[Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides key corporate details including the Board of Directors, committees, statutory officers, registered offices, and financial service providers [Board of Directors](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) This section lists the executive and independent non-executive directors, noting the removal of Ms. Shen Jindan and the appointment of Mr. Geng Chuanlong - Ms. Yan Ping serves as Chairperson, and Mr. Liu Yaoguang serves as Chief Executive Officer[5](index=5&type=chunk) - Independent Non-executive Director Ms. Shen Jindan was removed on June 6, 2025, and Mr. Geng Chuanlong was appointed on August 29, 2025[5](index=5&type=chunk) [Board Committees](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E5%A7%94%E5%93%A1%E6%9C%83) This section details the composition of the Audit, Remuneration, and Nomination Committees, including adjustments due to director changes - The Audit Committee is chaired by Ms. Lian Jingyu, with members including Ms. Deng Xin, Ms. Jiang Caiying, and the newly appointed Mr. Geng Chuanlong[5](index=5&type=chunk) - The Remuneration Committee is chaired by Ms. Deng Xin, with members including Ms. Lian Jingyu, Mr. Liu Yaoguang, Ms. Jiang Caiying, and the newly appointed Mr. Geng Chuanlong[5](index=5&type=chunk) - The Nomination Committee is chaired by Ms. Yan Ping, with members including Ms. Lian Jingyu, Ms. Jiang Caiying, and the newly appointed Mr. Geng Chuanlong[5](index=5&type=chunk) [Compliance Officer](index=4&type=section&id=%E5%90%88%E8%A6%8F%E4%B8%BB%E4%BB%BB) This section identifies Mr. Xiao Jiansheng as the Company's Compliance Officer - Mr. Xiao Jiansheng serves as the Compliance Officer[5](index=5&type=chunk) [Legal Representatives](index=4&type=section&id=%E6%B3%95%E5%AE%9A%E4%BB%A3%E8%A1%A8) This section lists Ms. Yan Ping and Ms. Zhan Lijuan as the Company's Legal Representatives - Ms. Yan Ping and Ms. Zhan Lijuan are the Company's Legal Representatives[5](index=5&type=chunk) [Company Secretaries](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8) This section identifies Ms. Zhan Lijuan and Ms. Chen Leyan as the Company Secretaries - Ms. Zhan Lijuan and Ms. Chen Leyan serve as Company Secretaries[5](index=5&type=chunk) [Cayman Islands Registered Office](index=4&type=section&id=%E9%96%8B%E6%9B%BC%E7%BE%A4%E5%B3%B6%E8%A8%BB%E5%86%8A%E8%BE%A6%E4%BA%8B%E8%99%95) This section provides the Company's registered office address in the Cayman Islands - The Company's registered office is located at Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman, KY1-1108, Cayman Islands[5](index=5&type=chunk) [Head Office](index=4&type=section&id=%E7%B8%BD%E8%BE%A6%E4%BA%8B%E8%99%95) This section provides the Company's head office address in China - The Company's head office is located at Dongcheng Industrial Park, Xinping Road, Minzhong Town, Zhongshan City, Guangdong Province, China[6](index=6&type=chunk) [Principal Place of Business in Hong Kong](index=4&type=section&id=%E9%A6%99%E6%B8%AF%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) This section provides the Company's principal place of business address in Hong Kong - The Company's principal place of business in Hong Kong is located at Room 304, 3/F, Tung Kin Building, 43 Queen's Road East, Hong Kong[6](index=6&type=chunk) [Auditor](index=4&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB) This section identifies BDO Limited as the Company's Auditor - BDO Limited is the Company's Auditor[6](index=6&type=chunk) [Cayman Islands Principal Share Registrar](index=5&type=section&id=%E9%96%8B%E6%9B%BC%E7%BE%A4%E5%B3%B6%E4%B8%BB%E8%A6%81%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E8%99%95) This section provides information on the Company's principal share registrar in the Cayman Islands - Ocorian Trust (Cayman) Limited is the principal share registrar in the Cayman Islands[7](index=7&type=chunk) [Hong Kong Share Registrar Branch](index=5&type=section&id=%E9%A6%99%E6%B8%AF%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E5%88%86%E8%99%95) This section provides information on the Company's share registrar branch in Hong Kong - Tricor Investor Services Limited is the Hong Kong share registrar branch[7](index=7&type=chunk) [Principal Bankers](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E5%BE%80%E4%BE%86%E9%8A%80%E8%A1%8C) This section lists the Company's principal bankers - Principal bankers include Bank of China, Industrial and Commercial Bank of China (Asia) Limited, and Dongguan Bank Hong Kong Branch[7](index=7&type=chunk) [GEM Stock Code](index=5&type=section&id=GEM%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F) This section provides the Company's GEM stock code - The Company's GEM stock code is **8406**[7](index=7&type=chunk) [Company Website](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99) This section provides the Company's official website address - The Company's website is www.chinaoral.co[7](index=7&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the Group's financial performance for the six months ended June 30, 2025, showing a decrease in revenue but significant profit growth due to increased other income and reduced finance costs - This unaudited condensed consolidated statement of profit or loss and other comprehensive income presents the Group's financial performance for the six months ended June 30, 2025, showing a decrease in revenue compared to the same period in 2024, but a significant increase in profit for the period due to a substantial increase in other income and gains and a significant reduction in finance costs[8](index=8&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 109,263 | 124,660 | -12.4% | | Cost of Sales | (90,141) | (101,256) | -11.0% | | Gross Profit | 19,122 | 23,404 | -18.3% | | Other Income and Gains | 6,895 | 1,254 | +449.8% | | Distribution and Selling Expenses | (7,516) | (12,483) | -39.8% | | Administrative Expenses | (12,079) | (10,466) | +15.4% | | Finance Costs | (72) | (558) | -87.1% | | Profit Before Tax | 6,350 | 1,151 | +451.7% | | Income Tax Expense | (2,281) | (271) | +741.7% | | Profit for the Period | 4,069 | 880 | +362.4% | | Basic Earnings Per Share (RMB cents) | 0.30 | 0.08 | +275.0% | [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, showing a slight decrease in total assets but an increase in net current assets and net assets, reflecting an improved financial structure - This unaudited condensed consolidated statement of financial position presents the Group's assets, liabilities, and equity as of June 30, 2025, showing a slight decrease in total assets compared to December 31, 2024, but an increase in both net current assets and net assets, reflecting an improved financial structure[9](index=9&type=chunk)[10](index=10&type=chunk) Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 11,710 | 11,934 | -1.9% | | Current Assets | 182,404 | 190,525 | -4.2% | | Total Assets | 194,114 | 202,459 | -4.1% | | Current Liabilities | 51,155 | 91,763 | -44.3% | | Non-current Liabilities | 3,358 | 3,558 | -5.7% | | Net Assets | 139,601 | 107,138 | +30.3% | | Total Equity | 139,601 | 107,138 | +30.3% | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This statement details the Group's equity changes for the six months ended June 30, 2025, with total equity significantly increasing primarily due to share issuance and profit for the period - This unaudited condensed consolidated statement of changes in equity details the Group's equity changes for the six months ended June 30, 2025, with total equity significantly increasing primarily due to share issuance and profit for the period[12](index=12&type=chunk) Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | Balance at January 1, 2025 (RMB thousands) | Balance at June 30, 2025 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Share Capital | 10,059 | 12,180 | +2,121 | | Share Premium | 79,109 | 106,681 | +27,572 | | Retained Profits | (11,525) | (7,456) | +4,069 | | Total Equity | 107,138 | 139,601 | +32,463 | - In the first half of 2025, the Company raised **RMB 29,693 thousand** through share issuance[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement reflects the Group's cash flows for the six months ended June 30, 2025, showing a net cash outflow from operating activities but significant inflows from investing and financing activities, leading to a substantial increase in cash and cash equivalents at period-end - This unaudited condensed consolidated statement of cash flows reflects the Group's cash flows for the six months ended June 30, 2025, showing a net cash outflow from operating activities but significant cash inflows from investing and financing activities, leading to a substantial increase in cash and cash equivalents at period-end[13](index=13&type=chunk) Condensed Consolidated Statement of Cash Flows Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (21,430) | 2,291 | | Net Cash Generated from Investing Activities | 12,623 | 16,850 | | Net Cash Generated from/(Used in) Financing Activities | 27,304 | (4,387) | | Net Increase in Cash and Cash Equivalents | 18,497 | 14,754 | | Cash and Cash Equivalents at End of Period | 74,766 | 72,039 | - Net cash flow from operating activities changed from a net inflow of **RMB 2,291 thousand** in the same period of 2024 to a net outflow of **RMB 21,430 thousand** in the first half of 2025[13](index=13&type=chunk) - Net cash flow from financing activities changed from a net outflow of **RMB 4,387 thousand** in the same period of 2024 to a net inflow of **RMB 27,304 thousand** in the first half of 2025, primarily due to share issuance[13](index=13&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed explanatory notes to the unaudited condensed consolidated financial statements, covering general information, accounting policies, risk management, segment information, and other financial disclosures [1. General Information](index=11&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This note introduces China Oral Industry Group Holdings Limited's registration, listing status, ultimate controlling party, registered office, principal place of business, main business scope, and functional and presentation currencies - The Company was incorporated in the Cayman Islands on November 3, 2015, and listed on GEM of the Hong Kong Stock Exchange on December 7, 2017[14](index=14&type=chunk)[15](index=15&type=chunk) - The ultimate controlling party is Ms. Yan Ping, and the Group's principal businesses include manufacturing and sales of inflatable products, dental clinic services and sales of dental products, and sales of yarn and polyester fiber[16](index=16&type=chunk) - The Company's functional currency is HKD, but the condensed consolidated financial statements are presented in RMB due to its primary operations in China[16](index=16&type=chunk) [2. Basis of Presentation](index=12&type=section&id=2.