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 ...

Core Viewpoint - The company expects a significant decrease in net profit for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to declining sales in the domestic distributor platform for baby products and increased promotional expenses on e-commerce platforms [1] Summary by Relevant Categories Financial Performance - The company anticipates a net profit of approximately RMB 12 million to RMB 18 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 33.4 million for the same period in 2024 [1] Sales and Revenue - The decline in net profit is attributed to a decrease in sales revenue from the domestic distributor platform for baby products [1] - Increased promotional expenses on e-commerce platforms are also impacting the company's financial performance [1]

Core Viewpoint - The company expects a significant decrease in net profit for the six months ending June 30, 2025, compared to the previous period, primarily due to declining sales and increased promotional expenses [1] Financial Performance - The projected net profit for the six months ending June 30, 2025, is estimated to be between RMB 12 million and RMB 18 million [1] - In contrast, the net profit for the six months ending June 30, 2024, was approximately RMB 33.4 million, indicating a substantial decline [1] Factors Influencing Performance - The decrease in net profit is attributed to two main factors: 1. A decline in sales revenue from the domestic distributor platform for baby and child products [1] 2. An increase in promotional expenses on e-commerce platforms [1]

Group 1 - The company expects to record a net profit of approximately RMB 12 million to RMB 18 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 33.4 million for the six months ending June 30, 2024 [1] - The decrease in net profit is primarily attributed to a decline in sales revenue from the domestic distributor platform for infant and child products [1] - Increased promotional expenses on e-commerce platforms have also contributed to the reduction in net profit [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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3332） 盈利警告 本 公 告 乃 由 南 京 中 生 聯 合 股 份 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法 例第571章證券及期貨條例第XIVA部之內幕消息條文（ 定義見上市規則 ）刊發。 * 僅供識別 – 1 – 潛在投資者及股東在買賣本公司證券時務請審慎行事。 承董事會命 南京中生聯合股份有限公司 桂平湖 董事長 中華人民共和國，南京，2025年7月30日 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投 ...

Group 1 - The A-share IP concept sector is experiencing a surge in popularity, with stocks like Aoya Co., Ltd. and Deyi Cultural Creativity reaching their daily limit up [1] - Bubble Mart's stock price continues to rise, reaching 277.6 HKD per share, with a market capitalization exceeding 370 billion HKD and a year-to-date increase of over 200% [1] - Suzhou Longjie has seen its stock price hit a daily limit for three consecutive days, reaching 21.54 CNY per share, with a total market value of 4.646 billion CNY [1] Group 2 - Suzhou Longjie's products include differentiated polyester filament and PTT fiber, primarily used in civilian textiles, with a projected revenue of 1.259 billion CNY in 2024, reflecting a year-on-year growth of 15.22% [3] - The net profit for Suzhou Longjie is expected to reach 58.14 million CNY in 2024, a significant increase of 520.05% year-on-year [3] - However, the company's performance in Q1 2025 showed a substantial decline, with a non-recurring net profit of only 680,000 CNY, down 93.01% year-on-year, indicating potential uncertainties in its development [3] Group 3 - The IP economy is currently experiencing explosive growth, with top IPs generating significant value across various sectors, including film, toys, and cultural products [3] - Bubble Mart's IP Labubu has seen sales reach 3.04 billion CNY in 2024, a year-on-year increase of over 700%, contributing to the company's stock price surge [4] - The Labubu series is in high demand globally, with products in the European and American markets selling at a premium of over seven times [5] Group 4 - Companies are increasingly collaborating with popular IPs to leverage their popularity for business expansion and performance growth, leading to a market frenzy for related concept stocks [5] - Long-term development for Suzhou Longjie relies on technological innovation and business expansion, with potential for performance growth if it successfully enters the IP derivative supply chain [5]