藥師幫股份有限公司 YSB Inc. （於開曼群島註冊成立的有限公司） 股份代號：9885 2025 中期報告 INTERIM REPORT 2025 中期報告 目錄 2 公司資料 4 業務回顧與展望 13 財務摘要 14 管理層討論及分析 21 企業管治及其他資料 32 簡明綜合財務報表審閱報告 33 簡明綜合損益及其他全面收益表 34 簡明綜合財務狀況表 36 簡明綜合權益變動表 37 簡明綜合現金流量表 38 簡明綜合財務報表附註 58 釋義 公司資料 非執行董事 朱梓陽先生 獨立非執行董事 邵蓉女士 孫含暉先生 趙宏強先生 審計委員會 趙宏強先生 （主席） 邵蓉女士 孫含暉先生 薪酬委員會 董事會 執行董事 張步鎮先生 （主席兼首席執行官） 陳飛先生 孫含暉先生 （主席） 邵蓉女士 趙宏強先生 提名委員會 張步鎮先生 （主席） 邵蓉女士 孫含暉先生 趙宏強先生 環境、社會及企業管治委員會 趙宏強先生 （主席） 邵蓉女士 孫含暉先生 聯席公司秘書 陳飛先生 馮慧森女士 授權代表 陳飛先生 馮慧森女士 審計師 德勤 • 關黃陳方會計師行 執業會計師 註冊公眾利益實體核數師 香港銅鑼灣 希慎道33號 利園一 ...

(於中華人民共和國註冊成立的股份有限公司) (A joint stock limited company incorporated in the People's Republic of China) 股份代號 Stock Code : 1606 2025 INTERIM REPORT 中期報告 公司簡介 COMPANY OVERVIEW 國銀金融租賃股份有限公司成立於1984年，是國家金融監督管理總局監管的全國性非銀行金融機構，是國 家開發銀行旗下唯一的租賃業務平台，也是境內第一家上市金融租賃公司，註冊資本人民幣126.4238億元。 本集團是中國租賃行業的開創者，致力於為飛機、船舶、區域發展、普惠金融、綠色能源和高端裝備製造等 領域的優質客戶提供綜合性的租賃服務，租賃資產及業務合作夥伴已遍及全球40餘個國家和地區，且始終 保持準主權國際評級（穆迪A1、標普A及惠譽A）。自2016年上市以來，集團資產規模穩健增長，盈利水準持 續提升，不良資產率保持在1%以下，平均權益回報率(ROE)始終保持在10%以上。 集團積極踐行國有金融企業的責任擔當，堅持金融服務實體經濟的根本要求，持續助力高質量發展。集團是 國內最 ...

Contents 目錄 PAGES 頁次 | Financial Highlights | 財務摘要 | 2 | | --- | --- | --- | | Corporate Information | 公司資料 | 6 | | Management Discussion and Analysis | 管理層討論與分析 | 8 | | Business and Financial Review | 業務和財務回顧 | 28 | | Other Information | 其他資料 | 97 | | Report on Review of Condensed Consolidated Financial Statements | 簡明合併財務報表審閱報告 | 109 | | Condensed Consolidated Statement of Financial Position | 簡明合併財務狀況表 | 111 | | Condensed Consolidated Statement of Profit or Loss and | 簡明合併損益表及 | | | Other Comprehensive I ...

