Core Viewpoint - Jiaxing Gas (09908) reported a decrease in revenue and profit for the first half of 2025, primarily due to reduced demand from large users and a slight decline in natural gas sales prices [1] Financial Performance - Revenue for the first half of 2025 was RMB 1.4615 billion, a year-on-year decrease of 3.63% [1] - Profit attributable to the company was RMB 75.3 million, down 15.49% year-on-year [1] - Basic earnings per share were RMB 0.55, with an interim dividend of RMB 0.15 per share [1] Operational Metrics - Total gas sales volume reached 392 million cubic meters, a decline of 3.45% compared to the first half of 2024 [1] - Despite the decrease in gas volume, the company maintained steady growth in the number of new commercial and industrial users, contributing to future development [1] Revenue and Profit Drivers - The decrease in revenue was attributed to reduced gas demand from large users and a slight drop in natural gas sales prices [1] - The decline in net profit was mainly due to a reduction of RMB 31.6 million (65.15%) in profits from associated and joint ventures, influenced by improved international natural gas supply-demand dynamics and lower price volatility [1]

EF001 免責聲明 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 嘉興市燃氣集團股份有限公司 | | | 股份代號 09908 | | | 多櫃檯股份代號及貨幣 不適用 | | | 相關股份代號及名稱 不適用 | | | 公告標題 截至2025年6月30日止六個月之中期股息 | | | 公告日期 2025年8月28日 | | | 公告狀態 新公告 | | | 股息信息 | | | 股息類型 中期（半年期） | | | 股息性質 普通股息 | | | 財政年末 2025年12月31日 | | | 宣派股息的報告期末 2025年6月30日 | | | 宣派股息 每 股 0.15 RMB | | | 股東批准日期 不適用 | | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 每 股 0.16 HKD | | | 匯率 1 RMB : 1.096 ...

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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 根據施工材料供應協議購買施工材料 茲提述本公司日期為2022年12月30日 的 公 告，內 容 有 關（其 中 包 括）浙江錦楓 （傅 先 生（一 名 非 執 行 董 事）的 聯 繫 人，主 要 從 事 管 網 施 工 材 料 供 應 業 務，作 為 供 應 商）與嘉燃建設（本 公 司 的 全 資 附 屬 公 司，作 為 購 買 商）訂立的2023年－ 2025年 施 工 材 料 供 應 協 議。根 據2023年－2025年 施 工 材 料 供 應 協 議，浙 江 錦 楓須於自2023年1月1日起至2025年12月31日止三年期間向本集團供應管網施 工 材 料。 – 1 – JiaXing Gas Group Co., Ltd.* 嘉興市燃氣集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Indicators](index=1&type=section&id=%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) Jiaxing Gas Group's H1 2025 performance shows year-on-year declines in revenue, gross profit, and profit attributable to owners of the parent, with basic earnings per share and interim dividends also decreasing | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,516.5 | -3.63% | | Gross Profit | 118.1 | 124.3 | -4.99% | | Profit attributable to owners of the Company | 75.3 | 89.1 | -15.49% | | Basic EPS (RMB) | 0.55 | 0.65 | -15.38% | | Interim Dividend (per share, pre-tax) | 0.15 | 0.20 | -25.00% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue was RMB 1,461.5 million, with profit for the period at RMB 81.9 million, both lower than the prior year, and net other comprehensive income was negative | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,461,481 | 1,516,524 | | Cost of sales | (1,343,411) | (1,392,191) | | Gross Profit | 118,070 | 124,333 | | Other income and gains | 11,831 | 8,470 | | Profit before tax | 102,178 | 109,768 | | Income tax expense | (20,291) | (13,054) | | Profit for the period | 81,887 | 96,714 | | Profit attributable to owners of the parent | 75,284 | 89,146 | | Profit attributable to non-controlling interests | 6,603 | 7,568 | | Basic EPS (RMB) | 0.55 | 0.65 | - Net other comprehensive income for the period was **RMB (22) thousand**, compared to RMB 199 thousand in the prior year, mainly due to fair value changes and exchange differences[7](index=7&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were RMB 3,128.3 million, with net assets at RMB 1,227.6 million, showing significant growth in non-current assets and liabilities, and a shift from negative to positive net current assets | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 2,089,759 | 1,881,807 | | Total current assets | 1,038,523 | 1,102,042 | | Total current liabilities | 851,844 | 1,195,846 | | Total non-current liabilities | 1,048,831 | 602,410 | | Net assets | 1,227,607 | 1,185,593 | | Equity attributable to owners of the parent | 1,171,524 | 1,130,702 | - Net current assets improved from **negative RMB 93.8 million** as of December 31, 2024, to **RMB 186.7 million** as of June 30, 2025, indicating improved liquidity[10](index=10&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Jiaxing Gas Group primarily sells piped natural gas, LNG, and LPG in Jiaxing, China, and provides construction and installation services, with no controlling shareholder as of June 30, 2025 - The Group's principal businesses include the sale of piped natural gas, LNG, and LPG in Jiaxing, provision of construction and installation services, natural gas transportation, steam and building materials sales, and property leasing[11](index=11&type=chunk) - As of June 30, 2025, parties acting in concert held approximately **32.72%** of the Company's shares, and Jiaxing City Urban Investment Development Group Co., Ltd. held approximately **23.76%**, with no controlling shareholder[12](index=12&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The interim financial information is prepared in accordance with IAS 34 and consistent with 2024 annual financial statements, with no material impact from the newly adopted IAS 21 (amendment) - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements[14](index=14&type=chunk) - The newly adopted International Accounting Standard 21 (amendment) "Lack of Exchangeability" has no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are exchangeable[16](index=16&type=chunk) [Operating Segment Information](index=7&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates as a single reportable segment, focusing on gas sales, construction, and