%20%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) This note explains the basis of preparation for the unaudited condensed consolidated financial statements, adhering to HKFRS, Hong Kong Companies Ordinance, and GEM Listing Rules, with consistent accounting policies from the prior year, except for new standard amendments - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, the Hong Kong Companies Ordinance, and the GEM Listing Rules[17](index=17&type=chunk) - The amendment to Hong Kong Accounting Standard 21, "Lack of Exchangeability," was first applied in this period but had no significant impact on results or financial position[18](index=18&type=chunk) [3. Estimates](index=12&type=section&id=3.%20%E4%BC%B0%E8%A8%88) This note clarifies that management makes estimates and assumptions in preparing financial statements, based on past experience and future expectations, which are continuously reviewed, and that significant judgments and estimation uncertainties remain consistent with the prior year - Management is required to make estimates and assumptions regarding the carrying amounts of assets and liabilities when preparing financial statements, and actual results may differ from these estimates[19](index=19&type=chunk) - The primary sources of significant judgments and estimation uncertainties are the same as those for the consolidated financial statements for the year ended December 31, 2024[19](index=19&type=chunk) [4. Financial Risk Management and Financial Instruments](index=13&type=section&id=4.%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) This note outlines the Group's financial risks, including interest rate, credit, and liquidity risks, noting no significant changes in risk management policies since the last year-end, and that the carrying amounts of receivables and payables approximate their fair values - The Group faces interest rate risk, credit risk, and liquidity risk[20](index=20&type=chunk) - There have been no significant changes in risk management policies and liquidity management policies since the end of 2024[21](index=21&type=chunk)[22](index=22&type=chunk) - The carrying amounts of receivables and payables approximate their fair values[23](index=23&type=chunk) [4.1 Financial Risk Factors](index=13&type=section&id=4.1%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E5%9B%A0%E7%B4%A0) This sub-section identifies the Group's exposure to interest rate, credit, and liquidity risks, emphasizing no changes in risk management policies since the last year-end - The Group faces interest rate risk, credit risk, and liquidity risk[20](index=20&type=chunk) - There have been no changes in risk management policies since the year-end[21](index=21&type=chunk) [4.2 Liquidity Risk](index=13&type=section&id=4.2%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E9%A2%A8%E9%9A%AA) This sub-section describes the Group's liquidity and capital risk management policies and practices, which remain unchanged from the year ended December 31, 2024 - There have been no significant changes in the Group's liquidity and capital risk management policies and practices[22](index=22&type=chunk) [4.3 Fair Value Estimation](index=13&type=section&id=4.3%20%E5%85%AC%E5%B9%B3%E5%80%BC%E4%BC%B0%E8%A8%88) This sub-section states that the carrying amounts of receivables and payables approximate their fair values and explains the fair value estimation methods for financial liabilities - The carrying amounts of receivables and payables approximate their fair values[23](index=23&type=chunk) [5. Segment Information](index=13&type=section&id=5.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This note segments the Group's business into inflatable products, dental clinics, and yarn and polyester based on internal reporting, providing analysis of revenue, results, assets, and liabilities for each segment, as well as geographical revenue data - The Group's businesses are divided into three segments: inflatable products business, dental clinic business, and yarn and polyester business[25](index=25&type=chunk) - All businesses are located in China and Hong Kong, and all non-current assets (excluding goodwill) are located in China[30](index=30&type=chunk) [Segment Revenue and Results](index=14&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E5%85%A5%E5%8F%8A%E6%A5%AD%E7%B8%BE) This sub-section details the revenue and results contributions of each operating segment (inflatable products, dental clinics, yarn and polyester) for the first half of 2025 and 2024, showing decreased inflatable product revenue but improved results, and significant growth in yarn and polyester revenue and results Segment Revenue and Results (RMB thousands) | Segment | H1 2025 Revenue | H1 2024 Revenue | Revenue Change (%) | H1 2025 Results | H1 2024 Results | Results Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inflatable Products Business | 80,872 | 103,565 | -21.9% | 7,048 | (240) | N/A | | Dental Clinic Business | 7,202 | 7,092 | +1.55% | 1,499 | 1,602 | -6.5% | | Yarn and Polyester Business | 21,189 | 14,003 | +51.3% | 1,615 | 355 | +354.9% | | Total | 109,263 | 124,660 | -12.4% | 10,162 | 1,717 | +491.8% | [Segment Assets and Liabilities](index=15&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) This sub-section provides an analysis of the Group's segment assets and liabilities as of June 30, 2025, and December 31, 2024, indicating a reduction in both assets and liabilities for the inflatable products business, while dental clinic and yarn and polyester businesses remained relatively stable or saw slight changes Segment Assets and Liabilities (RMB thousands) | Segment | June 30, 2025 Assets | December 31, 2024 Assets | Asset Change (%) | June 30, 2025 Liabilities | December 31, 2024 Liabilities | Liability Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inflatable Products Business | 50,281 | 69,701 | -27.9% | 21,164 | 53,222 | -60.2% | | Dental Clinic Business | 33,103 | 33,640 | -1.6% | 6,250 | 8,467 | -26.2% | | Yarn and Polyester Business | 28,008 | 31,578 | -11.3% | 6,505 | 10,203 | -36.2% | | Consolidated Assets | 194,114 | 202,459 | -4.1% | N/A | N/A | N/A | | Consolidated Liabilities | 54,513 | 95,321 | -42.8% | N/A | N/A | N/A | [Geographical Information](index=17&type=section&id=%E5%9C%B0%E5%8D%80%E8%B3%87%E6%96%99) This sub-section states that all of the Group's operations are located in China and Hong Kong, and all non-current assets (excluding goodwill) are located in China, thus no geographical analysis is presented, but provides revenue data by geographical segment - All of the Group's businesses are located in China and Hong Kong, and all non-current assets (excluding goodwill) are located in China[30](index=30&type=chunk) Revenue by Geographical Segment (RMB thousands) | Region | H1 2025 Revenue | H1 2024 Revenue | Change (%) | | :--- | :--- | :--- | :--- | | China | 31,462 | 30,651 | +2.6% | | Europe | 5,688 | 5,637 | +0.9% | | North America | 45,837 | 78,594 | -41.7% | | Asia | 24,679 | 7,600 | +224.7% | | Total | 109,263 | 124,660 | -12.4% | [6. Revenue](index=17&type=section&id=6.%20%E6%94%B6%E5%85%A5) This note details the Group's revenue composition for the six months ended June 30, 2025, primarily from sales of inflatable products, dental clinic services, and sales of yarn and polyester, with total revenue decreasing by 12.4% year-on-year Revenue Composition (RMB thousands) | Revenue Source | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales of inflatable products and related accessories | 79,698 | 103,126 | -22.7% | | Subcontracting income | 1,174 | 439 | +167.4% | | Provision of dental clinic services | 7,202 | 7,092 | +1.55% | | Sales of yarn and polyester | 21,189 | 14,003 | +51.3% | | Total | 109,263 | 124,660 | -12.4% | [7. Other Income and Gains](index=18&type=section&id=7.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E6%88%96%E6%94%B6%E7%9B%8A) This note presents the Group's other income and gains for the six months ended June 30, 2025, with the total significantly increasing by 449.8%, primarily due to a net gain on disposal of assets and liabilities classified as held for sale Other Income and Gains (RMB thousands) | Item | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 272 | 263 | +3.4% | | Net exchange gain | – | 901 | -100% | | Grants and subsidies | 72 | 81 | -11.1% | | Net gain on disposal of assets and liabilities classified as held for sale | 6,551 | – | N/A | | Total | 6,895 | 1,254 | +449.8% | [8. Finance Costs](index=18&type=section&id=8.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) This note explains the Group's finance costs for the six months ended June 30, 2025, with the total decreasing significantly by 87.1% year-on-year, mainly due to reduced interest on lease liabilities and bank borrowings Finance Costs (RMB thousands) | Item | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 72 | 417 | -82.7% | | Interest on bank borrowings | – | 141 | -100% | | Total | 72 | 558 | -87.1% | [9. Income Tax Expense](index=19&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) This note presents the Group's income tax expense for the six months ended June 30, 2025, with the total significantly increasing by 741.7% year-on-year, primarily due to higher Hong Kong profits tax and PRC enterprise income tax Income Tax Expense (RMB thousands) | Item | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 600 | 211 | +184.4% | | PRC enterprise income tax | 1,681 | 60 | +2701.7% | | Total | 2,281 | 271 | +741.7% | - Hong Kong profits tax operates under a two-tiered system, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[36](index=36&type=chunk) - PRC subsidiaries are subject to enterprise income tax at a rate of **25%**, unless preferential tax rates apply[37](index=37&type=chunk) [10. Profit for the Period](index=20&type=section&id=10.%20%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4) This note lists the expenses deducted in calculating the profit for the period, including cost of inventories, depreciation, amortization, exchange losses, and employee benefit expenses Profit for the Period Deductions (RMB thousands) | Item | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories recognized as expense | 88,231 | 101,256 | -12.8% | | Depreciation of property, plant and equipment | 218 | 344 | -36.7% | | Depreciation of right-of-use assets | 621 | 541 | +14.8% | | Total employee benefit expenses | 24,194 | 26,096 | -7.3% | [11. Earnings Per Share](index=20&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This note explains the calculation of basic and diluted earnings per share attributable to owners of the Company, showing basic earnings per share of **RMB 0.30 cents** for the first half of 2025, a significant increase from the same period in 2024 Earnings Per Share Data | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company used in calculating basic earnings per share (RMB thousands) | 4,069 | 880 | +362.4% | | Weighted average number of ordinary shares used in calculating basic earnings per share (thousands) | 1,339,028 | 1,112,308 | +20.4% | | Basic Earnings Per Share (RMB cents) | 0.30 | 0.08 | +275.0% | | Diluted Earnings Per Share (RMB cents) | 0.30 | 0.08 | +275.0% | [12. Dividends](index=21&type=section&id=12.%20%E8%82%A1%E6%81%AF) This note states that the Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[41](index=41&type=chunk) [13. Property, Plant and Equipment](index=21&type=section&id=13.