Summary of Key Points Core Viewpoint - Jintai Feng International Holdings (09689.HK) reported a significant decline in total revenue for the six months ending June 30, 2025, primarily due to reduced sales of finished oil products, leading to a substantial increase in losses compared to the previous year [1]. Financial Performance - The total revenue for the group was approximately RMB 393,097,000, representing a year-on-year decrease of about 49.0% [1]. - The group's loss increased from approximately RMB 747,000 in the same period last year to about RMB 5,300,000 this year [1]. Contributing Factors - The increase in losses was mainly attributed to the suspension of a project aimed at enhancing the dock capacity at the Zengcheng oil depot, which resulted in the write-off of prepayments made to the main contractor and construction assets [1]. - Additionally, there was an increase in interest expenses, although this was partially offset by the reversal of excess provisions for corporate income tax from previous years [1].

[Unaudited Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group reported a net loss and total comprehensive expense of **RMB 5,300 thousand** for the six months ended June 30, 2025, an increase from **RMB 747 thousand** in the prior year Unaudited Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Revenue | 393,097 | 770,418 | | Cost of sales | (382,257) | (759,053) | | Gross profit | 10,840 | 11,365 | | Other (losses)/gains, net | (6,737) | 60 | | Distribution expenses | (4,883) | (5,160) | | Administrative expenses | (5,927) | (6,839) | | Operating loss | (6,707) | (574) | | Finance (costs)/income, net | (735) | 541 | | Loss before income tax | (7,442) | (33) | | Income tax credit/(expense) | 2,142 | (714) | | Loss and total comprehensive expense for the period | (5,300) | (747) | | Loss per share — basic and diluted (RMB) | (0.6 cents) | (0.1 cents) | [Unaudited Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets increased to **RMB 537,988 thousand** as of June 30, 2025, driven by a significant rise in current assets, while total equity slightly decreased Unaudited Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | **Assets** | | | | **Non-current assets** | | | | Property, plant and equipment | 11,800 | 14,008 | | Right-of-use assets | 3,147 | 3,310 | | Deferred income tax assets | 3,111 | 3,593 | | Prepayments | – | 4,194 | | *Total non-current assets* | 18,058 | 25,105 | | **Current assets** | | | | Inventories | 92,807 | 205,530 | | Prepayments | 116,297 | 132,758 | | Trade and other receivables | 133,931 | 66,255 | | Cash and cash equivalents | 176,895 | 33,410 | | *Total current assets* | 519,930 | 437,953 | | **Total assets** | **537,988** | **463,058** | | **Equity** | | | | Share capital | 7,980 | 7,980 | | Other reserves | 306,851 | 306,913 | | Retained earnings | 102,526 | 107,764 | | **Total equity** | **417,357** | **422,657** | | **Liabilities** | | | | **Non-current liabilities** | | | | Lease liabilities | 3,268 | 3,418 | | Deferred income tax liabilities | 20,036 | 20,411 | | *Total non-current liabilities* | 23,304 | 23,829 | | **Current liabilities** | | | | Trade and other payables | 23,243 | 14,730 | | Contract liabilities | 73,792 | 88 | | Lease liabilities | 292 | 279 | | Current income tax liabilities | – | 1,475 | | *Total current liabilities* | 97,327 | 16,572 | | **Total liabilities** | **120,631** | **40,401** | | **Total equity and liabilities** | **537,988** | **463,058** | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=3&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes on the Group's interim financial statements, covering general information, accounting policies, revenue, expenses, tax, and financial position items [1. General Information](index=3&type=section&id=1.%20General%20Information) Jintaifeng International Holdings Limited, incorporated in the Cayman Islands, primarily engages in the blending and sale of refined oil, other petrochemical products, and fuel oil in China, with its shares listed on the Hong Kong Stock Exchange and ultimate control held by Mr. Xu Ziming and Ms. Huang Sizhen - The Group primarily engages in the sale of refined oil, other petrochemical products, and the blending and sale of fuel oil in China[4](index=4&type=chunk) - The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[5](index=5&type=chunk) - The ultimate holding company is Xingming Limited, with interests owned by **Mr. Xu Ziming (80%)** and **Ms. Huang Sizhen (20%)**[5](index=5&type=chunk) [2. Basis of Preparation and Accounting Policies](index=3&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The Group's interim financial statements are prepared in accordance with HKAS 34, with consistent accounting policies from the prior year, and new standards or amendments have no material impact on current period results or financial position - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[6](index=6&type=chunk) - The accounting policies adopted are consistent with those contained in the annual financial statements for the year ended December 31, 2024, and new standards and amendments have no material impact on the Group's results and financial position in the current or prior periods[7](index=7&type=chunk) [3. Revenue