related services in Jiaxing, China, and despite higher winter sales, management does not consider the business highly seasonal - The Group has only one reportable operating segment, with principal businesses including gas sales, construction and installation services, and other activities in Jiaxing, China[17](index=17&type=chunk) - Revenue from external customers in Mainland China was **RMB 1,461,481 thousand** (H1 2024: RMB 1,516,524 thousand)[19](index=19&type=chunk) - Sales revenue is typically higher in winter due to increased heating gas consumption, but management does not consider the Group's business to be "highly seasonal"[20](index=20&type=chunk) [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Total Group revenue for H1 2025 was RMB 1,461.5 million, a decrease from the prior year, with sales of goods remaining the primary source, dominated by piped natural gas and LNG, while entrusted agency and labor services revenue grew significantly | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of goods | 1,343,817 | 1,434,300 | | Provision of construction services | 51,934 | 49,303 | | Provision of installation and management services | 20,302 | 23,463 | | Provision of gas transportation services | 4,776 | 1,016 | | Provision of entrusted agency services | 27,889 | 1,115 | | Provision of labor services | 6,129 | – | | Total (net of government surcharges) | 1,461,481 | 1,516,524 | - Sales of piped natural gas and LNG are the primary sources of goods sales revenue, amounting to **RMB 817,850 thousand** and **RMB 418,763 thousand**, respectively[21](index=21&type=chunk) - Revenue from provision of entrusted agency services significantly increased from **RMB 1,115 thousand** to **RMB 27,889 thousand**, and provision of labor services revenue increased from zero to **RMB 6,129 thousand**[21](index=21&type=chunk) [Composition of Profit Before Tax](index=9&type=section&id=%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4%E6%A7%8B%E6%88%90) Profit before tax is influenced by cost of goods sold, cost of services, depreciation, and net impairment of financial and contract assets, with trade receivables impairment shifting from loss to gain in H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 1,286,230 | 1,348,174 | | Cost of services provided | 57,181 | 44,017 | | Depreciation of property, plant and equipment | 34,162 | 36,554 | | Depreciation of right-of-use assets | 7,690 | 6,508 | | Impairment of trade receivables | (12,546) (gain) | 15,227 (loss) | [Income Tax](index=9&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense significantly increased to RMB 20.3 million in H1 2025, primarily due to deferred tax shifting from a gain to an expense, with a 25% corporate income tax rate in Mainland China and preferential rates for small-profit enterprises | Tax Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC income tax for the period | 6,965 | 15,500 | | Deferred tax | 13,326 | (2,446) | | Total tax expense for the period | 20,291 | 13,054 | - The statutory corporate income tax rate in Mainland China is **25%**, with eligible small-profit enterprises enjoying a preferential rate of **20%**[24](index=24&type=chunk) [Dividends](index=10&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of RMB 0.15 per share (pre-tax) for H1 2025, a decrease from RMB 0.20 per share in the prior year | Dividend Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Proposed interim dividend | 20,677 | 27,569 | | Interim dividend per ordinary share (pre-tax) | RMB 0.15 | RMB 0.20 | [Earnings Per Share](index=10&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for H1 2025 was RMB 0.55, lower than RMB 0.65 in the prior year, primarily due to a decrease in profit attributable to owners of the parent | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent (RMB thousand) | 75,284 | 89,146 | | Weighted average number of ordinary shares in issue during the period (shares) | 137,844,500 | 137,844,500 | | Basic and diluted EPS (RMB) | 0.55 | 0.65 | [Property, Plant and Equipment](index=11&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The carrying amount of property, plant and equipment increased to RMB 775.2 million as of June 30, 2025, mainly due to additions of RMB 143.7 million during the period | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount at beginning of period | 670,467 | 652,926 | | Additions | 143,745 | 135,043 | | Depreciation expense | (34,162) | (72,391) | | Carrying amount at end of period | 775,216 | 670,467 | [Trade and Bills Receivables](index=11&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Total trade and bills receivables (net of impairment) decreased significantly to RMB 198.4 million as of June 30, 2025, from year-end 2024, primarily due to a reduction in trade receivables | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 215,716 | 391,944 | | Bills receivables | 5,535 | 2,673 | | Impairment | (22,878) | (35,424) | | Total | 198,373 | 359,193 | - The largest portion of trade and bills receivables, **RMB 171,132 thousand**, is due within one year[32](index=32&type=chunk) [Trade and Bills Payables](index=12&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) Total trade and bills payables decreased to RMB 644.0 million as of June 30, 2025, from year-end 2024 | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 314,416 | 374,528 | | Bills payables | 329,620 | 354,847 | | Total | 644,036 | 729,375 | - The vast majority of trade and bills payables, **RMB 642,167 thousand**, are due within one year[33](index=33&type=chunk) [Interest-bearing Bank Borrowings](index=13&type=section&id=%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) Total interest-bearing bank borrowings increased to RMB 603.7 million as of June 30, 2025, with a significant rise in non-current borrowings, reflecting