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) This note provides details of the Group's property, plant and equipment cost, accumulated depreciation, and carrying amounts, showing a total carrying amount of **RMB 1,583 thousand** as of June 30, 2025, a slight decrease from the end of 2024 Property, Plant and Equipment Carrying Amounts (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Leasehold improvements | 140 | 224 | -37.5% | | Plant and machinery | 38 | 40 | -5.0% | | Medical equipment | 1,364 | 1,458 | -6.5% | | Motor vehicles | 12 | 12 | 0.0% | | Furniture and fixtures | 29 | 53 | -45.3% | | Total | 1,583 | 1,787 | -11.4% | [14. Intangible Assets](index=21&type=section&id=14.%20%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) This note states that the Group paid approximately **RMB 35,000** for the acquisition of intangible assets during the period - The Group paid approximately **RMB 35,000** for the acquisition of intangible assets during the period (2024: nil)[43](index=43&type=chunk) [15. Trade Receivables](index=22&type=section&id=15.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This note details the Group's trade receivables and their ageing analysis as of June 30, 2025, with the total significantly increasing year-on-year, primarily from the inflatable products business and yarn and polyester business Trade Receivables Composition (RMB thousands) | Business | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Inflatable Products Business | 27,850 | 15,235 | +82.8% | | Dental Clinic Business | 10,436 | 13,937 | -25.2% | | Yarn and Polyester Business | 11,844 | 6,641 | +78.3% | | Provision for credit losses | (2,034) | (2,038) | -0.2% | | Total | 48,096 | 33,775 | +42.4% | - The credit period granted to customers ranges from **0 to 270 days**, and no interest is charged on overdue receivables[44](index=44&type=chunk) Ageing Analysis of Trade Receivables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | 0–30 days | 8,217 | 20,537 | -60.0% | | 31–60 days | 15,497 | 3,932 | +294.1% | | 61–90 days | 11,366 | 1,821 | +524.2% | | 91–120 days | 5,808 | 4,080 | +42.3% | | 121–365 days | 7,208 | 3,405 | +111.7% | | Total | 48,096 | 33,775 | +42.4% | [16. Trade and Other Payables](index=23&type=section&id=16.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) This note lists the Group's trade and other payables and their ageing analysis as of June 30, 2025, with the total significantly decreasing year-on-year, primarily due to reductions in trade payables, accrued salaries and other benefits, and other payables Trade and Other Payables Composition (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 10,232 | 16,090 | -36.4% | | Accrued salaries and other benefits | 9,600 | 10,890 | -11.8% | | Other payables and accrued charges | 12,426 | 17,072 | -27.2% | | Total | 32,258 | 48,415 | -33.4% | Ageing Analysis of Trade Payables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | 0–30 days | 4,365 | 9,145 | -52.3% | | 31–60 days | 1,696 | 3,682 | -53.9% | | 61–90 days | 1,366 | 1,693 | -19.3% | | 91–120 days | 2,104 | 881 | +138.8% | | 121–365 days | 655 | 454 | +44.3% | | Over 365 days | 46 | 235 | -80.5% | | Total | 10,232 | 16,090 | -36.4% | [17. Share Capital](index=24&type=section&id=17.%20%E8%82%A1%E6%9C%AC) This note provides details of the Company's authorized and issued ordinary share capital, showing an increase in issued share capital as of June 30, 2025, due to the issuance of new shares Share Capital Details | Item | June 30, 2025 (thousands of shares) | December 31, 2024 (thousands of shares) | Change (thousands of shares) | | :--- | :--- | :--- | :--- | | Number of authorized ordinary shares | 2,000,000 | 2,000,000 | 0 | | Number of issued and fully paid ordinary shares | 1,368,000 | 1,140,000 | +228,000 | | Equivalent to RMB (thousands) | 12,180 | 10,059 | +2,121 | - On January 24, 2025, the Company issued **228,000,000 ordinary shares** to subscribers at an issue price of **HKD 0.14 per share**, raising net proceeds of approximately **HKD 31,720,000**[47](index=47&type=chunk) [Management Discussion and Analysis](index=25&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides a comprehensive review and analysis of the Group's business operations, financial performance, liquidity, capital structure, and future outlook [Business Review and Outlook](index=25&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) This sub-section reviews the Group's 20-year experience in inflatable products and highlights its diversification strategy since 2023 into dental clinic services and yarn and polyester sales through acquisitions - The Group has **20 years of experience** in designing, manufacturing, and selling inflatable amusement parks and other inflatable products[49](index=49&type=chunk) - In January 2023, the Group acquired Hong Kong Shengke Holdings Limited, expanding into dental clinic services and sales of dental products[50](index=50&type=chunk) - In January 2024, the Group acquired Hong Kong Taixing Holdings Limited, expanding into sales of yarn and polyester[50](index=50&type=chunk) [Financial Review](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This sub-section provides a detailed analysis of the Group's financial performance for the six months ended June 30, 2025, covering changes in revenue, cost of sales, gross profit, other income and gains, various expenses, finance costs, and profit for the period, noting no interim dividend recommendation - Total revenue decreased by **12.4%** to **RMB 109,263 thousand**[51](index=51&type=chunk) - Revenue from sales of yarn and polyester fiber increased by **51.3%**, dental clinic services revenue increased by **1.55%**, while inflatable products sales revenue decreased by **21.9%**[51](index=51&type=chunk) - Profit for the period significantly increased by **362.4%** to **RMB 4,069 thousand**[58](index=58&type=chunk) [Revenue](index=25&type=section&id=%E6%94%B6%E5%85%A5) This sub-section analyzes the Group's revenue performance across its business segments, with total revenue decreasing by 12.4% year-on-year, primarily due to a significant reduction in inflatable products revenue, offset by substantial growth in yarn and polyester business revenue Revenue Composition and Change (RMB thousands) | Business | H1 2025 Revenue | H1 2024 Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Sales of inflatable products and related accessories | 80,872 | 103,565 | -21.9% | | Provision of dental clinic services | 7,202 | 7,092 | +1.55% | | Sales of yarn and polyester fiber | 21,189 | 14,003 | +51.3% | | Total Revenue | 109,263 | 124,660 | -12.4% | [Cost of Sales](index=25&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) This sub-section states that the cost of sales for the period was approximately **RMB 90,141 thousand**, a decrease of approximately **11.0%** compared to the same period in 2024 Cost of Sales (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 90,141 | 101,256 | -11.0% | [Gross Profit and Gross Profit Margin](index=26&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) This sub-section analyzes the Group's gross profit and gross profit margin, with total gross profit decreasing by 18.3% year-on-year and the overall gross profit margin declining by 1.3 percentage points to 17.5%, mainly due to slight decreases in inflatable products and dental clinic business gross profit margins, but a significant increase in yarn and polyester business gross profit margin Gross Profit and Gross Profit Margin (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 19,122 | 23,404 | -18.3% | | Overall Gross Profit Margin | 17.5% | 18.8% | -1.3 percentage points | | Inflatable Products Business Gross Profit Margin | 17.1% | 18.9% | -1.8 percentage points | | Dental Clinic Business Gross Profit Margin | 42.0% | 43.1% | -1.1 percentage points | | Yarn and Polyester Sales Business Gross Profit Margin | 10.8% | 5.83% | +4.97 percentage points | [Other Income and Gains](index=26&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) This sub-section states that total other income and gains for the period significantly increased by **449.8%**, primarily due to a net gain on disposal of assets and liabilities classified as held for sale of approximately **RMB 6,551 thousand** Other Income and Gains (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Other Income and Gains | 6,895 | 1,254 | +449.8% | | Net gain on disposal of assets and liabilities classified as held for sale | 6,551 | – | N/A | [Distribution and Selling Expenses](index=26&type=section&id=%E5%88%86%E9%8A%B7%E5%8F%8A%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) This sub-section states that total distribution and selling expenses for the period were approximately **RMB 7,516 thousand**, a decrease of approximately **39.8%** compared to the same period in 2024 Distribution and Selling Expenses (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Distribution and Selling Expenses | 7,516 | 12,483 | -39.8% | [Administrative Expenses](index=26&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) This sub-section states that administrative expenses for the period were approximately **RMB 12,079 thousand**, an increase of approximately **15.4%** compared to the same period in 2024 Administrative Expenses (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 12,079 | 10,466 | +15.4% | [Finance Costs](index=26&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) This sub-section states that finance costs for the period were approximately **RMB 72 thousand**, a significant decrease of **87.1%** compared to the same period in 2024, primarily due to reduced interest on lease liabilities and bank borrowings Finance Costs (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 72 | 558 | -87.1% | | Decrease in interest on lease liabilities | 345 | N/A | N/A | | Decrease in interest on bank borrowings | 141 | N/A | N/A | [Profit for the Period](index=26&type=section&id=%E6%9C%AC%E6%9C%9F%E9%96%93%E5%88%A9%E6%BD%A4) This sub-section states that the profit for the period was approximately **RMB 4,069 thousand**, a significant increase of **362.4%** compared to the same period in 2024 Profit for the Period (RMB thousands) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 4,069 | 880 | +362.4% | [Dividends](index=26&type=section&id=%E8%82%A1%E6%81%AF) This sub-section states that the Board of Directors does not recommend the payment of any interim dividend for the period, consistent with the same period in 2024 - The Board of Directors does not recommend the payment of any interim dividend for the period (2024: nil)[59](index=59&type=chunk) [Liquidity, Financial Resources, Capital Structure and Gearing Ratio](index=27&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E3%80%81%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) This sub-section analyzes the Group's liquidity position, showing an increase in total equity attributable to owners of the Company, improved current and quick ratios, and a low gearing ratio as of June 30, 2025, indicating a sound financial position Liquidity and Capital