Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the six months ending June 30, 2025, indicating a shift in business strategy towards a lighter asset model [1] Financial Performance - The company's main business revenue and income amounted to 405 million RMB, representing a year-on-year decrease of 7.1% [1] - Shareholders' profit attributable to the company was 200 million RMB, showing a year-on-year increase of 28.66% [1] - Basic earnings per share were 0.20 RMB [1] Business Strategy - The revenue decline was primarily due to the company's deepening of its light asset strategy, which redirected customer funding needs to be met through external partners [1] - The decrease in revenue from digital financial solutions and supply chain asset refinancing was partially offset by significant growth in platform technology service income [1]

Core Viewpoint - The company reported a decrease in main business revenue and income for the six months ending June 30, 2025, primarily due to a strategic shift towards a light-asset model and enhanced technology platform capabilities [1] Financial Performance - Main business revenue and income amounted to 405 million RMB, representing a year-on-year decrease of 7.1% [1] - Shareholder profit attributable to the company reached 200 million RMB, showing a year-on-year increase of 28.66% [1] - Basic earnings per share were 0.20 RMB [1] Market Focus - The majority of revenue and income is derived from the mainland China market, which experienced a slight decline of 7.1% year-on-year [1] - The decline in revenue is attributed to the company's ongoing strategy to deepen its light-asset approach and strengthen technology platform capabilities [1] Strategic Initiatives - The company is focusing on linking the supply chain financing needs of small and micro enterprises with external funding partners through its platform [1] - Despite the decrease in income from digital financial solutions and supply chain asset refinancing, this impact has been partially offset by significant growth in platform technology service revenue driven by the platformization strategy [1]

Core Viewpoint - The company is implementing a platformization strategy with a focus on "AI+" actions, leading to significant growth in net profit and adjusted net profit in the first half of 2025, with net profit reaching RMB 203 million, a year-on-year increase of 22.9% [1] Group 1 - The company is leveraging AI Agent technology to connect industry ecosystems and data, providing services that help small and micro enterprises find orders and funding, while reducing financing costs by at least 30% [2] - As of June 30, 2025, the platform has served over 19,100 clients, processing supply chain assets worth approximately RMB 2.78 billion, reflecting year-on-year growth of about 14.4% and 28.7% [2] - The platform's customer retention rate exceeds 80%, with over 30% of clients being first-time borrowers [2] Group 2 - The company has established strategic partnerships with over 10 Fortune 500 companies and linked with more than 180 funding partners, marking a year-on-year growth of over 30% [3] - The inclusive matching business accounts for approximately 88% of the platform's operations, showing a year-on-year increase of about 28.3% [3] - The revenue from technology services reached approximately RMB 210.6 million, a year-on-year growth of 37%, contributing to over 50% of total revenue [3]