growth in long-term financing | Borrowing Type | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current portion total | 27,290 | 212,440 | | Non-current portion total | 576,390 | 140,460 | | Total | 603,680 | 352,900 | - Non-current bank borrowings significantly increased, with borrowings repayable over five years rising from zero to **RMB 423,440 thousand**, indicating a change in borrowing term structure[35](index=35&type=chunk) - A supplementary loan agreement signed in April 2025 adjusted the interest rate for some borrowings from LPR+0.05% to **LPR**[34](index=34&type=chunk) [Share Capital](index=14&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's ordinary share capital remained unchanged at 137,844,500 shares with a par value of RMB 137,845 thousand | Item | Number of Shares | Par Value (RMB thousand) | | :--- | :--- | :--- | | Ordinary shares as of June 30, 2025 | 137,844,500 | 137,845 | [Capital Commitments](index=14&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, contracted but unprovided capital commitments for property, plant and equipment were RMB 2,302 thousand, largely consistent with year-end 2024 | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted but not provided for: property, plant and equipment | 2,302 | 2,235 | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Industry Overview](index=15&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%80) China's economy grew 5.3% in H1 2025, but natural gas consumption declined 0.9% due to rising international prices, warmer weather, and real estate adjustments, while new energy policies aim for industry standardization and sustainability - In H1 2025, China's GDP grew by **5.3%** year-on-year, but apparent natural gas consumption decreased by **0.9%**, mainly due to rising international gas prices, warmer weather, real estate market adjustments, and improved industrial energy efficiency[37](index=37&type=chunk) - The "Energy Law of the People's Republic of China," effective January 1, 2025, requires gas enterprises to ensure safe supply, disclose information, participate in technological innovation, and implement energy storage and emergency requirements[38](index=38&type=chunk) - The National Development and Reform Commission issued several policy drafts, including requirements for urban gas operators to establish gas storage capacity of no less than **5%** of annual consumption, promote independent operation of oil and gas pipeline facilities, and improve provincial natural gas pipeline transportation pricing mechanisms to form a "national network"[38](index=38&type=chunk) [Performance Review](index=16&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) As Jiaxing's largest urban gas operator, Jiaxing Gas Group saw total gas sales volume decrease by 3.45% in H1 2025 due to major customer capacity adjustments, though new industrial and commercial user development remained robust, while joint venture Hangjiaxin's gross profit was impacted by international LNG price fluctuations - As of the end of the period, the Group provided gas supply services to approximately **502,000 residential users** and **2,623 industrial and commercial users**[39](index=39&type=chunk) - Total gas sales volume for the period was **392 million cubic meters**, a **3.45% decrease** compared to H1 2024, primarily due to reduced gas demand from major customer capacity adjustments[39](index=39&type=chunk) - Joint venture Hangjiaxin's gross profit could not be maintained at a similar level to H1 2024 due to fluctuations in international LNG sales prices, preventing it from benefiting from lower procurement prices as before[40](index=40&type=chunk) [Development Strategy and Outlook](index=16&type=section&id=%E7%99%BC%E5%B1%95%E7%AD%96%E7%95%A5%E8%88%87%E5%B1%95%E6%9C%9B) Facing a complex economic environment, the Group will actively adapt to the market, strengthen reform and innovation, optimize resource allocation, analyze market demand and prices, and promote natural gas's green and low-carbon transition in industrial and transportation sectors for sustainable development - The Group will actively adapt to the market environment, strengthen reform and innovation, optimize resource allocation, assess market demand and prices, and the balance between resources and market, to coordinate and match overall resources effectively[41](index=41&type=chunk) - Guided by energy structure adjustment goals, the Group will actively promote the green and low-carbon transition of natural gas in industrial sectors and its efficient utilization in transportation, focusing on growth areas to achieve sustainable development[41](index=41&type=chunk) [Financial Overview](index=17&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A7%80) This section details the reasons for changes in the Group's key financial indicators for H1 2025, including revenue, gross profit, other income and gains, finance costs, income tax expense, and the decrease in profit attributable to owners of the parent [Revenue](index=17&type=section&id=%E6%94%B6%E5%85%A5) H1 2025 revenue was RMB 1,461.5 million, a 3.63% year-on-year decrease, mainly due to reduced gas demand from major customer capacity adjustments and a slight decline in natural gas sales unit price - Revenue decreased by **3.63%** to **RMB 1,461.5 million**, primarily due to reduced gas demand from major customer capacity adjustments and a slight decrease in the natural gas sales unit price[42](index=42&type=chunk) [Gross Profit](index=17&type=section&id=%E6%AF%9B%E5%88%A9) H1 2025 gross profit was RMB 118.1 million, a 4.99% year-on-year decrease, mainly affected by lower natural gas sales volume and unit price - Gross profit decreased by **4.99%** to **RMB 118.1 million**, mainly because both natural gas sales volume and unit price were slightly