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: 易和國際控股有限公司 呈交日期: 2025年10月8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) | 08659 | 說明 | | | | | | | | | | | 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 (-) | | | | | | | HKD | | | | 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 50,000,000 股份發行人及根據《上市規則》第十九B章上 ...

刘大进先生因需投入更多时间处理其他事务而已辞任独立非执行董事、董事会提名委员会主席、薪酬委 员会、审核委员会及风险管理委员会各自的成员;张洪波先生已获委任为独立非执行董事、提名委员会 主席、薪酬委员会、审核委员会及风险管理委员会各自的成员，自2025年10月6日起生效。 易和国际控股(08659)发布公告，程琮瑜先生已获委任为执行董事，自2025年10月6日起生效。 ...

刘大进先生因需投入更多时间处理其他事务而已辞任独立非执行董事、董事会提名委员会主席、薪酬委 员会、审核委员会及风险管理委员会各自的成员;张洪波先生已获委任为独立非执行董事、提名委员会 主席、薪酬委员会、审核委员会及风险管理委员会各自的成员，自2025年10月6日起生效。 智通财经APP讯，易和国际控股(08659)发布公告，程琮瑜先生已获委任为执行董事，自2025年10月6日 起生效。 ...

董事名單與其角色及職能 易 和 國 際 控 股 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 執行董事 許有獎先生 （董事長） 許麗萍女士 （行政總裁） 張緣生先生 程琮瑜先生 獨立非執行董事 Yik Wo International Holdings Limited 易和國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8659） 張世澤先生 楊杰先生 張洪波先生 董事會設立四個董事委員會。下表提供各董事會成員於該等委員會中擔任的職位。 | 董事委員會 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 風險管理 | 董 | 事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 委員會 | | | | 許有獎先生 | 主 | 席 | | | | | | | | 許麗萍女士 | 成 | 員 | 成 | 員 | | | | | | 張緣生先生 | 成 | 員 | 成 | 員 | | | | | | 程琮瑜先生 | | | | | | | | | | 張世澤先生 | 主 | 席 ...

委任執行董事 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部 或任何部份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。 Yik Wo International Holdings Limited 易和國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8659） 委任執行董事及 變更獨立非執行董事 及董事會委員會之組成 易 和 國 際 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）宣 佈，程 琮 瑜 先 生（「程先生」）已 獲 委 任 為 執 行 董 事，自 二 零 二 五 年 十月六日起生效。 程先生的履歷詳情載列如下： 程 先 生，42歲，於 二 零 零 一 年 畢 業 於 蘇 州 財 經 學 院，主 修 會 計、金 融 保 險 專 業。 程 先 生 現 任 本 公 司 間 接 全 資 附 屬 公 司 北 京 易 和 天 下 網 絡 科 技 有 限 公 司 總 經 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 易和國際控股有限公司 呈交日期: 2025年9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) | 08659 | 說明 | | | | | | | | | | | 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 (-) | | | | | | | HKD | | | | 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 ...

Group 1 - The company, 易和国际控股 (08659), reported a revenue of 110 million, representing a year-on-year decrease of 29.72% [1] - The net profit for the period was 8.951 million, which is a year-on-year decline of 52.3% [1] - Earnings per share were recorded at 1.2 cents [1]

Corporate Information [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) This section outlines the composition of the company's Board of Directors and its various committees, noting recent appointments and resignations - The Board consists of executive directors Mr Xu Youjiang (Chairman), Ms Xu Liping, and Mr Zhang Yuansheng, and independent non-executive directors Mr Cheung Sze Tze, Mr Liu Dajin, and Mr Yang Jie (newly appointed)[8](index=8&type=chunk) - Mr Yang Jie was appointed as an independent non-executive director, Chairman of the Remuneration Committee, and a member of the Nomination and Audit Committees on **June 26, 2025**[8](index=8&type=chunk) - Mr Tang Chi Fai resigned as an independent non-executive director and from his committee roles on **June 26, 2025**[8](index=8&type=chunk) [Corporate Profile](index=4&type=section&id=Corporate%20Profile) This section provides fundamental corporate information, including the auditor, principal bankers, registered office, and key business locations - The auditor is Grant Thornton Hong Kong Limited[9](index=9&type=chunk) - The company's website is www.yikwo.cn, and its stock code is 8659[10](index=10&type=chunk) - The company has a registered office in the Cayman Islands and principal places of business in Jinjiang City, Fujian Province, China, and Kwun Tong, Kowloon, Hong Kong[10](index=10&type=chunk) Management Discussion and Analysis [Business Review and Prospects](index=6&type=section&id=Business%20Review%20and%20Prospects) The Group's revenue declined due to weak market demand for its core plastic food container business, prompting diversification into film projects and e-commerce - The Group's core business is the production and sale of disposable plastic food containers, supplemented by mobile application and e-commerce platform operations[12](index=12&type=chunk) - For the six months ended June 30, 2025, the Group's revenue decreased, primarily due to **weak market demand for disposable plastic food containers**[13](index=13&type=chunk) - Future strategies include promoting eco-friendly food containers, enhancing production technology, expanding sales channels, and product customization[14](index=14&type=chunk) - The Group completed the acquisition of the entire equity of Yizhen Film and Media Co, Ltd to invest in film projects and capitalize on opportunities in China's film industry[15](index=15&type=chunk) - The Group acquired 100% of Beijing Youpinhui and launched the "Yi He Tian Xia" e-commerce platform in July 2022[16](index=16&type=chunk) - The Group entered into an MOU for the potential acquisition of a **30% equity interest in Beijing Zhenpin Network Technology Co, Ltd** to expand revenue sources and stabilize the e-commerce supply chain[17](index=17&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) The Group's financial performance declined significantly in the first half of 2025, with substantial decreases in revenue, gross profit, and net profit 2025 Interim Key Financial Data Comparison | Indicator | Six Months Ended June 30, 2025 (RMB in thousands) | Six Months Ended June 30, 2024 (RMB in thousands) | Change (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 109,517 | 155,828 | (46,311) | (29.7%) | | Cost of sales | (78,326) | (109,627) | 31,301 | (28.6%) | | Gross profit | 31,191 | 46,201 | (15,010) | (32.5%) | | Gross profit margin | 28.5% | 29.6% | (1.1%) | - | | Selling expenses | (6,220) | (8,850) | 2,630 | (30.3%) | | Administrative and other operating expenses | (12,471) | (12,734) | 263 | (1.6%) | | Finance costs | (86) | (140) | 54 | (38.6%) | | Income tax expense | (4,102) | (6,992) | 2,890 | (41.4%) | | Profit for the period | 8,951 | 18,765 | (9,814) | (52.1%) | - The decrease in selling expenses was mainly due to reduced promotional efforts[22](index=22&type=chunk) - The decrease in administrative and other operating expenses was primarily due to lower staff costs[23](index=23&type=chunk) - The significant decrease in profit for the period was mainly attributable to a **decrease in gross profit of approximately RMB15.0 million**[26](index=26&type=chunk) [GEM Listing and Proposed Transfer of Listing](index=8&type=section&id=GEM%20Listing%20and%20Proposed%20Transfer%20of%20Listing) The company is pursuing a transfer of its listing from GEM to the Main Board of the Stock Exchange, having resubmitted its application in May 2024 - The company's shares were listed on GEM of the Stock Exchange on July 13, 2020, raising net proceeds of **HKD22.8 million** (approximately RMB20.4 million)[27](index=27&type=chunk) - The transfer of listing application submitted on May 31, 2023, has automatically lapsed[27](index=27&type=chunk) - The company resubmitted its application for the transfer of listing on **May 9, 2024**, under Chapter 9B of the Main Board Listing Rules[28](index=28&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity position improved as of June 30, 2025, with increased net current assets, a higher current ratio, and a lower gearing ratio Key Indicators of Liquidity and Financial Resources | Indicator | June 30, 2025 (RMB in millions) | December 31, 2024 (RMB in millions) | Change (RMB in millions) | | :--- | :--- | :--- | :--- | | Net current assets | 261.5 | 247.7 | 13.8 | | Current ratio | 8.7 | 6.1 | 2.6 | | Gearing ratio | 11.5% | 16.1% | (4.6%) | | Bank balances and cash | 213.9 | 206.1 | 7.8 | | Lease liabilities | 2.8 | 4.2 | (1.4) | - The increase in net current assets was mainly due to a decrease in trade and other payables[29](index=29&type=chunk) - The increase in bank balances and cash was primarily attributable to net cash generated from operating activities[31](index=31&type=chunk) - The Group had **no borrowings** as of June 30, 2025, and December 31, 2024[32](index=32&type=chunk) [Capital Structure](index=9&type=section&id=Capital%20Structure) The Group's capital structure, consisting solely of ordinary shares, has remained stable since its GEM listing in 2020 - There have been **no significant changes** to the Group's capital structure since its GEM listing, with share capital comprising only ordinary shares[34](index=34&type=chunk) - As of June 30, 2025, the issued share capital was approximately **HKD7.5 million**, representing 748,482,760 issued ordinary shares of HKD0.01 each[34](index=34&type=chunk) - The Group has a consideration payable of **RMB6.2 million** for the acquisition of 100% equity in Yizhen Film, which is interest-free and repayable upon the movie's release[34](index=34&type=chunk) [Segment Information](index=9&type=section&id=Segment%20Information) The Group's operations are organized into two main business segments: disposable plastic food containers and e-commerce platform operations - The Group has two operating segments: the disposable plastic food containers business and the mobile application and e-commerce platform business[35](index=35&type=chunk) [Future Plans for Material Investments and Capital Assets](index=9&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group