Structure Indicators | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company (RMB thousands) | 139,259 | 107,138 | +30.0% | | Current Ratio | 3.57 | 2.08 | +71.6% | | Quick Ratio | 2.08 | 1.43 | +45.5% | | Bank Borrowings (RMB thousands) | 676 | 676 | 0.0% | | Gearing Ratio | 0.5% | 0.6% | -0.1 percentage points | - The Directors believe the Group's financial position is sound, enabling it to expand its core businesses and achieve its business objectives[60](index=60&type=chunk) [Material Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments or Capital Assets](index=27&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%EF%BC%8C%E4%BB%A5%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) This sub-section states that the Group had no other material investments, acquisitions, or disposals of subsidiaries or associates during the period - During the period, the Group had no other material investments, material acquisitions, or disposals of subsidiaries or associates[61](index=61&type=chunk) [Contingent Liabilities](index=27&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) This sub-section states that the Group had no material contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no material contingent liabilities (December 31, 2024: nil)[62](index=62&type=chunk) [Pledge of Assets](index=27&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) This sub-section states that the Group had no assets pledged for bank borrowings or other purposes as of June 30, 2025 - As of June 30, 2025, the Group had no assets pledged for bank borrowings or other purposes (December 31, 2024: nil)[63](index=63&type=chunk) [Commitments](index=27&type=section&id=%E6%89%BF%E6%93%94) This sub-section states that the Company had no contractual commitments for the acquisition of property, plant and equipment as of June 30, 2025 - As of June 30, 2025, the Company had no contractual commitments for the acquisition of property, plant and equipment (December 31, 2024: nil)[64](index=64&type=chunk) [Events After Reporting Period](index=27&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This sub-section discloses a significant post-reporting period event: the Company's proposal to create additional shares to increase authorized share capital, terminate the old share option scheme, and adopt a new one, with an Extraordinary General Meeting scheduled for August 29, 2025 - On August 8, 2025, the Company proposed to create **3,000,000,000 new shares**, increasing the authorized share capital from **HKD 20 million** to **HKD 50 million**[65](index=65&type=chunk) - The Company plans to terminate the 2017 Share Option Scheme and adopt a new share option scheme[65](index=65&type=chunk) - An Extraordinary General Meeting is scheduled for August 29, 2025, to consider these matters[65](index=65&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) This sub-section discusses the Group's foreign exchange risk, primarily due to most revenue being denominated in USD and costs in RMB, where fluctuations between RMB and USD exchange rates could significantly impact results, with limited hedging capabilities due to RMB's non-convertibility - The Group's majority of revenue is denominated in USD, while product costs are denominated in RMB, and fluctuations in the RMB to USD exchange rate could have a significant impact[66](index=66&type=chunk) - The Group currently has no formal foreign exchange hedging policy, and its ability to mitigate foreign exchange risk is limited due to the non-convertibility of RMB[66](index=66&type=chunk) [Treasury Policy](index=28&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) This sub-section outlines the Group's treasury policy, focusing on credit risk management by transacting only with customers with good credit records and reputable banks to mitigate risks associated with trade receivables and bank deposits - The Group's credit risk primarily arises from trade receivables and bank deposits[67](index=67&type=chunk) - A policy of transacting only with customers with good collection track records and banks with good credit ratings has been adopted[67](index=67&type=chunk) - No bad debt provisions were recognized for the six months ended June 30, 2025, and 2024[67](index=67&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) This sub-section provides the Group's employee numbers and remuneration policy, with **551 full-time employees** as of June 30, 2025, a year-on-year decrease in total employee remuneration, and details the benefits provided Employees and Remuneration Data | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of full-time employees | 551 | 544 | +7 | | Total employee remuneration (RMB thousands) | 24,194 | 26,096 | -7.3% | - The Group provides employees with discretionary bonuses, social insurance, housing provident fund, and MPF contributions, and may grant share options[68](index=68&type=chunk) [Use of Proceeds from Share Subscription](index=29&type=section&id=%E5%8B%9F%E9%9B%86%E8%B3%87%E9%87%91%E8%AA%8D%E8%B3%BC%E8%82%A1%E4%BB%BD%E7%9A%84%E7%94%A8%E9%80%94) This sub-section explains that the Company completed a share subscription on January 24, 2025, raising net proceeds of approximately **HKD 31.72 million**, of which **HKD 11.72 million** has been used for general working capital, and **HKD 20 million** is unutilized and planned for identifying potential acquisition or investment opportunities - On January 24, 2025, the Company completed a share subscription, raising net proceeds of approximately **HKD 31,720,000**[69](index=69&type=chunk) Use of Proceeds (HKD millions) | Planned Use | Planned Amount | Utilized | Unutilized | | :--- | :--- | :--- | :--- | | Identifying potential acquisition or investment opportunities | 20 | – | 20 | | General working capital | 11.72 | 11.72 | – | | Total | 31.72 | 11.72 | 20 | [Corporate Governance and Other Information](index=29&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers corporate governance practices, directors' and shareholders' interests, share option schemes, potential conflicts of interest, and compliance with listing rules [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=29&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This sub-section discloses the long positions of directors and chief executives in the Company's ordinary shares as of June 30, 2025, with Ms. Yan Ping holding **31.04%** equity through a controlled corporation Directors'/Chief Executive's Long Positions in Ordinary Shares of the Company | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Yan Ping | Person with interest in controlled corporation | 424,560,000 | 31.04% | - Save for Ms. Yan Ping, no other directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any associated corporation[72](index=72&type=chunk) [Substantial and Other Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=30&type=section&id=%E4%B8%BB%E8%A6%81%E5%8F%8A%E5%85%B6%E4%BB%96%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This sub-section states that as of June 30, 2025, no other persons or corporations, apart from the Company's directors or chief executives, held disclosable interests or short positions of **5% or more** in the Company's shares and underlying shares under the Securities and Futures Ordinance - As of June 30, 2025, save for the directors or chief executives of the Company, no other persons or corporations held disclosable interests or short positions of **5% or more** in the Company's shares and underlying shares under the Securities and Futures Ordinance[73](index=73&type=chunk) [Share Option Scheme](index=30&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) This sub-section introduces the Company's 2017 Share Option Scheme, designed to reward and retain talent, and discloses details of **80,000,000 share options** granted on June 6, 2025, including their exercise price and vesting period - The Company adopted a Share Option Scheme on November 15, 2017, to reward and retain eligible participants[74](index=74&type=chunk) - On June 6, 2025, a total of **80,000,000 share options** were granted to eleven grantees, with an exercise price of **HKD 0.095 per share**[74](index=74&type=chunk) - The share options are exercisable from June 6, 2026, to June 5, 2035, and will vest on June 6, 2026[74](index=74&type=chunk) [Competition and Conflicts of Interest](index=30&type=section&id=%E7%AB%B6%E7%88%AD%E5%8F%8A%E5%88%A9%E7%9B%8A%E8%A1%9D%E7%AA%81) This sub-section declares that during the period, no directors, controlling shareholders, or substantial shareholders of the Company, or their respective close associates, engaged in any business that competes or may compete with the Group's business, nor were there any other conflicts of interest - During the period, no directors, controlling shareholders, or substantial shareholders of the Company, or their respective close associates, engaged in any business that competes or may compete with the Group's business[75](index=75&type=chunk) - There were no other conflicts of interest with the Group[75](index=75&type=chunk) [Directors' Securities Transactions](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E7%9A%84%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) This sub-section confirms that the Company has adopted a code of conduct for directors' securities dealings and, upon enquiry, all directors have confirmed compliance with the relevant standards and code during the period - The Company has adopted a code of conduct for directors' securities dealings, and all directors have confirmed compliance with the required standard of dealings during the period[77](index=77&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=31&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%AD%89%E5%88%B8) This sub-section states that neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities[78](index=78&type=chunk) [Corporate Governance Code](index=31&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) This sub-section states that the Company has applied the principles and complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules during the period - The Company has applied and complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules[79](index=79&type=chunk) [Changes in Directors' Information](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E4%B9%8B%E8%AE%8A%E6%9B%B4) This sub-section discloses changes in directors' information, specifically the removal of Ms. Shen Jindan as an independent non-executive director of the Company, effective June 6, 2025 - Ms. Shen Jindan was removed as an independent non-executive director of the Company, effective June 6, 2025[80](index=80&type=chunk) [Audit Committee](index=31&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) This sub-section describes the Audit Committee's composition, terms of reference, and primary responsibilities, confirming that the committee has reviewed the unaudited condensed financial results for the period and found them to be in compliance with accounting standards, GEM Listing Rules, and adequately disclosed - The Audit Committee was established on June 20, 2017, comprising all three independent non-executive directors, with Ms. Lian Jingyu as Chairperson[81](index=81&type=chunk) - Its primary responsibilities include reviewing and overseeing the Group's financial reporting process and internal control procedures[81](index=81&type=chunk) - The Audit Committee has reviewed the unaudited condensed financial results for the period and found them to comply with applicable accounting standards, GEM Listing Rules, and to be adequately disclosed[81](index=81&type=chunk)

