股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 遠航港口發展有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08502 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 本 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 遠航港口發展有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08502 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：8502） 各位非登記股東1： 遠航港口發展有限公司(「本公司」) - 在本公司網站刊發公司通訊之通知 本公司此通知 閣下遠航港口發展有限公司(「本公司」)下列公司通訊2 (「本次公司通訊」)中、英文版本現已登載於本 公司網站www.oceanlineport.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站www.hkexnews.hk （「聯交所網站」）以供閱覽： • 2025中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。 為了可透過電郵進行電子通訊，建議非登記股東向其中介機構提供其有效的電郵地址。如 本公司沒有收到 閣下的中介 機構透過香港中央結算（代理人）有限公司提供 閣下的有效的電郵地址或郵寄地址，本公司將不會向閣下發送登載通知。 若 閣下希望收取本次公司通訊及/或日後公司通訊之印刷版本，請填隨附之申請表格並交回本公司的香港股份過戶登記 分處（「股份過戶登記處」）卓佳證 ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：8502） 各位註冊股東： 於本公司網站刊登公司通訊之通知 謹此通知 閣下，遠航港口發展有限公司（「本公司」）之下述公司通訊1（「本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.oceanlineport.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 2025中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本， 本次公司通訊的印刷本已隨函附上。 為了支援通過電子郵件進行電子通訊，本公司建議 閣下向本公司香港股份過戶登記分處卓佳證券登記有限公司 （「香港股份過戶登記分處」）（地址為香港夏慤道16號遠東金融中心17樓）發出（不少於7天的）合理書面通知， 或發送電子郵件至is-ecom@vistra.com向本公司提供 閣下的電子郵箱地址。 公司股東（「股東」）有責任提供有 ...

[Company Information](index=4&type=section&id=Company%20Information) This section provides an overview of the company's board of directors, management, and essential corporate details [Board of Directors and Management](index=4&type=section&id=Board%20of%20Directors%20and%20Management) The company's board comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees, ensuring a robust corporate governance structure - Executive Directors include Mr. Gui Sihai (Chairman) and Mr. Huang Xueliang[4](index=4&type=chunk) - Ms. Zhang Huifeng serves as a Non-Executive Director[4](index=4&type=chunk) - Independent Non-Executive Directors are Mr. Nie Rui, Mr. Zhang Shimin, and Mr. Zheng Yanbin[4](index=4&type=chunk) - Mr. Zhang Shimin chairs the Audit Committee, Mr. Nie Rui chairs the Remuneration Committee, and Mr. Zheng Yanbin chairs the Nomination Committee[4](index=4&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) The company discloses key information including its auditor, principal bankers, share registrar, registered office, headquarters, and primary place of business in Hong Kong, along with its website and stock code - The auditor is BDO Limited, Hong Kong[4](index=4&type=chunk) - The Hong Kong share registrar is Tricor Investor Services Limited[5](index=5&type=chunk) - The company's headquarters and principal place of business in China are located at No. 8 Yanjiang Avenue, Chizhou Economic and Technological Development Zone, Chizhou City, Anhui Province, China[5](index=5&type=chunk) - The company website is www.oceanlineport.com, and the stock code is 8502[5](index=5&type=chunk) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the unaudited condensed consolidated statement of comprehensive income, detailing the company's financial performance over the reporting period [Results for the Six Months Ended 30 June 2025](index=6&type=section&id=Results%20for%20the%20Six%20Months%20Ended%2030%20June%202025) For the six months ended 30 June 2025, the company experienced declines in both revenue and profit, with revenue decreasing by 8.2% year-on-year and profit for the period falling by 32.6%, leading to a corresponding reduction in basic earnings per share Key Financial Performance for the Six Months Ended 30 June | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 80,368 | 87,553 | -8.2% | | Cost of services provided | (31,699) | (35,443) | -10.5% | | Gross profit | 48,669 | 52,110 | -6.6% | | Other income and gains, net | 5,675 | 9,097 | -37.6% | | Selling and distribution expenses | (227) | (591) | -61.6% | | Administrative expenses | (14,044) | (9,441) | +48.8% | | Finance costs | (29) | (44) | -34.1% | | Profit before income tax | 40,044 | 51,131 | -21.7% | | Income tax expense | (11,474) | (8,756) | +31.0% | | Profit for the period | 28,570 | 42,375 | -32.6% | | Profit for the period attributable to owners of the Company | 20,490 | 31,336 | -34.6% | | Profit for the period attributable to non-controlling interests | 8,080 | 11,039 | -26.8% | | Basic and diluted earnings per share | RMB 2.56 cents | RMB 3.92 cents | -34.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the unaudited condensed consolidated statement of financial position, outlining the company's assets, liabilities, and equity at the reporting date [Assets and Liabilities Status](index=7&type=section&id=Assets%20and%20Liabilities%20Status) As of 30 June 2025, the company's total assets and net assets both increased, with a slight rise in non-current assets and a significant improvement in net current assets, indicating a stable financial position Key Assets and Liabilities Data as of 30 June 2025 | Indicator | 30 June 2025 (RMB thousands) | 31 December 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 516,486 | 502,972 | +2.7% | | Current assets | 410,222 | 405,662 | +1.1% | | Current liabilities | 132,210 | 143,679 | -8.0% | | Net current assets | 278,012 | 261,983 | +6.1% | | Total assets less current liabilities | 794,498 | 764,955 | +3.9% | | Non-current liabilities | 37,777 | 36,229 | +4.3% | | Net assets | 756,721 | 728,726 | +3.8% | | Total equity | 756,721 | 728,726 | +3.8% | - Fixed deposits increased by **55.3%** from RMB 153,960 thousands as of 31 December 2024 to **RMB 239,101 thousands** as of 30 June 2025[8](index=8&type=chunk) - Cash and cash equivalents decreased by **40.6%** from RMB 225,918 thousands as of 31 December 2024 to **RMB 134,161 thousands** as of 30 June 2025[8](index=8&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the unaudited condensed consolidated statement of cash flows, detailing the company's cash movements from operating, investing, and financing activities [Cash Flow Analysis](index=9&type=section&id=Cash%20Flow%20Analysis) For the six months ended 30 June 2025, net cash from operating activities significantly decreased, net cash used in investing activities narrowed, and net cash used in financing activities increased, resulting in a net decrease in cash and cash equivalents Cash Flows for the Six Months Ended 30 June | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 13,515 | 39,126 | -65.4% | | Net cash used in investing activities | (103,175) | (243,451) | -57.6% | | Net cash used in financing activities | (2,097) | (248) | +745.6% | | Net decrease in cash and cash equivalents | (91,757) | (204,573) | -55.1% | | Cash and cash equivalents at 1 January | 225,918 | 299,267 | -24.5% | | Cash and cash equivalents at 30 June | 134,161 | 94,694 | +41.7% | - Net cash used in financing activities significantly increased, primarily due to **dividends paid to non-controlling interests of RMB 1,831 thousands**[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the unaudited condensed consolidated statement of changes in equity, detailing movements in equity attributable to owners and non-controlling interests [Overview of Changes in Equity](index=10&type=section&id=Overview%20of%20Changes%20in%20Equity) For the six months ended 30 June 2025, equity attributable to owners of the company and non-controlling interests both increased, mainly driven by profit for the period and transfers to statutory reserves, alongside an internal transfer involving the sale of land use rights to non-controlling interests Changes in Equity for the Six Months Ended 30 June | Indicator | 30 June 2025 (RMB thousands) | 1 January 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 569,145 | 552,078 | +3.1% | | Non-controlling interests | 187,576 | 176,648 | +6.2% | | Total equity | 756,721 | 728,726 | +3.8% | - Profit and total comprehensive income for the period amounted to **RMB 27,995 thousands**, of which **RMB 20,076 thousands** was attributable to owners of the Company[11](index=11&type=chunk) - An internal transfer involving the sale of land use rights to non-controlling interests, amounting to approximately **RMB 17,952,000**, resulted in a **decrease of RMB 3,009 thousands in retained earnings** and an **increase of RMB 3,009 thousands in non-controlling interests**[11](index=11&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, offering further explanations on accounting policies, estimates, and specific financial items [1. General Information](index=11&type=section&id=1.