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分內容 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。 China Success Finance Group Holdings Limited 中國金融發展（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3623） 展望未來，本集團將繼續堅持「風險第一、業務第二」的原則，審慎發展金融板塊業務， 同時探索調整生豬養殖業務的機會，並修復國際儲能系統銷售業務。本集團還將嘗試在探 索數字資產領域的發展機會，務求以多元化業務增厚集團經營韌性，促進集團高質量可持 續發展。 - 1 - 本公告所載資料僅基於董事會對本集團於報告期間的未經審核管理賬目及目前董事會可獲 得的資料而作出的初步評估。本集團正在確定其於報告期間的中期業績。本集團的實際財 務業績可能與本公告所披露的有所不同。本公司股東及潛在投資者請仔細閱讀本公司有關 報告期間財務業績的公告。 本公司股東及潛在投資者於買賣本公司股份時，務請審慎行事。 承董事會命 中國金融發展（控股）有限公司 主席兼執 ...

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分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。 China Success Finance Group Holdings Limited 中國金融發展（控股）有限公司 （於開曼群島註冊成立的有限公司） 香港，二零二五年八月十八日 （股份代號：3623） 董 事 會 會 議 日 期 中國金融發展（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於二零二 五年八月二十八日（星期四）召開董事會會議，藉此（其中包括）審議及批准（倘認為合適） 本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及審議派發中期股息 （如有）的建議。 承董事會命 中國金融發展（控股）有限公司 於本公告日期，董事會包括(i)五名執行董事，即張鐵偉先生、李斌先生、戴菁女士、徐凱英先生及龐浩 泉先生，及(ii)三名獨立非執行董事，即曾鴻基先生、區天旂先生及周小江先生。 主席兼執行董事 張鐵偉 ...

格隆汇8月18日丨中国金融发展(03623.HK)公告，将于2025年8月28日(星期四)召开董事会会议，藉此(其 中包括)审议及批准(倘认为合适)公司及其附属公司截至2025年6月30日止6个月中期业绩及审议派发中期 股息(如有)的建议。 ...

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分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。 China Success Finance Group Holdings Limited 中國金融發展（控股）有限公司 （於開曼群島註冊成立的有限公司） 主席兼執行董事 張鐵偉 香港，二零二五年八月十八日 於本公告日期，董事會包括(i)五名執行董事，即張鐵偉先生、李斌先生、戴菁女士、徐凱英先生及龐浩 泉先生，及(ii)三名獨立非執行董事，即曾鴻基先生、區天旂先生及周小江先生。 （股份代號：3623） 董 事 會 會 議 日 期 中國金融發展（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於二零二 五年八月二十八日（星期四）召開董事會會議，藉此（其中包括）審議及批准（倘認為合適） 本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及審議派發中期股息 （如有）的建議。 承董事會命 中國金融發展（控股）有限公司 ...

公司名稱: 中國金融發展（控股）有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03623 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,200,000,000 | HKD | | 0.01 | HKD | | 12,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,200,000,000 | HKD | | 0.01 | HKD | | 12,000,000 | 本月底法定/註冊股本總額： HKD 12,000,000 FF301 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 ...

Group 1 - The company has entered into a subscription agreement for the purchase of exchangeable bonds amounting to USD 4 million, with a payment structure involving USD 1 million in cash and the issuance of approximately 33.428 million shares at HKD 0.7 per share [1] - The exchangeable bonds, if fully exercised, will convert into 1% of the total issued share capital of the target company [2] - The company plans to issue up to 77 million placement shares at a price of HKD 0.7 per share, representing approximately 13.94% of the existing share capital as of the announcement date [2] Group 2 - The placement price of HKD 0.7 per share represents a discount of approximately 18.60% compared to the closing price of HKD 0.86 on the date of the placement agreement [3] - The estimated total proceeds from the placement, after deducting commissions and related expenses, will be approximately HKD 53.9 million, with a net amount of about HKD 53.36 million [3] - The net proceeds will be allocated as follows: approximately HKD 7.8 million for the cash consideration of the subscription, around HKD 35.56 million for repaying existing loans, and about HKD 10 million for general working capital [3]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 64,585,000, a significant decrease of 67.5% compared to RMB 198,460,000 in 2023[6]. - The company incurred a pre-tax loss of RMB 52,640,000, compared to a loss of RMB 44,896,000 in the previous year, indicating a deterioration in profitability[6]. - Total assets decreased to RMB 558,737,000 from RMB 644,936,000 in 2023, reflecting a decline of approximately 13.4%[6]. - The company's total liabilities also decreased to RMB 321,013,000, down from RMB 352,829,000, marking a reduction of about 9.0%[6]. - The net asset value fell to RMB 237,724,000, a decrease of 18.6% from RMB 292,107,000 in 2023[6]. - The group's revenue for the fiscal year ending December 31, 2024, was approximately RMB 64.6 million, an increase of about 225.4% compared to RMB 19.8 million in the fiscal year 2023[49]. - The net income from financing guarantee services was approximately RMB 15.1 million for the fiscal year ending December 31, 2024, representing a growth of about 13.5% from RMB 13.3 million in the previous year[49]. - Revenue from financing and non-financing guarantee services was approximately RMB 154 million and RMB 2 million, accounting for approximately 23.8% and 0.3% of total revenue, respectively[26]. - Revenue from market pig sales for the year ended December 31, 2024, was approximately RMB 4.4 million, a significant increase from RMB 1.2 million in 2023, reflecting a recovery in sales volume and revenue[56]. - Revenue from energy storage system sales for the year ended December 31, 2024, was approximately RMB 41.4 million, a substantial increase from RMB 5.0 million in 2023[59]. Business Strategy and Operations - The company is