Company Information The company's profile includes its board composition, contact details, and listing information on the HKEX GEM [Board of Directors and Committee Composition](index=6&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) The board comprises three executive and four independent non-executive directors, and committee memberships have changed - The board includes three executive directors (Ms. Yan Ping, Mr. Liu Yaoguang, Mr. Xiao Jiansheng) and four independent non-executive directors (Ms. Deng Xin, Ms. Lian Jingyu, Ms. Jiang Caiying, Mr. Geng Chuanlong)[12](index=12&type=chunk) - Ms. Shen Jindan was removed as an independent non-executive director and a member of the audit and nomination committees on **June 6, 2025**[12](index=12&type=chunk) - Mr. Geng Chuanlong was appointed as an independent non-executive director and a member of the audit, remuneration, and nomination committees on **August 29, 2025**[12](index=12&type=chunk) [Company Contact and Listing Information](index=6&type=section&id=Company%20Contact%20and%20Listing%20Information) The company is registered in the Cayman Islands, with main operations in China and Hong Kong, audited by Union Power CPA Limited, and listed on HKEX GEM with stock code 8406 - The company is registered in the Cayman Islands, with its principal place of business in Hong Kong at Unit 304, 3/F, Tung Wai Commercial Building, 43 Queen's Road East, Hong Kong[13](index=13&type=chunk) - The auditor is Union Power CPA Limited[13](index=13&type=chunk) - The company is listed on the GEM of The Stock Exchange of Hong Kong Limited, stock code **8406**[14](index=14&type=chunk) Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This section presents the unaudited condensed consolidated statement of profit or loss and other comprehensive income for the period [Profit or Loss and Comprehensive Income Overview](index=8&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, revenue decreased by 12.4% to RMB 109,263 thousand, but profit for the period significantly increased by 362.4% to RMB 4,069 thousand, driven by higher other income and lower finance costs Key Profit or Loss Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 109,263 | 124,660 | -12.4% | | Cost of sales | (90,141) | (101,256) | -11.0% | | Gross profit | 19,122 | 23,404 | -18.3% | | Other income and gains | 6,895 | 1,254 | +449.8% | | Distribution and selling expenses | (7,516) | (12,483) | -39.8% | | Administrative expenses | (12,079) | (10,466) | +15.4% | | Finance costs | (72) | (558) | -87.1% | | Profit before tax | 6,350 | 1,151 | +451.7% | | Income tax expense | (2,281) | (271) | +741.7% | | Profit for the period | 4,069 | 880 | +362.4% | | Total comprehensive income for the period | 3,293 | 1,842 | +78.8% | | Basic earnings per share (RMB cents) | 0.30 | 0.08 | +275.0% | - Profit for the period significantly increased by **362.4%**, primarily driven by a substantial increase in other income and gains (**+449.8%**) and a significant reduction in finance costs (**-87.1%**)[15](index=15&type=chunk) Unaudited Condensed Consolidated Statement of Financial Position This section presents the unaudited condensed consolidated statement of financial position, detailing assets, liabilities, and equity [Balance Sheet Overview](index=9&type=section&id=Balance%20Sheet%20Overview) As of June 30, 2025, total assets slightly decreased, but net current assets and net assets significantly increased, reflecting improved liquidity and growth in shareholders' equity Key Financial Position Data (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 11,710 | 11,934 | -224 | -1.9% | | Current assets | 182,404 | 190,525 | -8,121 | -4.3% | | Total assets | 194,114 | 202,459 | -8,345 | -4.1% | | Current liabilities | 51,155 | 91,763 | -40,608 | -44.2% | | Non-current liabilities | 3,358 | 3,558 | -200 | -5.6% | | Net assets | 139,601 | 107,138 | +32,463 | +30.3% | | Share capital | 12,180 | 10,059 | +2,121 | +21.1% | | Reserves | 127,421 | 97,079 | +30,342 | +31.2% | | Total equity | 139,601 | 107,138 | +32,463 | +30.3% | - Current liabilities significantly decreased by **44.2%**, leading to a substantial improvement in liquidity, with net current assets increasing from RMB 98,762 thousand to **RMB 131,249 thousand**[17](index=17&type=chunk) - Net assets and total equity both increased by over **30%**, primarily due to increases in share capital and reserves[17](index=17&type=chunk) Unaudited Condensed Consolidated Statement of Changes in Equity This section presents the unaudited condensed consolidated statement of changes in equity, outlining movements in share capital and reserves [Analysis of Changes in Equity](index=11&type=section&id=Analysis%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity increased to RMB 139,601 thousand, mainly due to increased share capital and share premium from share issuance, and profit for the period, despite a decrease in foreign currency translation reserve Key Equity Movement Data (Six Months Ended June 30) | Indicator | January 1, 2025 (RMB thousands) | Share Issue (RMB thousands) | Profit for the Period (RMB thousands) | Other Comprehensive Expense (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share capital | 10,059 | 2,121 | – | – | 12,180 | | Share premium | 79,109 | 27,572 | – | – | 106,681 | | Statutory reserve | 9,567 | (523) | – | – | 9,044 | | Foreign currency translation reserve | 2,499 | – | – | (776) | 1,723 | | Retained profits | (11,525) | – | 4,069 | – | (7,456) | | Total equity | 107,138 | 29,693 | 4,069 | (776) | 139,601 | - Share issuance contributed **RMB 29,693 thousand** to the increase in equity, serving as the primary driver for this period's equity growth[19](index=19&type=chunk) - Profit for the period contributed **RMB 4,069 thousand**, but foreign currency translation reserve decreased by **RMB 776 thousand** due to exchange differences[19](index=19&type=chunk) Unaudited Condensed Consolidated Statement of Cash Flows This section presents the unaudited condensed consolidated statement of cash flows, summarizing cash movements from operating, investing, and financing activities [Cash Flow Overview](index=12&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the company experienced a net cash outflow from operating activities of RMB 21,430 thousand, but positive cash flows from investing and financing activities resulted in a net increase in cash and cash equivalents of RMB 18,497 thousand, with a period-end cash balance of RMB 74,766 thousand Key Cash Flow Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (21,430) | 2,291 | -23,721 | | Net cash generated from investing activities | 12,623 | 16,850 | -4,227 | | Net cash generated from / (used in) financing activities | 27,304 | (4,387) | +31,691 | | Net increase in cash and cash equivalents | 18,497 | 14,754 | +3,743 | | Cash and cash equivalents at end of period | 74,766 | 72,039 | +2,727 | - Net cash flow from operating activities shifted from a net inflow in the prior period to a net outflow of **RMB 21,430 thousand**, primarily due to changes in working capital[20](index=20&type=chunk) - Net cash inflow from financing activities amounted to **RMB 27,304 thousand**, mainly from proceeds of share issuance, significantly improving the overall cash position[20](index=20&type=chunk) Notes to the Unaudited Condensed Consolidated Financial Statements This section provides detailed notes to the unaudited condensed consolidated financial statements, covering various accounting policies and disclosures [1. General Information](index=13&type=section&id=1.%20General%20Information) China Oral Industry Group Holdings Limited was incorporated in the Cayman Islands in 2015, listed on HKEX GEM in 2017, and primarily engages in inflatable product manufacturing and sales, dental clinic services, dental product sales, and yarn and polyester fiber sales in China - The company was incorporated in the Cayman Islands on **November 3, 2015**, and listed on the GEM of The Stock Exchange of Hong Kong Limited on **December 7, 2017**[21](index=21&type=chunk)[22](index=22&type=chunk) - The Group's principal activities include the manufacture and sale of inflatable products, provision of dental clinic services and sale of dental-related products, and sale of yarn and polyester fiber[23](index=23&type=chunk) - The company's functional currency is HKD, but the condensed consolidated financial statements are presented in RMB due to its principal operations being in China[23](index=23&type=chunk) [2. Basis of Presentation](index=14&type=section&id=2.%20Basis%20of%20Presentation) These interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, using the historical cost convention, and the HKAS 21 amendment "Lack of Exchangeability" was first applied this period with no material impact - The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the historical cost convention[24](index=24&type=chunk)[25](index=25&type=chunk) - The amendment to HKAS 21 "Lack of Exchangeability" was first applied in the current period but had no material impact on the Group's results and financial position for the current and prior periods[25](index=25&type=chunk) [3. Estimates](index=14&type=section&id=3.%20Estimates) Management is required to make estimates and assumptions regarding the carrying amounts of assets and liabilities when preparing financial statements, which are continuously reviewed, and significant judgments and uncertainties made this period are consistent with the prior year - Management is required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources, and these are continuously reviewed[26](index=26&type=chunk) - The key sources of significant judgment and estimation uncertainty made in the current period are the same as those applied to the consolidated financial statements for the year ended **December 31, 2024**[26](index=26&type=chunk) [4. Financial Risk Management and Financial Instruments](index=15&type=section&id=4.%20Financial%20Risk%20Management%20and%20Financial%20Instruments) The Group faces interest rate, credit, and liquidity risks, but there have been no significant changes in risk management policies or liquidity management practices since the last year-end, and the carrying amounts of receivables and payables approximate their fair values - The Group is exposed to interest rate risk, credit risk, and liquidity risk[27](index=27&type=chunk) - There have been no significant changes in risk management policies or liquidity management policies since the year-end[28](index=28&type=chunk)[29](index=29&type=chunk) - The carrying amounts of trade and other receivables and payables approximate their fair values[30](index=30&type=chunk) [5. Segment Information](index=15&type=section&id=5.