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: 中國萬桐園（控股）有限公司 呈交日期: 2025年9月1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) | 06966 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.01 | USD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.01 | USD | | 30,000,000 | 本月底法定/註 ...

Core Viewpoint - China Wantong Garden (06966.HK) reported a significant decline in revenue and a shift from profit to loss for the six months ending June 30, 2025 [1] Financial Performance - The group's unaudited revenue for the period was approximately RMB 11,066,000, representing a year-on-year decrease of 54.2% [1] - The loss attributable to the company's owners was RMB 9,389,000, compared to a profit of RMB 7,277,000 for the same period ending June 30, 2024 [1] Dividend Policy - The board of directors does not recommend the payment of an interim dividend for the period, consistent with the previous year where no dividend was declared [1]

Group 1 - The core point of the article is the appointment of Mr. Yang Yun as an executive director of China Wantong Garden, effective from August 28, 2025 [1]

Core Viewpoint - China Wantong Garden (06966) reported a significant decline in mid-term performance for the six months ending June 30, 2025, with revenues dropping by 54.15% year-on-year, leading to a loss attributable to shareholders of 9.389 million yuan compared to a profit of 7.277 million yuan in the same period last year [1] Financial Performance - The company achieved revenues of 11.066 million yuan, a decrease of 54.15% compared to the previous year [1] - The loss attributable to shareholders was 9.389 million yuan, contrasting with a profit of 7.277 million yuan in the same period last year [1] - Earnings per share reported a loss of 0.09 yuan [1] Revenue Decline Factors - The revenue decline was primarily attributed to the revaluation of value-added tax on past funeral service income, which resulted in a revenue reduction of 13 million yuan [1] - Additionally, the decrease in the average selling price of burial plots and a decline in demand for funeral services contributed to the overall revenue drop [1]

Core Viewpoint - China Wantong Garden (06966) reported a significant decline in revenue and incurred a loss for the six months ending June 30, 2025, primarily due to a reassessment of value-added tax on past funeral service revenues and decreased demand for cemetery sales and funeral services [1] Financial Performance - The company achieved revenue of 11.066 million, representing a year-on-year decrease of 54.15% [1] - The loss attributable to shareholders was 9.389 million, compared to a profit of 7.277 million in the same period last year [1] - Earnings per share reflected a loss of 0.9 cents [1] Revenue Drivers - The decline in revenue was attributed to a reduction of 13 million due to the reassessment of value-added tax on past funeral service revenues, along with a decrease in the average selling price of cemetery plots and a drop in demand for funeral services [1]

CHINA WAN TONG YUAN (HOLDINGS) LIMITED 中 國 萬 桐 園（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：6966） （「本公司」） 提名委員會職權範圍 （經修訂及重列，自2025年8月28日生效） 1. 組成 本公司董事會（「董事會」）茲組成及成立提名委員會（「提名委員會」），其權力、 責任及具體職責概述如下。 2.1 提名委員會的成員須由董事會委任並由至少三(3)名成員組成，而大多數成 員須為本公司的獨立非執行董事。 2.2 提名委員會主席（「主席」）須由董事會主席或本公司獨立非執行董事擔任。 2.3 提名委員會須至少有一名不同性別的成員。 2.4 提名委員會會議的法定人數須為兩(2)名成員，其中一(1)名須為本公司的獨 立非執行董事。按正當程序召開且出席人數達法定人數的提名委員會會議 有足夠能力行使提名委員會所獲賦予或可行使的全部或任何授權、權力及 酌情權。成員應親身或透過（包括但不限於）電話或電話會議等電子通訊方 式出席會議。 4. 職權 5. 職責 提名委員會的職責包括： – 2 – 2. 成員 3. 秘書 3.1 本公司的公司秘書或 ...

CHINA WAN TONG YUAN (HOLDINGS) LIMITED 中 國 萬 桐 園（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：6966） （「本公司」） 審核委員會職權範圍 （經修訂及重列，自2025年8月28日生效） 1. 組成 本公司董事會（「董事會」）茲組成及成立審核委員會（「審核委員會」），其權力、 責任及具體職責概述如下。 – 1 – 5. 職責 2. 成員 2.1 審核委員會成員須由董事會委任，且僅可由不少於三(3)名本公司非執行董 事組成。 2.2 審核委員會的大多數成員須為本公司獨立非執行董事，其中至少一(1)名成 員須為具備香港聯合交易所有限公司證券上市規則（「上市規則」）第3.10(2) 條所規定的適當專業資格或會計或相關財務管理專長的獨立非執行董事。 2.3 審核委員會主席（「主席」）須由本公司獨立非執行董事擔任。 2.4 審核委員會會議的法定人數須為兩(2)名成員，其中一(1)名須為本公司獨立 非執行董事。按正當程序召開且出席人數達法定人數的審核委員會會議有 足夠能力行使審核委員會所獲賦予或可行使的全部或任何授權、權力及酌 情權。成員應親身 ...

