[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides an overview of the GEM market characteristics, the company's board of directors, and essential corporate details [Characteristics of GEM Market](index=2&type=section&id=GEM%E5%B8%82%E5%9C%BA%E7%89%B9%E8%89%B2) The GEM market positions itself as a listing platform for small and medium-sized companies, but involves higher investment risks and does not guarantee high liquidity - The GEM market is positioned as a listing platform for small and medium-sized companies with **high investment risks**[2](index=2&type=chunk) - Investing in GEM securities may face significant market volatility risks and does not guarantee high liquidity[2](index=2&type=chunk) [Board of Directors and Company Information](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E5%85%AC%E5%8F%B8%E8%B5%84%E6%96%99) This section lists the company's board members (executive directors, independent non-executive directors), audit committee members, authorized representatives, company secretary, auditor, principal bankers, H share registrar, registered office, principal place of business in Hong Kong, and stock code - The company's board of directors comprises Zhou Jinhui, Shi Huixing, Zhou Guoping (executive directors), and Song Zizhang, Wang Guozhong, Zhu Yijuan (independent non-executive directors)[4](index=4&type=chunk) - The company's auditor is UHY F.I.D.A. CPA Limited, and the H share stock code is **8115**[4](index=4&type=chunk) [Interim Results Overview](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A7%88) This section presents a summary of the unaudited consolidated financial performance for the six months ended June 30, 2025 [Unaudited Consolidated Results Summary](index=4&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E6%A0%B8%E7%BB%BC%E5%90%88%E4%B8%9A%E7%BB%A9%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the company's revenue increased by 12.5% year-on-year to RMB44.5 million, and the loss attributable to owners of the company significantly decreased year-on-year 2025 First Half Unaudited Results Summary | Metric | 2025 First Half (RMB '000) | 2024 First Half (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 44,500 | 39,571 | Increased by 12.5% | | Loss attributable to owners of the company | (418) | 3,773 (Profit) | Loss decreased by 4,191 thousand | [Condensed Consolidated Financial Statements](index=5&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the Group's condensed consolidated financial statements, including statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows for the period [Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue grew, but profit for the period decreased year-on-year due to increased cost of sales, administrative expenses, and finance costs Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 44,500 | 39,571 | Increased by 12.5% | | Cost of sales | (32,195) | (27,732) | Increased by 16.1% | | Gross profit | 12,305 | 11,839 | Increased by 3.9% | | Other income and gains | 994 | 2,121 | Decreased by 53.2% | | Selling and distribution expenses | (1,946) | (1,794) | Increased by 8.5% | | Administrative expenses | (8,866) | (5,186) | Increased by 71.0% | | Finance costs | (339) | (160) | Increased by 111.9% | | Profit before tax | 1,607 | 6,236 | Decreased by 74.2% | | Income tax expense | 326 | (971) | Decreased by 133.6% (From expense to income) | | Profit for the period | 1,933 | 5,265 | Decreased by 63.3% | | Profit/(Loss) attributable to owners of the company | (418) | 3,773 | From profit to loss | | Basic (loss)/earnings per share (RMB cents) | (0.22) | 2.01 | From profit to loss | [Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's total comprehensive income for the period significantly decreased to RMB1,933 thousand from RMB5,265 thousand in the prior year, primarily due to the shift from profit to loss attributable to owners of the company Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the period | 1,933 | 5,265 | Decreased by 63.3% | | Other comprehensive income for the period | – | – | No change | | Total comprehensive income for the period | 1,933 | 5,265 | Decreased by 63.3% | | Total comprehensive income/(expense) attributable to owners of the company | (418) | 3,773 | From income to expense | | Non-controlling interests | 2,351 | 1,492 | Increased by 57.6% | [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly decreased, net current assets decreased, but total non-current liabilities increased, and net assets slightly increased Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 26,453 | 23,752 | Increased by 2,701 | | Total current assets | 169,092 | 178,674 | Decreased by 9,582 | | Total current liabilities | 10,011 | 13,799 | Decreased by 3,788 | | Net current assets | 159,081 | 164,875 | Decreased by 5,794 | | Total assets less current liabilities | 185,534 | 188,627 | Decreased by 3,093 | | Total non-current liabilities | 14,684 | 8,738 | Increased by 5,946 | | Net assets | 176,796 | 173,943 | Increased by 2,853 | | Total equity | 176,796 | 173,943 | Increased by 2,853 | [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the company slightly increased, primarily due to the combined effect of decreased retained profits and increased capital reserve Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Balance at beginning of period (attributable to owners of the company) | 150,540 | 145,212 | Increased by 5,328 | | (Loss)/profit and total comprehensive income for the period (attributable to owners of the company) | (418) | 3,773 | From profit to loss | | Fair value of land use rights granted to share capital and non-controlling interests | 492 | 494 | Slightly decreased | | Balance at end of period (attributable to owners of the company) | 150,614 | 149,479 | Increased by 1,135 | | Non-controlling interests balance at end of period | 26,182 | 19,730 | Increased by 6,452 | | Total equity balance at end of period | 176,796 | 169,209 | Increased by 7,587 | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the net decrease in cash and cash equivalents significantly increased, primarily due to increased net cash used in operating, investing, and financing activities Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Net cash flows used in operating activities | (3,102) | (1,157) | Increased by 168.1% (Cash outflow increased) | | Net cash flows used in investing activities | (1,177) | (340) | Increased by 246.2% (Cash outflow increased) | | Net cash flows used in financing activities | (6,169) | (69) | Increased by 8840.6% (Cash outflow significantly increased) | | Net decrease in cash and cash equivalents | (10,448) | (1,566) | Increased by 567.2% (Cash outflow significantly increased) | | Cash and cash equivalents at end of period | 137,978 | 141,825 | Decreased by 2.7% | [Notes to the Financial Statements](index=11&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section provides detailed notes to the financial statements, covering the basis of preparation, accounting policies, segment and geographical information, and specific financial statement line items [General Information](index=11&type=section&id=%E4%B8%80%E8%88%AC%E8%B5%84%E6%96%99) This section provides information on the company's registration, listing venue, principal business, direct holding company, and ultimate holding company - The company was restructured into a joint stock limited company in the PRC on **December 1, 2000**, with its H shares listed on GEM of the Stock Exchange of Hong