Equivalents | 136,115 | 104,530 | | **Total** | **203,320** | **151,015** | Financial Liabilities Measured at Amortized Cost | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 17,868 | 12,750 | | Financial Liabilities included in Other Payables and Accruals | 9,045 | 5,030 | | **Total** | **26,913** | **17,780** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=45&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The carrying amounts of the group's financial instruments are reasonably approximate to their fair values, with no significant differences - The carrying amounts of the group's financial instruments are reasonably approximate to their fair values[195](index=195&type=chunk)[198](index=198&type=chunk) - Management assesses that the fair values of trade receivables, financial assets included in prepayments, deposits and other receivables, trade payables, and financial liabilities included in other payables and accruals do not differ significantly from their carrying amounts[196](index=196&type=chunk)[198](index=198&type=chunk) [Events After the Reporting Period](index=45&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the group occurred after June 30, 2025 - No significant events affecting the group occurred after June 30, 2025[197](index=197&type=chunk)[199](index=199&type=chunk)

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: 南京中生聯合股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03332 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 946,298,370 | RMB | | 0.1 RMB | | 94,629,837 | | 增加 / 減少 (-) | | | | 0 | | RMB | | | | 本月底結存 | | | 946,298,370 | RMB | | 0.1 RMB | | 94,629,837 | 本月底法定/註冊股本總額： RMB 94,629,837 第 1 ...

Group 1 - The company reported a revenue of 332 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 10.22% [1] - Shareholders' profit attributable to the company was 15.322 million RMB, a decline of 54.14% compared to the previous year [1] - The basic earnings per share were 1.62 cents [1]

Group 1 - The company reported a revenue of 332 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 10.22% [1] - Shareholders' profit attributable to the company was 15.322 million RMB, down 54.14% year-on-year [1] - The basic earnings per share were 1.62 cents [1]

Group 1 - The company, Zhongsheng United (03332.HK), announced a revenue decrease of approximately 10.2% to around RMB 332 million for the first half of 2025 [1] - Gross profit decreased by approximately 9.4% to around RMB 243 million [1] - The profit attributable to the owners of the parent company was approximately RMB 15.32 million, representing a year-on-year decrease of 54.1%, with basic earnings per share of approximately RMB 0.0162 [1]

[Financial Summary](index=1&type=section&id=2025%20First%20Half%20Financial%20Summary) This section provides an overview of the company's financial performance for the first half of 2025, highlighting key financial indicators and dividend decisions [Interim Results Overview](index=1&type=section&id=Interim%20Results) During the reporting period, the company's revenue, gross profit, profit for the period, and basic earnings per share all decreased year-on-year, and the board resolved not to declare an interim dividend Key Financial Performance Indicators | Metric | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 332.4 | 370.2 | -10.2% | | Gross Profit | 243.4 | 268.7 | -9.4% | | Profit for the Period | 15.3 | 33.4 | -54.2% | | Basic EPS | RMB 1.62 cents | RMB 3.53 cents | -54.1% | - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024 H1: nil)[4](index=4&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including the statement of profit or loss, other comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In the first half of 2025, the company's revenue decreased by 10.2% year-on-year, and net profit decreased by 54.2%, but exchange differences turned from loss to gain, partially offsetting the decline in operating performance Key Financial Performance Indicators | Metric | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 332,364 | 370,189 | -10.2% | | Cost of Sales | (88,975) | (101,503) | -12.3% | | Gross Profit | 243,389 | 268,686 | -9.4% | | Profit Before Tax | 17,803 | 40,333 | -55.8% | | Profit for the Period | 15,322 | 33,409 | -54.2% | | Exchange Differences (Other Comprehensive Income) | 13,689 | (2,523) | N/A | - Basic earnings per share attributable to ordinary equity holders of the parent was **RMB 1.62 cents**, compared to **RMB 3.53 cents** in the same period last