Group 1 - The company, China Wantong Garden (06966), announced the appointment of Mr. Yang Yun as an executive director, effective from August 28, 2025 [1]

[Company Overview and Financial Summary](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides an overview of the company's registration, business scope, controlling entity, and a summary of its financial performance for the period [Company Profile](index=7&type=section&id=1.1%20%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) China WTY (Holdings) Company Limited, listed on HKEX, is an investment holding company primarily engaged in cemetery sales, funeral-related services, and maintenance in China, controlled by Ms. Zhao Ying - The company was incorporated in the Cayman Islands on January 25, 2017, and its shares are listed on the Hong Kong Stock Exchange[10](index=10&type=chunk) - The Group's principal businesses include cemetery plot sales, funeral-related services, cemetery maintenance services, and funeral services, primarily concentrated in China[10](index=10&type=chunk) - The ultimate holding company of the Company is Lily Charm Holding Limited, controlled by Ms. Zhao Ying[10](index=10&type=chunk) [Financial Highlights](index=1&type=section&id=1.2%20%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 54.2% to RMB11,066 thousand, turning from a profit to a loss of RMB9,389 thousand, with no interim dividend proposed 2025 H1 Key Financial Performance Comparison | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 11,066 | 24,137 | -54.2% | | (Loss)/Profit attributable to owners of the Company | (9,389) | 7,277 | Shift from profit to loss | - The Board does not recommend the payment of an interim dividend for the period (2024 corresponding period: nil)[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=2.1%20%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%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, the Group experienced a significant revenue decline, leading to reduced gross profit, increased other expenses (especially VAT-related fees), and fair value losses on financial assets, resulting in a pre-tax loss and loss attributable to owners Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 11,066 | 24,137 | | Cost of sales and services | (2,910) | (3,567) | | Gross profit | 8,156 | 20,570 | | Other income | 1,315 | 1,920 | | Other expenses | (5,324) | (953) | | Fair value change loss on financial assets at fair value through profit or loss | (2,728) | (200) | | (Loss)/Profit before tax | (9,816) | 10,727 | | (Loss)/Profit for the period attributable to owners of the Company | (9,389) | 7,277 | | Basic (loss)/earnings per share (RMB cents) | (0.9) | 0.7 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=2.2%20%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%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 and net assets decreased, with a substantial increase in cemetery assets and a significant reduction in non-current prepayments and other receivables Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator (RMB thousands) | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | **Non-current assets** | | | | Cemetery assets | 82,814 | 12,125 | | Financial assets at fair value through profit or loss | 1,528 | 4,256 | | Prepayments and other receivables (non-current) | 12,756 | 83,968 | | **Current assets** | | | | Bank balances and cash | 158,313 | 171,318 | | **Current liabilities** | | | | Trade and other payables | 10,441 | 13,085 | | **Net assets** | 214,116 | 228,519 | - Cemetery assets significantly increased from **RMB12,125 thousand** as of December 31, 2024, to **RMB82,814 thousand** as of June 30, 2025, primarily due to the grant of land use rights[6](index=6&type=chunk)[33](index=33&type=chunk) - Non-current prepayments and other receivables substantially decreased from **RMB83,968 thousand** to **RMB12,756 thousand**, mainly due to reclassification of prepaid land acquisition costs and land demolition prepayments to cemetery assets[6](index=6&type=chunk)[41](index=41&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=2.3%20%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased due to the loss for the period and dividends declared Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator (RMB thousands) | 2025 June 30 | 2024 June 30 | | :--- | :--- | :--- | | Equity attributable to owners of the Company at beginning of period | 228,519 (Jan 1, 2025) | 227,794 (Jan 1, 2024) | | (Loss)/Profit and total comprehensive (expense)/income for the period | (9,389) | 7,277 | | Dividends declared | (5,014) | (9,123) | | Equity attributable to owners of the Company at end of period | 214,116 | 225,948 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=2.4%20%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%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 cash flow shifted from net inflow to net outflow, investment cash outflow significantly decreased, and financing cash outflow was primarily for dividend payments, resulting in a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (7,891) | 9,683 | | Net cash generated from/(used in) investing activities | 415 | (29,444) | | Net cash used in financing activities | (5,159) | (275) | | Net decrease in cash and cash equivalents | (12,635) | (20,036) | | Bank balances and cash at end of period | 158,313 | 245,202 | - Net cash flow from operating activities shifted from a **net inflow of RMB9,683 thousand** in the corresponding period of 2024 to a **net outflow of RMB7,891 thousand** in 2025[9](index=9&type=chunk) - Net cash outflow from investing activities significantly decreased, primarily because there was a **RMB30,000 thousand** placement of time deposits in the corresponding period of 2024, which was absent in 2025[9](index=9&type=chunk) - Net cash outflow from financing activities primarily included **dividends paid of RMB5,014 thousand** in 2025[9](index=9&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes explaining the basis of preparation, accounting policies, and specific items within the condensed consolidated financial statements [General Information](index=7&type=section&id=3.1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section outlines China WTY (Holdings) Company Limited's registration, listing, principal place of business, core operations, and identifies its ultimate controlling party - The Company was incorporated in the Cayman Islands on January 25, 2017, and its shares are listed on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The Group's principal business is investment holding, with its subsidiaries primarily engaged in cemetery plot sales, funeral-related services, cemetery maintenance services, and funeral services in China[10](index=10&type=chunk) - The ultimate holding company of the Company is Lily Charm Holding Limited, controlled by Ms. Zhao Ying[10](index=10&type=chunk) [Basis of Preparation](index=7&type=section&id=3.2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and the disclosure requirements of the HKEX Listing Rules - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[12](index=12&type=chunk) [Accounting