Kong[13](index=13&type=chunk)[14](index=14&type=chunk) - The direct holding company is Liancheng Fire Protection Group Co., Ltd., and the ultimate holding company is Zhejiang Hengtai Real Estate Co., Ltd[15](index=15&type=chunk) [Basis of Preparation and Accounting Policies](index=11&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E5%87%86%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96) The Group's condensed consolidated financial statements are prepared in accordance with IAS 34 and the GEM Listing Rules, using the historical cost convention, with new and revised standards adopted this period expected to have no material impact [Basis of Preparation](index=11&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E5%87%86) - The financial statements are prepared in accordance with International Accounting Standard 34 and the GEM Listing Rules[16](index=16&type=chunk) - Financial information is prepared under the historical cost convention, except for financial assets at fair value through profit or loss[16](index=16&type=chunk) [Changes in Accounting Policies and Disclosures](index=11&type=section&id=%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%98%E5%8A%A8%E5%8F%8A%E6%8A%AB%E9%9C%B2) - New and revised International Financial Reporting Standards, including IAS 21 (Amendment) "Lack of Exchangeability," were adopted for the first time in the current period[17](index=17&type=chunk) - These amendments have no significant impact on the Group's unaudited condensed consolidated financial statements[17](index=17&type=chunk) [Issued but Not Yet Effective International Financial Reporting Standards](index=12&type=section&id=%E5%B7%B2%E9%A2%81%E5%B8%83%E4%BD%86%E5%B0%9A%E6%9C%AA%E7%94%9F%E6%95%88%E4%B9%8B%E5%9B%BD%E9%99%85%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E5%87%86%E5%88%99) - The Group has not early adopted IFRS 18, IFRS 19, IFRS 9, and IAS 28 (Amendments), which are issued but not yet effective[18](index=18&type=chunk)[22](index=22&type=chunk) - Preliminary assessment indicates that the application of these new and revised standards is not expected to have a significant impact on the Group's financial performance and position[19](index=19&type=chunk) [Operating Segment Information](index=12&type=section&id=%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group is divided into six reportable operating segments based on products and services, with management independently monitoring each segment's performance; for the six months ended June 30, 2025, the aquarium products and property investment segments performed well, while the testing services segment saw declines in both revenue and performance [Segment Allocation and Management](index=12&type=section&id=%E5%88%86%E9%83%A8%E5%88%92%E5%88%86%E5%8F%8A%E7%AE%A1%E7%90%86) - The Group's business is divided into six reportable operating segments: fire-fighting equipment, aquarium products, marine fire-fighting equipment, testing services, property investment, and trading[20](index=20&type=chunk)[22](index=22&type=chunk) - Segment results are assessed based on adjusted profit before tax, excluding interest income, government grants, realised gains on financial assets at fair value, finance costs (excluding interest on lease liabilities), and head office/corporate expenses[20](index=20&type=chunk) [Segment Results and Assets/Liabilities](index=13&type=section&id=%E5%88%86%E9%83%A8%E4%B8%9A%E7%BB%A9%E5%8F%8A%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA) 2025 First Half Segment Revenue and Results (RMB '000) | Segment | Revenue | Results | | :--- | :--- | :--- | | Fire-fighting equipment | 16,759 | (1,657) | | Aquarium products | 15,655 | 1,935 | | Marine fire-fighting equipment | 6,883 | 327 | | Testing services | 1,413 | (364) | | Property investment | 3,790 | 1,692 | | Trading | – | – | | **Total** | **44,500** | **1,933** | 2024 First Half Segment Revenue and Results (RMB '000) | Segment | Revenue | Results | | :--- | :--- | :--- | | Fire-fighting equipment | 14,735 | (57) | | Aquarium products | 13,868 | 2,744 | | Marine fire-fighting equipment | 4,719 | 428 | | Testing services | 2,711 | 511 | | Property investment | 3,538 | 1,260 | | Trading | – | – | | **Total** | **39,571** | **4,886** | - In the first half of 2025, revenue from the fire-fighting equipment, aquarium products, and marine fire-fighting equipment segments all increased, while revenue from the testing services segment significantly decreased[23](index=23&type=chunk)[24](index=24&type=chunk) [Major Customers and Geographical Information](index=15&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B7%E5%8F%8A%E5%9C%B0%E5%8C%BA%E8%B5%84%E6%96%99) For the six months ended June 30, 2025, Customer A (aquarium products segment) and Customer B (fire-fighting equipment segment) contributed over 10% of total revenue, collectively accounting for 62.7% of total revenue, with revenue primarily derived from China and the EU region 2025 First Half Major Customer Revenue (RMB '000) | Customer | 2025 First Half | 2024 First Half | Source Segment | | :--- | :--- | :--- | :--- | | Customer A | 15,595 | 11,443 | Aquarium products | | Customer B | 12,304 | 9,872 | Fire-fighting equipment | | **Total** | **27,899** | **21,315** | | 2025 First Half Geographical Revenue (RMB '000) | Region | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | China | 28,145 | 25,743 | | European Union | 16,355 | 13,828 | | **Total** | **44,500** | **39,571** | - Over **90%** of the Group's assets are located in China, thus no further geographical information for non-current assets is disclosed[26](index=26&type=chunk) [Revenue, Other Income and Gains](index=15&type=section&id=%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's revenue primarily came from sales of pressure vessels, aquarium products, and marine fire-fighting equipment, with rental income also contributing, while other income and gains significantly decreased year-on-year, mainly due to reduced realized gains on financial assets at fair value 2025 First Half Revenue Source Analysis (RMB '000) | Revenue Source | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Sales of pressure vessels | 16,759 | 14,735 | | Sales of aquarium products | 15,655 | 13,868 | | Sales of marine fire-fighting equipment | 6,883 | 4,719 | | Testing service fees | 1,413 | 2,711 | | Gross rental income | 3,790 | 3,538 | | **Total Revenue** | **44,500** | **39,571** | 2025 First Half Other Income and Gains Analysis (RMB '000) | Other Income and Gains | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Interest income | 690 | 164 | | Realized gains on financial assets at fair value | 125 | 1,606 | | Government grants | – | 230 | | Net exchange gains | 105 | 116 | | Others | 74 | 5 | | **Total** | **994** | **2,121** | - Revenue from goods sales is recognized at a point in time, while service revenue is transferred over time[28](index=28&type=chunk) [Profit Before Tax](index=17&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, profit before tax was primarily affected by factors such as depreciation and amortization, staff costs, auditor's remuneration, realized gains on financial assets at fair value, and provision for expected credit losses 2025 First Half Profit Before Tax Impact Factors (RMB '000) | Item | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 166 | 253 | | Amortization of intangible assets | 93 | 90 | | Depreciation of property, plant and equipment | 698 | 662 | | Interest on lease liabilities | 11 | 28 | | Staff costs (excluding directors' emoluments) | 