had no plans for material investments or capital assets as of June 30, 2025 - As of June 30, 2025, the Group had **no plans for material investments and capital assets**[36](index=36&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries](index=10&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) The Group did not engage in any material investment, acquisition, or disposal activities during the first half of 2025 - During the period, there were **no material investments, acquisitions, or disposals** that constituted a disclosable transaction under the GEM Listing Rules[38](index=38&type=chunk) [Pledge of Group's Assets](index=10&type=section&id=Pledge%20of%20Group's%20Assets) The Group had no pledged assets as of June 30, 2025 - As of June 30, 2025, the Group had **no pledged assets**[39](index=39&type=chunk) [Contingent Liabilities](index=10&type=section&id=Contingent%20Liabilities) The Group had no contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had **no contingent liabilities**[40](index=40&type=chunk) [Foreign Exchange Fluctuation Risk](index=10&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group faces no significant foreign exchange risk as its operations and transactions are primarily conducted in RMB - The Group operates mainly in China with transactions settled in RMB, resulting in **no significant foreign exchange risk**[41](index=41&type=chunk) - No financial instruments were used for hedging purposes during the period[41](index=41&type=chunk) [Employees and Remuneration Policies](index=10&type=section&id=Employees%20and%20Remuneration%20Policies) The Group's employee count and staff costs slightly decreased in the first half of 2025, with remuneration based on a fixed salary and appraisal system - As of June 30, 2025, the Group had **192 employees** (December 31, 2024: 203)[42](index=42&type=chunk) - Staff costs, including directors' remuneration, were approximately **RMB9.6 million** for the period (2024 equivalent period: approximately RMB9.7 million)[42](index=42&type=chunk) - The remuneration policy is based on a fixed salary and an appraisal system[42](index=42&type=chunk) [Disclosure of Interests](index=11&type=section&id=Disclosure%20of%20Interests) This section details the interests and short positions in the company's shares held by directors, chief executives, and substantial shareholders A. Directors' and Chief Executive's Interests and Short Positions in Shares (as at June 30, 2025) | Name of Director | Capacity/Nature of Interest | Number and Class of Securities | Long/Short Position | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Mr Xu Youjiang | Interest in a controlled corporation (Prize Investment Limited) | 301,500,000 ordinary shares | Long | 40.28% | | | Beneficial owner | 74,482,760 ordinary shares | Long | 9.95% | | | **Total** | **375,982,760 ordinary shares** | **Long** | **50.23%** | | Ms Xu Liping | Interest of spouse (Spouse of Mr Xu Youjiang) | 375,982,760 ordinary shares | Long | 50.23% | B. Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares (as at June 30, 2025) | Name | Capacity | Number and Class of Securities | Long/Short Position | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Prize Investment Limited | Beneficial owner | 301,500,000 ordinary shares | Long | 40.28% | | Mr Xu Youjiang | Beneficial owner | 74,482,760 ordinary shares | Long | 9.95% | | | **Total** | **375,982,760 ordinary shares** | **Long** | **50.23%** | | Merit Winner Limited | Beneficial owner | 67,500,000 ordinary shares | Long | 9.02% | | Mr Xu Wenjie | Interest in a controlled corporation (Merit Winner Limited) | 67,500,000 ordinary shares | Long | 9.02% | | Ms Xu Meiya | Interest of spouse (Spouse of Mr Xu Wenjie) | 67,500,000 ordinary shares | Long | 9.02% | | Youpinhui Investment | Beneficial owner | 64,000,000 ordinary shares | Long | 8.55% | | Mr Hu Kun | Interest in a controlled corporation (Youpinhui Investment) | 64,000,000 ordinary shares | Long | 8.55% | [Competition and Conflict of Interests](index=13&type=section&id=Competition%20and%20Conflict%20of%20Interests) No directors or controlling shareholders held interests in businesses that compete or may compete with the Group's business - During the period, **no director, controlling shareholder, or their respective associates had any competing business or conflict of interest**[47](index=47&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=13&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) The company and its subsidiaries did not engage in any trading of the company's own listed securities during the period - During the period, neither the company nor any of its subsidiaries **purchased, sold, or redeemed any of the company's listed securities**[48](index=48&type=chunk) [Corporate Governance Code](index=13&type=section&id=Corporate%20Governance%20Code) The company has complied with the applicable code provisions of the Corporate Governance Code as set out in the GEM Listing Rules - The company has complied with the Corporate Governance Code in Appendix C1 of the GEM Listing Rules[49](index=49&type=chunk) - The roles of Chairman (Mr Xu Youjiang) and Chief Executive Officer (Ms Xu Liping) are separate and held by different individuals[49](index=49&type=chunk) [Directors' Securities Transactions](index=13&type=section&id=Directors'%20Securities%20Transactions) The Group has adopted a code of conduct for directors' securities transactions that is no less stringent than the required standard of dealings - The Group has adopted a code of conduct for directors' securities transactions in compliance with the GEM Listing Rules[50](index=50&type=chunk) - **No incidents of non-compliance** by any director with the code of conduct were found during the period[50](index=50&type=chunk) [Dividend](index=13&type=section&id=Dividend) The Board does not recommend the payment of an interim dividend for the first half of 2025 - The Board does not recommend the payment of an interim dividend for the first half of 2025 (2024: Nil)[51](index=51&type=chunk) [Share Option Scheme](index=13&type=section&id=Share%20Option%20Scheme) The company did not have a share option scheme as of June 30, 2025 - As of June 30, 2025, the company **did not have a share option scheme**[52](index=52&type=chunk) [Material Events After the Reporting Period](index=14&type=section&id=Material%20Events%20After%20the%20Reporting%20Period) No material events requiring disclosure occurred between the end of the reporting period and the date of this report - There were **no material events requiring disclosure** after the reporting period and up to the date of this report[53](index=53&type=chunk) [Changes in Directors' Information](index=14&type=section&id=Changes%20in%20Directors'%20Information) Mr Yang Jie was appointed as an independent non-executive director and to several board committees on June 26, 2025 - Mr Yang Jie was appointed as an independent non-executive director and a member of several committees on **June 26, 2025**[54](index=54&type=chunk) - There were **no other material changes** in directors' information since the date of the 2024 annual report[54](index=54&type=chunk) [Audit Committee](index=14&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim financial statements - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[56](index=56&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr Cheung Sze Tze (Chairman), Mr Liu Dajin, and Mr Yang Jie[55](index=55&type=chunk) - Its primary duties include reviewing financial reporting, overseeing the audit process, internal controls, and corporate governance[55](index=55&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue and profit for the period both experienced a significant decline in the first half of 2025 compared to the same period in 2024 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 109,517 | 155,828 | | Cost of sales | (78,326) | (109,627) | | Gross profit | 31,191 | 46,201 | | Other income | 639 | 1,280 | | Selling expenses | (6,220) | (8,850) | | Administrative and other operating expenses | (12,471) | (12,734) | | Operating profit | 13,139 | 25,897 | | Finance costs | (86) | (140) | | Profit before income tax | 13,053 | 25,757 | | Income tax expense | (4,102) | (6,992) | | Profit for the period | 8,951 | 18,765 | | Other comprehensive income, net of tax: Exchange differences on translation of foreign operations recognised | 2 | 37 | | Total comprehensive income for the period | 8,953 | 18,802 | | Earnings per share attributable to equity holders of the Company (basic and diluted) | RMB1.20 cents | RMB2.51 cents | Condensed Consolidated Statement of Financial Position [Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The Group's financial position remained solid, with increases in net current assets, total assets less current liabilities, and total equity as of June 30, 2025 Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 37,773 | 42,947 | | Current assets | 295,688 | 296,300 | | **Liabilities** | | | | Current liabilities | 34,142 | 48,593 | | Non-current liabilities | 1,921 | 2,209 | | **Equity** | | | | Share capital | 6,667 | 6,667 | | Reserves | 290,731 | 281,778 | | Total equity | 297,398 | 288,445 | | Net current assets | 261,546 | 247,707 | | Total assets less current liabilities | 299,319 | 290,654 | Condensed Consolidated