focusing on enhancing risk control capabilities and optimizing business structure to ensure stable and healthy development amid macroeconomic fluctuations[9]. - The company is advancing its supply chain finance business, particularly in the pig supply chain and international energy storage sectors, despite facing market competition and policy uncertainties[12]. - The company plans to optimize its supply chain finance business while maintaining a prudent approach to traditional business operations, focusing on small and micro enterprises[14]. - The company aims to explore new business areas and market opportunities to achieve diversified development[16]. - The company will enhance risk control and optimize its business structure to meet diverse customer needs in the guarantee service sector[14]. - The company is committed to providing high-quality energy storage solutions in response to the growing market demand in the energy storage supply chain[15]. - The company aims to enhance energy storage systems to provide more efficient, safer, and cost-effective solutions while introducing new products to meet local market demands[95]. - The company plans to deepen its presence in the South African market and selectively expand into other African, Australian, and European markets by 2025[95]. - The company recognizes the importance of the Greater Bay Area's financial development and aims to actively promote the construction of a financial hub in the region[89]. - The company is committed to maintaining prudent and stable operations while expanding its comprehensive services in the Greater Bay Area[85]. Economic Environment - The domestic GDP growth for 2024 is projected at 5.0%, indicating a resilient economic environment, which the company aims to leverage for its growth strategies[8]. - The Hong Kong economy is expected to grow by 2.5% in 2024, presenting both opportunities and challenges for the company[8]. - The global economy is expected to grow slowly in 2025, with inflation rates likely to decline and the job market remaining stable, but geopolitical tensions and high debt levels pose significant uncertainties[13]. - The overall GDP growth in Hong Kong for 2024 is projected at 2.5%, driven by improved external demand and increased service exports[20]. - The global energy storage market is experiencing rapid growth, supported by government policies, but faces challenges in technology, economics, and competition[93]. Risk Management - The company is implementing a core strategy of "risk first, business second" in its guarantee business to enhance operational efficiency and safeguard client interests[11]. - The company employs a strict credit risk assessment policy to minimize credit risk, involving thorough due diligence and background checks on clients and guarantors[28]. - The credit limit for clients is determined by the risk management department based on initial assessment reports and due diligence findings[32]. - The group maintains a cautious strategy in expanding its guarantee business, prioritizing risk management and optimizing risk control mechanisms[38]. - The group actively monitors customer financial conditions and business operations, conducting regular assessments to safeguard its interests in receivable default guarantee payments[37]. Share Options and Corporate Governance - The company has adopted stock option plans as a reward mechanism for directors and eligible employees following its initial public offering[156]. - The board of directors is composed of five executive directors, with re-elections scheduled for June 28, 2024, for Mr. Li Bin and Mr. Pang Haoquan[148]. - The company has established a compensation committee to determine the remuneration of directors based on company performance and market practices[155]. - The company has arranged appropriate liability insurance for its directors and key personnel[158]. - The company has established an Environmental, Social, and Governance (ESG) committee to assess the environmental impact of its operations and report to senior management[185]. - The company is committed to sustainable development and has set carbon reduction targets while increasing the use of renewable energy[184]. - The company has adopted and complied with the Corporate Governance Code as of December 31, 2024, ensuring high standards of corporate governance[198]. Customer and Market Dynamics - The largest customer accounts for approximately RMB 25 million in accounts receivable default guarantee payments, representing 19.3% of the total[26]. - Approximately 15,000 individual customers benefited from the customized guarantee services tailored for the payment segment of the trading market, resulting in positive financial outcomes for the group[39]. - The group faces sales revenue reduction risks due to fluctuations in live pig prices, particularly during market downturns, which may lead to operational losses[106]. - The group is implementing a live pig breeding model to mitigate