year[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and total equity both increased, net current assets significantly rose, but non-current assets slightly decreased, with new short-term borrowings added Key Financial Performance Indicators | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 216,385 | 218,226 | -0.8% | | Total Current Assets | 332,943 | 287,331 | +15.9% | | Total Assets | 549,328 | 505,557 | +8.7% | | Total Current Liabilities | 82,748 | 69,139 | +19.7% | | Net Current Assets | 250,195 | 218,192 | +14.7% | | Total Equity | 423,107 | 394,096 | +7.4% | - New interest-bearing loans of **RMB 20,000 thousand** were added, compared to nil as of December 31, 2024[6](index=6&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering accounting policies, segment information, and key financial items [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=1.%20Basis%20of%20Preparation%20and%20Changes%20in%20the%20Group's%20Accounting%20Policies) The financial statements are prepared in accordance with HKAS 34 and presented in RMB; revised HKFRS accounting standards were adopted for the first time this period, but had no material impact due to the Group's currency convertibility - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting and presented in RMB[8](index=8&type=chunk) - The Group first adopted the revised HKAS 21 'Lack of Exchangeability', but as the currencies used for transactions and functional currencies are convertible, the revision had no impact on the financial information[9](index=9&type=chunk)[10](index=10&type=chunk) [Operating Segment Information](index=6&type=section&id=2.%20Operating%20Segment%20Information) The Group primarily operates a single business segment: manufacturing and selling nutritional supplements and packaged health foods in China, Australia, and New Zealand, with revenue and non-current assets concentrated in these regions - The Group operates a single reportable segment, which is the manufacturing and sale of nutritional supplements and the sale of packaged health foods in China, Australia, and New Zealand[11](index=11&type=chunk) Revenue Analysis by Major Market | Region | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 273,002 | 304,902 | | New Zealand | 52,571 | 52,862 | | Australia | 437 | 3,463 | | Other Countries | 6,354 | 8,962 | | **Total** | **332,364** | **370,189** | Geographical Distribution of Non-current Assets | Region | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 134,373 | 138,178 | | New Zealand | 37,445 | 37,564 | | Australia | 179 | 173 | | **Total** | **171,997** | **175,915** | - No revenue from transactions with a single external customer accounted for **10% or more** of the Group's revenue[15](index=15&type=chunk) [Revenue, Other Income and Gains](index=7&type=section&id=3.%20Revenue,%20Other%20Income%20and%20Gains) Revenue primarily derives from goods sales, recognized upon transfer; other income and gains include bank interest, government grants, reversal of trade receivables impairment, and net exchange differences - All revenue is derived from the sale of goods, recognized at the point in time when goods or services are transferred[17](index=17&type=chunk) Analysis of Other Income and Gains | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Bank Interest Income | 798 | 572 | | Government Grants | 628 | 573 | | Reversal of Impairment Loss on Trade Receivables | 163 | – | | Net Exchange Differences | 108 | – | | Rental Income | 1,899 | 2,089 | | Others | 223 | 258 | | **Total** | **3,819** | **3,492** | [Profit Before Tax](index=8&type=section&id=4.%20Profit%20Before%20Tax) Profit before tax is derived after deducting costs of inventories sold, staff costs, depreciation, amortization, lease payments, R&D expenses, and includes reversal of trade receivables impairment, net exchange differences, and government grants Key Deductions/(Additions) to Profit Before Tax | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Cost of Inventories Sold | 88,975 | 101,503 | | Staff Costs | 46,712 | 46,473 | | Depreciation of Property, Plant and Equipment | 4,325 | 4,446 | | Research and Development Expenses | 440 | 416 | | Reversal of/(Impairment Loss on) Trade Receivables | (163) | 837 | | Net Exchange Differences | (108) | 4,737 | | Government Grants | (628) | (573) | [Income Tax Expense](index=8&type=section&id=5.