[Characteristics of the GEM Market and Report Statement](index=2&type=section&id=CHARACTERISTICS%20OF%20THE%20GEM) This section describes the GEM market's features for small and medium-sized companies, noting higher investment risks and market volatility, with directors fully responsible for report accuracy - The GEM market is positioned for small and medium-sized companies, carrying **higher investment risks** [2](index=2&type=chunk) - GEM securities may experience **significant market volatility** and do not guarantee high liquidity [3](index=3&type=chunk) - Directors assume **full responsibility** for the report's content, confirming its accuracy, completeness, and lack of misleading information [5](index=5&type=chunk) [Unaudited Interim Results](index=3&type=section&id=INTERIM%20RESULTS%20(UNAUDITED)) This section presents the company's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including statements of profit or loss, financial position, changes in equity, and cash flows, reflecting the group's financial performance and position during the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME%20(UNAUDITED)) H1 2025 saw significant revenue growth, but operating and period losses widened substantially, influenced by joint venture/associate losses and tax credits Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 300,562 | 214,841 | **39.9% increase** | | Gross Profit | 47,689 | 31,810 | **49.9% increase** | | Operating Loss | (60,089) | (11,923) | **Loss widened** | | Loss Before Tax | (50,746) | (12,563) | **Loss widened** | | Income Tax Credit/(Expense) | 21,644 | (2,127) | **Switched from expense to credit** | | Loss for the Period | (29,102) | (14,690) | **Loss widened** | | Loss Attributable to Owners of the Company | (28,372) | (6,049) | **369.0% increase in loss** | | Basic and Diluted Loss Per Share (RMB cents per share) | (1.87) | (0.40) | **Loss widened** | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, total assets slightly decreased, non-current assets reduced, but net current assets significantly increased, while total equity remained stable Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 4,157,896 | 4,414,864 | **5.8% decrease** | | Current Assets | 1,172,380 | 1,101,413 | **6.4% increase** | | Total Assets | 5,330,276 | 5,516,277 | **3.4% decrease** | | Current Liabilities | 870,873 | 1,037,109 | **16.0% decrease** | | Net Current Assets | 301,507 | 64,304 | **369.0% increase** | | Non-current Liabilities | 498,783 | 514,365 | **3.0% decrease** | | Net Assets | 3,960,620 | 3,964,803 | **0.1% decrease** | | Equity Attributable to Owners of the Company | 3,710,875 | 3,709,800 | **0.03% increase** | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY%20(UNAUDITED)) For H1 2025, total equity slightly decreased due to comprehensive loss, while share capital and capital reserve remained unchanged Condensed Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Share Capital | 151,446 | 151,446 | **No change** | | Capital Reserve | 605,810 | 605,810 | **No change** | | Retained Earnings | 2,952,674 | 2,758,736 | **7.0% increase** | | Equity Attributable to Owners of the Company | 3,710,875 | 3,709,800 | **2.3% increase** | | Total Equity | 3,960,620 | 3,775,969 | **4.9% increase** | [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS%20(UNAUDITED)) For H1 2025, the company experienced net cash outflow from operating activities, significant net cash inflow from investing activities, and net cash outflow from financing activities, resulting in a net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | (100,772) | 155,028 | **Switched from inflow to outflow** | | Net Cash from Investing Activities | 243,380 | (189,609) | **Switched from outflow to inflow** | | Net Cash from Financing Activities | (107,980) | 54,126 | **Switched from inflow to outflow** | | Net Increase in Cash and Cash Equivalents | 34,628 | 19,545 | **77.2% increase** | | Cash and Cash Equivalents at End of Period | 183,040 | 176,155 | **3.9% increase** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Note) This section details key accounting policies, financial performance, and position disclosures within the interim condensed consolidated financial statements [Note 1: General Information](index=10&type=section&id=1.%20GENERAL%20INFORMATION) The company is a Sino-foreign equity joint stock limited company incorporated in China, with H shares listed on GEM, primarily engaged in investment holding, and its subsidiaries operate in tourism, wine production, metal trading, and LED device manufacturing - The company is a Sino-foreign equity joint stock limited company incorporated in China, with H shares listed on GEM [22](index=22&type=chunk) - The company's principal business is investment holding, with subsidiaries engaged in tourism and leisure, wine production and sales, metal product trading, and LED device manufacturing and sales [23](index=23&type=chunk) [Note 2: Basis of Preparation and Significant Accounting Policies](index=10&type=section&id=2.