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) H1 2025 saw significant growth in platform technology service revenue and net profit, driven by platformization and AI applications Key Performance Indicators for H1 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Platform Technology Service Revenue | 210.6 million RMB | 153.8 million RMB | +37.0% | | Profit After Tax | 203.0 million RMB | 165.1 million RMB | +22.9% | | Total Cumulative Platform Customers | >19,100 | >16,700 | +14.4% | | Cumulative Supply Chain Assets Processed | ~278.0 billion RMB | ~216.0 billion RMB | +28.7% | - The platformization strategy continues to deepen, with funding partners increasing from 138 to 181, a **31.2% year-on-year growth**. Small and medium-sized enterprise (SME) clients account for **over 97%**[2](index=2&type=chunk) - Technology service revenue reached approximately **52.0% of total operating revenue**, a significant increase from **35.3% in the prior year**, becoming a core growth driver[2](index=2&type=chunk) - First-time AI information service revenue exceeded **400,000 RMB**, generated by AI Agents assisting clients in order acquisition, marking initial success in AI commercialization[2](index=2&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section analyzes the company's operational performance, financial results, and future outlook [Business Overview](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD) The 'AI+Industrial Supply Chain' firm saw **22.9%** net profit growth in H1 2025, fueled by platform tech services and global expansion Key Financial and Operating Data for H1 2025 | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Net Profit | 203.0 million RMB | +22.9% | | Operating Revenue and Income | 405.1 million RMB | -7.1% | | Share of Results of Associates | 79.0 million RMB | +94.1% | | Total Cumulative Platform Customers | >19,100 | +14.4% | | Cumulative Supply Chain Assets Processed | ~278.0 billion RMB | +28.7% | | Platform Technology Service Revenue | 210.6 million RMB | +37.0% | - The company continues to advance its 'asset-light' operating model, with platform technology service revenue exceeding **50% of total revenue**, becoming the primary growth driver[5](index=5&type=chunk) - Initial commercialization of AI technology achieved, with AI Agent-assisted order acquisition generating over **400,000 RMB** in AI information service revenue[5](index=5&type=chunk) - Actively expanding into strategic emerging industries, with e-commerce funding facilitation growing nearly **8 times year-on-year**; partnered with Standard Robots to enter the robotics sector; introduced XtalPi and Jiaoge Pengyou as strategic investors to enhance AI R&D and live e-commerce capabilities[7](index=7&type=chunk) - The company committed to a three-year dividend payout ratio of no less than **90% until 2026**, with total dividends for 2025 expected to be approximately **950 million RMB**[6](index=6&type=chunk) [Business Outlook and Prospects](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B%E8%88%87%E5%89%8D%E6%99%AF) The company established its Singapore HQ to expand internationally, exploring Web3.0 and stablecoins for global supply chain efficiency - Established Singapore International Headquarters to expand international markets and explore innovative applications of Web3.0 and stablecoins[8](index=8&type=chunk) - Invested in a top SHEIN supplier to support the construction of flexible smart factories overseas and promote the globalization of China's apparel industry; completed the first international working capital facilitation business with the largest integrated logistics enterprise in the Philippines[9](index=9&type=chunk) - Plans to explore the compliant application of stablecoins in international supply chain working capital services, leveraging their 'payment-as-settlement' feature to reduce payment costs to **0.1%**, mitigate exchange rate risks, and enhance capital efficiency[10](index=10&type=chunk) [Financial Review](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) H1 2025 saw structural financial optimization: **7.1%** revenue decrease, **22.9%** net profit growth, driven by platform tech services and reduced financing costs [Financial Summary](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) Operating revenue decreased **7.1%**, but net profit rose **22.9%**, with EPS increasing from **16 to 20 RMB cents** Financial Summary (Six Months Ended June 30) | Indicator (RMB thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue and Income** | **405,090** | **436,050** | **(7.1%)** | | — Platform Technology Service Revenue | 210,641 | 153,779 | 37.0% | | — Digital Financial Solutions Revenue | 194,021 | 275,038 | (29.5%) | | Financing Costs | 122,599 | 185,414 | (33.9%) | | Share of Results of Associates | 78,994 | 40,702 | 94.1% | | **Net Profit** | **202,959** | **165,126** | **22.9%** | | Earnings Per Share (RMB cents) | 20 RMB cents | 16 RMB cents | 25.0% | [Operating Revenue and Income](index=6&type=section&id=%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Total revenue decreased **7.1%** due to the asset-light strategy, offset by significant growth in platform technology service revenue - Platform technology service revenue increased from **154 million RMB** to **211 million RMB**, a **37.0% year-on-year growth**, primarily due to strengthened platform ecosystem connections and technological capabilities, serving more SME clients[14](index=14&type=chunk) - Digital financial solutions revenue decreased from **275 million RMB** to **194 million RMB**, a **29.5% year-on-year reduction**, reflecting the company's asset-light strategy of reducing proprietary capital investment and shifting towards platform facilitation[15](index=15&type=chunk) [Share of Results of Associates](index=8&type=section&id=%E6%87%89%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) Share of results of associates significantly increased by **94.1%** to **79.0 million RMB**, a key outcome of platformization - Share of results of