FF301 本月底法定/註冊股本總額： RMB 151,446,400 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: 北京北大青鳥環宇科技股份有限公司 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08095 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 814,464,000 | RMB | | 0.1 RMB | | 81,446,400 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 814,464,000 | RMB | | 0.1 RMB | | 81,446, ...

北大青鸟环宇(08095)发布截至2025年6月30日止6个月中期业绩，集团收入人民币3.01亿元，同比增长 39.9%;股东应占亏损2837.2万元，同比扩大369.04%;每股亏损1.87分。 ...

Group 1 - The company, Beijing University Blue Sky Universe (08095), reported a revenue of RMB 301 million for the six months ending June 30, 2025, representing a year-on-year increase of 39.9% [1] - The company experienced a shareholder loss of RMB 28.372 million, which is an increase of 369.04% compared to the previous year [1] - The loss per share was reported at 1.87 cents [1]

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This report presents the unaudited interim financial statements for the six months ended June 30, 2025, including management's discussion and analysis, and other relevant disclosures [GEM Features and Disclaimer](index=1&type=section&id=GEM%20Features%20and%20Disclaimer) This section outlines the GEM market's role as a listing platform for SMEs, noting its higher investment risks, while the Stock Exchange disclaims responsibility for this announcement's content, and directors assume full accountability for its accuracy - The GEM market provides a listing platform for small and medium-sized companies, but it carries higher investment risks[3](index=3&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for the content of this announcement and make no representations regarding it[3](index=3&type=chunk) - The company's directors collectively and individually assume full responsibility for this announcement, confirming the information is accurate, complete, and not misleading[3](index=3&type=chunk) [Interim Results (Unaudited)](index=2&type=section&id=Interim%20Results%20%28Unaudited%29) This section presents the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, reflecting operational performance, financial condition, and cash flows during the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly increased, but operating loss and loss for the period both substantially widened, primarily due to losses from the disposal of a joint venture and an associate, alongside increased administrative expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 300,562 | 214,841 | | Cost of sales and services | (252,873) | (183,031) | | Gross profit | 47,689 | 31,810 | | Operating loss | (60,089) | (11,923) | | Loss before tax | (50,746) | (12,563) | | Loss for the period | (29,102) | (14,690) | | Loss for the period attributable to owners of the Company | (28,372) | (6,049) | | Basic and diluted loss per share (cents per share) | (1.87) | (0.40) | - Loss on disposal of a joint venture was **RMB 16,142 thousand**, and loss on partial disposal of an associate was **RMB 22,097 thousand**[4](index=4&type=chunk) - Administrative expenses increased from **RMB 37,866 thousand** in 2024 to **RMB 62,567 thousand** in 2025[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and net assets slightly decreased, but net current assets significantly increased, indicating an improvement in liquidity Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total assets | 5,330,276 | 5,516,277 | | Current assets | 1,172,380 | 1,101,413 | | Current liabilities | 870,873 | 1,037,109 | | Net current assets | 301,507 | 64,304 | | Net assets | 3,960,620 | 3,964,803 | - Investment in associates decreased from **RMB 2,597,989 thousand** as of December 31, 2024, to **RMB 2,354,557 thousand** as of June 30, 2025[6](index=6&type=chunk) - Cash and cash equivalents increased from **RMB 147,634 thousand** as of December 31, 2024, to **RMB 183,040 thousand** as of June 30, 2025[6](index=6&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity for the period slightly decreased, primarily due to a negative total comprehensive income for the period, accompanied by a reduction in non-controlling interests Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (RMB thousands) | January 1, 2025 (RMB thousands) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 3,710,875 | 3,709,800 | | Non-controlling interests | 249,745 | 255,003 | | Total equity | 3,960,620 | 3,964,803 | - Total comprehensive income for the period was **RMB (533) thousand**, compared to **RMB 12,247 thousand** in the same period last year[8](index=8&type=chunk) - Non-controlling interests decreased by **RMB 5,258 thousand** during the period[8](index=8&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group experienced net cash outflow from operating activities, but a significant increase in net cash inflow from investing activities ultimately led to a net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash (used in)/from operating activities | (100,772) | 155,028 | | Net cash from/(used in) investing activities | 243,380 | (189,609) | | Net cash (used in)/from financing activities | (107,980) | 54,126 | | Net increase in cash and cash equivalents | 34,628 | 19,545 | | Cash and cash equivalents at end of period | 183,040 | 176,155 | - Net cash from investing activities shifted from an outflow in the prior period to an inflow this period, likely related to the disposal of associate shares[9](index=9&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policies, revenue breakdown, segment information, finance costs, taxation, loss per share, dividends, receivables and payables, share capital, related party transactions, and financial guarantees, offering context and specifics for understanding the financial data [General Information](index=8&type=section&id=General%20Information) The Company is a Sino-foreign joint stock limited liability company incorporated in China, with H shares listed on GEM, primarily engaged in investment holding, while its subsidiaries operate diverse businesses including tourism, wine, metal products, and LED devices - The Company's H shares are listed on GEM, with its principal business being investment holding[10](index=10&type=chunk) - Subsidiary businesses encompass tourism and leisure, wine production and sales, metal product sales and procurement, and LED device sales and production[10](index=10&type=chunk) [Basis of Preparation and Significant Accounting Policies](index=8&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the GEM Listing Rules, reviewed by the audit committee, with no material impact on accounting policies or reported amounts from new and revised HKFRSs adopted this period - The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the GEM Listing Rules[11](index=11&type=chunk) - The adoption of new and revised HKFRSs had no material impact on the Group's accounting policies or reported amounts[11](index=11&type=chunk) - The condensed consolidated financial statements are unaudited but have been reviewed by the Audit Committee[12](index=12&type=chunk) [Revenue](index=9&type=section&id=Revenue) Total revenue for the period increased by 39.9% year-on-year, primarily driven by significant growth in metal product sales and shuttle bus services, with tourism and leisure services also showing substantial improvement Revenue from Contracts with Customers by Major Product or Service Line | Product or Service Line | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Metal products | 190,238 | 128,573 | | Shuttle bus services | 68,680 | 56,187 | | LED devices | 26,539 | 25,646 | | Tourism and leisure services | 11,169 | 182 | | Wine and related products | 3,887 | 4,253 | | Others | 49 | – | | **Total Revenue** | **300,562** | **214,841** | - Revenue from metal products increased by **48.0%** year-on-year, serving as the primary driver of revenue growth this period[14](index=14&type=chunk) - Tourism and leisure services revenue significantly increased from **RMB 182 thousand** to **RMB 11,169 thousand**[14](index=14&type=chunk) [Other Gains, Income and Losses, Net](index=9&type=section&id=Other%20Gains%2C%20Income%20and%20Losses%2C%20Net) Net other gains, income, and losses for the period resulted in a loss of RMB 1,817 thousand, an expansion of the loss compared to the prior period, mainly due to net losses in the "Others" category Other Gains, Income and Losses, Net | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank interest income | 456 | 556 | | Government grants | 25 | 247 | | Tax incentives | 199 | 1,788 | | Others | (2,497) | (2,962) | | **Total** | **(1,817)** | **(371)** | - Government grants and tax incentives both significantly decreased compared to the same period last year[15](index=15&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group operates four reportable segments: tourism development, investment holding, trading of metal products, and sales and production of LED devices, with metal product trading contributing the most revenue, investment holding showing significant growth in share of profits of associates, and China (excluding Hong Kong) being the primary source of revenue - The Group has four reportable segments: tourism development, investment holding, trading of metal products, and sales and production of LED devices[17](index=17&type=chunk) Segment Revenue and Profit/Loss | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Segment (Loss)/Profit (RMB thousands) | 2024 Segment Profit/(Loss) (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Tourism Development | 79,849 | 56,369 | (1,652) | 5,821 | | Investment Holding | – | – | (14,042) | 19,727 | | Trading of Metal Products | 190,238 | 128,573 | 3,072 | 1,867 | | Sales and Production of LED Devices | 26,539 | 25,646 | (6,936) | (6,614) | | All Other Segments | 3,936 | 4,253 | (1,169) | (437) | | **Total** | **300,562** | **214,841** | **(20,727)** | **20,364** | - Share of profits of associates increased from **RMB 22,859 thousand** in 2024 to **RMB 30,247 thousand** in 2025[19](index=19&type=chunk) Geographical Revenue and Non-current Assets | Region | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Non-current Assets (RMB thousands) | 2024 Non-current Assets (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | China (excluding Hong Kong) | 296,675 | 203,201 | 3,348,586 | 3,596,161 | | United States | 3,887 | 4,253 | 14,612 | 15,072 | | Singapore | – | 7,387 | – | – | | Hong Kong | – | – | – | 1 | | **Total** | **300,562** | **214,841** | **3,363,198** | **3,611,234** | - Revenue from Customer A (Metal Products Trading segment) increased from **RMB 86,959 thousand** in 2024 to **RMB 190,238 thousand** in 2025[24](index=24&type=chunk) [Finance Costs, Net](index=13&type=section&id=Finance%20Costs%2C%20Net) Net finance costs for the period amounted to RMB 19,896 thousand, a decrease from the prior period, primarily comprising interest on bank and other borrowings and foreign exchange losses Finance Costs, Net | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank, other borrowings and lease liabilities | 19,181 | 22,855 | | Net foreign exchange losses | 715 | 590 | | **Total** | **19,896** | **23,445** | - Interest expenses on bank, other borrowings, and lease liabilities decreased[26](index=26&type=chunk) [Income Tax Credit/Expense](index=14&type=section&id=Income%20Tax%20Credit%2FExpense) The period recorded an income tax credit of RMB 21,644 thousand, primarily due to adjustments for over-provision in prior years in China, a stark contrast to the income tax expense in the same period last year Income Tax Credit/Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax – China | 1,118 | 2,696 | | Over-provision in prior years – China | (22,217) | – | | Deferred tax | (547) | (571) | | **Total** | **(21,644)** | **2,127** | - Over-provision in prior years in China of **RMB 22,217 thousand** was the main reason for the income tax credit this period[27](index=27&type=chunk) - The Company's subsidiaries established in China are generally subject to income tax at a rate of **25%**[28](index=28&type=chunk) [Loss for the Period](index=14&type=section&id=Loss%20for%20the%20Period) The loss for the period is presented after deducting expenses such as amortization of other intangible assets and depreciation Loss for the Period Deducted Items | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Amortisation of other intangible assets | 6,766 | 6,796 | | Depreciation | 15,068 | 14,645 | [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company significantly increased to RMB 1.87 cents, primarily due to the expanded loss for the period Loss Per Share | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic and diluted loss per share (cents per share) | (1.87) | (0.40) | | Loss for the period attributable to owners of the Company | 28,372,000 | 6,049,000 | | Weighted average number of ordinary shares in issue | 1,514,464,000 | 1,514,464,000 | - Basic and diluted loss per share are identical, with no adjustments made[30](index=30&type=chunk) [Dividends](index=14&type=section&id=Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[30](index=30&type=chunk) [Property, Plant and Equipment](index=15&type=section&id=Property%2C%20Plant%20and%20Equipment) During the period, the Group made additions to property, plant and equipment amounting to approximately RMB 5.90 million - Additions to property, plant and equipment during the period amounted to approximately **RMB 5.90 million**[31](index=31&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables slightly increased, with the aging analysis of trade receivables showing that most are due within three months, indicating diversified credit risk Trade and Other Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade and bills receivables (net) | 168,278 | 168,602 | | Other receivables (net) | 762,967 | 757,239 | | Prepayments to suppliers | 3,259 | 11,058 | | Prepayments | 38,003 | 2,077 | | **Total** | **972,507** | **938,976** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Less than 3 months | 135,029 | 118,720 | | 3 to 6 months | 32,096 | 49,356 | | 6 to 12 months | 720 | 526 | | Over 1 year | 433 | – | | **Total** | **168,278** | **168,602** | - The credit period granted to customers is generally three months, and there is no excessive concentration of credit risk[32](index=32&type=chunk) [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased, mainly due to a reduction in accrued expenses and other payables, with the aging analysis of trade payables showing a significant portion due over one year Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 104,999 | 107,384 | | Contract liabilities | 2,024 | 1,236 | | Accrued expenses and other payables | 169,134 | 219,538 | | Dividends payable | 21,194 | 21,313 | | Salaries and staff welfare payable | 12,221 | 11,439 | | Amounts due to associates | 74 | 2,794 | | Amounts due to related parties | 6,177 | 6,327 | | **Total** | **315,823** | **370,031** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 22,995 | 38,769 | | 91 to 180 days | 67 | 966 | | 181 to 360 days | 21,379 | 1,918 | | Over 1 year | 60,558 | 65,731 | | **Total** | **104,999** | **107,384** | [Share Capital](index=17&type=section&id=Share%20Capital) The Company's registered, issued, and fully paid share capital remained unchanged during the period, comprising both unlisted shares and H shares Share Capital Composition | Share Class | Number of Shares (thousand shares) | Amount (RMB thousands) | | :--- | :--- | :--- | | Unlisted shares | 700,000 | 70,000 | | H shares | 814,464 | 81,446 | | **Total** | **1,514,464** | **151,446** | - The par value per share is **RMB 0.10**[34](index=34&type=chunk) [Significant Related Party Transactions](index=17&type=section&id=Significant%20Related%20Party%20Transactions) This section discloses balances with related parties and key management personnel remuneration, with the latter showing a decrease compared to the prior period Balances with Related Parties | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Amounts due from associates | 460 | 390 | | Amounts due to associates | 74 | 2,794 | | Amounts due to related companies controlled by Peking University | 5,732 | 5,882 | Key Management Personnel Remuneration | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 1,729 | 2,121 | | Post-employment benefits | 254 | 257 | | **Total** | **1,983** | **2,378** | [Financial Guarantees](index=18&type=section&id=Financial%20Guarantees) The Group provided financial guarantees of RMB 100 million for bank facilities granted to an associate, which has fully drawn down the facilities - The Group issued two guarantees for bank facilities granted to an associate, with a maximum limit of **RMB 100,000,000**[36](index=36&type=chunk) - The associate has drawn down **RMB 100,000,000** of the facilities[36](index=36&type=chunk) [Capital Commitments](index=18&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's