%20BASIS%20OF%20PREPARATION%20AND%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules; new and revised HKFRSs adopted this period did not cause significant changes to accounting policies or reported amounts, and the statements, though unaudited, have been reviewed by the audit committee - Financial statements are prepared in accordance with **HKAS 34** and the **GEM Listing Rules** [24](index=24&type=chunk) - New and revised HKFRSs adopted this period did not cause **significant changes** to accounting policies or reported amounts [25](index=25&type=chunk) - The condensed consolidated financial statements are unaudited but have been **reviewed by the Audit Committee** [29](index=29&type=chunk) [Note 3: Revenue](index=12&type=section&id=3.%20REVENUE) For H1 2025, total revenue was RMB 300,562 thousand, primarily from metal product trading and tourism development, with metal product trading contributing the largest share Revenue Breakdown (by major product or service line) | Product/Service Line | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Shuttle bus services | 68,680 | 56,187 | | Tourism and leisure services | 11,169 | 182 | | Wine and related products | 3,887 | 4,253 | | LED devices | 26,539 | 25,646 | | Metallic products | 190,238 | 128,573 | | Others | 49 | – | | **Total Revenue** | **300,562** | **214,841** | [Note 4: Other Gains, Income and Losses, Net](index=12&type=section&id=4.%20OTHER%20GAINS,%20INCOME%20AND%20LOSSES,%20NET) For H1 2025, net other gains, income and losses was a loss of RMB 1,817 thousand, a wider loss compared to RMB 371 thousand in the prior period, mainly due to other losses Other Gains, Income and Losses, Net | Indicator | 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)** | [Note 5: Segment Information](index=13&type=section&id=5.%20SEGMENT%20INFORMATION) The company has four reportable segments: tourism development, investment holding, trading of metallic products, and sales and production of LED devices; as of June 30, 2025, metal product trading generated the highest revenue, but investment holding and LED device segments recorded losses - The company has **four reportable segments**: tourism development, investment holding, trading of metallic products, and sales and production of LED devices [38](index=38&type=chunk)[41](index=41&type=chunk) Information on Operating Segment Profit or Loss (for the six months ended June 30, 2025) | Segment | Revenue from External Customers (RMB thousands) | Segment (Loss)/Profit (RMB thousands) | | :--- | :--- | :--- | | Tourism development | 79,849 | (1,652) | | Investment holding | – | (14,042) | | Trading of metallic products | 190,238 | 3,072 | | Sales and production of LED devices | 26,539 | (6,936) | | All other segments | 3,936 | (1,169) | | **Total** | **300,562** | **(20,727)** | Information on Operating Segment Assets (as of June 30, 2025) | Segment | Segment Assets (RMB thousands) | | :--- | :--- | | Tourism development | 923,126 | | Investment holding | 4,025,529 | | Trading of metallic products | 163,312 | | Sales and production of LED devices | 72,189 | | All other segments | 21,103 | | **Total Segment Assets** | **5,205,259** | - China (excluding Hong Kong) contributed the **vast majority of revenue and non-current assets** [50](index=50&type=chunk) - Customer A (metal product trading segment) contributed **RMB 190,238 thousand** to total revenue in the first half of 2025, making it a major customer [52](index=52&type=chunk) [Note 6: Finance Costs, Net](index=17&type=section&id=6.%20FINANCE%20COSTS,%20NET) For H1 2025, net finance costs were 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 | Indicator | 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** | [Note 7: Income Tax (Credit)/Expense](index=17&type=section&id=7.%20INCOME%20TAX%20(CREDIT)/EXPENSE) For H1 2025, the company recorded an income tax credit of RMB 21,644 thousand, mainly due to over-provision in prior years in China, contrasting with an income tax expense in the prior period Income Tax (Credit)/Expense | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax – China | 1,118 | 2,696 | | Current tax – United States | 2 | 2 | | Over-provision in prior years – China | (22,217) | – | | Deferred tax | (547) | (571) | | **Total** | **(21,644)** | **2,127** | - The corporate income tax rate for Chinese subsidiaries is typically **25%** [57](index=57&type=chunk) [Note 8: Loss for the Period](index=18&type=section&id=8.%20LOSS%20FOR%20THE%20PERIOD) For H1 2025, the loss for the period was after deducting amortization of other intangible assets of RMB 6,766 thousand and depreciation of RMB 15,068 thousand Items Deducted from Loss for the Period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Amortisation of other intangible assets | 6,766 | 6,796 | | Depreciation | 15,068 | 14,645 | [Note 9: Loss Per Share](index=18&type=section&id=9.%20LOSS%20PER%20SHARE) For H1 2025, basic and diluted loss per share was RMB 1.87 cents, a significant increase from RMB 0.40 cents in the prior period, mainly due to the increased loss attributable to owners of the company - Loss attributable to owners of the company was **RMB 28,372 thousand** (2024: RMB 6,049 thousand) [60](index=60&type=chunk) - Basic and diluted loss per share was **RMB 1.87 cents** (2024: RMB 0.40 cents) [13](index=13&type=chunk)[60](index=60&type=chunk) - The weighted average number of ordinary shares outstanding was **1,514,464,000 shares**, consistent with the prior period [60](index=60&type=chunk) [Note 10: Dividend](index=18&type=section&id=10.%20DIVIDEND) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the first half of 2025 (2024: nil) [61](index=61&type=chunk) [Note 11: Property, Plant and Equipment](index=18&type=section&id=11.