%20General%20Information) The company was incorporated in the Cayman Islands in 2017, listed on GEM of the Hong Kong Stock Exchange in 2018, and primarily engages in investment holding, with its subsidiaries operating port services in Chizhou City, Anhui Province, China - The Company was incorporated in the Cayman Islands on **30 October 2017** and listed on GEM of The Stock Exchange of Hong Kong Limited on **10 July 2018**[12](index=12&type=chunk) - The Company's principal business is investment holding, with its subsidiaries primarily engaged in port operations in Chizhou City, Anhui Province, China[12](index=12&type=chunk) - The ultimate controlling parties of the Company are Mr. Gui Sihai and his spouse, Ms. Zhang Huifeng[12](index=12&type=chunk) [2. Basis of Preparation](index=12&type=section&id=2.%20Basis%20of%20Preparation) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 and the GEM Listing Rules, maintaining consistent accounting policies with the annual consolidated financial statements, while adopting new and revised HKFRSs effective from 1 January 2025 - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the GEM Listing Rules[14](index=14&type=chunk) - The accounting policies used are consistent with those applied in the annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new and revised standards, amendments, and interpretations effective from **1 January 2025**[14](index=14&type=chunk) [3. Critical Accounting Estimates and Judgements](index=13&type=section&id=3.%20Critical%20Accounting%20Estimates%20and%20Judgements) The significant judgments made by management and key sources of estimation uncertainty in preparing the financial statements are consistent with those applied in the annual consolidated financial statements for the year ended 31 December 2024 - The significant judgments made by management and key sources of estimation uncertainty in preparing the financial statements are the same as those applied in the annual consolidated financial statements for the year ended 31 December 2024[15](index=15&type=chunk) [4. Segment Information](index=13&type=section&id=4.%20Segment%20Information) The Group operates in a single operating segment, providing port services, with all revenue and primary non-current assets derived from and located in China - The Group has only one business component that is internally reported to the executive directors, which is the provision of port services, hence no operating segment analysis is presented[16](index=16&type=chunk) - All of the Group's revenue for the six months ended 30 June 2025 and 2024 was derived from China[17](index=17&type=chunk) - The Group's principal non-current assets are located in or based in China[17](index=17&type=chunk) [5. Revenue](index=14&type=section&id=5.%20Revenue) The Group's revenue primarily stems from port services, totaling RMB 80,368 thousands for the six months ended 30 June 2025, a decrease from the prior year, mainly due to reduced income from bulk and general cargo services - Revenue refers to income derived from providing port services (excluding value-added tax)[18](index=18&type=chunk) Port Services Revenue Breakdown | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total port services revenue | 80,368 | 87,553 | -8.2% | | Provision of stevedoring services - bulk and general cargo | 73,368 | 78,100 | -6.1% | | Provision of stevedoring services - containers | 1,689 | 1,433 | +17.9% | | Provision of ancillary port services | 5,311 | 8,020 | -33.8% | [6. Profit Before Income Tax](index=15&type=section&id=6.%20Profit%20Before%20Income%20Tax) For the six months ended 30 June 2025, profit before income tax was RMB 40,044 thousands, a decrease from RMB 51,131 thousands in the prior year, primarily influenced by factors such as employee benefit expenses, depreciation, and subcontracting fees Components of Profit Before Income Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Inventory costs recognized as expense | 1,067 | 1,926 | | Employee benefit expenses | 13,598 | 14,073 | | Direct operating expenses of investment properties | 631 | 373 | | Depreciation of property, plant and equipment | 12,751 | 12,359 | | Repair and maintenance expenses | 2,413 | 3,078 | | Subcontracting fees | 6,541 | 9,022 | | Amortisation of deferred government grants | (445) | (445) | | Gain on land resumption | – | (924) | - For the six months ended 30 June 2025, research and development expenses amounted to approximately **RMB 2,584,000**, including employee benefit expenses of approximately **RMB 1,736,000**[23](index=23&type=chunk) [7. Income Tax Expense](index=16&type=section&id=7.%20Income%20Tax%20Expense) For the six months ended 30 June 2025, income tax expense increased to RMB 11,474 thousands, primarily due to the expiration of certain tax incentives, leading to higher China enterprise income tax Income Tax Expense | Tax Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax - China enterprise income tax | 9,183 | 7,191 | | Deferred tax charged to profit or loss | 2,291 | 1,565 | | **Total income tax expense** | **11,474** | **8,756** | - Chizhou Port Holdings' eligible projects enjoyed a **50% tax reduction** for the six months ended 30 June 2024, but this preferential period ended on **31 December 2024**[24](index=24&type=chunk) - Chizhou Port Holdings and Chizhou Niutoushan, as high-tech enterprises, are subject to enterprise income tax at a **preferential rate of 15%** for specific fiscal years[24](index=24&type=chunk) [8. Earnings Per Share](index=18&type=section&id=8.%20Earnings%20Per%20Share) For the six months ended 30 June 2025, profit for the period attributable to owners of the company was RMB 20,490 thousands, with basic and diluted earnings per share of RMB 2.56 cents, a decrease from the prior year Earnings Per Share Calculation | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 20,490 | 31,336 | | Weighted average number of ordinary shares in issue during the period | 800,000,000 | 800,000,000 | | Basic and diluted earnings per share | RMB 2.56 cents | RMB 3.92 cents | - Diluted earnings per share are the same as basic earnings per share as there were no potentially dilutive ordinary shares in issue during the relevant periods[25](index=25&type=chunk) [9. Dividends](index=19&type=section&id=9.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended 30 June 2025 (2024: nil)[26](index=26&type=chunk) [10. Property, Plant and Equipment](index=19&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) For the six months ended 30 June 2025, the Group's additions to property, plant and equipment amounted to approximately RMB 3,709 thousands, a decrease from the prior year Additions to Property, Plant and Equipment | Period | Additions (RMB thousands) | | :--- | :--- | | For the six months ended 30 June 2025 | 3,709 | | For the six months ended 30 June 2024 | 8,415 | [11. Trade Receivables](index=19&type=section&id=11.%20Trade%20Receivables) As of 30 June 2025, net trade receivables amounted to RMB 7,118 thousands, a decrease from 31 December 2024, with most balances falling within 0 to 30 days Net Trade Receivables | Date | Amount (RMB thousands) | | :--- | :--- | | 30 June 2025 | 7,118 | | 31 December 2024 | 7,866 | - The credit period for trade receivables generally ranges from **10 to 55 days**[28](index=28&type=chunk) Ageing Analysis of Trade Receivables (Net of Impairment Allowance) | Ageing | 30 June 2025 (RMB thousands) | 31 December 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 7,118 | 6,117 | | 31 to 90 days | – | 1,082 | | 91 to 120 days | – | 667 | | 121 to 365 days | – | – | | Over one year | – | – | | **Total** | **7,118** | **7,866** | [12. Trade Payables](index=20&type=section&id=12.%20Trade%20Payables) As of 30 June 2025, total trade payables amounted to RMB 6,768 thousands, an increase from 31 December 2024, with a typical credit period of 30 days - The credit period is generally **30 days**[30](index=30&type=chunk) Ageing Analysis of Trade Payables | Ageing | 30 June 2025 (RMB thousands) | 31 December 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 2,932 | 2,833 | | 31 to 90 days | 1,783 | 428 | | 91 to 120 days | 106 | 39 | | 121 to 365 days | 282 | 122 | | Over one year | 1,665 | 1,990 | | **Total** | **6,768** | **5,412** | [13. Investment in an Associate](index=21&type=section&id=13.%20Investment%20in%20an%20Associate) The Group holds a 26% equity interest in Chizhou Huidaport Transportation Co., Ltd. ('Chizhou Huidaport') and has the right to appoint one director, with its share of the associate's net assets amounting to RMB 2,600 thousands as of 30 June 2025 Investment in an Associate | Item | 30 June 2025 (RMB thousands) | 31 December 2024 (RMB thousands) | | :--- | :--- | :--- | | Share of net assets of an associate | 2,600 | 2,600 | - The Group injected a total of **RMB 26,000,000** cash into Chizhou Huidaport in exchange for a **26% equity interest** and the right to appoint one of five directors[32](index=32&type=chunk) - As of 30 June 2025, the Group had not yet fully paid up its subscribed registered capital of **RMB 23,400,000** in Chizhou Huidaport[32](index=32&type=chunk) [14. Share Capital](index=21&type=section&id=14.