%20Income%20Tax%20Expense) In the first half of 2025, income tax expense significantly decreased year-on-year, mainly due to lower pre-tax profit of the New Zealand subsidiary; income tax is calculated at statutory rates of 25% for China, 28% for New Zealand, and 30% for Australia Analysis of Income Tax Expense | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Current — New Zealand | 2,318 | 8,218 | | Deferred | 163 | (1,294) | | **Total** | **2,481** | **6,924** | - The decrease in income tax expense was mainly due to a reduction in the pre-tax profit of Good Health Products Limited, a New Zealand subsidiary of the company, during the reporting period compared to the same period last year[37](index=37&type=chunk) - The income tax rate for Chinese subsidiaries is **25%**, New Zealand **28%**, and Australia **30%**[20](index=20&type=chunk) [Dividends](index=9&type=section&id=6.%20Dividends) The Board resolved not to declare any interim dividend for the reporting period and did not recommend any dividend for the year 2024 - The Board has resolved not to declare any interim dividend for the reporting period (for the six months ended June 30, 2024: nil)[21](index=21&type=chunk) - The Board did not recommend the declaration of any dividend for the year ended December 31, 2024[21](index=21&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=9&type=section&id=7.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) Basic earnings per share is calculated based on profit for the period attributable to ordinary equity holders of the parent and the weighted average number of ordinary shares outstanding during the reporting period, with no potential dilutive ordinary shares - Basic earnings per share is calculated based on the profit for the period attributable to ordinary equity holders of the parent and the weighted average number of **946,298,370 ordinary shares** outstanding during the reporting period[22](index=22&type=chunk) - For the periods ended June 30, 2025 and 2024, the Group had no potential dilutive ordinary shares outstanding[23](index=23&type=chunk) [Property, Plant and Equipment](index=9&type=section&id=8.%20Property,%20Plant%20and%20Equipment) No impairment losses on property, plant and equipment were recognized during the reporting period, and additions significantly decreased year-on-year - No impairment losses on property, plant and equipment were recognized for the reporting period and the same period last year[24](index=24&type=chunk) - Additions to property, plant and equipment during the reporting period amounted to **RMB 253,000** (for the six months ended June 30, 2024: **RMB 9,028,000**)[24](index=24&type=chunk) [Inventories](index=9&type=section&id=9.%20Inventories) As of June 30, 2025, total inventories decreased by 5.5% year-on-year, mainly due to reduced raw materials to meet e-commerce channel development and optimize inventory management Composition of Inventories | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw Materials | 7,032 | 18,332 | | Work in Progress | 3,175 | 1,523 | | Finished Goods | 102,057 | 99,144 | | Purchased Goods | 203 | 86 | | **Total** | **112,467** | **119,085** | [Trade Receivables](index=10&type=section&id=10.%20Trade%20Receivables) As of June 30, 2025, net trade receivables significantly increased by 49.2% year-on-year, mainly due to increased sales revenue from cross-border e-commerce channels and higher e-commerce platform receivables Carrying Amount of Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 65,990 | 45,429 | | Impairment | (3,508) | (3,527) | | **Carrying Amount** | **62,482** | **41,902** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 44,046 | 38,962 | | 1 to 3 months | 17,834 | 2,543 | | 3 months to 1 year | 429 | 303 | | Over 1 year | 173 | 94 | | **Total** | **62,482** | **41,902** | [Trade Payables](index=10&type=section&id=11.%20Trade%20Payables) As of June 30, 2025, trade payables increased by 39.8% year-on-year, mainly due to continuous growth in cross-border e-commerce sales and increased raw material procurement to boost core product output Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 14,912 | 11,310 | | 1 to 3 months | 1,836 | 124 | | 3 months to 1 year | 360 | 556 | | Over 1 year | 760 | 760 | | **Total** | **17,868** | **12,750** | - Trade payables are interest-free and generally settled within **30 to 90 days**[27](index=27&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's perspective on the Group's business performance, financial position, and operational highlights for the reporting period [Business Review](index=11&type=section&id=Business%20Review) The Group's H1 performance was significantly impacted by slow global economic