4,362 | 4,442 | | Auditor's remuneration | 198 | 168 | | Realized gains on financial assets at fair value | 125 | (1,606) (Loss) | | Provision for expected credit losses | 541 | 584 | [Income Tax Expense](index=17&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E%E5%BC%80%E6%94%AF) For the six months ended June 30, 2025, the Group had no assessable profits in Hong Kong, while China enterprise income tax is calculated at a 25% rate, with some eligible small low-profit enterprises enjoying a preferential rate of 5% - No provision for Hong Kong profits tax was made due to no assessable profits[30](index=30&type=chunk) - The general PRC enterprise income tax rate is **25%**, with eligible small low-profit enterprises paying tax at an effective rate of **5%** on the first **RMB1,000,000** and the remaining assessable profits not exceeding **RMB3,000,000**[31](index=31&type=chunk)[56](index=56&type=chunk) 2025 First Half Income Tax Expense (RMB '000) | Item | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | Current tax — PRC provision for the period | (473) | (428) | | Deferred tax | 799 | (543) | | **Total tax expense for the period** | **326** | **(971)** | [Dividends](index=18&type=section&id=%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the company did not pay or declare any dividends - The company did not pay or declare any dividends during the reporting period[33](index=33&type=chunk) [(Loss)/Earnings Per Share](index=18&type=section&id=%E6%AF%8F%E8%82%A1%EF%BC%88%E4%BA%8F%E6%8D%9F%EF%BC%89%2F%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, the loss per share attributable to owners of the company was RMB0.22 cents, compared to earnings per share of RMB2.01 cents in the prior year (Loss)/Earnings Per Share (For the six months ended June 30) | Metric | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic (loss)/earnings per share | (0.22) | 2.01 | | Number of ordinary shares issued | 187,430,000 | 187,430,000 | - Basic earnings per share was not diluted as there were no potential dilutive ordinary shares[35](index=35&type=chunk) [Property, Plant and Equipment](index=18&type=section&id=%E7%89%A9%E4%B8%9A%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87) For the six months ended June 30, 2025, additions to property, plant and equipment amounted to approximately RMB1,292,000, a significant increase from the prior year, with no property, plant and equipment pledged at period-end Additions to Property, Plant and Equipment (RMB '000) | Period | Additions Amount | | :--- | :--- | | 2025 First Half | 1,292 | | 2024 First Half | 340 | - As of June 30, 2025, the Group had no pledged property, plant and equipment, whereas as of December 31, 2024, buildings of approximately **RMB8,012,000** were pledged[36](index=36&type=chunk) [Goodwill](index=18&type=section&id=%E5%95%86%E8%AA%89) As of June 30, 2025, the net carrying amount of goodwill was RMB2,320,000, remaining unchanged from December 31, 2024 Net Carrying Amount of Goodwill (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cost | 4,211 | 4,211 | | Accumulated impairment | (1,891) | (1,891) | | **Net carrying amount** | **2,320** | **2,320** | [Trade and Bills Receivables](index=19&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%B8%E6%98%93%E8%B4%A6%E6%AC%BE%E5%8F%8A%E5%BA%94%E6%94%B6%E7%A5%A8%E6%AC%BE) As of June 30, 2025, total trade and bills receivables amounted to RMB12,311,000, a decrease from December 31, 2024, and the Group faces significant credit concentration risk, with the top five outstanding balances accounting for 59% of the total Trade and Bills Receivables (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 13,177 | 15,993 | | Less: Provision for credit losses | (866) | (366) | | **Net amount** | **12,311** | **15,627** | - Trade terms are primarily credit transactions, with credit periods typically ranging from **2 to 3 months**, extendable up to **half a year** for major customers[38](index=38&type=chunk) - As of June 30, 2025, the Group faces significant credit concentration risk, with the top five outstanding balances accounting for **59%** of total trade receivables[39](index=39&type=chunk)[57](index=57&type=chunk) Ageing Analysis of Trade Receivables (RMB '000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 4,044 | 7,299 | | 1 to 2 months | 2,165 | 2,706 | | 2 to 3 months | 2,064 | 2,662 | | 3 to 6 months | 2,953 | 1,872 | | 6 to 12 months | 688 | 892 | | 1 to 2 years | 397 | 196 | | **Total** | **12,311** | **15,627** | [Trade Payables](index=19&type=section&id=%E5%BA%94%E4%BB%98%E8%B4%B8%E6%98%93%E8%B4%A6%E6%AC%BE) As of June 30, 2025, total trade payables amounted to RMB5,737,000, a decrease from December 31, 2024 Ageing Analysis of Trade Payables (RMB '000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 688 | 1,945 | | 1 to 2 months | 432 | 1,868 | | 2 to 3 months | 145 | 283 | | Over 3 months | 4,472 | 2,971 | | **Total** | **5,737** | **7,067** | [Interest-Bearing Bank Borrowings, Secured](index=20&type=section&id=%E8%AE%A1%E6%81%AF%E9%93%B6%E8%A1%8C%E5%80%9F%E8%B4%B7%EF%BC%8C%E6%9C%89%E6%8A%B5%E6%8A%BC) The Group fully repaid all bank borrowings on March 7, 2025, with no outstanding bank borrowings as of June 30, 2025 - The Group fully repaid all bank borrowings on **March 7, 2025**[42](index=42&type=chunk)[58](index=58&type=chunk) Interest-Bearing Bank Borrowings (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank borrowings | – | 5,790 | - The loan drawn in December 2023 was secured by the Group's property and bore interest at the loan prime rate plus **0.40%**[42](index=42&type=chunk) [Amounts Due to Direct Holding Company](index=20&type=section&id=%E5%BA%94%E4%BB%98%E7%9B%B4%E6%8E%A5%E6%8E%A7%E8%82%A1%E5%85%AC%E5%8F%B8%E6%AC%BE%E9%A1%B9) Amounts due to the direct holding company are unsecured, interest-free, and have no fixed repayment terms, with the direct holding company Liancheng committing to provide up to RMB50,000,000 in unsecured interest-free shareholder loan financing, which remained undrawn at the end of the reporting period - Amounts due to the direct holding company are unsecured, interest-free, and have no fixed repayment terms[43](index=43&type=chunk) - Liancheng has committed to provide unsecured interest-free shareholder loan financing of up to **RMB50,000,000** until May 30, 2026, which remained undrawn at the end of the reporting period[43](index=43&type=chunk)[62](index=62&type=chunk) [Commitments](index=20&type=section&id=%E6%89%BF%E8%AF%BA) As of June 30, 2025, the Group had no material commitments - As of June 30, 2025, the Group had no material commitments[44](index=44&type=chunk) [Related Party Transactions](index=21&type=section&id=%E5%85%B3%E8%BF%9E%E6%96%B9%E4%BA%A4%E6%98%93) This section discloses key management personnel compensation and details the acquisition agreement with Tsinghua Eastern Education Technology Group Co., Ltd. (a related party), which remained incomplete at the end of the reporting period Key Management Personnel Compensation (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Emoluments | 45 | 45 | | Salaries, allowances and benefits in kind | 162 | 162 | | Pension scheme contributions | 15 | 32 | | **Total** | **222** | **239** | - The company entered into a sale and purchase agreement with Tsinghua Eastern Education Technology Group Co., Ltd. (a related party) to acquire the entire equity interest in Tsinghua Eastern Fire Protection Technology Group Co., Ltd. and its subsidiaries for **RMB200,000,000**[45](index=45&type=chunk) - The