Group 1 - Steel stocks experienced a broad increase, with Chongqing Steel rising by 2.92% to HKD 1.41, Maanshan Steel up by 1.61% to HKD 2.52, and China Hanking increasing by 1.1% to HKD 3.67 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition," guiding structural adjustments and high-quality development in China's steel industry [1] Group 2 - The work plan proposes precise control of capacity and output, prohibits new capacity additions, and encourages resource allocation towards leading enterprises to achieve dynamic balance between supply and demand [1] - Experts highlight that "equipment upgrading" and "low-carbon transformation" will be the two core competitive issues for the future, with a requirement for steel enterprises to accelerate the elimination of outdated equipment [1] - By the end of 2025, over 80% of steel production capacity is expected to complete ultra-low emission transformations [1] Group 3 - CICC anticipates that in the second half of 2025, production control is likely to be implemented against the backdrop of preventing internal competition, with an expected recovery in market sentiment and improvement in industry supply and demand [2] - The steel industry is currently at the left side of a major cycle bottom reversal, with the bottom of the cycle becoming increasingly clear, indicating a potential upward trend in the industry cycle [2] - The deteriorating raw material landscape is expected to enhance the certainty and elasticity of profit cycle recovery [2]

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

值得注意的是，中国罕王今年7月宣布，计划通过介绍上市方式将子公司"罕王黄金"分拆至香港联交所 主板独立上市。第一上海表示，分拆后，公司将形成平行上市结构，现有股东无需额外出资即可同时持 有中国罕王(铁矿业务)和罕王黄金(黄金业务)的股份。此举旨在打造一个独立的黄金业务资本平台，推 动黄金业务估值修复。此外，公司计划在分拆前引入长期战略投资者，并将融资金用于西澳Cygnet金矿 项目的建设。 来源：智通财经网 消息面上，中国罕王8月18日披露最新的可行性研究报告，对Mt Bundy项目最后可研报告以及Cygnet项 目预可研报告进行了更新。将澳洲507万盎司黄金资源量中的可采资源量增加至310万盎司，两个金矿投 产后预计黄金年产量合计超过20万盎司。公司近期披露了旗下金矿的研究报告，Cygnet矿山仍处于预可 研阶段，矿山建设的投资暂时全部计入生产成本。未来生产年限的增加以及品位的优化，成本有望持续 下降。公司两个金矿项目投资回报高，未来盈利可期。 中国罕王(03788)再涨近9%，年内累计涨幅已超365%。截至发稿，涨7.36%，报3.5港元，成交额2354.19 万港元。 ...

消息面上，中国罕王8月18日披露最新的可行性研究报告，对Mt Bundy项目最后可研报告以及Cygnet项 目预可研报告进行了更新。将澳洲507万盎司黄金资源量中的可采资源量增加至310万盎司，两个金矿投 产后预计黄金年产量合计超过20万盎司。公司近期披露了旗下金矿的研究报告，Cygnet矿山仍处于预可 研阶段，矿山建设的投资暂时全部计入生产成本。未来生产年限的增加以及品位的优化，成本有望持续 下降。公司两个金矿项目投资回报高，未来盈利可期。 值得注意的是，中国罕王今年7月宣布，计划通过介绍上市方式将子公司"罕王黄金"分拆至香港联交所 主板独立上市。第一上海表示，分拆后，公司将形成平行上市结构，现有股东无需额外出资即可同时持 有中国罕王(铁矿业务)和罕王黄金(黄金业务)的股份。此举旨在打造一个独立的黄金业务资本平台，推 动黄金业务估值修复。此外，公司计划在分拆前引入长期战略投资者，并将融资金用于西澳Cygnet金矿 项目的建设。 中国罕王(03788)再涨近9%，年内累计涨幅已超365%。截至发稿，涨7.36%，报3.5港元，成交额2354.19 万港元。 ...