Statement of Changes in Equity [Condensed Consolidated Statement of Changes in Equity](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The Group's total equity increased during the first half of 2025, primarily driven by the profit generated during the period Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Indicator | Share Capital (RMB in thousands) | Share Premium (RMB in thousands) | Other Reserve (RMB in thousands) | Exchange Reserve (RMB in thousands) | Retained Earnings (RMB in thousands) | Total (RMB in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | At January 1, 2024 | 6,667 | 83,348 | 26,091 | (408) | 145,481 | 261,179 | | Profit for the period (2024) | — | — | — | — | 18,765 | 18,765 | | Other comprehensive income: Exchange differences on translation of foreign operations recognised (2024) | — | — | — | 37 | — | 37 | | Total comprehensive income for the period (2024) | — | — | — | 37 | 18,765 | 18,802 | | At June 30, 2024 (unaudited) | 6,667 | 83,348 | 26,091 | (371) | 164,246 | 279,981 | | At January 1, 2025 | 6,667 | 83,348 | 26,091 | (356) | 172,695 | 288,445 | | Profit for the period (2025) | — | — | — | — | 8,951 | 8,951 | | Other comprehensive income: Exchange differences on translation of foreign operations recognised (2025) | — | — | — | 2 | — | 2 | | Total comprehensive income for the period (2025) | — | — | — | 2 | 8,951 | 8,953 | | At June 30, 2025 (unaudited) | 6,667 | 83,348 | 26,091 | (354) | 181,646 | 297,398 | Condensed Consolidated Statement of Cash Flows [Condensed Consolidated Statement of Cash Flows](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group's cash position improved in the first half of 2025, driven by a significant increase in net cash generated from operating activities Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 11,783 | 7,617 | | Cash flows used in investing activities | (2,531) | (2,400) | | Cash flows used in financing activities | (1,539) | (1,697) | | Net increase in cash and cash equivalents | 7,713 | 3,520 | | Cash and cash equivalents at beginning of period | 206,143 | 165,252 | | Effect of exchange rate changes | 7 | 18 | | Cash and cash equivalents at end of period | 213,863 | 168,790 | - The **significant increase in net cash from operating activities** was the main driver of the increase in cash and cash equivalents[62](index=62&type=chunk) - Cash flows used in investing activities primarily included the purchase of property, plant and equipment[62](index=62&type=chunk) Notes to the Interim Financial Report [1. General Information](index=19&type=section&id=1.%20General%20Information) The company, incorporated in the Cayman Islands, primarily engages in the plastic food container business and e-commerce operations in China - The company was incorporated in the Cayman Islands on **December 13, 2018**[63](index=63&type=chunk) - Its principal activities are the production and sale of disposable plastic food containers and the operation of an e-commerce platform[63](index=63&type=chunk) - Mr Xu Youjiang is the ultimate controlling party of the Group[64](index=64&type=chunk) [2. Basis of Preparation](index=19&type=section&id=2.%20Basis%20of%20Preparation) The unaudited interim financial information has been prepared in accordance with HKAS 34 and the disclosure requirements of the GEM Listing Rules - The financial information is prepared in accordance with the GEM Listing Rules and Hong Kong Accounting Standard (HKAS) 34[65](index=65&type=chunk) - The information is unaudited, presented in thousands of RMB, and was approved for issue by the Board of Directors on **August 28, 2025**[66](index=66&type=chunk) [3. Significant Accounting Policies](index=19&type=section&id=3.%20Significant%20Accounting%20Policies) The accounting policies adopted are consistent with the 2024 annual financial statements, except for new HKFRS standards effective from January 1, 2025 - The accounting policies are consistent with the 2024 annual consolidated financial statements, except for the adoption of new and revised Hong Kong Financial Reporting Standards (HKFRS) effective January 1, 2025[67](index=67&type=chunk) - The adoption of new and revised HKFRS, such as amendments to HKAS 21 on Lack of Exchangeability, had **no material impact** on the results and financial position[68](index=68&type=chunk)[69](index=69&type=chunk) - The Group has not applied any new standards, interpretations, or amendments that are not yet effective for the current accounting period[70](index=70&type=chunk) [4. Estimates and Judgements](index=20&type=section&id=4.%20Estimates%20and%20Judgements) The preparation of the financial information requires management to make judgements and estimates that are consistent with those applied in the 2024 annual report - The preparation of financial information involves accounting judgements, estimates, and assumptions, where actual results may differ[71](index=71&type=chunk) - The key sources of estimation uncertainty and critical judgements are the **same as those applied in the 2024 annual consolidated financial statements**[71](index=71&type=chunk) [5. Segment Information](index=20&type=section&id=5.%20Segment%20Information) The Group's disposable plastic food container segment remained profitable but saw declining revenue, while the e-commerce segment shifted from a profit to a loss Analysis of Revenue and Results by Operating and Reportable Segment (For the six months ended June 30) | Indicator (RMB in thousands) | Disposable Plastic Food Containers (2025) | E-commerce (2025) | Total (2025) | Disposable Plastic Food Containers (2024) | E-commerce (2024) | Total (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 108,278 | 1,239 | 109,517 | 143,720 | 12,108 | 155,828 | | Segment results | 15,984 | (2,013) | 13,971 | 27,236 | 1,123 | 28,359 | | Unallocated expenses | | | (918) | | | (2,602) | | Profit before income tax | | | 13,053 | | | 25,757 | | Profit for the period | | | 8,951 | | | 18,765 | Analysis of Assets and Liabilities by Operating and Reportable Segment (As at June 30, 2025) | Indicator (RMB in thousands) | Disposable Plastic Food Containers (2025) | E-commerce (2025) | Unallocated (2025) | Total (2025) | Disposable Plastic Food Containers (2024) | E-commerce (2024) | Unallocated (2024) | Total (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Reportable segment assets | 306,126 | 8,272 | 19,063 | 333,461 | 310,394 | 8,386 | 20,467 | 339,247 | | Reportable segment liabilities | 23,120 | 4,971 | 7,972 | 36,063 | 39,270 | 4,935 | 6,597 | 50,802 | - The e-commerce segment recorded a **loss in the first half of 2025**, compared to a profit in the same period of 2024[74](index=74&type=chunk) [6. Revenue](index=22&type=section&id=6.%20Revenue) The Group's total revenue declined significantly, driven by a sharp drop in sales of "Jazz Rabbit" branded products and e-commerce goods Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30) | Product Category (RMB in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Brand:** | | | | "Jazz Rabbit" branded products | 97,644 | 133,038 | | Non-branded products (food containers) | 10,634 | 10,682 | | Total disposable plastic food containers | 108,278 | 143,720 | | Non-branded e-commerce (necessities and other household products) | 1,239 | 12,108 | | **Total revenue** | **109,517** | **155,828** | | **Nature:** | | | | Regular products | 67,570 | 123,119 | | Customised products | 39,740 | 18,904 | | Others (food containers) | 968 | 1,697 | | Non-branded e-commerce | 1,239 | 12,108 | - All revenue was derived from China[79](index=79&type=chunk) - Revenue from **customised products grew significantly** year-on-year, while revenue from regular products declined sharply[78](index=78&type=chunk) [7. Other Income](index=24&type=section&id=7.%20Other%20Income) The Group's other income decreased in the first half of 2025, mainly due to lower bank interest and miscellaneous income Other Income (For the six months ended June 30) | Category (RMB in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Bank interest income | 94 | 155 | | Interest income (Note 16) | 514 | 514 | | Others | 31 | 611 | | **Total** | **639** | **1,280** | [8. Finance Costs](index=24&type=section&id=8.%20Finance%20Costs) The Group's finance costs, related to interest expenses on lease arrangements, decreased during the period Finance Costs (For the six months ended June 30) | Category (RMB in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Interest expenses on lease arrangements | 86 | 140 | [9. Profit Before Income Tax](index=25&type=section&id=9.%20Profit%20Before%20Income%20Tax) Profit before income tax was arrived at after accounting for various expenses, including depreciation, amortization, R&D, and transfer of listing costs Items Deducted from Profit Before Income Tax (For the six months ended June 30) | Category (RMB in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation (owned) | 5,122 | 5,934 | | Depreciation (held under leases) | 1,009 | 1,113 | | Amortisation of intangible assets included in administrative and other operating expenses | 1,304 | 1,533 | | Cost of inventories recognised as an expense | 66,537 | 86,711 | | Research and development costs (including staff costs) | 5,461 | 4,960 | | Loss on disposal of property, plant and equipment | 364 | 31 | | Transfer of listing and related expenses | 1,371 | 983 | | Staff costs (including directors' remuneration): Salaries, allowances and other benefits | 8,095 | 8,809 | | Staff costs (including directors' remuneration): Contributions to defined contribution retirement plans | 1,482 | 860 | | **Total staff costs** | **9,577** | **9,669** | [10. Income Tax Expense](index=25&type=section&id=10.