Policies](index=7&type=section&id=3.3%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with no significant impact from the first-time application of IAS 21 (Amendment) "Lack of Exchangeability" - The condensed consolidated financial statements are prepared on the historical cost basis, except for certain financial instruments which are measured at fair value[13](index=13&type=chunk) - The Group has first applied IAS 21 (Amendment) "Lack of Exchangeability" in the current interim period, which has no material impact on the Group's financial position and performance[14](index=14&type=chunk) [Revenue and Segment Information](index=8&type=section&id=3.4%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from cemetery plot sales, funeral-related services, cemetery maintenance, and funeral services, with total revenue significantly decreasing year-on-year due to reduced cemetery sales and funeral service income, impacting segment performance Revenue by Type of Goods and Services (For the six months ended June 30) | Type of Goods and Services (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Sale of cemetery plots | 6,256 | 14,008 | | Provision of other funeral-related services | 1,969 | 3,769 | | Provision of funeral parlor services | 2 | 3,534 | | Provision of cemetery maintenance services | 2,839 | 2,826 | | **Total** | **11,066** | **24,137** | - All of the Group's revenue is derived from contracts with customers and generated in China, with substantially all identifiable assets and liabilities located in China[16](index=16&type=chunk) - The Group paid **RMB7,818 thousand** in value-added tax at an applicable rate of 6%, of which **RMB6,227 thousand** offset revenue and **RMB1,591 thousand** offset contract liabilities[17](index=17&type=chunk) Operating Segment Revenue and Results (For the six months ended June 30) | Segment (RMB thousands) | 2025 Revenue | 2025 Results | 2024 Revenue | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Sale of cemetery plots and provision of other funeral-related services | 8,225 | 3,160 | 17,777 | 15,263 | | Provision of cemetery maintenance services | 2,839 | 1,446 | 2,826 | 2,356 | | Provision of funeral parlor services | 2 | (194) | 3,534 | 2,951 | | **Total** | **11,066** | **4,412** | **24,137** | **20,570** | - Segment results represent gross profit or loss generated by each segment, unallocated for other income, expenses, fair value changes of financial assets, distribution and selling expenses, administrative expenses, and finance costs[21](index=21&type=chunk) [Other Income](index=11&type=section&id=3.5%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's other income, mainly comprising bank interest income and imputed interest from interest-free prepayments, decreased year-on-year Other Income (For the six months ended June 30) | Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Bank interest income | 709 | 880 | | Imputed interest income from interest-free prepayments and deposits paid | 600 | 1,038 | | Others | 6 | 2 | | **Total** | **1,315** | **1,920** | [Other Expenses](index=12&type=section&id=3.6%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) The Group's other expenses significantly increased, primarily due to interest expenses and surcharges related to value-added tax Other Expenses (For the six months ended June 30) | Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Interest expenses and surcharges related to value-added tax | (3,744) | — | | Other expenses | (1,580) | (953) | | **Total** | **(5,324)** | **(953)** | - Interest expenses and surcharges related to value-added tax were a new expense for the period, amounting to **RMB3,744 thousand**[23](index=23&type=chunk) [Other Net Gains and Losses](index=12&type=section&id=3.7%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D%E6%B7%A8%E9%A1%8D) This period's other net gains and losses shifted from a gain to a loss compared to the prior year, primarily due to changes in foreign exchange gains Other Net Gains and Losses (For the six months ended June 30) | Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Foreign exchange gains | (370) | 263 | | Others | — | (39) | | **Total** | **(370)** | **224** | [Loss/Profit Before Tax](index=13&type=section&id=3.8%20%E9%99%A4%E7%A8%85%E5%89%8D%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%88%95%E6%BA%A2%E5%88%A9) The pre-tax loss for the period was primarily influenced by total depreciation and amortization, inventory costs, and staff costs Components of Loss/Profit Before Tax (For the six months ended June 30) | Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Total depreciation and amortization | 1,798 | 1,662 | | Cost of inventories recognized as expense | 1,397 | 1,519 | | Total staff costs | 5,368 | 5,378 | - Amortization of cemetery assets (included in cost of sales and services) increased from **RMB328 thousand** in 2024 to **RMB818 thousand** in 2025[25](index=25&type=chunk) [Income Tax Expense](index=13&type=section&id=3.9%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the period shifted from an expense to a credit, primarily benefiting from a refund of PRC enterprise income tax and the recognition of deferred tax Income Tax Expense (For the six months ended June 30) | Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Current tax: PRC enterprise income tax | 2,055 | 3,147 | | Refund of PRC enterprise income tax | (1,813) | — | | Deferred tax | (669) | 303 | | **Total** | **(427)** | **3,450** | - A refund of **PRC enterprise income tax of RMB1,813 thousand** was received in the current period, with no such item in the corresponding period last year[26](index=26&type=chunk) - Deferred tax shifted from an **expense of RMB303 thousand** in the corresponding period last year to a **credit of RMB669 thousand** in the current period[26](index=26&type=chunk) [Loss/Earnings Per Share](index=14&type=section&id=3.10%20%E6%AF%8F%E8%82%A1%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%88%95%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, the Company reported a basic loss per share of RMB0.9 cents, compared to earnings per share of RMB0.7 cents in the prior year, with no diluted earnings per share presented due to the absence of potential ordinary shares Loss/Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit for the purpose of calculating basic (loss)/earnings per share (RMB thousands) | (9,389) | 7,277 | | Number of ordinary shares (shares) | 1,000,000,000 | 1,000,000,000 | | Basic (loss)/earnings per share (RMB cents) | (0.9) | 0.7 | - No potential ordinary shares were outstanding for either period, thus diluted earnings per share are not presented[29](index=29&type=chunk) [Dividends](index=14&type=section&id=3.11%20%E8%82%A1%E6%81%AF) A final dividend totaling HKD5.5 million for the year ended December 31, 2024, was paid during the interim period, and the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - A final dividend of **HK0.55 cents per share** (equivalent to approximately **RMB0.5 cents**) for the year ended December 31, 2024, totaling **HKD5,500,000**, was paid during