Financial Performance - For the six months ended June 30, 2025, the company's revenue was approximately RMB 754.0 million, an increase of about RMB 96.4 million compared to RMB 657.6 million for the same period in 2024, representing a growth of approximately 14.6%[8] - The profit attributable to equity shareholders for the same period was approximately RMB 59.0 million, up from RMB 49.7 million in 2024, reflecting an increase of about RMB 9.3 million or 18.7%[8] - Revenue for the review period was approximately RMB 754.0 million, representing a year-on-year increase of about 14.7%, primarily driven by increased revenues from wastewater treatment and utility services, as well as sales of goods and related services[19] - The operating profit for the same period was RMB 144,266,000, up from RMB 136,705,000, indicating a growth of 5.4%[86] - The net profit attributable to equity shareholders was RMB 58,979,000, compared to RMB 49,706,000 in the previous year, reflecting a 18.5% increase[86] - The total comprehensive income for the period was RMB 56,864,000, compared to RMB 38,669,000 in the previous year, showing a significant increase of 47%[89] Revenue Breakdown - Revenue from wastewater treatment fees increased by approximately RMB 15.9 million or 12.2% to about RMB 146.6 million, mainly due to increased freshwater usage from customers in the East China region[23] - Steam fees rose by approximately RMB 14.3 million or 23.1% to about RMB 76.4 million, attributed to increased steam usage from customers in the East China region and the Tianjin Binhai Park[23] - Revenue from sales of raw materials and goods increased by approximately RMB 54.9 million or 31.9% to about RMB 227.1 million, driven by rising prices of precious metal products and increased customer demand[25] - Revenue from the wastewater treatment and utility segment increased to RMB 272,438,000 for the six months ended June 30, 2025, compared to RMB 237,436,000 in 2024, reflecting a growth of 14.7%[108] - The revenue from the sale of goods and related services increased to RMB 252,322,000 for the six months ended June 30, 2025, compared to RMB 190,229,000 in 2024, representing a growth of 32.7%[108] Operational Efficiency - The average daily wastewater treatment capacity utilization rate was 42.7% for the six months ended June 30, 2025, compared to 38.1% in 2024, indicating improved operational efficiency[12] - The group's total daily wastewater treatment capacity reached 27,500 tons, with an average daily actual treatment volume of approximately 11,731 tons, resulting in a capacity utilization rate of about 42.7%, an increase of 4.6% compared to the same period in 2024[14] - The average daily wastewater treatment capacity utilization rate in the Tianjin Binhai Park increased by 5.1% to 36.7%, primarily due to business growth from customers leading to higher freshwater usage[14] Costs and Expenses - Operating costs increased by approximately RMB 75.3 million or 13.9% to about RMB 617.1 million for the six months ended June 30, 2024, primarily due to increased wastewater treatment volume and higher inventory costs from increased sales[26] - Inventory costs rose by approximately RMB 66.0 million or 29.7% to about RMB 287.8 million, driven by increased material usage for wastewater treatment and higher sales of goods[28] - Employee costs increased by 10.0% to approximately RMB 85.8 million, attributed to the hiring of additional staff in response to business development needs[29] - Other expenses decreased by approximately RMB 1.3 million to about RMB 73.9 million, mainly due to reduced rental and environmental service fees, offset by increased R&D and waste treatment expenses[33] Financing and Debt - Total bank loans and borrowings amounted to approximately RMB 3,507.2 million as of June 30, 2025, an increase from RMB 3,075.7 million as of December 31, 2024[38] - The adjusted net debt-to-equity ratio increased to 2.42 as of June 30, 2025, compared to 2.05 as of December 31, 2024[44] - Financing costs decreased by approximately RMB 14.8 million or 20.9% to about RMB 56.0 million, attributed to lower loan interest rates despite an increase in average loan balances[35] Assets and Liabilities - Non-current assets totaled RMB 4,569,728 thousand as of June 30, 2025, an increase of 2.24% from RMB 4,469,290 thousand on December 31, 2024[91] - Current assets increased to RMB 987,498 thousand, up 31.1% from RMB 753,459 thousand at the end of 2024[91] - Total liabilities increased to RMB 4,269,137 thousand, up from RMB 3,847,658 thousand, reflecting a rise of 10.9%[93] - The net asset value decreased to RMB 1,288,089 thousand from RMB 1,375,091 thousand, a decline of 6.35%[93] Shareholder Information - The company declared an interim dividend of HKD 0.10 per share, with an expected total payout of approximately HKD 110,775,000 (around RMB 100,805,000) based on 1,107,750,000 shares issued[74] - As of June 30, 2025, Mr. Zhang Lianghong held 532,528,000 shares, representing 48.07% of the company, while Mr. Huang Shaobo held 29,214,000 shares, representing 2.64%[60] - The company has adopted a share option scheme since June 18, 2019, with 112,000,000 options available for grant[68] - A share award scheme was adopted on May 23, 2025, with 55,387,500 existing share awards available for grant[69] Corporate Governance - The roles of the chairman and CEO are held by the same individual, Mr. Zhang Lianghong, which the board believes enhances operational efficiency[70] - The company has complied with the corporate governance code, except for the combined roles of chairman and CEO[70] - The CEO, Mr. Huang Qiyang, resigned on July 11, 2025, and Mr. Zhang Lianghong was appointed as the new CEO[72]

中期報告 2025 ( 於中華人民共和國成立的股份有限公司 ) 股份代號：1333 目錄 2 企業信息 4 公司簡介 5 財務摘要 6 管理層討論與分析 18 企業管治及其他資料 31 釋義 33 核數師審閱報告 34 綜合損益表 35 綜合損益及其他全面收益表 36 綜合財務狀況表 38 綜合權益變動表 40 簡明綜合現金流量表 41 未經審核中期財務報告附註 2025年中期報告 博雷頓科技股份公司 2 一、企業信息 公司中文名稱 博雷頓科技股份公司 公司英文名稱 Breton Technology Co., Ltd. 董事會 執行董事 陳方明先生 （董事會主席兼總經理） 邱德波博士 孫康華先生 楊慧女士 非執行董事 曹海毅先生 王振坤先生 獨立非執行董事 周元先生 李曉郛博士 江百靈博士 嚴志雄先生 監事 劉昱東先生 王豔湞女士 孫文旭女士 董事會轄下委員會 審核委員會 江百靈博士 （主席） 嚴志雄先生 李曉郛博士 提名委員會 李曉郛博士 （主席） 楊慧女士 江百靈博士 薪酬與考核委員會 周元先生 （主席） 陳方明先生 江百靈博士 戰略委員會 陳方明先生 （主席） 邱德波博士 周元先生 聯席公司秘書 劉星 ...

Dida lnc. （於開曼群島註冊成立的有限公司） 股份代號：02559 嘀嗒出行* 2025 中期報告 * 僅供識別 目錄 | 公司資料 | 2 | | --- | --- | | 業績摘要及財務概要 | 3 | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 14 | | 簡明綜合損益及其他全面收益表 | 33 | | 簡明綜合財務狀況表 | 34 | | 簡明綜合權益變動表 | 36 | | 簡明綜合現金流量表 | 37 | | 簡明綜合財務報表附註 | 39 | | 釋義 | 59 | 公司資料 董事會 執行董事 宋中傑先生 （董事長） 李金龍先生 朱敏先生 李躍軍先生 非執行董事 李斌先生 獨立非執行董事 李豐先生 李健先生 武文潔女士 審核委員會 武文潔女士 （主席） 李健先生 李豐先生 薪酬委員會 李健先生 （主席） 宋中傑先生 李豐先生 提名委員會 宋中傑先生 （主席） 李豐先生 武文潔女士 （自2025年3月21日起獲委任為成員） 李健先生 （自2025年3月21日起不再擔任成員） 聯席公司秘書 姜震宇先生 蘇嘉敏女士 開曼群島主要股份過戶登記處 Maples Fund Se ...

[Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 76.7% to RMB 7.39 million, but gross profit turned profitable at RMB 346 thousand, narrowing the period's loss to RMB 6.57 million and basic loss per share to RMB 0.72 cents | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Revenue** | 7,386 | 31,817 | | **Cost of sales** | (7,040) | (33,650) | | **Gross profit / (loss)** | 346 | (1,833) | | **Other income** | 1,803 | 3,506 | | **Loss before tax** | (6,573) | (8,599) | | **Loss for the period** | (6,573) | (8,599) | | **Loss per share attributable to owners of the Company (RMB cents)** | (0.72) | (0.97) | - Revenue for the period significantly decreased by **76.7%** year-on-year, primarily due to reduced income from the live hog slaughtering and meat product trading business[5](index=5&type=chunk) - Gross profit turned from a loss in the prior period to a profit, indicating initial effectiveness in cost control and operational adjustments[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and liabilities slightly decreased, with net current assets at RMB 337.89 million, total assets less current liabilities at RMB 385.83 million, and net assets at RMB 385.59 million | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current assets** | 47,939 | 50,070 | | **Current assets** | 411,289 | 417,636 | | **Current liabilities** | 73,403 | 73,751 | | **Net current assets** | 337,886 | 343,885 | | **Net assets** | 385,587 | 393,704 | | **Total equity** | 385,587 | 393,704 | - Bank balances and cash decreased from approximately **RMB 397.77 million** as of December 31, 2024, to approximately **RMB 315.98 million** as of June 30, 2025[7](index=7&type=chunk) - Prepayments, deposits, and other receivables significantly increased, primarily due to prepayments for biological assets[7](index=7&type=chunk)[12](index=12&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company decreased from RMB 397.04 million at the beginning of the period to RMB 390.24 million at the end, mainly due to the loss for the period and changes in exchange reserves | Metric | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | **Equity attributable to owners of the Company** | 397,040 | 390,238 | | **Non-controlling interests** | (3,336) | (4,651) | | **Total equity** | 393,704 | 385,587 | - Total comprehensive expense for the period was **RMB 8.12 million**, of which **RMB 6.80 million** was attributable to owners of the Company[10](index=10&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities turned from an inflow to an outflow of RMB 81.57 million, net cash from investing activities decreased, and cash and cash equivalents at period-end were RMB 315.98 million | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Net cash (used in) / generated from operating activities** | (81,572) | 1,867 | | **Net cash generated from investing activities** | 196 | 525 | | **Net (decrease) / increase in cash and cash equivalents** | (81,376) | 2,392 | | **Cash and cash equivalents at end of period** | 315,982 | 392,343 | - Significant increase in cash outflow from operating activities reflects changes in working capital requirements or efficiency[11](index=11&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1. Basis of Preparation](index=8&type=section&id=1.%20Basis%20of%20Preparation) These condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Appendix 16 of the HKEX Listing Rules, using the historical cost convention except for certain financial instruments measured at fair value, with consistent accounting policies as the 2024 annual financial statements and no significant impact from new or revised standards - The financial statements are presented in RMB, with all figures rounded to the nearest thousand[12](index=12&type=chunk) - The application of new and revised HKFRSs (such as HKAS 21 (Amendment) Lack of Exchangeability) had no significant impact on the Group's financial position and performance[14](index=14&type=chunk)[15](index=15&type=chunk) [2. Segment Information](index=9&type=section&id=2.%20Segment%20Information) The Group primarily operates two segments: live hog slaughtering and meat product trading, and pipeline system products; in the first half of 2025, revenue from the live hog slaughtering and meat product trading segment significantly decreased, the pipeline system products segment generated no revenue, and all revenue originated from China - The Group is principally engaged in live hog slaughtering and meat product trading, and pipeline system products businesses[17](index=17&type=chunk) Segment Revenue and Results | Segment | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Live hog slaughtering and meat product trading revenue** | 7,386 | 31,817 | | **Live hog slaughtering and meat product trading results** | (4,026) | (4,545) | | **Pipeline system products revenue** | – | – | | **Pipeline system products results** | – | (1) | - In the first half of 2025, one customer contributed over **10%** of the Group's total revenue, compared to seven customers in the corresponding period of 2024[27](index=27&type=chunk)[28](index=28&type=chunk) [3. Revenue and Other Income](index=14&type=section&id=3.%20Revenue%20and%20Other%20Income) Revenue from contracts with customers for the period, primarily from pork product sales, significantly decreased year-on-year, and other income also declined, mainly due to lower interest income and dividend income from equity investments Details of Revenue and Other Income | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Sales of pork products** | 7,386 | 31,817 | | **Total interest income** | 208 | 746 | | **Dividend income from equity investments** | 105 | 1,261 | | **Rental income** | 1,486 | 1,486 | | **Total other income** | 1,803 | 3,506 | - Sales of pork products revenue decreased by **76.7%** year-on-year, which is the primary reason for the decline in total revenue[29](index=29&type=chunk) [4. Finance Costs](index=14&type=section&id=4.%20Finance%20Costs) For the six months ended June 30, 2025, the Group incurred finance costs of RMB 5 thousand, primarily from interest on lease liabilities, with no finance costs in the prior corresponding period | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Interest on lease liabilities** | 5 | – | [5. Taxation](index=15&type=section&id=5.%20Taxation) The Group incurred no income tax expense for the current or prior corresponding period, as Hunan Huisheng Meat Industry Co., Ltd. is exempt from PRC enterprise income tax due to its engagement in primary processing of agricultural products - The Group's agricultural business in China is exempt from enterprise income tax[32](index=32&type=chunk) - The effective statutory income tax rate for the Japan operations is approximately **30.6%**[33](index=33&type=chunk) Income Tax Expense Reconciliation | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Loss before tax** | (6,573) | (8,599) | | **Income tax expense** | – | – | [6. Loss for the Period](index=16&type=section&id=6.