消息面上，中国罕王8月18日披露最新的可行性研究报告，对Mt Bundy项目最后可研报告以及Cygnet项 目预可研报告进行了更新。将澳洲507万盎司黄金资源量中的可采资源量增加至310万盎司，两个金矿投 产后预计黄金年产量合计超过20万盎司。公司近期披露了旗下金矿的研究报告，Cygnet矿山仍处于预可 研阶段，矿山建设的投资暂时全部计入生产成本。未来生产年限的增加以及品位的优化，成本有望持续 下降。公司两个金矿项目投资回报高，未来盈利可期。 值得注意的是，中国罕王今年7月宣布，计划通过介绍上市方式将子公司"罕王黄金"分拆至香港联交所 主板独立上市。第一上海表示，分拆后，公司将形成平行上市结构，现有股东无需额外出资即可同时持 有中国罕王(铁矿业务)和罕王黄金(黄金业务)的股份。此举旨在打造一个独立的黄金业务资本平台，推 动黄金业务估值修复。此外，公司计划在分拆前引入长期战略投资者，并将融资金用于西澳Cygnet金矿 项目的建设。 智通财经APP获悉，中国罕王(03788)再涨近9%，年内累计涨幅已超365%。截至发稿，涨7.36%，报3.5 港元，成交额2354.19万港元。 ...

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: 中國罕王控股有限公司 呈交日期: 2025年9月2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) | 03788 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD ...

[Company Information](index=4&type=section&id=Company%20Information) [Company Overview and Business Scope](index=4&type=section&id=Company%20Overview%20and%20Business%20Scope) China Hanking, established in 2010 and listed in 2011, operates iron ore and high-purity iron in China and gold mining in Australia - The company was incorporated in the Cayman Islands on August 2, 2010, and listed on the Hong Kong Stock Exchange on September 30, 2011, with stock code **03788**[5](index=5&type=chunk) - The company's core values are 'people-oriented, integrity first,' with a mission of 'safety, harmony, green,' committed to corporate social responsibility[6](index=6&type=chunk) - Domestic operations include iron ore and high-purity iron, with iron concentrate averaging over **68%** grade, and high-purity iron products suitable for wind power and marine engineering castings[7](index=7&type=chunk) - Australian gold mining business, initiated in 2010, has completed the acquisition, exploration, production restart, and capitalization of the SXO gold mine project, developing a professional gold mine development and operation team[8](index=8&type=chunk) [Shareholding Structure and Contact Information](index=5&type=section&id=Shareholding%20Structure%20and%20Contact%20Information) This report details the Group's shareholding structure, company contact information, and lists board members with their committee affiliations - The company's shareholding structure chart illustrates the equity stakes of China Hanking Holdings Limited and its various domestic and overseas subsidiaries[10](index=10&type=chunk) - The company's stock code is **03788**, with its registered office in the Cayman Islands, China headquarters in Shenyang, Liaoning, and principal place of business in Hong Kong located in Causeway Bay[12](index=12&type=chunk) - The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established Audit, Remuneration, Nomination, and Health, Safety, Environment, and Community Committees[14](index=14&type=chunk) [Financial Highlights](index=8&type=section&id=Financial%20Highlights) [Key Financial Indicators for H1 2025](index=8&type=section&id=Key%20Financial%20Indicators%20for%20H1%202025) H1 2025 revenue grew by **10.77%** to **RMB 1,405,188 thousand**, but profit attributable to owners decreased by **2.93%**, with diluted EPS and profitability ratios also declining Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 1,405,188 | 1,268,564 | 10.77% | | Profit for the period attributable to owners of the company | 104,318 | 107,467 | (2.93%) | | Earnings per share (RMB cents) | 5.4 | 5.6 | (3.57%) | | Interim dividend (HKD per share) | － | 0.02 | N/A | | Net profit margin | 7.44% | 8.41% | Decreased by 0.97 percentage points | | Return on equity | 7.01% | 7.19% | Decreased by 0.18 percentage points | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [I. Operating Review](index=9&type=section&id=I.%20Operating%20Review) In H1 2025, operations remained stable, iron concentrate and high-purity iron sales exceeded expectations, high-purity iron turned profitable, and Shangma Iron Mine added **79.76 million tons** of resources [1. Proposed Spin-off and Separate Listing of Hanking Gold on the Main Board of the Stock Exchange](index=9&type=section&id=1.%20Proposed%20Spin-off%20and%20Separate%20Listing%20of%20Hanking%20Gold%20on%20the%20Main%20Board%20of%20the%20Stock%20Exchange) The company proposes to spin off Hanking Gold for a separate HKEX listing, aiming to create an independent capital platform and enhance shareholder value - The company proposes to spin off Hanking Gold for a separate listing on the Main Board of the Stock Exchange, aiming to create an independent capital platform for its gold mining business, promote business development, and enhance shareholder value[18](index=18&type=chunk) - Hanking Gold holds the Mt Bundy Gold Mine Project and Cygnet Gold Mine Project, with the goal of becoming an internationally influential medium-sized gold producer[18](index=18&type=chunk) [2. Stable Production and Operations, Slight Decrease in Period Profit](index=9&type=section&id=2.