%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) During the period, the company made additions to property, plant and equipment of approximately RMB 5,898 thousand and disposed of property, plant and equipment with a net book value of approximately nil - Additions to property, plant and equipment amounted to approximately **RMB 5,898 thousand** during the period [62](index=62&type=chunk) - Disposal of property, plant and equipment with a net book value of approximately **nil** [62](index=62&type=chunk) [Note 12: Trade and Other Receivables](index=19&type=section&id=12.%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, total trade and other receivables were RMB 972,507 thousand, an increase from 2024 year-end, with other receivables constituting a larger proportion, and the company maintains strict control over overdue amounts Trade and Other Receivables | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables and bills | 168,278 | 168,602 | | Loans and interest receivables | 14,170 | 1,057 | | Other receivables (net of allowance for doubtful debts) | 762,967 | 757,239 | | Prepayments | 38,003 | 2,077 | | **Total** | **972,507** | **938,976** | - Trade receivables aging analysis shows that amounts less than 3 months old account for the highest proportion, at **RMB 135,029 thousand** [72](index=72&type=chunk) - The company's credit period is generally **3 months**, and a credit control department is in place to mitigate credit risk [69](index=69&type=chunk) [Note 13: Trade and Other Payables](index=20&type=section&id=13.%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, total trade and other payables were RMB 315,823 thousand, a decrease from 2024 year-end, primarily due to a reduction in accrued expenses and other payables Trade and Other Payables | Indicator | 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 | | **Total** | **315,823** | **370,031** | - Trade payables aging analysis shows amounts from 0 to 90 days are **RMB 22,995 thousand**, and amounts over one year are **RMB 60,558 thousand** [77](index=77&type=chunk) [Note 14: Share Capital](index=21&type=section&id=14.%20SHARE%20CAPITAL) As of June 30, 2025, total registered, issued, and fully paid share capital was 1,514,464 thousand shares, comprising 700,000 thousand unlisted shares and 814,464 thousand H shares, each with a par value of RMB 0.10 Share Capital | Share Type | Number of Shares ('000) | Amount (RMB thousands) | | :--- | :--- | :--- | | Unlisted shares | 700,000 | 70,000 | | H shares | 814,464 | 81,446 | | **Total** | **1,514,464** | **151,446** | [Note 15: Material Related Party Transactions](index=22&type=section&id=15.%20MATERIAL%20RELATED%20PARTY%20TRANSACTIONS) The company has receivables and payables with related parties, and remuneration for key management personnel is disclosed Balances with Related Parties | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Amounts due from associates | 460 | 390 | | Amounts due from shareholders | 306 | 293 | | Amounts due to associates | 74 | 2,794 | | Amounts due to related companies controlled by Peking University | 5,732 | 5,882 | - Total remuneration for key management personnel was **RMB 1,983 thousand** (2024: RMB 2,378 thousand) [83](index=83&type=chunk) [Note 16: Financial Guarantee](index=23&type=section&id=16.%20FINANCIAL%20GUARANTEE) As of June 30, 2025, the company provided a financial guarantee of RMB 100 million for bank facilities granted to an associate, with directors deeming the likelihood of recourse claims to be low - The company provided a financial guarantee of **RMB 100 million** for bank facilities granted to an associate [84](index=84&type=chunk)[85](index=85&type=chunk) - Directors believe the likelihood of recourse claims under the guarantee is **low** [85](index=85&type=chunk) [Note 17: Capital Commitments](index=23&type=section&id=17.%20CAPITAL%20COMMITMENTS) As of June 30, 2025, the company's contracted but unprovided capital commitments primarily included property, plant and equipment and committed capital contributions to an associate Capital Commitments | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Property, plant and equipment | 98,192 | 69,270 | | Committed capital contributions to an associate | 3,478 | 3,478 | [Management Discussion and Analysis](index=24&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section reviews the group's business performance and future strategies, analyzing its financial results, position, and key operational drivers [Business Review](index=24&type=section&id=BUSINESS%20REVIEW) The group's diversified businesses include tourism development, investment holding, LED device manufacturing, metal product trading, and wine; tourism benefited from good weather, investment holding involved share disposal and arbitration, LED business strengthened with new shareholders, metal trading volume increased, and vocational education expansion is planned [Tourism Development](index=24&type=section&id=Tourism%20development) Tourism operations in Hunan Nanyue District provide shuttle bus services, property management, and tourism facilities; in H1 2025, Hengshan scenic area visitor numbers increased by approximately 19% year-on-year, with revenue up 41.7%; the company plans to expand into Gansu Diebu County's Zaga Na scenic area with