lower than in H1 2024[43](index=43&type=chunk) [Other Income and Gains](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) H1 2025 other income and gains increased by 38.82% to RMB 11.8 million, primarily due to increased subsidies for renovation of old residential gas facilities and gas pipeline network upgrades - Other income and gains increased by **38.82%** to **RMB 11.8 million**, mainly due to an increase of **RMB 3.5 million** in subsidies for renovation of old residential gas facilities and gas pipeline network and equipment upgrades[44](index=44&type=chunk) [Finance Costs](index=17&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) H1 2025 finance costs increased by 20.31% to RMB 7.7 million, primarily due to increased interest expense on borrowings - Finance costs increased by **20.31%** to **RMB 7.7 million**, primarily due to increased interest expense on borrowings[45](index=45&type=chunk) [Income Tax Expense](index=17&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) H1 2025 income tax expense increased to RMB 20.3 million, with an effective tax rate of 23.79% - Income tax expense increased to **RMB 20.3 million**, with an effective tax rate of **23.79%**[46](index=46&type=chunk) [Profit Attributable to Owners of the Parent](index=17&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E5%88%A9%E6%BD%A4) H1 2025 profit attributable to owners of the parent was RMB 75.3 million, a 15.49% year-on-year decrease, mainly due to a significant 65.15% drop in profit from associates and joint ventures, particularly Hangjiaxin's gross profit affected by international natural gas price fluctuations - Profit attributable to owners of the parent decreased by **15.49%** to **RMB 75.3 million**, mainly due to a **RMB 31.6 million decrease** (**65.15% decline**) in profit from associates and joint ventures[47](index=47&type=chunk) - The decrease in profit from associates and joint ventures is primarily attributed to the improved supply-demand situation for international natural gas, leading to a downward shift in price fluctuation range, which prevented Hangjiaxin from benefiting from lower procurement prices as in the prior year[47](index=47&type=chunk) [Liquidity, Financial Position and Capital Structure](index=18&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group's current assets were RMB 1,038.5 million, with cash and bank balances at RMB 404.8 million. The current ratio improved to 1.22, and the gearing ratio was 60.76%. The capital gearing ratio significantly increased to 21.10% due to higher utilized bank borrowings | Indicator | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Current Assets (RMB million) | 1,038.5 | 1,102.0 | | Cash and Bank Balances (RMB million) | 404.8 | 297.4 | | Current Ratio | 1.22 | 0.92 | | Gearing Ratio | 60.76% | 60.27% | | Utilized Bank Loans (RMB million) | 603.7 | 352.9 | | Capital Gearing Ratio | 21.10% | 9.92% | - Utilized bank loans amounted to **RMB 603.7 million**, bearing interest at annual rates of **2.88%-3.62%**, of which **RMB 576.4 million** were non-current borrowings[49](index=49&type=chunk) - As of June 30, 2025, the unused bank credit facilities amounted to **RMB 949.9 million**[49](index=49&type=chunk) [Exchange Rate Fluctuation Risk](index=18&type=section&id=%E5%BD%99%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The Group's primary business is RMB-denominated, with foreign exchange risk mainly arising from joint venture Hangjiaxin's USD-denominated LNG transactions, which mitigates risk through resale of long-term purchase contracts - The Group's foreign exchange risk primarily stems from joint venture Hangjiaxin's USD-denominated buying and selling of LNG, where exchange rate fluctuations impact its profit[51](index=51&type=chunk) - Hangjiaxin mitigates adverse impacts from international energy price fluctuations and exchange rate changes by reselling a certain proportion of its purchases under long-term purchase and sales contracts[51](index=51&type=chunk) [Contingent Liabilities, Financial Guarantee Liabilities and Pledges of Assets](index=18&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E3%80%81%E8%B2%A1%E5%8B%99%E6%93%94%E4%BF%9D%E8%B2%AC%E4%BB%BB%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had no significant contingent liabilities, financial guarantee liabilities, or pledges of assets, with prior bank loan guarantees for joint venture Hangjiaxin terminated in June 2023 - As of June 30, 2025, the Group had no significant contingent liabilities[53](index=53&type=chunk) - As of June 30, 2025, the Group had no financial guarantee liabilities (December 31, 2024: nil)[54](index=54&type=chunk) - Previous bank loan guarantees provided for joint venture Hangjiaxin were terminated in **June 2023**, now secured by Hangjiaxin's own property, plant and equipment[52](index=52&type=chunk) [Material Acquisitions and Disposals](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) In January 2025, the Group, through its wholly-owned subsidiary Jiaran Construction, acquired a 13.5% equity interest in Xingzhou Jiayuan for RMB 89.0 million, which, combined with a 2024 acquisition, constitutes a discloseable transaction - On January 17, 2025, Jiaran Construction acquired a **13.5% equity interest** in Yancheng Xingzhou Jiayuan Real Estate Development Co., Ltd. for **RMB 89.0 million**[56](index=56&type=chunk) - The 2025 acquisition, combined with the 2024 acquisition (6.5% equity interest), constitutes a discloseable transaction, as the aggregate percentage ratio exceeds **5%** but is below **25%**[56](index=56&type=chunk) [Human Resources and Staff Remuneration](index=19&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group had 397 employees, with total staff costs of approximately RMB 30.1 million, and is committed to enhancing employee