%20Income%20Tax%20Expense) The Group's income tax expense, arising solely from China Enterprise Income Tax, decreased in line with lower taxable profits Income Tax Expense (For the six months ended June 30) | Category (RMB in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Current tax: Provision for China Enterprise Income Tax | 4,102 | 6,992 | - China Enterprise Income Tax is calculated at the applicable rate of **25%**[84](index=84&type=chunk) - **No provision for profits tax** was made for the company and its Hong Kong operations as there were no assessable profits[83](index=83&type=chunk) [11. Dividend](index=26&type=section&id=11.%20Dividend) The directors do not recommend the payment of an interim dividend for the first half of 2025 - The directors do not recommend the payment of an interim dividend for the first half of 2025 (2024: Nil)[86](index=86&type=chunk) [12. Earnings Per Share](index=26&type=section&id=12.%20Earnings%20Per%20Share) The Group's basic and diluted earnings per share for the period was RMB1.20 cents, with no potential dilutive ordinary shares outstanding Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Earnings: Profit for the period attributable to equity holders of the Company for the purpose of calculating basic earnings per share (RMB in thousands) | 8,951 | 18,765 | | Number of shares: Number of ordinary shares for the purpose of calculating basic earnings per share (in thousands) | 748,483 | 748,483 | | Basic and diluted earnings per share | RMB1.20 cents | RMB2.51 cents | - Diluted earnings per share is equal to basic earnings per share as there were **no potential dilutive ordinary shares** in issue[88](index=88&type=chunk) [13. Property, Plant and Equipment](index=26&type=section&id=13.%20Property%2C%20Plant%20and%20Equipment) The Group acquired new property, plant, and equipment and recorded a loss on the disposal of certain assets during the period - During the period, the Group acquired property, plant and equipment of approximately **RMB2,625 thousand** (2024 equivalent period: RMB2,555 thousand)[89](index=89&type=chunk) - Plant and equipment with a total carrying amount of **RMB364 thousand** were disposed of, resulting in a loss on disposal of RMB364 thousand (2024 equivalent period: RMB31 thousand)[89](index=89&type=chunk) [14. Lease Liabilities](index=27&type=section&id=14.%20Lease%20Liabilities) The Group's lease liabilities, primarily for office and factory properties, decreased as of June 30, 2025 Lease Liabilities (RMB in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current portion | 867 | 2,032 | | Non-current portion | 1,921 | 2,209 | | **Total** | **2,788** | **4,241** | - Lease liabilities are mainly related to the leasing of office and factory properties[91](index=91&type=chunk) - The lease agreement with Hengsheng Toys (a related party) has a term of three years, renewable for another three years, and can be extended up to a maximum of twenty years by negotiation[91](index=91&type=chunk) [15. Intangible Assets](index=29&type=section&id=15.%20Intangible%20Assets) The net book value of the Group's intangible assets, including application development costs and patents, decreased due to amortization Net Book Value of Intangible Assets (RMB in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mobile application development costs | 335 | 1,151 | | Know-how patents | 2,064 | 2,552 | | Trademark | — | — | | **Total** | **2,399** | **3,703** | - The amortization charge for intangible assets during the period was **RMB1,304 thousand**[93](index=93&type=chunk) [16. Financial Assets at Fair Value Through Profit or Loss](index=29&type=section&id=16.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's investment in a film production, classified as a financial asset at FVTPL, remained unchanged in value and is expected to be released in 2025 Financial Assets at FVTPL (RMB in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investment in film production | 20,416 | 20,416 | - The investment in film production, through a **100% equity interest in Yizhen Film**, entitles the Group to a share of the film project's revenue[95](index=95&type=chunk)[96](index=96&type=chunk) - The film production has been completed and is expected to be released in **2025**[98](index=98&type=chunk)[99](index=99&type=chunk) - The controlling shareholder, Mr Xu, pays a **5% annual penalty interest** (RMB514 thousand) until the film's release[99](index=99&type=chunk) [17. Inventories](index=30&type=section&id=17.%20Inventories) The Group's total inventory level saw a slight increase, with a rise in finished goods and a decrease in raw materials Inventories (RMB in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw materials | 3,889 | 4,966 | | Finished goods | 5,739 | 4,140 | | **Total** | **9,628** | **9,106** | [18. Trade and Other Receivables](index=31&type=section&id=18.%20Trade%20and%20Other%20Receivables) The Group's total trade and other receivables decreased, although there was a significant increase in receivables aged between 61 and 90 days Trade and Other Receivables (RMB in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables (from third parties) | 48,228 | 59,975 | | Prepayments and other receivables | 3,553 | 660 | | **Total** | **51,781** | **60,635** | Ageing Analysis of Trade Receivables (RMB in thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 17,666 | 31,552 | | 31 to 60 days | 22,318 | 27,628 | | 61 to 90 days | 8,244 | 795 | | **Total** | **48,228** | **59,975** | - The credit period is generally **60 days**[102](index=102&type=chunk) - Trade receivables aged **61 to 90 days increased significantly**[103](index=103&type=chunk) [19. Cash and Cash Equivalents](index=32&type=section&id=19.%20Cash%20and%20Cash%20Equivalents) The Group's cash and bank balances are primarily denominated in RMB and held in banks in China, subject to foreign exchange controls - As of June 30, 2025, bank balances and cash amounted to approximately **RMB213,725 thousand** (December 31, 2024: approximately RMB205,981 thousand)[105](index=105&type=chunk) - The funds are mainly denominated in RMB and deposited with banks in China[105](index=105&type=chunk) - RMB is not a freely convertible currency and is subject to **foreign exchange controls in China**[105](index=105&type=chunk) [20. Trade and Other Payables](index=32&type=section&id=20.%20Trade%20and%20Other%20Payables) The Group's trade and other payables decreased, with a notable portion being the consideration payable for the acquisition of Yizhen Film Trade and Other Payables (RMB in thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables (to third parties) | 17,126 | 27,865 | | Accrued expenses and other payables | 14,169 | 15,290 | | Of which: Consideration payable (Note (i)) | 6,171 | 6,171 | | **Total** | **31,295** | **43,155** | Ageing Analysis of Trade Payables (RMB in thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 15,089 | 18,089 | | 31 to 60 days | 2,037 | 9,776 | | **Total** | **17,126** | **27,865** | - The consideration payable relates to promissory notes for the acquisition of 100% equity in Yizhen Film, which are interest-free and repayable on demand upon the public release of the movie in China[108](index=108&type=chunk) [21. Share Capital](index=34&type=section&id=21.%20Share%20Capital) The company's share capital structure, comprising ordinary shares with a par value of HKD0.01 each, remained unchanged Share Capital (RMB in thousands) | Category | Number of Ordinary Shares | RMB in thousands | | :--- | :--- | :--- | | Authorised: At December 31, 2024 (audited) and June 30, 2025 (unaudited) | 5,000,000,000 | 45,147 | | Issued and fully paid: At December 31, 2024 (audited) and June 30, 2025 (unaudited) | 748,482,760 | 6,667 | - The ordinary shares of the company have a par value of **HKD0.01 each**[109](index=109&type=chunk) [22. Related Party Transactions](index=34&type=section&id=22.%20Related%20Party%20Transactions) The Group's related party transactions during the period consisted solely of compensation for key management personnel Key Management Personnel Remuneration (RMB in thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Salaries, allowances and benefits | 479 | 477 | | Retirement scheme contributions | 9 | 9 | | **Total** | **488** | **486** |