%20Loss%20for%20the%20Period) The loss for the period is stated after deducting items such as directors' emoluments, staff costs, depreciation of property, plant and equipment, depreciation of right-of-use assets, and cost of inventories recognized as an expense, with a significant decrease in inventory costs Items Deducted in Loss for the Period | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Directors' emoluments** | 137 | 180 | | **Total staff costs** | 397 | 662 | | **Depreciation of property, plant and equipment** | 2,011 | 2,776 | | **Cost of inventories recognized as an expense** | 7,040 | 33,031 | - Cost of inventories recognized as an expense significantly decreased from approximately **RMB 33.03 million** in the prior period to approximately **RMB 7.04 million**[35](index=35&type=chunk) [7. Loss Per Share Attributable to Owners of the Company](index=17&type=section&id=7.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic loss per share attributable to owners of the Company was RMB 0.72 cents, narrowing from RMB 0.97 cents in the prior period, and diluted loss per share was the same as basic loss per share due to no potentially dilutive ordinary shares | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Loss attributable to owners of the Company (RMB thousands)** | 6,667 | 8,551 | | **Weighted average number of ordinary shares in issue** | 922,838,000 | 884,069,000 | | **Basic and diluted loss per share (RMB cents)** | (0.72) | (0.97) | - The narrowing loss per share reflects a reduction in the loss for the period[37](index=37&type=chunk) [8. Dividends](index=17&type=section&id=8.%20Dividends) For the six months ended June 30, 2025, the Company neither paid nor declared any interim dividends, consistent with the prior corresponding period - The Company did not declare or pay interim dividends[39](index=39&type=chunk) [9. Movements in Property, Plant and Equipment and Right-of-Use Assets](index=17&type=section&id=9.%20Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) During the interim period, no additions to property, plant and equipment or right-of-use assets were recognized - No new property, plant and equipment or right-of-use assets were added during the period[40](index=40&type=chunk) [10. Financial Assets at Fair Value Through Profit or Loss](index=17&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss primarily consisted of equity securities listed in Hong Kong, whose fair value slightly decreased | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Equity securities listed in Hong Kong** | 4,617 | 5,379 | - The fair value of listed equity securities is determined by market bid prices on the Stock Exchange[41](index=41&type=chunk) [11. Trade Receivables](index=18&type=section&id=11.%20Trade%20Receivables) As of June 30, 2025, net trade receivables were RMB 10.19 million, a decrease from December 31, 2024, with an increase in expected credit loss provision and a significant rise in receivables aged 61-90 days Trade Receivables and Ageing Analysis | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Gross trade receivables** | 27,302 | 25,779 | | **Less: Provision for expected credit losses** | (17,111) | (12,763) | | **Net trade receivables** | 10,191 | 13,016 | | **Ageing: 61 to 90 days** | 7,750 | 180 | - The credit period for trade receivables ranges from **30 to 90 days**[42](index=42&type=chunk) - Provision for expected credit losses increased from **RMB 12.76 million** to **RMB 17.11 million**[42](index=42&type=chunk) [12. Prepayments, Deposits and Other Receivables](index=19&type=section&id=12.%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, net prepayments, deposits, and other receivables significantly increased to RMB 80.50 million, primarily due to new prepayments for biological assets amounting to RMB 80.15 million Details of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Loans receivable** | 2,624 | 2,699 | | **Other receivables** | 7,711 | 7,176 | | **Deposits** | 9,974 | 8,521 | | **Prepayments** | 80,155 | 1,299 | | **Total** | 100,464 | 19,695 | | **Less: Provision for expected credit losses** | (19,965) | (18,222) | | **Net amount** | 80,499 | 1,473 | - Prepayments primarily include approximately **RMB 80.15 million** for biological assets, with no such item in the prior corresponding period[44](index=44&type=chunk) [13. Trade Payables](index=20&type=section&id=13.%20Trade%20Payables) As of June 30, 2025, trade payables were RMB 9.88 million, a decrease from December 31, 2024, with a higher proportion of trade payables aged over 60 days Trade Payables and Ageing Analysis | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Gross trade payables** | 9,878 | 12,383 | | **Ageing: Within 30 days** | 734 | 5,051 | | **Ageing: Over 60 days** | 9,144 | 7,332 | - The Group is granted a credit period of up to **60 days** for purchases of goods[45](index=45&type=chunk) [14. Share Capital](index=20&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the Company had 922,838,000 ordinary shares in issue with a par value of HKD 0.01 each, with changes primarily due to the completion of a new share subscription in June 2024, issuing 42,000,000 ordinary shares Details of Share Capital Movements | Item | Number of Shares | Amount (RMB thousands) | | :--- | :--- | :--- | | **As at January 1, 2024** | 880,838,000 | 7,308 | | **Shares issued** | 42,000,000 | 390 | | **As at June 30, 2025** | 922,838,000 | 7,698 | - Proceeds from the new share subscription of approximately **RMB 390 thousand** were credited to share capital, and approximately **RMB 1,674 thousand** to share premium[47](index=47&type=chunk) [15. Significant Related Party Transactions](index=21&type=section&id=15.%20Significant%20Related%20Party%20Transactions) The Group's significant related party transactions primarily involve key management personnel compensation, all conducted on normal commercial terms - The Company's directors are considered key management personnel of the Group, and their emoluments are disclosed in Note 6[48](index=48&type=chunk) [16. Events After the Reporting Period](index=21&type=section&id=16.%20Events%20After%20the%20Reporting%20Period) As of the date of this report, neither the Company nor the Group had any significant events after the reporting period - No significant events occurred after the reporting period[49](index=49&type=chunk) [17. Approval of Interim Financial Statements](index=21&type=section&id=17.%20Approval%20of%20Interim%20Financial%20Statements) The Board of Directors approved and authorized for issue these condensed consolidated interim financial statements on August 29, 2025 - The interim financial statements have been approved by the Board of Directors[50](index=50&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=22&type=section&id=Business%20Review) The Group primarily engages in livestock slaughtering and pork product trading, and pipeline system products; in the first half of 2025, pork product trading revenue declined due to increased market competition, but gross profit margin turned positive through cost control, while the pipeline system products business was suspended due to significantly increased import costs - The Group maintains its position as a pork supplier in Changde City, Hunan Province, China, with its core business being the production and sale of pork products[52](index=52&type=chunk) - Increased price competition in the local pork market due to two new slaughterhouses near the plant led to a continuous decline in the Group's revenue[52](index=52&type=chunk) - The Group achieved positive gross profit margin growth through effective cost control and strict quality control, reversing last year's gross profit loss[52](index=52&type=chunk) - The pipeline system products business faced financial challenges due to significantly increased import costs from JPY depreciation and US tariffs, leading to the suspension of related projects and local sales orders[53](index=53&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) As of June 30, 2025, the Group's revenue was approximately RMB 7.4 million, a 76.7% year-on-year decrease; despite this, gross profit for the period was RMB 346 thousand, reversing last year's gross loss, administrative expenses decreased by 35.1%, and net loss narrowed to RMB 6.6 million Key Financial Metrics Changes | Metric | Six Months Ended June 30, 2025 (RMB millions) | Six Months Ended June 30, 2024 (RMB millions) | Change Rate | | :--- | :--- | :--- | :--- | | **Revenue** | 7.4 | 31.8 | -76.7% | | **Gross Profit** | 0.346 | (1.833) | Turned from loss to profit | | **Administrative Expenses** | 4.8 | 7.4 | -35.1% | | **Net Loss for the Period** | 6.6 | 8.6 | -23.2% | - The decrease in administrative expenses was primarily attributable to stricter cost control[54](index=54&type=chunk) [Liquidity, Financial Resources and Funding and Treasury Policies](index=24&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Funding%20and%20Treasury%20Policies) As of June 30, 2025, the Group's bank balances and cash were approximately RMB 316.0 million, with net current assets of approximately RMB 337.9 million; the Group maintains a sound financial position, primarily funded by operating income, internal resources, and bank financing, and adopts a conservative treasury policy to mitigate exchange rate risks Liquidity Position | Metric | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | | :--- | :--- | :--- | | **Bank balances and cash** | 316.0 | 397.8 | | **Net current assets** | 337.9 | 343.9 | - The Group does not hold any foreign exchange contracts, interest or currency swaps, or other financial derivative instruments for hedging purposes[56](index=56&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was zero, consistent with December 31, 2024 - The Group's gearing ratio is **zero**, indicating no external borrowings[57](index=57&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's assets, liabilities, and operating cash flows are primarily denominated in HKD, RMB, and JPY; the Group currently does not engage in foreign exchange hedging but monitors risks and considers hedging when necessary - The principal denominated currencies are **HKD**, **RMB**, and **JPY**[58](index=58&type=chunk) - The Group currently has no foreign exchange hedging strategy[58](index=58&type=chunk) [Capital Commitments and Contingent Liabilities](index=25&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) For the six months ended June 30, 2025, the Directors were not aware of any significant capital commitments or contingent liabilities - No significant capital commitments or contingent liabilities[59](index=59&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals) During the review period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - No material acquisition or disposal activities occurred during the period[60](index=60&type=chunk) [Material Investments](index=25&type=section&id=Material%20Investments) There were no other material investments during the review period - No other material investments were made during the period[61](index=61&type=chunk) [Events After Reporting Period](index=25&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed, as of the date of this report, neither the Company nor the Group had any significant events after the reporting period - No significant events occurred after the reporting period[62](index=62&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - No interim dividend was declared for the period[63](index=63&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 30 staff, with remuneration determined by performance and experience, offering benefits such as social insurance, medical insurance, and retirement scheme contributions, and adopted a new share option scheme in 2023 to incentivize employees - The Group's total number of employees was **30**, consistent with the end of last year[64](index=64&type=chunk) - Remuneration policy is based on employee performance and experience, providing comprehensive employee benefits[64](index=64&type=chunk) - A new share option scheme was adopted on June 30, 2023, aiming to incentivize employee contributions[64](index=64&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) As of June 30, 2025, the Company had 922,838,000 ordinary shares in issue with a par value of HKD 0.01 each, and no changes occurred in the capital structure during the period - The number of ordinary shares in issue was **922,838,000**[65](index=65&type=chunk) - The capital structure remained stable during the period[66](index=66&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities[67](index=67&type=chunk) [Competing Interests of Directors and Controlling Shareholders](index=26&type=section&id=Competing%20Interests%20of%20Directors%20and%20Controlling%20Shareholders) No director, controlling shareholder, or substantial shareholder of the Company, or any of their respective close associates, is considered to have an interest in any business that competes or is likely to compete, directly or indirectly, with the Group's business - Directors and controlling shareholders have no competing interests[68](index=68&type=chunk) [Directors' Interests in Contracts](index=26&type=section&id=Directors%27%20Interests%20in%20Contracts) Except for service contracts and letters of appointment with individual directors, neither the Company nor any of its subsidiaries entered into any material contract in which a director had a direct or indirect material interest that was subsisting at the end of the reporting period or at any