and Segment Information](index=4&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's chief operating decision maker views the business as a single operating segment, with all revenue derived from the China market, and total revenue for the six months ended June 30, 2025, significantly decreased to **RMB 393,097 thousand** from **RMB 770,418 thousand** in the prior year - Management reviews the operating results of the business as a single operating segment to make decisions about resource allocation[8](index=8&type=chunk) - The Group's revenue for the periods ended June 30, 2025, and 2024, was entirely derived from the China market[8](index=8&type=chunk) Revenue Analysis (For the six months ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------- | :------------------ | :------------------ | | Goods sales: | | | | — Refined oil | 204,726 | 746,381 | | — Fuel oil | 36,831 | – | | — Other petrochemical products | 144,350 | – | | Service income | 7,190 | 24,037 | | **Total Revenue** | **393,097** | **770,418** | [4. Other (Losses)/Gains, Net](index=4&type=section&id=4.%20Other%20(Losses)%2FGains,%20Net) For the six months ended June 30, 2025, the Group recorded net other losses of **RMB 6,737 thousand**, primarily due to the write-off of prepayments and property, plant, and equipment Other (Losses)/Gains, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Write-off of prepayments | (4,194) | – | | Write-off of property, plant and equipment | (1,750) | – | | Others | (793) | 60 | | **Other (Losses)/Gains, Net** | **(6,737)** | **60** | [5. Expenses by Nature](index=5&type=section&id=5.%20Expenses%20by%20Nature) This section details the Group's expenses by nature for the six months ended June 30, 2025, and 2024, including cost of purchases, changes in inventories, staff costs, and depreciation Total Expenses by Nature (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Purchases of refined oil, fuel oil and other petrochemical products and transportation costs | 269,229 | 856,434 | | Changes in inventories | 112,723 | (98,090) | | Staff costs (including directors' emoluments) | 3,133 | 2,727 | | Depreciation | 896 | 1,885 | | Expenses relating to short-term leases and handling charges | 3,505 | 3,845 | | Taxes and surcharges | 621 | 597 | | Other expenses | 2,960 | 3,654 | | **Total cost of sales, distribution expenses and administrative expenses** | **393,067** | **771,052** | [6. Finance (Costs)/Income, Net](index=5&type=section&id=6.%20Finance%20(Costs)%2FGains,%20Net) The Group's net finance position shifted from an income of **RMB 541 thousand** in H1 2024 to a cost of **RMB 735 thousand** in H1 2025, primarily due to interest expenses on discounted bills and exchange rate fluctuations Finance (Costs)/Income, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Interest income from bank deposits | 719 | 571 | | Interest expense on lease liabilities | (84) | (89) | | Interest expense on discounted bills | – | (1,213) | | Exchange (losses)/gains, net on cash and cash equivalents | 54 | (152) | | **Finance (Costs)/Income, Net** | **(735)** | **541** | [7. Income Tax Credit/(Expense)](index=6&type=section&id=7.%20Income%20Tax%20Credit%2F(Expense)) The Group recorded an income tax credit of **RMB 2,142 thousand** in H1 2025, mainly from reversing over-provisions for prior year China corporate income tax, with a standard rate of **25%** and a **10%** (or **5%** for eligible cases) withholding tax on dividends Income Tax Credit/(Expense) (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Current income tax: | | | | — China corporate income tax | (2,249) | 577 | | Deferred income tax: | | | | — China corporate income tax | 482 | (24) | | — China withholding income tax | (375) | 161 | | **Income Tax (Credit)/Expense** | **(2,142)** | **714** | - The Company is incorporated in the Cayman Islands as an exempted company and is therefore exempted from Cayman Islands income tax[13](index=13&type=chunk) - The standard tax rate for the Group's PRC entities is **25%** (2024: **25%**)[15](index=15&type=chunk) - A **10%** withholding income tax (or **5%** for eligible cases) is levied on dividends declared by PRC subsidiaries to their direct non-PRC holding companies for profits earned after January 1, 2008[16](index=16&type=chunk) [8. Loss Per Share](index=7&type=section&id=8.%20Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share increased to **RMB 0.6 cents** from **RMB 0.1 cents** in the prior year Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Loss for the period (RMB thousand) | 5,300 | 747 | | Weighted average number of ordinary shares in issue | 930,000,000 | 930,000,000 | | Basic loss per share (RMB) | 0.6 cents | 0.1 cents | - Diluted loss per share is the same as basic loss per share as there were no potential dilutive ordinary shares outstanding during the reporting period[19](index=19&type=chunk) [9. Dividends](index=7&type=section&id=9.%20Dividends) The Company neither paid nor declared any dividends for the six months ended June 30, 2025, consistent with the prior corresponding period - The Company did not pay or declare any dividends for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[20](index=20&type=chunk) [10. Property, Plant and Equipment](index=7&type=section&id=10.