growth, uncertain trade policies, and intensified industry competition, leading to notable declines in revenue and profit; gross profit margin remained stable, but selling and distribution expenses as a percentage of sales revenue increased; the Group continues to focus on its 'Good Health' brand cross-border e-commerce business, enhancing market influence through diversified promotions and new product launches - In the first half of 2025, the Group's performance declined due to slow global economic growth, uncertain trade policies, and intensified industry competition, with revenue decreasing by **10.2%** and profit by **54.2%**[28](index=28&type=chunk) - Gross profit margin remained stable at approximately **73.2%**, but selling and distribution expenses as a percentage of sales revenue increased by approximately **7.1%** to **57.4%**[28](index=28&type=chunk) - The Group continues to focus on its 'Good Health' brand cross-border e-commerce business, building traffic through Douyin influencer promotions, off-site promotions, self-broadcasting, and short video combinations, while expanding sales channels such as distributors, pharmacies, duty-free shops, and e-commerce platforms[29](index=29&type=chunk) - For the six months ended June 30, 2025, the Group launched a total of **11 new products**, including **9** from the 'Good Health' series and **2** from the 'Living Nature' series[30](index=30&type=chunk) [Performance Analysis](index=12&type=section&id=Performance) This section provides a detailed analysis of changes in financial indicators during the reporting period and their main causes, including decreased revenue, stable gross profit, increased selling and distribution expenses, and reduced income tax expense [Revenue](index=12&type=section&id=Revenue) In the first half of 2025, revenue decreased by 10.2% year-on-year to RMB 332.4 million, primarily due to a decline in income from infant and child products on domestic distributor platforms - Revenue for the first half of 2025 was approximately **RMB 332.4 million**, a decrease of approximately **RMB 37.8 million** or **10.2%** compared to the first half of 2024[32](index=32&type=chunk) - The decrease in revenue was mainly due to a decline in income generated from infant and child products on domestic distributor platforms during the reporting period[32](index=32&type=chunk) [Gross Profit](index=12&type=section&id=Gross%20Profit) In the first half of 2025, gross profit decreased by 9.4% year-on-year to RMB 243.4 million, but the gross profit margin remained stable at 73.2% - Gross profit for the first half of 2025 was approximately **RMB 243.4 million**, a decrease of approximately **RMB 25.3 million** or **9.4%** compared to the first half of 2024[33](index=33&type=chunk) - The gross profit margin for the first half of 2025 was approximately **73.2%**, remaining stable compared to approximately **72.6%** in the first half of 2024[33](index=33&type=chunk) [Other Income and Gains](index=12&type=section&id=Other%20Income%20and%20Gains) In the first half of 2025, other income and gains increased by approximately RMB 0.3 million year-on-year to RMB 3.8 million, mainly driven by higher bank interest income - Other income and gains for the first half of 2025 were approximately **RMB 3.8 million**, an increase of approximately **RMB 0.3 million** compared to approximately **RMB 3.5 million** in the first half of 2024[34](index=34&type=chunk) - The increase was mainly due to higher bank interest income[34](index=34&type=chunk) [Selling and Distribution Expenses](index=13&type=section&id=Selling%20and%20Distribution%20Expenses) In the first half of 2025, selling and distribution expenses increased by 2.4% year-on-year to RMB 190.7 million, rising to 57.4% of sales revenue, mainly due to increased promotional investment in cross-border e-commerce channels and higher personnel costs from staff expansion - Selling and distribution expenses for the first half of 2025 were approximately **RMB 190.7 million**, an increase of approximately **RMB 4.4 million** or **2.4%** compared to the first half of 2024[35](index=35&type=chunk) - Selling and distribution expenses as a percentage of sales revenue for the first half of 2025 were approximately **57.4%**, an increase of **7.1%** compared to approximately **50.3%** in the first half of 2024[35](index=35&type=chunk) - The increase in expenses was mainly due to the Group's continued vigorous development of the 'Good Health' brand's cross-border e-commerce business in the Chinese