a joint venture for sightseeing rail and bus projects - In the first half of 2025, visitor and pilgrim numbers at Hengshan scenic area increased by approximately **19% year-on-year** [91](index=91&type=chunk)[94](index=94&type=chunk) - The company plans to collaborate with a third party to establish a joint venture in Zaga Na scenic area, Diebu County, Gansu, to develop and operate sightseeing rail and bus projects, expanding tourism investment and revenue sources [92](index=92&type=chunk)[95](index=95&type=chunk) [Investment Holding](index=25&type=section&id=Investment%20holding) Investment holding includes investments in private equity funds, semiconductor materials, display device companies, and Beining Fire Protection; the company disposed of 20 million Beining Fire Protection shares and is in arbitration with Mr. Cai regarding a share transfer agreement termination, with a final ruling expected in September - Investment holding business primarily includes investments in private equity funds, semiconductor materials and display device companies, and Beining Fire Protection [96](index=96&type=chunk)[98](index=98&type=chunk) - The company disposed of **20,000,000 Beining Fire Protection shares** under the disposal mandate, generating net proceeds of approximately **RMB 232.1 million**, used to repay bank borrowings [110](index=110&type=chunk)[112](index=112&type=chunk) - The company is in arbitration with Mr. Cai regarding the termination of the Beining Fire Protection share transfer agreement; a partial award requires Mr. Cai to return **70,044,000 Beining Fire Protection shares** and the company to return **RMB 220,369,200** of the consideration paid, with a final ruling expected in September 2025 [101](index=101&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk) - As of the announcement date, the group holds **186,569,363 Beining Fire Protection shares**, representing approximately **21.4%** equity interest [113](index=113&type=chunk)[115](index=115&type=chunk) [Sales and Production of LED Devices](index=29&type=section&id=Sales%20and%20production%20of%20LED%20devices) The LED device business, primarily through non-wholly owned subsidiary Guangdong Liuming, focuses on R&D, production, and sales of high-end ceramic high-power LED devices and modules for special light sources; the company introduced new shareholders who injected RMB 50,630,000 into Guangdong Liuming to foster its growth and development - The LED device business focuses on R&D, production, and sales of **high-end ceramic high-power LED devices and modules**, including products for automotive lighting, mobile lighting, and color light series [114](index=114&type=chunk)[116](index=116&type=chunk) - The company introduced new shareholders who injected **RMB 50,630,000** into Guangdong Liuming; upon completion, the group's effective equity interest in Guangdong Liuming will decrease from 94% to approximately **62.98%**, but it will remain a non-wholly owned subsidiary [117](index=117&type=chunk)[121](index=121&type=chunk) [Trading of Metallic Products](index=30&type=section&id=Trading%20of%20metallic%20products) During the period, the group was engaged in the sale and procurement of metallic products in China - The group is engaged in the **sale and procurement of metallic products** in China [119](index=119&type=chunk)[122](index=122&type=chunk) [Other Businesses](index=30&type=section&id=Other%20businesses) Other businesses include operating a winery in Virginia, USA, and plans to acquire a 70% equity interest in Beijing Qingniao Vocational Education Technology Development Co., Ltd. to expand into vocational education - The group operates a winery in Virginia, USA, producing and selling wine and related products [120](index=120&type=chunk)[123](index=123&type=chunk) - The company plans to acquire a **70% equity interest** in Beijing Qingniao Vocational Education Technology Development Co., Ltd. for a consideration of **RMB 13,054,150** to diversify into the vocational education sector [124](index=124&type=chunk)[126](index=126&type=chunk) [Outlook](index=31&type=section&id=Outlook) Global economic growth is expected to be sluggish in H2 2025, posing challenges of weakened consumption and reduced demand; the group will maintain profitability through cost control, operational efficiency, and new client/product expansion, while prudently evaluating investment opportunities for portfolio diversification and capital appreciation - Global economic growth is expected to be **sluggish in the second half of 2025**, posing challenges of weakened local consumer spending and reduced demand for products and services [125](index=125&type=chunk)[127](index=127&type=chunk) - The group will implement measures including close monitoring and control of costs, enhancing operational efficiency, and expanding new clients and product portfolios to maintain profitability and competitive advantage [125](index=125&type=chunk)[127](index=127&type=chunk) - The group will continue to prudently explore and evaluate potential investment opportunities to achieve a balanced and diversified investment portfolio, supporting capital appreciation [128](index=128&type=chunk)[131](index=131&type=chunk)[172](index=172&type=chunk) [Financial Review](index=32&type=section&id=FINANCIAL%20REVIEW) This section analyzes the group's revenue and profit performance