time during the period - Directors have no direct or indirect material interests in significant contracts[69](index=69&type=chunk) [Outlook and Future Prospects](index=26&type=section&id=Outlook%20and%20Future%20Prospects) Despite stabilizing pork prices, market uncertainties persist, and the Group will continue to monitor market dynamics and adjust strategies; the joint venture slaughterhouse's trial operation is progressing smoothly, expected to enhance production efficiency, expand product lines, and optimize cost structure, with management remaining optimistic about the long-term development prospects of its core business - The pork market remains susceptible to fluctuations influenced by regulatory policies, supply and demand, climate, and epidemics[70](index=70&type=chunk) - The joint venture slaughterhouse's trial operation is progressing smoothly and gradually becoming operational, expected to enhance production efficiency, expand product lines, and optimize cost structure[70](index=70&type=chunk) - The Group's management team is committed to integrating businesses such as live hog slaughtering, breeding, and farming, with the production and sale of pork products as its core strategy[70](index=70&type=chunk) [Corporate Governance and Other Information](index=27&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=27&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, directors and the chief executive of the Company held interests and short positions in the shares, underlying shares, and debentures of the Company or its associated corporations that are required to be disclosed under the Securities and Futures Ordinance - Directors' and chief executive's interests and short positions have been disclosed in accordance with Part XV of the Securities and Futures Ordinance[71](index=71&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=27&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, no person other than the Company's directors and chief executive held interests or short positions in the Company's shares and underlying shares that are required to be disclosed under the Securities and Futures Ordinance - No other substantial shareholders, apart from directors and the chief executive, held disclosable interests or short positions[72](index=72&type=chunk) [Share Option Scheme](index=27&type=section&id=Share%20Option%20Scheme) The Company terminated the 2014 Share Option Scheme and adopted a new scheme in 2023; as of June 30, 2025, the total number of securities available for issue under the 2023 scheme was 88,083,800 shares, representing approximately 9.5% of the issued share capital, with no share options granted, lapsed, or cancelled, and no outstanding share options during the period - The 2014 Share Option Scheme has been terminated, and the 2023 Share Option Scheme has been adopted[73](index=73&type=chunk) - The 2023 Share Option Scheme aims to attract and retain talented individuals, provide additional incentives, and promote the Group's long-term financial success[74](index=74&type=chunk) - As of June 30, 2025, there were no outstanding share options, and no share options were granted, lapsed, or cancelled during the period[75](index=75&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=28&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions, and all directors complied with the Model Code for the six months ended June 30, 2025 - All directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers[76](index=76&type=chunk) [Corporate Governance Code](index=29&type=section&id=Corporate%20Governance%20Code) The Company has adopted the provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules and has complied with its provisions throughout the six months ended June 30, 2025 - The Company has complied with the Corporate Governance Code[78](index=78&type=chunk) [Audit Committee and Review of Financial Statements](index=29&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee reviewed the Group's financial controls, risk management, and internal control systems, and discussed the unaudited condensed consolidated interim financial statements with management; the committee comprises three independent non-executive directors, with Mr. Luo Mingsheng serving as chairman - The Audit Committee is responsible for reviewing financial controls, risk management, and internal control systems, and overseeing the integrity of financial statements[79](index=79&type=chunk) - The Audit Committee consists of three independent non-executive directors, with Mr. Luo Mingsheng as chairman[79](index=79&type=chunk) [By Order of the Board](index=29&type=section&id=By%20Order%20of%20the%20Board) These condensed consolidated interim financial statements were signed by Executive Director Zhang Zhenghua on behalf of the Board of Directors on August 29, 2025 - The report was signed by Executive Director Zhang Zhenghua on behalf of the Board[80](index=80&type=chunk)

Company Information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Li Ching Yiu serving as Chairman and CEO; audit, remuneration, and nomination committees are established to ensure corporate governance - Mr. Li Ching Yiu serves as Executive Director, Chairman, and Chief Executive Officer[3](index=3&type=chunk) - The Board has established an Audit Committee, Remuneration Committee, and Nomination Committee to enhance corporate governance[3](index=3&type=chunk) [Company Secretary and Authorized Representatives](index=3&type=section&id=Company%20Secretary%20and%20Authorized%20Representatives) Ms. Tung Wing Yee serves as Company Secretary, with Mr. Li Ching Yiu and Ms. Tung Wing Yee as authorized representatives - The Company Secretary is Ms. Tung Wing Yee[3](index=3&type=chunk) - The authorized representatives are Mr. Li Ching Yiu and Ms. Tung Wing Yee[3](index=3&type=chunk) [Independent Auditor](index=3&type=section&id=Independent%20Auditor) UHY Mac & Co. Certified Public Accountants is the company's independent auditor - The independent auditor is UHY Mac & Co. Certified Public Accountants[3](index=3&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company's registered office is in the Cayman Islands, its China headquarters in Beijing, and its principal place of business in Hong Kong is in Wan Chai - The registered office is located in the Cayman Islands[3](index=3&type=chunk) - The China headquarters and principal place of business are located in Chaoyang District, Beijing[4](index=4&type=chunk) - The principal place of business in Hong Kong is located on Jaffe Road, Wan Chai[4](index=4&type=chunk) [Share Registrar](index=4&type=section&id=Share%20Registrar) The principal share registrar in the Cayman Islands is Vistra (Cayman) Limited, and the Hong Kong branch share registrar is Tricor Investor Services Limited - The principal share registrar in the Cayman Islands is Vistra (Cayman) Limited[4](index=4&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[4](index=4&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) The company's principal bankers in Hong Kong include Bank of China (Hong Kong) and OCBC Bank (Hong Kong), and in China, China Construction Bank, China Minsheng Bank, DBS Bank, and Industrial and Commercial Bank of China - Principal bankers in Hong Kong: Bank of China (Hong Kong) Limited, OCBC Bank (Hong Kong) Limited[4](index=4&type=chunk) - Principal bankers in China: China Construction Bank, China Minsheng Bank, DBS Bank, Industrial and Commercial Bank of China[4](index=4&type=chunk) [Listing Information](index=4&type=section&id=Listing%20Information) The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2122 and board lot size of 2,000 shares - Listing place: Main Board of The Stock Exchange of Hong Kong Limited[4](index=4&type=chunk) - Stock code: **2122**[4](index=4&type=chunk) - Board lot size: **2,000 shares**[4](index=4&type=chunk) Management Discussion and Analysis [Overview](index=4&type=section&id=Overview) The Group actively responded to market changes in the first half of 2025, implementing cost reductions and business transformation, including exploring the 'kidult' market, testing IP pop-up stores, opening a Tomica flagship store, and leveraging AI tools for efficiency, transitioning from a traditional retailer to an integrated business model encompassing IP incubation, product R&D, and proprietary retail stores - The Group implemented a comprehensive transformation in the first half of 2025, aiming to restore operational resilience, efficiency, and ensure sustainable growth[5](index=5&type=chunk) - A robust cost reduction plan was implemented, with selling, distribution, general and administrative expenses decreasing by **17.1%**, and employee benefit expenses decreasing by **21.7%**[5](index=5&type=chunk) - A new business unit was established to explore the 'kidult' market, and IP pop-up stores were tested in collaboration with IP owners[5](index=5&type=chunk) - The first Tomica flagship store opened at F.A.O. Schwarz in Beijing, achieving record sales[6](index=6&type=chunk) - Gross profit margin improved from **29.3%** for the year ended December 31, 2024, to **29.9%** for the reporting period, with plans to launch proprietary products[6](index=6&type=chunk) - Internal adoption of AI tools streamlined processes, promoting a "less, better, faster" approach[7](index=7&type=chunk) - The company is transforming from a traditional toy retailer to an integrated business model encompassing IP incubation, product R&D, and a portfolio of proprietary retail stores[7](index=7&type=chunk) [Retail and Wholesale Business](index=5&type=section&id=Retail%20and%20Wholesale%20Business) The Group's distribution network includes self-operated retail and wholesale channels; during the reporting period, the number of retail stores and consignment counters decreased, while online stores increased, and wholesale distributors decreased, though retail points in chain hypermarkets and supermarkets slightly increased - As of June 30, 2025, there were **470** self-operated retail points (June 30, 2024: **535**), and **39** online stores (June 30, 2024: **34**)[10](index=10&type=chunk) - As of June 30, 2025, there were **253** distributors (June 30, 2024: **304**), and **9** chain hypermarkets and supermarkets (with **420** retail points)[10](index=10&type=chunk) Retail Store Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 140 | 155 | | New retail stores | 2 | 7 | | Closed retail stores | (25) | (17) | | End of period | 117 | 145 | Consignment Counter Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 378 | 404 | | New consignment counters | 9 | 18 | | Closed consignment counters | (34) | (32) | | End of period | 353 | 390 | Distributor Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 270 | 306 | | New distributors | 38 | 47 | | Distribution agreements expired and not renewed | (55) | (49) | | End of period | 253 | 304 | - The number of online stores increased from **34** as of June 30, 2024, to **39** as of June 30, 2025, primarily through brand flagship stores on third-party platforms like Tmall and JD.com[13](index=13&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) During the reporting period, the Group's revenue decreased by 14.4% year-on-year to RMB422.5 million, primarily due to lower self-operated retail channel revenue; despite a weak market, wholesale channel revenue slightly increased, gross profit margin declined but improved from the previous year, and loss for the period narrowed by 15.7% due to distribution network and product portfolio optimization and expense management Revenue Overview | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 422,478 | 493,652 | -14.4% | | Self-operated retail channel revenue | 332,759 | 404,381 | -17.7% | | Wholesale channel revenue | 89,719 | 89,271 | +0.5% | Gross Profit and Gross Profit Margin | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 295,951 | 325,742 | -9.1% | | Gross profit | 126,527 | 167,910 | -24.6% | | Gross profit margin | 29.9% | 34.0% | -4.1pp | | Gross profit margin for the year ended December 31, 2024 | 29.3% | - | +0.6pp (compared to prior year) | Key Expense Changes | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 182,497 | 216,466 | -15.7% | | General and administrative expenses | 15,692 | 22,496 | -30.2% | | Finance costs | 5,031 | 5,690 | -11.6% | Operating Efficiency Metrics | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory turnover days | **123 days** | **159 days** | **-36 days** | | Trade receivables turnover days | **17 days** | **20 days** | **-3 days** | | Trade payables turnover days | **70 days** | **62 days** | **+8 days** | | Cash conversion cycle

中期報告 目錄 1 維亞生物科技控股集團 2 公司資料 4 管理層討論及分析 21 補充資料 44 獨立審閱報告 46 中期簡明綜合損益表 47 中期簡明綜合全面收益表 48 中期簡明綜合財務狀況表 51 中期簡明綜合權益變動表 53 中期簡明綜合現金流量表 56 中期簡明綜合財務資料附註 86 釋 義 公司資料 董事會 執行董事 毛晨先生 （董事會主席） 吳鷹先生 任德林先生 非執行董事 吳宇挺先生 王暉先生 獨立非執行董事 傅磊先生 李 向 榮 女 士 王海光先生 審核委員會 李 向 榮 女 士 （主席） 王海光先生 傅磊先生 薪酬委員會 李 向 榮 女 士 （主席） 王海光先生 傅磊先生 提名委員會 毛晨先生 （主席） 王海光先生 （於二零二五年三月二十七日辭任） 傅磊先生 李 向 榮 女 士 （於二零二五年三月二十七日獲 委任） 聯席公司秘書 費曉玉女士 周 慶齡女士 （英 國 特 許 公 司 治 理 公 會（Chartered Governance Institute）及 香 港 公 司 治 理 公 會 資 深會員） 授權代表 吳鷹先生 周 慶齡女士 （英 國 特 許 公 司 治 理 公 會（Cha ...

凱盛新能源股份有限公司 TRIUMPH NEW ENERGY COMPANY LIMITED 1 重要提示 IMPORTANT NOTICE 本中期報告中所涉及的經營計劃、發展戰略 等前瞻性描述不構成本公司對投資者的實質 承諾，敬請投資者注意投資風險。 本報告期內，不存在對本公司生產經營構成 實質性影響的重大風險。本公司已在本中期 報告中詳細描述可能存在的相關風險，敬請 查閱本中期報告第三節「管理層討論與分析」 中「可能面對的風險」部分，該部分描述了本 公司未來發展可能面對的風險因素及對策。 The forward looking statements, including operating plan and development strategy, contained in this interim report do not constitute a real commitment to investors by the Company. Investors should be reminded of such investment risks. No IX. Whether more than ha ...