acquisition consideration will be settled by issuing consideration shares, convertible bonds, and cash, and remained incomplete at the end of the reporting period, pending regulatory and independent shareholder approvals[45](index=45&type=chunk) [Contingent Liabilities](index=21&type=section&id=%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[46](index=46&type=chunk) [Business and Financial Review](index=22&type=section&id=%E4%B8%9A%E5%8A%A1%E5%8F%8A%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%B5) This section provides a comprehensive review of the Group's business operations and financial performance, including revenue, cost of sales, expenses, profit, and financial position metrics [Revenue Analysis](index=22&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, the Group's revenue increased by 12.5% year-on-year to RMB44.5 million, primarily driven by increased sales of pressure vessels, aquarium products, and marine fire-fighting equipment Revenue Comparison (For the six months ended June 30) | Period | Revenue (RMB '000) | YoY Growth | | :--- | :--- | :--- | | 2025 | 44,500 | 12.5% | | 2024 | 39,571 | | - Revenue growth was primarily driven by increased sales of pressure vessels, aquarium products, and marine fire-fighting equipment[47](index=47&type=chunk) [Cost of Sales and Gross Profit](index=22&type=section&id=%E9%94%80%E5%94%AE%E6%88%90%E6%9C%AC%E5%8F%8A%E6%AF%9B%E5%88%A9) For the six months ended June 30, 2025, cost of sales increased by 16% year-on-year to RMB32.195 million, and gross profit margin decreased by 2 percentage points to 28%, mainly due to reduced testing service fees with higher profit margins Cost of Sales and Gross Profit Comparison (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | | Cost of sales | 32,195 | 27,732 | Increased by 16% | | Gross profit | 12,305 | 11,839 | Increased by 3.9% | | Gross profit margin | 28% | 30% | Decreased by 2 percentage points | - The decline in gross profit margin was primarily due to reduced testing service fees, which have higher profit margins[48](index=48&type=chunk) [Other Income and Gains Analysis](index=22&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, other income and gains decreased by 53% year-on-year to RMB994,000, mainly due to reduced realized gains on financial assets at fair value through profit or loss Other Income and Gains Comparison (For the six months ended June 30) | Period | Amount (RMB '000) | YoY Change | | :--- | :--- | :--- | | 2025 | 994 | Decreased by 53% | | 2024 | 2,121 | | - The decrease was primarily due to reduced realized gains on financial assets at fair value through profit or loss[49](index=49&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=%E9%94%80%E5%94%AE%E5%8F%8A%E5%88%86%E9%94%80%E5%BC%80%E6%94%AF) For the six months ended June 30, 2025, selling and distribution expenses increased by 8% year-on-year to RMB1,946,000, mainly due to higher staff and transportation costs from increased sales of aquarium products and pressure vessels Selling and Distribution Expenses Comparison (For the six months ended June 30) | Period | Amount (RMB '000) | YoY Change | | :--- | :--- | :--- | | 2025 | 1,946 | Increased by 8% | | 2024 | 1,794 | | - The increase was primarily due to higher staff costs and transportation costs resulting from increased sales of aquarium products and pressure vessels[50](index=50&type=chunk) [Administrative Expenses](index=22&type=section&id=%E8%A1%8C%E6%94%BF%E5%BC%80%E6%94%AF) For the six months ended June 30, 2025, administrative expenses significantly increased by 72% year-on-year to RMB8,866,000, mainly due to increased legal and professional fees for the Tsinghua acquisition Administrative Expenses Comparison (For the six months ended June 30) | Period | Amount (RMB '000) | YoY Change | | :--- | :--- | :--- | | 2025 | 8,866 | Increased by 72% | | 2024 | 5,186 | | - The increase was primarily due to increased legal and professional fees related to the Tsinghua acquisition[51](index=51&type=chunk) [Finance Costs](index=23&type=section&id=%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) For the six months ended June 30, 2025, finance costs increased by 111.9% year-on-year to RMB339,000, primarily comprising bank charges and interest expenses on bank borrowings Finance Costs Comparison (For the six months ended June 30) | Period | Amount (RMB '000) | YoY Change | | :--- | :--- | :--- | | 2025 | 339 | Increased by 111.9% | | 2024 | 160 | | - Finance costs primarily comprise bank charges and interest expenses on bank borrowings[52](index=52&type=chunk) [Non-Controlling Interests](index=23&type=section&id=%E9%9D%9E%E6%8E%A7%E8%82%A1%E6%9D%83%E7%9B%8A) For the six months ended June 30, 2025, profit attributable to non-controlling interests increased by 57.6% year-on-year to RMB2,351,000, mainly due to increased profits from certain non-wholly owned subsidiaries Profit Attributable to Non-Controlling Interests Comparison (For the six months ended June 30) | Period | Amount (RMB '000) | YoY Change | | :--- | :--- | :--- | | 2025 | 2,351 | Increased by 57.6% | | 2024 | 1,492 | | - The increase was primarily due to increased profits from certain non-wholly owned subsidiaries[53](index=53&type=chunk) [Profit for the Period](index=23&type=section&id=%E6%9C%9F%E9%97%B4%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, the Group's profit for the period decreased by 63% year-on-year to RMB1,933,000, primarily due to increased administrative expenses Profit for the Period Comparison (For the six months ended June 30) | Period | Amount (RMB '000) | YoY Change | | :--- | :--- | :--- | | 2025 | 1,933 | Decreased by 63% | | 2024 | 5,265 | | - The decrease in profit for the period was primarily due to increased administrative expenses[54](index=54&type=chunk) [Income Tax](index=23&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) The general PRC enterprise income tax rate is 25%, with eligible small low-profit enterprises enjoying a preferential rate of 5% - The general PRC enterprise income tax rate is **25%**[55](index=55&type=chunk) - Eligible small low-profit enterprises pay tax at an effective rate of **5%** on the first **RMB1,000,000** and the remaining assessable profits not exceeding **RMB3,000,000**[56](index=56&type=chunk) [Net Current Assets and Current Ratio](index=24&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E4%BA%A7%E5%87%80%E5%80%BC%E5%8F%8A%E6%B5%81%E5%8A%A8%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's net current assets were RMB159,081,000, and the current ratio was 16.9, an increase from December 31, 2024, primarily due to reduced current liabilities Net Current Assets and Current Ratio Comparison | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Assets (RMB '000) | 169,092 | 178,674 | Decreased by 9,582 | | Current Liabilities (RMB '000) | 10,011 | 13,799 | Decreased by 3,788 | | Current Ratio | 16.9 | 12.9 | Increased by 4.0 | | Inventory Turnover Days | 68日 | 63日 | Increased by 5 days | - The increase in current ratio was primarily due to reduced current liabilities, specifically other payables and accrued expenses, trade payables, and lease liabilities[57](index=57&type=chunk) - The increase in inventory turnover days was due to a significant increase in inventories (finished goods) in preparation for future sales[57](index=57&type=chunk) [Borrowings](index=24&type=section&id=%E5%80%9F%E8%B4%B7) The Group fully repaid all bank borrowings on March 7, 2025, with no outstanding bank borrowings as of June 30, 