%20Stable%20Production%20and%20Operations%2C%20Slight%20Decrease%20in%20Period%20Profit) H1 2025 saw stable production and sales of iron concentrate and high-purity iron, though period profit slightly decreased due to lower average selling prices - In H1 2025, the company maintained stable production and operations, with iron concentrate and high-purity iron production and sales volumes exceeding both the prior year period and budget[19](index=19&type=chunk) H1 2025 Revenue and Profit | Indicator | Amount (RMB thousands) | YoY Growth/Decrease | | :--- | :--- | :--- | | Revenue | 1,405,188 | 10.77% | | Profit for the Period | 104,537 | (1.99%) | - The decrease in profit for the period was primarily due to overall market conditions, with the average selling price per ton of product lower than the prior year period[19](index=19&type=chunk) [3. High-Purity Iron Business Turns Profitable](index=9&type=section&id=3.%20High-Purity%20Iron%20Business%20Turns%20Profitable) Despite market competition, the high-purity iron business achieved profitability in H1 2025 through enhanced full-process management - Facing intense market competition and price declines, the high-purity iron business achieved profitability in H1 2025 by enhancing its full-process management capabilities[20](index=20&type=chunk) High-Purity Iron Business Pre-tax Profit | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Pre-tax Profit | 14,956 | (35,503) (Loss) | [4. Shangma Iron Mine's Newly Added 79.76 Million Tons of Resources Included in Mining Permit](index=9&type=section&id=4.%20Shangma%20Iron%20Mine's%20Newly%20Added%2079.76%20Million%20Tons%20of%20Resources%20Included%20in%20Mining%20Permit) Shangma Iron Mine's updated permit added **79.76 million tons** of iron ore, boosting total resources to **110 million tons** for sustainable development - Shangma Iron Mine obtained an updated mining permit, expanding its mining area and adding approximately **79.76 million tons** of iron ore resources[21](index=21&type=chunk) - Shangma Iron Mine now possesses a total iron ore resource of approximately **110 million tons**, reaching the 'large-scale iron mine' classification, laying a foundation for the Group's sustainable iron ore business development[21](index=21&type=chunk) [II. Iron Ore Business](index=10&type=section&id=II.%20Iron%20Ore%20Business) H1 2025 iron ore prices fluctuated, with a weak H2 outlook; production and sales grew, but gross profit and margin declined due to lower prices, while resource reserves increased [1. Industry Overview](index=10&type=section&id=1.%20Industry%20Overview) H1 2025 iron ore prices saw initial gains then falls, with a projected volatile and weak H2 trend due to stable international supply and domestic steel controls - In H1 2025, iron ore prices initially rose then fell, with the **62%** port spot price index at **USD 92.39/ton** as of June 30, a **9.07%** decrease from the beginning of the year[23](index=23&type=chunk) - For H2 2025, international mine shipments are expected to maintain steady growth, while domestic crude steel controls and seasonal pig iron declines suggest weaker supply-demand dynamics, potentially leading to continued volatile and weak iron ore prices[23](index=23&type=chunk) [2. Operating Performance](index=10&type=section&id=2.%20Operating%20Performance) H1 2025 iron concentrate production and sales increased, but revenue, gross profit, and gross margin declined due to a significant drop in average selling price - In H1 2025, iron concentrate production reached **518 thousand tons**, a **1.57%** year-on-year increase, with sales volume at **521 thousand tons**, up **2.36%** year-on-year[24](index=24&type=chunk) Iron Ore Business Operating Performance Details | Indicator | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Production (thousand tons) | 518 | 510 | 1.57% | | Sales (thousand tons) | 521 | 509 | 2.36% | | Average Selling Price (RMB/ton) | 856 | 1,013 | (15.50%) | | Average Cost of Sales (RMB/ton) | 339 | 375 | (9.60%) | | Revenue (RMB thousands) | 447,978 | 515,444 | (13.09%) | | Gross Profit (RMB thousands) | 271,398 | 324,607 | (16.39%) | | Gross Margin | 60.58% | 62.98% | Decreased by 2.40 percentage points | - Cash operating cost per ton of iron concentrate was **RMB 348**, a **2.65%** year-on-year increase, primarily due to professional fees for the Maogong Iron Mine expansion project and increased engineering excavation volume[25](index=25&type=chunk)[26](index=26&type=chunk) [3. Resources and Reserves](index=12&type=section&id=3.