across business segments, the impact of non-recurring losses on overall results, and key financial indicators including financial position, liquidity, capital structure, significant investments, contingent liabilities, foreign exchange risk, and staff costs [Tourism Development (Financial)](index=32&type=section&id=Tourism%20development_financial) Tourism revenue increased by 41.7% to RMB 79.8 million, benefiting from favorable weather in H1 2025; however, the group recorded a loss of approximately RMB 24.0 million due to a cashier's alleged misappropriation of approximately RMB 25.1 million, prompting a forensic investigation and internal control review - Tourism development business revenue was approximately **RMB 79.8 million**, an increase of **41.7%** year-on-year [129](index=129&type=chunk)[132](index=132&type=chunk) - A cashier allegedly misappropriated approximately **RMB 25.1 million**, resulting in a loss of approximately **RMB 24.0 million** for the group [130](index=130&type=chunk)[133](index=133&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk) - The company has engaged external professionals to conduct a forensic investigation and review of internal control systems to prevent similar incidents [134](index=134&type=chunk)[138](index=138&type=chunk) [Investment Holding (Financial)](index=33&type=section&id=Investment%20holding_financial) Investment holding segment's total assets decreased by 5.7% to RMB 4,025.5 million, mainly due to the disposal of 20,000,000 Beining Fire Protection shares; the group recorded a loss of approximately RMB 22.1 million from partial disposal of an associate - Investment holding business segment's total assets decreased by **5.7%** to approximately **RMB 4,025.5 million** [135](index=135&type=chunk)[139](index=139&type=chunk) - The group recorded a loss of approximately **RMB 22.1 million** due to the partial disposal of associate Beining Fire Protection [135](index=135&type=chunk)[139](index=139&type=chunk)[145](index=145&type=chunk)[150](index=150&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk) [Sales and Production of LED Devices (Financial)](index=33&type=section&id=Sales%20and%20production%20of%20LED%20devices_financial) LED device business revenue was approximately RMB 26.5 million, representing a 3.5% year-on-year increase - LED device business revenue was approximately **RMB 26.5 million**, an increase of **3.5%** year-on-year [136](index=136&type=chunk)[140](index=140&type=chunk) [Trading of Metallic Products (Financial)](index=33&type=section&id=Trading%20of%20metallic%20products_financial) Metallic product trading revenue was approximately RMB 190.2 million, a 48.0% year-on-year increase, primarily due to increased trading volume; gross profit margin decreased to 1.5%, affected by market competition and price fluctuations - Metallic product trading business revenue was approximately **RMB 190.2 million**, an increase of **48.0%** year-on-year [137](index=137&type=chunk)[141](index=141&type=chunk) - Gross profit margin was **1.5%** (2024: 2.1%), with the decrease attributed to intense market competition and price fluctuations of metallic products [137](index=137&type=chunk)[141](index=141&type=chunk) [Other Businesses (Financial)](index=34&type=section&id=Other%20businesses_financial) Winery business revenue was approximately RMB 3.9 million, remaining largely stable year-on-year - Winery business revenue was approximately **RMB 3.9 million**, largely stable year-on-year [142](index=142&type=chunk)[147](index=147&type=chunk) [Revenue and Gross Profit](index=34&type=section&id=Revenue%20and%20gross%20profit) Total group revenue was approximately RMB 300.6 million, a 39.9% year-on-year increase; gross profit was approximately RMB 47.7 million, a 49.9% year-on-year increase, primarily driven by improved tourism business and increased metallic product trading volume - Total revenue was approximately **RMB 300.6 million**, an increase of **39.9%** year-on-year [143](index=143&type=chunk)[148](index=148&type=chunk) - Gross profit was approximately **RMB 47.7 million**, an increase of **49.9%** year-on-year [143](index=143&type=chunk)[148](index=148&type=chunk) - Revenue and gross profit growth were primarily due to improved tourism business and increased metallic product trading volume [143](index=143&type=chunk)[148](index=148&type=chunk) [Loss on Disposal of Joint Ventures](index=34&type=section&id=Loss%20on%20disposal%20of%20joint%20ventures) The group recorded a loss of approximately RMB 16.1 million from the dissolution of an immaterial joint venture, primarily reflecting the reclassification of negative exchange reserves - A loss of approximately **RMB 16.1 million** was recorded from the dissolution of an immaterial joint venture [144](index=144&type=chunk)[149](index=149&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk) - The loss primarily reflects the reclassification of negative exchange reserves of approximately **RMB 16.1 million** to profit or loss [144](index=144&type=chunk)[149](index=149&type=chunk) [Loss on Partial Disposal of an Associate](index=34&type=section&id=Loss%20on%20partial%20disposal%20of%20an%20associate) The group recorded a loss of approximately RMB 22.1 million from the partial disposal of associate Beining Fire Protection under the disposal mandate - A loss of approximately **RMB 