Financial Performance - For the six months ended June 30, 2025, the company recorded revenue of approximately RMB 554.5 million, a decrease of about 21.2% compared to RMB 703.6 million for the same period in 2024[6]. - The gross profit for the same period was approximately RMB 196.6 million, down 28.6% from RMB 275.5 million in the previous year[6]. - The company achieved a profit of approximately RMB 664.6 million, a significant increase of about 977.3% compared to a loss of RMB 75.8 million in the same period last year[6]. - Adjusted net profit (non-HKFRS measure) was approximately RMB 65.7 million, a decrease of about 49.0% from RMB 129.0 million in the previous year[6]. - The company's revenue for the same period was approximately RMB 554.5 million, with a profit of approximately RMB 664.6 million, reflecting a year-on-year increase of over 900%[13]. - Total revenue from insurance products for the six months ended June 30, 2025, was RMB 549.5 million, a decrease of 21.5% from RMB 700.1 million for the same period in 2024[36]. - The company reported a total of RMB 511,957 thousand in accounts payable as of June 30, 2025, compared to RMB 463,616 thousand as of December 31, 2024, indicating an increase of 10.4%[164]. Premiums and Insurance Products - Total premiums reached RMB 4.9 billion, reflecting a year-on-year growth of 25.7%[8]. - The first-year premium for long-term critical illness insurance grew by 30.7%, driven by customized insurance products[8]. - In the first half of 2025, the company achieved total premiums of approximately RMB 4.9 billion, a year-on-year increase of 25.7%[13]. - The first-year premium for long-term critical illness insurance reached approximately RMB 227 million, a year-on-year increase of 30.7%, contributing to a revenue increase of 24.0%[18]. - The company has established deep partnerships with over 100 insurance companies, distributing more than 2,200 insurance products, with customized products accounting for over 51% of total first-year premiums[17]. Technology and Innovation - Technology service fees increased by 46.7%, with AI-based risk control systems contributing over half of the revenue[9]. - The company achieved a 100% coverage rate for its self-developed "AI multi-modal quality inspection" customer service quality inspection[9]. - The company launched nearly 30 AI services in the first half of 2025, enhancing operational efficiency and customer service[21]. - Revenue from AI-based intelligent risk assessment solutions grew by 46.7% year-on-year, contributing over half of the total revenue of approximately RMB 5.1 million[23]. Financial Position and Assets - As of June 30, 2025, total assets amounted to approximately RMB 2.2 billion, an 18.5% increase from the end of 2024[14]. - The company reported a net asset total of approximately RMB 1.2 billion as of June 30, 2025, compared to net liabilities of RMB 700 million at the end of 2024[14]. - The company’s cash and cash equivalents totaled approximately RMB 791.3 million, a 28.0% increase from the end of 2024, indicating strong liquidity[14]. - The company’s cash and cash equivalents amounted to RMB 249.1 million as of June 30, 2025[65]. - The company’s total liabilities increased to RMB 1,702,171 thousand as of June 30, 2025, from RMB 1,357,136 thousand as of December 31, 2024, reflecting a growth of 25.4%[166]. Operational Efficiency - The company aims to maintain stable gross margins despite industry challenges, showcasing its operational efficiency and pricing power[8]. - The operating costs decreased by 16.4% to RMB 357.9 million for the six months ended June 30, 2025, down from RMB 428.1 million for the same period in 2024[37]. - The gross margin for insurance transaction services decreased to 35.2% in the six months ended June 30, 2025, from 39.1% in the same period of 2024[39]. - The gross margin for insurance technology services increased to 66.5% for the six months ended June 30, 2025, from 51.1% for the same period in 2024[40]. Shareholder Information - The company’s major shareholders include Mr. Guangyao, holding 107,863,792 shares, representing approximately 47.64% of the total shares[92]. - Mr. Han Liwei holds 16,522,800 shares, accounting for about 7.30% of the total shares[92]. - The total number of shares held by other employees under the pre-IPO share incentive plan is 3,568,200, with 4,080 shares having been canceled[91]. - The total number of ordinary shares issued is 226,379,000, with a share capital of RMB 16,000 and a share premium of RMB 183,528,000[170]. Future Plans and Strategies - The board is confident in the long-term development of the group and plans to deepen customized product advantages and expand technological leadership[10]. - The company plans to develop more customized insurance products and enhance brand awareness, focusing on a diverse range of corporate insurance products to meet client risk protection needs[26]. - The company aims to expand its business scale by deepening online and offline marketing strategies and enhancing user coverage and conversion rates[27]. - The company will continue to strengthen its research and development capabilities, focusing on AI applications in underwriting and insurance advisory services to improve operational efficiency[30]. - The company is actively exploring overseas insurance business expansion to inject new momentum into its long-term sustainable development[31]. Governance and Compliance - The company’s audit committee reviewed the interim financial results and confirmed compliance with applicable accounting standards[106]. - The board of directors consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring strong independence[108]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors from the listing date to June 30, 2025[107]. - The company does not hold any treasury shares as of the reporting date[100].

[Company Information](index=3&type=section&id=Company%20Information) This section provides essential corporate details, including board composition, company registration, auditor information, and shareholder dividend schedule [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees to ensure robust corporate governance - Board members include Executive Directors Ms. Bai Tao (Chairperson) and Mr. Kuang Hu (Managing Director), as well as Non-executive Directors Mr. Wang Min and Ms. Wang Surong[7](index=7&type=chunk) - The Audit, Remuneration, and Nomination Committees are all chaired by independent non-executive directors, strengthening independent oversight[7](index=7&type=chunk) [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) The company's registered office is in Hong Kong, with KPMG as its auditor, and lists key bankers, stock code 00270, and a fiscal year-end of December 31 - The company's registered office is at Yuehai Investment Building, 148 Connaught Road Central, Hong Kong, with KPMG as its auditor[7](index=7&type=chunk)[8](index=8&type=chunk) Share and Fiscal Year Information | Metric | Details | | :--- | :--- | | Stock Code | 00270 | | Trading Lot | 2,000 shares | | Fiscal Year End | December 31 | | Listing Place | Main Board of The Stock Exchange of Hong Kong Limited | [Shareholder Timetable and Dividends](index=3&type=section&id=Shareholder%20Timetable%20and%20Dividends) The company declared an interim dividend of HKD 26.66 cents per ordinary share, expected around October 23, 2025, with a book close date of October 10, 2025 2025 Interim Dividend Information | Metric | Details | | :--- | :--- | | Book Close Date | October 10, 2025 | | Interim Dividend | HKD 26.66 cents per ordinary share | | Payment Date | Around October 23, 2025 | [Review Report](index=4&type=section&id=Review%20Report) This section presents the independent auditor's review report on the interim financial information [Scope of Review and Conclusion](index=4&type=section&id=Scope%20of%20Review%20and%20Conclusion) KPMG reviewed the interim financial report under Hong Kong Standard on Review Engagements 2410, finding no material matters indicating non-compliance with HKAS 34 - The scope of review is substantially less than an audit, thus no audit opinion was expressed[11](index=11&type=chunk) - The conclusion states that the interim financial report is prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[12](index=12&type=chunk) [Unaudited Interim Financial Report](index=4&type=section&id=Unaudited%20Interim%20Financial%20Report) This section contains the unaudited condensed consolidated interim financial statements, including income, comprehensive income, financial position, equity changes, and cash flows [Condensed Consolidated Income Statement](index=5&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, profit from continuing operations increased by 7.5% year-on-year, and profit for the period grew by 11.5%, with a significant reduction in loss from discontinued operations Key Data from Condensed Consolidated Income Statement (for the six months ended June 30) | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,428,291 | 9,486,866 | -0.6 | | Gross Profit | 5,246,448 | 5,307,492 | -1.1 | | Profit Before Tax | 4,105,084 | 3,848,913 | +6.7 | | Profit for the period from continuing operations | 2,993,281 | 2,783,807 | +7.5 | | Loss for the period from discontinued operations | (21,267) | (118,025) | -82.0 | | Profit for the period | 2,972,014 | 2,665,782 | +11.5 | | Attributable to owners of the Company | 2,681,733 | 2,410,985 | +11.2 | | Basic and diluted earnings per share | HKD 41.02 cents | HKD 36.88 cents | +11.2 | - Finance costs significantly decreased by **30.7%** from HKD **492,799 thousand** in 2024 to HKD **341,461 thousand** in 2025[14](index=14&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income significantly increased to HKD 3,826,110 thousand, primarily due to a swing from loss to gain in foreign currency translation differences Key Data from Condensed Consolidated Statement of Comprehensive Income (for the six months ended June 30) | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 2,972,014 | 2,665,782 | +11.5 | | Exchange differences on translation of foreign operations | 810,643 | (412,588) | Swing from loss to gain | | Total comprehensive income for the period | 3,826,110 | 2,259,527 | +69.3 | | Attributable to owners of the Company | 3,324,696 | 2,121,850 | +56.7 | - The aggregate exchange differences on translation of foreign operations for subsidiaries and associates swung from a loss of HKD **412,588 thousand** in 2024 to a gain of HKD **810,643 thousand** in 2025, driving the increase in total comprehensive income[16](index=16&type=chunk) [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets significantly decreased due to the distribution of Yuehai Land, but equity attributable to owners of the Company increased, and net current liabilities decreased Key Data from Condensed Consolidated Statement of Financial Position (as of June 30) | Metric | 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 75,799,887 | 74,846,936 | +1.3 | | Total current assets | 21,297,597 | 60,748,467 | -65.0 (primarily due to Yuehai Land distribution) | | Total current liabilities | (17,992,857) | (55,737,907) | -67.7 (primarily due to Yuehai Land distribution) | | Net current assets | 3,304,740 | 5,010,560 | -34.1 | | Net assets | 55,849,970 | 56,675,473 | -1.4 | | Equity attributable to owners of the Company | 42,177,713 | 41,658,024 | +1.2 | - Total assets decreased from HKD **135,595,403 thousand** as of December 31, 2024, to HKD **97,097,484 thousand** as of June 30, 2025, primarily due to the distribution of Yuehai Land Holdings Limited[18](index=18&type=chunk)[87](index=87&type=chunk) - Trade and other receivables, prepayments, and other receivables increased by **20.9%** from HKD **5,578,979 thousand** as of December 31, 2024, to HKD **6,749,709 thousand** as of June 30, 2025[17](index=17&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity increased due to profit for the period and foreign currency translation gains, but was reduced by the in-specie distribution of Yuehai Land shares Key Data from Condensed Consolidated Statement of Changes in Equity (for the six months ended June 30) | Metric | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Total equity at beginning of period | 56,675,473 | 58,029,625 | | Profit for the period | 2,972,014 | 2,665,782 | | Total other comprehensive income for the period | 854,096 | (406,255) | | In-specie distribution of shares of a subsidiary | (4,155,844) | – | | Final dividend for 2024 | (475,300) | (806,113) | | Total equity at end of period | 55,849,970 | 59,267,963 | - Equity attributable to owners of the Company increased from HKD **41,658,024 thousand** at the beginning of the period to HKD **42,177,713 thousand** at the end of the period, primarily driven by profit for the period of HKD **2,681,733 thousand** and an increase in foreign exchange fluctuation reserve of HKD **599,915 thousand**, partially offset by the in-specie distribution of Yuehai Land shares of HKD **2,335,074 thousand** and a final dividend of HKD **475,300 thousand**[19](index=19&type=chunk)[87](index=87&type=chunk) [Condensed Consolidated Cash Flow Statement](index=12&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash inflow from operating activities decreased, net cash outflow from investing activities decreased, and net cash outflow from financing activities significantly increased, resulting in a net decrease in cash and cash equivalents Key Data from Condensed Consolidated Cash Flow Statement (for the six months ended June 30) | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Net cash inflow from operating activities | 3,339,443 | 4,875,738 | -31.5 | | Net cash outflow from investing activities | (846,116) | (2,302,676) | -63.3 | | Net cash outflow from financing activities | (4,306,501) | (1,528,835) | +181.7 | | Net (decrease)/increase in cash and cash equivalents | (1,813,174) | 1,044,227 | Swing from increase to decrease | | Cash and cash equivalents at end of period | 11,583,087 | 12,361,739 | -6.3 | - Net cash outflow from financing activities significantly increased, primarily due to repayment of bank and other borrowings of HKD **3,857,090 thousand** and net cash outflow from in-specie distribution of HKD **2,176,240 thousand**[22](index=22&type=chunk) - Net cash inflow from operating activities decreased, partly due to reduced cash inflow from discontinued operations of Yuehai Land[111](index=111&type=chunk) [Notes to the Interim Financial Report](index=14&type=section&id=Notes%20to%20the%20Interim%20Financial%20Report) This section details the basis of preparation, changes in accounting policies, operating segment information, revenue, expenses, taxation, dividends, earnings per share, financial instruments, commitments, discontinued operations, contingent liabilities, and related party transactions [General Information and Accounting Policies](index=14&type=section&id=General%20Information%20and%20Accounting%20Policies) This interim financial report is prepared in accordance with HKAS 34, disclosing the reclassification of Yuehai Land's business as discontinued operations due to an in-specie share distribution, with comparative figures restated - On January 21, 2025, the Company distributed approximately **99.9%** of Yuehai Land shares to its shareholders, resulting in Yuehai Land's business being classified as a discontinued operation[24](index=24&type=chunk) - The interim financial report is prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the disclosure requirements of Appendix D2 to the Listing Rules[25](index=25&type=chunk) [Changes in Accounting Policies and Disclosures](index=15&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) Revised Hong Kong Financial Reporting Standards were applied this period, but they did not materially impact the Group's financial position or performance - Revised Hong Kong Financial Reporting Standards adopted for the first time this period include amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability"[27](index=27&type=chunk) - The application of new standards had no material impact on the Group's financial position and performance for the current and prior periods[27](index=27&type=chunk) [Operating Segment Information](index=16&type=section&id=Operating%20Segment%20Information) The Group is divided into seven reportable operating segments: water resources, property investment, department store operations, power generation, hotel operation and management, roads and bridges, and "others," with varying revenue and performance, and water resources remaining the primary contributor - The Group's principal operating segments include water resources, property investment, department store operations, power generation, hotel operation and management, and roads and bridges[31](index=31&type=chunk) Revenue and Results from Continuing Operations by Segment (for the six months ended June 30) | Segment | 2025 Revenue (HKD '000) | 2024 Revenue (HKD '000) | 2025 Results (HKD '000) | 2024 Results (HKD '000) | | :--- | :--- | :--- | :--- | :--- | | Water Resources | 7,153,052 | 7,051,438 | 3,402,202 | 3,421,332 | | Property Investment | 810,718 | 778,698 | 479,589 | 425,405 | | Department Store Operations | 216,529 | 389,592 | 23,891 | (9,387) | | Power Generation | 610,859 | 629,462 | 84,580 | 77,302 | | Hotel Operation and Management | 336,393 | 315,188 | 51,438 | 60,216 | | Roads and Bridges | 300,740 | 322,488 | 221,187 | 225,158 | | Consolidated Total | 9,428,291 | 9,486,866 | 4,235,330 | 4,138,917 | - The Department Store Operations segment swung from a loss of HKD **9,387 thousand** in 2024 to a profit of HKD **23,891 thousand** in 2025, despite a significant decline in revenue[32](index=32&type=chunk) [Revenue from Continuing Operations](index=21&type=section&id=Revenue%20from%20Continuing%20Operations) The Group's total revenue from continuing operations was HKD 9,428,291 thousand, slightly lower than the prior period, primarily from water resources, followed by property investment and power generation, with a significant decrease in department store operations revenue Revenue Breakdown from Continuing Operations (for the six months ended June 30) | Type of Goods or Services | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Water Resources Segment | 7,153,052 | 7,051,438 | +1.4 | | Property Investment Segment | 123,854 | 111,788 | +10.8 | | Department Store Operations Segment | 201,602 | 370,567 | -45.6 | | Power Generation Segment | 610,859 | 629,462 | -3.0 | | Hotel Operation and Management Segment | 315,621 | 292,751 | +7.8 | | Roads and Bridges Segment | 300,740 | 322,488 | -6.8 | | Finance income from service concession arrangements | 388,461 | 397,460 | -2.3 | | Rental income | 718,259 | 703,047 | +2.2 | | Total Revenue | 9,428,291 | 9,486,866 | -0.6 | - Mainland China contributed the vast majority of revenue, with HKD **8,220,783 thousand** in 2025, while the Hong Kong Hotel Operation and Management segment generated HKD **100,788 thousand** in revenue[39](index=39&type=chunk) [Finance Costs from Continuing Operations](index=24&type=section&id=Finance%20Costs%20from%20Continuing%20Operations) For the six months ended June 30, 2025, finance costs from continuing operations significantly decreased by 30.7%, primarily due to reduced interest on bank and other borrowings Finance Costs from Continuing Operations (for the six months ended June 30) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 301,503 | 411,783 | -26.8 | | Interest on loans from fellow subsidiaries | 31,726 | 50,220 | -36.8 | | Interest on loans from an associate | 3,064 | 15,319 | -80.0 | | Interest on lease liabilities | 7,426 | 14,212 | -47.8 | | Finance costs incurred | 344,353 | 492,799 | -30.1 | | Finance costs expensed for the period | 341,461 | 492,799 | -30.7 | - Interest of HKD **2,892 thousand** was capitalized during the period, compared to no capitalized interest in the prior period[40](index=40&type=chunk) [Profit Before Tax from Continuing Operations](index=25&type=section&id=Profit%20Before%20Tax%20from%20Continuing%20Operations) Profit before tax from continuing operations this period was influenced by various income and expense items, including a decrease in interest income and changes in costs of sales and services provided Items Affecting Profit Before Tax from Continuing Operations (for the six months ended June 30) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Bank interest income | (43,827) | (78,996) | -44.5 | | Interest income from other financial assets measured at amortized cost | (40,587) | (6,399) | +534.2 | | Cost of sales of inventories | 642,123 | 840,182 | -23.6 | | Cost of services provided | 2,768,671 | 2,571,916 | +7.6 | | Depreciation of property, plant and equipment | 365,054 | 412,498 | -11.5 | | Amortisation of operating concessions | 771,049 | 767,276 | +0.5 | | Government grants | (40,241) | (27,807) | +44.7 | - Government grants significantly increased by **44.7%** to HKD **40,241 thousand**[41](index=41&type=chunk) [Income Tax Expense from Continuing Operations](index=26&type=section&id=Income%20Tax%20Expense%20from%20Continuing%20Operations) Income tax expense from continuing operations increased by 4.4% year-on-year this period, primarily due to charges from Mainland China and deferred tax Income Tax Expense from Continuing Operations (for the six months ended June 30) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Current period – Mainland China charge | 941,866 | 944,269 | -0.3 | | Underprovision/(overprovision) in prior years | 17,003 | (7,283) | Swing from overprovision to underprovision | | Current period – Hong Kong charge | 5,216 | 7,203 | -27.6 | | Deferred tax | 147,718 | 120,917 | +22.2 | | Total tax expense for the period | 1,111,803 | 1,065,106 | +4.4 | - The corporate income tax rate in Mainland China is **25%**, and the Hong Kong profits tax rate is **16.5%**[42](index=42&type=chunk)[43](index=43&type=chunk) [Dividends](index=27&type=section&id=Dividends) The Board declared an interim dividend of HKD 26.66 cents per share for 2025, and completed an in-specie distribution of Yuehai Land shares as a special dividend this period Dividend Distribution (for the six months ended June 30) | Dividend Type | 2025 (HKD '000) | 2024 (HKD '000) | Dividend per share (2025) | | :--- | :--- | :--- | :--- | | Interim dividend | 1,742,983 | 1,567,116 | HKD 26.66 cents | | Final dividend for previous financial year | 475,300 | 806,113 | HKD 7.27 cents | - On January 21, 2025, the Company distributed **1,261,799,423** shares of Yuehai Land as a special dividend to its shareholders, representing approximately **99.9%** of the Company's holdings in Yuehai Land[46](index=46&type=chunk) [Earnings/(Loss) Per Share Attributable to Owners of the Company](index=28&type=section&id=Earnings%2F%28Loss%29%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic and diluted earnings per share were HKD 41.02 cents, an increase from the prior period, with no potential dilutive ordinary shares Earnings Per Share Calculation (for the six months ended June 30) | Metric | 2025 (HKD '000)/Number of shares | 2024 (HKD '000)/Number of shares | | :--- | :--- | :--- | | Profit from continuing operations | 2,698,784 | 2,473,445 | | Loss from discontinued operations | (17,051) | (62,460) | | Profit attributable to owners of ordinary equity | 2,681,733 | 2,410,985 | | Weighted average number of ordinary shares in issue | 6,537,821,440 | 6,537,821,440 | | Basic and diluted earnings per share | HKD 41.02 cents | HKD 36.88 cents | - As there were no potential dilutive ordinary shares in the current and prior periods, diluted earnings per share are the same as basic earnings per share[48](index=48&type=chunk) [Service Concession Arrangements](index=29&type=section&id=Service%20Concession%20Arrangements) Receivables from service concession arrangements primarily stem from water supply and sewage treatment businesses with Mainland Chinese government entities, with some revenue rights pledged for bank borrowings Receivables from Service Concession Arrangements (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Receivables from service concession arrangements | 17,652,940 | 17,581,443 | | Non-current portion | 17,042,274 | 16,966,044 | | Current portion | 610,666 | 615,399 | - As of June 30, 2025, revenue rights from certain water supply, sewage treatment, and toll road concession arrangements were pledged to secure bank and other borrowings of HKD **12,448,775 thousand**[49](index=49&type=chunk) [Other Financial Assets Measured at Amortized Cost](index=30&type=section&id=Other%20Financial%20Assets%20Measured%20at%20Amortized%20Cost) The Group's other financial assets measured at amortized cost are deposits with various licensed banks in China, denominated in RMB, maturing within three years, and principal-protected - The principal of these financial assets is denominated in RMB, matures within three years, and is principal-protected at maturity[51](index=51&type=chunk) [Trade and Other Receivables, Prepayments and Other Receivables](index=30&type=section&id=Trade%20and%20Other%20Receivables,%20Prepayments%20and%20Other%20Receivables) Total trade and bills receivables significantly increased, with a rise in amounts overdue for over one year, exposing the company to concentrated credit risk Trade and Other Receivables, Prepayments and Other Receivables (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and bills receivables | 4,811,634 | 3,837,959 | +25.4 | | Other receivables | 1,135,558 | 987,217 | +15.0 | | Prepayments and deposits | 187,473 | 224,467 | -16.5 | | Contract assets | 816,141 | 768,414 | +6.2 | | Amounts due from fellow subsidiaries | 193,599 | 107,447 | +80.2 | | Amounts due from associates | 132,390 | 172,709 | -23.3 | | Loan to a fellow subsidiary | 548,300 | – | New | | Current portion | 6,749,709 | 5,578,979 | +20.9 | Ageing Analysis of Trade and Bills Receivables (as of June 30) | Ageing | 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Current or less than 3 months overdue | 2,967,878 | 2,282,981 | | 3 to 6 months overdue | 260,396 | 303,668 | | 6 months to 1 year overdue | 575,230 | 661,312 | | Over 1 year overdue | 1,046,110 | 627,659 | | Total (net of loss allowance) | 4,811,634 | 3,837,959 | - **10%** of the total trade and bills receivables are due from one customer, indicating concentrated credit risk[52](index=52&type=chunk) [Trade and Other Payables, Accruals and Other Liabilities and Contract Liabilities](index=31&type=section&id=Trade%20and%20Other%20Payables,%20Accruals%20and%20Other%20Liabilities%20and%20Contract%20Liabilities) Total trade and bills payables decreased, but amounts due to fellow subsidiaries significantly increased. Most payables are non-interest bearing and settled within 60 days Trade and Other Payables, Accruals and Other Liabilities and Contract Liabilities (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and bills payables | 5,299,129 | 5,611,573 | -5.6 | | Accruals, other payables and other liabilities | 5,481,053 | 5,685,071 | -3.6 | | Contract liabilities | 1,123,595 | 1,339,525 | -16.1 | | Amounts due to fellow subsidiaries | 507,903 | 295,415 | +72.0 | | Current portion | 11,390,251 | 12,094,358 | -5.8 | - Of the trade and bills payables, **99.9%** (HKD **5,297,002 thousand**) are due for settlement within three months[55](index=55&type=chunk) [Bank and Other