FF301 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) | 03919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000 | HKD | | 0.2 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000 | HKD | | 0.2 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及 ...

Core Viewpoint - Kingly Group (03919) has announced a subscription agreement with subscribers to issue a total of 6.48 million shares at a subscription price of HKD 1.00 per share, which represents a discount to the market price on the agreement date [1] Group 1: Subscription Details - The total amount raised from the subscription is approximately HKD 6.48 million, with a net amount of about HKD 6.40 million [1] - The subscription shares represent 20% of the existing issued share capital as of the announcement date, and approximately 16.7% of the issued share capital after the issuance of the subscription shares [1] Group 2: Pricing and Discounts - The subscription price of HKD 1.00 per share reflects a discount of approximately 13.0% compared to the closing market price of HKD 1.15 on the date of the subscription agreement [1] - The subscription price also represents a discount of about 10.7% compared to the average closing price of HKD 1.12 over the last five consecutive trading days prior to the agreement date [1]

Core Viewpoint - Kingli Group (03919.HK) has entered into a subscription agreement with Electronica Capital Limited to issue 6,480,000 shares at a subscription price of HKD 1.00 per share, representing a discount of approximately 13.0% from the market price of HKD 1.15 on the date of the agreement [1] Group 1 - The total amount raised from the subscription is approximately HKD 6.48 million, with a net amount of about HKD 6.4 million [1] - The net proceeds will be used for expanding the company's battery business into the electric vehicle fast charging market, repaying outstanding bank financing, and for general working capital [1] - Electronica Capital Limited is a company registered in the British Virgin Islands, fully owned by Han Weining [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，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購本公司任何證券的邀請或要約。 GOLDEN POWER GROUP HOLDINGS LIMITED 金力集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3919） 根據一般授權認購新股份 於二零二五年十月二十四日（交易時段後），本公司與認購人訂立認購協議，據此， 認購人已有條件同意認購，而本公司已有條件同意以認購價每股認購股份1.00港元 配發及發行合共6,480,000股股份。認購股份將根據一般授權配發及發行。 假設本公司已發行股本於本公告日期至完成期間並無任何變動，認購股份相當於(i) 本公司於本公告日期現有已發行股本的20%；及(ii)經發行認購股份擴大後本公司 已發行股本約16.7%。 認購事項 於二零二五年十月二十四日（交易時段後），本公司與認購人訂立認購協議，據 此，認購人已有條件同意認購，而本公司已有條件同意以認購價每股認購股份 ...

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9月30日 狀態: 新提交 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 03919 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 32,400,000 | | | 0 | | 32,400,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | 32,400,000 | | | 0 | | 32,400,000 | 第 2 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 金力集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025 ...

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: 金力集團控股有限公司（於開曼群島註冊成立的有限公司） 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) | 03919 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000 | HKD | | 0.2 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 100,000,000 | HKD | | 0.2 HKD | | 20,000,000 | 本月底法定/註冊股本總額 ...