contracted but unprovided capital commitments for property, plant and equipment significantly increased, alongside committed capital contributions to an associate Capital Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted but not provided for – property, plant and equipment | 98,192 | 69,270 | | Committed capital contributions to an associate | 3,478 | 3,478 | - Capital commitments for property, plant and equipment increased by approximately **41.7%** year-on-year[37](index=37&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's performance and strategies across tourism development, investment holding, LED device sales and production, metal product trading, and other businesses, reviewing financial conditions, liquidity, significant investments, and risk management, while also outlining future challenges and opportunities [Business Review](index=19&type=section&id=Business%20Review) The Group's diversified businesses include tourism development, investment holding, LED device sales and production, metal product trading, and other ventures; tourism benefited from favorable weather, investment holding involved arbitration and disposal of shares in Qingniao Fire, LED business attracted new investors, and vocational education expansion is planned [Tourism Development](index=19&type=section&id=Tourism%20Development) The Group's tourism business in Nanyue District, Hunan Province, benefited from favorable weather, with visitor and pilgrim numbers increasing by approximately 19% year-on-year; additionally, the Group plans to establish a joint venture in Gansu Province to invest in sightseeing rail transit and supporting facilities to expand tourism project investments - For the six months ended June 30, 2025, the number of visitors and pilgrims to Hengshan Scenic Area increased by approximately **19%** year-on-year[39](index=39&type=chunk) - The Company's non-wholly owned subsidiary, Chuanqi Tourism (Hunan) Co Ltd, will invest **RMB 49 million** to establish a joint venture for the development and operation of sightseeing rail transit, sightseeing buses, and supporting facilities within the Zha Ga Na Scenic Area in Diebu County, Gansu Province[40](index=40&type=chunk) [Investment Holding](index=19&type=section&id=Investment%20Holding) The Group's investment holding business includes private equity funds, semiconductor materials and display device companies, shares in Qingniao Fire, and other financial assets; regarding the disposal of Qingniao Fire shares, an arbitration award requires the buyer to return 70,044,000 shares, and the Group has sold 20,000,000 Qingniao Fire shares under the disposal authorization, with net proceeds of approximately RMB 232.1 million to be used for debt repayment - Investment holding business primarily includes private equity funds, semiconductor materials and display device companies, and shares in Qingniao Fire Co Ltd[41](index=41&type=chunk) - The Beijing Arbitration Commission ruled that the buyer must return **70,044,000** shares of Qingniao Fire to the Company[44](index=44&type=chunk) - The Company has sold a total of **20,000,000** shares of Qingniao Fire under the disposal authorization, with gross proceeds of approximately **RMB 233.4 million** and net proceeds of approximately **RMB 232.1 million**[49](index=49&type=chunk) - The net proceeds from the disposal will be used to repay the Group's bank and other borrowings to strengthen its liquidity position[48](index=48&type=chunk) - As of the date of this announcement, the Group holds **186,569,363** shares of Qingniao Fire, representing approximately **21.4%** equity interest[50](index=50&type=chunk) [Sales and Production of LED Devices](index=22&type=section&id=Sales%20and%20Production%20of%20LED%20Devices) The Company, through Guangdong Xinrui Liuming Optoelectronics Co Ltd, engages in the R&D, production, and sales of high-end ceramic high-power LED devices and modules; recently, Guangdong Liuming received an investment of RMB 50.63 million, which will support its growth and development - Primarily engaged in the R&D, production, and sales of high-end ceramic high-power LED devices and modules, focusing on special light source applications[51](index=51&type=chunk) - Investors injected **RMB 50.63 million** into Guangdong Liuming, reducing the Group's effective equity interest in Guangdong Liuming from **94%** to approximately **62.98%**[52](index=52&type=chunk) [Metal Products Trading](index=23&type=section&id=Metal%20Products%20Trading) During the period, the Group engaged in the sale and procurement of metal products in China - The Group engaged in the sale and procurement of metal products in China during the period[53](index=53&type=chunk) [Other Businesses](index=23&type=section&id=Other%20Businesses) The Group operates a winery in the United States and has completed the acquisition of a 70% equity interest in Beijing Qingniao Vocational Education Technology Development Co Ltd to expand into vocational education and diversify its business - The Group operates a winery in Virginia, USA, producing and selling wine and related products[54](index=54&type=chunk) - The acquisition of a **70%** equity interest in Beijing Qingniao Vocational Education Technology Development Co Ltd for a consideration of **RMB 13.05 million** has been completed, aiming to diversify business into vocational education[54](index=54&type=chunk) [Prospects](index=24&type=section&id=Prospects) Looking ahead to the second half of 2025, global economic growth is expected to remain sluggish, posing challenges for the Group with weakening local consumption and reduced demand for products and services; in response, the Group will implement cost control, enhance operational efficiency, expand new customer bases and product portfolios, and prudently evaluate potential investment opportunities to maintain profitability and competitive advantages - Global economic growth is expected to remain sluggish in the second half of 2025, and the Group will face weakening local consumer spending and reduced demand for products and services[55](index=55&type=chunk) - The Group will implement measures including closely monitoring and controlling costs, improving operational efficiency, and expanding new customer segments and product portfolios[55](index=55&type=chunk) - The Group will continue to adopt a prudent approach to explore and evaluate potential investment opportunities, aiming to achieve a balanced and diversified investment portfolio[55](index=55&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) This section provides a detailed financial review of the Group's business segments, highlighting significant growth in total revenue and gross profit, but also a substantial increase in loss attributable to owners of the Company due to several non-recurring losses, including an alleged misappropriation event, disposal of an associate, and a joint venture loss [Tourism Development (Financial)](index=24&type=section&id=Tourism%20Development%20%28Financial%29) Tourism development business revenue increased by 41.7% year-on-year, primarily due to improved performance after being adversely affected by extreme weather in the prior period; however, the Group recorded a loss of approximately RMB 24 million due to an alleged misappropriation of funds by a cashier - Tourism development business revenue was approximately **RMB 79.8 million**, an increase of **41.7%** compared to the same period in 2024[56](index=56&type=chunk) - The Group recorded a loss of approximately **RMB 24 million** due to an alleged misappropriation event, which is currently under forensic investigation[57](index=57&type=chunk) [Investment Holding (Financial)](index=25&type=section&id=Investment%20Holding%20%28Financial%29) Segment total assets for investment holding business decreased by 5.7%, primarily due to the disposal of 20,000,000 shares in associate Qingniao Fire, resulting in a recorded loss of approximately RMB 22.1 million - Segment total assets for investment holding business decreased by **5.7%** to approximately **RMB 4.0255 billion**[58](index=58&type=chunk) - A loss of approximately **RMB 22.1 million** was recorded due to the partial disposal of an equity interest in an associate[58](index=58&type=chunk) [Sales and Production of LED Devices (Financial)](index=25&type=section&id=Sales%20and%20Production%20of%20LED%20Devices%20%28Financial%29) Revenue from the sales and production of LED devices