%20Property,%20Plant%20and%20Equipment) In H1 2025, the Group neither acquired nor disposed of property, plant, and equipment, but wrote off approximately **RMB 1,750,000** in net book value of such assets - For the six months ended June 30, 2025, the Group did not acquire or dispose of property, plant and equipment[21](index=21&type=chunk) - For the six months ended June 30, 2025, the Group wrote off property, plant and equipment with a net book value of approximately **RMB 1,750,000**[21](index=21&type=chunk) [11. Trade and Other Receivables](index=8&type=section&id=11.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables significantly increased to **RMB 133,931 thousand** from **RMB 66,255 thousand** at December 31, 2024, primarily driven by a substantial rise in net trade receivables Trade and Other Receivables (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Trade receivables | 101,803 | 20,542 | | Less: Loss allowance | (1,443) | (1,443) | | **Net Trade Receivables** | **100,360** | **19,099** | | Recoverable VAT | 20,677 | 34,440 | | Deposits and others | 12,894 | 12,716 | | **Total Trade and Other Receivables** | **133,931** | **66,255** | Aging Analysis of Trade Receivables (As of) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Less than 30 days | 55,284 | 19,099 | | 31 to 180 days | 45,076 | – | | **Total** | **100,360** | **19,099** | - The Group's sales credit period is normally **0 to 30 days** from the date of recognition of trade receivables[22](index=22&type=chunk) [12. Trade and Other Payables](index=9&type=section&id=12.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables increased to **RMB 23,243 thousand** from **RMB 14,730 thousand** at December 31, 2024, mainly due to a rise in other taxes payable Trade and Other Payables (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Trade payables | 2,513 | 1,091 | | Accrued staff costs and benefits | 3,635 | 5,775 | | Accrued handling charges | 139 | 79 | | Accrued short-term lease expenses | 555 | 381 | | Other payables | 6,134 | 7,045 | | Other taxes payable | 10,180 | 272 | | Amount due to a related party | 87 | 87 | | **Total Trade and Other Payables** | **23,243** | **14,730** | Aging Analysis of Trade Payables (As of) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Less than 30 days | 2,513 | 1,091 | | **Total** | **2,513** | **1,091** | [13. Capital Commitments](index=9&type=section&id=13.%20Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments contracted but not recognized as liabilities, a substantial decrease from **RMB 8,483 thousand** at December 31, 2024 Capital Commitments (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Property, plant and equipment | – | 8,483 | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business, operating performance, financial position, and future outlook for the period [Business Review](index=10&type=section&id=Business%20Review) As a wholesaler of oil and petrochemical products in Guangdong, China, the Group strategically reduced refined oil (naphtha) sales amidst rising international oil prices and new energy alternatives, expanding into other chemical products and fuel oil, and mitigating risks through offshore transactions - The Group is a wholesaler of oil and other petrochemical products in Guangdong Province, China, including refined oil, other petrochemical products, and fuel oil[25](index=25&type=chunk) - Facing rising international and local oil prices, new energy alternatives to gasoline consumption, and adjustments to domestic consumption tax deduction policies, the Group reduced naphtha sales and actively expanded sales of other chemical products and fuel oil[26](index=26&type=chunk) - The Group also expanded its product portfolio by trading C6 components but recorded a gross loss of approximately **RMB 3,997 thousand** due to price volatility and initial market entry[26](index=26&type=chunk) - The Group engaged in offshore transactions to mitigate risks, recognizing service income of approximately **RMB 7,190 thousand** in H1 2025[27](index=27&type=chunk) [Operating Results](index=11&type=section&id=Operating%20Results) The Group's H1 2025 operating results show a significant revenue decline, leading to a substantial increase in loss for the period, primarily due to reduced refined oil sales, write-off of the Zengcheng oil depot project, and higher interest expenses, partially offset by income tax credit [Revenue](index=11&type=section&id=Revenue_OperatingResults) The Group's total revenue for H1 2025 was approximately **RMB 393,097 thousand**, a **49.0%** decrease from the prior year, primarily due to reduced refined oil sales - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 393,097 thousand**, a decrease of approximately **49.0%** compared to the six months ended June 30, 2024[28](index=28&type=chunk) - This decrease was due to reduced sales of refined oil[28](index=28&type=chunk) Total Revenue, Volume, and Average Price by Product Type (For the six months ended June 30) | Product Category | 2025 Revenue (RMB thousand) | 2025 Total Volume (tons) | 2025 Average Price (RMB) | 2024 Revenue (RMB thousand) | 2024 Total Volume (tons) | 2024 Average Price (RMB) | | :------- | :---------------------- | :---------------- | :---------------------- | :---------------------- | :---------------- | :---------------------- | | **Goods Sales** | | | | | | | | Refined oil | 204,726 | 29,980 | 6,829 | 746,381 | 106,218 | 7,027 | | Fuel oil | 36,831 | 6,713 | 5,487 | – | – | Not applicable | | Other petrochemical products | 144,350 | 21,400 | 6,745 | – | – | Not applicable | | *Subtotal* | 385,907 | 58,093 | | 746,381 | 106,218 | | | **Service Income** | | | | | | | | Refined oil | 4,884 | 92,772 | 53 | 24,037 | 180,229 | 133 | | Fuel oil | 2,306 | 8,977 | 257 | – | – | Not applicable | | *Subtotal* | 7,190 | 101,749 | | 24,037 | 180,229 | | | **Total** | **393,097** | **159,842** | | **770,418** | **286,447** | | [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) The Group's cost of sales for H1 2025 was approximately **RMB 382,257 thousand**, a significant decrease from **RMB 759,053 thousand** in the prior year, consistent with the revenue decline - The cost of sales for the six months ended June 30, 2025, and 2024, was approximately **RMB 382,257 thousand** and **RMB 759,053 thousand**, respectively[30](index=30&type=chunk) - The decrease in our cost of sales was consistent with the decrease in revenue for the period[30](index=30&type=chunk) Cost of Sales by Product Type (For the six months ended June 30) | Product Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------- | :------------------ | :------------------ | | Refined oil | 198,238 | 759,053 | | Fuel oil | 35,672 | – | | Other petrochemical products | 148,347 | – | | **Total** | **382,257** | **759,053** | [Gross Profit and Gross Profit Margin](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's overall gross profit for H1 2025 slightly decreased to **RMB 10,840 thousand**, but the gross profit margin (excluding service income) improved from **-1.7%** to **0.9%**, primarily due to business strategy adjustments Gross Profit and Gross Profit Margin by Product Type (For the six months ended June 30) | Product Category | 2025 Gross Profit/(Loss) (RMB thousand) | 2025 Gross Profit Margin | 2024 Gross Profit/(Loss) (RMB thousand) | 2024 Gross Profit Margin | | :------- | :-------------------------------- | :----------- | :-------------------------------- | :----------- | | **Goods Sales** | | | | | | Refined oil | 6,488 | 3.2% | (12,672) | (1.7%) | | Fuel oil | 1,159 | 3.1% | – | Not applicable | | Other petrochemical products | (3,997) | (2.8%) | – | Not applicable | | *Subtotal* | 3,650 | 0.9% | (12,672) | (1.7%) | | **Service Income** | 7,190 | Not applicable | 24,037 | Not applicable | | **Total** | **10,840** | **2.8%** | **11,365** | **1.5%** | - The Group's overall gross profit margin (excluding service income) increased from approximately **-1.7%** for the six months ended June 30, 2024, to approximately **0.9%** for the six months ended June 30, 2025[31](index=31&type=chunk) [Other (Losses)/Gains, Net](index=13&type=section&id=Other%20(Losses)%2FGains,%20Net_OperatingResults) Net other losses were recorded in H1 2025, primarily due to the write-off of prepayments to the general contractor and assets under construction following the suspension of the Zengcheng oil depot berth capacity upgrade project - The net other losses for the six months ended June 30, 2025, were primarily due to the write-off of prepayments to the general contractor and assets under construction[32](index=32&type=chunk) - This was caused by the suspension of the project to enhance the berth capacity of the Zengcheng oil depot[32](index=32&type=chunk) [Distribution Expenses](index=13&type=section&id=Distribution%20Expenses) Distribution expenses decreased by **5.4%** to **RMB 4,883 thousand** in H1 2025, primarily due to reduced short-term lease expenses and handling charges - Distribution expenses decreased by approximately **RMB 277 thousand** or **5.4%** from approximately **RMB 5,160 thousand** for the six months ended June 30, 2024, to approximately **RMB 4,883 thousand** for the six months ended June 30, 2025[33](index=33&type=chunk) - This was primarily due to a decrease in expenses related to short-term leases and handling charges during the period[33](index=33&type=chunk) [Administrative Expenses](index=14&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **13.3%** to **RMB 5,927 thousand** in H1 2025, mainly due to lower professional fees and China stamp duty, partially offset by increased staff costs - Administrative expenses decreased by approximately **RMB 912 thousand** or **13.3%** from approximately **RMB 6,839 thousand** for the six months ended June 30, 2024, to approximately **RMB 5,927 thousand** for the six months ended June 30, 2025[34](index=34&type=chunk) - This was primarily due to a decrease in professional fees and China stamp duty during the period, partially offset by an increase in staff costs (including directors' emoluments)[34](index=34&type=chunk) [Finance (Costs)/Income, Net](index=14&type=section&id=Finance%20(Costs)%2FIncome,%20Net_OperatingResults) The Group's net finance position shifted from an income of **RMB 541 thousand** in H1 2024 to a cost of **RMB 735 thousand** in H1 2025, attributed by management to increased interest expenses on