Report Overview [Financial Highlights](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, Jinli Group's revenue slightly increased by 1.05% to HKD 159.2 million, but loss attributable to equity holders expanded to HKD 3.16 million, primarily due to a 5.07 percentage point decrease in gross profit margin to 19.60% | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 159,200 | 157,550 | +1.05% | | Loss attributable to equity holders | (3,160) | (2,870) | +10.10% (Loss widened) | | Gross profit margin | 19.60% | 24.67% | -5.07 percentage points | | Basic loss per share (HK cents) | (11.37) | (10.61) | -7.16% (Loss widened) | - The decrease in gross profit margin was primarily due to increased raw material costs from global commodity price fluctuations and higher production costs from the appreciation of RMB against HKD [2](index=2&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 [2](index=2&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, Group revenue slightly increased to HKD 159.2 million, but cost of sales significantly rose, leading to a 19.69% year-on-year decrease in gross profit, with loss for the period expanding to HKD 3.255 million. | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 159,200 | 157,548 | +1.05% | | Cost of sales | (127,992) | (118,687) | +7.84% | | Gross profit | 31,208 | 38,861 | -19.69% | | Other income | 3,352 | 2,066 | +62.25% | | Other gains (losses) — net | 3,724 | (3,035) | N/A (Turned from loss to gain) | | Selling expenses | (9,607) | (9,564) | +0.45% | | General and administrative expenses | (26,958) | (25,161) | +7.14% | | Finance costs | (5,365) | (6,298) | -14.81% | | Loss before income tax | (3,646) | (3,131) | +16.45% (Loss widened) | | Income tax credit | 391 | 266 | +46.99% | | Loss for the period | (3,255) | (2,865) | +13.61% (Loss widened) | | Loss for the period attributable to equity holders of the Company | (3,155) | (2,865) | +10.12% (Loss widened) | - Total comprehensive loss for the period narrowed from HKD 4.097 million in H1 2024 to HKD 1.369 million in H1 2025, primarily due to exchange differences [6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly increased, non-current assets rose, and net current liabilities narrowed, with total equity increasing by 1.16% to HKD 290.2 million. | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 498,853 | 490,802 | +1.64% | | Current assets | 176,249 | 165,263 | +6.65% | | Current liabilities | 319,449 | 346,930 | -7.89% | | Net current liabilities | (143,200) | (181,667) | -21.28% (Narrowed) | | Net assets | 290,195 | 286,849 | +1.16% | | Total equity | 290,195 | 286,849 | +1.16% | - Trade and bills receivables increased by **33.79%** from HKD 44.391 million as of December 31, 2024, to HKD 59.384 million as of June 30, 2025 [7](index=7&type=chunk) - Cash and bank balances decreased by **57.59%** from HKD 31.493 million as of December 31, 2024, to HKD 13.353 million as of June 30, 2025 [7](index=7&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's operating activities shifted from net cash inflow to a net cash outflow of HKD 6.021 million, with cash and cash equivalents significantly decreasing by 42.87% to HKD 13.353 million. | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (6,021) | 21,761 | Shifted from inflow to outflow | | Net cash used in investing activities | (7,741) | (5,898) | Outflow increased | | Net cash used in financing activities | (2,115) | (15,326) | Outflow decreased | | Net (decrease) increase in cash and cash equivalents | (15,877) | 537 | Shifted from increase to decrease | | Cash and cash equivalents at end of period | 13,353 | 23,374 | -42.87% | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, the Company's share capital increased by HKD 1.08 million due to new share issuance, and share premium rose by HKD 3.655 million, leading to a slight increase in total equity attributable to equity holders. | Metric | June 30, 2025 (HKD thousands) | January 1, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Share capital | 6,480 | 5,400 | +1,080 | | Share premium | 144,908 | 141,253 | +3,655 | | Exchange fluctuation reserve | (4,192) | (4,140) | Slightly improved | | Retained profits | 55,369 | 64,896 | -9,527 | | Total equity attributable to equity holders of the Company | 289,995 | 294,839 | -1.64% | - Share issuance during the period resulted in an increase of **HKD 1,080 thousand** in share capital and **HKD 3,655 thousand** in share premium [11](index=11&type=chunk) Notes to the Financial Statements [General Information](index=9&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Jinli Group Holdings Limited, incorporated in the Cayman Islands, primarily manufactures and sells various batteries (disposable, rechargeable, and related products) to China, Hong Kong, and international markets, actively developing mercury-free, cadmium-free, and lead-free batteries. - The Company was listed on GEM of the Stock Exchange of Hong Kong on June 5, 2015, and transferred to the Main Board on November 10, 2017 [12](index=12&type=chunk) - Principal activities include manufacturing and selling "Jinli" brand and OEM batteries, categorized into disposable batteries (cylindrical, miniature button cells) and rechargeable batteries and other related products (chargers, battery packs, electric fans) [12](index=12&type=chunk) - The Group actively responds to the global trend towards batteries free of harmful substances, having developed the "Origin.Nature" series of mercury-free, cadmium-free, and lead-free batteries [13](index=13&type=chunk) [Basis of Preparation of Financial Statements](index=10&type=section&id=2.