the interim period[30](index=30&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024 corresponding period: nil)[31](index=31&type=chunk) [Cemetery Assets](index=14&type=section&id=3.12%20%E5%A2%93%E5%9C%92%E8%B3%87%E7%94%A2) As of June 30, 2025, cemetery assets significantly increased, primarily due to the grant of state-owned land use rights for a plot, with related costs reclassified and amortization commencing Composition of Cemetery Assets (RMB thousands) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Leasehold land | 74,262 | 3,592 | | Landscaping facilities | 8,226 | 8,199 | | Development costs | 326 | 334 | | **Total** | **82,814** | **12,125** | - The state-owned land use rights for a plot from Langfang Natural Resources and Planning Bureau were granted to the Group in February 2025, with related acquisition costs reclassified to cemetery assets and amortization commencing from March 1, 2025, over a 50-year term[33](index=33&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=15&type=section&id=3.13%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) The Group's 10% equity interest in Langfang Anci District Huimin Rural Bank Co., Ltd. is classified as financial assets at fair value through profit or loss, with fair value losses significantly increasing due to the bank's losses, and valuation using market approach with price-to-book ratio and illiquidity discount as key inputs Financial Assets at Fair Value Through Profit or Loss (RMB thousands) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Unlisted investments | 1,528 | 4,256 | - Fair value change loss on financial assets at fair value through profit or loss for the period was **RMB2,728 thousand** (2024 corresponding period: **RMB200 thousand**), primarily due to a decrease in the assessed fair value of the 10% equity interest in Langfang Anci District Huimin Rural Bank Co., Ltd. caused by the bank's losses[35](index=35&type=chunk)[56](index=56&type=chunk) Financial Asset Fair Value Valuation Techniques and Key Inputs (June 30, 2025) | Financial Asset | Fair Value (RMB thousands) | Fair Value Hierarchy | Valuation Technique | Key Inputs | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 1,528 | Level 3 | Market approach: based on target company's financial performance and comparable company multiples | Price-to-book ratio: 0.56; Illiquidity discount: 40% | - A 5% increase/decrease in the price-to-book ratio would result in an increase/decrease of **RMB63 thousand** in the carrying amount of the investment; a 5% increase/decrease in the illiquidity discount would result in a decrease/increase of **RMB42 thousand** in the carrying amount of the investment[38](index=38&type=chunk) [Prepayments and Other Receivables](index=16&type=section&id=3.14%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Non-current prepayments and other receivables significantly decreased due to the reclassification of prepaid land acquisition costs and some land demolition prepayments to cemetery assets, while current prepayments and other receivables slightly increased due to refundable taxes Prepayments and Other Receivables (RMB thousands) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | **Non-current** | | | | Cemetery project deposits | 9,756 | 9,753 | | Other receivables | 3,000 | 3,000 | | Prepaid land acquisition costs | — | 54,714 | | Land demolition prepayments | — | 16,501 | | **Current** | | | | Prepayments | 253 | 529 | | Land demolition prepayments | 25,997 | 27,193 | | Refundable taxes | 1,813 | — | - Prepaid land acquisition costs of **RMB54,714 thousand** were reclassified to cemetery assets during the period[41](index=41&type=chunk) - **RMB16,501 thousand** of land demolition prepayments were transferred to cemetery assets, with the remaining balance expected to be repaid within one year from the end of the reporting period[41](index=41&type=chunk) - Interest-bearing prepayments of **RMB3,000 thousand** to Langfang Funeral Home are expected to be repaid beyond one year from the end of the reporting period[41](index=41&type=chunk) [Trade and Other Payables](index=17&type=section&id=3.15%20%E8%B2%A9%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables decreased, with reductions in both trade payables and accrued expenses Trade and Other Payables (RMB thousands) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Trade payables | 7,075 | 8,762 | | Other payables and accrued expenses | 3,366 | 4,323 | | **Total** | **10,441** | **13,085** | Ageing Analysis of Trade Payables (RMB thousands) | Ageing | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Within 1 year | 5,989 | 6,169 | | 1 to 2 years | 1,086 | 2,593 | | **Total** | **7,075** | **8,762** | [Contract Liabilities](index=18&type=section&id=3.16%20%E5%90%88%E7%B4%84%E8%B2%A0%E5%82%B5) Contract liabilities, representing obligations for transferring cemetery plots, maintenance services, and other funeral-related services, slightly decreased in total, with customers typically prepaying 20 years of cemetery maintenance fees Contract Liabilities (RMB thousands) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Amount classified as current liabilities | 6,402 | 6,812 | | Amount classified as non-current liabilities | 80,160 | 80,330 | | **Total** | **86,562** | **87,142** | - Contract liabilities represent obligations to transfer cemetery plots, cemetery maintenance services, and other funeral-related services in accordance with revenue recognition policies and the nature of the business[43](index=43&type=chunk) - Customers purchasing funeral services are required to prepay 20 years of maintenance fees for their cemetery plots and gravestones to maintain the cemetery's aesthetics[44](index=44&type=chunk) [Share Capital](index=18&type=section&id=3.17%20%E8%82%A1%E6%9C%AC) The Company's authorized and issued and fully paid share capital remained unchanged, consisting of ordinary shares at USD0.01 each Share Capital Information (RMB thousands) | Item | Number of Shares | Amount | | :--- | :--- | :--- | | Authorized share capital (ordinary shares of USD0.01 each) | 3,000,000,000 | 205,984 | | Issued and fully paid share capital (ordinary shares of USD0.01 each) | 1,000,000,000 | 66,192 | [Related Party Transactions](index=19&type=section&id=3.18%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) Total key management personnel compensation slightly increased during the period, with a notable rise in discretionary performance bonuses Key Management Personnel Compensation (For the six months ended June 30) | Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Salaries and other benefits | 738 | 1,193 | | Contributions to retirement benefit schemes | 92 | 68 | | Discretionary performance bonuses | 695 | 193 | | **Total** | **1,525** | **1,454** | [Fair Value Measurement of Financial Instruments](index=19&type=section&id=3.19%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) Except for financial assets at fair value through profit or loss, the Group has no other financial instruments measured at fair value on a recurring basis, and directors believe the carrying amounts of