professionalism and quality through training and competitive compensation | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 397 employees | 399 employees | | Total Staff Costs (RMB million) | 30.1 | 34.4 | - The Group enhances employee professionalism and overall quality through targeted training courses and industry information dissemination, while offering competitive remuneration packages[57](index=57&type=chunk) [Events After the Reporting Period](index=19&type=section&id=%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred from the end of the reporting period up to the date of this announcement - No significant events have occurred from the end of the period up to the date of this announcement[58](index=58&type=chunk) [Corporate Governance and Other Information](index=19&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Material Litigation](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F) During the reporting period and up to the date of the announcement, the Company was not involved in any material litigation or arbitration - During the period, the Company was not involved in any material litigation or arbitration[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[60](index=60&type=chunk) [Compliance with Corporate Governance Code](index=20&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87%E5%90%88%E8%A6%8F%E6%83%85%E6%B3%81) The Company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all provisions during the period, except for C.2.1 (Chairman and CEO roles not separated) and F.1.1 (no formal dividend policy), with the Board deeming the current structure and policies appropriate - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all code provisions during the period, except for provisions C.2.1 and F.1.1[61](index=61&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Sun Lianqing, which the Board believes does not disrupt the balance of power and enables quick and efficient decision-making[62](index=62&type=chunk) - The Company has not adopted a formal dividend policy, as the Board believes it is not appropriate at this stage, and will review it periodically for consideration at an opportune time[63](index=63&type=chunk) [Standard Code for Securities Transactions](index=21&type=section&id=%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted a code of conduct for securities transactions by directors and supervisors, no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors and supervisors confirmed compliance during the period - The Company has adopted a code of conduct for directors and supervisors dealing in the Company's securities, with terms no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[65](index=65&type=chunk) - Following enquiry, all directors and supervisors confirmed compliance with the code of conduct throughout the period[65](index=65&type=chunk) [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board approved an H1 2025 interim dividend of RMB 0.15 per share (pre-tax), totaling approximately RMB 20.7 million, payable around October 10, 2025, with H-share dividends paid in HKD and subject to corporate or individual income tax withholding - The Board has approved the declaration of an interim dividend of **RMB 0.15 per share** (pre-tax) for H1 2025, totaling approximately **RMB 20,676,675**, expected to be paid on **October 10, 2025**[66](index=66&type=chunk) - Dividends for H-share shareholders will be paid in HKD, with an exchange rate of HKD to RMB 1:0.912136, equivalent to **HKD 0.1644 per share** (pre-tax)[67](index=67&type=chunk) - The Company will withhold and pay **10%** corporate income tax for non-resident enterprise H-share shareholders and **10% or 20%** individual income tax for individual H-share shareholders based on tax treaties[68](index=68&type=chunk)[69](index=69&type=chunk) [Closure of Register of Members](index=22&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) To determine H-share shareholders' entitlement to the 2025 interim dividend, the H-share register of members will be closed from September 19 to September 24, 2025 (both dates inclusive) | Event | Date and Time | | :--- | :--- | | Latest time for lodging transfer documents for registration | September 18, 2025 (Thursday) 4:30 p.m. | | Closure of H Share Register of Members (both dates inclusive) | September 19, 2025 (Friday) to September 24, 2025 (Wednesday) | | Record Date | September 24, 2025 (Wednesday) | [Audit Committee and Review of Interim Financial Statements](index=23&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%AF%A9%E9%96%B1) The Audit Committee reviewed the Group's accounting principles, policies, and unaudited interim results for the period, finding them prepared in compliance with applicable accounting standards and regulations, with no objections - The Audit Committee has reviewed the accounting principles and policies adopted by the Group and the unaudited interim results for the period, deeming them prepared in compliance with applicable accounting standards and regulations, with sufficient disclosure, and no objections to the accounting treatments adopted[73](index=73&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=23&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the Company's and HKEX websites, and the interim report will be dispatched to shareholders in due course - This announcement has been published on the Company's website (http://www.jxrqgs.com) and the HKEX website (http://www.hkexnews.hk)[74](index=74&type=chunk) - The Company's interim report for the period will be dispatched to shareholders in due course in accordance with the Listing Rules[74](index=74&type=chunk)