22.1 million** was recorded from the partial disposal of associate Beining Fire Protection [145](index=145&type=chunk)[150](index=150&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk) [Finance Costs, Net](index=34&type=section&id=Finance%20costs,%20net) Net finance costs were approximately RMB 19.9 million, a decrease from RMB 23.4 million in the prior period, primarily comprising interest on bank and other borrowings, lease liabilities, and net foreign exchange losses - Net finance costs were approximately **RMB 19.9 million** (2024: RMB 23.4 million) [146](index=146&type=chunk)[151](index=151&type=chunk) - Primarily includes interest on bank and other borrowings, interest on lease liabilities, and net foreign exchange losses [146](index=146&type=chunk)[151](index=151&type=chunk) [Share of Profit of Associates](index=35&type=section&id=Share%20of%20profit%20of%20associates) The group's share of profit of associates was approximately RMB 30.2 million, a 32.3% year-on-year increase, mainly due to the associates' weaker financial performance in the prior period - Share of profit of associates was approximately **RMB 30.2 million**, an increase of **32.3%** year-on-year [152](index=152&type=chunk)[156](index=156&type=chunk) - The increase was mainly due to the relatively unfavorable financial performance of associates in the prior period of 2024 [152](index=152&type=chunk)[156](index=156&type=chunk) [Share of Loss of Joint Ventures](index=35&type=section&id=Share%20of%20loss%20of%20joint%20ventures) The group's share of loss of joint ventures was approximately RMB 1.0 million, an increase from RMB 54 thousand in the prior period - Share of loss of joint ventures was approximately **RMB 1.0 million** (2024: RMB 54 thousand) [153](index=153&type=chunk)[157](index=157&type=chunk) [Income Tax Credit/Expense](index=35&type=section&id=Income%20tax%20credit/expense) The group 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 was approximately **RMB 21.6 million** (2024: expense of RMB 2.2 million) [154](index=154&type=chunk)[158](index=158&type=chunk) - Primarily includes net China corporate income tax credit of approximately **RMB 21.1 million** and deferred tax credit of approximately **RMB 0.5 million** [154](index=154&type=chunk)[158](index=158&type=chunk) [Loss Attributable to the Owners of the Company](index=35&type=section&id=Loss%20attributable%20to%20the%20owners%20of%20the%20Company) Loss attributable to owners of the company was approximately RMB 28.4 million, a 369.0% year-on-year increase, primarily due to several non-recurring losses including the alleged misappropriation incident, 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 [155](index=155&type=chunk)[159](index=159&type=chunk) - The increased loss was primarily due to non-recurring losses including the alleged misappropriation incident (**RMB 24.0 million**), partial disposal of associate Beining Fire Protection (**RMB 22.1 million**), and dissolution of an immaterial joint venture (**RMB 16.1 million**) [155](index=155&type=chunk)[159](index=159&type=chunk) [Financial Position](index=36&type=section&id=Financial%20position) As of June 30, 2025, the group's current ratio was 1.35 (December 31, 2024: 1.06) and gearing ratio was 22.8% (December 31, 2024: 25.0%); the increase in current ratio and decrease in gearing ratio were mainly due to reduced bank and other borrowings - Current ratio was **1.35** (December 31, 2024: 1.06) [160](index=160&type=chunk)[164](index=164&type=chunk) - Gearing ratio was **22.8%** (December 31, 2024: 25.0%) [160](index=160&type=chunk)[164](index=164&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk) - The increase in current ratio and decrease in gearing ratio were primarily due to a **reduction in bank and other borrowings** [160](index=160&type=chunk)[164](index=164&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies](index=36&type=section&id=Material%20acquisitions%20and%20disposals%20of%20subsidiaries%20and%20affiliated%20companies) For H1 2025, the group did not undertake any other material acquisitions and disposals requiring disclosure, apart from those already disclosed - Apart from disclosed matters, there were **no other material acquisitions and disposals** during the period [161](index=161&type=chunk)[165](index=165&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=36&type=section&id=Liquidity,%20financial%20resources%20and%20capital%20structure) The group primarily finances operations through internal financial resources and corporate borrowings; as of June 30, 2025, cash and cash equivalents were approximately RMB 183.0 million, with total outstanding borrowings of approximately RMB 901.4 million, mostly denominated in RMB and bearing fixed or floating interest rates - Primary sources of working capital are **internal financial resources and corporate borrowings** [162](index=162&type=chunk)[166](index=166&type=chunk) - As of June 30, 2025, cash and cash equivalents were approximately **RMB 183.0 million** [162](index=162&type=chunk)[166](index=166&type=chunk) - Total outstanding borrowings were approximately **RMB 901.4 million**, including secured/unsecured, mortgaged/unmortgaged bank and other borrowings [163](index=163&type=chunk)[166](index=166&type=chunk) - Borrowings are primarily denominated in RMB, with annual interest rates ranging from **zero