Company Information [Company Basic Information and Governance Structure](index=5&type=section&id=Company%20Basic%20Information%20and%20Governance%20Structure) This section outlines Yik Wo International Holdings Limited's board members, committee compositions, compliance officer, authorized representatives, company secretary, auditor, principal bankers, registered office, and principal places of business - The Board of Directors includes Executive Directors Mr. Xu Youjiang (Chairman), Ms. Xu Liping, Mr. Zhang Yuansheng; and Independent Non-executive Directors Mr. Zhang Shize, Mr. Liu Dajin, Mr. Yang Jie[14](index=14&type=chunk) - Mr. Yang Jie was appointed as an Independent Non-executive Director, Chairman of the Remuneration Committee, and a member of the Nomination/Audit Committee on June 26, 2025, while Mr. Deng Zhihuang resigned on the same day[14](index=14&type=chunk)[60](index=60&type=chunk) - The Company's Compliance Officer and Authorized Representative is Mr. Xu Youjiang, and the Company Secretary is Ms. Lei Meijia[14](index=14&type=chunk) - The auditor is Grant Thornton Hong Kong Limited[15](index=15&type=chunk) - The Company's registered office is in the Cayman Islands, its principal place of business in China is in Jinjiang City, Fujian Province, and its principal place of business in Hong Kong is in Kwun Tong, Kowloon[16](index=16&type=chunk) - The Company's stock code is **8659**, and its website is www.yikwo.cn[16](index=16&type=chunk) Management Discussion and Analysis [Business Review and Outlook](index=7&type=section&id=Business%20Review%20and%20Outlook) The Group primarily engages in the design, development, production, and sale of disposable plastic fast-food boxes in China, alongside the development and operation of mobile applications and e-commerce platforms - The Group's main businesses are the design, development, production, and sale of disposable plastic fast-food boxes, and the development and operation of mobile applications and e-commerce platforms[18](index=18&type=chunk) - For the six months ended June 30, 2025, the Group's revenue decreased, primarily due to weak market demand for disposable plastic fast-food boxes[19](index=19&type=chunk) - Directors believe the popularization of environmentally friendly fast-food boxes, advancements in production technology, and competition from alternatives will impact the Group's future development, focusing on product safety, environmental protection, brand promotion, expanding sales channels, and product customization[20](index=20&type=chunk) - The Group completed the acquisition of 100% equity in Yizhen Film and Television for **RMB 20,571,430** on April 27, 2022, aiming to capitalize on opportunities in China's film industry[21](index=21&type=chunk) - The Group acquired 100% equity in Beijing Youpin Hui on June 1, 2022, and launched the "Yik Wo Tian Xia" e-commerce platform in July 2022, selling daily necessities, cosmetics, home appliances, and agricultural products[22](index=22&type=chunk) - On January 21, 2025, the Group signed a memorandum of understanding for the potential acquisition of a **30% equity stake** in strategic supplier Zhenpin Network, aiming to expand revenue streams and stabilize the e-commerce platform's supply chain[23](index=23&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's revenue, gross profit, and profit for the period all recorded significant declines, mainly due to reduced sales orders for disposable plastic fast-food boxes and decreased e-commerce segment revenue Financial Performance (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 109,517 | 155,828 | (46,311) | (29.7%) | | Cost of sales | (78,326) | (109,627) | 31,301 | (28.6%) | | Gross profit | 31,191 | 46,201 | (15,010) | (32.5%) | | Selling expenses | (6,220) | (8,850) | 2,630 | (30.3%) | | Administrative and other operating expenses | (12,471) | (12,734) | 263 | (1.6%) | | Finance costs | (86) | (140) | 54 | (38.6%) | | Income tax expense | (4,102) | (6,992) | 2,890 | (41.3%) | | Profit for the period | 8,951 | 18,765 | (9,814) | (52.3%) | - Overall gross profit margin decreased from **29.6%** in the same period of 2024 to **28.5%** in 2025[27](index=27&type=chunk) - Administrative and other operating expenses decreased primarily due to reduced staff costs[29](index=29&type=chunk) - Income tax expense decreased mainly due to lower profit for the period, calculated at China's enterprise income tax rate of **25%**[31](index=31&type=chunk) [GEM Listing and Proposed Transfer of Listing](index=9&type=section&id=GEM%20Listing%20and%20Proposed%20Transfer%20of%20Listing) The Company's shares were listed on GEM of the Stock Exchange on July 13, 2020. An application for transfer to the Main Board was submitted on May 31, 2023, which lapsed automatically after six months, and a new application was filed on May 9, 2024, under the simplified transfer mechanism - The Company's shares were listed on GEM of the Stock Exchange on July 13, 2020, raising a net amount of **HKD 22.8 million** (approximately **RMB 20.4 million**) through a share offer[33](index=33&type=chunk) - The GEM to Main Board transfer application submitted on May 31, 2023, has automatically lapsed[33](index=33&type=chunk) - The Company formally resubmitted an application to the Stock Exchange on May 9, 2024, for transfer to the Main Board under Chapter 9B of the Main Board Listing Rules using the simplified transfer mechanism[34](index=34&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets, current ratio, and cash position all improved, primarily due to a reduction in trade and other payables and net cash generated from operating activities Liquidity and Financial Resources (RMB millions) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net current assets | 261.5 | 247.7 | 13.8 | 5.6% | | Current ratio | 8.7 | 6.1 | 2.6 | 42.6% | | Gearing ratio | 11.5% | 16.1% | (4.6%) | (28.6%) | | Bank balances and cash | 213.9 | 206.1 | 7.8 | 3.8% | - The increase in net current assets was mainly due to a decrease in trade and other payables[35](index=35&type=chunk) - The increase in bank balances and cash was primarily attributable to net cash generated from operating activities[37](index=37&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no borrowings[38](index=38&type=chunk) - Lease liabilities decreased from approximately **RMB 4.2 million** as of December 31, 2024, to approximately **RMB 2.8 million** as of June 30, 2025[39](index=39&type=chunk) [Capital Structure](index=10&type=section&id=Capital%20Structure) Since its GEM listing, the Group's capital structure has not undergone significant changes, with equity solely comprising ordinary shares - From GEM listing to June 30, 2025, the Group's capital structure has not undergone significant changes, with share capital consisting solely of ordinary shares[40](index=40&type=chunk) - As of June 30, 2025, the issued share capital was approximately **HKD 7.5 million**, with **748,482,760** ordinary shares issued (par value of **HKD 0.01** per share)[40](index=40&type=chunk)[115](index=115&type=chunk) - The Group has consideration payable of approximately **RMB 6.2 million**, representing promissory notes issued for the acquisition of 100% equity in Yizhen Film and Television, which are interest-free and repayable upon the film's release[40](index=40&type=chunk)[114](index=114&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Directors have categorized the Group's operations into two operating segments: (i) design, development, production, and sale of disposable plastic fast-food boxes; and (ii) operation of mobile applications and e-commerce platforms - The Group has two operating segments: disposable plastic fast-food box business and mobile application and e-commerce platform business[41](index=41&type=chunk) [Future Plans for Material Investments and Capital Assets](index=10&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no plans for any material investments and capital assets - As of June 30, 2025, the Group had no plans for any material investments and capital assets[42](index=42&type=chunk) [Material Investments, Acquisitions, and Disposals of Subsidiaries](index=11&type=section&id=Material%20Investments%2C%20Acquisitions%2C%20and%20Disposals%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group did not undertake any material investments, acquisitions, or disposals that would constitute discloseable transactions under the GEM Listing Rules - During the reporting period, the Group did not undertake any material investments, acquisitions, or disposals that would constitute discloseable transactions under the GEM Listing Rules[44](index=44&type=chunk) [Pledge of Group Assets](index=11&type=section&id=Pledge%20of%20Group%20Assets) As of June 30, 2025, the Group had no pledge of any assets - As of June 30, 2025, the Group had no pledge of any assets[45](index=45&type=chunk) [Contingent Liabilities](index=11&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[46](index=46&type=chunk) [Exchange Rate Fluctuation Risk](index=11&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group primarily operates in China, with most transactions settled in RMB, thus incurring no significant foreign exchange risk during the year and not employing any financial instruments for hedging - The Group primarily operates in China, with transactions settled in RMB, thus incurring no significant foreign exchange risk during the year[47](index=47&type=chunk) - For the six months ended June 30, 2025, the Group did not use any financial instruments for hedging purposes[47](index=47&type=chunk) [Employees and Remuneration Policy](index=11&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total number of employees was 192, a decrease from 203 as of December 31, 2024 Employee Information and Costs | Indicator | June 30, 2025 | December 31, 2024 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total number of employees | 192 persons | 203 persons | (11 persons) | (5.4%) | | Staff costs (RMB millions) | 9.6 | 9.7 | (0.1) | (1.0%) | - Remuneration is determined with reference to fixed salaries