%20Resources%20and%20Reserves) New iron ore resources were found at Maogong, and Shangma's permit added **79.76 million tons**, boosting total resources to **110 million tons** - New iron ore resources were discovered within the existing pit of Maogong Iron Mine, with an estimated additional reserve of approximately **3.39 million tons**, acquired at low cost, which will extend the mine's life[33](index=33&type=chunk) - Shangma Iron Mine's mining permit was updated, expanding its area and adding approximately **79.76 million tons** of iron ore resources, bringing the total to **110 million tons** and achieving 'large-scale iron mine' status[33](index=33&type=chunk) - As of the end of June 2025, the Group's iron ore resources and reserves data showed no significant changes compared to the end of 2024[33](index=33&type=chunk) [III. High-Purity Iron Business](index=12&type=section&id=III.%20High-Purity%20Iron%20Business) H1 2025 China's wind power capacity grew significantly, benefiting component demand, while the company's high-purity iron business turned profitable with double-digit growth and improved margins due to cost control [1. Industry Overview](index=12&type=section&id=1.%20Industry%20Overview) H1 2025 China's wind power capacity grew by **22.7%** to **570 GW**, with new installations up **98.9%** to **51.39 GW**, signaling strong demand and price outlook - In H1 2025, national cumulative wind power installed capacity increased by **22.7%** year-on-year to **570 million kilowatts**, with new installed capacity growing by **98.9%** year-on-year to **51.39 million kilowatts**[34](index=34&type=chunk) - Total new wind power installations are projected to reach approximately **100 million kilowatts** for the full year 2025, with cumulative installed capacity expected to reach **640 million kilowatts** by year-end, potentially leading to simultaneous increases in demand and prices for wind power components[34](index=34&type=chunk) [2. Operating Performance](index=13&type=section&id=2.%20Operating%20Performance) The high-purity iron business achieved profitability in H1 2025, with double-digit growth in production and sales volumes, and significantly improved gross profit and margin due to cost control - The high-purity iron business achieved profitability in H1 2025, recording a pre-tax profit of **RMB 14,956 thousand** (compared to a pre-tax loss of **RMB 35,503 thousand** in the prior year period)[35](index=35&type=chunk) High-Purity Iron Business Operating Performance Details | Indicator | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Production (thousand tons) | 471 | 408 | 15.44% | | Sales (thousand tons) | 473 | 389 | 21.59% | | Average Selling Price (RMB/ton) | 2,685 | 3,131 | (14.24%) | | Average Cost of Sales (RMB/ton) | 2,494 | 3,051 | (18.26%) | | Revenue (RMB thousands) | 1,272,118 | 1,216,935 | 4.53% | | Gross Profit (RMB thousands) | 92,792 | 30,865 | 200.64% | | Gross Margin | 7.29% | 2.54% | Increased by 4.75 percentage points | - Sales of wind power ductile iron accounted for approximately **93%** of total sales, with the company achieving an **18.26%** year-on-year decrease in average cost of sales by developing new suppliers and adjusting raw material ratios[35](index=35&type=chunk) [IV. Australian Gold Mining Business](index=14&type=section&id=IV.%20Australian%20Gold%20Mining%20Business) H1 2025 international gold prices surged; the company advanced Hanking Gold's spin-off, completed Mt Bundy's feasibility study, saw Cygnet's resources grow, and increased capital expenditure [1. Industry Overview](index=14&type=section&id=1.