market, increased investment in sales promotion resources, and expanded personnel in the cross-border e-commerce department, leading to higher labor costs[35](index=35&type=chunk) [Administrative Expenses](index=13&type=section&id=Administrative%20Expenses) In the first half of 2025, administrative expenses decreased by 2.4% year-on-year to RMB 36.5 million, with its proportion to sales revenue remaining largely stable - Administrative expenses for the first half of 2025 were approximately **RMB 36.5 million**, a decrease of approximately **RMB 0.9 million** or **2.4%** compared to approximately **RMB 37.4 million** in the first half of 2024[36](index=36&type=chunk) - Administrative expenses as a percentage of sales revenue remained largely stable[36](index=36&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) In the first half of 2025, income tax expense decreased by RMB 4.4 million year-on-year to RMB 2.5 million, mainly due to reduced pre-tax profit of the New Zealand subsidiary - Income tax expense for the first half of 2025 was approximately **RMB 2.5 million**, a decrease of approximately **RMB 4.4 million** compared to approximately **RMB 6.9 million** in the first half of 2024[37](index=37&type=chunk) - The decrease in income tax expense was mainly due to a reduction in the pre-tax profit of Good Health Products Limited, a New Zealand subsidiary of the company, during the reporting period compared to the same period last year[37](index=37&type=chunk) [Overall Performance Summary](index=14&type=section&id=Overall%20Performance%20Summary) Considering all factors, the Group's profit margin for the first half of 2025 decreased from 9.0% in the first half of 2024 to 4.6%, mainly due to lower revenue and increased selling and distribution expenses as a percentage of sales - The profit margin for the first half of 2025 was approximately **4.6%**, a decrease of approximately **4.4%** compared to approximately **9.0%** in the first half of 2024[38](index=38&type=chunk) - The decrease in profit margin was mainly due to reduced revenue and an increase in selling and distribution expenses as a percentage of sales revenue[38](index=38&type=chunk) [Other Comprehensive Income](index=14&type=section&id=Other%20Comprehensive%20Income) In the first half of 2025, the Group recorded an exchange gain of approximately RMB 13.7 million, compared to an exchange loss in the same period last year, mainly due to a significant appreciation of the New Zealand dollar against the RMB - An exchange gain of approximately **RMB 13.7 million** was recorded in the first half of 2025, compared to an exchange loss of approximately **RMB 2.5 million** in the first half of 2024[39](index=39&type=chunk) - This year's gain was mainly due to a significant appreciation of the New Zealand dollar against the RMB[39](index=39&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the Group's cash and cash equivalents increased, mainly due to net cash inflow from financing activities and exchange rate effects; inventories decreased, while trade receivables and payables both grew, and new short-term borrowings were added [Cash Flow](index=14&type=section&id=Cash%20Flow) As of June 30, 2025, cash and cash equivalents increased by approximately RMB 31.6 million compared to the end of 2024, primarily contributed by net cash inflow from operating activities, net cash inflow from financing activities, and exchange rate effects - As of June 30, 2025, cash and cash equivalents increased by approximately **RMB 31.6 million** compared to December 31, 2024[40](index=40&type=chunk) - Net cash inflow from operating activities was approximately **RMB 9.5 million**; net cash outflow from investing activities was approximately **RMB 0.03 million**; net cash inflow from financing activities was approximately **RMB 17.7 million**; and cash inflow from exchange rate effects was **RMB 4.4 million**[40](index=40&type=chunk) [Inventories](index=14&type=section&id=Inventories) As of June 30, 2025, inventories decreased by approximately RMB 6.6 million (5.5% decline), mainly due to increased raw material usage to meet e-commerce channel sales demand and enhanced raw material procurement management - As of June 30, 2025, the Group's inventories were approximately **RMB 112.5 million** (December 31, 2024: approximately **RMB 119.1 million**), a decrease of approximately **RMB 6.6 million** or **5.5%**[41](index=41&type=chunk) - The decrease in inventories was mainly due to the vigorous development of the 'Good