2025 - The Group fully repaid all bank borrowings on **March 7, 2025**[58](index=58&type=chunk) - As of June 30, 2025, there were no outstanding bank borrowings[58](index=58&type=chunk) [Gearing Ratio](index=24&type=section&id=%E8%B5%84%E6%9C%AC%E8%B4%9F%E5%80%BA%E6%AF%94%E7%8E%87) As of June 30, 2025, the gearing ratio was 10.6%, a decrease from 16.4% as of December 31, 2024, primarily due to reduced interest-bearing bank borrowings Gearing Ratio Comparison | Period | Gearing Ratio | | :--- | :--- | | June 30, 2025 | 10.6% | | December 31, 2024 | 16.4% | - The decrease in gearing ratio was primarily due to reduced interest-bearing bank borrowings[59](index=59&type=chunk) [Capital Structure and Financial Resources](index=24&type=section&id=%E8%B5%84%E6%9C%AC%E7%BB%93%E6%9E%84%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of June 30, 2025, the company's total number of issued shares was 187,430,000, with no change in capital structure, and the Group's operations are primarily funded by internal resources, interest-bearing bank borrowings, and shareholders' equity, with committed financing from the direct holding company - As of June 30, 2025, the total number of shares issued by the company was **187,430,000**, with no change in capital structure[60](index=60&type=chunk)[61](index=61&type=chunk) - The Group's operations are primarily funded by internal resources, interest-bearing bank borrowings, and shareholders' equity[62](index=62&type=chunk) - The direct holding company, Liancheng, has committed to provide unsecured interest-free shareholder loan financing of up to **RMB50,000,000** until May 30, 2026, which remained undrawn at the end of the reporting period[62](index=62&type=chunk) [Material Investments and Acquisitions/Disposals](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E5%8F%8A%E6%94%B6%E8%B4%AD%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group had no material asset acquisitions or disposals - For the six months ended June 30, 2025, the Group had no material asset acquisitions or disposals[63](index=63&type=chunk) [Pledge of Assets](index=25&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had not pledged any of its assets - As of June 30, 2025, the Group had not pledged any of its assets[64](index=64&type=chunk) [Business Review](index=25&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B5) The Group offers CO2, water-based, and dry powder fire extinguisher products and manufactures pressure vessels compliant with international standards, having ceased manufacturing and selling fire extinguisher products since April 1, 2025, with auxiliary businesses including aquarium products and property investment - The Group's fire extinguisher products include CO2, water-based, and dry powder types, and it manufactures pressure vessels compliant with quality standards in China, the US, and the EU[65](index=65&type=chunk) - Effective **April 1, 2025**, the company resolved to cease manufacturing and selling fire extinguishers, which were consistently loss-making products within the fire-fighting equipment segment[65](index=65&type=chunk) - Auxiliary businesses include sales of aquarium products and property investment, and the Group continuously reviews non-core businesses to ensure efficiency[66](index=66&type=chunk) [Future Outlook](index=26&type=section&id=%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B) This section outlines the company's strategic direction, growth opportunities, potential risks and challenges, and initiatives to maximize shareholder value [Strategic Direction and Growth Opportunities](index=26&type=section&id=%E6%88%98%E7%95%A5%E6%96%B9%E5%90%91%E4%B8%8E%E5%A2%9E%E9%95%BF%E6%9C%BA%E4%BC%9A) The company is committed to consolidating its market position, actively seeking core business growth opportunities, and is optimistic about the growth potential of the Tsinghua acquisition, which will enable it to offer comprehensive fire safety training solutions - The company will continue to consolidate its market position and actively seek growth opportunities in its core businesses[67](index=67&type=chunk) - The Tsinghua acquisition has been approved by shareholders, and upon regulatory approvals and asset transfer completion, the target group will be integrated to provide comprehensive fire safety training solutions[67](index=67&type=chunk) - The company is confident in achieving sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[67](index=67&type=chunk) [Risks and Challenges](index=26&type=section&id=%E9%A3%8E%E9%99%A9%E4%B8%8E%E6%8C%91%E6%88%98) The Group faces macroeconomic and industry challenges such as raw material price fluctuations, rising labor costs, customer concentration risk, and foreign exchange volatility risk, while the completion of the Tsinghua acquisition remains subject to regulatory approvals, potentially affecting integration timing and certainty - The Group faces macroeconomic and industry challenges such as raw material price fluctuations, rising labor costs, customer concentration risk, and foreign exchange volatility risk[68](index=68&type=chunk) - The completion of the Tsinghua acquisition remains subject to various regulatory approvals, which may affect integration timing and certainty[68](index=68&type=chunk) [Maximizing Shareholder Value](index=26&type=section&id=%E8%82%A1%E4%B8%9C%E4%BB%B7%E5%80%BC%E6%9C%80%E5%A4%A7%E5%8C%96) The Board will drive sustainable growth by consolidating market position, expanding product and service offerings, and seizing new opportunities to maximize shareholder value, while the Group will continuously evaluate opportunities for mergers, reorganizations, and disposals of non-core businesses - The Board will drive sustainable growth and maximize shareholder value by consolidating its market position, expanding its product and service offerings, and seizing new opportunities in the fire safety sector[69](index=69&type=chunk) - The Group will evaluate opportunities for mergers, reorganizations, and, if necessary, disposals of non-core or underperforming business segments to optimize resources and enhance profitability[69](index=69&type=chunk) [Equity and Corporate Governance](index=27&type=section&id=%E8%82%A1%E6%9D%83%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details directors' and substantial shareholders' interests, employee information, and the company's adherence to corporate governance practices and policies [Directors' and Supervisors' Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%91%E4%BA%8B%E4%BA%8E%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E5%85%B3%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%80%BA%E5%88%B8%E7%9A%84%E6%9D%83%E7%9B%8A%E5%8F%8A%E6%B7%A1%E4%BB%93) As of June 30, 2025, Mr. Zhou Jinhui held a **71.05%** long position in the company's shares through a controlled corporation Directors' and Supervisors' Long Positions in the Company's Shares | Name | Manner of Holding | Number of Shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zhou Jinhui | Held by controlled corporation | 133,170,000 | 71.05% | - Mr. Zhou Jinhui holds an **80%** interest in Liancheng through Zhejiang Hengtai, and Liancheng holds **131,870,000** domestic shares and **1,300,000** H shares of the company[71](index=71&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=28&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E4%BA%8E%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E5%85%B3%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%80%BA%E5%88%B8%E7%9A%84%E6%9D%83%E7%9B%8A%E5%8F%8A%E6%B7%A1%E4%BB%93) As