Core Viewpoint - Jiaxing Gas (09908.HK) will hold a board meeting on August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution if applicable [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The proposal for an interim dividend distribution will also be reviewed [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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 承董事會命 嘉興市燃氣集團股份有限公司 主席及執行董事 孫連清 中 國，嘉 興 2025年8月13日 JiaXing Gas Group Co., Ltd.* 嘉興市燃氣集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：9908） 董事會召開日期 嘉興市燃氣集團股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）兹通告謹定 於2025年8月28日（星 期 四）舉 行 董 事 會 會 議，藉 以（其 中 包 括）通過本公司及其附 屬公司截至2025年6月30日 止 六 個 月 的 中 期 業 績，及 考 慮 派 發 中 期 股 息（如 有）。 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 孫 連 清 先 生 及 徐 松 強 先 生；非 執 行 董 事 郁 建 明 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 嘉興市燃氣集團股份有限公司(於中華人民共和國註冊成立的股份有限公司) 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 37,844,500 | RMB | | 1 RMB | | 37,844,500 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 37,844,500 | RMB | | 1 RMB | | 37,844,500 | | 2. 股份分類 | ...

Financial Performance - Jiaxing Gas Group reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the latest fiscal year[4]. - The company achieved a net profit of RMB 300 million, representing a 10% increase compared to the previous year[4]. - The company's revenue for the year reached RMB 3,420.3 million, an increase of 15.69% compared to the previous year[14]. - The net profit attributable to shareholders was RMB 187.6 million, a decrease of 21.51% year-on-year[15]. - The gross profit for the year was RMB 354.9 million, up 33.64% from RMB 265.6 million the previous year, mainly driven by increased LNG sales and improved procurement cost efficiency[32]. - Other income and gains increased by 17.88% to RMB 21.1 million, mainly due to government subsidies for gas facility upgrades[33]. - The proposed final dividend for the fiscal year 2024 is RMB 0.25 per share, totaling RMB 34,461,125, subject to shareholder approval at the annual general meeting[99]. Customer and Market Growth - User data indicates a growth in customer base by 20%, with total users now exceeding 500,000[4]. - The company served approximately 487,000 residential users and 2,580 commercial users by the end of the reporting period[28]. - User data indicates a rise in active users, with a total of 500,000 new users added in the last quarter, marking a 10% increase compared to the previous quarter[64]. - The company plans to expand its market presence by entering two new provinces in the next fiscal year[4]. - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share within the next year[64]. Product Development and Innovation - New product development includes the launch of a smart gas meter, expected to enhance user experience and operational efficiency[4]. - Investment in new technology development has increased by 30%, focusing on enhancing service efficiency and customer satisfaction[64]. - The company has launched a new product line that is anticipated to contribute an additional 200 million RMB in revenue over the next year[64]. Strategic Initiatives - The company is exploring potential acquisitions of smaller gas companies to enhance market share[4]. - A strategic partnership with a local energy firm is expected to enhance service offerings and customer engagement[4]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's service capabilities and customer base by 15%[64]. - The company aims to ensure competitive pricing and stable supply in response to geopolitical uncertainties affecting the oil and gas market[24]. Operational Efficiency - The company aims to improve operational efficiency by 5% through the implementation of advanced technologies in its distribution network[4]. - Operational efficiency improvements have led to a 5% reduction in costs, positively impacting the overall profit margin[64]. Sustainability and Clean Energy - The company has allocated RMB 50 million for research and development in clean energy technologies[4]. - The company is focusing on sustainability initiatives, with a target to reduce carbon emissions by 20% over the next three years[64]. - The company anticipates further growth in clean energy consumption demand, including natural gas, driven by national economic and carbon reduction targets[24]. Financial Health and Management - The company’s current ratio was 0.92 and the debt-to-asset ratio was 60.27% as of December 31, 2024[39]. - The group has no significant contingent liabilities as of December 31, 2024[43]. - The group has no financial guarantee liabilities, consistent with December 31, 2023[44]. - The group has no mortgaged assets as of December 31, 2024, compared to RMB 43.2 million in mortgaged assets as of December 31, 2023[45]. - The group recorded an investment income of approximately RMB 35,000 from Hangjiaxin during the reporting period, with no dividends received[47]. Compliance and Governance - The group has maintained compliance with all relevant environmental laws and regulations during the fiscal year ending December 31, 2024[189]. - The group has adhered to the corporate governance code, except for specific provisions C.2.1 and F.1.1, during the fiscal year ending December 31, 2024[188]. - The supervisory board confirmed that the company's operations for the fiscal year 2024 are normal and compliant with laws and regulations[197]. - The financial reports for 2024 accurately reflect the company's financial status and operational results, as per the audit by Ernst & Young[198]. Shareholder Information - As of December 31, 2024, the company's total share capital is RMB 137,844,500, consisting of 137,844,500 shares with a par value of RMB 1.00 each[106]. - The company is obligated to withhold a 10% corporate income tax on dividends paid to non-resident H-share shareholders[102]. - The company will distribute the final dividend on July 4, 2025, pending approval from the annual general meeting[99].