to 5.4%** [163](index=163&type=chunk)[166](index=166&type=chunk) [Significant Investments Held](index=37&type=section&id=Significant%20investments%20held) As of June 30, 2025, the group held financial assets at fair value through other comprehensive income and fair value through profit or loss 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 investment strategy aims to diversify assets and businesses to mitigate risks, seize market opportunities, and broaden revenue streams - Held financial assets at fair value through other comprehensive income and fair value through profit or loss totaling approximately **RMB 758.7 million**, representing **14.2% of total assets** [168](index=168&type=chunk)[171](index=171&type=chunk) - Primarily includes a **13.7% equity interest** in Shanghai Xianyao Display Technology Co., Ltd., with a fair value of approximately **RMB 712.8 million** [168](index=168&type=chunk)[171](index=171&type=chunk) - The investment strategy is to diversify assets and businesses, focusing on tourism and leisure, new materials, semiconductor products, and high-tech enterprises to enhance competitive position and broaden revenue sources [169](index=169&type=chunk)[172](index=172&type=chunk) [Future Plans for Material Investments or Capital Assets](index=38&type=section&id=Future%20plans%20for%20material%20investments%20or%20capital%20assets) As of June 30, 2025, the group had no other material investment plans apart from those already disclosed - As of June 30, 2025, the group had **no other material investment plans** apart from those already disclosed [173](index=173&type=chunk)[177](index=177&type=chunk) [Contingent Liabilities](index=38&type=section&id=Contingent%20liabilities) As of June 30, 2025, the group had contingent liabilities of approximately RMB 100 million for bank facilities granted to an associate - The group had contingent liabilities of approximately **RMB 100 million** for bank facilities granted to an associate [174](index=174&type=chunk)[178](index=178&type=chunk) [Foreign Exchange Exposure](index=38&type=section&id=Foreign%20exchange%20exposure) The group faces some foreign currency risk, but it is limited as most business activities, assets, and liabilities are denominated in USD, RMB, and HKD, with automatic matching of turnover and production costs; the group will continue to monitor and mitigate foreign currency risk - The group faces some foreign currency risk, primarily involving **USD, RMB, and HKD** [175](index=175&type=chunk)[179](index=179&type=chunk) - Currency risk is **limited** due to automatic matching of turnover and production costs [175](index=175&type=chunk)[179](index=179&type=chunk) - The group will continue to **monitor and take measures to mitigate foreign currency risk** [175](index=175&type=chunk)[179](index=179&type=chunk) [Charge on Assets](index=38&type=section&id=Charge%20on%20assets) As of June 30, 2025, certain fixed assets, investment properties, and an equity interest in an associate were pledged as collateral for bank and other borrowings - As of June 30, 2025, fixed assets with a carrying value of approximately **RMB 197.7 million**, investment properties of approximately **RMB 333.6 million**, and an equity interest in an associate were pledged as collateral for bank and other borrowings [176](index=176&type=chunk)[180](index=180&type=chunk) [Employees and Remuneration Policy](index=39&type=section&id=Employees%20and%20remuneration%20policy) As of the reporting period end, the group had 740 employees, a 23.3% year-on-year increase; the group adheres to labor laws, provides competitive compensation and benefits, prioritizes workplace safety, and total staff costs of approximately RMB 38.3 million are consistent with employee expansion - As of the end of the reporting period, the group had a total of **740 employees**, an increase of **23.3%** year-on-year [181](index=181&type=chunk)[185](index=185&type=chunk) - The group provides **competitive compensation and benefits**, including medical and travel insurance, and makes timely contributions to retirement and MPF schemes [181](index=181&type=chunk)[185](index=185&type=chunk) - Total staff costs were approximately **RMB 38.3 million** (2024: RMB 32.9 million), consistent with the expansion in employee numbers [183](index=183&type=chunk)[186](index=186&type=chunk) [Other Information](index=39&type=section&id=Other%20Information) This section discloses interests and short positions of directors, supervisors, chief executives, and substantial shareholders in the company's shares and underlying shares, confirms no rights to acquire shares for directors/supervisors, no competing interests, compliance with corporate governance practices, no purchase/redemption/sale of listed securities during the period, and directors' adherence to the securities dealing code; the audit committee has reviewed this interim report [Directors', Supervisors' and Chief Executives' Interests and Short Positions in Shares and Underlying Shares](index=39&type=section&id=DIRECTORS',%20SUPERVISORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, Supervisor Ms. Zhou Min held 205,414,000 unlisted shares as a trust beneficiary, representing 13.56% of total share capital; Executive Director Mr. Liu Ziyi beneficially owned 3,000,000 H shares, representing 0.20% of total share capital Long Positions