of June 30, 2025, Liancheng Fire Protection Group Co., Ltd., Zhejiang Hengtai Real Estate Co., Ltd., and Mr. Zhou Jinhui were substantial shareholders, holding **70.36%** and **0.69%** long positions in the company's shares respectively, with some domestic shares held by Liancheng being pledged Substantial Shareholders' Long Positions in the Company's Shares | Name/Entity | Manner of Holding | Number of Shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Liancheng Fire Protection Group Co., Ltd. | Beneficial owner | 131,870,000 (Domestic shares) | 70.36% | | | Held by controlled corporation | 1,300,000 (H shares) | 0.69% | | Zhejiang Hengtai Real Estate Co., Ltd. | Held by controlled corporation | 131,870,000 (Domestic shares) | 70.36% | | | Held by controlled corporation | 1,300,000 (H shares) | 0.69% | | Mr. Zhou Jinhui | Held by controlled corporation | 131,870,000 (Domestic shares) | 70.36% | | | Held by controlled corporation | 1,300,000 (H shares) | 0.69% | - **131,870,000** domestic shares of the company held by Liancheng have been pledged to an independent third party as collateral for a loan of **RMB198,000,000**[75](index=75&type=chunk) [Directors' and Supervisors' Interests in Contracts](index=29&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%91%E4%BA%8B%E4%BA%8E%E5%90%88%E7%BA%A6%E7%9A%84%E6%9D%83%E7%9B%8A) For the six months ended June 30, 2025, no director or supervisor had any direct or indirect material interest in any significant contract of the company, other than related party transactions disclosed in Note 16 - For the six months ended June 30, 2025, no director or supervisor had any direct or indirect material interest in any significant contract of the company, other than related party transactions[77](index=77&type=chunk) [Employees](index=29&type=section&id=%E9%9B%87%E5%91%98) As of June 30, 2025, the Group had 95 employees, with remuneration determined by market levels, performance, qualifications, and experience, contributing to defined contribution retirement schemes for eligible employees in China, maintaining good employee relations without significant labor disputes Employee Count Comparison | Period | Number of Employees | | :--- | :--- | | June 30, 2025 | 95 | | June 30, 2024 | 89 | - Remuneration is determined by market levels and individual performance, qualifications, and experience, with contributions made to defined contribution retirement schemes for eligible employees in China[78](index=78&type=chunk) - The company maintains good employee relations, with no significant labor disputes or strikes[78](index=78&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[79](index=79&type=chunk) [Dividends](index=30&type=section&id=%E8%82%A1%E6%81%AF) The Board 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[80](index=80&type=chunk) [Corporate Governance](index=30&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The company is committed to promoting good corporate governance, has complied with all code provisions of the Corporate Governance Code set out in Appendix 15 of the GEM Listing Rules, and has adopted a code of conduct for directors' securities transactions, with the Audit Committee having reviewed the unaudited financial statements for the period [Corporate Governance Practices](index=30&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A7%84) - The company has complied with all code provisions of the Corporate Governance Code set out in Appendix 15 of the GEM Listing Rules[81](index=81&type=chunk)[82](index=82&type=chunk) - The objective is to maintain responsible decision-making processes, enhance transparency in information disclosure, respect shareholders' rights, improve risk management, and boost business performance[82](index=82&type=chunk) [Directors' Securities Transactions](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E8%BF%9B%E8%A1%8C%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93) - The company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the Model Code for Securities Transactions set out in Rules 5.48 to 5.67 of the GEM Listing Rules[83](index=83&type=chunk) - Upon enquiry, all directors have complied with the relevant Model Code and code of conduct[83](index=83&type=chunk) [Audit Committee](index=31&type=section&id=%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) - The Audit Committee comprises three independent non-executive directors: Ms. Zhu Yijuan, Mr. Wang Guozhong, and Mr. Song Zizhang[84](index=84&type=chunk) - The Audit Committee's primary responsibilities include reviewing and monitoring the Group's financial reporting process and internal control systems, and it has reviewed the unaudited financial statements for the current period[84](index=84&type=chunk) [Other Information](index=31&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section provides details regarding the publication and availability of the report [Report Publication Information](index=31&type=section&id=%E6%8A%A5%E5%91%8A%E5%8F%91%E5%B8%83%E4%BF%A1%E6%81%AF) This report will be published on the GEM website and the company's website for at least seven consecutive days from the date of publication - This report will be published on the GEM website www.hkgem.com and the company's website www.shanghaiqingpu.com[85](index=85&type=chunk)

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海青浦消防器材股份有限公司 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 | 不適用 | | | 於香港聯交所上市 (註1) | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 131,870,000 | RMB | | 0.1 | RMB | | 13,187,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 131,870,000 | RMB | | 0.1 | RMB | | 13,187,000 | | 2. ...

智通财经APP讯，上海青浦消防(08115)发布2025年中期业绩，收入4450万元(人民币，下同)，同比增加 12.46%;股东应占亏损41.8万元，上年同期股东应占溢利377.3万元，同比盈转亏;每股基本亏损0.22分。 ...

Group 1 - The company Shanghai Qingpu Fire (08115) reported a mid-year performance for 2025, with revenue of 44.5 million RMB, representing a year-on-year increase of 12.46% [1] - The company experienced a loss attributable to shareholders of 418,000 RMB, a shift from a profit of 3.773 million RMB in the same period last year, indicating a transition from profit to loss [1] - The basic loss per share was reported at 0.22 cents [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 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 示 概 不 就 因 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：8115） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 佈 香 港 聯 合 交 易 所 有 限 公 司GEM的 特 色 GEM的 定 位 乃 為 相 比 其 他 在 聯 交 所 上 市 的 公 司 可 能 帶 有 較 高 投 資 風 險 的 中 小 型 公 司 提 供 一 個 上 市 的 市 場。有 意 投 資 者 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 一 般 為 中 小 型 公 司，在GEM買 賣 的 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 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，並明確表示概不就因本公佈全部或 任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） 上海青浦消防器材股份有限公司 主席 周金輝 上海，二零二五年八月十三日 董事會會議通告 上海青浦消防器材股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於二 零二五年八月二十九日（ 星期五 ）上午十時正假座中國上海市普陀區交通路4621弄 4號樓2樓舉行董事會會議，以討論以下事項： 承董事會命 於本公佈日期，執行董事為周金輝先生、史惠星先生及周國平先生；及獨立非執 行董事為王國忠先生、祝軼娟女士及宋子章先生。 * 僅供識別 （股份代號：8115） – 1 – 本公佈乃遵照GEM上市規則之規定而提供有關本公司之資料。董事願就本公佈共 同 及 個 別 承 擔 全 部 責 任 。 董 事 在 作 出 一 切 合 理 查 詢 後 ， 確 認 就 彼 等 所 深 知 及 確 信，本公佈所載資料在各 ...

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: 上海青浦消防器材股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 131,870,000 | RMB | | 0.1 | RMB | | 13,187,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 131,870,000 | RMB | | | 0.1 RMB | | 13,187,000 | | 2. ...