Health' e-commerce channel, leading to increased raw material usage to meet H2 e-commerce sales demand, coupled with strengthened raw material procurement management[41](index=41&type=chunk) [Trade Receivables](index=15&type=section&id=Trade%20Receivables) As of June 30, 2025, trade receivables increased by approximately RMB 20.6 million (49.2% growth), mainly due to increased sales revenue from cross-border e-commerce channels, particularly higher e-commerce platform receivables - As of June 30, 2025, the Group's trade receivables were approximately **RMB 62.5 million** (December 31, 2024: approximately **RMB 41.9 million**), an increase of approximately **RMB 20.6 million** or **49.2%**[42](index=42&type=chunk) - The increase in trade receivables was mainly due to increased sales revenue from cross-border e-commerce channels, particularly the growth in receivables from e-commerce platforms[42](index=42&type=chunk) [Trade Payables](index=15&type=section&id=Trade%20Payables) As of June 30, 2025, trade payables increased by approximately RMB 5.1 million (39.8% growth), mainly due to continuous growth in cross-border e-commerce sales and increased raw material procurement to boost core product output - As of June 30, 2025, the Group's trade payables were approximately **RMB 17.9 million** (December 31, 2024: approximately **RMB 12.8 million**), an increase of approximately **RMB 5.1 million** or **39.8%**[43](index=43&type=chunk) - The increase in trade payables was mainly due to the continuous growth in cross-border e-commerce sales, leading to increased procurement of raw materials required for production to meet market demand and boost output of certain core products[43](index=43&type=chunk) [Exchange Rate Risk](index=15&type=section&id=Exchange%20Rate%20Risk) The Group manages foreign exchange risk through regular review and supervision; the Board considers the risk exposure controllable, and no hedging or alternative policies were implemented during the reporting period - The Group's domestic business transactions are primarily conducted in RMB, while overseas business transactions are mainly conducted in New Zealand Dollars, US Dollars, and Australian Dollars[44](index=44&type=chunk) - The Group manages its foreign exchange risk by regularly reviewing and monitoring its foreign exchange exposure, and the Directors consider the risk exposure to be controllable[44](index=44&type=chunk) - No hedging or other alternative policies were implemented to address such risks during the reporting period[44](index=44&type=chunk) [Borrowings and Pledged Assets](index=15&type=section&id=Borrowings%20and%20Pledged%20Assets) As of June 30, 2025, the Group added new borrowings of RMB 20.0 million at an annual interest rate of 2.6%, pledging approximately RMB 1.5 million in property as collateral - As of June 30, 2025, the Group's borrowings amounted to **RMB 20.0 million** at an annual interest rate of **2.6%** (December 31, 2024: nil)[45](index=45&type=chunk) - As of June 30, 2025, the Group pledged properties with a carrying amount of approximately **RMB 1.5 million** to secure the aforementioned borrowings[45](index=45&type=chunk) [Capital Expenditure](index=15&type=section&id=Capital%20Expenditure) In the first half of 2025, capital expenditure significantly decreased to RMB 0.3 million, primarily for fixed asset investments - In the first half of 2025, the Group invested approximately **RMB 0.3 million** (2024 H1: approximately **RMB 5.8 million**) in fixed assets[46](index=46&type=chunk) [Capital Commitments and Contingent Liabilities](index=16&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities - As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities (December 31, 2024: nil)[47](index=47&type=chunk) [Outlook](index=16&type=section&id=Outlook) This section outlines the macroeconomic environment and the Group's strategic priorities and operational focus for the upcoming period [Macroeconomic Outlook](index=16&type=section&id=Macroeconomic%20Outlook) In the first half of 2025, the global economy experienced slow growth, uncertain trade policies, and intensified industry competition; this trend is expected to continue in the second half, with China's economy facing structural breakthroughs and domestic demand challenges, but policies like supply-side reform, AI+ technology manufacturing, and expanded opening-up will inject vitality - In the first half of 2025, the global economy faced a complex situation of escalating risks and uneven recovery, with slower global