and an appraisal system as the basis for salary reviews and promotion decisions[48](index=48&type=chunk) [Disclosure of Interests](index=12&type=section&id=Disclosure%20of%20Interests) This section discloses the long positions of Directors and Chief Executives, as well as substantial shareholders, in the Company's shares [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=12&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures) As of June 30, 2025, Director Mr. Xu Youjiang directly and through controlled corporations held a total long position of 50.23% in the Company's shares, with his spouse Ms. Xu Liping also deemed to hold the same percentage due to spousal interest Directors' Interests in Shares | Director Name | Capacity/Nature of Interest | Number and Class of Securities | Long/Short Position | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Mr. Xu Youjiang | Interest in controlled corporation | 301,500,000 ordinary shares | Long position | 40.28% | | | Beneficial owner | 74,482,760 ordinary shares | Long position | 9.95% | | | **Total** | **375,982,760 ordinary shares** | **Long position** | **50.23%** | | Ms. Xu Liping | Spouse's interest | 375,982,760 ordinary shares | Long position | 50.23% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=13&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures) As of June 30, 2025, substantial shareholders included Prize Investment Limited (40.28%), Mr. Xu Youjiang (9.95%), Merit Winner Limited (9.02%), Mr. Xu Wenjie (9.02%), Ms. Xu Meiya (9.02%), Youpin Hui Investment (8.55%), and Mr. Hu Kun (8.55%) Substantial Shareholders' Interests in Shares | Name | Capacity | Number and Class of Securities | Long/Short Position | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Prize Investment Limited | Beneficial owner | 301,500,000 ordinary shares | Long position | 40.28% | | Mr. Xu Youjiang | Beneficial owner | 74,482,760 ordinary shares | Long position | 9.95% | | | **Total** | **375,982,760 ordinary shares** | **Long position** | **50.23%** | | Merit Winner Limited | Beneficial owner | 67,500,000 ordinary shares | Long position | 9.02% | | Mr. Xu Wenjie | Interest in controlled corporation | 67,500,000 ordinary shares | Long position | 9.02% | | Ms. Xu Meiya | Spouse's interest | 67,500,000 ordinary shares | Long position | 9.02% | | Youpin Hui Investment | Beneficial owner | 64,000,000 ordinary shares | Long position | 8.55% | | Mr. Hu Kun | Interest in controlled corporation | 64,000,000 ordinary shares | Long position | 8.55% | [Competition and Conflicts of Interest](index=14&type=section&id=Competition%20and%20Conflicts%20of%20Interest) For the six months ended June 30, 2025, none of the Directors, controlling shareholders, or their associates owned any business or interest that competed or might compete with the Group's business, nor were there any other conflicts of interest - During the reporting period, none of the Directors, controlling shareholders, or their associates owned any business or interest that constituted or might constitute competition with the Group's business, nor were there any other conflicts of interest[53](index=53&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=14&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[54](index=54&type=chunk) [Corporate Governance Code](index=14&type=section&id=Corporate%20Governance%20Code) The Company has consistently complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules - The Company has consistently complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[55](index=55&type=chunk) - The roles of Chairman (Mr. Xu Youjiang) and Chief Executive Officer (Ms. Xu Liping) are segregated and performed by different individuals[55](index=55&type=chunk) [Directors' Securities Transactions](index=14&type=section&id=Directors%27%20Securities%20Transactions) The Group has adopted a code of conduct for Directors' securities transactions, with terms no less stringent than those required by the GEM Listing Rules - The Group has adopted a code of conduct for Directors' securities transactions, and there were no breaches during the reporting period[56](index=56&type=chunk) [Dividends](index=14&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: RMB zero)[57](index=57&type=chunk) [Share Option Scheme](index=14&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, the Company had no share option scheme - As of June 30, 2025, the Company had no share option scheme[58](index=58&type=chunk) [Material Events After Reporting Period](index=15&type=section&id=Material%20Events%20After%20Reporting%20Period) The Board is not aware of any material events requiring disclosure that have occurred from June 30, 2025, up to the date of this report - The Board is not aware of any material events requiring disclosure that have occurred from June 30, 2025, up to the date of this report[59](index=59&type=chunk) [Changes in Directors' Information](index=15&type=section&id=Changes%20in%20Directors%27%20Information) Mr. Yang Jie was appointed as an Independent Non-executive Director, Chairman of the Remuneration Committee, and a member of the Nomination/Audit Committee on June 26, 2025 - Mr. Yang Jie was appointed as an Independent Non-executive Director, Chairman of the Remuneration Committee, and a member of the Nomination/Audit Committee on June 26, 2025[60](index=60&type=chunk) [Audit Committee](index=15&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive Directors, with Mr. Zhang Shize as Chairman - The Audit Committee comprises three independent non-executive Directors (Mr. Zhang Shize, Mr. Liu Dajin, Mr. Yang Jie), with Mr. Zhang Shize serving as Chairman[61](index=61&type=chunk) - The Audit Committee's primary responsibilities include reviewing and overseeing financial reporting, audit processes, internal control procedures, and corporate governance[61](index=61&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[62](index=62&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue was RMB 109,517 thousand, a 29.7% decrease from RMB 155,828 thousand in the prior year. Profit for the period was RMB 8,951 thousand, a significant 52.3% decrease from RMB 18,765 thousand in the prior year. Basic and diluted earnings per share were RMB 1.20 cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 109,517 | 155,828 | (46,311) | (29.7%) | | Gross profit | 31,191 | 46,201 | (15,010) | (32.5%) | | Operating profit | 13,139 | 25,897 | (12,758) | (49.3%) | | Profit before income tax | 13,053 | 25,757 | (12,704) | (49.3%) | | Profit for the period | 8,951 | 18,765 | (9,814) | (52.3%) | | Total comprehensive income for the period | 8,953 | 18,802 | (9,849) | (52.4%) | | Basic and diluted earnings per share | RMB 1.20 cents | RMB 2.51 cents | (RMB 1.31 cents) | (52.2%) | Condensed Consolidated Statement of Financial Position [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets were RMB 297,398 thousand, an increase from RMB 288,445 thousand as of December 31, 2024. Net current assets increased to RMB 261,546 thousand, primarily due to a reduction in trade and other payables Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 37,773 | 42,947 | (5,174) | (12.0%) | | Current assets | 295,688 | 296,300 | (612) | (0.2%) | | Current liabilities | 34,142 | 48,593 | (14,451) | (29.7%) | | Net current assets | 261,546 | 247,707 | 13,839 | 5.6% | | Total assets less current liabilities | 299,319 | 290,654 | 8,665 | 3.0% | | Non-current liabilities | 1,921 | 2,209 | (288) | (13.0%) | | Net assets | 297,398 | 288,445 | 8,953 | 3.1% | | Total equity | 297,398 | 288,445 | 8,953 | 3.1% | - Net current assets increased primarily due to a decrease in trade and other payables[35](index=35&type=chunk)[65](index=65&type=chunk) Condensed Consolidated Statement of Changes in Equity [Condensed Consolidated Statement of Changes in Equity](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity increased from RMB 288,445 thousand at the beginning of the period to RMB 297,398 thousand, mainly attributable to profit for the period of RMB 8,951 thousand and an increase in exchange reserve of RMB 2 thousand Condensed Consolidated Statement of Changes in Equity (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Total equity at beginning of period | 288,445 | 261,179 | 27,266 | | Profit for the period | 8,951 | 18,765 | (9,814) | | Other comprehensive income (exchange differences) | 2 | 37 | (35) | | Total equity at end of period | 297,398 | 279,981 | 17,417 | - The increase in total equity was mainly contributed by profit for the period of **RMB 8,951 thousand**[66](index=66&type=chunk) Condensed Consolidated Statement of Cash Flows [Condensed Consolidated Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net increase in cash and cash equivalents was RMB 7,713 thousand, with an ending balance of RMB 213,863 thousand Condensed Consolidated Statement of Cash Flows (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 11,783 | 7,617 | 4,166 | 54.7% | | Net cash used in investing activities | (2,531) | (2,400) | (131) | (5.5%) | | Net cash used in financing activities | (1,539) | (1,697) | 158 | 9.3% | | Net increase in cash and cash equivalents | 7,713 | 3,520 | 4,193 | 119.1% | | Cash and cash equivalents at end of period | 213,863 | 168,790 | 45,073 | 26.7% | - Net cash generated from operating activities significantly increased by **54.7%** year-on-year, reaching **RMB 11,783 thousand**[68](index=68&type=chunk) Notes to the Interim Financial Report [1. General Information](index=20&type=section&id=1.