%20Segment%20Information) The Group's business is divided into three segments: inflatable products, dental clinics, and yarn and polyester. As of June 30, 2025, inflatable products remain the primary revenue source, but dental clinic and yarn and polyester businesses have shown increased revenue and performance contributions, with a significant improvement in the gross margin of the yarn and polyester business - The Group's business is divided into three segments: inflatable products business, dental clinic business, and yarn and polyester business[32](index=32&type=chunk) Segment Revenue and Results (Six Months Ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | Revenue Change (%) | 2025 Results (RMB thousands) | 2024 Results (RMB thousands) | Results Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inflatable products business | 80,872 | 103,565 | -21.9% | 7,048 | (240) | N/A | | Dental clinic business | 7,202 | 7,092 | +1.55% | 1,499 | 1,602 | -6.5% | | Yarn and polyester business | 21,189 | 14,003 | +51.3% | 1,615 | 355 | +354.9% | | Total | 109,263 | 124,660 | -12.4% | 10,162 | 1,717 | +491.8% | Segment Assets and Liabilities (As of June 30) | Segment | 2025 Assets (RMB thousands) | 2024 Assets (RMB thousands) | Assets Change (%) | 2025 Liabilities (RMB thousands) | 2024 Liabilities (RMB thousands) | Liabilities Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inflatable products business | 50,281 | 69,701 | -27.9% | 21,164 | 53,222 | -60.2% | | Dental clinic business | 33,103 | 33,640 | -1.6% | 6,250 | 8,467 | -26.2% | | Yarn and polyester business | 28,008 | 31,578 | -11.3% | 6,505 | 10,203 | -36.2% | | Consolidated assets | 194,114 | 202,459 | -4.1% | 54,513 | 95,321 | -42.8% | [Geographical Information](index=19&type=section&id=Geographical%20Information) All of the Group's operations and non-current assets (excluding goodwill) are located in China and Hong Kong, with revenue widely distributed across China, North America, Asia, Europe, Australia and Oceania, the Middle East, and Central and South America, with North America and Asia being significant markets - All of the Group's operations and non-current assets (excluding goodwill) are located in China and Hong Kong, thus no geographical analysis is presented[37](index=37&type=chunk) Revenue by Geographical Segment (Six Months Ended June 30) | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | China | 31,462 | 30,651 | +811 | +2.6% | | Europe | 5,688 | 5,637 | +51 | +0.9% | | Australia and Oceania | 702 | 817 | -115 | -14.1% | | North America | 45,837 | 78,594 | -32,757 | -41.7% | | Asia | 24,679 | 7,600 | +17,079 | +224.7% | | Middle East | 600 | 248 | +352 | +141.9% | | Central and South America | 295 | 1,113 | -818 | -73.5% | | Total | 109,263 | 124,660 | -15,397 | -12.4% | [6. Revenue](index=19&type=section&id=6.%20Revenue) For the six months ended June 30, 2025, total revenue decreased by 12.4% year-on-year, with inflatable product sales revenue down 21.9%, but yarn and polyester sales revenue significantly increased by 51.3%, and dental clinic service revenue slightly rose by 1.55% Revenue from External Customers (Six Months Ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sale of inflatable products and related accessories | 79,698 | 103,126 | -23,428 | -22.7% | | Subcontracting income | 1,174 | 439 | +735 | +167.4% | | Provision of dental clinic services | 7,202 | 7,092 | +110 | +1.55% | | Sale of yarn and polyester | 21,189 | 14,003 | +7,186 | +51.3% | | Total | 109,263 | 124,660 | -15,397 | -12.4% | - The decrease in inflatable product sales revenue was the primary reason for the reduction in total revenue, partially offset by strong growth in yarn and polyester sales revenue[39](index=39&type=chunk) [7. Other Income or Gains](index=20&type=section&id=7.%20Other%20Income%20or%20Gains) Total other income and gains for the period significantly increased by 449.8% to RMB 6,895 thousand, primarily due to a net gain of RMB 6,551 thousand from the disposal of assets and liabilities classified as held for sale Other Income or Gains (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 272 | 263 | +9 | +3.4% | | Net exchange gain | – | 901 | -901 | -100.0% | | Grants and subsidies | 72 | 81 | -9 | -11.1% | | Net gain on disposal of assets and liabilities classified as held for sale | 6,551 | – | +6,551 | N/A | | Others | – | 9 | -9 | -100.0% | | Total | 6,895 | 1,254 | +5,641 | +449.8% | - A net gain of **RMB 6,551 thousand** from the disposal of assets and liabilities classified as held for sale was the main reason for the substantial increase in other income and gains this period[41](index=41&type=chunk) [8. Finance Costs](index=20&type=section&id=8.%20Finance%20Costs) Finance costs for the period significantly decreased by 87.1% to RMB 72 thousand, primarily due to reductions in interest on lease liabilities and bank borrowings Finance Costs (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 72 | 417 | -345 | -82.7% | | Interest on bank borrowings | – | 141 | -141 | -100.0% | | Total | 72 | 558 | -486 | -87.1% | - A reduction of **RMB 345 thousand** in interest on lease liabilities and **RMB 141 thousand** in interest on bank borrowings collectively led to a significant decrease in finance costs[42](index=42&type=chunk) [9. Income Tax Expense](index=21&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense for the period significantly increased by 741.7% to RMB 2,281 thousand, primarily due to higher PRC enterprise income tax and Hong Kong profits tax, reflecting improved profitability Income Tax Expense (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 600 | 211 | +389 | +184.4% | | PRC enterprise income tax | 1,681 | 60 | +1,621 | +2701.7% | | Deferred tax | – | – | – | N/A | | Total | 2,281 | 271 | +2,010 | +741.7% | - PRC subsidiaries are subject to enterprise income tax at a rate of **25%**, while Hong Kong profits tax applies a two-tiered tax rate (**8.25%** and **16.5%**)[43](index=43&type=chunk)[44](index=44&type=chunk) [10. Profit for the Period](index=22&type=section&id=10.%20Profit%20for%20the%20Period) Profit for the period was RMB 4,069 thousand, a substantial increase of 362.4% from RMB 880 thousand in the prior period, mainly due to the combined effect of increased other income and reduced finance costs Profit for the Period and Key Deductions (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for the period | 4,069 | 880 | +3,189 | +362.4% | | Cost of inventories recognized as expense | 88,231 | 101,256 | -13,025 | -12.9% | | Depreciation of property, plant and equipment | 218 | 344 | -126 | -36.6% | | Depreciation of right-of-use assets | 621 | 541 | +80 | +14.8% | | Amortization of intangible assets | 1 | – | +1 | N/A | | Net exchange loss | 1,075 | – | +1,075 | N/A | | Total employee benefit expenses | 24,194 | 26,096 | -1,902 | -7.3% | - Total employee benefit expenses (including directors' emoluments) decreased by **7.3%** to **RMB 24,194 thousand**[46](index=46&type=chunk) [11. Earnings Per Share](index=22&type=section&id=11.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were RMB 0.30 cents, a significant increase of 275% from RMB 0.08 cents in the prior period, reflecting a substantial improvement in the company's profitability Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | Change (RMB cents) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Basic earnings per share | 0.30 | 0.08 | +0.22 | +275.0% | | Diluted earnings per share | 0.30 | 0.08 | +0.22 | +275.0% | - The weighted average number of ordinary shares used to calculate basic earnings per share was **1,339,028 thousand shares**, an increase from the prior period[47](index=47&type=chunk) [12. Dividends](index=23&type=section&id=12.%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025** (2024: nil)[48](index=48&type=chunk) [13. Property, Plant and Equipment](index=23&type=section&id=13.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the carrying amount of property, plant and equipment was RMB 1,583 thousand, a decrease from RMB 1,787 thousand as of December 31, 2024, primarily due to depreciation expense Carrying Amount of Property, Plant and Equipment (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total carrying amount | 1,583 | 1,787 | -204 | -11.4% | - Total depreciation expense for the period amounted to **RMB 218 thousand**[49](index=49&type=chunk) [14. Intangible Assets](index=23&type=section&id=14.%20Intangible%20Assets) During the period, the Group paid approximately RMB 35 thousand for the acquisition of intangible assets, with no such expenditure in the prior period - During the period, the Group paid approximately **RMB 35 thousand** for the acquisition of intangible assets (2024: nil)[50](index=50&type=chunk) [15. Trade Receivables](index=24&type=section&id=15.%20Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to RMB 48,096 thousand, an increase of 42.4% from December 31, 2024, mainly due to increased receivables from the inflatable products and yarn and polyester businesses Trade Receivables (Net of Loss Allowance) (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Inflatable products business | 27,850 | 15,235 | +12,615 | +82.8% | | Dental clinic business | 10,436 | 13,937 | -3,501 | -25.1% | | Yarn and polyester business | 11,844 | 6,641 | +5,203 | +78.3% | | Loss allowance | (2,034) | (2,038) | +4 | -0.2% | | Total | 48,096 | 33,775 | +14,321 | +42.4% | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0–30 days | 8,217 | 20,537 | | 31–60 days | 15,497 | 3,932 | | 61–90 days | 11,366 | 1,821 | | 91–120 days | 5,808 | 4,080 | | 121–365 days | 7,208 | 3,405 | | Total | 48,096 | 33,775 | - Credit terms generally range from **0 to 270 days**, and no interest is charged on overdue receivables[51](index=51&type=chunk) [16. Trade and Other Payables](index=25&type=section&id=16.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to RMB 32,258 thousand, a significant decrease of 33.4% from December 31, 2024, primarily due to reductions in trade payables, accrued salaries and other benefits, refund liabilities, and other payables Trade and Other Payables (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 10,232 | 16,090 | -5,858 | -36.4% | | Accrued salaries and other benefits | 9,600 | 10,890 | -1,290 | -11.8% | | Deposits received for assets and liabilities classified as held for sale | – | 1,000 | -1,000 | -100.0% | | Refund liabilities | – | 3,363 | -3,363 | -100.0% | | Other payables and accrued expenses | 12,426 | 17,072 | -4,646 | -27.2% | | Total | 32,258 | 48,415 | -16,157 | -33.4% | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0–30 days | 4,365 | 9,145 | | 31–60 days | 1,696 | 3,682 | | 61–90 days | 1,366 | 1,693 | | 91–120 days | 2,104 | 881 | | 121–365 days | 655 | 454 | | Over 365 days | 46 | 235 | | Total | 10,232 | 16,090 | [17. Share Capital](index=26&type=section&id=17.