Borrowings](index=32&type=section&id=Bank%20and%20Other%20Borrowings) Total bank and other borrowings decreased, with a notable reduction in current borrowings. Most borrowings are RMB-denominated and some are secured Total Bank and Other Borrowings (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Current borrowings | 4,923,655 | 7,330,175 | -32.8 | | Non-current borrowings | 16,253,676 | 16,531,830 | -1.7 | | Total bank and other borrowings | 21,177,331 | 23,862,005 | -11.3 | - Approximately **83.0%** of bank and other borrowings are denominated in RMB, with the remainder in HKD[59](index=59&type=chunk) - **79%** equity interest in a subsidiary has been pledged to secure bank loans amounting to HKD **657,960 thousand**[59](index=59&type=chunk) [Share Capital and Reserves](index=33&type=section&id=Share%20Capital%20and%20Reserves) The company's issued and fully paid share capital remained unchanged, with details of reserve movements presented in the condensed consolidated statement of changes in equity Share Capital Information (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Number of issued and fully paid ordinary shares | 6,537,821,440 | 6,537,821,440 | | Amount of share capital | 8,966,177 | 8,966,177 | - The Group's reserves and their movements are presented in the condensed consolidated statement of changes in equity[58](index=58&type=chunk) [Financial Instruments by Category](index=34&type=section&id=Financial%20Instruments%20by%20Category) The Group's financial assets and liabilities are measured at fair value through other comprehensive income or amortized cost, with total amounts increasing, but assets and liabilities classified as held for distribution have been removed Total Financial Assets (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Equity investments at fair value through other comprehensive income | 16,997 | 16,738 | | Financial assets measured at amortized cost | 41,139,910 | 39,171,047 | | Total financial assets | 41,156,907 | 39,187,785 | Total Financial Liabilities (as of June 30) | Item | 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Financial liabilities included in trade and other payables, accruals and other liabilities | 9,628,300 | 9,888,517 | | Bank and other borrowings | 21,177,331 | 23,862,005 | | Lease liabilities | 340,133 | 379,134 | | Dividends payable | 475,300 | – | | Total financial liabilities | 32,029,132 | 34,552,271 | - Assets and liabilities classified as held for distribution as of December 31, 2024, were removed this period, impacting comparative figures[61](index=61&type=chunk)[62](index=62&type=chunk) [Fair Value Hierarchy of Financial Instruments](index=37&type=section&id=Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Management assesses that the fair value of most financial instruments does not materially differ from their carrying amounts, while fair value of unlisted equity investments is estimated using market-based valuation methods - The fair value of most financial instruments does not materially differ from their carrying amounts due to their immediate or short-term maturities[63](index=63&type=chunk) - The fair value of unlisted equity investments is estimated using market-based valuation methods, based on the assumption of no observable market prices or market rental values[64](index=64&type=chunk) [Commitments](index=38&type=section&id=Commitments) The Group has capital commitments for property, plant and equipment, investment properties, intangible assets, and properties under development, and is involved in the Xinghua and Yinping PPP projects Capital Commitments (as of June 30) | Type of Commitment | 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Relating to property, plant and equipment, investment properties, intangible assets and properties under development | 2,592,600 | 8,861,296 | | Relating to contributions payable to an associate and an unlisted equity investment | 31,607 | 41,817 | | Relating to project financing payable to an associate | 1,725,790 | 1,699,508 | - The Yinping PPP project's cumulative construction costs are approximately RMB **2.09 billion** (approximately HKD **2.291 billion**)[65](index=65&type=chunk) [Discontinued Operations](index=39&type=section&id=Discontinued%20Operations) Yuehai Land was classified as a discontinued operation on January 21, 2025, due to an in-specie distribution. It recorded a loss but positive cash flow for the period from January 1 to January 21, 2025 - Yuehai Land, primarily engaged in property development and investment, ceased to be a subsidiary of the Company after the distribution was completed on January 21, 2025[68](index=68&type=chunk) Results from Discontinued Operations (for the period ended January 21, 2025) | Metric | January 1 to January 21, 2025 (HKD '000) | Six months ended June 30, 2024 (HKD '000) | | :--- | :--- | :--- | | Revenue | 251,831 | 2,803,824 | | Gross Profit | 27,057 | 161,550 | | Loss before tax | (12,063) | (184,735) | | Loss for the period | (21,267) | (118,025) | Cash Flows from Discontinued Operations (for the period ended January 21, 2025) | Item | January 1 to January 21, 2025 (HKD '000) | Six months ended June 30, 2024 (HKD '000) | | :--- | :--- | :--- | | Cash flows from operating activities | 267,758 | 1,291,772 | | Cash flows from/(used in) investing activities | 260 | (3,189) | | Cash flows from/(used in) financing activities | 537,478 | (1,086,346) | | Net cash flows | 805,496 | 202,237 | [Contingent Liabilities](index=42&type=section&id=Contingent%20Liabilities) The Group provides guarantees to certain banks for mortgage loans of buyers of sold properties, with the guaranteed amount significantly reduced - As of June 30, 2025, the Group's outstanding guarantees amounted to HKD **1,007 thousand**, a significant decrease from HKD **4,714,446 thousand** as of December 31, 2024[73](index=73&type=chunk) - The guarantee period extends from the date of mortgage loan grant until the issuance of the property ownership certificate[73](index=73&type=chunk) [Related Party Transactions](index=42&type=section&id=Related%20Party%20Transactions) The Group engages in various related party transactions, including rental income, water resources-related income, dividend distributions, interest expenses and income, electricity sales, consulting fees, property management fees, and hotel management fees, with outstanding balances Major Related Party Transactions (for the six months ended June 30) | Type of Transaction | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Rental income from certain subsidiaries of Guangdong Holdings and Hong Kong (Holdings) | 21,356 | 16,511 | | Water resources related income from fellow subsidiaries and associates | 98,708 | 66,900 | | Special dividend of Yuehai Land shares distributed in-specie to Hong Kong (Holdings) and certain of its subsidiaries | 1,360,522 | – | | Dividends paid and payable by the Company to Hong Kong (Holdings) and certain of its subsidiaries | 276,932 | 465,425 | | Interest expense to Guangdong Holdings | 8,314 | 55,597 | | Loans from fellow subsidiaries | 2,353,088 | 2,570,889 | | Loans from an associate | – | 917,915 | - Total key management personnel remuneration decreased from HKD **5,844 thousand** in 2024 to HKD **3,140 thousand** in 2025[81](index=81&type=chunk) [Capital Expenditure](index=47&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's total capital expenditure was approximately HKD 557,092 thousand, primarily for additions to property, plant and equipment, right-of-use assets, and operating concessions Total Capital Expenditure (for the six months ended June 30) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total capital expenditure | 557,092 | 351,969 | +58.3 | - Capital expenditure primarily relates to additions to property, plant and equipment, right-of-use assets, and operating concessions[82](index=82&type=chunk) [Management Discussion and Analysis](index=48&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's financial performance, business operations, and future outlook [Results and Interim Dividend](index=48&type=section&id=Results%20and%20Interim%20Dividend) Consolidated profit attributable to owners of the Company increased by 11.2% year-on-year to HKD 2.682 billion, with basic earnings per share at HKD 41.02 cents. The Board declared an interim dividend of HKD 26.66 cents per share Performance and Dividend Overview (for the six months ended June 30) | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Consolidated profit attributable to owners of the Company | HKD 2.682 billion | HKD 2.411 billion | +11.2 | | Basic earnings per share | HKD 41.02 cents | HKD 36.88 cents | +11.2 | | Interim dividend | HKD 26.66 cents per share | HKD 23.97 cents per share | +11.2 | [Financial Review](index=48&type=section&id=Financial%20Review) Consolidated revenue from continuing operations slightly decreased this period, but profit before tax grew due to finance cost savings. Total assets declined due to the disposal of Yuehai Land, while equity attributable to owners of the Company increased Key Financial Review Data (as of June 30) | Metric | 2025 (HKD billion) | 2024 (HKD billion) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Consolidated revenue from continuing operations | 94.28 | 94.87 | -0.6 | | Consolidated profit before tax from continuing operations | 41.05 | 38.49 | +6.7 | | Net finance costs from continuing operations | 1.88 | 3.89 | -51.7 | | Total assets | 970.97 | 1,355.95 | -28.3 (primarily due to Yuehai Land disposal) | | Equity attributable to owners of the Company | 421.78 | 416.58 | +1.2 | - Net loss from fair value adjustments on investment properties from continuing operations decreased from HKD **61 million** in 2024 to HKD **3 million** in 2025[86](index=86&type=chunk) - The **1.4%** depreciation of RMB against HKD impacted financial performance[86](index=86&type=chunk) [Business Review](index=48&type=section&id=Business%20Review) The Group's major business segments showed mixed performance, with stable contributions from water resources, increased property investment income, decreased department store revenue but a swing to profit before tax, increased hotel revenue but decreased profit before tax, increased power sales from energy projects, and decreased revenue from roads and bridges [Water Resources](index=48&type=section&id=Water%20Resources) The Dongjiang-Shenzhen Water Supply project remains the primary profit contributor, with increased revenue from Hong Kong supply but decreased revenue from Shenzhen and Dongguan supply. Other water resources projects saw increased revenue and successful new bids Key Data for Dongjiang-Shenzhen Water Supply Project (for the six months ended June 30) | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total water supply volume | 1.147 billion tonnes | 1.159 billion tonnes | -1.0 | | Total revenue | HKD 3.506 billion | HKD 3.485 billion | +0.6 | | Revenue from water supply to Hong Kong | HKD 2.869 billion | HKD 2.802 billion | +2.4 | | Revenue from water supply to Shenzhen and Dongguan | HKD 0.637 billion | HKD 0.683 billion | -6.7 | | Profit before tax (excluding exchange differences and net finance costs) | HKD 2.396 billion | HKD 2.325 billion | +3.1 | - Under the 2024-2026 Hong Kong water supply agreement signed on December 27, 2023, the basic water price for 2025 is HKD **5,259,000,000**[89](index=89&type=chunk) - During the period, the Group successfully bid for a new water resources project in Maoming City, Guangdong Province, with a total designed sewage treatment capacity of **194,000 tonnes per day** and an estimated total investment of approximately RMB **400 million**[91](index=91&type=chunk) [Property Investment](index=53&type=section&id=Property%20Investment) Yuehai Teemall's property investment business in Mainland China saw increased revenue and profit before tax, driven by higher average rental rates and occupancy. Hong Kong Yuehai Investment Tower's revenue slightly decreased Yuehai Teemall Property Investment Business Revenue (for the six months ended June 30) | Property | 2025 Revenue (HKD '000) | 2024 Revenue (HKD '000) | Change (%) | Average Occupancy Rate (2025) | | :--- | :--- | :--- | :--- | :--- | | Teemall Plaza - Teemall Shopping Centre | 352,146 | 349,486 | +0.8 | 99.5% | | Panyu Teemall Shopping Centre | 139,411 | 120,017 | +16.2 | 95.5% | | Tianjin Teemall Shopping Centre | 144,924 | 140,127 | +3.4 | 95.8% | | Shenzhen Teemall | 47,457 | 32,088 | +47.9 | 93.4% | | Total | 821,509 | 793,223 | +3.6 | | - Profit before tax from Yuehai Teemall's property investment business (excluding fair value changes of investment properties and net interest income) increased by **9.7%** to HKD **491,600 thousand**[95](index=95&type=chunk) - Hong Kong Yuehai Investment Tower's average occupancy rate was **93.3%**, with total revenue decreasing by **3.0%** to HKD **23,852 thousand**[97](index=97&type=chunk) [Department Store Operations](index=54&type=section&id=Department%20Store%20Operations) Total department store operations revenue significantly decreased by 44.4%, but profit before tax grew, primarily due to cost control and the closure of the Huadu store Department Store Operations Revenue (for the six months ended June 30) | Department Store | 2025 Revenue (HKD '000) | 2024 Revenue (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Teemall Department Store | 156,746 | 309,523 | -49.4 | | Wanbo Department Store | 19,687 | 23,134 | -14.9 | | Dongpu Department Store | 20,320 | 25,045 | -18.9 | | Aoti Department Store | 19,654 | 20,892 | -5.9 | | Huadu Store (ceased operations in November 2024) | – | 10,956 | -100.0 | | Total Revenue | 216,529 | 389,592 | -44.4 | - Profit before tax from department store operations (excluding fair