cash flow pressure and respond to market price volatility[106]. Employee and Talent Management - The group employed 66 full-time employees, with total employee costs (including directors' remuneration) amounting to approximately RMB 15.7 million[81]. - The group maintains two share option plans to attract and retain talent, enhancing business success[125]. Financial Position and Capital Management - Cash and bank deposits increased to approximately RMB 185.6 million from RMB 134.1 million, an increase of about RMB 51.5 million[74]. - Trade and other receivables decreased to approximately RMB 87.6 million from RMB 135.9 million due to collections during the reporting period[75]. - The group plans to leverage its operating funds to support guarantee and financing lease businesses, while remaining open to potential debt or equity fundraising opportunities to meet operational needs[42]. - The company has not purchased, sold, or redeemed any of its listed securities, including treasury shares[175]. Subsequent Events and Compliance - There have been no significant subsequent events from December 31, 2024, to the date of this report[191]. - The company has not entered into any related party transactions that require disclosure under the listing rules as of December 31, 2024[192]. - The company has not identified any non-compliance with environmental laws and regulations as of December 31, 2024[185].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 64,585,000, representing a significant increase of 225.4% compared to RMB 19,846,000 in the previous year[3] - The company reported a net loss of RMB 56,699,000 for the year, which is an increase of 24.1% from a net loss of RMB 45,690,000 in the prior year[3] - The company reported a basic loss per share of RMB 0.07, compared to RMB 0.06 in the previous year, reflecting a 16.7% increase in loss per share[3] - The company reported a total segment loss before tax of RMB 56,699,000 for the year 2024, compared to a loss of RMB 45,690,000 in 2023, indicating a worsening of approximately 24%[24] - The pre-tax loss increased from RMB 33,421 thousand in 2023 to RMB 39,117 thousand in 2024, an increase of approximately 17.0%[38] - The income tax expense for the year ended December 31, 2024, was approximately RMB 4.1 million, a significant increase of approximately 412.5% compared to RMB 0.8 million in 2023[92] Revenue Sources - The company generated RMB 41,440,000 in revenue from energy storage system sales, a substantial increase from RMB 4,966,000 in the previous year[4] - Revenue from major customer A in the energy storage segment increased significantly from RMB 4,441 thousand in 2023 to RMB 40,854 thousand in 2024, representing a growth of approximately 820.5%[27] - Revenue from financial services in mainland China decreased from RMB 26,066 thousand in 2023 to RMB 16,667 thousand in 2024, a decline of approximately 36.0%[28] - Revenue from financing and non-financing guarantee services was approximately RMB 15.4 million and RMB 0.2 million, respectively, representing about 23.8% and 0.3% of total revenue[56] - The company recorded sales revenue from market pig sales of approximately RMB 4.4 million, up from RMB 1.2 million in 2023[78] - The company achieved sales revenue of approximately RMB 41 million from its energy storage system sales business during the reporting period[72] Asset and Equity Changes - Total assets decreased by 13.4% to RMB 558,737,000 from RMB 644,936,000 year-over-year[3] - Total equity also declined by 18.6% to RMB 237,724,000 from RMB 292,107,000 in the previous year[3] - Cash and bank deposits increased to RMB 185,561,000 from RMB 134,077,000, indicating improved liquidity[6] - Trade receivables (net of loss provisions) decreased to RMB 18,234,000 in 2024 from RMB 20,734,000 in 2023, representing a decline of approximately 12.06%[42] - The recoverable amount of the pig sales business was RMB 154,468,000 as of December 31, 2024, down from RMB 182,260,000 in 2023, indicating a decrease of about 15.24%[46] Cost Management - Operating expenses decreased to RMB 39,938,000 from RMB 51,575,000, indicating improved cost management[4] - Employee costs decreased from RMB 18,516 thousand in 2023 to RMB 15,738 thousand in 2024, a decline of approximately 15.0%[32] - Operating expenses, including R&D costs, decreased to approximately RMB 40.9 million in 2024 from RMB 52.6 million in 2023, reflecting strict cost control measures[88] Impairment and Losses - The company recognized a loss of RMB 15,798,000 for impairment of property, plant, and equipment related to the pig sales business in 2024, compared to no impairment loss in 2023[46] - Impairment losses on property, plant, and equipment amounted to approximately RMB 18.2 million for the year ended December 31, 2024, attributed to the transitional pig farming service model and declining real estate prices in mainland China[87] Strategic Focus and Future Plans - The company is focusing on expanding its