business was approximately RMB 26.5 million, representing a 3.5% year-on-year increase - Revenue from the sales and production of LED devices business was approximately **RMB 26.5 million**, an increase of **3.5%** year-on-year[59](index=59&type=chunk) [Metal Products Trading (Financial)](index=25&type=section&id=Metal%20Products%20Trading%20%28Financial%29) Revenue from metal products trading business was approximately RMB 190.2 million, a 48.0% year-on-year increase, primarily attributed to higher transaction volumes; however, gross profit margin decreased to 1.5% due to market competition and price fluctuations - Revenue from metal products trading business was approximately **RMB 190.2 million**, an increase of **48.0%** year-on-year[60](index=60&type=chunk) - Gross profit margin decreased from **2.1%** in 2024 to **1.5%** in the current period[60](index=60&type=chunk) [Other Businesses (Financial)](index=25&type=section&id=Other%20Businesses%20%28Financial%29) Winery business revenue remained largely stable year-on-year, amounting to approximately RMB 3.9 million - Winery business revenue was approximately **RMB 3.9 million**, remaining largely stable year-on-year[61](index=61&type=chunk) [Revenue and Gross Profit](index=25&type=section&id=Revenue%20and%20Gross%20Profit) The Group's total revenue increased by 39.9% year-on-year to RMB 300.6 million, and gross profit grew by 49.9% to RMB 47.7 million, mainly driven by improved tourism development business and increased metal product trading volume - Total revenue was approximately **RMB 300.6 million**, an increase of **39.9%** compared to the same period in 2024[62](index=62&type=chunk) - Gross profit increased by **49.9%** to approximately **RMB 47.7 million**[62](index=62&type=chunk) [Loss on Disposal of a Joint Venture](index=25&type=section&id=Loss%20on%20Disposal%20of%20a%20Joint%20Venture) The Group recorded a loss of approximately RMB 16.1 million due to the dissolution of an immaterial joint venture, primarily resulting from the reclassification of exchange reserves to profit or loss - A loss of approximately **RMB 16.1 million** was recorded due to the dissolution of an immaterial joint venture[63](index=63&type=chunk) [Loss on Partial Disposal of an Associate](index=26&type=section&id=Loss%20on%20Partial%20Disposal%20of%20an%20Associate) The Group recorded a loss of approximately RMB 22.1 million due to the partial disposal of associate Qingniao Fire under the disposal authorization - A loss of approximately **RMB 22.1 million** was recorded due to the partial disposal of associate Qingniao Fire[64](index=64&type=chunk) [Finance Costs, Net (Financial)](index=26&type=section&id=Finance%20Costs%2C%20Net%20%28Financial%29) Net finance costs amounted to approximately RMB 19.9 million, primarily comprising interest on bank and other borrowings, interest on lease liabilities, and net exchange differences - Finance costs were approximately **RMB 19.9 million**, a decrease from **RMB 23.4 million** in the same period last year[65](index=65&type=chunk) [Share of Profits of Associates](index=26&type=section&id=Share%20of%20Profits%20of%20Associates) The Group's share of profits of associates increased by 32.3% year-on-year to approximately RMB 30.2 million, mainly due to the relatively unsatisfactory financial performance of associates in the prior period - Share of profits of associates was approximately **RMB 30.2 million**, an increase of **32.3%** year-on-year[66](index=66&type=chunk) [Share of Losses of Joint Ventures](index=26&type=section&id=Share%20of%20Losses%20of%20Joint%20Ventures) The Group's share of losses of joint ventures was approximately RMB 1 million, an increase compared to the prior period - Share of losses of joint ventures was approximately **RMB 1 million**, compared to **RMB 54 thousand** in the same period last year[67](index=67&type=chunk) [Income Tax Credit/Expense (Financial)](index=26&type=section&id=Income%20Tax%20Credit%2FExpense%20%28Financial%29) The period recorded an income tax credit of approximately RMB 21.6 million, primarily comprising net China corporate income tax credit and deferred tax credit - Income tax credit for the period was approximately **RMB 21.6 million**, compared to an expense of **RMB 2.2 million** in the same period last year[68](index=68&type=chunk) [Loss Attributable to Owners of the Company](index=26&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners of the Company significantly increased by 369.0% year-on-year to approximately RMB 28.4 million, primarily due to several non-recurring losses including an alleged misappropriation event, partial disposal of an associate, and dissolution of a joint venture - Loss attributable to owners of the Company was approximately **RMB 28.4 million**, an increase of **369.0%** year-on-year[69](index=69&type=chunk) - Primarily attributed to: a loss of approximately **RMB 24 million** from an alleged misappropriation event, a loss of approximately **RMB 22.1 million** from the partial disposal of Qingniao Fire, and a loss of approximately **RMB 16.1 million** from the dissolution of an immaterial joint venture[69](index=69&type=chunk) [Financial Position](index=27&type=section&id=Financial%20Position) The Group's current ratio increased to 1.35 and gearing ratio decreased to 22.8%, indicating improved liquidity and reduced financial leverage, mainly due to a decrease in bank and other borrowings Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current ratio | 1.35 | 1.06 | | Gearing ratio | 22.8% | 25.0% | - The increase in current ratio and decrease in gearing ratio were primarily due to a reduction in the Group's bank and other borrowings during the period[70](index=70&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Affiliated Companies](index=27&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies) Aside from those already disclosed in this report, the Group had no other significant acquisitions or disposals of subsidiaries and affiliated companies requiring disclosure during the period - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals requiring disclosure under the GEM Listing Rules[71](index=71&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group primarily relies on internal financial resources and corporate borrowings for operations, with cash and cash equivalents of approximately RMB 183.0 million at period-end; total outstanding borrowings were approximately RMB 901.4 million, mostly due within one year, bearing fixed and floating interest rates - As of June 30, 2025, the Group had cash and cash equivalents of approximately **RMB 183.0 million**[72](index=72&type=chunk) - The Group's total outstanding borrowings amounted to approximately **RMB 901.4 million**[72](index=72&type=chunk) Outstanding Borrowings Repayment Schedule | Repayment Period | Amount (RMB thousands) | | :--- | :--- | | Within one year | 534,800 | | One to two years | 84,100 | | Two to five years | 178,000 | | More than five years | 104,500 | | **Total** | **901,400** | - Approximately **RMB 556.4 million** bears interest at fixed rates, and approximately **RMB 345.0 million** bears interest at floating rates, with annual interest rates ranging from zero to **5.4%**[72](index=72&type=chunk) [Significant Investments Held](index=27&type=section&id=Significant%20Investments%20Held) The Group holds financial assets totaling approximately RMB 758.7 million, representing 14.2% of total assets, primarily including a 13.7% equity interest in Shanghai Xianyao Display Technology Co Ltd; the Group's investment strategy is to diversify risk, seize market opportunities, and plans to invest in industries such as tourism and leisure, new materials, semiconductors, and high-end equipment manufacturing - The Group holds financial assets at fair value through other comprehensive income and at fair value through profit or loss totaling approximately **RMB 758.7 million**, representing **14.2%** of total assets[74](index=74&type=chunk) - Holds a **13.7%** equity interest in Shanghai Xianyao Display Technology Co Ltd, with a fair value of approximately **RMB 712.8 million**[75](index=75&type=chunk) - The investment strategy is to diversify assets and businesses into promising industries, including tourism and leisure, new materials, semiconductor products and technology, and high-end equipment manufacturing[75](index=75&type=chunk) [Future Plans for Material Investments or Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no material investment plans other than those already disclosed - As of June 30, 2025, the Group had no material investment plans[76](index=76&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The Group has contingent liabilities of approximately RMB 100 million for guarantees provided for bank facilities granted to an associate - The Group has contingent liabilities of approximately **RMB 100 million** for guarantees provided for bank facilities granted to an associate[77](index=77&type=chunk) [Foreign Currency Risk](index=28&type=section&id=Foreign%20Currency%20Risk) The Group is exposed to foreign currency risks from USD, RMB, and HKD, but due to most business activities being denominated in RMB, there is a natural hedge, thus no foreign currency hedging policy has been formulated - The Group is exposed to foreign currency risks from USD, RMB, and HKD[79](index=79&type=chunk) - The Group has not formulated a foreign currency hedging policy, as turnover and most production costs are denominated in RMB, providing a natural hedge[79](index=79&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group has pledged fixed assets of approximately RMB 197.7 million, investment properties of approximately RMB 333.6 million, and equity interests in an associate as collateral for bank and other borrowings - Fixed assets of approximately **RMB 197.7 million** have been pledged as collateral[80](index=80&type=chunk) - Investment properties of approximately **RMB 333.6 million** have been pledged as collateral[80](index=80&type=chunk) - Equity interests in an associate have been pledged as collateral[80](index=80&type=chunk) [Employees and Remuneration Policies](index=29&type=section&id=Employees%20and%20Remuneration%20Policies) As of the end of the reporting period, the Group employed 740 staff, a 23.3% increase from the end of 2024; staff costs, including directors' emoluments, were approximately RMB 38.3 million, consistent with the increase in headcount, and the Group offers competitive remuneration packages and prioritizes workplace safety - The Group employed **740** staff, an increase of **23.3%** from the end of 2024[81](index=81&type=chunk) - Staff costs (including directors' emoluments, employee salaries, and contributions to retirement benefit schemes) were approximately **RMB 38.3 million**, an increase from **RMB 32.9 million** in the same period last year[81](index=81&type=chunk) - The Group provides employees with a competitive remuneration package, including medical and outbound insurance, and makes adequate and timely contributions to pension and MPF schemes[81](index=81&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section discloses the interests of directors, supervisors, and chief executives, as well as substantial shareholders, in the company's shares, confirms compliance with corporate governance practices and the code for securities transactions by directors, and states that no listed securities were purchased, redeemed, or sold during the period, also outlining the audit committee's responsibilities [Directors', Supervisors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares](index=29&type=section&id=Directors%27%2C%20Supervisors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Supervisor Ms Zhou Min held approximately 13.56% of the Company's issued unlisted shares through a trust, and Executive Director Mr Liu Ziyi beneficially owned approximately 0.37% of the Company's issued H shares Directors', Supervisors' and Chief Executive's Long Positions in Shares | Name | Capacity | Interests in Unlisted Shares (thousand shares) | Interests in H Shares (thousand shares) | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Ms Zhou Min | Beneficiary of a trust | 205,414 | – | 13.56% | | Mr Liu Ziyi | Beneficial owner | – | 3,000 | 0.20% | [Rights of Directors and Supervisors to Acquire Shares](index=30&type=section&id=Rights%20of%20Directors%20and%20Supervisors%20to%20Acquire%20Shares) During the period, no rights to acquire benefits by way of acquisition of shares in the Company were granted to or exercised by the directors and supervisors or their respective spouses or minor children - At no time during the period were any rights to acquire benefits by way of acquisition of shares in the Company granted to or exercised by the directors and supervisors or their respective spouses or minor children[84](index=84&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=31&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, several substantial shareholders and other persons held significant interests in the Company's issued share capital, including Peking University and its associated entities, Shenzhen Yingtai Industrial Investment Co Ltd and its associated entities, Zhai Yong and his associated entities, Heng Huat Investments Limited and its associated entities, Mongolia Energy Corporation Limited and its associated entities, and Huang Taomei and her associated entities Substantial Shareholders' and Other Persons' Long Positions in Shares | Shareholder Name | Capacity | Interests in Unlisted Shares (thousand shares) | Interests in H Shares (thousand shares) | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Peking University | Interest of controlled corporation | 85,000 | – | 5.61% | | Shenzhen Yingtai Industrial Investment Co Ltd | Beneficial owner | 115,000 | – | 7.59% | | Zhai Yong | Interest of controlled corporation | 130,000 | – | 8.58% | | Heng Huat Investments Limited | Interest of controlled corporation | 205,414 | – | 13.56% | | Mongolia Energy Corporation Limited | Interest of controlled corporation | 84,586 | – | 5.58% | | Asia Development Capital (HK) Limited | Beneficial owner | – | 126,214 | 8.33% | [Competing Interests](index=33&type=section&id=Competing%20Interests) As of June 30, 2025, no directors, supervisors, or their respective associates had any interests in businesses that compete or are likely to compete with the Group's businesses - No directors and supervisors and their respective associates had any interests in businesses that compete or are likely to compete with the Group's businesses[90](index=90&type=chunk) [Corporate Governance Practices](index=34&type=section&id=Corporate%20Governance%20Practices) The Board believes that the Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules for the six months ended June 30, 2025 - The Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the GEM Listing Rules[92](index=92&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025[93](index=93&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=34&type=section&id=Code%20of%20Conduct%20Regarding%20Securities%20Transactions%20by%20Directors) Upon enquiry, all directors have complied with the code of conduct for securities transactions adopted by the Company and the required standards of dealing set out in the GEM Listing Rules for the six months ended June 30, 2025 - All directors have complied with the code of conduct for securities transactions adopted by the Company and the required standards of dealing set out in the GEM Listing Rules[94](index=94&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors with Mr Tang Xuan as chairman, convened a meeting to review and approve the content of the Group's interim results report for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors, with Mr Tang Xuan as chairman[95](index=95&type=chunk) - The Audit Committee has reviewed the Group's interim results report for the six months ended June 30, 2025[95](index=95&type=chunk) [Chairman of the Board and Date](index=34&type=section&id=Chairman%20of%20the%20Board%20and%20Date) This announcement was issued by Ms Zheng Zhong, Chairman of the Board, on August 29, 2025 - The Chairman of the Board is Zheng Zhong[95](index=95&type=chunk) - The announcement date is August 29, 2025[96](index=96&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表明概不就因本公佈全部或任何部份內容而産生或因倚 賴該等內容而引致之任何損失承擔任何責任。 中國，北京 二零二五年八月十三日 於本公佈日期，鄭重女士、王興業先生、劉子毅先生及關雪明女士為執行董事，曹軍先生為非執行董 事，而唐炫先生、沈維先生及劉張弛女士為獨立非執行董事。 BEIJING BEIDA JADE BIRD UNIVERSAL SCI-TECH COMPANY LIMITED （於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司） (股票編號: 08095) 董事會會議日期 北京北大青鳥環宇科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此 宣佈董事會會議將於二零二五年八月二十九日星期五舉行，藉以（其中包括）考慮及批准本公 司及附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績及其刊發，以及考慮派 發股息（如有）。 承董事會命 北京北大青鳥環宇科技股份有限公司 主席 鄭重 北京北大青鳥環宇科技股份有限公司 本公佈包括之資料乃 ...