%20Share%20Capital) As of June 30, 2025, the company's issued share capital increased to 1,368,000 thousand shares, with a share capital amount of RMB 12,180 thousand, primarily due to the issuance of 228,000,000 ordinary shares on January 24, 2025 Share Capital Details (As of June 30) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of authorized ordinary shares (thousands) | 2,000,000 | 2,000,000 | | Number of issued and fully paid ordinary shares (thousands) | 1,368,000 | 1,140,000 | | Share capital (RMB thousands) | 12,180 | 10,059 | - On **January 24, 2025**, the company issued **228,000,000** ordinary shares to subscribers at an issue price of **HKD 0.14** per share, raising net proceeds of approximately **HKD 31,720,000**[54](index=54&type=chunk) Management Discussion and Analysis This section provides management's review and analysis of the company's business operations and financial performance for the period [Business Review and Outlook](index=27&type=section&id=Business%20Review%20and%20Outlook) Established in 2003, the Group has 20 years of experience in inflatable product design, manufacturing, and sales, and since 2023, it has diversified into dental clinic services and yarn and polyester sales through acquisitions - The Group was established in **2003** and has **20 years** of experience in the design, manufacture, and sale of inflatable products[56](index=56&type=chunk) - In **January 2023**, the Group expanded into dental clinic services and dental-related product sales through the acquisition of Hong Kong Shengke Holdings Limited[57](index=57&type=chunk) - In **January 2024**, the Group expanded into yarn and polyester sales through the acquisition of Hong Kong Taixing Holdings Limited[57](index=57&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) Total revenue for the period decreased by 12.4% year-on-year, but profit for the period significantly increased by 362.4%, primarily due to a substantial increase in other income and a reduction in finance costs, despite a slight decrease in gross margin - The Group's revenue for the period was approximately **RMB 109,263 thousand**, a **12.4%** decrease compared to the corresponding period in 2024[58](index=58&type=chunk) - Profit for the period was approximately **RMB 4,069 thousand**, representing a **362.4%** increase compared to the corresponding period in 2024[65](index=65&type=chunk) [Revenue](index=27&type=section&id=Revenue) Total revenue for the period decreased by 12.4%, with inflatable product sales revenue down 21.9%, but yarn and polyester sales revenue significantly increased by 51.3%, and dental clinic service revenue slightly rose by 1.55% Revenue Changes by Business Segment (Six Months Ended June 30) | Business | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Inflatable products and related accessories | 80,872 | 103,565 | -22,693 | -21.9% | | Dental clinic services | 7,202 | 7,092 | +110 | +1.55% | | Yarn and polyester fiber | 21,189 | 14,003 | +7,186 | +51.3% | | Total revenue | 109,263 | 124,660 | -15,397 | -12.4% | [Cost of Sales](index=27&type=section&id=Cost%20of%20Sales) Cost of sales for the period was approximately RMB 90,141 thousand, a decrease of 11.0% from the prior period, consistent with the downward trend in revenue Cost of Sales Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of sales | 90,141 | 101,256 | -11,115 | -11.0% | [Gross Profit and Gross Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit for the period decreased by 18.3% to RMB 19,122 thousand, with an overall gross margin of 17.5%, down 1.3 percentage points from the prior period, mainly due to slight decreases in gross margins for inflatable products and dental clinic businesses, but a significant improvement in the yarn and polyester business Gross Profit and Gross Margin Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross profit | 19,122 | 23,404 | -4,282 | -18.3% | | Overall gross margin | 17.5% | 18.8% | -1.3% | N/A | Gross Margin by Business Segment (Six Months Ended June 30) | Business | 2025 Gross Margin | 2024 Gross Margin | Change (percentage points) | | :--- | :--- | :--- | :--- | | Inflatable products business | 17.1% | 18.9% | -1.8% | | Dental clinic business | 42.0% | 43.1% | -1.1% | | Yarn and polyester sales business | 10.8% | 5.83% | +4.97% | [Other Income and Gains](index=28&type=section&id=Other%20Income%20and%20Gains) Total other income and gains for the period significantly increased by 449.8% to RMB 6,895 thousand, primarily due to a net gain of RMB 6,551 thousand from the disposal of assets and liabilities classified as held for sale Other Income and Gains Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total other income and gains | 6,895 | 1,254 | +5,641 | +449.8% | - The increase was mainly due to a net gain of approximately **RMB 6,551 thousand** from the disposal of assets and liabilities classified as held for sale, partially offset by the absence of a net foreign exchange gain of approximately **RMB 901 thousand**[61](index=61&type=chunk) [Distribution and Selling Expenses](index=28&type=section&id=Distribution%20and%20Selling%20Expenses) Total distribution and selling expenses for the period decreased by 39.8% to RMB 7,516 thousand Distribution and Selling Expenses Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Distribution and selling expenses | 7,516 | 12,483 | -4,967 | -39.8% | [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) Administrative expenses for the period increased by 15.4% to RMB 12,079 thousand Administrative Expenses Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 12,079 | 10,466 | +1,613 | +15.4% | [Finance Costs](index=28&type=section&id=Finance%20Costs) Finance costs for the period significantly decreased by 87.1% to RMB 72 thousand, primarily due to reductions in interest on lease liabilities and bank borrowings Finance Costs Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 72 | 558 | -486 | -87.1% | - The decrease was mainly due to a reduction of approximately **RMB 345 thousand** in interest on lease liabilities and approximately **RMB 141 thousand** in interest on bank borrowings[64](index=64&type=chunk) [Profit for the Period](index=28&type=section&id=Profit%20for%20the%20Period) Profit for the period significantly increased by 362.4% to RMB 4,069 thousand Profit for the Period Changes (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for the period | 4,069 | 880 | +3,189 | +362.4% | [Dividends](index=28&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for this period, consistent with the prior period - The Board does not recommend the payment of any interim dividend for this period (2024: nil)[66](index=66&type=chunk) [Liquidity, Financial Resources, Capital Structure and Gearing Ratio](index=29&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20Capital%20Structure%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's current ratio and quick ratio both significantly improved, and the gearing ratio remained low, indicating a sound financial position Liquidity and Capital Structure Indicators (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company (RMB thousands) | 139,259 | 107,138 | +32,121 | | Current ratio | 3.57 | 2.08 | +1.49 | | Quick ratio | 2.08 | 1.43 | +0.65 | | Bank borrowings (RMB thousands) | 676 | 676 | 0 | | Gearing ratio | 0.5% | 0.6% | -0.1% | - The Directors believe that the Group's financial position is sound, enabling it to expand its core businesses and achieve its business objectives[67](index=67&type=chunk) [Material Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments or Capital Assets](index=29&type=section&id=Material%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) During the period, the Group had no other material investments, material acquisitions, or disposals of subsidiaries or associates - During the period, the Group had no other material investments, material acquisitions, or disposals of subsidiaries or associates[68](index=68&type=chunk) [Contingent Liabilities](index=29&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of **June 30, 2025**, the Group had no material contingent liabilities (December 31, 2024: nil)[69](index=69&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had not pledged any assets for bank borrowings or other purposes - As of **June 30, 2025**, the Group had not pledged any assets for bank borrowings or other purposes (December 31, 2024: nil)[70](index=70&type=chunk) [Commitments](index=29&type=section&id=Commitments) As of June 30, 2025, the company had no contractual commitments for the acquisition of property, plant and equipment - As of **June 30, 2025**, the company had no contractual commitments for the acquisition of property, plant and equipment (December 31, 2024: nil)[71](index=71&type=chunk) [Events After the Reporting Period](index=29&type=section&id=Events%20After%20the%20Reporting%20Period) On August 8, 2025, the company proposed to create 3,000,000,000 new shares, increasing the authorized share capital to HKD 50,000,000, and to terminate the old share option scheme and adopt a new one, with related matters to be considered at an EGM - On **August 8, 2025**, the company proposed to create an additional **3,000,000,000** new shares, increasing the authorized share capital from **HKD 20,000,000** to **HKD 50,000,000**[72](index=72&type=chunk) - The company also proposed to terminate the **2017** Share Option Scheme and adopt a new share option scheme[72](index=72&type=chunk) - Related matters are scheduled for consideration at an Extraordinary General Meeting to be held on **August 29, 2025**[72](index=72&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group faces exchange rate fluctuation risk between RMB and USD, as most revenue is USD-denominated while costs are RMB-denominated. Currently, there is no formal foreign exchange hedging policy, and RMB non-convertibility limits hedging capabilities - Most of the Group's revenue is denominated in USD, while product costs are denominated in RMB, so fluctuations in the RMB to USD exchange rate could significantly impact results[73](index=73&type=chunk) - The Group currently has no formal foreign exchange hedging policy, and the non-convertibility of RMB limits its ability to mitigate foreign exchange risk[73](index=73&type=chunk) [Treasury Policy](index=30&type=section&id=Treasury%20Policy) The Group's credit risk primarily arises from trade receivables and bank deposits, which is mitigated by transacting with customers and banks with good credit records, and no bad debt provisions were recognized this period - Credit risk primarily arises from trade receivables and bank deposits, and the Group adopts a policy of transacting with customers with good payment track records and reputable banks[74](index=74&type=chunk) - No bad debt provisions were recognized for the six months ended **June 30, 2025**, and **2024**[74](index=74&type=chunk) [Employees and Remuneration Policy](index=30&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 551 full-time employees, with total employee remuneration of RMB 24,194 thousand, providing various benefits and potentially granting share options - As of **June 30, 2025**, the Group had **551** full-time employees (December 31, 2024: 544), with most located in China[75](index=75&type=chunk) Employee Remuneration (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total employee