[Company Profile](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) An overview of the company's business model, strategic pillars, product categories, and core brands [Company Overview and Strategic Pillars](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88%E8%88%87%E6%88%B0%E7%95%A5%E6%94%AF%E6%9F%B1) Chaoyun Group is a leading Chinese multi-category platform for home, pet, and personal care, integrating operations through eight strategic pillars across ten product categories and nine core brands - Chaoyun Group is a leading one-stop multi-category home care, pet products, and personal care platform in China[4](index=4&type=chunk) - The company's business structure is based on **eight pillars**: insight, brand, R&D, marketing, sales, collaboration, management, and operations, achieving a fully integrated business process from market research to sales[4](index=4&type=chunk)[5](index=5&type=chunk) - Successfully launched **ten categories**, covering home care, pet stores and pet products, and personal care, with **rapid development** in the pet business[6](index=6&type=chunk) - Owns **nine core brands**, including Weiwang, Chaowei, Beibeijian, Juejiangweiba, Juejiangzuiba, Xilan, Runzhisu, ZhuaZhuaMiaoXingQiu, and Mileguaiguai[6](index=6&type=chunk) [Corporate Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Key corporate details including board composition, committees, auditors, and listing information [Board of Directors and Corporate Structure](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%85%AC%E5%8F%B8%E6%9E%B6%E6%A7%8B) This section details Chaoyun Group's board members, committee compositions, joint company secretaries, auditors, legal advisors, and other fundamental corporate information - Board members include Executive Directors Chen Danxia (Chairman and CEO), Wang Dong, Zhong Xuyi, Lu Yongji, Non-executive Director Chen Zexing, and Independent Non-executive Directors Yu Rong, Guo Sheng, and Chen Hongjun[7](index=7&type=chunk) - The Audit Committee Chairman is Chen Hongjun, Remuneration Committee Chairman is Guo Sheng, and Nomination Committee Chairman is Chen Danxia[7](index=7&type=chunk) - The company's auditor is Deloitte Touche Tohmatsu, and legal counsel is Zhou Junxuan Law Firm[7](index=7&type=chunk) - The company's stock code is **6601**, listed on **March 10, 2021**[8](index=8&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) A concise summary of the company's key financial performance and position for the period [Core Financial Performance and Position](index=5&type=section&id=%E6%A0%B8%E5%BF%83%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E8%88%87%E7%8B%80%E6%B3%81) For the six months ended June 30, 2025, Chaoyun Group's revenue grew 7.2% to RMB 1.339 billion, gross profit rose 14.0% to RMB 660 million, and pre-tax profit increased 5.3% to RMB 232 million, while profit for the period slightly decreased 2.7% to RMB 171 million, with stable total equity and liabilities Results Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,338,807 | 1,249,136 | 7.2 | | Gross Profit | 659,785 | 579,011 | 14.0 | | Profit Before Tax | 231,701 | 220,065 | 5.3 | | Profit for the Period | 171,106 | 175,873 | (2.7) | | EPS (cents) | 13.02 | 13.46 | (3.3) | Assets, Liabilities, and Equity Highlights as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 684,972 | 480,025 | | Current Assets | 2,991,916 | 3,321,678 | | **Total Assets** | **3,676,888** | **3,801,703** | | Total Equity | 3,052,577 | 2,989,234 | | Total Liabilities | 624,311 | 812,469 | [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) Management's review of business performance, financial results, and future strategic outlook [Business Overview and Outlook](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A7%88%E5%8F%8A%E5%B1%95%E6%9C%9B) In H1 2025, Chaoyun Group saw sustained performance improvement with stable revenue, cash, and profit growth, driven by home care, pet products, and online channels, while pursuing strategic expansion and high dividend payouts - In H1 2025, the Group focused on customer value, achieving sustained overall performance improvement, adhering to principles of high quality, sustainability, and stable profits[12](index=12&type=chunk) Revenue Growth by Product Category (Six Months Ended June 30, 2025) | Product Category | Revenue (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | | Home Care Products | 1,214.2 | 4.3 | | Pet Stores and Pet Products | 96.0 | 101.4 | | Personal Care Products | 25.8 | (25.8) | Revenue Growth by Sales Channel (Six Months Ended June 30, 2025) | Sales Channel | Revenue (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | | Online Channels | 517.2 | 27.4 | | Offline Channels | 821.6 | (2.6) | - Insecticide and mosquito repellent