Group 1 - The controlling shareholder, Beijing Peking University Qianyu Technology Co., Ltd., has pledged 9 million shares of the company, accounting for 4.82% of its holdings and 1.03% of the total share capital [1] - The pledge start date is August 5, 2025, and the purpose of the pledge is for business needs [1] - As of the announcement date, the total number of shares pledged by Beijing Peking University Qianyu is 78.4755 million, representing 42.06% of its holdings and 9.02% of the total share capital [1]

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7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: 北京北大青鳥環宇科技股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08095 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 814,464,000 | RMB | | 0.1 RMB | | 81,446,400 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 814,464,000 | RMB | | 0.1 RMB | | 81,446,400 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Economic Environment - The global economic growth remained sluggish in 2024, posing challenges to the industry and the Group's operating environment[15]. - The Group anticipates a challenging operating environment in 2025, with reduced domestic consumer spending and lower demand for products and services[60]. Business Expansion and Investments - The Group actively expanded its customer base and drove product and service innovation to enhance market competitiveness[15]. - The Company obtained a mandate from shareholders to potentially dispose of up to 20,000,000 shares in Jade Bird Fire Co., Ltd. to lower borrowing levels and finance costs[16]. - The Company acquired a 49% equity interest in Chuanqi Culture Tourism for RMB98,880,187, increasing its ownership from 51% to 100%[28]. - The Board considers the acquisition of Chuanqi Culture Tourism a strategic opportunity to broaden the Group's operating income sources[29]. - The Group's investment holding business includes investments in private equity funds and a 25% equity interest in Shanghai Shengjin Venture Capital Co., Ltd. acquired for RMB106,690,000[35]. - Following the acquisition of Shanghai Shengjin, the Group's equity interest increased from 45% to 70%, consolidating its financial results into the Group[35]. - The company has conditionally agreed to acquire a 70% equity interest in Beijing Jade Bird Vocational Education Technology Development Co., Ltd. for RMB13,054,150, diversifying into the vocational education sector[58]. - The Group plans to diversify its investments into promising sectors such as travel, leisure, new materials, and semiconductor technology[125]. Financial Performance - The Group's total revenue for the year ended December 31, 2024, was approximately RMB499.0 million, a decrease of 11.9% compared to RMB566.4 million in 2023[68]. - The gross profit for the same period decreased by 54.2% to approximately RMB56.9 million, down from RMB124.4 million in 2023[68]. - Revenue from the tourism development business was approximately RMB114.4 million, representing a decrease of 38.9% from RMB187.4 million in 2023, primarily due to extreme weather conditions[61]. - Revenue from the sales and production of LED devices increased by 13.2% year-on-year to approximately RMB56.2 million, up from RMB49.6 million in 2023[65]. - Revenue from the trading of metallic products was approximately RMB319.4 million, a slight decrease of 0.4% from RMB320.6 million in 2023, with a gross margin of 1.8%[66]. - The Group recorded a profit attributable to the owners of approximately RMB99.3 million for the year ended 31 December 2024, representing a decrease of 49.1% year-on-year[91]. - The Group's share of profit of associates amounted to approximately RMB119.2 million for the year ended 31 December 2024, a decrease of 20.5% compared to RMB150.0 million in 2023[84]. - The Group's share of profit from joint ventures was approximately RMB163.4 million for the year ended 31 December 2024, a turnaround from a loss of RMB3.9 million in 2023[85]. Shareholder and Capital Management - The company has established a commitment to not sell shares without prior written approval, ensuring stability in shareholding[45]. - The company has obtained shareholder approval for a 12-month period to potentially sell up to 20,000,000 shares of Jade Bird Fire through public market transactions[46]. - The company has conditionally agreed to sell 44,900,000 shares of Jade Bird Fire, representing 7.49% equity, for RMB 1,101,846,000, with only 20% of the consideration paid by Mr. Cai[38]. - An outstanding balance of RMB 881,476,800 remains unpaid by Mr. Cai, leading to a supplemental agreement to amend payment terms[39]. - The company has requested the return of 58,370,000 shares of Jade Bird Fire and dividend income totaling RMB 33,899,500 due to the termination of the share transfer agreement[40]. - The company filed for arbitration to recover the shares from Mr. Cai following the termination of the share transfer agreement[41]. Operational Efficiency and Cost Control - The Group plans to implement cost control measures and improve operational efficiency to maintain profitability and competitive edge[60]. - The impairment loss on trade and other receivables was approximately RMB117.0 million, down from RMB144.3 million in 2023, reflecting ongoing assessments of expected credit losses[74]. - The Group's current ratio decreased to 1.06 as of 31 December 2024, down from 1.35 in 2023, indicating increased current liabilities[92]. - The gearing ratio increased to 25.0% as of 31 December 2024, compared to 23.3% in 2023, due to additional bank and other loans raised for business operations[92]. Employee and Management Information - The Group's workforce decreased by 6.0% to 600 employees by the end of the reporting year[137]. - The Company emphasizes maintaining good working relationships with employees and provides a competitive compensation package, including medical insurance and retirement contributions[140]. - The executive director team includes Ms. Zheng Zhong, who has extensive experience in the biotechnology sector and holds an MBA from Peking University[142][143]. - Mr. Wang Xingye, appointed as an executive director in May 2021, serves as the president of the Company and has been with the Company since March 2000[144][146]. - Ms. Guan Xueming, also appointed in May 2021, is the vice president and has a strong background in financial management and accounting[145][147]. Financial Position and Assets - As of December 31, 2024, the Group had cash and cash equivalents of approximately RMB 147.6 million, primarily denominated in RMB, HK$, and USD[116]. - The Group's net assets increased to approximately RMB 3,964.8 million in 2024, up from RMB 3,776.0 million in 2023[117]. - Total outstanding borrowings as of December 31, 2024, were approximately RMB 989.3 million, an increase from RMB 880.6 million in 2023[117]. - The Group's total assets amounted to approximately RMB 39.648 billion, an increase from RMB 37.760 billion in 2023[121]. Customer and Supplier Dependency - The revenue from the Group's largest customer accounted for approximately 22.9% of total revenue in 2024, down from 33.1% in 2023[193]. - Revenue from the Group's five largest customers represented approximately 53.3% of total revenue in 2024, compared to 58.7% in 2023[198]. - Costs incurred from the Group's largest supplier accounted for approximately 69.3% of total cost of sales and services in 2024, up from 67.2% in 2023[194]. - Costs from the Group's five largest suppliers made up approximately 76.0% of total cost of sales and services in 2024, an increase from 74.5% in 2023[198].