market presence in energy storage systems and livestock sales, which are key growth areas for future revenue[7] - The company plans to continue focusing on traditional business areas while actively expanding comprehensive services in the Greater Bay Area[104] - The company aims to enhance risk management and explore new business growth points in response to the evolving policy environment and market competition[105] - The company is actively exploring international energy storage supply chain business opportunities, particularly in South Africa, Australia, and Europe[72] - The company plans to increase the scale of pig farming services to approximately 29,000 pigs, aiming for revenue growth while mitigating market price fluctuations[107] Financial Health and Risk Management - The company has implemented strict credit risk assessment policies to mitigate credit risk associated with guarantees[58] - The group continues to adopt a cautious strategy in its guarantee business, emphasizing "risk first, business second" to optimize risk management mechanisms[66] - The adjusted net debt-to-capital ratio increased from approximately 46% to 62%, primarily due to losses during the reporting period leading to a decrease in total equity[99] Compliance and Reporting - The audit committee has reviewed the consolidated financial statements for the fiscal year ending December 31, 2024, ensuring compliance with applicable accounting standards[120] - The annual performance announcement and annual report will be published on the company's website and the designated website of the Stock Exchange[124] - Printed copies of the annual performance announcement and annual report will be available upon request[124]

[Financial and Performance Highlights](index=3&type=section&id=概%20要) The group's revenue surged by 1,763.0% to RMB 54.511 million in H1 2024, primarily due to new energy storage business, while loss for the period narrowed by 36.8% [Financial Summary](index=3&type=section&id=财务摘要) For the six months ended June 30, 2024, the group's revenue soared by 1,763.0% to RMB 54.511 million, mainly driven by the new energy storage business, despite which the group recorded a loss of RMB 22.063 million, a 36.8% reduction from the prior year, with total assets and equity slightly decreasing from year-end 2023 Key Financial Indicators for H1 2024 | Indicator | For the Six Months Ended June 30, 2024 (RMB thousands) | For the Six Months Ended June 30, 2023 (RMB thousands) | Percentage Change | | :--- | :--- | :--- | :--- | | **Revenue** | 54,511 | 2,926 | +1,763.0% | | **Loss Before Tax** | (19,144) | (31,041) | -38.3% | | **Loss for the Period** | (22,063) | (34,898) | -36.8% | | **Basic Loss Per Share (RMB)** | (0.02) | (0.05) | -60.0% | | | **As of June 30, 2024 (RMB thousands)** | **As of December 31, 2023 (RMB thousands)** | **Percentage Change** | | **Total Assets** | 608,496 | 644,936 | -5.7% | | **Total Equity** | 272,288 | 292,107 | -6.8% | [Chairman's Report](index=4&type=section&id=主席報告) The Chairman's Report highlights the group's strategy of steady traditional business development alongside diversified exploration, particularly in "dual-chain linkage" supply chain finance, with energy storage showing strong performance - Facing a complex operating environment, the group strengthened risk control, steadily developed traditional businesses, and actively explored diversified business growth, especially in supply chain finance[5](index=5&type=chunk) - Traditional guarantee business adhered to a "risk first, business second" strategy, while financial leasing explored providing services to park-resident enterprises[6](index=6&type=chunk) - The group accelerated the potential of supply chain finance, forming a "dual-chain linkage" development model for hog farming and international energy storage, with the latter achieving remarkable results[7](index=7&type=chunk) - For the second half of the year, the group will continue to focus on its core business and diversified drivers, planning to expand into Australian and European energy storage markets and explore hog contract farming models to mitigate risks[8](index=8&type=chunk)[9](index=9&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=管理層討論與分析) This section reviews the group's strategic shift towards cautious traditional business development and aggressive expansion into new ventures, particularly international energy storage, amidst economic uncertainties [Industry and Business Review](index=8&type=section&id=行業及業務回顧) In H1 2024, the group prudently developed traditional financial services while vigorously advancing new businesses, with traditional guarantee services achieving good financial returns, hog supply chain sales recovering but facing cost pressures, and the new international energy storage business rapidly growing as a key revenue driver [Traditional Business: Prudent and Steady Development](index=8&type=section&id=審慎穩健發展傳統業務) Amidst insufficient credit demand, the