in Ordinary Shares and Underlying Shares of the Company | Name | Capacity | Interest in Unlisted Shares | Interest in H Shares | Approximate Percentage of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | :--- | | Ms. Zhou Min (Supervisor) | Beneficiary of a trust | 205,414,000 | – | 13.56% | | Mr. Liu Ziyi (Executive Director) | Beneficial owner | – | 3,000,000 | 0.20% | [Directors' and Supervisors' Rights to Acquire Shares](index=41&type=section&id=DIRECTORS'%20AND%20SUPERVISORS'%20RIGHTS%20TO%20ACQUIRE%20SHARES) During the period, no directors, supervisors, or their spouses/minor children were granted or exercised any rights to acquire company shares, nor did the company arrange for them to obtain such rights in other corporate entities - During the period, no directors, supervisors, or their spouses or minor children were granted or exercised any rights to acquire shares of the company [193](index=193&type=chunk)[195](index=195&type=chunk) - Neither the company, its holding company, nor any of its subsidiaries or fellow subsidiaries arranged for directors and supervisors to acquire such rights in other corporate entities [193](index=193&type=chunk)[195](index=195&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=41&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20AND%20OTHER%20PERSONS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, substantial shareholders and their controlled corporations, including Peking University, Cai Yiwen, Zhai Yong, Heng Huat Investments Limited, Mongolia Energy Limited, and Huang Taomei, held significant interests in the company's issued share capital Long Positions in Shares and Underlying Shares of Substantial Shareholders and Other Persons | Shareholder Name | Capacity | Interest in Unlisted Shares | Interest in H Shares | Approximate Percentage of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | :--- | | Peking University | Interest of controlled corporation | 85,000,000 | – | 5.61% | | Cai Yiwen | Interest of controlled corporation | 115,000,000 | – | 7.59% | | Zhai Yong | Interest of controlled corporation | 130,000,000 | – | 8.58% | | Heng Huat Investments Limited | Interest of controlled corporation | 205,414,000 | – | 13.56% | | Mongolia Energy Limited | Interest of controlled corporation | 84,586,000 | – | 5.58% | | Huang Taomei | Interest of controlled corporation | – | 126,214,000 | 8.33% | [Competing Interests](index=44&type=section&id=COMPETING%20INTERESTS) As of June 30, 2025, no directors, supervisors, or their associates held interests in businesses that compete or may compete with the group's business, nor were there any conflicts of interest - No directors, supervisors, or their associates held interests in businesses that compete or may compete with the group's business [203](index=203&type=chunk)[207](index=207&type=chunk) - There were **no conflicts of interest** [203](index=203&type=chunk)[207](index=207&type=chunk) [Corporate Governance Practices](index=44&type=section&id=CORPORATE%20GOVERNANCE%20PRACTICES) The Board believes 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 [204](index=204&type=chunk)[208](index=208&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=44&type=section&id=PURCHASE,%20REDEMPTION%20OR%20SALE%20OF%20THE%20LISTED%20SECURITIES%20OF%20THE%20COMPANY) For H1 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities - During the period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities [205](index=205&type=chunk)[209](index=209&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=45&type=section&id=CODE%20OF%20CONDUCT%20REGARDING%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The company has adopted a code of conduct for directors' securities transactions, and all directors complied with this code and the required standards of dealing for the six months ended June 30, 2025 - The company has adopted a code of conduct for directors' securities transactions that is **no less exacting** than required by the GEM Listing Rules [210](index=210&type=chunk)[215](index=215&type=chunk) - All directors complied with the code of conduct and the required standards of dealing during the period [210](index=210&type=chunk)[215](index=215&type=chunk) [Audit Committee](index=45&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, comprising three independent non-executive directors and chaired by Mr. Tang Xuan, convened to review and approve the group's interim report for the six months ended June 30, 2025 - The Audit Committee comprises **three independent non-executive directors**, with Mr. Tang Xuan as Chairman [212](index=212&type=chunk)[216](index=216&type=chunk) - The committee has reviewed and approved the content of the group's interim report for the six months ended June 30, 2025 [212](index=212&type=chunk)[216](index=216&type=chunk)

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, ...

Core Viewpoint - North China Blue Sky Universe (08095) reported a mid-term performance for the six months ending June 30, 2025, showing significant revenue growth but also a substantial increase in shareholder losses [1] Financial Performance - The group's revenue reached RMB 301 million, representing a year-on-year increase of 39.9% [1] - Shareholder losses amounted to 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]

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]