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 498,972,000, a decrease of 11.9% compared to RMB 566,375,000 in 2023[4] - Gross profit for the year was RMB 56,917,000, down 54.2% from RMB 124,380,000 in the previous year[4] - The net loss from operations was RMB 116,629,000, compared to an operating profit of RMB 104,378,000 in 2023[4] - The company reported a net profit of RMB 87,061,000 for the year, a decline of 51.3% from RMB 178,700,000 in 2023[4] - Basic and diluted earnings per share decreased to RMB 6.6 from RMB 12.9 in 2023, representing a decline of 48.8%[5] - Total comprehensive income for the year was RMB 164,722,000, slightly down from RMB 166,974,000 in the previous year[5] - The company reported a net loss of RMB 50,601,000 for the year ending December 31, 2023, compared to a loss of RMB 53,426,000 in the previous year, indicating an improvement of about 5.4%[10] - The company’s net profit for the year ended December 31, 2024, was RMB 99,305,000, a decrease of approximately 49.1% compared to RMB 195,207,000 in 2023[38] - The profit attributable to the owners of the company for the year ending December 31, 2024, was approximately RMB 99.3 million, a decrease of 49.1% from RMB 195.2 million in 2023[76] Assets and Liabilities - Total assets increased to RMB 5,516,277,000 from RMB 4,985,138,000, reflecting a growth of 10.7%[6] - Non-current liabilities rose significantly to RMB 514,365,000 from RMB 246,948,000, an increase of 108.3%[7] - The company's equity attributable to owners increased to RMB 3,709,800,000 from RMB 3,627,237,000, a growth of 2.3%[7] - The total equity as of December 31, 2023, was RMB 3,775,969,000, an increase from RMB 3,728,464,000, reflecting a growth of approximately 1.3%[10] - Non-current assets in China (excluding Hong Kong) increased to RMB 3,596,161 thousand in 2024 from RMB 3,363,705 thousand in 2023[31] - Trade receivables increased to RMB 168,602,000 in 2024 from RMB 156,986,000 in 2023, marking a rise of about 7.3%[40] - The company's trade payables rose to RMB 107,384,000 in 2024, up 15.9% from RMB 92,635,000 in 2023[42] Revenue Segments - The revenue from the metal products segment was RMB 319,389 thousand in 2024, slightly down from RMB 320,638 thousand in 2023[28] - The profit from the tourism development segment was RMB 51,996 thousand in 2024, compared to RMB 7,719 thousand in 2023, indicating a significant improvement[28] - Revenue from major customers contributing 10% or more to total revenue was RMB 179,189 thousand in 2024, down from RMB 302,820 thousand in 2023[32] - The LED devices segment generated revenue of RMB 56,166 thousand in 2024, an increase from RMB 49,619 thousand in 2023[28] - The revenue from the tourism development business for the year was approximately RMB 114.4 million, a decrease of 38.9% compared to RMB 187.4 million in the previous year, primarily due to extreme weather conditions[61] - The revenue from the sales and production of LED devices was approximately RMB 56.2 million, representing a year-on-year growth of 13.2% from RMB 49.6 million[63] - The revenue from the metal products trading business was approximately RMB 319.4 million, a slight decrease of 0.4% from RMB 320.6 million in the previous year, with a gross margin of 1.8%[64] - The winery business generated stable revenue of approximately RMB 9 million, compared to RMB 8.7 million in the previous year[65] Operational Challenges and Strategies - The company expects to face challenges in the operating environment due to a decline in local consumer spending and demand for its products and services, and will implement measures to monitor costs and improve operational efficiency[60] - The company plans to expand its market presence and invest in new product development, focusing on tourism and leisure sectors, as well as wine production and sales[12] - The company plans to explore potential beneficial investments to balance and diversify its investment portfolio, aiming to maximize shareholder value[60] Investments and Acquisitions - The company acquired a 49% stake in Legend Cultural Tourism for RMB 98,880,187, increasing its ownership from 51% to 100%[46] - Legend Cultural Tourism focuses on tourism projects in Hunan Province, including the Tianzi Mountain Fire Culture Park, enhancing the company's investment and development in tourism[46] - The company successfully acquired a 25% stake in Shanghai Shengjin Venture Capital for RMB 106,690,000, increasing its total stake from 45% to 70%[48] - The investment in Shanghai Shengjin aligns with the company's vision to invest in high-growth industries such as new materials and energy-saving technologies[48] - The company has agreed to acquire 70% of Qingniao Vocational Education Technology Development Co., Ltd. for RMB 13,054,150, diversifying its business into vocational education[59] Shareholder Activities - The company did not declare an interim dividend for the six months ending June 30, 2024, compared to a dividend of RMB 0.067 per share in 2023, totaling approximately RMB 101.5 million[39] - The company has obtained shareholder approval to potentially sell up to 20,000,000 shares of Qingniao Fire Protection within 12 months through public market transactions[53] - The company sold a total of 11,468,000 shares of Qingniao Fire Protection at a price per share ranging from RMB 12.06 to RMB 12.23, generating total cash proceeds of approximately RMB 139.1 million[55] - The company agreed to sell 44,900,000 shares of Qingniao Fire Protection, representing 7.49% of its equity, for RMB 1,101,846,000, with 20% of the payment made[49] - The company is seeking arbitration to recover shares and compensation from the buyer due to the failure to complete the share transfer agreement[51] Financial Reporting and Standards - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance for the current or prior periods[13] - The company is expected to adopt new or revised Hong Kong Financial Reporting Standards in the future, which are not anticipated to have a significant impact on its financial performance[15] - The company’s financial statements are prepared based on historical cost, except for certain financial instruments and biological assets