products ranked **first** in comprehensive market share among similar products in China for **eleven consecutive years** (2015-2025)[14](index=14&type=chunk) - Future growth strategies include: expanding high-end natural home care and insecticide/mite removal product lines; increasing pet store coverage and quantity, creating online bestsellers; maintaining market positions on Taobao, JD, Pinduoduo, and rapidly developing content e-commerce like Douyin; deepening offline distribution networks; enhancing R&D capabilities; promoting diversified incentive mechanisms; actively pursuing domestic and international M&A in pet, personal care, cosmetics, and FMCG sectors; and continuing to implement a high dividend payout policy[17](index=17&type=chunk) [Financial Review](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Revenue grew 7.2% to RMB 1.339 billion, driven by market opportunities and pet business expansion, with gross margin improving to 49.3% due to brand strength and operational efficiency, while profit for the period slightly declined due to increased income tax expense, and operating cash outflow significantly reduced - Total revenue increased by **7.2%** year-on-year to **RMB 1,338.8 million**, primarily due to seizing market opportunities and actively promoting rapid development in product categories, online channels, and the pet business[19](index=19&type=chunk) Revenue and Proportion by Product Category (Six Months Ended June 30, 2025) | Product Category | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Home Care | 1,214,162 | 90.7 | 1,163,557 | 93.1 | | Pet Stores and Pet Products | 95,955 | 7.2 | 47,633 | 3.8 | | Personal Care | 25,776 | 1.9 | 34,752 | 2.8 | | Other | 2,914 | 0.2 | 3,194 | 0.3 | | **Total** | **1,338,807** | **100.0** | **1,249,136** | **100.0** | Revenue and Proportion by Sales Channel (Six Months Ended June 30, 2025) | Sales Channel | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Online Channels | 517,189 | 38.6 | 405,854 | 32.5 | | Offline Channels | 821,618 | 61.4 | 843,282 | 67.5 | | **Total** | **1,338,807** | **100.0** | **1,249,136** | **100.0** | - Gross profit increased by **14.0%** to **RMB 659.8 million**, with gross margin rising from **46.4% to 49.3%**, mainly benefiting from enhanced brand influence, optimized product and channel structure, and improved supply chain efficiency[24](index=24&type=chunk) Gross Profit and Gross Margin by Product Category (Six Months Ended June 30, 2025) | Product Category | 2025 Gross Profit (RMB thousands) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB thousands) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Home Care | 595,839 | 49.1 | 540,137 | 46.4 | | Pet Stores and Pet Products | 55,761 | 58.1 | 23,601 | 49.5 | | Personal Care | 10,340 | 40.1 | 14,716 | 42.3 | | Other | (2,155) | (74.0) | 557 | 17.4 | | **Total** | **659,785** | **49.3** | **579,011** | **46.4** | - Sales and distribution expenses increased by **28.5%** to **RMB 408.3 million**, consistent with the increased revenue scale of online channels and the pet business[32](index=32&type=chunk) - Administrative expenses decreased by **7.8%** to **RMB 80.1 million**, primarily due to improved overall operational efficiency and reduced goodwill impairment losses[33](index=33&type=chunk) - Profit for the period slightly decreased by **2.7%** to **RMB 171.1 million**, with net profit margin falling from **14.1% to 12.8%**, mainly impacted by increased income tax expense (effective tax rate rose from **20.1% to 26.2%**)[37](index=37&type=chunk)[38](index=38&type=chunk) - Net cash outflow from operating activities significantly decreased from **RMB 159.7 million** to **RMB 36.4 million**[39](index=39&type=chunk) - The capital gearing ratio remained stable at **1.7%** as of June 30, 2025[43](index=43&type=chunk) [Other Financial Information](index=14&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E4%BF%A1%E6%81%AF) As of June 30, 2025, the Group had no pledged assets or significant contingent liabilities, employee count increased due to pet store expansion, total staff costs remained stable, and an interim dividend of RMB 0.0521 per share was declared, maintaining a 40.0% payout ratio - As of June 30, 2025, the Group had no pledged assets or significant contingent liabilities[48](index=48&type=chunk)[49](index=49&type=chunk) - As of June 30, 2025, the number of employees was **1,321**, an increase from **1,140** on June 30, 2024, mainly due to the expansion of the pet offline store business[50](index=50&type=chunk) - The Board resolved to declare an interim dividend of **RMB 0.0521** per share (equivalent to **HKD 0.0571** per share), maintaining a stable payout ratio of **40.0%**[51](index=51&type=chunk) [Other