%20Industry%20Overview) H1 2025 international gold prices rose **24.31%** to **USD 3,287.45/ounce** due to global conflicts, with central banks expected to increase holdings, supporting long-term prices - In H1 2025, global regional conflicts and fluctuating trade policies drove international gold prices significantly higher, with the London spot gold fixing price increasing by **24.31%** from the beginning of the year to **USD 3,287.45/ounce**[37](index=37&type=chunk) - A World Gold Council survey indicates that approximately **95%** of surveyed central banks expect to continue increasing their gold holdings within the next 12 months, providing long-term support for gold prices[37](index=37&type=chunk) [2. Operating Performance](index=14&type=section&id=2.%20Operating%20Performance) The company pursues Hanking Gold's spin-off, Mt Bundy's feasibility study is complete, Cygnet is on track for 2027 production, and capital expenditure significantly increased - The company proposes to spin off Hanking Gold for a separate listing on the Main Board of the Stock Exchange to create an independent capital platform for its gold mining business and enhance shareholder value[38](index=38&type=chunk) - The Mt Bundy Gold Mine project has resources of approximately **3.01 million ounces** of gold and reserves of approximately **1.64 million ounces** of gold, with the final feasibility study completed, projecting an average annual production of **170 thousand ounces** of gold for the first 5 years[39](index=39&type=chunk) - The Cygnet Gold Mine project is expected to complete its feasibility study and submit for approval in H2 this year, with construction planned to commence in Q2 2026 and production by the end of 2027[40](index=40&type=chunk) Gold Mining Business Capital Expenditure | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Capital Expenditure | 66,021 | 16,318 | [3. Resources and Reserves](index=15&type=section&id=3.%20Resources%20and%20Reserves) Cygnet Gold Mine's resources increased by **20%** to **2.06 million ounces**, bringing total gold resources to **5.07 million ounces**, with no significant changes since 2024 - Cygnet Gold Mine project's resources increased by **20%** to **2.06 million ounces**, bringing the Group's total gold resources to **5.07 million ounces**[41](index=41&type=chunk) - As of H1 2025, the Group's gold resources and reserves data showed no significant changes compared to the end of 2024[41](index=41&type=chunk) [Future Major Investment or Capital Asset Plans](index=16&type=section&id=Future%20Major%20Investment%20or%20Capital%20Asset%20Plans) As of June 30, 2025, the Group has no concrete plans for major investments beyond ordinary business, but will seek opportunities to broaden revenue and enhance future performance - As of June 30, 2025, the Group had no concrete plans for any major investments or acquisitions of capital assets, except those in the ordinary course of business[43](index=43&type=chunk) - The company will closely monitor market changes and actively explore investment opportunities to broaden its revenue base and enhance future financial performance and profitability[43](index=43&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) H1 2025 revenue grew, but gross margin declined; other income improved, but expected credit losses increased; operating cash outflow, investment outflow rose, and financing inflow was substantial, increasing leverage [1. Revenue, Cost of Sales, Gross Profit](index=16&type=section&id=1.%20Revenue%2C%20Cost%20of%20Sales%2C%20Gross%20Profit) H1 2025 revenue increased by **10.77%** due to higher sales volumes, but gross margin decreased by **1.68** percentage points as cost of sales grew faster H1 2025 Revenue, Cost of Sales, Gross Profit | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 1,405,188 | 1,268,564 | 10.77% | | Cost of Sales | 1,044,411 | 921,590 | 13.33% | | Gross Profit | 360,777 | 346,974 | 3.98% | | Gross Margin | 25.67% | 27.35% | Decreased by 1.68 percentage points | - The increase in revenue was primarily due to the combined effect of an **84 thousand tons** increase in high-purity iron sales and a **95 thousand tons** increase in external iron concentrate sales[44](index=44&type=chunk) - The increase in cost of sales was mainly influenced by higher sales volumes of high-purity iron and iron concentrate, despite a decrease in unit costs[44](index=44&type=chunk) [2. Other Income, Other Expenses, Other Gains and Losses, Expected Credit Losses](index=17&type=section&id=2.