discounted bills - Net finance (costs)/income shifted from an income of approximately **RMB 541 thousand** for the six months ended June 30, 2024, to a cost of approximately **RMB 735 thousand** for the six months ended June 30, 2025[35](index=35&type=chunk) - This was primarily due to an increase in interest expenses on discounted bills[35](index=35&type=chunk) [Loss Before Income Tax](index=14&type=section&id=Loss%20Before%20Income%20Tax) The Group's loss before income tax increased from approximately **RMB 33 thousand** in H1 2024 to **RMB 7,442 thousand** in H1 2025, primarily due to the write-off of the Zengcheng oil depot project and higher interest expenses - The Group's loss before income tax increased from approximately **RMB 33 thousand** for the six months ended June 30, 2024, to approximately **RMB 7,442 thousand** for the six months ended June 30, 2025[36](index=36&type=chunk) - This was primarily due to the write-off of prepayments to the general contractor and assets under construction after the suspension of the project to enhance the berth capacity of the Zengcheng oil depot, and an increase in interest expenses[36](index=36&type=chunk) [Income Tax Credit/(Expense)](index=14&type=section&id=Income%20Tax%20Credit%2F(Expense)_OperatingResults) The income tax credit in H1 2025 primarily resulted from the reversal of over-provisions for prior year China corporate income tax - The income tax credit for the six months ended June 30, 2025, was primarily due to the reversal of over-provisions for prior year China corporate income tax[37](index=37&type=chunk) [Loss for the Period](index=14&type=section&id=Loss%20for%20the%20Period) The Group's loss for the period increased from approximately **RMB 747 thousand** in H1 2024 to **RMB 5,300 thousand** in H1 2025, mainly impacted by the Zengcheng oil depot project write-off and increased interest expenses, partially offset by income tax credit - The Group's loss for the period increased from approximately **RMB 747 thousand** for the six months ended June 30, 2024, to approximately **RMB 5,300 thousand** for the six months ended June 30, 2025[38](index=38&type=chunk) - This was primarily due to the write-off of prepayments to the general contractor and assets under construction after the suspension of the project to enhance the berth capacity of the Zengcheng oil depot, and an increase in interest expenses, partially offset by the reversal of over-provisions for prior year China corporate income tax[38](index=38&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's H1 2025 operating cash flow significantly improved, with a substantial increase in cash and cash equivalents, no borrowings or pledged assets, a slight rise in net current assets, no material developments in contingent liabilities, and foreign exchange risk deemed insignificant [Cash Flow](index=15&type=section&id=Cash%20Flow) The Group's net cash from operating activities for H1 2025 was approximately **RMB 144,357 thousand**, a significant improvement from the prior year, with cash and cash equivalents increasing to **RMB 176,895 thousand** Unaudited Condensed Consolidated Cash Flow Statement (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Net cash from/(used in) operating activities | 144,357 | (118,996) | | Net cash from investing activities | 719 | 571 | | Net cash (used in)/from financing activities | (1,439) | 14,444 | | Net increase/(decrease) in cash and cash equivalents | 143,637 | (103,981) | - For the six months ended June 30, 2025, the Group's net cash from operating activities was approximately **RMB 144,357 thousand**, primarily attributable to a decrease in net working capital (excluding cash and cash equivalents) generated from operations[39](index=39&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group's cash and cash equivalents were approximately **RMB 176,895 thousand** and **RMB 33,410 thousand**, respectively[40](index=40&type=chunk) [Net Current Assets](index=15&type=section&id=Net%20Current%20Assets) As of June 30, 2025, the Group's net current assets were approximately **RMB 422,603 thousand**, a slight increase of about **RMB 1,222 thousand** from December 31, 2024 - As of June 30, 2025, the Group's net current assets were approximately **RMB 422,603 thousand**, a slight increase of approximately **RMB 1,222 thousand** compared to approximately **RMB 421,381 thousand** as of December 31, 2024[41](index=41&type=chunk) [Borrowings and Gearing Ratio](index=16&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group had no borrowings, and consequently, no gearing ratio is presented - As of June 30, 2025, the Group had no borrowings (December 31, 2024: nil)[42](index=42&type=chunk) - As the Group held no borrowings as of June 30, 2025, no gearing ratio is presented[42](index=42&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments_Liquidity) The Group incurred no capital expenditure in H1 2025 and had no significant capital commitments as of June 30, 2025, a substantial reduction from **RMB 8,483 thousand** at the end of 2024 - For the six months ended June 30, 2025, the Group did not incur any capital expenditure[43](index=43&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: approximately **RMB 8,483 