group adopted a cautious strategy for its traditional guarantee and financial leasing businesses, with guarantee services providing customized solutions for transaction market product payments, benefiting approximately 10,000 customers and achieving good financial results - To address insufficient credit demand, the group adopted a prudent strategy for its traditional businesses, prioritizing "risk first, business second"[12](index=12&type=chunk) - During the reporting period, the group's customized guarantee services for payment links in transaction market product sales benefited approximately **10,000 customers** and achieved good financial results[12](index=12&type=chunk) [Emerging Business: Hog Supply Chain](index=10&type=section&id=調整優化生豬供應鏈業務) In H1 2024, the group's hog farming business sold approximately 2,800 hogs, generating revenue of approximately RMB 4.4 million, a 279% year-on-year increase, but high farming costs prevented profitability, leading to a shift to a more flexible production model since June Hog Supply Chain Business Performance | Indicator | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | | **Quantity Sold** | Approx. 2,800 hogs | - | | **Revenue** | Approx. RMB 4.4 million | +279% | [Emerging Business: International Energy Storage](index=10&type=section&id=探索國際儲能業務) The international energy storage business, operational since December 2023, continued its positive development during the reporting period, establishing a mature sales network and brand image in existing markets (South Africa), generating approximately RMB 35.3 million in revenue with strong growth potential due to safe, durable, and efficient products - The international energy storage business, operational since December 2023, recorded revenue of approximately **RMB 35.3 million** during the reporting period[15](index=15&type=chunk) - The group's industrial and commercial energy storage systems demonstrated excellent performance in safety and durability, with some products achieving IP67 or IP56 certification[15](index=15&type=chunk) [Financial Review](index=11&type=section&id=財務回顧) The group's financial performance significantly improved in H1 2024, with total revenue surging by 1,763.0% driven by new energy storage system sales and increased financing guarantee services, while operating expenses decreased by 17.1%, leading to a 38.4% reduction in loss before tax to RMB 19.144 million despite an RMB 15.613 million asset impairment from hog business strategy adjustments [Revenue Analysis](index=11&type=section&id=收%20益) For the six months ended June 30, 2024, the group's total revenue reached RMB 54.511 million, a substantial 1,763.0% increase from RMB 2.926 million in the prior period, primarily due to RMB 35.30 million from new energy storage system sales and a 781.3% surge in net income from financing guarantee services to RMB 14.10 million Revenue Composition H1 2024 (RMB thousands) | Business Segment | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Income from Financing Guarantee Services | 14,131 | 1,600 | | Non-financing Guarantee Services | 40 | 100 | | Financial Advisory Services | 118 | 10 | | Financial Leasing Services | 647 | 0 | | Market Hog Sales | 4,362 | 1,151 | | Energy Storage System Sales | 35,253 | 0 | | **Total Revenue** | **54,511** | **2,926** | [Impairment Loss on Assets](index=14&type=section&id=物業、廠房及設備減值虧損) Due to challenges in the hog farming industry, including virus mutations and rising costs, the group plans to adjust the operational strategy of its subsidiary, Green Lake Yangmian Mountain, to explore a contract farming model, leading to an impairment loss of approximately RMB 15.613 million on related non-current assets based on revised profitability forecasts - Due to operational strategy adjustments in the hog farming business, the group recognized an impairment loss provision of approximately **RMB 15.6 million** on related non-current assets[24](index=24&type=chunk) [Operating Expenses](index=14&type=section&id=經營開支) During the reporting period, the group's total operating expenses were RMB 21.274 million, a 17.1% year-on-year decrease, primarily due to strict cost management, significant reductions in office, travel, and entertainment expenses, and decreased value of culled hogs, though intermediary and consulting fees increased due to the energy storage business Operating Expense Details (RMB thousands) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Salaries and Wages | 8,253 | 10,492 | | Depreciation Expense | 5,691 | 2,657 | | Intermediary and Consulting Fees | 3,402 | 1,905 | | Office, Travel, and Entertainment Expenses | 772 | 3,144 | | Others | 2,259 | 7,037 | | **Total** | **21,274** | **25,719** | [Loss Before Tax](index=15&type=section&id=除稅前虧損) The group's loss before tax significantly narrowed by 38.4% to RMB 19.144 million from RMB 31.041 million in the prior period, primarily due to strong growth in guarantee services and energy storage system