%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules on a going concern basis, which the Board deems appropriate despite a net loss and net current liabilities, citing unused bank facilities and borrowing renewal capabilities. - The financial statements are prepared on a going concern basis, despite a net loss of approximately **HKD 3.3 million** and net current liabilities of **HKD 143.20 million** for the six months ended June 30, 2025 [15](index=15&type=chunk) - The Board considers the going concern basis appropriate due to **HKD 21.77 million** in unutilized bank facilities, successful renewal of approximately **HKD 39.30 million** in bank borrowings, expected future borrowing renewals, and potential adjustments to investment strategies to enhance cash flow [15](index=15&type=chunk) [Significant Accounting Estimates and Judgements](index=12&type=section&id=3.%20%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) The significant management judgements and sources of estimation uncertainty applied in preparing the interim financial statements are consistent with those used for the consolidated financial statements for the year ended December 31, 2024. - The significant accounting estimates and judgements used in preparing the interim financial statements are the same as those applied in the 2024 annual consolidated financial statements [17](index=17&type=chunk) [Segment Information](index=12&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's reportable segments are categorized by product type: cylindrical batteries, miniature button cells, and rechargeable batteries and other related products, with cylindrical battery revenue increasing but overall gross profit decreasing by 19.69% in H1 2025. | Segment | H1 2025 Revenue (HKD thousands) | H1 2024 Revenue (HKD thousands) | Change (%) | H1 2025 Gross Profit (HKD thousands) | H1 2024 Gross Profit (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cylindrical batteries | 111,144 | 105,891 | +4.96% | 11,273 | 15,347 | -26.54% | | Miniature button cells | 46,490 | 49,606 | -6.30% | 19,215 | 22,799 | -15.72% | | Rechargeable batteries and other related products | 1,566 | 2,051 | -23.65% | 720 | 715 | +0.70% | | **Total** | **159,200** | **157,548** | **+1.05%** | **31,208** | **38,861** | **-19.69%** | - The increase in sales revenue from cylindrical batteries was mainly due to increased sales in China and the Americas [19](index=19&type=chunk) - The decrease in sales revenue from miniature button cells and rechargeable batteries and other related products was mainly due to decreased sales in the Americas [19](index=19&type=chunk) [Revenue](index=13&type=section&id=5.%20%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's total revenue slightly increased by 1.05%, driven by significant growth in China and North America, while South America and Eastern Europe experienced declines. | Region | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 13,954 | 13,242 | +5.38% | | Asia (excluding China and Hong Kong) | 29,383 | 31,350 | -6.30% | | Australia | 4,464 | 4,325 | +3.21% | | China | 46,850 | 44,471 | +5.35% | | Europe (excluding Eastern Europe) | 31,305 | 30,980 | +1.05% | | Eastern Europe | 9,879 | 13,058 | -24.35% | | Middle East | 321 | 275 | +16.73% | | North America | 21,167 | 15,017 | +40.95% | | South America | 1,864 | 4,830 | -61.41% | | Africa | 13 | — | N/A | | **Total** | **159,200** | **157,548** | **+1.05%** | [Loss Before Income Tax](index=13&type=section&id=6.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, the Group's loss before income tax expanded to HKD 3.646 million, with total finance costs decreasing by 14.81% due to lower bank loan interest, while depreciation of property, plant and equipment and inventory costs increased. | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank loans | 3,772 | 5,285 | -28.62% | | Interest on import loans | 1,445 | 865 | +67.05% | | Interest on lease liabilities | 80 | 125 | -35.99% | | Interest on bank overdrafts | 68 | 23 | +195.65% | | **Total interest expenses** | **5,365** | **6,298** | **-14.81%** | | Depreciation of property, plant and equipment | 7,325 | 6,106 | +19.96% | | Depreciation of right-of-use assets | 1,650 | 1,891 | -12.74% | | Cost of inventories