financial assets and liabilities accounted for at amortized cost approximate their fair values - Except for financial assets disclosed in Note 13, the Group has no other financial instruments measured at fair value on a recurring basis[46](index=46&type=chunk) - The directors consider that the carrying amounts of financial assets and financial liabilities accounted for at amortized cost approximate their fair values at each reporting period end[46](index=46&type=chunk) [Business Review and Operating Analysis](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E7%B6%93%E7%87%9F%E5%88%86%E6%9E%90) This section provides an in-depth review of the Group's core business performance and a detailed analysis of its financial results for the period [Core Business Performance](index=20&type=section&id=4.1%20%E6%A0%B8%E5%BF%83%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE) The Group's core businesses include funeral services (cemetery plot sales and related services), funeral parlor services, and cemetery maintenance services, with significant revenue declines in the first two and stable revenue in the latter [Sale of Cemetery Plots and Provision of Other Funeral-Related Services](index=20&type=section&id=4.1.1%20%E5%87%BA%E5%94%AE%E5%A2%93%E5%9C%B0%E5%8F%8A%E6%8F%90%E4%BE%9B%E5%85%B6%E4%BB%96%E6%AE%AA%E8%91%AC%E7%9B%B8%E9%97%9C%E6%9C%8D%E5%8B%99) Funeral services, the largest component of the Group's revenue, saw a significant year-on-year decline due to additional re-evaluated VAT payments and lower average selling prices for cemetery plots - Funeral services are the largest component of the Group's revenue, accounting for **74.3%** of the Group's revenue for the six months ended June 30, 2025 (2024 corresponding period: **73.7%**)[48](index=48&type=chunk) Funeral Services Revenue (RMB thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Funeral services revenue | 8,225 | 17,777 | - The revenue decrease was primarily due to the payment of additional re-evaluated value-added tax of **RMB6,080 thousand** for funeral service income from prior periods, and a decrease in the average selling price of cemetery plots influenced by macroeconomic conditions and cautious consumer spending[48](index=48&type=chunk) [Provision of Funeral Parlor Services](index=20&type=section&id=4.1.2%20%E6%8F%90%E4%BE%9B%E6%AE%AA%E5%84%80%E6%9C%8D%E5%8B%99) Revenue from funeral parlor services significantly decreased due to adjustments by Langfang Funeral Home in the scope of services provided by the Group within its premises, leading to a temporary decline in demand Funeral Parlor Services Revenue (RMB thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Funeral parlor services revenue | 2 | 3,534 | - The revenue decrease was due to Langfang Funeral Home adjusting the scope of funeral parlor services provided by the Group within its premises, resulting in a temporary decline in demand for funeral parlor services[49](index=49&type=chunk) [Provision of Cemetery Maintenance Services](index=20&type=section&id=4.1.3%20%E6%8F%90%E4%BE%9B%E5%A2%93%E5%9C%92%E7%B6%AD%E8%AD%B7%E6%9C%8D%E5%8B%99) Revenue from cemetery maintenance services remained stable, representing an integral part of the Group's funeral services Cemetery Maintenance Services Revenue (RMB thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Cemetery maintenance services revenue | 2,839 | 2,826 | - Customers prepay maintenance fees when purchasing cemetery plots to preserve the cemetery's landscape[50](index=50&type=chunk) [Financial Performance Analysis](index=21&type=section&id=4.2%20%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) The Group's financial performance significantly deteriorated, with substantial declines in revenue and gross profit, a shift from profit to loss, increased other expenses and fair value losses on financial assets, changes in selling and administrative expenses, and a reversal of income tax expense [Revenue](index=21&type=section&id=4.2.1%20%E6%94%B6%E7%9B%8A) The Group's revenue significantly decreased by 54.2% year-on-year, primarily due to additional re-evaluated VAT payments, lower average selling prices for cemetery plots, and reduced demand for funeral parlor services Revenue (RMB millions) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 11.1 | 24.1 | -54.2% | - Revenue decreased by **RMB13.0 million**, mainly due to the payment of additional re-evaluated value-added tax for funeral service income from prior periods, and a decrease in the average selling price of cemetery plots and demand for funeral parlor services[51](index=51&type=chunk) [Cost of Sales and Services](index=21&type=section&id=4.2.2%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) Cost of sales and services decreased by 18.4% year-on-year, primarily due to the decline in funeral services and funeral parlor services businesses Cost of Sales and Services (RMB millions) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Cost of sales and services | 2.9 | 3.6 | -18.4% | [Gross Profit and Gross Margin](index=21&type=section&id=4.2.3%20%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's gross profit significantly decreased by 60.4% year-on-year, with the overall gross margin falling to 73.7%; funeral services saw a substantial decline in both gross profit and margin, cemetery maintenance gross margin slightly increased, and funeral parlor services shifted from profit to gross loss Gross Profit and Gross Margin (For the six months ended June 30) | Indicator | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Gross Profit (RMB millions)** | 8.2 | 20.6 | -60.4% | | **Total Gross Margin** | 73.7% | 85.2% | -11.5 percentage points | | Funeral services gross profit (RMB millions) | 5.9 | 15.3 | -61.1% | | Funeral services gross margin | 72.3% | 85.9% | -13.6 percentage points | | Cemetery maintenance gross profit (RMB millions) | 2.4 | 2.4 | 0% | | Cemetery maintenance gross margin | 84.8% | 83.4% | +1.4 percentage points | | Funeral parlor services gross profit (RMB millions) | (0.2) | 2.9 | Shift from profit to loss | | Funeral parlor services gross margin | Not applicable (loss) | 83.5% | Not applicable | [Other Income](index=21&type=section&id=4.2.4%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's other income decreased year-on-year Other Income (RMB millions) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Other income | 1.3 | 1.9 | [Other Expenses](index=22&type=section&id=4.2.5%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) The Group's other expenses significantly increased year-on-year, primarily due to additional taxes and late payment penalties arising from re-evaluated VAT for prior periods Other Expenses (RMB millions) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Other expenses | 5.3 | 1.0 | +4.3 | - The increase was primarily due to additional taxes and late payment penalties of **RMB3.7 million** arising from the payment of additional re-evaluated value-added tax for prior periods[55](index=55&type=chunk) [Fair Value Change Loss on Financial Assets at Fair Value Through Profit or