economic growth and institutions like the World Bank and IMF generally lowering their full-year growth forecasts[48](index=48&type=chunk) - China's economy achieved better-than-expected growth amidst internal and external pressures, but still faces unresolved deflationary pressure, increased employment pressure, and insufficient consumer confidence[48](index=48&type=chunk) - In the second half of 2025, the global economic situation is expected to generally continue the first half's trend, and China's economic development will face challenges of structural breakthroughs and domestic demand stabilization[49](index=49&type=chunk) - The vigorous promotion and implementation of policies such as Supply-Side Reform 2.0, AI+ technology manufacturing, stabilizing employment and expanding domestic demand, and expanding high-level opening-up will inject vitality into China's high-quality economic development[49](index=49&type=chunk) [Group Strategy and Operational Focus](index=17&type=section&id=Group%20Strategy%20and%20Operational%20Focus) In the second half of the year, the Group will continue to focus on its年初-established operational management objectives, including vigorously developing e-commerce platforms, strengthening supply chain management, and optimizing promotional expenses to enhance overall profitability [Human Resources Management](index=17&type=section&id=Human%20Resources%20Management) The Group enhances employee capabilities in nutritional supplements, maternal and infant nutrition, and cross-border e-commerce operations and promotion through regular comprehensive training and corporate culture education, while offering competitive compensation and benefits - As of June 30, 2025, the Group employed **481 staff** (including **350** in China, **128** in New Zealand, and **3** in Australia)[50](index=50&type=chunk) - Total salaries and related costs for the six months ended June 30, 2025, were approximately **RMB 51.5 million** (2024 H1: approximately **RMB 51.7 million**)[50](index=50&type=chunk) - The Group enhances employee capabilities in nutritional supplements, maternal and infant nutrition, and cross-border e-commerce operations and promotion through regular comprehensive training and corporate culture education[50](index=50&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities, nor did they hold any treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[51](index=51&type=chunk) - During the reporting period, the Group did not hold any treasury shares[51](index=51&type=chunk) [Core Business Objectives](index=17&type=section&id=Core%20Business%20Objectives) The Group will focus on developing e-commerce platforms to expand sales and brand influence; strengthen supply chain management to enhance production capacity and operational efficiency; and optimize promotional expenses to improve overall profitability - Vigorously develop e-commerce platforms to continuously expand sales scale: optimize innovative promotion strategies to increase brand user numbers; for some core products, strive to achieve the goal of being the top seller in their category on e-commerce platforms for the full year, expanding brand influence; accelerate new product R&D[52](index=52&type=chunk) - Strengthen supply chain management, develop high-quality suppliers, enhance production capacity, timely meet customer demand, and strive to shorten production and procurement cycles to improve operational efficiency[52](index=52&type=chunk) - Optimize promotional expenses to enhance overall profitability[52](index=52&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section provides additional corporate governance and administrative information, including compliance, post-reporting events, and board details [Standard Code for Securities Transactions](index=18&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Standard Code for Securities Transactions as set out in Appendix C3 of the Listing Rules, and all directors and supervisors confirmed compliance during the reporting period and up to the announcement date - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[53](index=53&type=chunk) - The company has made specific enquiries with the Directors and Supervisors, and all Directors and Supervisors have confirmed that they have complied with the Standard Code for the six months ended June 30, 2025, and up to the date of this announcement[53](index=53&type=chunk) [Corporate Governance Code](index=18&type=section&id=Corporate%20Governance%20Code) The Board believes the company