Financial Performance - Revenue for the year reached RMB 3,420.3 million, an increase of 15.69% compared to the previous year[4] - Profit attributable to owners of the company was RMB 187.6 million, a decrease of 21.51% year-on-year[4] - Total natural gas sales volume achieved 906 million cubic meters, representing a growth of 28.69% compared to last year[4] - Gross profit for the year was RMB 354.9 million, compared to RMB 265.6 million in the previous year[5] - The company reported a net profit of RMB 201.5 million for the year, down from RMB 250.5 million in the previous year[5] - Total comprehensive income for the year amounted to RMB 201.7 million, compared to RMB 250.5 million in the previous year[7] - The group's revenue for 2024 is RMB 3,420,317,000, an increase from RMB 2,956,483,000 in 2023, representing a growth of approximately 15.6%[24] - Sales of pipeline natural gas reached RMB 1,753,477,000 in 2024, while sales of liquefied natural gas decreased to RMB 1,195,212,000 from RMB 1,827,052,000 in 2023, indicating a decline of about 34.7%[25] - The group reported a significant increase in construction service revenue, rising to RMB 108,179,000 in 2024 from RMB 1,634,000 in 2023[25] - Total other income and gains for 2024 amounted to RMB 21,121,000, an increase from RMB 17,855,000 in 2023[30] Assets and Liabilities - The company's total assets less current liabilities stood at RMB 1,788.0 million, compared to RMB 1,710.3 million in the previous year[8] - Current liabilities totaled RMB 1,195.8 million, an increase from RMB 944.5 million in the previous year[8] - The total non-current liabilities amounted to RMB 602,410,000 as of December 31, 2024, compared to RMB 641,840,000 in 2023, indicating a decrease of approximately 6.5%[9] - The net asset value of the company reached RMB 1,185,593,000 in 2024, up from RMB 1,068,416,000 in 2023, reflecting an increase of about 10.9%[9] - The company's total equity attributable to owners of the parent was RMB 1,130,702,000 in 2024, compared to RMB 1,025,562,000 in 2023, representing a growth of approximately 10.3%[9] - The net current liabilities were recorded at RMB 93,804,000 in 2024, an increase from RMB 60,845,000 in 2023, which is an increase of about 54.2%[14] - Trade receivables amounted to RMB 391,944,000 in 2024, compared to RMB 266,733,000 in 2023, showing an increase of approximately 47.0%[36] - The total trade payables and notes payable increased to RMB 729,375,000 in 2024 from RMB 494,138,000 in 2023, marking a growth of 47.7%[40] - The group’s outstanding bank borrowings totaled RMB 352,900,000 in 2024, up from RMB 189,340,000 in 2023, reflecting an increase of 86.3%[41] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.25 per share (tax included) for the year ended December 31, 2024[4] - The proposed final dividend for 2024 is RMB 0.25 per share, down from RMB 0.40 per share in 2023, reflecting a decrease of 37.5%[34] - The company will distribute the final dividend on July 4, 2025, following approval at the annual general meeting[73] - H-share individual shareholders must notify the company by June 12, 2025, if their residency status differs from their registered address[76] - The record date for determining H-share shareholders entitled to attend the annual general meeting is June 3, 2025[77] Corporate Governance - The company adheres to high standards of corporate governance to enhance shareholder value and transparency[79] - The chairman and CEO roles are not separated, with the same individual holding both positions since 1998[82] - The company has adopted the principles and rules of the corporate governance code as its governance framework[81] - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group for the current year[85] Market and Operational Insights - The company has a significant focus on the sale of gas in Jiaxing City, including pipeline natural gas, liquefied natural gas, and liquefied petroleum gas, as part of its core business operations[10] - The group operates a single reportable segment focused on gas sales and related services, with no further breakdown of operating segments provided[20] - All of the group's revenue is generated from customers in mainland China, with all non-current assets located in the same region[21] - The group has a major customer contributing approximately RMB 223,685,000 in revenue, down from RMB 369,729,000 in 2023, indicating a decline of about 39.5%[22] - The group provided gas services to approximately 487,000 residential users and 2,580 industrial and commercial users as of the reporting period[46] Future Outlook - The company anticipates sufficient funds to meet its operational and financial obligations within the next twelve months, supporting its going concern basis for financial reporting[14] - The company anticipates continued growth in service provision and product sales, supported by ongoing market expansion strategies[27] - The