Loss](index=22&type=section&id=4.2.6%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E4%B9%8B%E5%85%AC%E5%B9%B3%E5%80%BC%E8%AE%8A%E5%8B%95%E8%99%A7%E6%90%8D) Fair value change loss on financial assets significantly increased this period, mainly due to a decrease in the assessed fair value of the equity interest in a rural bank caused by the bank's losses Financial Assets Fair Value Change Loss (RMB millions) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Fair value change loss | 2.7 | 0.2 | - The increased loss was due to the decrease in the assessed fair value of the 10% equity interest in Langfang Anci District Huimin Rural Bank Co., Ltd. as a result of the bank incurring losses[56](index=56&type=chunk) [Distribution and Selling Expenses](index=22&type=section&id=4.2.7%20%E5%88%86%E9%8A%B7%E5%8F%8A%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) Distribution and selling expenses decreased by 9.7% year-on-year, primarily due to reduced staff and sales commissions Distribution and Selling Expenses (RMB millions) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Distribution and selling expenses | 4.6 | 5.1 | -9.7% | - The decrease was primarily due to reduced staff and sales commissions[57](index=57&type=chunk) [Administrative Expenses](index=22&type=section&id=4.2.8%20%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by 9.4% year-on-year, mainly due to the amortization of cemetery assets arising from the completion of land grant acquisition in February 2025 Administrative Expenses (RMB millions) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Administrative expenses | 6.2 | 5.7 | +9.4% | - The increase was primarily due to the amortization of cemetery assets arising from the completion of land grant acquisition in February 2025[58](index=58&type=chunk) [Income Tax Expense](index=22&type=section&id=4.2.9%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax for the period shifted from an expense to a credit, mainly due to reduced tax payable from lower gross profit, a refund of overpaid prior period income tax, and the recognition of deferred income tax assets Income Tax Expense (RMB millions) | Item | 2025 H1 | 2024 H1 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Income tax expense | (0.4) | 3.5 | -3.9 | - The decrease was primarily due to a **RMB1.1 million** reduction in tax payable resulting from lower gross profit from funeral services and funeral parlor services[59](index=59&type=chunk) - A refund of **RMB1.8 million** in overpaid income tax from prior periods is expected due to additional re-evaluated VAT and surcharges[59](index=59&type=chunk) - Income tax expense decreased by **RMB0.7 million** due to the recognition of deferred income tax assets from the decrease in fair value of financial assets held[59](index=59&type=chunk) [Profit and Total Comprehensive Income for the Period](index=23&type=section&id=4.2.10%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E5%8F%8A%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E7%B8%BD%E9%A1%8D) The Group shifted from a profit in the prior year to a loss for the period, with a significant increase in net loss margin, reflecting a substantial deterioration in overall operating performance Profit and Total Comprehensive Income for the Period (RMB millions) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | (Loss)/Profit and total comprehensive (expense)/income for the period | (9.4) | 7.3 | | Net loss margin/Net profit margin | 84.8% (loss) | 30.1% (profit) | [Liquidity and Financial Resources](index=23&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) This section details the Group's overall liquidity position, capital structure, asset pledges, gearing ratio, significant acquisitions, and employee information [Overall Liquidity Position](index=23&type=section&id=5.1%20%E7%B8%BD%E9%AB%94%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E7%8B%80%E6%B3%81) The Group funds its operations primarily through internally generated cash flows, with total equity and assets decreasing, but bank balances and cash remaining at a high level Liquidity Position (RMB millions) | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Total equity | 214.1 | 228.5 | | Total assets | 316.6 | 334.6 | | Bank balances and cash | 158.3 | 171.3 | - The Group generally funds its operations through internally generated cash flows[61](index=61&type=chunk) [Capital Structure](index=23&type=section&id=5.2%20%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Company's capital structure has not undergone any significant changes since its listing date, with share capital consisting solely of ordinary shares - The Company's shares have been listed on the Main Board since December 17, 2019[62](index=62&type=chunk) - The Company's capital structure has not undergone any significant changes since its listing date, with share capital consisting solely of ordinary shares[62](index=62&type=chunk) [Pledge of Assets](index=23&type=section&id=5.3%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, and December 31, 2024, the Group had no pledged assets - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[63](index=63&type=chunk) [Gearing Ratio](index=23&type=section&id=5.4%20%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group's gearing ratio slightly increased but remains at a healthy level Gearing Ratio | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Gearing ratio | 32.4% | 31.7% | - The gearing ratio (total liabilities to total assets) slightly increased but still indicates a sound liquidity position for the Group[64](index=64&type=chunk) [Significant Acquisitions, Disposals, and Material Investments](index=23&type=section&id=5.5%20%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) During the period, the Group did not undertake any significant acquisitions, disposals, or material investments concerning subsidiaries, associates, or joint ventures - During the period, the Group did not make any significant acquisitions or disposals or material investments concerning subsidiaries, associates, or joint ventures[65](index=65&type=chunk) [Employees and Remuneration Information](index=23&type=section&id=5.6%20%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E8%B3%87%E6%96%99) The Group's employee count slightly decreased, but it continues to offer competitive remuneration, benefits, and training programs Employee Count | Item | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | Employee count | 66 | 73 | - The Group provides competitive remuneration and benefits to its employees, regularly reviews its remuneration policies, and offers various training programs[66](index=66&type=chunk) [Future Development and Outlook](index=24&type=section&id=%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95%E8%88%87%E5%B1%95%E6%9C%9B) This section outlines the Group's segment information, future plans for significant investments, development and funding plans, and its overall strategic outlook [Segment Information](index=24&type=section&id=6.1%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates three primary operating and reportable segments: sale of cemetery plots and provision