%20Share%20Capital) As of 30 June 2025, the company's authorized share capital comprised 5,000,000,000 ordinary shares, with 800,000,000 ordinary shares issued and fully paid, remaining unchanged from the prior year Share Capital Structure | Item | Number of Ordinary Shares | RMB thousands | | :--- | :--- | :--- | | Authorized share capital | 5,000,000,000 | 40,929 | | Issued and fully paid share capital | 800,000,000 | 6,758 | - The share capital structure has remained unchanged since **1 January 2024**[33](index=33&type=chunk) [15. Capital Commitments](index=22&type=section&id=15.%20Capital%20Commitments) As of 30 June 2025, the Group's capital commitments significantly increased, primarily due to construction in progress and additional investment commitments in Chizhou Tiehang Capital Commitments | Item | 30 June 2025 (RMB thousands) | 31 December 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted but not provided for - construction in progress | 132,599 | 4,008 | | Contracted but not provided for - investment in equity investments at fair value through other comprehensive income | 59,400 | – | | Contracted but not provided for - investment in an associate | 23,400 | 23,400 | | **Total** | **215,399** | **27,408** | - Chizhou Port Holdings is required to make an additional capital contribution of approximately **RMB 66,765,000** to Chizhou Tiehang, with **RMB 17,365,000** already contributed as of 30 June 2025[34](index=34&type=chunk) [16. Related Party Transactions](index=23&type=section&id=16.%20Related%20Party%20Transactions) The Group engaged in lease payment transactions with related parties during the period and disclosed remuneration for directors and key management personnel, with all transactions conducted on normal commercial terms Significant Related Party Transactions | Transaction Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Lease payments to a related company | 295 | 292 | - The Company's controlling shareholder is the beneficial owner of Changhai, which leases certain properties to Yuanhang Hong Kong[35](index=35&type=chunk) Remuneration of Directors and Other Key Management Personnel | Remuneration Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fees | 639 | 635 | | Salaries, allowances and benefits in kind | 180 | 160 | | Defined contribution plans | – | – | | **Total** | **819** | **795** | [17. Fair Value of Financial Instruments and Fair Value Hierarchy](index=25&type=section&id=17.%20Fair%20Value%20of%20Financial%20Instruments%20and%20Fair%20Value%20Hierarchy) The Group's financial instrument fair values primarily include equity investments and debt instruments at fair value through other comprehensive income, classified within Level 3 of the fair value hierarchy, with disclosed valuation techniques and unobservable inputs - Management believes that the carrying amounts of short-term financial instruments such as cash and cash equivalents, fixed deposits, and trade receivables reasonably approximate their fair values[38](index=38&type=chunk) Level 3 Fair Value Measurements | Item | 30 June 2025 (RMB thousands) | 31 December 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity investments at fair value through other comprehensive income — unlisted equity investments | 33,883 | 27,093 | | Debt instruments at fair value through other comprehensive income — bills receivable | 12,721 | 13,151 | - Unlisted equity investments are valued using the **market approach and asset approach**, while bills receivable are valued using the **income approach (discounted cash flow method)**[41](index=41&type=chunk) - There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the six months ended 30 June 2025[42](index=42&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the Group's financial condition and results of operations, including business review, outlook, and financial performance [Business Review](index=29&type=section&id=Business%20Review) As an inland port operator in China, the Group experienced an 8.7% decline in total bulk and general cargo throughput and an 8.2% and 32.6% decrease in revenue and profit, respectively, for the first half of the year due to unfavorable economic conditions, though container throughput grew by 5.0% against the trend - The Group is an inland port operator in China, primarily providing port logistics services and operating the Jiangkou Port Area and Niutoushan Port Area[44](index=44&type=chunk) - For the six months ended 30 June 2025, total bulk and general cargo throughput was **12.7 million tonnes**, a year-on-year decrease of **8.7%**[45](index=45&type=chunk) - Total container throughput was **8,825 TEUs**, a year-on-year increase of **5.0%**[45](index=45&type=chunk) Key Operating Indicators for the First Half | Indicator | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 80.4 million | RMB 87.6 million | -8.2% | | Profit | RMB 28.6 million | RMB 42.4 million | -32.6% | [Outlook Analysis](index=30&type=section&id=Outlook%20Analysis) Despite an uncertain domestic and international economic outlook, management remains optimistic about the port market in the second half, expecting stable port cargo volumes and driving rapid group development through major project constructions, including the railway spur line and Jiangkou Terminal Phase IV - The Chinese economy is expected to remain relatively subdued but generally stable in the second half, with total port cargo volume maintaining a relatively stable and normal range[48](index=48&type=chunk) - The period from **2025 to 2026** is the construction phase for the Group's major projects (railway spur line and Jiangkou Terminal Phase IV), which are expected to usher in new rapid development after commencement of operations[48](index=48&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) The Group's revenue and profit both declined in the first half, primarily due to reduced cargo throughput and a downturn in logistics agency business; while service costs decreased due to less cargo handling, administrative expenses significantly rose due to increased land use rights-related taxes and legal professional fees, and income tax expense increased due to the expiration of tax incentives, leading to a higher effective tax rate Revenue Breakdown and Changes | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Provision of stevedoring services - bulk and general cargo | 73,368 | 78,100 | (4,732) | (6.1) | | Provision of stevedoring services - containers | 1,689 | 1,433 | 256 | 17.9 | | Subtotal | 75,057 | 79,533 | (4,476) | (5.6) | | Provision of ancillary port services | 5,311 | 8,020 | (2,709) | (33.8) | | **Total Revenue** | **80,368** | **87,553** | **(7,185)** | **(8.2)** | - The decrease in revenue was mainly due to reduced cargo handling revenue (a **1.2 million tonnes** decrease in cargo throughput) and a decline in logistics agency business[51](index=51&type=chunk) - Cost of services decreased by approximately **RMB 3.7 million (10.5%)**, primarily due to reduced staff costs, subcontracting fees, and repair and maintenance expenses[52](index=52&type=chunk) Gross Profit and Gross Profit Margin | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross profit | 48,669 | 52,110 | (3,441) | (6.6) | | Gross profit margin | 60.6% | 59.5% | 1.1% | Not applicable | - Administrative expenses increased by approximately **RMB 4.6 million (48.8%)**, mainly due to an increase of approximately **RMB 2.5 million** in land use rights-related taxes and approximately **RMB 1.7 million** in legal and professional fees[54](index=54&type=chunk) - Income tax expense increased by approximately **RMB 2.7 million (30.7%)**, primarily due to the expiration of certain tax incentives, leading to an increase in the effective tax rate from **17.1% to 28.7%** (adjusted to 22.9%)[55](index=55&type=chunk) Profit for the Period and Net Profit Margin | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Profit | 28.6 | 42.4 | -32.6% | | Net profit margin | 35.5% | 48.4% | -12.9% | [Capital Structure, Liquidity and Financial Resources](index=33&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) The Group maintains a stable capital structure, primarily funded by cash generated from operations and shareholders' equity; as of 30 June 2025, bank and cash balances were approximately RMB 373.3 million, the gearing ratio was not meaningful due to no outstanding debt, and there were no contingent liabilities - Since the Company's shares were listed on GEM of the Stock Exchange on **10 July 2018**, there has been no change in the capital structure, with share capital consisting solely of ordinary shares[57](index=57&type=chunk) - As of 30 June 2025, the Group's bank and cash balances were approximately **RMB 373.3 million** (31 December 2024: RMB 379.9 million)[58](index=58&type=chunk) - As of 30 June 2025, the Group had no outstanding debt, rendering the gearing ratio not