remuneration | 24,194 | 26,096 | -1,902 | -7.3% | - The Group provides employees with discretionary bonuses, social insurance, housing provident fund, and MPF contributions, and may grant share options[75](index=75&type=chunk) [Use of Proceeds from Share Subscription](index=31&type=section&id=Use%20of%20Proceeds%20from%20Share%20Subscription) On January 24, 2025, the company completed a share subscription, raising net proceeds of approximately HKD 31,720,000, of which HKD 11,720,000 has been used for general working capital, and the remaining HKD 20,000,000 is planned for identifying potential acquisition or investment opportunities - On **January 24, 2025**, the company issued **228,000,000** ordinary shares, raising net proceeds of approximately **HKD 31,720,000**[76](index=76&type=chunk) Use of Proceeds (As of June 30, 2025) | Planned Use | Net Proceeds (HKD millions) | Utilized (HKD millions) | Unutilized (HKD millions) | | :--- | :--- | :--- | :--- | | Identifying potential acquisition or investment opportunities | 20 | – | 20 | | General working capital | 11.72 | 11.72 | – | | Total | 31.72 | 11.72 | 20 | Corporate Governance and Other Information This section details the company's corporate governance practices, directors' interests, and other relevant information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=31&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Ms. Yan Ping, Chairperson and Executive Director, held 31.04% of the company's shares through a controlled corporation, with no other directors or chief executives disclosing significant interests Directors' and Chief Executive's Long Positions in Ordinary Shares of the Company (As of June 30, 2025) | Name of Director / Chief Executive | Capacity / Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Yan Ping | Interest in controlled corporation | 424,560,000 | 31.04% | - Ms. Yan Ping beneficially owns the entire issued share capital of RISEN THRIVE LIMITED and is deemed to be interested in all shares held by it[83](index=83&type=chunk) - Save for Ms. Yan Ping, no other directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation[79](index=79&type=chunk) [Substantial Shareholders' and Other Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=32&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, to the best knowledge of the directors, no other persons or corporations, apart from the directors and chief executives, held disclosable interests or short positions of 5% or more in the company's issued share capital - As of **June 30, 2025**, save for the directors or chief executives of the company, no other persons or corporations had any interests or short positions in the shares and underlying shares of the company which would fall to be disclosed to the company under the provisions of Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance or were directly or indirectly beneficially interested in **5%** or more of the issued share capital of the company[80](index=80&type=chunk) [Share Option Scheme](index=32&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in 2017 to reward and retain talent. On June 6, 2025, a total of 80,000,000 share options were granted to eleven grantees at an exercise price of HKD 0.095 per share, with executive directors Ms. Yan Ping and Mr. Liu Yaoguang receiving 1,300,000 and 7,200,000 options, respectively - The company conditionally adopted a share option scheme on **November 15, 2017**, aiming to provide additional incentives and attract and retain talent[81](index=81&type=chunk) - On **June 6, 2025**, a total of **80,000,000** share options were granted to eleven grantees, with an exercise price of **HKD 0.095** per share[81](index=81&type=chunk) - Executive Directors Ms. Yan Ping and Mr. Liu Yaoguang were granted **1,300,000** and **7,200,000** share options respectively, with an exercise period from **June 6, 2026**, to **June 5, 2035**[81](index=81&type=chunk) [Competition and Conflicts of Interest](index=32&type=section&id=Competition%20and%20Conflicts%20of%20Interest) During the period, no directors, controlling shareholders, or substantial shareholders and their close associates engaged in any business that competed or might compete with the Group's business, nor were there any other conflicts of interest - During the period, no directors, controlling shareholders or substantial shareholders of the company, and their respective close associates, engaged in any business that directly or indirectly competed or might compete with the Group's business, or had any other conflicts of interest with the Group[82](index=82&type=chunk) [Directors' Securities Transactions](index=33&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted a code of conduct for directors' dealings in company securities, and all directors confirmed compliance with the relevant standards during the period - The company has adopted a code of conduct for directors' dealings in the company's securities in accordance with Rules **5.46 to 5.67** of the GEM Listing Rules[84](index=84&type=chunk) - During the period, all directors confirmed their compliance with the required standards of dealing and the code of conduct adopted by the company regarding directors' securities transactions[84](index=84&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Securities) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's securities - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's securities[85](index=85&type=chunk) [Corporate Governance Code](index=33&type=section&id=Corporate%20Governance%20Code) The company has applied the principles and code provisions of the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules and has complied with the applicable code provisions during the period - The company has applied the principles and code provisions of the Corporate Governance Code ("CG Code") set out in Appendix 15 to the GEM Listing Rules[86](index=86&type=chunk) - To the best knowledge of the Board, the company has complied with the applicable code provisions of the CG Code during the period[86](index=86&type=chunk) [Changes in Directors' Information](index=33&type=section&id=Changes%20in%20Directors%27%20Information) Ms. Shen Jindan was removed as an independent non-executive director of the company effective June 6, 2025 - Ms. Shen Jindan was removed as an independent non-executive director of the company, effective **June 6, 2025**[87](index=87&type=chunk) [Audit Committee](index=33&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors with Ms. Lian Jingyu as Chairperson, is responsible for reviewing and overseeing financial reporting and internal control procedures. The unaudited condensed financial results for this period have been reviewed by the Audit Committee and confirmed to comply with applicable accounting standards and disclosure requirements - The Audit Committee was established on **June 20, 2017**, and comprises three independent non-executive directors, with Ms. Lian Jingyu as Chairperson[88](index=88&type=chunk) - The primary duties of the Audit Committee are to review and oversee the Group's financial reporting process and internal control procedures[88](index=88&type=chunk) - The unaudited condensed financial results for this period have been reviewed by the Audit Committee, which considers them to be in compliance with applicable accounting standards, the GEM Listing Rules, and to have made adequate disclosures[88](index=88&type=chunk)

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

China Oral Industry Group Holdings Limited 中國口腔產業集團控股有限公司 （於開曼群島註冊成立的有限公司） （附註5） ： （股份代號︰8406） 代表委任表格 於二零二五年八月二十九日（星期五）上午十一時正假座中國福建省石獅市鴻山鎮高新技術產業園五金印刷園鑫富路2號舉行的股東特別 大會（或其任何續會）上使用的代表委任表格 本人╱吾等 （附註1） | （地址為） | | | --- | --- | | 為中國口腔產業集團控股有限公司（「本公司」）股本中 | （附註2） 股每股面值0.01港元普通股 | | 的登記持有人，茲委任本公司大會（「大會」）主席或 （附註3） | | | （地址為） | | 為本人╱吾等的受委代表，出席本公司謹訂於二零二五年八月二十九日（星期五）上午十一時正假座中國福建省石獅市鴻山鎮高新技術 產業園五金印刷園鑫富路2號舉行的股東特別大會（或其任何續會）（「股東特別大會」），並代表本人╱吾等按下列指示投票，或倘未有作 出指示，則本人╱吾等的受委代表可酌情自行決定。 | | 普通決議案 | 贊成 （附註4） | 反對 （附註4） | | --- | ...

（於開曼群島註冊成立的有限公司） （股份代號︰8406） 股東特別大會通告 茲通告中國口腔產業集團控股有限公司（「本公司」）謹訂於二零二五年八月二十九日（星期 五）上午十一時正假座中國福建省石獅市鴻山鎮高新技術產業園五金印刷園鑫富路2號舉行股東特 別大會（「股東特別大會」），以考慮並酌情通過下列普通決議案： 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通告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 China Oral Industry Group Holdings Limited 中國口腔產業集團控股有限公司 普通決議案 – 1 – 1. 「 動 議 透過增設額外 3,000,000,000 股 股 份（「 股 份 」）， 將 本 公 司 的 法 定 股 本 由 20,000,000港元（分為2,000,000,000股每股面值0.01港元的股份）增至50,000,000港元 （分為5,000,000,000股每股面值0.01港元的股份）（「增加法定股本」），該等股份在所有 方面享有同等地位 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他持牌證券交易 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國口腔產業集團控股有限公司股份，應立即將本通函及隨附的代表委 任表格送交買主或承讓人，或經手買賣或轉讓的銀行、股票經紀、持牌證券交易商或其他代理商，以 便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 China Oral Industry Group Holdings Limited 中國口腔產業集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰8406） 1. 建議增加法定股本 2. 建議採納新購股權計劃 3. 終止二零一七年購股權計劃 4. 股東特別大會通告 香港聯合交易所有限公司 GEM 的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的 公司帶來較高投資風險。有意投資的人士應了解投資該等公 ...

Core Points - The company announced the termination of the 2017 share option plan, which was adopted on November 15, 2017, and is set to expire on November 14, 2027 [1] - The termination is in response to the amendments made to the GEM Listing Rules Chapter 23, effective from January 1, 2023 [1] - The company proposes to adopt a new share option plan in light of the updated GEM Listing Rules [1]

Group 1 - The company announced the termination of the 2017 share option plan, which was adopted on November 15, 2017, and is valid for a period of 10 years until November 14, 2027 [1] - The termination is in response to the revised GEM Listing Rules Chapter 23, which came into effect on January 1, 2023 [1] - The company proposes to adopt a new share option plan in light of the updated regulations [1]

Core Viewpoint - The company proposes to terminate the 2017 share option scheme and adopt a new share option plan in accordance with the latest GEM listing rules, aiming to enhance the value of the company and its shares while incentivizing eligible participants to contribute to the success of the group [1] Group 1 - The new share option plan is designed to provide eligible participants with opportunities to acquire rights and interests in the company [1] - The plan aims to encourage eligible participants to enhance the company's overall value, benefiting both the company and its shareholders [1] - The new scheme will offer the company a flexible approach to retain, incentivize, reward, and compensate eligible participants [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 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 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 China Oral Industry Group Holdings Limited 中國口腔產業集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰8406） 建議終止二零一七年購股權計劃 建議採納新購股權計劃 本 公 告 乃 由 中 國 口 腔 產 業 集 團 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 為「本 集 團」）董 事（「董 事」）會（「董事會」）作 出，內 容 有 關 建 議 終 止 於 二 零 一 七 年 十 一 月 十 五 日 採 納 的 購 股 權 計 劃（「二零一七年購股權計劃」）及 建 議 採 納 新 購 股 權 計 劃（「新購股權計劃」）。 終止二零一七年購股權計劃 二 零 一 七 年 購 股 權 計 劃 於 二 零 一 七 年 十 一 月 十 五 日 獲 本 公 司 採 納，自 採 納 ...