%20General%20Information) Yik Wo International Holdings Limited, incorporated in the Cayman Islands, primarily engages in the design, development, production, and sale of disposable plastic fast-food boxes in China, and the operation of e-commerce platforms selling daily necessities and other household products - The Company was incorporated in the Cayman Islands on December 13, 2018, with primary businesses in disposable plastic fast-food boxes and e-commerce platform operations[69](index=69&type=chunk) - The Group's ultimate controlling party is Mr. Xu Youjiang[70](index=70&type=chunk) [2. Basis of Preparation](index=20&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared in accordance with the GEM Listing Rules of the Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34, presented in RMB thousands, and is unaudited - The condensed consolidated interim financial information is prepared in accordance with the GEM Listing Rules and Hong Kong Accounting Standard 34, and is unaudited[71](index=71&type=chunk)[72](index=72&type=chunk) - The financial information is presented in **RMB thousands** and was approved for publication by the Board of Directors on August 28, 2025[72](index=72&type=chunk) [3. Significant Accounting Policies](index=20&type=section&id=3.%20Significant%20Accounting%20Policies) The condensed consolidated interim financial statements adopt the same accounting policies as the consolidated financial statements for the year ended December 31, 2024, and have adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2025, with no material impact on current period results or financial position - The financial statements adopt the same accounting policies as the 2024 annual consolidated financial statements and have adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2025[73](index=73&type=chunk)[74](index=74&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards has no material impact on the preparation and presentation of the results and financial position for the current and prior periods[75](index=75&type=chunk) [4. Estimates and Judgements](index=21&type=section&id=4.%20Estimates%20and%20Judgements) The preparation of the condensed consolidated interim financial information involves management making accounting judgements, estimates, and assumptions, where actual results may differ from these estimates - The preparation of financial information involves management making accounting judgements, estimates, and assumptions, and actual results may differ from these estimates[77](index=77&type=chunk) - The key sources of significant judgements and estimation uncertainties applied are the same as those used in the preparation of the 2024 annual consolidated financial statements[77](index=77&type=chunk) [5. Segment Information](index=21&type=section&id=5.%20Segment%20Information) The Group has two operating segments: disposable plastic fast-food boxes and e-commerce - The chief operating decision-maker has identified the Group's two main product and service lines as operating segments: disposable plastic fast-food boxes and e-commerce[78](index=78&type=chunk) Segment Performance for the Six Months Ended June 30, 2025 (RMB thousands) | Segment | Revenue (RMB thousands) | Segment Results (RMB thousands) | | :--- | :--- | :--- | | Disposable plastic fast-food boxes | 108,278 | 15,984 | | E-commerce | 1,239 | (2,013) | | **Total** | **109,517** | **13,971** | Segment Performance for the Six Months Ended June 30, 2024 (RMB thousands) | Segment | Revenue (RMB thousands) | Segment Results (RMB thousands) | | :--- | :--- | :--- | | Disposable plastic fast-food boxes | 143,720 | 27,236 | | E-commerce | 12,108 | 1,123 | | **Total** | **155,828** | **28,359** | - The e-commerce segment recorded a loss of **RMB 2,013 thousand** in the first half of 2025, compared to a profit of **RMB 1,123 thousand** in the same period last year[80](index=80&type=chunk) [6. Revenue](index=23&type=section&id=6.%20Revenue) The Group's revenue is entirely derived from China, primarily from disposable plastic fast-food boxes and non-branded e-commerce products [Disaggregation of Revenue from Contracts with Customers](index=24&type=section&id=Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) Revenue primarily originates from "Jazz Rabbit" branded products, non-branded disposable plastic fast-food boxes, and non-branded e-commerce products Revenue Disaggregation (RMB thousands) | Brand/Nature | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Brand:** | | | | | | "Jazz Rabbit" branded products | 97,644 | 133,038 | (35,394) | (26.6%) | | Non-branded products | 10,634 | 10,682 | (48) | (0.4%) | | Disposable plastic fast-food boxes | 108,278 | 143,720 | (35,442) | (24.7%) | | Non-branded e-commerce | 1,239 | 12,108 | (10,869) | (89.8%) | | **Total Revenue** | **109,517** | **155,828** | **(46,311)** | **(29.7%)** | | **Nature:** | | | | | | Regular products | 67,570 | 123,119 | (55,549) | (45.1%) | | Customized products | 39,740 | 18,904 | 20,836 | 110.2% | - Revenue from customized products increased by **110.2%** year-on-year, indicating growing market demand for personalized products[84](index=84&type=chunk) [Geographical Information](index=25&type=section&id=Geographical%20Information) For the six months ended June 30, 2025 and 2024, all of the Group's revenue and non-current assets were located in China - The Group's revenue and non-current assets are entirely located in China[85](index=85&type=chunk) [7. Other Income](index=25&type=section&id=7.%20Other%20Income) For the six months ended June 30, 2025, other income was RMB 639 thousand, a decrease from RMB 1,280 thousand in the prior year, primarily including bank interest income and interest income related to film production investments Other Income (RMB thousands) | Category | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 94 | 155 | (61) | (39.4%) | | Interest income (Note 16) | 514 | 514 | 0 | 0.0% | | Others | 31 | 611 | (580) | (95.0%) | | **Total** | **639** | **1,280** | **(641)** | **(50.1%)** | - Other income decreased by **50.1%** year-on-year, mainly due to a significant reduction in the "Others" category income[86](index=86&type=chunk) [8. Finance Costs](index=25&type=section&id=8.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs were approximately RMB 86 thousand, primarily from interest expenses on lease arrangements, a decrease from RMB 140 thousand in the prior year Finance Costs (RMB thousands) | Category | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest expense on lease arrangements | 86 | 140 | (54) | (38.6%) | [9. Profit Before Income Tax](index=26&type=section&id=9.%20Profit%20Before%20Income%20Tax) Profit before income tax is arrived at after deducting depreciation, amortization of intangible assets, cost of inventories, research and development costs, loss on disposal of property, plant and equipment, transfer of listing and related expenses, and staff costs Profit Before Income Tax Adjustments (RMB thousands) | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Depreciation | 6,131 | 7,047 | (916) | (13.0%) | | Amortization of intangible assets | 1,304 | 1,533 | (229) | (14.9%) | | Cost of inventories recognized as expense | 66,537 | 86,711 | (20,174) | (23.3%) | | Research and development costs | 5,461 | 4,960 | 501 | 10.1% | | Loss on disposal of property, plant and equipment | 364 | 31 | 333 | 1074.2% | | Transfer of listing and related expenses | 1,371 | 983 | 388 | 39.5% | | Staff costs | 9,577 | 9,669 | (92) | (1.0%) | - Research and development costs increased by **10.1%** year-on-year, indicating increased investment in technological innovation by the Group[88](index=88&type=chunk) - Loss on disposal of property, plant and equipment significantly increased from **RMB 31 thousand** to **RMB 364 thousand**[88](index=88&type=chunk) [10. Income Tax Expense](index=26&type=section&id=10.%20Income%20Tax%20Expense) The Company did not generate assessable profits, thus no provision for profits tax was made. Income tax expense primarily arises from Chinese subsidiaries, calculated at the applicable tax rate of 25%, amounting to RMB 4,102 thousand for the six months ended June 30, 2025, a 41.4% decrease year-on-year - The Company did not generate assessable profits, thus no provision for profits tax was made[89](index=89&type=chunk) - China enterprise income tax is provided at an applicable tax rate of **25%** on the assessable profits of the Company's Chinese subsidiaries[90](index=90&type=chunk) Income Tax Expense (RMB thousands) | Category | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Provision for China enterprise income tax | 4,102 | 6,992 | (2,890) | (41.3%) | [11. Dividends](index=27&type=section&id=11.%20Dividends) The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[92](index=92&type=chunk) [12. Earnings Per Share](index=27&type=section&id=12.