meaningful[60](index=60&type=chunk) - The Group adopts a prudent financial approach to its treasury policy and has no contingent liabilities[62](index=62&type=chunk)[63](index=63&type=chunk) [Significant Investments and Acquisitions/Disposals](index=35&type=section&id=Significant%20Investments%20and%20Acquisitions%2FDisposals) The Group made a significant investment commitment to Chizhou Tiehang during the first half, but otherwise, there were no other major acquisitions or disposals - Chizhou Port Holdings agreed to inject a total of **RMB 10,000,000** cash into Chizhou Tiehang for a **5% equity interest**, with an additional capital commitment of approximately **RMB 66,765,000**[64](index=64&type=chunk) - As of 30 June 2025, Chizhou Port Holdings had already contributed **RMB 17,365,000** to Chizhou Tiehang[64](index=64&type=chunk) - Save as disclosed, there were no other significant acquisitions and disposals of subsidiaries, associates, and joint ventures by the Group during the six months ended 30 June 2025[65](index=65&type=chunk) [Employees and Remuneration Policy](index=35&type=section&id=Employees%20and%20Remuneration%20Policy) As of 30 June 2025, the Group had approximately 200 employees, with total staff costs of about RMB 13.6 million, and remuneration is determined based on individual responsibilities, capabilities, experience, and market levels Employees and Remuneration | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Number of employees | Approximately 200 | 205 | | Total staff costs (for the six months ended 30 June) | RMB 13.6 million | RMB 14.1 million | - Employee remuneration is determined based on individual responsibilities, capabilities and skills, experience and performance, and market salary levels[67](index=67&type=chunk) [Pledge of Assets and Post-Reporting Period Events](index=36&type=section&id=Pledge%20of%20Assets%20and%20Post-Reporting%20Period%20Events) As of 30 June 2025, the Group had pledged certain property, plant and equipment and investment properties; no significant events occurred after the reporting period, and the Board does not recommend an interim dividend Pledged Assets | Asset Type | 30 June 2025 (RMB millions) | 31 December 2024 (RMB millions) | | :--- | :--- | :--- | | Property, plant and equipment | 123.6 | 127.4 | | Investment properties | 14.5 | 14.1 | - No significant events affecting the Group have occurred since the end of the reporting period and up to the date of this report[70](index=70&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2025[71](index=71&type=chunk) [Latest Business Developments](index=36&type=section&id=Latest%20Business%20Developments) The company disclosed recent business developments, including the construction contract for Jiangkou Terminal Phase IV, additional capital commitments for Chizhou Tiehang, and the transfer of land use rights from Chizhou Port Holdings to Chizhou Haishun - Chizhou Haishun entered into an agreement with an independent contractor to undertake the construction of Jiangkou Terminal Phase IV, with a consideration of **RMB 146,485,000**[72](index=72&type=chunk) - Chizhou Tiehang's shareholders' meeting approved an increase in additional capital commitments of approximately **RMB 1,335,303,000**, requiring Chizhou Port Holdings to contribute an additional approximately **RMB 66,765,000**[72](index=72&type=chunk) - Chizhou Port Holdings transferred land use rights for an area of approximately **74,798 square meters** to Chizhou Haishun, with a consideration of approximately **RMB 17,952,000**[74](index=74&type=chunk) [Other Information](index=38&type=section&id=Other%20Information) This section covers additional information including directors' and major shareholders' interests, transactions in listed securities, corporate governance, and compliance matters [Directors' and Major Shareholders' Interests](index=38&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) The report discloses the interests of directors, chief executives, and major shareholders in the company's shares and associated corporations, with Mr. Gui Sihai and Ms. Zhang Huifeng holding 75% of the company's shares through their controlled corporation, Vital Force Directors' Long Positions in Shares | Director Name | Capacity/Nature of Interest | Number of Issued Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Gui Sihai | Interest in controlled corporation | 600,000,000 | 75% | | Ms. Zhang Huifeng | Interest in controlled corporation | 600,000,000 | 75% | - Vital Force is legally and beneficially owned by Mr. Gui Sihai, Ms. Zhang Huifeng, and Hong Kong Shunyi Industrial Co., Limited, with **58.4%**, **38.9%**, and **2.7%** respectively[76](index=76&type=chunk) Major Shareholders' Long Positions in Shares | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Vital Force | Beneficial owner | 600,000,000 | 75% | [Dealings in Listed Securities and Competing Interests](index=40&type=section&id=Dealings%20in%20Listed%20Securities%20and%20Competing%20Interests) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period, and directors confirmed no competing interests - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended 30 June 2025[83](index=83&type=chunk) - For the six months ended 30 June 2025, the Directors confirmed that none of the Company's controlling shareholders or Directors and their respective close associates had any interests in any business that directly or indirectly competes with the Group's business[84](index=84&type=chunk) [Corporate Governance and Changes in Directors' Information](index=41&type=section&id=Corporate%20Governance%20and%20Changes%20in%20Directors'%20Information) The company consistently complied with the Corporate Governance Code and the Model Code for Securities Transactions by Directors during the reporting period, and Non-Executive Director Ms. Zhang Huifeng was appointed as a member of the Nomination Committee - Non-Executive Director Ms. Zhang Huifeng was appointed as a member of the Board's Nomination Committee, effective from **16 June 2025**[85](index=85&type=chunk) - During the reporting period, the Company consistently complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[86](index=86&type=chunk) - All Directors confirmed their compliance with the required standards set out in the Model Code for Securities Transactions by Directors during the reporting period[87](index=87&type=chunk) [Non-Compliance with GEM Listing Rules and Remedial Actions](index=42&type=section&id=Non-Compliance%20with%20GEM%20Listing%20Rules%20and%20Remedial%20Actions) The company violated GEM Listing Rules by failing to timely announce a discloseable transaction related to the Chizhou Tiehang joint venture agreement and advances, and has implemented remedial measures including publishing announcements, issuing memoranda, conducting internal control reviews, and providing training - The Company violated the GEM Listing Rules by failing to timely announce the joint venture agreement and advances with Chizhou Tiehang, which collectively constituted a discloseable transaction[89](index=89&type=chunk)[90](index=90&type=chunk) - An announcement was published on **14 April 2025** to re-comply with the requirements of Rule 19.34 of the GEM Listing Rules[93](index=93&type=chunk) - A memorandum was issued to the Board and senior management, reiterating the importance of strict adherence to internal control measures[93](index=93&type=chunk) - An internal control review will be conducted, particularly concerning procedures for discloseable transactions, and relevant personnel have received training on Chapter 19 of the GEM Listing Rules[93](index=93&type=chunk) [Share Option Scheme and Audit Committee](index=44&type=section&id=Share%20Option%20Scheme%20and%20Audit%20Committee) The company has a share option scheme, but no options were granted or exercised during the reporting period; the Audit Committee reviewed the interim financial statements and confirmed their compliance with applicable accounting standards and listing rules - The Company adopted a share option scheme, effective for **ten years from 10 July 2018**[94](index=94&type=chunk) - No share options were outstanding, granted, exercised, cancelled, or lapsed during the six months ended 30 June 2025[94](index=94&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended 30 June 2025[95](index=95&type=chunk)

Core Viewpoint - The company reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to reduced cargo throughput and unfavorable market conditions [1] Financial Performance - Revenue for the period was 80.368 million RMB, representing a year-on-year decrease of 8.2% [1] - Profit attributable to owners was 20.49 million RMB, down 34.6% year-on-year [1] - Basic earnings per share were 2.56 cents [1] Revenue Breakdown - Revenue from loading and unloading services and related port services was approximately 75.1 million RMB, a decrease of about 5.6% year-on-year [1] - The decline in revenue was mainly due to a reduction in cargo handling revenue, which fell due to a decrease of approximately 1.2 million tons in cargo throughput compared to the same period in 2024 [1] - Revenue from port-related services decreased by approximately 2.7 million RMB or 33.8%, primarily due to a decline in logistics agency business caused by unfavorable market conditions [1]