recognized as expense | 127,992 | 118,687 | +7.84% | [Income Tax Credit](index=14&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) For the six months ended June 30, 2025, the Group recorded an income tax credit of HKD 391 thousand, with increased Hong Kong profits tax provision, a shift from credit to provision for PRC corporate income tax, and a significant increase in deferred tax credit. | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Provision for Hong Kong profits tax for the period | 850 | 447 | +90.16% | | Provision for PRC corporate income tax for the period | 292 | (653) | Shifted from credit to provision | | Deferred tax | (1,533) | (60) | Credit significantly increased | | **Income tax credit** | **(391)** | **(266)** | Credit increased | - Hong Kong subsidiaries are subject to a two-tiered profits tax regime, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%** [25](index=25&type=chunk) - Jiangmen Jinli Power Products Co., Ltd. and Dongguan Shengli Battery Industrial Co., Ltd., as High and New Technology Enterprises, enjoy a preferential corporate income tax rate of **15%** [25](index=25&type=chunk) [Loss Per Share](index=15&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, basic loss per share was 11.37 HK cents, widening from 10.61 HK cents (restated) in the prior year, with diluted loss per share not applicable due to the absence of dilutive potential ordinary shares. | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Loss for the period attributable to equity holders of the Company (HKD thousands) | (3,155) | (2,865) | Loss widened | | Weighted average number of ordinary shares for basic loss per share (thousands) | 27,746 | 27,000 | Increased | | Basic loss per share (HK cents) | 11.37 | 10.61 | Loss widened | - The weighted average number of ordinary shares used for calculating basic loss per share has been adjusted to reflect the effects of share consolidation and share issuance [27](index=27&type=chunk) [Dividends](index=15&type=section&id=9.%20%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 [28](index=28&type=chunk) [Property, Plant and Equipment](index=15&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group acquired approximately HKD 2.09 million in plant and machinery, a significant 68.24% decrease from the prior year, yet still aimed at expanding capacity and enhancing production efficiency. | Item | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Acquisition of plant and machinery | 2.09 | 6.58 | -68.24% | - The acquisition of plant and machinery aims to expand production capacity and enhance production efficiency [29](index=29&type=chunk) [Trade and Bills Receivables](index=16&type=section&id=11.%20%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, trade and bills receivables totaled HKD 59.384 million, a 33.79% increase from year-end 2024, with receivables aged 0-30 days showing an 87.29% increase, and management assessing credit risk as low. | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 37,131 | 19,825 | +87.29% | | 31 to 60 days | 12,911 | 17,394 | -25.77% | | 61 to 90 days | 5,549 | 4,098 | +35.41% | | 91 to 120 days | 2,179 | 1,246 | +74.88% | | Over 120 days | 1,614 | 1,828 | -11.71% | | **Total** | **59,384** | **44,391** | **+33.79%** | - The Group generally grants credit periods of **30 to 120 days** to customers with stable relationships and regularly reviews overdue balances [30](index=30&type=chunk) - Management believes there is no significant credit risk inherent in the outstanding balances of receivables, indicating low credit risk [31](index=31&type=chunk) [Trade Payables](index=17&type=section&id=12.%20%E8%B2%A3%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade payables totaled HKD 148.982 million, a 14.61% increase from year-end 2024, with significant increases in payables aged 31-90 days and over 180 days. | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 38,851 | 37,016 | +4.96% | | 31 to 90 days | 42,670 | 29,943 | +42.51% | | 91 to 180 days | 40,309 | 43,784 | -7.94% | | Over 180 days | 27,152 | 19,251 | +41.04% | | **Total** | **148,982** | **129,994** | **+14.61%** | [Related Party Transactions](index=17&type=section&id=13.%20%E9%97%9C%E9%80%A3%E6%96%B9%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, total key management personnel compensation was HKD 7.790 million, an increase of 13.0% from the prior year, primarily driven by growth in salaries, allowances, and discretionary bonuses. | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries, allowances and other benefits in kind | 6,737 | 5,954 | +13.15% | | Discretionary bonuses | 987 | 872 | +13.19% | | Contributions to defined contribution plans | 66 | 69 | -4.35% | | **Total** | **7,790** | **6,895** | **+13.00%** | [Share Capital](index=18&type=section&id=14.