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were RMB 1.20 cents, a decrease from RMB 2.51 cents in the prior year Earnings Per Share (RMB thousands, except per share data) | Indicator | June 30, 2025 | June 30, 2024 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for the period attributable to equity holders of the Company | 8,951 | 18,765 | (9,814) | (52.3%) | | Number of ordinary shares (thousands) | 748,483 | 748,483 | 0 | 0.0% | | Basic and diluted earnings per share | RMB 1.20 cents | RMB 2.51 cents | (RMB 1.31 cents) | (52.2%) | - Diluted earnings per share are equal to basic earnings per share as there were no potential ordinary shares issued[94](index=94&type=chunk) [13. Property, Plant and Equipment](index=27&type=section&id=13.%20Property%2C%20Plant%20and%20Equipment) During the interim period, the Group incurred approximately RMB 2,625 thousand for the acquisition of property, plant and equipment and disposed of certain plant and equipment with a total carrying amount of RMB 364 thousand, resulting in a loss on disposal Property, Plant and Equipment Activities (RMB thousands) | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Purchase of property, plant and equipment | 2,625 | 2,555 | 70 | 2.7% | | Carrying amount of property, plant and equipment disposed | 364 | 31 | 333 | 1074.2% | | Loss on disposal | 364 | 31 | 333 | 1074.2% | - Loss on disposal of property, plant and equipment significantly increased, reflecting potential challenges in asset disposal[95](index=95&type=chunk) [14. Lease Liabilities](index=28&type=section&id=14.%20Lease%20Liabilities) As of June 30, 2025, the Group's total lease liabilities amounted to RMB 2,788 thousand, a decrease from RMB 4,241 thousand as of December 31, 2024 Lease Liabilities (RMB thousands) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Current lease liabilities | 867 | 2,032 | (1,165) | (57.3%) | | Non-current lease liabilities | 1,921 | 2,209 | (288) | (13.0%) | | **Total** | **2,788** | **4,241** | **(1,453)** | **(34.3%)** | - The decrease in lease liabilities reflects the repayment or expiry of some lease agreements[96](index=96&type=chunk) - Lease agreements with Hengsheng Toys (controlled by Mr. Xu Wenjie, brother of controlling shareholder Mr. Xu Youjiang) have a three-year term, renewable for three years, up to a maximum of twenty years[96](index=96&type=chunk)[97](index=97&type=chunk) [15. Intangible Assets](index=30&type=section&id=15.%20Intangible%20Assets) As of June 30, 2025, the Group's net book value of intangible assets was RMB 2,399 thousand, a decrease from RMB 3,703 thousand as of December 31, 2024 Intangible Assets (RMB thousands) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Mobile application development costs | 335 | 1,151 | (816) | (70.9%) | | Specialized technical patents | 2,064 | 2,552 | (488) | (19.1%) | | Trademarks | 0 | 0 | 0 | 0.0% | | **Total** | **2,399** | **3,703** | **(1,304)** | **(35.2%)** | - The decrease in net book value of intangible assets was mainly due to the amortization of mobile application development costs and specialized technical patents[99](index=99&type=chunk) [16. Financial Assets at Fair Value Through Profit or Loss](index=30&type=section&id=16.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss amounted to RMB 20,416 thousand, primarily investments in film production - As of June 30, 2025, investments in film production amounted to **RMB 20,416 thousand**, classified as financial assets at fair value through profit or loss[100](index=100&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) - The acquisition of Yizhen Film and Television (the film project owner) has been completed and includes a profit guarantee[101](index=101&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - Mr. Xu Youjiang agreed to pay a penalty interest of **5% per annum** on the investment amount, with **RMB 514 thousand** accrued and recognized as other income for the six months ended June 30, 2025[105](index=105&type=chunk) - Directors expect the film to be released in 2025[105](index=105&type=chunk) [17. Inventories](index=31&type=section&id=17.%20Inventories) As of June 30, 2025, the Group's total inventories amounted to RMB 9,628 thousand, a slight increase from RMB 9,106 thousand as of December 31, 2024, mainly due to an increase in finished goods Inventories (RMB thousands) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Raw materials | 3,889 | 4,966 | (1,077) | (21.7%) | | Finished goods | 5,739 | 4,140 | 1,599 | 38.6% | | **Total** | **9,628** | **9,106** | **522** | **5.7%** | - Finished goods inventory increased by **38.6%**, while raw materials inventory decreased by **21.7%**[106](index=106&type=chunk) [18. Trade and Other Receivables](index=32&type=section&id=18.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables amounted to RMB 51,781 thousand, a decrease from RMB 60,635 thousand as of December 31, 2024 Trade and Other Receivables (RMB thousands) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables | 48,228 | 59,975 | (11,747) | (19.6%) | | Prepayments and other receivables | 3,553 | 660 | 2,893 | 438.3%) | | **Total** | **51,781** | **60,635** | **(8,854)** | **(14.6%)** | [Trade Receivables](index=32&type=section&id=Trade%20Receivables) Trade receivables are based on invoice dates, with a typical credit period of 60 days Aging Analysis of Trade Receivables (RMB thousands) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Within 30 days | 17,666 | 31,552 | (13,886) | (44.0%) | | 31 to 60 days | 22,318 | 27,628 | (5,310) | (19.2%) | | 61 to 90 days | 8,244 | 795 | 7,449 | 937.0% | | **Total** | **48,228** | **59,975** | **(11,747)** | **(19.6%)** | - The credit period for trade receivables is typically **60 days**[108](index=108&type=chunk) - Overdue trade receivables aged **61-90 days** significantly increased by **937.0%**, indicating a potential rise in collection risk[109](index=109&type=chunk) [19. Cash and Cash Equivalents](index=33&type=section&id=19.%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, the Group's bank balances and cash amounted to approximately RMB 213,725 thousand, primarily held in banks in China - As of June 30, 2025, bank balances and cash amounted to **RMB 213,725 thousand**, primarily held in Chinese banks[111](index=111&type=chunk) - RMB is not a freely convertible currency, and its remittance out of China is subject to foreign exchange control rules[111](index=111&type=chunk) [20. Trade and Other Payables](index=33&type=section&id=20.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables amounted to RMB 31,295 thousand, a significant decrease from RMB 43,155 thousand as of December 31, 2024 Trade and Other Payables (RMB thousands) | Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 17,126 | 27,865 | (10,739) | (38.5%) | | Accrued expenses and other payables | 14,169 | 15,290 | (1,121) | (7.3%) | | **Total** | **31,295** | **43,155** | **(11,860)** | **(27.5%)** | - Trade payables significantly decreased by **38.5%**, reflecting payments to suppliers or reduced purchasing activities[112](index=112&type=chunk) - Consideration payable amounted to **RMB 6,171 thousand**, representing promissory notes issued for the acquisition of 100% equity in Yizhen Film and Television, which are interest-free and repayable upon the film's release[114](index=114&type=chunk) [Trade Payables](index=34&type=section&id=Trade%20Payables) The credit period granted by suppliers to the Group ranges from 30 to 60 days Aging Analysis of Trade Payables (RMB thousands) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Within 30 days | 15,089 | 18,089 | (3,000) | (16.6%) | | 31 to 60 days | 2,037 | 9,776 | (7,739) | (79.2%) | | **Total** | **17,126** | **27,865** | **(10,739)** | (38.5%) | - Suppliers grant the Group credit periods ranging from **30 to 60 days**[113](index=113&type=chunk) [21. Share Capital](index=35&type=section&id=21.%20Share%20Capital) As of June 30, 2025, the Company's authorized share capital consisted of 5,000,000,000 ordinary shares, with 748,482,760 ordinary shares issued and fully paid, each with a par value of HKD 0.01 Share Capital (RMB thousands) | Category | Number of Shares | Amount (RMB thousands) | | :--- | :--- | :--- | | Authorized share capital | 5,000,000,000 | 45,147 | | Issued and fully paid share capital | 748,482,760 | 6,667 | - The par value of the Company's ordinary shares is **HKD 0.01** per share[115](index=115&type=chunk) [22. Related Party Transactions](index=35&type=section&id=22.%20Related%20Party%20Transactions) The Group had key management personnel remuneration transactions with related parties during the period [Key Management Personnel Remuneration](index=35&type=section&id=Key%20Management%20Personnel%20Remuneration) For the six months ended June 30, 2025, total key management personnel remuneration was RMB 488 thousand, largely consistent with RMB 486 thousand in the prior year Key Management Personnel Remuneration (RMB thousands) | Category | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Salaries, allowances and benefits | 479 | 477 | 2 | 0.4% | | Retirement scheme contributions | 9 | 9 | 0 | 0.0% | | **Total** | **488** | **486** | **2** | **0.4%** |

Group 1 - The company, 易和国际控股, expects a significant decrease in net profit for the six months ending June 30, 2025, projecting a profit of between RMB 7 million to RMB 10 million compared to approximately RMB 18.8 million for the same period ending June 30, 2024 [1] - The reduction in profit is primarily attributed to a decrease in revenue, which is linked to weakened market demand for the company's disposable plastic food containers after a notable increase in sales over the past two years [1]