Core Viewpoint - The company reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to reduced cargo handling volumes and unfavorable market conditions affecting logistics services [1] Financial Performance - Revenue for the period was 80.368 million RMB, a decrease of 8.2% year-on-year [1] - Profit attributable to owners was 20.49 million RMB, down 34.6% year-on-year [1] - Basic earnings per share were 2.56 cents [1] Revenue Breakdown - Revenue from cargo handling and related port services was approximately 75.1 million RMB, a year-on-year decrease of about 5.6% [1] - The decline in cargo handling revenue was attributed to a reduction of approximately 1.2 million tons in cargo throughput compared to the same period in 2024 [1] - Revenue from port ancillary services decreased by approximately 2.7 million RMB or 33.8%, mainly due to a downturn in the logistics agency business caused by adverse market conditions [1]

[Report Statements and GEM Characteristics](index=1&type=section&id=Report%20Statements%20and%20GEM%20Characteristics) This section outlines disclaimers regarding the announcement's content and highlights the higher investment risks associated with the GEM market [Disclaimer and GEM Market Risks](index=1&type=section&id=Disclaimer%20and%20GEM%20Market%20Risks) Hong Kong Exchanges and the Stock Exchange are not responsible for this announcement's content, noting GEM's higher investment risks and potential for significant market volatility - Hong Kong Exchanges and the Stock Exchange are not responsible for the accuracy or completeness of this announcement's content and assume no liability for any losses arising from it[1](index=1&type=chunk) - The GEM market is positioned as a listing platform for small and medium-sized companies, which carry higher investment risks, and their securities may experience significant market volatility with no guarantee of high liquidity[3](index=3&type=chunk) [Directors' Responsibility Statement](index=1&type=section&id=Directors'%20Responsibility%20Statement) The company's directors collectively and individually assume full responsibility for this announcement, confirming its accuracy, completeness, and absence of misleading information - The company's directors collectively and individually assume full responsibility for this announcement, confirming the information is accurate, complete, not misleading or fraudulent, and without omissions[4](index=4&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's key financial performance indicators for the period [Financial Highlights Overview](index=2&type=section&id=Financial%20Highlights%20Overview) For the six months ended June 30, 2025, revenue decreased by 8.2% to RMB 80,368 '000, while profit attributable to owners declined significantly by 34.6% to RMB 20,490 '000 Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | Revenue | 80,368 | 87,553 | -8.2 | | Profit for the period attributable to owners of the Company | 20,490 | 31,336 | -34.6 | | Basic earnings per share | RMB 2.56 cents | RMB 3.92 cents | -34.6 | [Interim Results](index=3&type=section&id=Interim%20Results) This section presents the unaudited condensed consolidated statements of comprehensive income and financial position for the interim period [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported revenue of RMB 80,368 '000 and gross profit of RMB 48,669 '000, with profit attributable to owners at RMB 20,490 '000 Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 80,368 | 87,553 | | Cost of services | (31,699) | (35,443) | | Gross profit | 48,669 | 52,110 | | Other income and gains, net | 5,675 | 9,097 | | Selling and distribution expenses | (227) | (591) | | Administrative expenses | (14,044) | (9,441) | | Finance costs | (29) | (44) | | Profit before income tax | 40,044 | 51,131 | | Income tax expense | (11,474) | (8,756) | | Profit for the period | 28,570 | 42,375 | | **Profit for the period attributable to owners of the Company** | **20,490** | **31,336** | | **Profit for the period attributable to non-controlling interests** | **8,080** | **11,039** | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, total assets were RMB 926,708 '000, with total liabilities of RMB 170,000 '000, resulting in net assets of RMB 756,721 '000 and total equity attributable to owners of RMB 569,145 '000 Condensed Consolidated Statement of Financial Position as at June 30, 2025 | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 516,486 | 502,972 | | Current assets | 410,222 | 405,662 | | **Total assets** | **926,708** | **908,634** | | **Liabilities** | | | | Current liabilities | 132,210 | 143,679 | | Non-current liabilities | 37,777 | 36,229 | | **Total liabilities** | **170,000** | **179,908** | | **Net assets** | **756,721** | **728,726** | | **Equity** | | | | Equity attributable to owners of the Company | 569,145 | 552,078 | | Non-controlling interests | 187,576 | 176,648 | | **Total equity** | **756,721** | **728,726** | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the interim financial statements, covering general information, accounting policies, and specific financial items [General Information](index=7&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, primarily engages in investment holding, with its subsidiaries operating port services in Chizhou, Anhui Province, China, and listed on GEM in 2018 - The Company was incorporated in the Cayman Islands on October 30, 2017, and listed on GEM of the Stock Exchange of Hong Kong on July 10, 2018[11](index=11&type=chunk) - The Company's principal business is investment holding, with its subsidiaries primarily engaged in port operations in Chizhou, Anhui Province, China[11](index=11&type=chunk) - The unaudited condensed consolidated financial statements are presented in RMB and have been reviewed by the audit committee[13](index=13&type=chunk)[14](index=14&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The interim financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules, consistent with annual financial statements, except for new HKFRSs effective January 1, 2025 - The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the GEM Listing Rules[15](index=15&type=chunk) - The accounting policies used are consistent with those in the annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new and revised Hong Kong Financial Reporting Standards effective January 1, 2025[16](index=16&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The Group operates solely in port services, thus no segment information is presented, with all revenue and major non-current assets originating from China - The Group has only one operating segment, which is the provision of port services, and therefore no segment information is presented in the condensed consolidated financial statements[18](index=18&type=chunk) - The Group provides port services in China, and all revenue for the six months ended June 30, 2025, and 2024, was derived from China[19](index=19&type=chunk) [Revenue](index=8&type=section&id=Revenue) Revenue, primarily from port services, decreased to RMB 80,368 '000 for the six months ended June 30, 2025, with bulk and general cargo handling services contributing the largest share - Revenue refers to income derived from the provision of port services (excluding value-added tax)[20](index=20&type=chunk) Revenue Composition (For the Six Months Ended June 30) | Revenue Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Port service income | 80,368 | 87,553 | | Provision of stevedoring services - bulk and general cargo | 73,368 | 78,100 | | Provision of stevedoring services - containers | 1,689 | 1,433 | | Provision of ancillary port services | 5,311 | 8,020 | [Profit Before Income Tax](index=10&type=section&id=Profit%20Before%20Income%20Tax) Profit before income tax for the six months ended June 30, 2025, decreased to RMB 40,044 '000, primarily due to various operating expenses including employee benefits and depreciation Items Deducted/(Credited) in Arriving at Profit Before Income Tax (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of inventories recognized as an expense | 1,067 | 1,926 | | Employee benefit expenses | 13,598 | 14,073 | | Direct operating expenses from investment properties that generated rental income | 631 | 373 | | Depreciation of property, plant and equipment | 12,751 | 12,359 | | Repair and maintenance expenses | 2,413 | 3,078 | | Subcontracting fees | 6,541 | 9,022 | | Amortisation of deferred government grants | (445) | (445) | | Gain on land resumption | – | (924) | - For the six months ended June 30, 2025, the Group's research and development expenses were approximately **RMB 2,584,000**, of which employee benefit expenses were approximately **RMB 1,736,000**[25](index=25&type=chunk) - A gain on land resumption of approximately **RMB 924,000** was recorded in the corresponding period of 2024, due to Chizhou Port Holdings entering into a compensation agreement with Chizhou Economic and Technological Development Zone Management Committee for the resumption of certain leased land[25](index=25&type=chunk) [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) Income tax expense increased to RMB 11,474 '000 for the six months ended June 30, 2025, primarily due to the expiration of a tax holiday for Chizhou Port Holdings, despite Chizhou Niutoushan enjoying a preferential tax rate Income Tax Expense (For the Six Months Ended June 30) | Tax Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax - PRC Enterprise Income Tax | 9,183 | 7,191 | | Deferred tax charged to profit or loss | 2,291 | 1,565 | | **Total income tax expense** | **11,474** | **8,756** | - Chizhou Port Holdings' eligible projects concluded their three-year 50% tax reduction incentive on December 31, 2024, resulting in the cessation of this benefit in 2025[27](index=27&type=chunk) - Chizhou Port Holdings and Chizhou Niutoushan, as high-tech enterprises, enjoy a preferential tax rate of **15%** in specific fiscal years[27](index=27&type=chunk)[28](index=28&type=chunk) [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, decreased to RMB 2.56 cents, with diluted earnings per share being identical due to no potential dilutive shares Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 20,490 (RMB '000) | 31,336 (RMB '000) | | Weighted average number of ordinary shares in issue during the period | 800,000,000 shares | 800,000,000 shares | | Basic and diluted earnings per share | RMB 2.56 cents | RMB 3.92 cents | [Dividends](index=12&type=section&id=Dividends) The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[32](index=32&type=chunk) [Trade Receivables](index=12&type=section&id=Trade%20Receivables) Net trade receivables decreased to RMB 7,118 '000 as at June 30, 2025, with most receivables falling within a 30-day credit period Net Trade Receivables | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables | 7,119 | 7,867 | | Less: Impairment allowance | (1) | (1) | | **Net trade receivables** | **7,118** | **7,866** | - The credit period for trade receivables generally ranges from **10 to 55 days**[35](index=35&type=chunk) Aging Analysis of Trade Receivables (Net of Impairment Allowance) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 30 days | 7,118 | 6,117 | | 31 to 90 days | – | 1,082 | | 91 to 120 days | – | 667 | | 121 to 365 days | – | – | | Over one year | – | – | | **Total** | **7,118** | **7,866** | [Trade Payables](index=13&type=section&id=Trade%20Payables) Total trade payables increased to RMB 6,768 '000 as at June 30, 2025, with a typical credit period of 30 days - The credit period for trade payables is generally **30 days**[36](index=36&type=chunk) Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 30 days | 2,932 | 2,833 | | 31 to 90 days | 1,783 | 428 | | 91 to 120 days | 106 | 39 | | 121 to 365 days | 282 | 122 | | Over one year | 1,665 | 1,990 | | **Total** | **6,768** | **5,412** | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance, financial results, and future outlook, including key influencing factors and strategic initiatives [Business Review](index=14&type=section&id=Business%20Review) As an inland port operator in China, the Group experienced an 8.7% decrease in bulk and general cargo throughput but a 5.0% increase in container throughput for H1 2025, leading to an 8.2% revenue decline - The Group is an inland port operator in China, primarily providing port logistics services, operating JiangKou Port Area and Niutoushan Port Area, and is the largest public port operator in Chizhou City[38](index=38&type=chunk) Business Performance for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 | June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total bulk and general cargo throughput | 12.7 million tons | 13.9 million tons | -8.7 | | Total container throughput | 8,825 TEUs | 8,406 TEUs | +5.0 | | Revenue | RMB 80.4 million | RMB 87.6 million | -8.2 | | Profit | RMB 28.6 million | RMB 42.4 million | -32.6 | [Influencing Factors and Outlook Analysis](index=14&type=section&id=Influencing%20Factors%20and%20Outlook%20Analysis) Port throughput is affected by global economic pressures, adverse weather, and domestic economic downturns, but the Group anticipates stable freight volumes and new growth from major projects in H2 2025 - Key factors affecting port throughput include: global economic recovery pressure in the international environment, leading to decreased demand for dry bulk shipping; increased domestic economic downturn pressure, sluggish real estate and infrastructure, and a weak market for non-metallic mineral building materials[40](index=40&type=chunk)[43](index=43&type=chunk) - Looking ahead to H2 2025, the Chinese economy is expected to remain relatively subdued but generally stable, with governments at all levels promoting high-quality development, and total port freight volume maintaining a relatively stable and normal range[41](index=41&type=chunk) - The Group is advancing major projects such as the dedicated railway line to the port and the JiangKou Terminal Phase IV, anticipating new rapid development after the railway line becomes operational[42](index=42&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) This financial review details the Group's revenue decline, stable gross margin, increased administrative and income tax expenses, and a decrease in profit for the period and net profit margin [Revenue](index=16&type=section&id=Financial%20Review%2FRevenue) Total revenue for the six months ended June 30, 2025, decreased by 8.2% to RMB 80,368 '000, primarily due to reduced cargo throughput and a decline in logistics agency business Revenue Composition and Changes (For the Six Months Ended June 30) | Revenue Category | 2025 (RMB '000) | 2024 (RMB '000) | Increase/(Decrease) (RMB '000) | Change % | | :--- | :--- | :--- | :--- | :--- | | Stevedoring services - bulk and general cargo | 73,368 | 78,100 | (4,732) | (6.1) | | Stevedoring services - containers | 1,689 | 1,433 | 256 | 17.9 | | Subtotal | 75,057 | 79,533 | (4,476) | (5.6) | | Ancillary port services | 5,311 | 8,020 | (2,709) | (33.8) | | **Total revenue** | **80,368** | **87,553** | **(7,185)** | **(8.2)** | Changes in Cargo Throughput and Container Throughput (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | Increase/(Decrease) | Change % | | :--- | :--- | :--- | :--- | :--- | | Total cargo throughput ('000 tons) | 12,711 | 13,915 | (1,204) | (8.7) | | Container throughput (TEUs) | 8,825 | 8,406 | 419 | 5.0 | - The decrease in revenue was primarily due to reduced cargo handling income (a **1.2 million tons** decrease in cargo throughput) and a decline in logistics agency business[45](index=45&type=chunk) [Cost of Services](index=17&type=section&id=Cost%20of%20Services) Cost of services decreased by 10.5% to approximately RMB 31.7 million for the six months ended June 30, 2025, mainly due to reduced staff costs, subcontracting fees, and maintenance expenses - Cost of services primarily includes depreciation of property, plant and equipment, staff costs, subcontracting fees, fuel and oil, consumables, electricity, and repair and maintenance expenses[46](index=46&type=chunk) - For the six months ended June 30, 2025, cost of services was approximately **RMB 31.7 million**, a decrease of **RMB 3.7 million** or approximately **10.5%** compared to the same period last year[46](index=46&type=chunk) - The decrease in cost of services was mainly due to a combined reduction of approximately **RMB 2.7 million** in staff costs and subcontracting fees (due to an **8.7%** decrease in cargo throughput), and a decrease of approximately **RMB 0.7 million** in repair and maintenance expenses[46](index=46&type=chunk) [Gross Profit and Gross Margin](index=17&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 6.6% to approximately RMB 48.7 million for the six months ended June 30, 2025, while the gross margin remained stable at approximately 60.6% Changes in Gross Profit and Gross Margin (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Increase/(Decrease) (RMB '000) | Change % | | :--- | :--- | :--- | :--- | :--- | | Gross profit | 48,669 | 52,110 | (3,441) | (6.6) | | Gross margin (%) | 60.6 | 59.5 | 1.1 | N/A | - The decrease in gross profit was primarily due to an **8.2%** reduction in total revenue compared to the same period last year[47](index=47&type=chunk) [Administrative Expenses](index=17&type=section&id=Administrative%20Expenses) Administrative expenses increased by 48.8% for the six months ended June 30, 2025, primarily due to higher other taxes from land use rights acquisition and increased legal and professional fees - Administrative expenses increased by approximately **RMB 4.6 million** or **48.8%**[48](index=48&type=chunk) - Key reasons include: an increase of approximately **RMB 2.5 million** in other taxes due to related taxes from a subsidiary's acquisition of land use rights; and an increase of approximately **RMB 1.7 million** in legal and professional fees due to more compliance activities during the period[48](index=48&type=chunk) [Income Tax Expense](index=18&type=section&id=Financial%20Review%2FIncome%20Tax%20Expense) Income tax expense increased by 30.7% to approximately RMB 11.5 million for the six months ended June 30, 2025, mainly due to the expiration of a tax holiday for Chizhou Port Holdings - Income tax expense was approximately **RMB 11.5 million**, an increase of **RMB 2.7 million** or approximately **30.7%** compared to the same period last year[49](index=49&type=chunk) - The increase in income tax was mainly due to the expiration of Chizhou Port Holdings' eligible projects' three-year 50% tax reduction incentive on December 31, 2024, resulting in taxation at the standard rate of **25%** in 2025[49](index=49&type=chunk) - For the six months ended June 30, 2025, the effective tax rate was approximately **28.7%**, and the adjusted effective tax rate after excluding deferred tax expense was approximately **22.9%**, which was lower than the standard tax rate mainly due to the high-tech enterprise tax incentive for Chizhou Niutoushan[49](index=49&type=chunk) [Profit for the Period](index=18&type=section&id=Profit%20for%20the%20Period) The Group recorded a profit of approximately RMB 28.6 million for the six months ended June 30, 2025, a decrease from the prior year, with the net profit margin falling to 35.5% Profit for the Period and Net Profit Margin (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period | RMB 28.6 million | RMB 42.4 million | | Net profit margin | 35.5% | 48.4% | [Capital Structure, Liquidity, and Financial Resources](index=18&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20and%20Financial%20Resources) The Group's capital structure remains unchanged since listing, funded by operating cash and equity, with strong financial health, RMB 373.3 million in cash, no outstanding debt, and foreign exchange risk monitoring - The Company's share capital consists solely of ordinary shares, and its capital structure has remained unchanged since its listing on July 10, 2018[51](index=51&type=chunk) - The Group primarily funds its liquidity and capital requirements through cash generated from operations, bank borrowings (if any), and equity contributions from shareholders[51](index=51&type=chunk) Liquidity and Financial Resources (As at June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Bank and cash balances | 373.3 | 379.9 | | Total equity attributable to owners of the Company | 569.1 | 552.1 | | Outstanding debt | Nil | Nil | - The Directors believe the Group's financial position is sound, sufficient to expand its business and achieve its business objectives[53](index=53&type=chunk) - The Group monitors foreign exchange risks and plans to enter into foreign currency options or forward contracts when appropriate[55](index=55&type=chunk) [Significant Investments and Commitments](index=20&type=section&id=Significant%20Investments%20and%20Commitments) The Group committed RMB 10 million to Chizhou Tiehang for a 5% stake in November 2024, with an additional RMB 66.765 million capital commitment approved in March 2025, and no other major acquisitions or disposals during the period - Chizhou Port Holdings entered into a joint venture agreement with four investors on November 9, 2024, to inject **RMB 10,000,000** into Chizhou Tiehang in exchange for a **5%** equity interest[58](index=58&type=chunk) - On March 12, 2025, Chizhou Tiehang's shareholders' meeting approved an increase in additional capital commitment of approximately **RMB 1,335,303,000**, requiring Chizhou Port Holdings to contribute an additional approximately **RMB 66,765,000**[58](index=58&type=chunk) - As at June 30, 2025, Chizhou Port Holdings had injected **RMB 17,365,000** into Chizhou Tiehang[58](index=58&type=chunk) - For the six months ended June 30, 2025, the Group did not acquire or hold any significant investments, nor were there any significant acquisitions or disposals involving subsidiaries, associates, and joint ventures[59](index=59&type=chunk)[60](index=60&type=chunk) Employees and Remuneration (As at June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees | Approximately 200 | 205 | | Total staff costs (for six months) | RMB 13.6 million | RMB 14.1 million | [Asset Pledges and Subsequent Events](index=21&type=section&id=Asset%20Pledges%20and%20Subsequent%20Events) As at June 30, 2025, the Group pledged property, plant, and equipment totaling RMB 123.6 million and investment properties totaling RMB 14.5 million, with no significant subsequent events or interim dividend recommendations Pledged Assets (As at June 30) | Asset Category | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Property, plant and equipment | 123.6 | 127.4 | | Investment properties | 14.5 | 14.1 | - As at June 30, 2025, the Group had no contingent liabilities[57](index=57&type=chunk) - No significant events affecting the Group have occurred since the end of the reporting period and up to the date of this announcement[65](index=65&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[66](index=66&type=chunk) [Latest Business Developments](index=21&type=section&id=Latest%20Business%20Developments) Recent business developments include a construction contract for JiangKou Terminal Phase IV, increased capital commitment to Chizhou Tiehang, and the transfer of land use rights to Chizhou Haishun - Chizhou Haishun (a subsidiary in which the Company indirectly holds a **43.2%** effective equity interest) entered into a construction contract with an independent contractor for the JiangKou Terminal Phase IV project, with a consideration of **RMB 146,485,000**[67](index=67&type=chunk) - Chizhou Tiehang's shareholders' meeting approved an increase in additional capital commitment of approximately **RMB 1,335,303,000**, requiring Chizhou Port Holdings to contribute an additional approximately **RMB 66,765,000** to Chizhou Tiehang, with a further injection of **RMB 5,850,000** for the six months ended June 30, 2025[67](index=67&type=chunk) - Chizhou Port Holdings transferred the project land use rights, covering an area of approximately **74,798 square meters**, to Chizhou Haishun for a consideration of approximately **RMB 17,952,000**, and Chizhou Haishun has obtained the property ownership certificate[68](index=68&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) This section covers details on listed securities transactions, competitive interests, and changes in director information [Listed Securities Transactions and Competing Interests](index=22&type=section&id=Listed%20Securities%20Transactions%20and%20Competing%20Interests) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period, and directors confirmed no competing interests with the Group's business - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025[69](index=69&type=chunk) - The Directors confirm that none of the Company's controlling shareholders or Directors and their respective close associates have any interests in any business that competes directly or indirectly with the Group's business[70](index=70&type=chunk) [Changes in Directors' Information](index=22&type=section&id=Changes%20in%20Directors'%20Information) Ms. Zhang Huifeng, a non-executive director, was appointed as a member of the Board's Nomination Committee, effective June 16, 2025 - Ms. Zhang Huifeng, a non-executive director, has been appointed as a member of the Board's Nomination Committee, effective June 16, 2025[71](index=71&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) This section details the company's adherence to corporate governance codes, directors' securities dealing code, and the audit committee's review of financial statements [Corporate Governance Code](index=23&type=section&id=Corporate%20Governance%20Code) The company fully complied with the applicable code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules throughout the reporting period - The Company has complied with the applicable code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules throughout the reporting period, with no