%20%E8%82%A1%E6%9C%AC) During the period, the Company's share capital changed due to a share consolidation (20 shares into 1) and the issuance of 5,400,000 subscription shares to an independent third party, increasing the total nominal value by HKD 1,080,000 and the enlarged issued share capital by approximately 16.67%. - The Company effected a share consolidation on May 9, 2025, consolidating every **20 shares** of HKD 0.01 each into **1 consolidated share** of HKD 0.2 each [35](index=35&type=chunk) - A subscription of **5,400,000 subscription shares** to an independent third party was completed on June 5, 2025, raising approximately **HKD 4.86 million** (before expenses) [35](index=35&type=chunk) - Following the issuance of subscription shares, the Company's issued share capital increased to **32,400,000 shares**, with the subscription shares representing approximately **16.67%** of the enlarged issued share capital [35](index=35&type=chunk) Management Discussion and Analysis [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A7%80) Jinli Group primarily manufactures and sells batteries, with cylindrical battery sales increasing but overall gross profit margin declining due to rising raw material costs and RMB appreciation, leading to an expanded loss attributable to equity holders, while the Group actively develops new batteries for healthcare and new energy markets. - Cylindrical battery sales revenue increased by approximately **4.96%** year-on-year, mainly due to increased sales in China and the Americas [38](index=38&type=chunk) - Miniature button cell and rechargeable battery and other related product sales revenue decreased by approximately **6.97%** year-on-year, mainly due to decreased sales in the Americas [38](index=38&type=chunk) | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 31.21 | 38.86 | -19.69% | | Gross profit margin | 19.60% | 24.67% | -5.07 percentage points | | Loss attributable to equity holders | 3.16 | 2.87 | +10.10% (Loss widened) | - The decrease in gross profit margin was primarily due to increased raw material costs from global commodity price fluctuations and higher production costs from the appreciation of RMB against HKD [39](index=39&type=chunk) - The Group is allocating resources to develop new batteries for the healthcare and medical facilities market and accelerating the launch of products for medical devices, remote medical monitoring, energy storage systems, and other new energy systems to enhance financial performance [41](index=41&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, revenue slightly increased by 1.05% to HKD 159.2 million, driven by restocking demand in China and the Americas, but gross profit decreased by 19.69% due to rising costs, leading to a 10.10% expansion in loss attributable to equity holders to HKD 3.16 million. - The increase in revenue was mainly due to customers resuming more orders for restocking, leading to increased sales in China and the Americas [42](index=42&type=chunk) - The decrease in gross profit was mainly due to increased raw material costs and production costs offsetting the revenue growth [43](index=43&type=chunk) | Item | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling expenses | 9.61 | 9.56 | +0.45% | | General and administrative expenses | 26.96 | 25.16 | +7.15% | - The increase in general and administrative expenses was primarily due to increased staff salaries and professional expenses during the period [44](index=44&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's total borrowings were approximately HKD 202.63 million, primarily denominated in HKD and RMB at floating interest rates, with the gearing ratio slightly rising to 0.57 and cash and cash equivalents decreasing to HKD 13.35 million. | Borrowing Term | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 143,521 | 186,805 | -23.17% | | Over 1 year but within 2 years | 6,202 | 9,647 | -35.71% | | Over 2 years but within 5 years | 52,539 | 5,905 | +789.74% | | Over 5 years | 369 | — | N/A | | **Total** | **202,631** | **202,357** | **+0.14%** | - As of June 30, 2025, the Group's gearing ratio (total liabilities divided by total assets) was approximately **0.57**, slightly higher than **0.56** at year-end 2024 [48](index=48&type=chunk) - Cash and cash equivalents decreased from **HKD 27.36 million** at year-end 2024 to **HKD 13.35 million** as of June 30, 2025 [48](index=48&type=chunk) [Capital Structure](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) During the period, the Company's capital structure changed due to a share consolidation and subscription, leading to an increase in issued share capital and a slight increase in total equity to approximately HKD 290.2 million as of June 30, 2025. - Capital structure changes included a share consolidation (every **20 shares** consolidated into **1 share**) and the issuance of **5,400,000 shares** to an independent investor [49](index=49&type=chunk) - As of June 30, 2025, the Company's total equity was approximately **HKD 290.20 million**, a slight increase from **HKD 286.85 million** at