sales, effective control over operating expenses, and reduced interest expenses from lower convertible bond principal, partially offset by asset impairment losses in the hog farming business - Loss before tax decreased by **38.4%** from approximately **RMB 31.0 million** in the prior period to approximately **RMB 19.1 million** in the current period[28](index=28&type=chunk) [Liquidity and Capital Resources](index=15&type=section&id=流動資金及資本資源) As of June 30, 2024, the group's cash and bank balances increased to RMB 178.4 million, while pledged bank deposits decreased, and the gearing ratio slightly rose to 123.5% due to a reduction in total equity from the loss for the period, with the group primarily operating in RMB and closely monitoring foreign exchange risks Liquidity and Capital Structure Indicators | Indicator | June 30, 2024 (RMB millions) | December 31, 2023 (RMB millions) | | :--- | :--- | :--- | | Cash and Bank Balances | 178.4 | 134.1 | | Pledged Bank Deposits | 53.0 | 72.7 | | Gearing Ratio | 123.5% | 120.8% | [Prospects and Outlook](index=16&type=section&id=前景及展望) Looking ahead to H2 2024, the group will maintain prudent operations amidst a complex macro environment, strategically developing traditional financial businesses, actively promoting integrated services in the Greater Bay Area, and focusing on adjusting and optimizing its two emerging supply chain businesses - Traditional businesses will continue to operate prudently, with flexible adjustments to operating strategies and exploration of diversified collaborations with FinTech[35](index=35&type=chunk) - The hog business maintains cautious optimism for its prospects, exploring contract farming partnerships with quality enterprises to introduce advanced technology and reduce farming risks[37](index=37&type=chunk) - To address international trade challenges, the energy storage business will actively expand local South African suppliers, increase local assembly proportions, and accelerate market expansion into Australia and Europe[38](index=38&type=chunk) [Condensed Interim Financial Report](index=19&type=section&id=簡明中期財務報告) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, reviewed by independent auditor Fuyuan Mazars CPA Limited, which found no matters suggesting non-compliance with HKAS 34, showing total revenue of RMB 54.511 million and a loss for the period of RMB 22.063 million, with total assets of RMB 608 million, total liabilities of RMB 336 million, and net assets of RMB 272 million at period-end - The independent auditor reviewed the interim financial report and concluded that no matters were found to suggest the report was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[39](index=39&type=chunk)[41](index=41&type=chunk) Condensed Consolidated Statement of Profit or Loss Summary (RMB thousands) | Item | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Net Revenue | 54,511 | 2,926 | | Loss Before Tax | (19,144) | (31,041) | | Loss for the Period | (22,063) | (34,898) | | Loss Attributable to Owners of the Company | (9,630) | (28,896) | Condensed Consolidated Statement of Financial Position Summary (RMB thousands) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Total Assets | 608,496 | 644,936 | | Total Liabilities | 336,208 | 352,829 | | Net Assets | 272,288 | 292,107 | | Total Equity | 272,288 | 292,107 | [Notes to the Financial Report](index=26&type=section&id=未經審核簡明中期財務報告附註) This section provides detailed notes supporting the condensed interim financial report, covering revenue, segment performance, receivables, borrowings, and share option schemes [Note 3: Revenue and Segment Reporting](index=28&type=section&id=3.%20收益及分部報告) This note details the group's revenue sources and the performance of its three operating segments: financial services, hog sales, and energy storage, with financial services contributing RMB 14.9 million in revenue and RMB 6.35 million in profit before tax, hog sales generating RMB 4.36 million but incurring a significant loss of RMB 25.41 million due to costs and asset impairment, and the new energy storage segment performing strongly with RMB 35.25 million in revenue and near break-even results, while Mainland China remains the primary revenue source, and the new South African market (energy storage) contributes over 60% of total revenue Segment Performance Summary (RMB thousands) | Segment | Net Revenue | Reportable Segment Profit (Loss) Before Tax | | :--- | :--- | :--- | | Financial Services | 14,896 | 6,351 | | Hog Sales | 4,362 | (25,409) | | Energy Storage | 35,253 | (86) | | **Total** | **54,511** | **(19,144)** | Revenue by Customer Geographical Location (RMB thousands) | Region | H1 2024 | | :--- | :--- | | Mainland China | 19,258 | | South Africa | 35,253 | | **Total** | **54,511** | [Note 11: Trade and Other Receivables](index=38&type=section&id=11.