thousand**)[43](index=43&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries and Associated Companies](index=16&type=section&id=Significant%20Investments,%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associated%20Companies) The Group held no significant investments and made no material acquisitions or disposals of subsidiaries and associated companies in H1 2025 - For the six months ended June 30, 2025, the Group did not hold any significant investments, nor did it make any material acquisitions or disposals of subsidiaries and associated companies[44](index=44&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) The Company's capital structure comprises its issued share capital and reserves - As of June 30, 2025, and December 31, 2024, the Company's capital structure comprised its issued share capital and reserves[45](index=45&type=chunk) [Pledged Assets](index=16&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets, consistent with December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[46](index=46&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) Management believes there have been no material developments in litigation since the 2024 annual report date, with liability for compensation not reliably estimable and deemed low or remote, thus no provision has been made for litigation claims - The Group's management believes there have been no material developments in the litigation since the date of the 2024 annual report[47](index=47&type=chunk) - The liability for compensation cannot be reliably estimated and is considered low or remote[47](index=47&type=chunk) - The Group has not made any provision for claims arising from the litigation, other than related legal and other costs incurred[47](index=47&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in China, the Group conducts most transactions in RMB, with some in foreign currencies (HKD); management monitors exchange rate fluctuations but considers foreign exchange risk insignificant, thus no hedging policy is adopted - The Group operates in China, with most transactions settled in RMB, except for certain transactions settled in foreign currencies[48](index=48&type=chunk) - The Group's primary non-RMB denominated assets and liabilities include trade and other receivables, cash and cash equivalents, and trade and other payables denominated in Hong Kong Dollars[48](index=48&type=chunk) - The Group currently has no foreign currency hedging policy, and the Directors consider foreign exchange rate risk to be insignificant[48](index=48&type=chunk) [Human Resources](index=17&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed **18** full-time staff in China, with total staff costs increasing to **RMB 3,133 thousand**; the Group values employees, bases remuneration on performance, and provides welfare plans compliant with local regulations - As of June 30, 2025, the Group had **18** full-time employees directly employed by the Group in China[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group's total staff costs (including directors' emoluments) were approximately **RMB 3,133 thousand** (six months ended June 30, 2024: approximately **RMB 2,727 thousand**)[49](index=49&type=chunk) - The Group determines remuneration based on each employee's qualifications, position, and experience, and conducts annual performance reviews to determine salary increments, bonuses, and promotions[49](index=49&type=chunk) - The Group has established various welfare plans in accordance with PRC laws and regulations and existing local government policies, including basic medical insurance, unemployment insurance, and other relevant insurance for PRC employees, and statutory Mandatory Provident Fund scheme contributions for Hong Kong employees[50](index=50&type=chunk) [Future Plans and Prospects](index=18&type=section&id=Future%20Plans%20and%20Prospects) Leveraging its experience and client network in the refined oil market, the Group expects to play a greater role in the local supply chain amidst Guangdong Energy Bureau's push for high-quality energy development, with no specific plans for significant investments or capital assets within the next year - The Guangdong Energy Bureau issued the "Implementation Plan for Promoting High-Quality Energy Development in Guangdong Province," emphasizing energy security and safety as top priorities, requiring diversified energy supply development and sufficient energy reserves[51](index=51&type=chunk) - Leveraging the Group's experience in the refined oil market and its established client network, including China's three major state-owned oil companies, the Group is expected to play a greater role in the local supply chain[51](index=51&type=chunk) - As of June 30, 2025, the Group had no specific plans for significant investments or capital assets within the next year[51](index=51&type=chunk) [Use of Net Proceeds from the Company's Initial Public Offering](index=18&type=section&id=Use%20of%20Net%20Proceeds%20from%20the%20Company's%20Initial%20Public%20Offering) The Board resolved to reallocate approximately **RMB 3,474 thousand** of unutilized IPO net proceeds from the Zengcheng oil depot berth capacity upgrade to working capital and general corporate purposes for