value changes of investment properties) increased by **18.5%** to HKD **45,828 thousand**[98](index=98&type=chunk) [Hotel Holding, Operation and Management](index=55&type=section&id=Hotel%20Holding,%20Operation%20and%20Management) Hotel holding, operation, and management business revenue grew by 6.8%, but profit before tax decreased by 19.8%, despite improvements in average room rates and occupancy Key Hotel Business Data (for the six months ended June 30) | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | HKD 336,542 thousand | HKD 315,188 thousand | +6.8 | | Profit before tax (excluding fair value changes of investment properties and net exchange differences) | HKD 51,058 thousand | HKD 63,655 thousand | -19.8 | | Average room rate of Guangdong Hotel Sheraton | HKD 1,257 | HKD 1,291 | -2.6 | | Average room rate of other six hotels | HKD 725 | HKD 698 | +3.9 | | Average occupancy rate of Guangdong Hotel Sheraton | 93.8% | 93.4% | +0.4pp | | Average occupancy rate of other six hotels | 72.8% | 68.3% | +4.5pp | - The Group manages **17** hotels, of which **7** are self-operated, and leased the property at 181 Connaught Road West, Hong Kong, in Q4 2024 to operate Guangdong Hotel 181[100](index=100&type=chunk) [Energy Projects](index=55&type=section&id=Energy%20Projects) Guangdong Energy project saw increased electricity sales and profit before tax. Guangdong Electric Jinghai Power Generation experienced decreased electricity sales and revenue, leading to a reduced share of profit for the Group Key Energy Project Data (for the six months ended June 30) | Project | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Energy | Electricity sales volume | 1.679 billion kWh | 1.362 billion kWh | +23.3 | | | Revenue from electricity sales and related businesses | HKD 769,657 thousand | HKD 804,563 thousand | -4.3 | | | Profit before tax (excluding net finance costs) | HKD 91,177 thousand | HKD 74,338 thousand | +22.7 | | Guangdong Electric Jinghai Power Generation | Electricity sales volume | 6.216 billion kWh | 6.867 billion kWh | -9.5 | | | Revenue | HKD 2,402,480 thousand | HKD 3,255,091 thousand | -26.2 | | | Share of profit of the Group | HKD 18,264 thousand | HKD 54,800 thousand | -66.7 | - The decrease in Guangdong Energy project revenue was a combined effect of increased electricity sales volume, lower electricity prices, and the depreciation of RMB against HKD[102](index=102&type=chunk) [Roads and Bridges](index=56&type=section&id=Roads%20and%20Bridges) Xingliu Expressway experienced decreased average daily toll traffic and toll revenue, leading to reduced profit before tax. Yinping project's combined interest, management, and maintenance fees increased, resulting in higher profit before tax Key Roads and Bridges Business Data (for the six months ended June 30) | Project | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | | Xingliu Expressway | Average daily toll traffic volume | 24,457 vehicles | 26,954 vehicles | -9.3 | | | Toll revenue | HKD 289,948 thousand | HKD 312,881 thousand | -7.3 | | | Profit before tax (excluding net finance costs) | HKD 147,110 thousand | HKD 161,899 thousand | -9.1 | | Yinping Project | Total interest, management and maintenance fees | HKD 80,750 thousand | HKD 77,486 thousand | +4.2 | | | Profit before tax | HKD 68,984 thousand | HKD 65,726 thousand | +5.0 | - The Yinping project's cumulative construction costs are approximately RMB **2.09 billion** (approximately HKD **2.291 billion**), with four project roads completed and one under construction[105](index=105&type=chunk) [Discontinued Operations](index=57&type=section&id=Discontinued%20Operations) Yuehai Land ceased to be a subsidiary after its in-specie distribution on January 21, 2025. Its revenue significantly decreased during January 1-21, 2025, but its loss before tax narrowed considerably Key Data for Yuehai Land Discontinued Operations (for the period ended January 21, 2025) | Metric | January 1 to January 21, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | HKD 251,831 thousand | HKD 2,803,824 thousand | | Revenue from property sales | HKD 247,894 thousand | HKD 2,778,718 thousand | | Loss before tax | HKD 9,516 thousand | HKD 282,564 thousand | | Profit/(loss) before tax excluding fair value changes of investment properties and net finance costs | HKD 13,454 thousand | HKD (105,005) thousand | - Yuehai Land's loss before tax for the period ended January 21, 2025, was HKD **9,516 thousand**, a significant reduction from the prior period[108](index=108&type=chunk) [Other Financial Assets Measured at Amortized Cost](index=57&type=section&id=Other%20Financial%20Assets%20Measured%20at%20Amortized%20Cost) The Group's other financial assets measured at amortized cost amount to HKD 3.478 billion, primarily RMB deposits with licensed banks in China maturing within three years Other Financial Assets Measured at Amortized Cost (as of June 30) | Metric | 2025 (HKD billion) | December 31, 2024 (HKD billion) | | :--- | :--- | :--- | | Other financial assets | 34.78 | 33.85 | - These assets are denominated in RMB, will mature within three years, and are principal-protected[109](index=109&type=chunk) [Liquidity, Gearing Ratio and Financial Resources](index=57&type=section&id=Liquidity,%20Gearing%20Ratio%20and%20Financial%20Resources) The Group's cash and bank balances from continuing operations slightly decreased, total financial borrowings declined, gearing ratio and debt service coverage remained robust, and operating cash flow was sufficient Key Liquidity and Financial Resources Data (as of June 30) | Metric | 2025 (HKD billion) | December 31, 2024 (HKD billion) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 120.36 | 121.54 | -1.0 | | Total financial borrowings | 211.77 | 238.62 | -11.3 | | Credit facilities | 94.73 | 93.49 | +1.3 | | Gearing ratio | 24.7% | 30.9% | -6.2pp | | EBITDA/finance costs incurred ratio | 16.2 times | 10.5 times | +5.7 times | | Net cash inflow from operating activities | 33.39 | 48.76 | -31.5 | - Of the financial borrowings from continuing operations, **83.0%** are RMB-denominated and **17.0%** are HKD-denominated[110](index=110&type=chunk) - The interest rate structure of financial borrowings comprises **95.4%** floating-rate borrowings, **3.7%** fixed-rate borrowings, and **0.9%** non-interest-bearing borrowings[110](index=110&type=chunk) [Pledge of Assets and Contingent Liabilities](index=58&type=section&id=Pledge%20of%20Assets%20and%20Contingent%20Liabilities) Portions of the Group's service concession arrangement revenue rights and subsidiary equity have been pledged, and contingent liabilities primarily consist of mortgage loan guarantees for sold properties, with a significantly reduced amount - Revenue rights from certain water supply, sewage treatment, and toll road service concession arrangements were pledged to secure bank and other borrowings of HKD **12.449 billion**[112](index=112&type=chunk) - The Group provided guarantees to certain banks for mortgage loans of sold properties, amounting to HKD **1 million**, a significant decrease from HKD **4.714 billion** at the end of last year[112](index=112&type=chunk) [Capital Expenditure](index=58&type=section&id=Capital%20Expenditure) Total capital expenditure for the period was HKD 566 million, primarily for additions to property, plant and equipment, leased land, and the construction of water supply and sewage treatment plants Capital Expenditure (for the six months ended June 30) | Metric | 2025 (HKD billion) | 2024 (HKD billion) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total capital expenditure | 5.66 | 4.45 | +27.2 | - Capital expenditure was primarily for additions to property, plant and equipment, leased land, and construction costs of water supply and sewage treatment plants[113](index=113&type=chunk) [Exchange Rate and Interest Rate Fluctuation Risks and Related Hedging](index=59&type=section&id=Exchange%20Rate%20and%20Interest%20Rate%20Fluctuation%20Risks%20and%20Related%20Hedging) The Group faces RMB exchange rate fluctuations and interest rate risks from floating-rate borrowings, but currently manages these through natural hedging mechanisms and dynamic monitoring rather than derivative financial instruments - RMB-denominated borrowings from continuing operations totaled HKD **17.571 billion**, posing exchange rate risk[114](index=114&type=chunk) - The Group employs natural hedging mechanisms and dynamically monitors foreign exchange exposure, but does not use derivative financial instruments for hedging[114](index=114&type=chunk) - Floating-rate borrowings from continuing operations totaled HKD **20.193 billion**, exposing the Group to interest rate risk, but no interest rate hedging instruments are used[114](index=114&type=chunk) [Principal Risks and Uncertainties](index=59&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces multiple risks, including macroeconomic, foreign exchange, market competition, and project safety management, with corresponding control strategies in place [Macroeconomic Risks](index=59&type=section&id=Macroeconomic%20Risks) International trade barriers and geopolitical conflicts increase economic recovery uncertainty, while the domestic economy remains stable, prompting the company to closely monitor macroeconomic conditions and adjust development strategies - Internationally, factors such as US tariff policies and escalating geopolitical conflicts increase uncertainty regarding the economic recovery outlook[115](index=115&type=chunk) - Domestically, the macroeconomic environment generally maintains a long-term trend of stable and progressive development[115](index=115&type=chunk) [Foreign Exchange Risk](index=59&type=section&id=Foreign%20Exchange%20Risk) With primary operations in China, the company faces exchange rate fluctuation risks, including translation gains/losses and net asset value translation risk, managed by optimizing fund arrangements and adjusting financing methods - The Company faces risks of exchange gains and losses due to exchange rate fluctuations and foreign currency translation risk for net asset values of projects invested in Mainland China[116](index=116&type=chunk) - The Company manages foreign exchange risk through multiple channels, including optimizing existing fund arrangements and adjusting project financing methods[116](index=116&type=chunk) [Market Competition Risk](index=59&type=section&id=Market%20Competition%20Risk) Intensified market competition may reduce expansion capabilities and project investment returns, which the company addresses by optimizing products, enhancing efficiency, strengthening management, and cutting costs to boost profitability - The Company actively explores new revenue streams and saves operating costs by optimizing products, enhancing efficiency, strengthening project management teams, and implementing refined management measures[117](index=117&type=chunk) [Project Safety Management Risk](index=60&type=section&id=Project%20Safety%20Management%20Risk) Project safety management encompasses product and operational personnel safety risks, which the company effectively controls through standardized management, quality control, regular inspections, a safety responsibility system, and employee training - The Company standardizes, streamlines, and institutionalizes relevant risk management and control efforts, strengthens quality management at the source, and conducts regular inspections of production and operation sites[118](index=118&type=chunk) - All investment projects under the Company have established a comprehensive safety responsibility system covering all employees, clarifying responsibilities and divisions of labor, and conducting regular safety training for employees[118](index=118&type=chunk) [Number of Employees and Remuneration Policy](index=60&type=section&id=Number%20of%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 10,180 employees, with a remuneration policy designed to ensure market competitiveness and performance linkage, while emphasizing employee training to enhance overall quality and professional capabilities Number of Employees and Total Remuneration (as of June 30) | Metric | 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total number of employees | 10,180 people | 10,759 people | | Total remuneration for continuing operations | HKD 752,598 thousand | HKD 828,537 thousand | - The remuneration policy includes fixed salaries, discretionary incentives, insurance, and benefits, determined based on employee qualifications, experience, job responsibilities, performance, and market conditions[119](index=119&type=chunk) - The Group aims to build a learning organization, providing multi-dimensional professional training to enhance employees' overall quality, compliance awareness, and professional capabilities[120](index=120&type=chunk) [Review and Outlook](index=61&type=section&id=Review%20and%20Outlook) In H1 2025, the global economy faced challenges, while China's economy showed resilience. Looking ahead to H2, with increased global economic downside risks, the Group will adhere to a "seek progress while maintaining stability, improve quality and efficiency" strategy, consolidating core businesses, expanding into high-value-added areas, and seizing Greater Bay Area development opportunities - Since 2025, persistent geopolitical tensions, rising tariffs, and trade policy uncertainties have pressured global economic recovery[121](index=121&type=chunk) - The Group will continue to focus resources on extending the water resources segment into high-value-added areas, promoting business structure transformation and upgrading[122](index=122&type=chunk) - The Group will proactively seize potential development opportunities