associates significantly increased from **40.7 million RMB** in the prior year to **79.0 million RMB**, a **94.1% year-on-year increase**[18](index=18&type=chunk) [Expenses](index=8&type=section&id=%E6%94%AF%E5%87%BA) Total operating expenses increased by **13.8%** to **123 million RMB**, with the cost-to-revenue ratio rising to **30.4%** Operating Expense Details (Six Months Ended June 30) | Expense Item (RMB thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Staff Costs | 73,708 | 69,127 | 6.6% | | Depreciation and Amortization | 19,057 | 15,003 | 27.0% | | Other Operating Expenses | 30,393 | 24,108 | 26.1% | | **Total** | **123,158** | **108,238** | **13.8%** | [Capital Structure, Liquidity, Financial Resources, and Leverage](index=13&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B%E3%80%81%E6%B5%81%E5%8B%95%E6%80%A7%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E6%A3%BF%E6%A1%BF) As of June 30, 2025, cash and cash equivalents were **713 million RMB**, operating cash inflow was **3.56 billion RMB**, and leverage ratio increased from **1.58 to 1.95** Key Capital Structure Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 712.8 million RMB | 515.6 million RMB | | Interest-bearing Borrowings and Related Party Loans | 4.7421 billion RMB | 5.1361 billion RMB | | Leverage Ratio | 1.95 | 1.58 | [Use of Proceeds](index=13&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Proceeds from 2021 and 2025 placements were largely used for strategic acquisitions, tech service expansion, platform development, and AI R&D - Net proceeds from the 2021 placement, approximately **551 million HKD**, have been substantially utilized for strategic acquisitions, development of supply chain technology services, and general working capital for platformization[41](index=41&type=chunk)[45](index=45&type=chunk) - Net proceeds from the 2025 placement, approximately **209 million HKD**, have been largely used to accelerate platform technology service expansion, focusing on innovative areas like e-commerce, AI applications, and robotics, as well as increasing R&D investment in the 'Shengyitong Cloud Platform'[43](index=43&type=chunk)[45](index=45&type=chunk) [Corporate Governance and Other Information](index=20&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) The company complied with corporate governance codes, maintained public float, and the Audit Committee reviewed interim financials - The company complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[71](index=71&type=chunk) - The company maintained a public float of no less than **25%**[68](index=68&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[73](index=73&type=chunk) [Condensed Consolidated Financial Statements](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the company's condensed consolidated financial statements: profit or loss, comprehensive income, financial position, equity, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) Despite revenue decrease, profit increased from **165 million RMB to 203 million RMB**, driven by lower financing costs and associate profits [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=25&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) Total comprehensive income for the period was **205 million RMB**, higher than **168 million RMB** in the prior year, including other comprehensive income [Condensed Consolidated Statement of Financial Position](index=26&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) Total assets decreased from **10.60 billion RMB** to **10.54 billion RMB**, total liabilities increased from **6.48 billion RMB** to **6.97 billion RMB**, reducing net assets [Condensed Consolidated Statement of Changes in Equity](index=28&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) This statement details changes in shareholders' equity components, including profit, dividends, share issuance, and share-based payments [Condensed Consolidated Statement of Cash Flows](index=30&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) Net cash inflow from operating activities was **3.56 billion RMB**, with net outflows from investing and financing activities, ending with **713 million RMB** cash [Notes to the Condensed Consolidated Financial Statements](index=32&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the condensed consolidated financial statements, explaining key financial figures and accounting policies [Note 4: Operating Revenue and Income](index=33&type=section&id=4.%20%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) This note details operating revenue breakdown, with platform inclusive matching and referral services as key components of platform technology service revenue Platform Technology Service Revenue Breakdown (RMB thousands) | Service Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Platform Inclusive Matching Technology Services | 97,825 | 100,997 | | Referral Services | 92,577 | 50,913 | | Digital Ecosystem Services | 12,517 | – | | ABS Product Technology Services | 3,561 | 1,038 | | AI Information Services | 427 | – | | Other Services | 3,734 | 831 | | **Total** | **210,641** | **153,779** | [Note 9: Dividends](index=36&type=section&id=9.%20%E8%82%A1%20%E6%81%AF) This note discloses dividends declared, including the 2024 final and 2025 special dividends, totaling approximately **951 million RMB** Dividends Declared During the Period | Dividend Item | Amount (RMB thousands) | | :--- | :--- | | 2024 Final Dividend (RMB 0.347 per share) | 349,504 | | 2025 Special Dividend (RMB 0.596 per share) | 601,149 | | **Total** | **950,653** | [Note 10: Earnings Per Share](index=36&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This note presents data for basic and diluted EPS calculation, with both basic and diluted EPS at **20 RMB cents** Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit (RMB thousands) | 199,841 | 155,322 | | Weighted Average Number of Ordinary Shares (thousands) | 980,234 | 979,697 | | Diluted Weighted Average Number of Ordinary Shares (thousands) | 984,071 | 979,957 |