year-end 2024 [49](index=49&type=chunk) [Gearing Ratio](index=24&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio (total debt as a percentage of total equity) was approximately 0.78, a slight decrease from 0.80 at year-end 2024. | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing ratio | 0.78 | 0.80 | -0.02 | [Pledge of Assets](index=24&type=section&id=%E8%B3%87%E7%94%A2%E8%B3%AA%E6%8A%BC) As of June 30, 2025, the Group's bank borrowing facilities were primarily secured by property, plant and machinery, investment properties, prepaid lease payments for land, pledged deposits, and pledged time deposits, with a carrying value of approximately HKD 116.48 million, a decrease from year-end 2024. - As of June 30, 2025, the carrying value of pledged assets was approximately **HKD 116.48 million**, a decrease from **HKD 132.39 million** at year-end 2024 [51](index=51&type=chunk) [Contingent Liabilities](index=24&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities. - As of June 30, 2025, the Group had no significant contingent liabilities [52](index=52&type=chunk) [Material Investments Held](index=24&type=section&id=%E6%89%80%E6%8C%81%E6%9C%89%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group held investment properties in Hong Kong with a fair value of approximately HKD 87.00 million, representing about 12.89% of total assets, generating HKD 1.05 million in rental income for the period, as part of a strategy to expand fixed assets for stable returns. - The Group holds investment properties in Hong Kong, including Units 20B and 20D, Tai Ping Industrial Centre, and a shop at Cheong Wan Centre [53](index=53&type=chunk) | Metric | June 30, 2025 | | :--- | :--- | | Fair value of investment properties | HKD 87.00 million | | Percentage of total assets | 12.89% | | Rental income for the period | HKD 1.05 million | - The investment strategy aims to expand the fixed asset base to achieve positive and stable returns, thereby diversifying income sources [54](index=54&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=25&type=section&id=%E6%9C%89%E9%97%9C%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) During the period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures. - During the period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures [55](index=55&type=chunk) [Future Plans for Material Investments and Capital Assets](index=25&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in this report, as of June 30, 2025, the Group had no future plans for material investments or capital assets. - Except as disclosed in this report, the Group had no plans for material investments or capital assets as of June 30, 2025 [56](index=56&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 400 employees, with staff costs totaling approximately HKD 23.04 million, an increase of 10.39% year-on-year, and remuneration policies are based on individual performance, experience, and market levels. | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of employees | 400 | 407 | -1.72% | | Staff costs (HKD millions) | 23.04 | 20.87 | +10.39% | - Remuneration packages are determined with reference to individual performance, work experience, and prevailing market salary levels, including basic salary, Mandatory Provident Fund, medical insurance schemes, and share options [57](index=57&type=chunk) [Principal Risks and Uncertainties](index=26&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces several principal risks, including international trade policy changes impacting global consumption and logistics costs, reliance on major customers, shifts in consumer preferences due to technological advancements and environmental awareness, and inventory risks from inaccurate sales forecasts. - Changes in US government administration and new international trade policies may lead to fluctuations in tariffs, interest rates, and international currency exchange rates, suppressing global consumer demand and increasing logistics costs [59](index=59&type=chunk) - The Group does not have long-term sales contracts with most major customers, and a reduction in purchases or termination of business relationships by key customers would adversely affect its business [59](index=59&type=chunk) - Technological advancements and environmental awareness may shift consumer demand from disposable batteries to rechargeable batteries or battery-free electronic products [59](index=59&type=chunk) - Inaccurate sales forecasts could result in manufactured products not being accepted by other customers, impacting business, operating results, and financial position [62](index=62&type=chunk) [Foreign Currency Risk](index=27&type=section&id=%E5%A4%96%E5%B9%A3%E9%A2%A8%E9%9A%AA) The Group faces transactional currency risk as its primary functional currencies are RMB and HKD, with overseas sales mainly denominated in USD, and fluctuations in RMB against HKD and other currencies, as well as JPY