group’s market expansion efforts included enhancing procurement strategies to lower costs and improve supply chain resilience[44] - The group anticipates that the economic stimulus policies will further stabilize and boost market demand in the natural gas sector[44]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[5]. - The total revenue for the group during the period was RMB 1,516.5 million, an increase of 24.50% from RMB 1,218.1 million in the same period last year[19]. - Revenue for the six months ended June 30, 2024, reached RMB 1,516,524 thousand, a 24.5% increase from RMB 1,218,105 thousand in the same period of 2023[57]. - The revenue from liquefied natural gas sales increased by 501.78% to RMB 440.5 million, with sales volume rising to 143,089 thousand cubic meters, a 669.88% increase[14]. - The revenue from pipeline natural gas sales was RMB 883.8 million, a decrease of 6.67% compared to RMB 947.0 million in the same period last year[12]. - The revenue from liquefied petroleum gas sales decreased by 26.58% to RMB 40.6 million, primarily due to a reduction in wholesale sales volume[15]. - The company reported a total comprehensive income of RMB 96,913 thousand for the period, compared to RMB 162,770 thousand in 2023[59]. - The net profit for the period was RMB 96,714 thousand, a decline of 41.3% compared to RMB 164,732 thousand in 2023[57]. - Profit attributable to the parent company's owners decreased by 44.07% to RMB 891 million from RMB 1,593 million in the same period last year, mainly due to a decline in gross profit from Hangjiaxin[22]. Market Expansion and Strategy - The company expects a revenue growth forecast of 10% for the second half of 2024, driven by new product launches and market expansion[7]. - The company plans to expand its market presence in Zhejiang province, targeting a 30% increase in market share by 2025[5]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and customer reach[6]. - The company has launched a new liquefied natural gas product line, projected to contribute an additional RMB 200 million in revenue annually[7]. - User data indicates a growth in customer base by 20%, reaching a total of 500,000 users[6]. Sustainability and Technology Investment - Investment in new technologies has increased by 25%, focusing on cleaner energy solutions[6]. - The management highlighted a commitment to sustainability, aiming for a 40% reduction in carbon emissions by 2026[6]. - The company has established a partnership with a technology firm to enhance its digital service offerings, expected to improve user engagement by 15%[5]. Shareholder Information - The company has a total of 100,000,000 domestic shares issued, with 137,844,500 shares in total as of July 16, 2023[35]. - Major shareholder 泰鼎 holds 29,789,013 shares, representing 44.94% of the relevant category and approximately 32.60% of the total share capital[36]. - The company has a significant stake from 嘉興市人民政府國有資產, holding 32,757,502 shares, which is 32.76% of the relevant category and approximately 23.76% of the total share capital[37]. - The company has established a consistent shareholder structure, with major shareholders holding significant percentages of the total share capital[36]. Financial Position and Liabilities - As of June 30, 2024, the group's current assets amounted to RMB 785 million, down from RMB 883.6 million as of December 31, 2023[23]. - The current ratio was 0.89 and the debt-to-asset ratio was 57.36% as of June 30, 2024, compared to 0.94 and 59.75% respectively as of December 31, 2023[24]. - The group had utilized bank loans amounting to RMB 393.3 million, with a floating interest rate between 2.4% and 4.0%[24]. - The company's total liabilities decreased to RMB 546,715,000 as of June 30, 2024, from RMB 513,115,000 at the end of 2023, indicating a reduction of approximately 6.5%[64]. Dividend and Earnings - A dividend payout of RMB 0.10 per share has been proposed, reflecting a 5% increase from the previous year[6]. - The company declared an interim dividend of RMB 0.20 per share (tax included) for the six months ending June 30, 2024, totaling approximately RMB 27,568,900 (tax included) to be distributed on October 10, 2024[48]. - The board has not adopted a formal dividend policy due to the company's developmental stage and the influence of industry and economic outlook on performance[50]. Governance and Compliance - The company maintains a high level of corporate governance to enhance shareholder value and accountability[45]. - The roles of Chairman and CEO are not separated, with the same individual, Mr. Sun Lianqing, holding both positions[45]. - The company is committed to adhering to the corporate governance code, although it deviated from certain provisions[45]. - The report indicates that the company is under the supervision of the relevant regulatory authorities, ensuring compliance with the Securities and Futures Ordinance[36].