of other funeral-related services, provision of cemetery maintenance services, and provision of funeral parlor services - The Group has three primary operating and reportable segments: sale of cemetery plots and provision of other funeral-related services, provision of cemetery maintenance services, and provision of funeral parlor services[67](index=67&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=6.2%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%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) The Group has no other future plans for material investments or capital assets beyond those disclosed in this announcement - Except for those disclosed in this announcement, the Group has no other future plans for material investments or capital assets[68](index=68&type=chunk) [Development and Funding Plans](index=24&type=section&id=6.3%20%E7%99%BC%E5%B1%95%E5%8F%8A%E8%B3%87%E9%87%91%E5%8B%95%E7%94%A8%E8%A8%88%E5%8A%83) The cemetery joint venture project is a key development, with land acquisition completed and plans to construct operational burial plots in Beijing's new airport resettlement area, with construction expected to start in 2026, funded by shareholder loans and supported by the Group's ample cash flow - The cemetery joint venture project is a key development project for the Group, with the joint venture company already established by Langfang WTY and Xinhangcheng[69](index=69&type=chunk) - Land acquisition was completed in February 2025, involving the acquisition of land use rights for a plot located north of Yongding Road and west of Yongxing River in Langfang City, Hebei Province, China, with a land area of **70,546.27 square meters** and a consideration of **RMB54,713,600**[69](index=69&type=chunk) - The Group plans to construct operational burial plots for sale in the Beijing New Airport (Langfang area) resettlement zone, which involves the development and construction of buildings and ancillary facilities, with an estimated total development cost of approximately **RMB50 million**[70](index=70&type=chunk) - According to the joint venture agreement, the Group is responsible for providing a shareholder loan to the joint venture company for the cemetery joint venture project at an annual interest rate of **6.9%**[70](index=70&type=chunk) - Project construction is expected to commence in 2026, subject to government approvals and recovery of advanced funds[70](index=70&type=chunk) - As of June 30, 2025, the Company had bank balances and cash of **RMB158.3 million**, indicating a sound liquidity position with sufficient funds to support the development of the cemetery joint venture project[71](index=71&type=chunk) [Outlook](index=25&type=section&id=6.4%20%E5%B1%95%E6%9C%9B) The Group plans to strengthen its market position and expand operations by steadily advancing funeral parlor services, deepening its presence in the Beijing-Tianjin-Hebei metropolitan area, offering collective ash storage services, and seeking strategic alliances and acquisition opportunities, with the cemetery joint venture project being key to market consolidation - The Group aims to steadily advance funeral parlor services, improve its integrated service system, further penetrate the funeral service market in the Beijing-Tianjin-Hebei metropolitan area, provide collective ash storage services, and seek strategic alliances and acquisition opportunities, actively developing the cemetery joint venture project[72](index=72&type=chunk) - Due to changes in the policy environment, the planned expansion of funeral parlor services has been limited, but the Group will continue to provide related services at its own premises with its existing professional team[73](index=73&type=chunk) - The Group is committed to transforming from a single funeral service provider to an integrated funeral and interment service provider, continuously launching diversified products covering different consumption levels[73](index=73&type=chunk) - The cemetery joint venture project is one of the Group's key development projects, and management believes it will help consolidate and expand the Group's position in the Langfang and Beijing-Tianjin-Hebei metropolitan area funeral market[73](index=73&type=chunk) [Corporate Governance and Shareholder Information](index=26&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E8%88%87%E8%82%A1%E6%9D%B1%E4%BF%A1%E6%81%AF) This section covers the Group's foreign exchange risk management, contingent liabilities, capital commitments, interests of directors and major shareholders, and corporate governance practices [Foreign Exchange Risk](index=26&type=section&id=7.1%20%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group's operations are primarily denominated in RMB, but some bank deposits are in HKD, exposing it to foreign exchange risk, which the Board actively monitors and considers hedging when necessary - The Group's operations are primarily denominated in RMB, but it is exposed to foreign exchange risk due to certain bank deposits being denominated in HKD[75](index=75&type=chunk) - The Group did not enter into any foreign currency hedging arrangements during the period, and the directors actively monitor foreign exchange risk exposures regularly and will consider hedging when necessary[75](index=75&type=chunk) [Contingent Liabilities and Capital Commitments](index=27&type=section&id=7.2%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no significant contingent liabilities or capital commitments related to cemetery assets - As of June 30, 2025, the Group had no significant contingent liabilities[76](index=76&type=chunk) - As of June 30, 2025, the Group had no capital commitments in respect of cemetery assets[76](index=76&type=chunk) [Directors' and Chief Executive's Interests](index=27&type=section&id=7.3%20%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%AC%8A%E7%9B%8A) As of June 30, 2025, Ms. Zhao Ying, the Company's Chairperson and Non-executive Director, indirectly held 70% of the Company's shares through a discretionary trust, with no other directors or chief executives having disclosable interests Directors' and Chief Executive's Interests in the Company's Shares | Director Name | Capacity/Nature of Interest | Number and Class of Securities | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Zhao Ying | Founder of discretionary trust, able to influence the trustee's exercise of discretion | 700,000,000 (L) | 70% | - Ms. Zhao Ying, the Company's Chairperson and Non-executive Director, indirectly controls Lily Charm Holding Limited through The Hope Trust (a discretionary trust) and is therefore deemed to have an interest in the **700,000,000 shares** directly held by Taishing International Investment Limited[77](index=77&type=chunk) - As of June 30, 2025, no other directors or chief executives had interests or short positions required to be disclosed under Part XV of the Securities and Futures Ordinance[78](index=78&type=chunk) [Major Shareholders' Interests](index=28&type=section&id=7.4%20%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Taishing International Investment