%20貿易及其他應收款項) As of June 30, 2024, the group's total trade and other receivables amounted to RMB 112 million, a decrease from RMB 136 million at the beginning of the year, with trade receivables (including receivables from defaulted guarantee payments) having a net book value of RMB 27.22 million and deposits and other receivables a net book value of RMB 42.24 million, and the vast majority of receivables from defaulted guarantee payments being over one year old Composition of Trade and Other Receivables (RMB thousands) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Trade Receivables (Net) | 27,223 | 20,734 | | Deposits and Other Receivables (Net) | 42,239 | 70,524 | | Other Items | 42,481 | 44,502 | | **Total** | **111,943** | **135,860** | [Note 17: Interest-Bearing Borrowings](index=43&type=section&id=17.%20計息借款) As of June 30, 2024, the group's total secured bank borrowings were RMB 131 million, slightly lower than RMB 137 million at the beginning of the year, with RMB 119 million utilized from a total RMB 140 million bank facility secured by ordinary shares of a company subsidiary - As of June 30, 2024, the group's total secured bank borrowings amounted to **RMB 131 million**[84](index=84&type=chunk) - Of the total **RMB 140 million** bank facility, **RMB 119 million** has been utilized, secured by ordinary shares of a subsidiary[84](index=84&type=chunk) [Note 19: Share Option Scheme](index=44&type=section&id=19.%20以權益結算以股份為基礎的交易) This note discloses changes in the group's share option schemes, reporting 11,508,400 outstanding share options as of June 30, 2024, granted under the 2020 and 2023 schemes, with 5,100,000 granted to directors and 6,408,400 to employees, and no new options granted, exercised, or expired during the period, while a new "2024 Share Option Scheme" was adopted in June 2024 Outstanding Share Options (As of June 30, 2024) | Participant Category | Number Outstanding | | :--- | :--- | | Directors | 5,100,000 | | Employees | 6,408,400 | | **Total** | **11,508,400** | - The company adopted a new share option scheme ("2024 Share Option Scheme") on June 28, 2024, with no options granted under this scheme during the reporting period[110](index=110&type=chunk) [Other Information](index=49&type=section&id=其他資料) This section covers additional disclosures including pledged shares by the controlling shareholder, significant post-reporting period events, and corporate governance and compliance matters [Pledged Shares by Controlling Shareholder](index=59&type=section&id=控股股東質押股份) During the reporting period, Expert Depot Limited, wholly owned by Chairman and Executive Director Mr. Zhang Tiewei, pledged 110 million company shares to secure convertible bonds issued by the company, representing approximately 19.92% of the company's total issued share capital as of June 30, 2024 - Controlling shareholder Expert Depot Limited (owned by Chairman Mr. Zhang Tiewei) pledged **110 million** company shares to secure convertible bonds[119](index=119&type=chunk) - As of June 30, 2024, the pledged shares represented approximately **19.92%** of the company's total issued share capital[119](index=119&type=chunk) [Post-Reporting Period Events](index=59&type=section&id=報告期後事件) A significant financing and debt repayment event occurred after the reporting period, where in July 2024, the company received an HKD 16 million shareholder loan from controlling shareholder Expert Depot Limited, which was used to fully redeem all remaining outstanding convertible bonds, leading to the cancellation of all convertible bonds and the release of related share pledges - In July 2024, the company received an **HKD 16 million** shareholder loan from the controlling shareholder, with an annual interest rate of **7.875%**[120](index=120&type=chunk) - The company fully redeemed all outstanding convertible bonds on July 26, 2024, resulting in the cancellation of all bonds and the release of the related **110 million** share pledge[120](index=120&type=chunk) [Corporate Governance and Compliance](index=57&type=section&id=企業管治) The group complied with the Corporate Governance Code provisions of the Listing Rules during the reporting period, with the Audit Committee, comprising three independent non-executive directors, having reviewed this interim report, and the directors confirming compliance with the standard securities dealing code, while the company maintained the required public float as of the reporting date - The company has adopted and complied with the Corporate Governance Code provisions in Appendix C1 of the Listing Rules[114](index=114&type=chunk) - The Audit Committee, composed of three independent non-executive directors, has reviewed this interim report[115](index=115&type=chunk) - As of the date of this report, the company has maintained the public float required by the Hong Kong Listing Rules[118](index=118&type=chunk)