Financial Performance - For the first quarter of 2025, the company reported revenue of RMB 19,458,000, an increase of 17.4% compared to RMB 16,568,000 in the same period of 2024[6] - The gross profit for the same period was RMB 5,571,000, representing a 33.7% increase from RMB 4,164,000 year-over-year[6] - The net profit attributable to the company's shareholders was RMB 999,000, up from RMB 156,000, indicating a significant growth[6] - The earnings per share (EPS) for the first quarter was RMB 0.53, compared to RMB 0.08 in the previous year, reflecting a substantial improvement[6] - The group's revenue for the three months ended March 31, 2025, was RMB 19,951,000, an increase of 13.1% compared to RMB 17,513,000 for the same period in 2024[14] - For the three months ending March 31, 2025, the company recorded a basic earnings per share of approximately RMB 5.33, compared to RMB 0.83 for the same period in 2024, representing a significant increase[20] - The total revenue for the three months ending March 31, 2025, was approximately RMB 19,458,000, an increase of 17% compared to RMB 16,568,000 for the same period in 2024[24] - The overall gross profit for the same period was approximately RMB 5,571,000, with a gross profit margin of 24%, up from 19% in the previous year[25] - The company recorded a pre-tax profit of approximately RMB 1,996,000 for the three months ending March 31, 2025, compared to RMB 1,578,000 for the same period in 2024[30] Expenses and Income - The company incurred selling and distribution expenses of RMB 1,073,000, which is an increase from RMB 732,000 in the same quarter last year[6] - Administrative expenses rose to RMB 2,936,000 from RMB 2,694,000, indicating a 9% increase year-over-year[6] - The company reported other income of RMB 493,000, down from RMB 945,000 in the previous year, showing a decline in this area[6] - Financial expenses decreased slightly to RMB 59,000 from RMB 71,000, indicating improved cost management[6] - Other income and gains decreased to approximately RMB 493,000, a decline of 47% compared to RMB 945,000 in the same period last year[26] - Selling and distribution expenses increased to approximately RMB 1,073,000, a rise of 47% from RMB 732,000 in the previous year[27] - Administrative expenses rose to approximately RMB 2,936,000, reflecting a 9% increase from RMB 2,694,000 in the same period last year[28] - Financial expenses were approximately RMB 59,000, a decrease from RMB 71,000 in the previous year, primarily due to interest on bank loans[29] Business Strategy and Outlook - The company is focused on expanding its market presence and enhancing product development strategies to drive future growth[6] - The management expressed optimism about future performance, citing ongoing investments in new technologies and market expansion initiatives[6] - The company continues to focus on expanding its business in the production and sale of firefighting equipment and related services[13] - The company is optimistic about the growth potential of a significant acquisition announced on December 8, 2024, related to fire safety training services[36] - The company aims to consolidate the acquired group into a wholly-owned subsidiary to provide comprehensive fire safety training solutions, enhancing its existing product and service offerings[36] - The company maintains confidence in its ability to achieve sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[37] - The company will continue to monitor market trends and regulatory changes to maintain its competitive advantage[38] - The company plans to evaluate opportunities for mergers and reorganizations to optimize resources and enhance profitability[38] Corporate Governance and Compliance - The group has maintained consistent accounting policies in line with the International Financial Reporting Standards for the reporting period[11] - The group has not applied any new standards or interpretations that have not yet come into effect during the reporting period[12] - The group’s financial statements have been reviewed by the audit committee but are unaudited[18] - The audit committee has reviewed the unaudited financial results for the three months ending March 31, 2025, and provided recommendations and opinions[51] - The company has adhered to all corporate governance rules as stipulated in the GEM listing rules during the reporting period[47] - The company has established an audit committee to oversee financial reporting procedures and internal control systems[50] - The company has implemented a set of guidelines for directors conducting securities transactions, ensuring compliance with GEM listing rules[49] - The company has maintained transparency in disclosing information to shareholders and respecting their rights[48] Shareholder Information - The company reported a total of 131,870,000 shares held by its major shareholder, representing approximately 70.36% of the registered capital[43] - Major shareholders include Zhejiang Hengtai, which holds an 80% stake in the company, and Mr. Zhou Jinhui, who holds a 20% stake[44] - The company has not disclosed any significant contracts involving its directors and supervisors that would affect its business as of March 31, 2025[45] - The company has not reported any changes in the ownership of shares exceeding 5% as of March 31, 2025[43] - The report is published on the company's website and will be available for at least seven consecutive days starting from the report date[52] Product and Market Developments - The company will cease manufacturing and selling fire extinguishers starting April 1, 2025, due to ongoing losses in this product line[35] - The company has received product type recognition certificates for its fire extinguisher products from the China Classification Society, enhancing its competitiveness in domestic and export markets[34] - The company’s pressure vessels are manufactured under valid licenses in China and comply with quality standards in the US and EU[34] - The company is committed to strict quality standards, establishing itself as a reliable supplier of comprehensive fire safety solutions in a competitive industry[35]

Financial Performance - Revenue for the first quarter ended March 31, 2025, was RMB 19,458,000, an increase of 17.4% compared to RMB 16,568,000 in the same period of 2024[5]. - Gross profit for the same period was RMB 5,571,000, representing a gross margin of approximately 28.6%[5]. - Net profit for the first quarter was RMB 1,686,000, compared to RMB 1,085,000 in the previous year, indicating a year-over-year increase of 55.5%[5]. - Basic earnings per share for the quarter was RMB 0.53, up from RMB 0.08 in the same quarter last year[5]. - The group's revenue for the three months ended March 31, 2025, was RMB 19,951,000, an increase from RMB 17,513,000 for the same period in 2024, representing a growth of approximately 13.9%[13]. - The overall gross profit for the three months ending March 31, 2025, was approximately RMB 5,571,000, up from RMB 4,164,000 for the same period last year, with a gross profit margin of 24%, compared to 19% in the previous year, driven by higher sales of high-margin marine firefighting equipment[24]. Revenue Breakdown - Revenue from the sale of pressure vessels was RMB 6,707,000, up from RMB 5,563,000, indicating a growth of about 20.5% year-over-year[13]. - Revenue from the sale of water-related products reached RMB 7,161,000, compared to RMB 6,755,000 in the previous year, reflecting an increase of approximately 6.0%[13]. - The group generated RMB 2,947,000 from the sale of marine firefighting equipment, significantly higher than RMB 1,452,000 in the prior year, marking a growth of around 103.5%[13]. - The total rental income amounted to RMB 1,876,000, compared to RMB 1,769,000 in the previous year, showing an increase of about 6.0%[13]. Expenses and Income - Selling and distribution expenses increased to RMB 1,073,000 from RMB 732,000, reflecting a rise of 46.7%[5]. - Administrative expenses rose to RMB 2,936,000 compared to RMB 2,694,000, marking an increase of 9%[5]. - The company reported other income of RMB 493,000, down from RMB 945,000 in the previous year[5]. - Other income and gains decreased from RMB 945,000 to approximately RMB 493,000, a reduction of 47% compared to the same period last year[25]. - Financial expenses were approximately RMB 59,000, down from RMB 71,000 in the same period last year, mainly related to interest on bank loans[28]. Future Outlook and Strategy - The company has not provided specific guidance for future quarters but indicated a focus on market expansion and new product development[5]. - The company is committed to enhancing its research and development capabilities to drive innovation in its product offerings[5]. - The overall market environment remains challenging, but the company is optimistic about future growth opportunities[5]. - The company plans to cease the manufacturing and sale of fire extinguishers starting April 1, 2025, due to ongoing losses from this product line[33]. - The company remains optimistic about the growth potential of its newly announced fire safety training business following a significant acquisition[35]. - The company is committed to sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[36]. - The group will continue to monitor market trends and regulatory changes to identify new opportunities for maintaining competitive advantages[37]. - As part of strategic review, the group will assess opportunities for mergers and reorganizations, and may divest non-core or underperforming business segments to optimize resources and enhance profitability[37]. Corporate Governance - The company has adhered to all corporate governance rules as per GEM listing regulations[47]. - The company is committed to enhancing corporate governance to improve decision-making processes and risk management[48]. - A securities trading code of conduct has been adopted, ensuring compliance with GEM listing standards[49]. - The Audit Committee has been established to oversee financial reporting and internal control systems[50]. - The Audit Committee reviewed the unaudited performance for the three months ending March 31, 2025, and provided recommendations[50]. Shareholder Information - As of March 31, 2025, major shareholder Zhou Jinhui holds 71.05% of the company's shares, indicating significant insider ownership[39]. - The company has pledged 131,870,000 shares as collateral for a loan of RMB 198 million, which represents approximately 70.36% of the issued share capital[44]. - The group maintains a strong financial position and diverse business portfolio, which enhances its resilience against macroeconomic challenges[37].