Limited, Lily Charm Holding Limited, and TMF (Cayman) Ltd. were disclosed as major shareholders, each holding 70% of the Company's shares Major Shareholders' Interests in the Company's Shares | Shareholder Name | Capacity/Nature of Interest | Number and Class of Securities | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Taishing International Investment Limited | Beneficial owner | 700,000,000 (L) | 70% | | Lily Charm Holding Limited | Interest in controlled corporation | 700,000,000 (L) | 70% | | TMF (Cayman) Ltd. | Trustee | 700,000,000 (L) | 70% | - Taishing International Investment Limited directly holds **700,000,000 shares** of the Company[79](index=79&type=chunk) - Lily Charm Holding Limited holds the entire issued share capital of Taishing International Investment Limited, and TMF (Cayman) Ltd. is the trustee of The Hope Trust and holds the entire issued share capital of Lily Charm Holding Limited, thus both are deemed to have the same interest[79](index=79&type=chunk)[83](index=83&type=chunk) [Interests of Other Persons as Shareholders](index=29&type=section&id=7.5%20%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Feifu Trading Limited and its wholly-owned owner, Ms. Xing Junying, held 8.8% of the Company's shares Interests of Other Persons in the Company's Shares | Shareholder Name/Name | Capacity/Nature of Interest | Number and Class of Securities | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Feifu Trading Limited | Beneficial owner | 87,650,000 (L) | 8.8% | | Ms. Xing Junying | Interest in controlled corporation | 87,650,000 (L) | 8.8% | - Feifu Trading Limited is directly and wholly-owned by Ms. Xing Junying[82](index=82&type=chunk) [Dealings in Listed Securities](index=30&type=section&id=7.6%20%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period and up to the date of this announcement - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period and up to the date of this announcement[85](index=85&type=chunk) [Competing Interests and Conflicts of Interest](index=30&type=section&id=7.7%20%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A%E8%88%87%E5%88%A9%E7%9B%8A%E8%A1%9D%E7%AA%81) The controlling shareholder has entered into a non-competition undertaking with the Company, committing not to engage in any business competing with the Group's core operations, and directors are unaware of any competing interests or conflicts of interest during the period - The controlling shareholder has entered into a non-competition undertaking with the Company, committing not to directly or indirectly conduct, engage in, participate in, or acquire any business that directly or indirectly competes with the Group's core businesses (i.e., funeral services business and planned expansion of funeral parlor services)[86](index=86&type=chunk) - During the period, the directors were not aware of any business engaged in by the directors, controlling shareholders, and their respective associates that constitutes or may constitute competition with the Group's business, or any other conflicts of interest between such persons and the Group[86](index=86&type=chunk) - The controlling shareholder has confirmed compliance with the undertakings contained in the non-competition deed from its effective date up to the date of this announcement[87](index=87&type=chunk) [Directors' Securities Transactions](index=31&type=section&id=7.8%20%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The Company has adopted a code of conduct for directors' securities transactions no less stringent than the Model Code, and all directors confirmed compliance during the period - The Company has adopted a code of conduct regarding directors' dealings in the Company's securities that is no less stringent than the standards set out in the Model Code[88](index=88&type=chunk) - Following specific inquiries with all directors, all directors have confirmed that they complied with the required standards of dealing set out in the Model Code and the Company's adopted code of conduct for directors' securities transactions during the period[88](index=88&type=chunk) [Corporate Governance Practices](index=31&type=section&id=7.9%20%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Board believes the Company has consistently applied the principles and complied with all applicable code provisions of the Corporate Governance Code throughout the period - The Board considers that the Company has applied the principles and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the period[89](index=89&type=chunk) [Changes in Directors' Information](index=31&type=section&id=7.10%20%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) There were no changes in directors' information requiring disclosure under Listing Rule 13.51B(1) during the current period and up to the date of this announcement - No information is required to be disclosed under Rule 13.51B(1) of the Listing Rules during the current period and up to the date of this announcement[90](index=90&type=chunk) [Audit Committee](index=31&type=section&id=7.11%20%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements, deeming them compliant with applicable accounting standards, Listing Rules, and statutory requirements, with sufficient disclosures - The Audit Committee comprises three independent non-executive directors: Dr. Wong Wing Kuen (Chairman), Mr. Cheung Ying Kwok, and Mr. Choi Hon Keung[91](index=91&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the period and is of the opinion that they comply with applicable accounting standards, the Listing Rules, and statutory requirements, and that adequate disclosures have been made[91](index=91&type=chunk) [Publication of Interim Results and Interim Report](index=32&type=section&id=7.12%20%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is published on the HKEX and Company websites, with the 2025 annual report to be dispatched to shareholders and posted online in due course, and the announcement date is August 28, 2025, listing the Board members - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.chinawty.com)[92](index=92&type=chunk) - The Company's 2025 annual report will be dispatched to shareholders and posted on the Company's and HKEX websites in due course[92](index=92&type=chunk) - The announcement date is August 28, 2025, and the Board members include Ms. Zhao Ying (Chairperson and Non-executive Director), Ms. Li Xingying, Ms. Wang Wei, and Mr. Yang Yun (Executive Directors), and Mr. Cheung Ying Kwok, Dr. Wong Wing Kuen, and Mr. Choi Hon Keung (Independent Non-executive Directors)[93](index=93&type=chunk)[94](index=94&type=chunk)

CHINA WAN TONG YUAN (HOLDINGS) LIMITED 中 國 萬 桐 園（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：6966） 董事名單及其角色與職能 中國萬桐園（控股）有限公司董事會（「董事會」）成員載列如下： 董事會 非執行董事 趙穎女士 （主席） 執行董事 李興穎女士 王薇女士 楊允先生 獨立非執行董事 張應坤先生 王永權博士 蔡漢強先生 董事會設有審核委員會、薪酬委員會及提名委員會，各委員會成員如下： | | 董事委員會 | | | | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | 趙穎女士 | | M | C | | 李興穎女士 | | | | | 王薇女士 | | | | | 楊允先生 | | | | | 張應坤先生 | M | M | M | | 王永權博士 | C | C | | | 蔡漢強先生 | M | | M | 附註： C 有關董事委員會的主席 M 有關董事委員會的成員 香港，二零二五年八月二十八日 ...