against USD, pose risks, which the Group mitigates through spot foreign currency transactions or forward contracts. - The Group's primary functional currencies are RMB and HKD, with overseas sales revenue mainly denominated in USD, exposing it to exchange rate fluctuation risks [61](index=61&type=chunk) - Fluctuations in the value of RMB against HKD and other currencies are influenced by China's political and economic conditions [62](index=62&type=chunk) - The Group has entered into forward contracts valued at approximately **JPY 20 million** to hedge payments denominated in JPY and due within the year [63](index=63&type=chunk) [Subscription Shares and Use of Proceeds](index=28&type=section&id=%E8%AA%8D%E8%B3%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The Company completed the issuance of 5,400,000 subscription shares to an independent third party on June 5, 2025, raising net proceeds of approximately HKD 4.74 million at a discount to market price, which were fully utilized for bank loan repayment (HKD 4.2 million) and general working capital (HKD 0.5 million). - The Company issued **5,400,000 subscription shares** at a subscription price of **HKD 0.90 per share**, raising net proceeds of approximately **HKD 4.74 million** [64](index=64&type=chunk)[65](index=65&type=chunk) | Use of Proceeds | Planned Use (HKD millions) | Actual Use (HKD millions) | | :--- | :--- | :--- | | Repayment of bank loans | 4.2 | 4.2 | | General working capital | 0.5 | 0.5 | | **Total** | **4.7** | **4.7** | - The subscription price represented a discount of approximately **11.8%** to the closing price on the date of the subscription agreement and approximately **9.3%** to the average closing price of the preceding five days [64](index=64&type=chunk) Other Information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Chu King Ting, Chairman and Executive Director, held 42.15% of the Company's shares through a controlled corporation, while Ms. Chu Shuk Ching, Executive Director and Chief Executive Officer, held a combined 5.64% through a controlled corporation and beneficial ownership. | Name | Nature of Interest | Total Number of Shares Held (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Chu King Ting (Chairman and Executive Director) | Interest in controlled corporation | 13,657,500 shares | 42.15% | | Chu Shuk Ching (Executive Director and Chief Executive Officer) | Interest in controlled corporation | 1,600,000 shares | 4.94% | | | Beneficial owner | 228,000 shares | 0.70% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=31&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Golden Villa Ltd. (wholly owned by Mr. Chu King Ting) held 42.15% of the shares, with Ms. Wu Yuk Ling (Mr. Chu King Ting's spouse) deemed to have the same interest, and Lofty Islet Holdings Limited (wholly owned by Mr. Yeung Ho Po) held 16.67% of the shares. | Name / Company Name | Nature of Interest | Total Number of Shares Held (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Golden Villa Ltd. | Beneficial owner | 13,657,500 shares | 42.15% | | Ms. Wu Yuk Ling | Interest of spouse | 13,657,500 shares | 42.15% | | Triumph Treasure | Beneficial owner | 1,600,000 shares | 4.94% | | Lofty Islet Holdings Limited | Beneficial owner | 5,400,000 shares | 16.67% | | Mr. Yeung Ho Po | Interest in controlled corporation | 5,400,000 shares | 16.67% | [Post Balance Sheet Events](index=33&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Except as disclosed in this report, no significant events occurred after the end of the period and up to the date of this report. - Except as disclosed in this report, no significant events occurred after the end of the period and up to the date of this report [72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities. - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities [73](index=73&type=chunk) [Share Option Scheme](index=33&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company adopted a share option scheme on June 24, 2025, with an authorized limit of 3,240,000 share options, representing 10% of the issued shares, and no options have been granted, exercised, cancelled, or lapsed since its adoption. - The share option scheme was adopted by shareholders on June 24, 2025, with an authorized limit of **3,240,000 share options**, representing **10%** of the issued shares [74](index=74&type=chunk) - No share options have been granted, agreed to be granted, exercised, cancelled, or lapsed under the scheme since its adoption date and up to the date of this report [74](index=74&type=chunk) [Standard of Conduct for Securities Transactions by Directors](index=34&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard of Conduct for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with the code during the period and up to the date of this report. - The Company has adopted the Standard of Conduct for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance [75](index=75&type=chunk) [Corporate Governance Code](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and is committed to high standards of corporate governance and transparency, with the Board believing that applicable code provisions have been complied with during the period. - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and believes that applicable code provisions have been complied with during the period [76](index=76&type=chunk) [Directors' Material Interests in Contracts](index=34&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E5%90%88%E7%B4%84%E4%B8%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%AC%8A%E7%9B%8A) Except as disclosed in this report, no Director had any material interest in any contract significant to the Group's business during the period. - During the period, no Director had any material interest in any contract significant to the Group's business [77](index=77&type=chunk) [Competing Business](index=34&type=section&id=%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99) During the period, the Directors were unaware of any business or interest of the Company's Directors, controlling shareholders, and their close associates that competes or may compete with the Group's business, or any other conflicts of interest. - The Directors were unaware of any business or interest of the Company's Directors, controlling shareholders, and their close associates that competes with the Group's business [78](index=78&type=chunk) [Audit Committee](index=34&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, ensures the effectiveness of the Group's accounting and financial controls, oversees internal control systems and financial reporting processes, and has reviewed the interim results, deeming them compliant with applicable accounting standards, Listing Rules, and legal requirements. - The Audit Committee comprises three independent non-executive directors: Mr. Wong Ka Chun (Chairman), Mr. Kan Man Kim, and Ms. Tang Sze Ning [79](index=79&type=chunk) - The Audit Committee's primary responsibilities include ensuring effective accounting and financial controls, overseeing internal control systems and financial reporting processes, monitoring the integrity of financial statements, and assessing the independence of external auditors [80](index=80&type=chunk) - These interim results have not been audited by the Company's auditors but have been reviewed by the Audit Committee, which considers them to be in compliance with applicable accounting standards, the Listing Rules, and legal requirements [80](index=80&type=chunk) [Board Composition](index=35&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) As of the date of this report, the Board of Directors comprises four executive directors (Mr. Chu King Ting, Ms. Chu Shuk Ching, Mr. Tang Chi Him, Mr. Chu Ho Wah) and three independent non-executive directors (Ms. Tang Sze Ning, Mr. Kan Man Kim, Mr. Wong Ka Chun). - As of the date of this report, the executive directors are Mr. Chu King Ting, Ms. Chu Shuk Ching, Mr. Tang Chi Him, and Mr. Chu Ho Wah [81](index=81&type=chunk) - The independent non-executive directors are Ms. Tang Sze Ning, Mr. Kan Man Kim, and Mr. Wong Ka Chun [81](index=81&type=chunk)

Group 1 - The company, Jinli Group (03919), reported a revenue of HKD 159 million for the six months ending June 30, 2025, representing a year-on-year increase of 1.05% [1] - The loss attributable to equity shareholders amounted to HKD 3.155 million, which is a year-on-year increase of 10.12% [1] - The loss per share was recorded at HKD 0.1137 [1] Group 2 - The announcement indicated that the loss during the period was primarily due to a decrease in gross profit [1]

Core Points - The company reported an unaudited revenue of approximately HKD 159 million for the six months ending June 30, 2025, representing a growth of about 1.05% compared to the same period in 2024 [1] - The company recorded an unaudited loss attributable to equity shareholders of approximately HKD 3.16 million, compared to an unaudited loss of approximately HKD 2.87 million for the same period in 2024 [1] - The loss during the period was attributed to a decrease in gross profit [1] - The basic loss per share for the six months ending June 30, 2025, was (11.37) HK cents, compared to (10.61) HK cents for the same period in 2024 (restated) [1] - The board of directors has resolved not to declare an interim dividend for the six months ending June 30, 2025, consistent with the decision for the same period in 2024 [1]

Group 1 - The company reported a revenue of HKD 159 million for the six months ending June 30, 2025, representing a year-on-year increase of 1.05% [1] - The loss attributable to equity shareholders was HKD 3.155 million, which increased by 10.12% year-on-year [1] - The loss per share was HKD 0.1137 [1] Group 2 - The announcement indicated that the loss during the period was primarily due to a decrease in gross profit [1]