deviations[72](index=72&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=23&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Group adopted the Model Code for Securities Transactions by Directors as per GEM Listing Rules, and all directors confirmed compliance during the reporting period - The Group has adopted the required standards for dealing set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for directors' securities transactions in the Company's shares[73](index=73&type=chunk) - Following specific enquiries with the Directors, all Directors have confirmed their compliance with the required standards set out in the code of conduct throughout the reporting period[73](index=73&type=chunk) [Audit Committee](index=23&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim financial statements and found them compliant with accounting standards and disclosure requirements - The Audit Committee comprises three independent non-executive directors: Mr. Zhang Shimin (Chairman), Mr. Nie Rui, and Mr. Zheng Yanbin[74](index=74&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that the results comply with applicable accounting standards, the GEM Listing Rules, other applicable legal requirements, and provide adequate disclosures[74](index=74&type=chunk) [Board Members and Report Publication](index=24&type=section&id=Board%20Members%20and%20Report%20Publication) As of the announcement date, the Board consists of two executive, one non-executive, and three independent non-executive directors, with this announcement published on the Stock Exchange and company websites - As of the date of this announcement, the executive directors are Mr. Gui Sihai and Mr. Huang Xueliang; the non-executive director is Ms. Zhang Huifeng; and the independent non-executive directors are Mr. Nie Rui, Mr. Zhang Shimin, and Mr. Zheng Yanbin[76](index=76&type=chunk) - This announcement will be published on the Stock Exchange's website and the Company's website for at least seven days from the date of publication[76](index=76&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 遠航港口發展有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08502 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | 50,000,000 | 本月底法定/註冊股本總額： HKD 50 ...

Financial Performance - The company achieved a total cargo throughput of 28.3 million tons and generated revenue of RMB 177.0 million with a profit of RMB 88.8 million for the year[8]. - In 2024, the total cargo throughput reached 28.3 million tons, a 2.0% increase from 27.8 million tons in 2023, while container throughput decreased by 11.4% to 17,004 TEUs from 19,199 TEUs[14]. - The group's revenue for 2024 was RMB 177.0 million, up 2.0% from RMB 173.6 million in 2023, with net profit increasing by 9.6% to RMB 88.8 million from RMB 81.1 million[14]. - The revenue from bulk cargo and miscellaneous cargo handling services was RMB 147.2 million, a slight increase of 0.9% from RMB 145.8 million in 2023[19]. - The group recorded a net profit of approximately RMB 88.8 million for the year, an increase of 9.1% compared to RMB 81.1 million in 2023, with a net profit margin of 50.2%[26]. - The income tax expense for the year was approximately RMB 14.7 million, a decrease of 13.5% from RMB 17.0 million in 2023, resulting in an effective tax rate of approximately 14.2%[25]. - The company reported a total reserve available for distribution to shareholders of RMB 32,756,000 as of December 31, 2024, down from RMB 37,824,000 in 2023[62]. Operational Developments - The company implemented cost reduction and efficiency enhancement measures, resulting in significant improvements in internal management practices[11]. - The company is set to commence full construction of the dedicated railway line in 2025, marking a crucial year for its transformation and development[11]. - The company’s logistics park project has been completed and passed inspection, contributing to new cargo sources for the business[8]. - The company aims to enhance its logistics services and port operations in 2025, coinciding with the full-scale construction of dedicated railway lines to the port[17]. - The company is facing challenges such as increased competition from self-owned terminals of large mines and a decline in the non-metallic mineral market, impacting cargo availability[15]. - The management anticipates a stable growth in water transport demand, supported by the overall resilience of the Chinese economy[16]. Innovation and Technology - In 2024, the company successfully authorized 2 utility model patents and 15 software copyrights, with 11 utility patents and 3 invention patents pending[9]. - The company’s technology center was recognized as an "Anhui Provincial Enterprise Technology Center"[9]. - The company is committed to improving operational efficiency and reducing costs, with a focus on innovative practices and risk management strategies[15]. - The CEO has obtained 26 utility model patents and 34 software copyrights since joining the group[38]. - The company is committed to innovation, as evidenced by its significant number of patents and software copyrights obtained by its management[38]. Corporate Governance - The board consists of six members, including two executive directors and three independent non-executive directors, ensuring a diverse skill set relevant to the company's management[105]. - The roles of the chairman and CEO are separated to ensure effective governance and operational efficiency[106]. - The company has adopted a board diversity policy, aiming for a diverse board composition based on gender, age, cultural background, and professional experience[112]. - The company has established a clear framework for the roles and responsibilities of the audit, remuneration, and nomination committees, all composed of independent non-executive directors[132]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[88]. - The company is committed to enhancing its corporate governance practices in line with legal requirements and best practices[104]. Environmental, Social, and Governance (ESG) Initiatives - The company’s ESG report outlines strategies and practices for environmental and social governance for the fiscal year 2024[162]. - The report covers the performance of the company’s two main terminals, Jiangkou and Niutoushan, in environmental protection and social development[163]. - The company has complied with all relevant environmental regulations, including the Water Pollution Prevention Law and the Air Pollution Prevention Law of the People's Republic of China[176]. - The company has implemented environmental measures such as dust screens, water spraying systems, and dust detection systems to control pollution[178]. - The company has identified key ESG issues, including health and safety, product responsibility, and climate change, which are prioritized based on their significance[175]. - The company aims to create long-term value for stakeholders and the communities in which it operates through sustainable development initiatives[173]. Risk Management and Compliance - The company has a zero-tolerance policy towards corruption and fraud, with no reported violations of relevant laws during the reporting year[144]. - The internal control policies cover various operational aspects, including risk assessment, financial reporting, cost management, and employee recruitment, and are reviewed at least annually[140]. - The company has established a whistleblowing policy to allow employees and stakeholders to report misconduct confidentially[144]. - The company emphasizes the importance of internal monitoring measures to prevent future compliance issues and has issued a memorandum to the board and senior management[160]. - The audit committee is responsible for recommending the appointment and remuneration of external auditors, ensuring their independence and objectivity[132]. Human Resources and Employee Engagement - The total number of employees decreased to 205 from 214, which will also be used for calculating other density metrics[183]. - The company has provided training and resources to all directors regarding their responsibilities and relevant regulations[121]. - Directors have participated in continuous professional development, covering topics such as corporate governance and finance[123]. - The company has established an ESG working group to assist the board in overseeing and implementing ESG strategies[170]. Future Outlook - The company aims to maintain or reduce greenhouse gas emissions density in the upcoming year through vehicle management measures and energy-saving policies[184]. - The company plans to continue reducing energy consumption emissions and aims to maintain or decrease emissions density in the next fiscal year, with 2024 as the reference year[196]. - The next annual general meeting is scheduled for May 28, 2025, with voting procedures explained during the meeting[147].