more effective financial resource deployment, with the remaining funds expected to be fully utilized by December 31, 2025 - The net proceeds from the Company's initial public offering were approximately **RMB 20,803 thousand**[52](index=52&type=chunk) - The Board resolved to change the use of unutilized net proceeds of approximately **RMB 3,474 thousand** to working capital and general corporate purposes[53](index=53&type=chunk) - The reason for the change in use is to more effectively allocate financial resources to cope with the current business environment and development needs[53](index=53&type=chunk) Use of Net Proceeds from Share Offer (As of June 30, 2025) | Item | Net Proceeds Allocated as per Prospectus (RMB thousand) | Net Proceeds Utilized as of Announcement Date (RMB thousand) | Net Proceeds Unutilized as of Announcement Date (RMB thousand) | Revised Allocation of Net Proceeds (RMB thousand) | Amount Utilized as of June 30, 2025 (RMB thousand) | Net Proceeds Unutilized as of June 30, 2025 (RMB thousand) | | :--- | :---------------------------------------------------- | :------------------------------------------ | :-------------------------------------------- | :------------------------------------ | :--------------------------------------- | :----------------------------------------- | | (1) Enhancing berth capacity of Zengcheng oil depot | 11,038 | 7,564 | 3,474 | – | – | – | | (2) Renovating oil tanks, pipelines and other oil depot facilities at Zengcheng oil depot | 9,765 | 9,765 | – | – | – | – | | (3) Working capital and general corporate purposes | – | – | – | 3,474 | – | 3,474 | | **Total** | **20,803** | **17,329** | **3,474** | **3,474** | **–** | **3,474** | - The remaining unutilized net proceeds are expected to be fully utilized by December 31, 2025[54](index=54&type=chunk) [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Directors do not recommend paying any dividends for the six months ended June 30, 2025, consistent with the prior corresponding period - The Directors do not recommend the payment of any dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[56](index=56&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - 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[57](index=57&type=chunk) [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) The Company consistently complied with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the HKEX Listing Rules during H1 2025, ensuring directors adhered to the Model Code and had no competing interests - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules of the Stock Exchange for the six months ended June 30, 2025[58](index=58&type=chunk) [Directors' Compliance with the Model Code](index=20&type=section&id=Directors'%20Compliance%20with%20the%20Model%20Code) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, for the six months ended June 30, 2025 - Following specific enquiries made to all Directors, all Directors confirmed that they had complied with the Model Code for the six months ended June 30, 2025[59](index=59&type=chunk) [Competing Interests](index=20&type=section&id=Competing%20Interests) As of June 30, 2025, and up to the announcement date, no controlling shareholders, directors, or their close associates held interests in any business competing directly or indirectly with the Group's operations - As of June 30, 2025, and up to the date of this announcement, none of the controlling shareholders, Directors, and their respective close associates had any interests in any business that competes or is likely to compete, either directly or indirectly, with the business of the Group[60](index=60&type=chunk) [Audit Committee](index=21&type=section&id=Audit%20Committee) The Audit Committee reviewed the unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025, and is responsible for overseeing financial reporting, internal controls, and risk management systems - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025[61](index=61&type=chunk) - The primary duties of the Audit Committee are to review and supervise the Group's financial reporting process and internal control and risk management systems[61](index=61&type=chunk) [Publication of Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Report) The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the HKEX and Company websites in due course - The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders and published on the website of the Stock Exchange and the Company's website in due course in accordance with the Listing Rules[62](index=62&type=chunk)

Group 1 - The company, Jintai Feng International Holdings (09689.HK), announced that its board of directors will hold a meeting on August 22, 2025 [1] - The meeting will consider the interim results for the six months ending June 30, 2025 [1] - The board will also announce an interim dividend, if any [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 JTF International Holdings Limited 金 泰 豐 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （「本公司」） （股份代號：9689） 董事會會議日期 謹此公告本公司董事會將於二零二五年八月二十二日舉行會議，以考慮： 1. 截至二零二五年六月三十日止六個月之中期業績；及 2. 宣佈中期股息（ 如有）。 香港，二零二五年八月十二日 於本公告的日期，本公司執行董事為徐子明先生、黃四珍女士、徐小平先生及徐 雅怡女士；及獨立非執行董事為徐興珊先生、靳紹聰先生及鄂宏達女士。 代表董事會 金泰豐國際控股有限公司 主席兼執行董事 徐子明 ...