measured at fair value[19] Miscellaneous - The company allocated RMB 201,000 to a safety production fund, reflecting its commitment to operational safety[11] - The number of visitors to the Hengshan scenic area decreased by approximately 18.0% year-on-year due to extreme weather conditions in the first half of 2024[44] - The expected credit loss assessment for unpaid consideration as of December 31, 2024, includes a default risk of RMB 881,476,800 and a default loss rate of 29.6%[68] - The loss from the partial disposal of an associate company amounted to approximately RMB 5.2 million for the year ending December 31, 2024, compared to RMB 23.3 million in 2023[69] - The group recognized a gain of approximately RMB 365.5 million from the sale of shares in the associate company, Qingniao Fire Protection, completed in May 2023[70] - The group's share of profits from associates decreased by 20.5% to approximately RMB 119.2 million for the year ending December 31, 2024, down from RMB 150 million in 2023[73] - The group's share of profits from joint ventures turned from a loss of RMB 3.9 million in 2023 to a profit of approximately RMB 1.634 billion for the year ending December 31, 2024[74] - Income tax expenses for the year were approximately RMB 35.4 million, an increase from RMB 17.9 million in 2023[75] - The current ratio as of December 31, 2024, was 1.06, down from 1.35 in 2023, indicating a decline in short-term liquidity[77] - The financing costs for the year were approximately RMB 43.4 million, a decrease from RMB 53.9 million in 2023[72] - The executive directors include Ms. Zheng, Mr. Wang, and Ms. Guan, while Mr. Liu serves as a non-executive director[84] - Independent non-executive directors include Mr. Tang, Mr. Shen, and Ms. Liu[84] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days[84] - The company's website will also host the announcement for public access[84]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 214,841,000, a decrease of 6.0% compared to RMB 229,644,000 in the same period of 2023[6] - Gross profit for the same period was RMB 31,810,000, down 32.6% from RMB 47,181,000 in 2023[6] - Loss from operations was RMB 11,923,000, compared to a profit of RMB 341,124,000 in the previous year[6] - Loss for the period was RMB 14,690,000, a significant decline from a profit of RMB 377,879,000 in 2023[6] - Total comprehensive income for the period was RMB 12,247,000, down from RMB 386,244,000 in the same period last year[8] - Basic and diluted loss per share was (0.40) cents, compared to earnings of 24.91 cents per share in 2023[8] - Share of profit of associates was RMB 22,859,000, down from RMB 71,277,000 in 2023[6] - The Group reported a loss for the period of RMB 6,049,000 for the six months ended June 30, 2024, compared to a profit of RMB 377,275,000 in the same period in 2023[43] Assets and Liabilities - Total assets increased to RMB 5,475,259,000 as of June 30, 2024, up from RMB 4,985,138,000 at the end of 2023, representing a growth of approximately 9.8%[9] - Current liabilities increased to RMB 1,103,316,000, up from RMB 962,221,000, reflecting a rise of approximately 14.7%[10] - Net current assets decreased to RMB 209,975,000 from RMB 334,297,000, indicating a decline of about 37.2%[10] - Total equity reached RMB 3,906,608,000, an increase from RMB 3,775,969,000, representing a growth of approximately 3.5%[10] - Trade and other payables surged to RMB 443,696,000 from RMB 252,174,000, reflecting an increase of approximately 76.0%[10] - The Group's total liabilities under financial guarantees issued to a bank amounted to RMB 100,000,000 as of June 30, 2024, unchanged from December 31, 2023[66] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 155,028,000, compared to a cash outflow of RMB 94,637,000 in the same period of 2023[12] - The company reported a net cash outflow from investing activities of RMB 189,609,000 in 2024, a significant decrease from a cash inflow of RMB 286,155,000 in 2023[12] - Financing activities generated net cash of RMB 54,126,000 in 2024, compared to a cash outflow of RMB 46,172,000 in 2023[12] - The total cash and cash equivalents at the end of the period were RMB 176,155,000, down from RMB 370,325,000 at the end of the same period in 2023[12] Segment Performance - Revenue from metallic products sales was RMB 128,573,000, showing an increase from RMB 126,343,000 in 2023[16] - Revenue from shuttle bus services was RMB 56,187,000, with no prior year comparison provided[16] - Segment profit for the tourism development segment was RMB 5,821,000, while the investment holding segment reported a profit of RMB 19,727,000, and the trading of metallic products segment had a profit of RMB 1,867,000[27] - Revenue from the Group's tourism development business was approximately RMB56.4 million, a decrease of 24.7% from RMB74.9 million in 2023, primarily due to extreme weather conditions[79] - Revenue from the sales and production of LED devices increased by 6.1% year-on-year to approximately RMB25.6 million, compared to RMB24.2 million in 2023[79] - Revenue from the trading of metallic products amounted to approximately RMB128.6 million, representing a year-on-year increase of 1.8% from RMB126.3 million[79] Investments and Acquisitions - The company acquired a 25% equity interest in Shanghai Shengjin Venture Capital Co., Ltd. for RMB 106,690,000, resulting in a total ownership of 70% post-acquisition[60] - The fair value of identifiable net assets acquired from Shanghai Shengjin was RMB 424,481,000, with goodwill recognized at RMB 569,000[61] - The Group's investment holding business includes investments in private equity funds focused on semiconductor materials and display devices, as well as financial assets at FVTOCI and FVTPL[69] - The Group's investment in Jade Bird Fire Co., Ltd. involved the sale of 44,900,000 shares for RMB 1,101,846,000, representing 7.49% of equity interests, completed on May 5, 2023[71] - The company has conditionally agreed to acquire 70% equity interest in Beijing Jade Bird Vocational Education Technology Development Co., Ltd. for RMB 13,054,150, diversifying into the vocational education sector[75] Corporate Governance - The Company has complied with all code provisions of the Code on Corporate Governance Practices during the six months ended June 30, 2024[102] - The Audit Committee, comprising three independent non-executive Directors, reviewed the Group's interim report for the six months ended June 30, 2024, and agreed on its contents[102] - The Company has established the Audit Committee in compliance with GEM Listing Rules[102] Market Outlook - The outlook for the second half of 2024 indicates continued sluggish global growth, presenting challenges for the industry and the group's operating environment[76] - The Group expects to benefit from the optimistic future prospects of the display devices and optoelectronic products market[83]