%20Other%20Income%2C%20Other%20Expenses%2C%20Other%20Gains%20and%20Losses%2C%20Expected%20Credit%20Losses) H1 2025 other income slightly decreased, other expenses doubled, other gains improved to a gain due to reduced impairment, while expected credit losses substantially increased H1 2025 Other Income, Expenses, Gains and Losses | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Other Income | 5,077 | 5,587 | (9.13%) | | Other Expenses | 409 | 200 | 104.50% | | Other Gains or Losses | 5,242 (Gain) | (3,348) (Loss) | Increased by 8,590 thousand or 256.57% | | Impairment losses under expected credit loss model | 5,964 (Loss) | (5,442) (Reversal) | Increased by 11,406 thousand or 209.59% | - Other gains or losses turned into a gain, primarily due to the impairment of interests in an associate of **RMB 5,976 thousand** recognized in the prior year period[48](index=48&type=chunk) - Impairment losses under the expected credit loss model significantly increased, reflecting higher impairment provisions for receivables[48](index=48&type=chunk) [3. Distribution and Selling Expenses, Administrative Expenses](index=18&type=section&id=3.%20Distribution%20and%20Selling%20Expenses%2C%20Administrative%20Expenses) H1 2025 distribution and selling expenses increased by **24.43%** due to higher sales volumes, while administrative expenses remained relatively stable H1 2025 Distribution and Selling Expenses, Administrative Expenses | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | 50,701 | 40,747 | 24.43% | | Administrative Expenses | 101,450 | 101,101 | 0.35% | - The increase in distribution and selling expenses was primarily due to higher sales volumes of high-purity iron and iron concentrate[50](index=50&type=chunk) [4. Finance Costs, Income Tax Expense](index=18&type=section&id=4.%20Finance%20Costs%2C%20Income%20Tax%20Expense) H1 2025 finance costs increased by **3.52%** due to higher borrowings, and income tax expense also rose by **4.50%** H1 2025 Finance Costs, Income Tax Expense | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 37,154 | 35,892 | 3.52% | | Income Tax Expense | 70,424 | 67,394 | 4.50% | - The increase in finance costs was primarily due to higher interest expenses resulting from increased borrowings[51](index=51&type=chunk) [5. Profit for the Period and Total Comprehensive Income](index=18&type=section&id=5.%20Profit%20for%20the%20Period%20and%20Total%20Comprehensive%20Income) H1 2025 profit for the period slightly decreased by **1.99%**, while total comprehensive income significantly increased by **30.87%**, primarily due to foreign currency translation adjustments H1 2025 Profit for the Period and Total Comprehensive Income | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Profit for the Period | 104,537 | 106,658 | (1.99%) | | Total Comprehensive Income | 127,974 | 97,790 | 30.87% | - The increase in total comprehensive income was primarily influenced by foreign currency translation adjustments[52](index=52&type=chunk) [6. Property, Plant and Equipment, Inventories, Intangible Assets](index=19&type=section&id=6.%20Property%2C%20Plant%20and%20Equipment%2C%20Inventories%2C%20Intangible%20Assets) As of June 30, 2025, PPE slightly decreased, inventories declined, while intangible assets substantially increased by **131.56%** due to a cancelled disposal and higher mining expenditures H1 2025 Asset Changes | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Net Property, Plant and Equipment | 617,818 | 654,085 | (5.54%) | | Inventories | 183,419 | 261,314 | (29.81%) | | Intangible Assets | 647,570 | 279,655 | 131.56% | - The decrease in inventories was primarily due to lower unit costs and reduced inventory volumes in the high-purity iron business[53](index=53&type=chunk) - The significant increase in intangible assets was mainly due to the cancellation of the Primary Gold Pty Ltd disposal transaction, leading to the reclassification of related assets, and increased expenditures on iron and gold mining rights and exploration[53](index=53&type=chunk) [7. Trade and Other Receivables, Trade and Other Payables](index=19&type=section&id=7.