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: 金泰豐國際控股有限公司 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) | 09689 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股 ...

Core Viewpoint - King Tai Fung International Holdings (09689) expects to incur a loss attributable to shareholders of approximately RMB 5.5 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 747,000 for the same period in 2024 [1] Group 1 - The anticipated increase in loss is primarily due to the suspension of the project to enhance the berthing capacity of the Zengcheng oil depot and the termination of the contract with the project's main contractor [1] - The company will write off prepayments made to the main contractor and construction assets, amounting to approximately RMB 4.194 million and RMB 1.75 million, respectively [1]

Core Viewpoint - Jintai Feng International Holdings (09689.HK) expects to report a loss attributable to shareholders of no more than approximately RMB 5.5 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 747,000 in the same period last year [1] Financial Performance - The anticipated increase in loss is primarily due to the suspension of the project to enhance the docking capacity of the Zengcheng oil depot and the termination of the contract with the project's general contractor [1] - The company will write off prepayments made to the general contractor amounting to approximately RMB 4.194 million and construction assets of approximately RMB 1.75 million [1]

Core Viewpoint - The company, Jintai Feng International Holdings, anticipates a significant increase in losses for the six months ending June 30, 2025, projecting a loss attributable to shareholders of approximately RMB 5.5 million, compared to a loss of about RMB 747,000 in the same period of 2024 [1] Financial Performance - The expected increase in losses is primarily attributed to the suspension of a project aimed at increasing the berthing capacity of the Zengcheng oil depot and the termination of the contract with the project's general contractor [1] - The company will incur write-offs of prepayments made to the general contractor and construction assets, amounting to approximately RMB 4.194 million and RMB 1.75 million, respectively [1]

JTF International Holdings Limited 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 金 泰 豐 國 際 控 股 有 限 公 司 截至二零二五年六月三十日止六個月的預計虧損增幅主要歸因於本集團暫停提升 增城油庫的碼頭停泊量的項目及終止與該項目總承建商的合約，導致撇銷支付給 總承建商的預付款項及在建資產，分別約為人民幣4,194,000元及人民幣1,750,000 元。 本 公 告 所 載資 料 僅 依 據 本 公 司 管 理層 根 據 本 集 團 現 時 可得 資 料（ 包 括本 集 團 截 至 二 零 二 五 年六 月 三 十 日 止 六 個 月 的未 經 審 核 綜 合 管 理 賬目 ）進 行 的 初步 評 估 而 作 出，而非依據任何經本公司核數師審計或審閱的數字或資料，該等資料可能會作 出調整及更改。本集團財務資料及業績詳情將於本集團截至二零二五 ...

Company Overview - Jintai Feng International Holdings Limited primarily operates through its subsidiary, Zengcheng Jintai Feng Fuel Co., Ltd., located in Guangdong Province, China, focusing on the wholesale of oil and other petrochemical products [2] - The company's wholesale operations are based in three oil depots located in Zengcheng, Panyu, and Gaolan Port Economic Zone, all within the Pearl River Delta [2] - The oil products offered by the company can be categorized into fuel oil, finished oil, and other petrochemical products, serving various applications including fuel for ships, transportation vehicles, machinery, and as raw materials for refineries [2] Financial Performance - As of December 31, 2024, Jintai Feng International Holdings reported total revenue of 1.12 billion yuan, a year-on-year decrease of 9.67% [1] - The net profit attributable to the parent company was -8.842 million yuan, reflecting a significant year-on-year decline of 485.95% [1] - The company's gross profit margin stood at 1.14%, with a debt-to-asset ratio of 8.72% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for Jintai Feng International Holdings [1] - The company's price-to-earnings (P/E) ratio is -28.25, ranking 28th in the industry, while the average P/E ratio for the oil and gas industry is -3.5, with a median of 1.83 [1] - Comparatively, other companies in the industry have P/E ratios such as Zhujiang Steel Pipe at 0.97, Energy International Investment at 1.83, and China National Offshore Oil at 5.87 [1]