Group 1: Key Recommendations - The report recommends 盛业 (06069) as a supply chain technology leader with a projected revenue growth of 24%/26%/24% and net profit growth of 43%/46%/33% from 2025 to 2027, with a target price of 21.65 HKD, indicating a potential upside of 62.9% [4] - 百亚股份 (003006) is highlighted as a leading regional sanitary napkin brand, with expected revenue growth of 26.33%/26.10%/25.11% and net profit growth of 28.20%/41.27%/37.43% from 2025 to 2027, driven by online strategy optimization and scale effects [5] - 日久光电 (003015) is identified as a leader in the membrane materials sector, with projected revenue growth of 36%/26%/20% and net profit growth of 112%/58%/32% from 2025 to 2027, benefiting from new product applications in automotive displays [6][9] Group 2: Industry Insights - The macroeconomic report indicates that excess household savings since 2020 amount to approximately 4.25 trillion, suggesting that the capital market may become a key outlet for these funds, potentially enhancing market liquidity and investor participation [10] - The A-share strategy report notes a divergence in index performance, with a "systematic slow bull" market outlook, suggesting that investors should maintain current positions and look for mid-term opportunities amidst potential short-term volatility [11][12]

Core Insights - Tianheng Shengye (Tianjin) Technology Industry Development Co., Ltd. has been established with a registered capital of 50 million RMB [1] - The company is primarily owned by Tianjin Shitong Construction Development Co., Ltd. (99% stake) and Tianjin Jiangheng Real Estate Development Co., Ltd. (1% stake) [1] Company Overview - The legal representative of the company is Guo Huajian [1] - The company is classified under the scientific research and technical service industry, specifically in technology promotion and application services [1] - The business scope includes park management services, property management, non-residential real estate leasing, engineering management services, marketing planning, conference and exhibition services, information consulting services, technology intermediary services, brand management, artificial intelligence public service platform technical consulting, and various technical services [1] Operational Details - The company is located at No. 110, Management Committee of Shuangxin Industrial Park, Xinzhuang Town, Jinnan District, Tianjin [1] - The business license allows for independent operations except for projects that require approval [1] - The company has a business duration until August 8, 2025, with no fixed term thereafter [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。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 有關自願性公告之補充公告 背景及戰略考量 設 立 新 加 坡 國 際 總 部 的 主 要 目 標，是 以 戰 略 性 支持本 集 團 國 際 業 務 拓 展，並 有 效 滿足中小微企業開拓 國 際 市 場 的 與 日 俱 增 需 求。此 國 際 總 部 將 作 為 提 供 綜 合 一 站 式國際供應鏈解決方案的核心樞紐，涵蓋 國 際 訂單匹配與資金周轉撮合服務。 為 配 合 上 述 戰 略 目 標，本 公 司 認 識 到，穩 定 幣 作 為 基 於 區 塊 鏈 技 術 並 與 法 幣 掛 鈎 的 數 字 資產，憑藉其成本效益優勢、即時結算能力及降低外匯風險等特性，已在全 球 供 應 鏈 貿 易 中 迅 速 確 立 ...

格隆汇8月5日丨盛业(06069.HK)发布公告，董事会会议将于2025年8月14日举行，考虑并批准公司及其 附属公司截至2025年6月30日止六个月未经审核中期业绩，考虑派付股息(倘有)。 盛业(06069.HK)将于8月14日举行董事会会议以审批中期业绩 港股异动丨盛业放量拉升涨近6%，设立新 加坡国际总部及探索Web3 相关事件 ...

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。 承董事會命 盛業控股集團有限公司 Tung Chi Fung SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 董事會會議通告 盛 業 控 股 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 2025年8月14日（星期 四）舉 行，其 目 的 如 下： 主 席 香港，2025年8月5日 於本公告日期，董事會包括兩名執行董事：Tung Chi Fung先生及王瑩女士；一名非 執行董事：盧偉雄先生；及四名獨立非執行董事：Fong Heng Boo先生、鄧景山先生、 陳玉英女士及孫偉勇先生。 本公告中英文版本如有任何不一致之處，概以英文版本為準。 1. 考慮並批准本公司及其附屬公司截至2025年6月30日止六個月 ...

FF301 公司名稱: 盛業控股集團有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8月1日 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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 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) | 06069 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 5,000,000,000 | HKD | | 0.01 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | | | 本月底結存 | | 5,000,000,000 | HKD | | 0.01 HKD | | 50,000,000 | 本月底法定/註冊股本總額： HKD 50,0 ...