has complied with Part 2 of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the reporting period and up to the announcement date - The Directors believe that the company has complied with Part 2 of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025, and up to the date of this announcement[54](index=54&type=chunk) [Events After the Reporting Period](index=18&type=section&id=Events%20After%20the%20Reporting%20Period%20for%20the%20Six%20Months%20Ended%20June%2030,%202025) As of the announcement date, no significant events affecting the Group occurred after the reporting period - No significant events affecting the Group occurred after the six months ended June 30, 2025, and up to the date of this announcement[55](index=55&type=chunk) [Interim Dividends](index=18&type=section&id=Interim%20Dividends) The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[56](index=56&type=chunk) [Review of Interim Results](index=18&type=section&id=Review%20of%20Interim%20Results) The Group's unaudited condensed consolidated interim results have been reviewed by the company's Audit Committee, comprising three independent non-executive directors, responsible for reviewing and monitoring financial reporting, internal controls, and risk management systems - The Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, have been reviewed by the company's Audit Committee[57](index=57&type=chunk) - The Audit Committee comprises three independent non-executive Directors, Mr. Yu Bo, Mr. Ye Bangyin, and Mr. Cheng Jianming, with Mr. Ye Bangyin serving as the Chairman of the Audit Committee[57](index=57&type=chunk) - The primary responsibilities of the Audit Committee are to review and monitor the company's financial reporting, internal control, and risk management systems[57](index=57&type=chunk) [Publication of Interim Report](index=19&type=section&id=Publication%20of%20Interim%20Report) This interim results announcement has been published on the HKEX and company websites, and the full interim report will be dispatched to shareholders and published online in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.zs-united.com)[58](index=58&type=chunk) - The Group's interim report for the six months ended June 30, 2025, containing all relevant information required by the HKEX Listing Rules, will be dispatched to the company's shareholders (upon request) and published on the aforementioned websites in due course[58](index=58&type=chunk) [Board Information](index=19&type=section&id=By%20Order%20of%20the%20Board) The announcement is issued by Mr. Gui Pinghu, Chairman of the Board, on behalf of the Board, and lists the executive and independent non-executive directors as of the announcement date - The announcement is issued by Mr. Gui Pinghu, Chairman of the Board of Nanjing ZhongSheng United Co., Ltd., on behalf of the Board[59](index=59&type=chunk) - As of the date of this announcement, the executive Directors are Mr. Gui Pinghu, Ms. Zhang Yuan, and Ms. Zhu Feifei; and the independent non-executive Directors are Mr. Yu Bo, Mr. Ye Bangyin, and Mr. Cheng Jianming[60](index=60&type=chunk)

Core Viewpoint - The company, China National Pharmaceutical Group Corporation (中生联合), has scheduled a board meeting on August 22, 2025, to review its mid-term performance for the six months ending June 30, 2025, and to consider the distribution of an interim dividend, among other matters [1] Group 1 - The board meeting is set for August 22, 2025 [1] - The meeting will focus on the mid-term results for the period ending June 30, 2025 [1] - The company will also discuss the potential distribution of an interim dividend [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 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。 NANJING SINOLIFE UNITED COMPANY LIMITED* 南 京 中 生 聯 合 股 份 有 限 公 司 南京中生聯合股份有限公司 董事長 桂平湖 中華人民共和國，南京，二零二五年八月十二日 於本公告日期，本公司執行董事為桂平湖先生、張源女士及朱飛飛女士；以及本 公司獨立非執行董事為余波先生、葉邦銀先生及程建明先生。 * 僅供識別 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3332） 董事會會議召開日期 南京中生聯合股份有限公司（「本公司」）董事會（「董事會」）兹通告謹定於二零二五 年八月二十二日（ 星期五 ）舉行董事會會議，以考慮及通過本公司及其附屬公司截 至二零二五年六月三十日止的六個月中期業績，及派發中期股息（ 如有 ），以及處 理其他事項。 承董事會命 ...

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: 南京中生聯合股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03332 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 946,298,370 | RMB | | 0.1 RMB | | 94,629,837 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 946,298,370 | RMB | | 0.1 RMB | | 94,629,837 | 本月底法定/註冊股本總額： RMB 94,629,837 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 FF3 ...