%20Trade%20and%20Other%20Receivables%2C%20Trade%20and%20Other%20Payables) As of June 30, 2025, trade receivables and bills receivable significantly increased, while trade and other payables slightly decreased H1 2025 Receivables/Payables Changes | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Trade Receivables | 271,546 | 156,299 | 73.73% | | Other Receivables | 67,680 | 66,332 | 2.03% | | Bills Receivable | 463,204 | 286,076 | 61.92% | | Trade Payables | 184,925 | 195,391 | (5.36%) | | Other Payables | 112,109 | 129,160 | (13.20%) | - The increase in trade receivables was primarily due to higher trade receivables in the high-purity iron segment[54](index=54&type=chunk) - The increase in bills receivable was mainly due to a higher volume of bills received during the period that have not yet been discounted or endorsed[54](index=54&type=chunk) [8. Cash Flow Analysis](index=20&type=section&id=8.%20Cash%20Flow%20Analysis) H1 2025 saw net cash outflows from operating and investing activities, significant net cash inflows from financing, and a net increase in cash and cash equivalents H1 2025 Consolidated Cash Flow Statement Summary | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (126,045) (Outflow) | 98,608 (Inflow) | | Net Cash Flow from Investing Activities | (342,580) (Outflow) | 10,146 (Inflow) | | Net Cash Flow from Financing Activities | 559,290 (Inflow) | (35,239) (Outflow) | | Net Increase in Cash and Cash Equivalents | 90,665 | 73,515 | - Net cash outflow from operating activities was primarily affected by net changes in working capital and income tax payments offsetting profit before tax[57](index=57&type=chunk) - Net cash inflow from financing activities mainly resulted from new bank loans, discounted bills, and factoring of trade receivables[58](index=58&type=chunk) [9. Cash and Borrowings](index=21&type=section&id=9.%20Cash%20

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

Core Viewpoint - China Hanking (03788) saw a significant stock price increase of over 14% following the release of its interim results, indicating positive market sentiment towards the company's performance and future prospects [1] Financial Performance - The company reported a revenue of RMB 1.405 billion, representing a year-on-year increase of 10.77% [1] - The profit attributable to shareholders was RMB 104 million, showing a year-on-year decrease of 2.93% [1] Mining Projects Update - China Hanking updated the feasibility studies for its Mt Bundy gold project and the pre-feasibility study for the Cygnet gold project, increasing the total recoverable gold resources from 5.07 million ounces to 3.1 million ounces [1] - The planned annual gold production from these two projects is expected to exceed 200,000 ounces [1] Corporate Strategy - In July, the company announced plans to spin off its subsidiary "Hanking Gold" for independent listing on the Hong Kong Stock Exchange, aiming to create a parallel listing structure [1] - Existing shareholders will not need to invest additional capital to hold shares in both China Hanking (iron ore business) and Hanking Gold (gold business) [1] - The spin-off aims to establish an independent capital platform for the gold business and facilitate valuation recovery [1] - The company plans to introduce long-term strategic investors before the spin-off and will use the raised funds for the development of the Cygnet gold project in Western Australia [1]

Core Viewpoint - China Rare Earth Holdings (03788) saw a significant increase in stock price, rising over 14% following the release of its interim results, indicating positive market sentiment towards the company's performance and future prospects [1] Financial Performance - The company reported a revenue of RMB 1.405 billion, representing a year-on-year increase of 10.77% [1] - The profit attributable to shareholders was RMB 104 million, showing a year-on-year decrease of 2.93% [1] Project Updates - The company updated the feasibility studies for its Mt Bundy gold project and the pre-feasibility study for the Cygnet gold project, increasing the total recoverable gold resources from 5.07 million ounces to 3.1 million ounces [1] - The planned annual gold production from these two projects is expected to exceed 200,000 ounces [1] Strategic Initiatives - In July, the company announced plans to spin off its subsidiary "Hanwang Gold" for independent listing on the Hong Kong Stock Exchange through an introduction listing [1] - This spin-off aims to create a parallel listing structure, allowing existing shareholders to hold shares in both China Rare Earth (iron ore business) and Hanwang Gold (gold business) without additional investment [1] - The company plans to attract long-term strategic investors before the spin-off and will use the raised funds for the development of the Cygnet gold project in Western Australia [1]