Revenue Growth - Revenue for the six months ended June 30, 2024, was RMB 54,511,000, a significant increase of 1,763.0% compared to RMB 2,926,000 for the same period in 2023[1] - Total net revenue for the six months ended June 30, 2024, was RMB 54,511 thousand, a significant increase from RMB 2,926 thousand in the same period of 2023, representing a growth of approximately 1,759%[8] - Revenue from financing guarantee services reached approximately RMB 14.1 million, up about 781.3% from RMB 1.6 million in 2023, driven by increased demand for guarantee services in product transactions[34] - The international energy storage business generated revenue of approximately RMB 35.3 million, compared to zero in the same period last year, reflecting strong market demand and brand establishment[41] - Revenue from market pig sales was approximately RMB 4.4 million, an increase from RMB 1.2 million in 2023, although the overall profitability remained negative due to high breeding costs[38][40] Profitability and Loss - Net income from guarantee fee revenue was RMB 14,131,000, up from RMB 1,763,000 in the previous year, reflecting a substantial growth[2] - The company reported a pre-tax loss of RMB 19,144,000, which is a 38.3% improvement from a loss of RMB 31,041,000 in the same period last year[2] - Total comprehensive loss for the period was RMB 20,803,000, a decrease of 42.7% compared to RMB 36,327,000 in the prior year[3] - The company recorded a net loss attributable to owners of the company of RMB 9,630,000, down from RMB 28,896,000 in the previous year[2] - The pre-tax loss decreased by approximately RMB 11.9 million or 38.4% to about RMB 19.1 million for the six months ended June 30, 2024, compared to a loss of approximately RMB 31.0 million in the same period last year[46] Assets and Equity - Total assets as of June 30, 2024, were RMB 608,496,000, down 5.7% from RMB 644,936,000 at the end of 2023[4] - Total equity decreased by 6.8% to RMB 272,288,000 from RMB 292,107,000 at the end of 2023[4] - Trade receivables, net of impairment, amounted to RMB 111,943,000 as of June 30, 2024, down from RMB 135,860,000 at the end of 2023[19] - Factoring receivables decreased to RMB 46,908,000 in 2024 from RMB 58,675,000 in 2023[21] Cash Flow and Liquidity - Cash and bank deposits increased to RMB 178,428,000 from RMB 134,077,000, indicating improved liquidity[4] - As of June 30, 2024, the group utilized RMB 118,980,000 of its bank financing, down from RMB 123,980,000 as of December 31, 2023[26] - Interest income from bank deposits was RMB 1,091 thousand for the first half of 2024, slightly down from RMB 1,144 thousand in the same period of 2023[15] Operational Efficiency - Employee costs decreased to RMB 8,253,000 in 2024 from RMB 10,492,000 in 2023, reflecting a reduction of approximately 21%[17] - Operating expenses for the six months ended June 30, 2024, were approximately RMB 21.3 million, a decrease of about RMB 4.4 million or 17.1% compared to RMB 25.7 million in the same period last year[44] - Interest expenses decreased to RMB 5,410,000 in 2024 from RMB 7,909,000 in 2023, a reduction of about 31.7%[17] Strategic Initiatives - The company has initiated new product lines, including energy storage systems, which generated RMB 35,253,000 in sales during the period[2] - The group has actively optimized its operational strategy and product structure, benefiting around 10,000 customers through tailored guarantee services during the reporting period[30] - The group has initiated a partnership with a professional R&D company to explore energy storage business opportunities, aligning with green energy development goals[33] - The company plans to explore the possibility of acting as a contract farmer for pig breeding, leveraging advanced breeding techniques to mitigate risks and improve survival rates[43] Market Conditions - The geographical revenue breakdown shows that revenue from mainland China was RMB 54,511 thousand, while revenue from South Africa was RMB 35,253 thousand for the first half of 2024[13] - The company is cautiously optimistic about the domestic pig market in the second half of 2024, anticipating a gradual increase in supply and potential price fluctuations[54] - In June 2024, the pig selling price increased by 16.35% compared to May 2024 and by 28.39% compared to the same month last year, indicating a recovery in the industry[32] Compliance and Governance - The company has not adopted any new or revised Hong Kong Financial Reporting Standards effective from January 1, 2024, and is currently assessing the potential impact on its performance and financial position[7] - The audit committee has reviewed the interim announcement and financial statements[58] - The company continues to comply with the corporate governance code as per the Hong Kong Stock Exchange[57] Shareholder Information - The group has not declared an interim dividend for the six months ended June 30, 2024, consistent with the previous year[28] - As of June 30, 2024, there are 5,805,400 stock options from the 2020 stock option plan still outstanding[59] - The company has not issued or agreed to issue any stock options under the 2024 stock option plan as of June 30, 2024[60]