Financial Performance - The group recorded total revenue of approximately RMB 84,460,000 for the year ending December 31, 2024, an increase from RMB 74,137,000 in 2023, representing a growth of about 13.9%[4][5] - The profit attributable to the owners of the company for the same period was approximately RMB 4,350,000[4] - The increase in revenue of approximately RMB 10,323,000 from the previous year indicates a positive trend in sales performance[5] - The overall gross profit for the year ending December 31, 2024, was approximately RMB 25,068,000, with a gross profit margin of 29.7%, stable compared to 29.1% for the previous year[13] - The company reported a profit attributable to owners of the company of approximately RMB 4,350,000 for the year ending December 31, 2024, down from RMB 8,521,000 the previous year, primarily due to goodwill impairment related to marine firefighting equipment[20] - Revenue for the year ended December 31, 2024, was RMB 84,460,000, an increase of 13.5% from RMB 74,137,000 in 2023[170] - Gross profit for 2024 was RMB 25,068,000, representing a gross margin of 29.6%, compared to RMB 21,550,000 in 2023[170] - The company reported a net profit of RMB 9,868,000 for 2024, down 13.9% from RMB 11,477,000 in 2023[171] - Basic and diluted earnings per share for 2024 were RMB 2.32, a decrease from RMB 4.55 in 2023[170] Expenses and Costs - Other income and gains decreased from approximately RMB 4,950,000 for the year ending December 31, 2023, to approximately RMB 4,279,000 for the year ending December 31, 2024, primarily due to a reduction in interest income[14] - Selling and distribution expenses increased by approximately 15.7%, from RMB 3,096,000 to about RMB 3,581,000, mainly due to rising transportation and employee costs[15] - Administrative expenses rose by 28.9%, from approximately RMB 11,291,000 to RMB 14,555,000, attributed to increased general administrative costs and legal and professional fees[16] - Financial expenses decreased by approximately 36.4%, from RMB 368,000 to RMB 234,000, mainly due to a decline in interest rates charged by banks[17] - Total administrative expenses increased to RMB 14,555,000 in 2024 from RMB 11,291,000 in 2023, reflecting a rise of 29.9%[170] Assets and Liabilities - As of December 31, 2024, the group's current assets amounted to RMB 178,674,000, resulting in a current ratio of 12.9, an increase from 11.9 as of December 31, 2023[21] - Trade receivables increased by 52.7% to approximately RMB 15,627,000, primarily due to increased sales of aquarium products and marine firefighting equipment[21] - The group's debt-to-equity ratio improved to 16.4% as of December 31, 2024, down from 18.9% as of December 31, 2023, indicating enhanced financial stability[22] - The net asset value of the group was approximately RMB 173,943,000 as of December 31, 2024, compared to RMB 163,024,000 as of December 31, 2023[28] - The company's total liabilities decreased from RMB 30,890,000 to RMB 29,467,000, a reduction of approximately 4.6%[173] Corporate Governance - The company has a board of directors consisting of six members, including three executive directors and three independent non-executive directors, with meetings held seven times in 2024 to discuss strategic and financial matters[42] - The audit committee held five meetings in 2024 to review the consolidated financial statements and discuss the company's financial performance and internal audit matters[48] - The company has adopted the GEM Listing Rules Appendix 15 corporate governance code, ensuring responsible decision-making and transparency in shareholder communications[40] - The company’s management team has been tasked with reviewing internal controls and risk management systems annually to ensure they meet expected goals[44] - The company has ensured compliance with the GEM Listing Rules regarding securities trading by its directors[41] Employee and Labor Relations - The group had 98 employees as of December 31, 2024, an increase from 84 employees in the previous year[29] - Employee turnover rate for the year is 17%, with 28% for males and 3% for females[86] - 50% of executive directors and senior management received training this year, with an average training hours of 20 for both male and female employees[93] - No work-related fatalities have occurred in the past three years, and there were no lost workdays due to occupational injuries[90] - The company provides competitive employment benefits, including discretionary bonuses and medical insurance, to attract and retain talent[85] Environmental, Social, and Governance (ESG) - The company is committed to environmental, social, and governance (ESG) practices, adhering to national regulations and promoting sustainable development[62] - The board of directors actively participates in overseeing ESG matters and has set annual environmental protection goals focused on eco-friendliness and energy conservation[61] - The company has implemented a diversity policy for board members, considering various factors such as gender, age, and professional experience[54] - The company emphasizes resource efficiency and has established a framework to systematically optimize resource usage[75] - The company supports the "3R" waste hierarchy (Reduce, Reuse, Recycle) to minimize waste generation[68] Shareholder Information - As of December 31, 2024, Mr. Zhou Jinhui holds 133,170,000 shares, representing approximately 71.05% of the total issued share capital[137] - The major shareholder, Liancheng Fire Group Co., Ltd., owns 131,870,000 shares, accounting for about 70.36% of the registered share capital[139] - The company has not provided any indemnity provisions for directors' liabilities during the year[134] - The company re-elected its directors on June 30, 2023, with terms lasting until the 2026 annual general meeting[132] Financial Reporting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with relevant Hong Kong regulations[185] - The company has adopted revised International Financial Reporting Standards, which did not impact its financial position or performance[189] - The group plans to apply the newly issued and amended IFRS standards when they become effective, as applicable[191] - The company adopts the acquisition method for business combinations, measuring the transferred consideration at fair value on the acquisition date[199] - Goodwill is initially measured as the excess of the transferred consideration, recognized non-controlling interest, and the fair value of previously held equity interests over the net identifiable assets acquired[200]