arising from the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" and actively explore relevant market investment and M&A opportunities[122](index=122&type=chunk) [Directors' Securities Interests and Short Positions](index=62&type=section&id=Directors'%20Securities%20Interests%20and%20Short%20Positions) This section details the interests and short positions of the company's directors in the securities of the company and its associated corporations [Directors' Interests in the Company and Associated Corporations](index=62&type=section&id=Directors'%20Interests%20in%20the%20Company%20and%20Associated%20Corporations) As of June 30, 2025, certain directors held long positions in ordinary shares of the Company, Yuehai Land Holdings Limited, and Guangdong Guangnan (Holdings) Limited Directors' Interests in Ordinary Shares of the Company (as of June 30) | Name of Director | Capacity/Nature of Interest | Number of Ordinary Shares Held | Long/Short Position | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | | Chan Cho Chak | Personal | 5,450,000 | Long Position | 0.083% | | Cheng Mo Chi | Personal | 2,268,000 | Long Position | 0.035% | Directors' Interests in Ordinary Shares of Yuehai Land Holdings Limited (as of June 30) | Name of Director | Capacity/Nature of Interest | Number of Ordinary Shares Held | Long/Short Position | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | | Chan Cho Chak | Personal | 1,051,850 | Long Position | 0.061% | | Cheng Mo Chi | Personal | 1,037,724 | Long Position | 0.061% | Directors' Interests in Ordinary Shares of Guangdong Guangnan (Holdings) Limited (as of June 30) | Name of Director | Capacity/Nature of Interest | Number of Ordinary Shares Held | Long/Short Position | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | | Tsang Hon Nam | Personal | 300,000 | Long Position | 0.033% | [Major Shareholders' and Other Persons' Interests](index=63&type=section&id=Major%20Shareholders'%20and%20Other%20Persons'%20Interests) This section outlines the interests of major shareholders and other relevant parties in the company's shares [Major Shareholders' Interests in Shares of the Company](index=63&type=section&id=Major%20Shareholders'%20Interests%20in%20Shares%20of%20the%20Company) As of June 30, 2025, Guangdong Holdings Limited and its wholly-owned subsidiary, Hong Kong (Holdings), were major shareholders of the Company, holding 58.26% of the shares Major Shareholders' Interests in Ordinary Shares of the Company (as of June 30) | Name of Shareholder | Capacity/Nature of Interest | Number of Ordinary Shares Held | Long/Short Position | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | | Guangdong Holdings Limited | Interest of controlled corporation | 3,809,237,546 | Long Position | 58.26% | | Guangdong Holdings Limited (Hong Kong (Holdings)) | Beneficial owner | 3,809,237,546 | Long Position | 58.26% | - Guangdong Holdings Limited holds its attributable interest in the Company through its direct wholly-owned subsidiary, Hong Kong (Holdings)[127](index=127&type=chunk) [Corporate Governance and Other Information](index=64&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's adherence to corporate governance codes, changes in director information, review of interim results, securities transactions, loan financing disclosures, and interim dividend announcements [Corporate Governance Code and Directors' Securities Transactions](index=64&type=section&id=Corporate%20Governance%20Code%20and%20Directors'%20Securities%20Transactions) The Company consistently complied with the Corporate Governance Code's provisions during the reporting period and required directors to adhere to the Model Code for Securities Transactions by Directors of Listed Issuers - The Company has complied with the code provisions of the Corporate Governance Code throughout the six months ended June 30, 2025[128](index=128&type=chunk) - All Directors confirmed their compliance with the required standards of dealing as set out in the Model Code for Securities Transactions by Directors of Listed Issuers during the period[129](index=129&type=chunk) [Changes in Directors' Information and Interim Results Review](index=64&type=section&id=Changes%20in%20Directors'%20Information%20and%20Interim%20Results%20Review) Dr. Cheng Mo Chi was appointed Chairman of the Hong Kong Maritime and Port Board. The Audit Committee reviewed the interim financial report, which was also reviewed by KPMG - Dr. Cheng Mo Chi was appointed Chairman of the Hong Kong Maritime and Port Board by the Government of the Hong Kong Special Administrative Region[130](index=130&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025, which was also reviewed by KPMG[131](index=131&type=chunk) [Listed Securities Transactions and Loan Financing Disclosure](index=64&type=section&id=Listed%20Securities%20Transactions%20and%20Loan%20Financing%20Disclosure) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period. The company disclosed two loan facilities, both with covenants regarding the Guangdong Provincial Government's ultimate control over Hong Kong (Holdings) and Hong Kong (Holdings)'s equity interest in the Company - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on The Stock Exchange of Hong Kong Limited during the six months ended June 30, 2025[132](index=132&type=chunk) - The Company accepted term loan facilities of HKD **3 billion** and HKD **2 billion** on September 4 and October 8, 2024, respectively, with covenants that Hong Kong (Holdings) will not cease to be ultimately controlled by and majority-owned by the Guangdong Provincial Government, and Hong Kong (Holdings) will not cease to directly and/or indirectly beneficially own at least **51%** of the Company's equity interest[133](index=133&type=chunk)[136](index=136&type=chunk) Outstanding Principal of Loan Facilities (as of June 30) | Loan Facility | Outstanding Principal (HKD billion) | | :--- | :--- | | September 2024 Loan Facility | 16.70 | | October 2024 Loan Facility | 19.30 | [Interim Dividend and Share Transfer Registration](index=65&type=section&id=Interim%20Dividend%20and%20Share%20Transfer%20Registration) The Board declared an interim dividend of HKD 26.66 cents per ordinary share for the six months ended June 30, 2025, and share transfer registration will be suspended on October 10, 2025 - The Board resolved to declare an interim dividend of HKD **26.66 cents** per ordinary share for the six months ended June 30, 2025[138](index=138&type=chunk) - The interim dividend is expected to be paid around October 23, 2025, and share transfer registration will be suspended on October 10, 2025[138](index=138&type=chunk)[139](index=139&type=chunk)

Company Information [Board Composition](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) This section outlines the composition of the Board of Directors, including executive, non-executive, and independent non-executive directors, along with committee members. - Mr. Yang Zhe serves as Acting Chairman and General Manager, while Mr. Zhou Hongji is Chief Financial Officer and Company Secretary. The Board comprises executive, non-executive, and independent non-executive directors, with Audit, Remuneration, and Nomination Committees[7](index=7&type=chunk) [Company Basic Information](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E8%BE%A6%E4%BA%8B%E8%99%95) This section provides the company's registered address, contact details, website, share registrar, listing information, stock code, trading unit, and financial year-end date. - The company's registered office is located at Suites 2905-08, 29th Floor, Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong, with stock code 01203, a trading unit of 2,000 shares, and a financial year-end date of December 31[8](index=8&type=chunk) [Shareholder Calendar](index=3&type=section&id=%E8%82%A1%E6%9D%B1%E6%97%A5%E7%A8%8B%E8%A1%A8) This section lists important shareholder event dates, including share transfer registration dates, book close periods, interim dividend amounts, and payment dates. 2025 Shareholder Calendar | Event | Date | | :--- | :--- | | Last day for registration of share transfers | 2025年10月8日 | | Book close period | 2025年10月9日及2025年10月10日 | | Interim Dividend | HK$0.025 per share | | Payment Date | 2025年10月27日 | Financial Highlights [Financial Performance for the Six Months Ended June 30](index=4&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes the company's key financial metrics for the reporting period, including year-on-year changes in revenue, operating profit, profit attributable to shareholders, basic earnings per share, and interim dividend per share. Unaudited Financial Highlights for H1 2025 (as of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 6,081,142 | 5,417,004 | 12% | | Operating Profit | 119,683 | 130,533 | -8% | | Profit Attributable to Shareholders | 76,207 | 57,727 | 32% | | Basic Earnings Per Share | 8.40 HK cents | 6.36 HK cents | 32% | | Interim Dividend Per Share | 2.50 HK cents | 1.00 HK cents | 150% | [Financial Position](index=4&type=section&id=%E6%96%BC2025%E5%B9%B4) This section summarizes the company's key balance sheet metrics at the end of the reporting period, including period-end changes in total assets, shareholders' equity, net asset value per share, closing share price, net financial borrowings, and gearing ratio. H1 2025 Financial Position Highlights (as of June 30) | Metric | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,237,411 | 4,938,314 | 6% | | Shareholders' Equity | 2,675,976 | 2,592,751 | 3% | | Net Asset Value Per Share | HK$2.95 | HK$2.86 | 3% | | Net Financial Borrowings | 251,750 | 16,127 | significantly increased | | Gearing Ratio | 9.4% | 0.6% | significantly increased | Management Discussion and Analysis [Performance Overview](index=5&type=section&id=%E6%A5%AD%E7%B8%BE) This section summarizes the Group's unaudited consolidated financial results for the first half of 2025, including year-on-year changes in revenue, operating profit, profit attributable to shareholders, and basic earnings per share. H1 2025 Performance Overview | Metric | 2025 H1 (HK$) | 2024 H1 (HK$) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 6.081 billion | 5.417 billion | increased 12% | | Consolidated Operating Profit | 120 million | 131 million | decreased 8% | | Consolidated Profit Attributable to Shareholders | 76.21 million | 57.73 million | increased 32% | | Basic Earnings Per Share | 8.40 HK cents | 6.36 HK cents | increased 32% | [Interim Dividend](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors announced the interim dividend for 2025 and provides a comparison with the same period last year. 2025 vs 2024 Interim Dividend Comparison | Year | Interim Dividend Per Share (HK cents) | Y-o-Y Change | | :--- | :--- | :--- | | 2025 | 2.5 | 150% | | 2024 | 1.0 | - | [Business Review](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a detailed review of the Group's main business segments' performance during the reporting period, including revenue, profit, and operational highlights for food and bio-business, tinplate business, and property leasing business. [Food and Bio-business](index=5&type=section&id=%E9%A3%9F%E5%93%81%E7%94%9F%E7%89%A9) Food and Bio-business Performance (H1 2025) | Metric | 2025 H1 | 2024 H1 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | HK$5.019 billion | HK$4.430 billion | increased 13% | | Proportion of Group Revenue | 83% | - | - | | Live Hog Slaughter Volume | approximately 1.52 million heads | approximately 1.55 million heads | decreased 2% | | Market Share of Live Hogs Supplied to Hong Kong | approximately 48% | approximately 48% | remained stable | | Number of Retail Stores | 19 stores | - | increased | | Segment Profit (excluding associates) | HK$91.80 million | HK$96.63 million | decreased 5% | | Share of Profits from Associates | HK$14.55 million | (HK$18.77 million) | turned profitable | | Segment Profit (including associates) | HK$106 million | HK$77.76 million | increased 36% | - The Group has established an integrated industrial chain operation platform covering "livestock and poultry breeding – slaughtering and processing – cold chain logistics – fresh food marketing" to explore opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area food processing industry[12](index=12&type=chunk) [Tinplate Business](index=6&type=section&id=%E9%A6%AC%E5%8F%A3%E9%90%B5) Tinplate Business Performance (H1 2025) | Metric | 2025 H1 | 2024 H1 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | HK$1.053 billion | HK$979 million | increased 8% | | Proportion of Group Revenue | 17% | - | - | | Production Volume | 160 thousand tonnes | 151 thousand tonnes | increased 6% | | Sales Volume | 150 thousand tonnes | 134 thousand tonnes | increased 12% | | Segment Profit | HK$43.30 million | HK$14.98 million | increased 189% | - The tinplate business profit increased year-on-year through expanding export business, optimizing product marketing structure, and strengthening cost reduction measures. The Group enhanced raw material procurement supply chain management and improved product competitiveness through R&D innovation[15](index=15&type=chunk) [Property Leasing Business](index=6&type=section&id=%E7%89%A9%E6%A5%AD%E7%A7%9F%E8%B3%83) Property Leasing Business Performance (H1 2025) | Metric | 2025 H1 | 2024 H1 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | HK$9.18 million | HK$8.65 million | increased 6% | | Property Occupancy Rate | 85.3% | 82.6% | increased 2.7% | | Segment Profit | HK$3.90 million | HK$3.91 million | remained stable | | Fair Value Loss/Gain on Investment Properties | N/A | HK$2.34 million loss | turned profitable | [Financial Position](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81)