Information](index=15&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) Additional disclosures on director and shareholder interests, equity incentive schemes, use of proceeds, and corporate governance [Directors' and Chief Executives' Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=15&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, the company's directors and chief executives held long positions in shares and related shares, with Ms. Chen Danxia holding the largest stake, and Ms. Wang Dong and Mr. Zhong Xuyi holding share option interests Directors' Share Interests (As of June 30, 2025) | Director Name | Nature of Interest | Number of Shares (L) | Approximate % of Interest | | :--- | :--- | :--- | :--- | | Chen Danxia | Beneficial Owner | 4,793,500 | 0.36% | | Wang Dong | Beneficial Owner | 401,000 | 0.03% | | Zhong Xuyi | Beneficial Owner | 150,000 | 0.01% | - The number of shares held by Ms. Wang Dong and Mr. Zhong Xuyi includes relevant shares that may be allotted and issued upon full exercise of all outstanding share options granted under the share option scheme[57](index=57&type=chunk) [Major Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Ms. Ma Huizhen, Ms. Li Ruohong, Mr. Chen Kaixuan, Mr. Chen Kaichen, and Chaoyun Global Limited were major shareholders, each holding a 74.25% interest in the company's issued ordinary shares Major Shareholders' Share Interests (As of June 30, 2025) | Shareholder Name/Entity | Nature of Interest | Number of Shares (L) | Approximate % of Interest | | :--- | :--- | :--- | :--- | | Ms. Ma Huizhen | Interest in Controlled Corporation/Spousal Interest | 990,000,000 | 74.25% | | Ms. Li Ruohong | Interest in Controlled Corporation/Spousal Interest | 990,000,000 | 74.25% | | Mr. Chen Kaixuan | Interest in Controlled Corporation/Spousal Interest | 990,000,000 | 74.25% | | Mr. Chen Kaichen | Interest in Controlled Corporation/Spousal Interest | 990,000,000 | 74.25% | | Chaoyun Global Limited | Beneficial Owner | 990,000,000 | 74.25% | - Ms. Ma and Mr. Chen Kaichen, and Ms. Li and Mr. Chen Kaixuan are spouses and are deemed to have interests in all shares held by each other under the Securities and Futures Ordinance[60](index=60&type=chunk) - The entire issued share capital of Chaoyun Global Limited is beneficially owned by Ms. Ma, Ms. Li, Mr. Chen Kaichen, and Mr. Chen Kaixuan[60](index=60&type=chunk) [Equity Incentive Schemes](index=17&type=section&id=%E8%82%A1%E6%AC%8A%E6%BF%80%E5%8B%B5%E8%A8%88%E5%8A%83) The company has share option and restricted share award schemes to attract, retain, and incentivize talent, with total options representing 9.64% and restricted shares 1.51% of issued shares, both linked to revenue and net profit growth performance targets - The share option scheme aims to attract, retain, and incentivize talented employees, aligning company value with participant interests[61](index=61&type=chunk) - As of the report date, the total number of share options available for grant under the scheme is **128,533,350**, representing approximately **9.64%** of the total issued shares[63](index=63&type=chunk) - The share option scheme's assessment mechanism includes the Group's revenue growth rate and net profit growth rate (each with **50% weighting**), which will determine the performance factor and individual vesting ratio[68](index=68&type=chunk)[70](index=70&type=chunk) - The restricted share award scheme aims to align management and shareholder interests, incentivize management to achieve performance targets, and attract external talent[72](index=72&type=chunk) - The maximum number of award shares that can be granted under the restricted share award scheme is **25,000,000** shares, representing **1.87%** of the total issued shares[73](index=73&type=chunk) - As of the report date, a total of **4,800,000** unexercised restricted shares have been granted to three directors, one consultant, and four employees[80](index=80&type=chunk) - The assessment mechanism for the restricted share award scheme is similar to the share option scheme, also using the Group's revenue growth rate and net profit growth rate as key performance indicators[77](index=77&type=chunk)[79](index=79&type=chunk) [Use of Proceeds from Global Offering](index=23&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company received net proceeds of approximately RMB 2.419 billion from its global offering, with RMB 714 million utilized by June 30, 2025, and the remaining RMB 1.704 billion allocated for R&D, channel expansion, marketing, supply chain, digitalization, and strategic acquisitions - The company received net proceeds of approximately **RMB 2,418.8 million** from its global offering[82](index=82&type=chunk) Use and Utilization of Proceeds from Global Offering (As of June 30, 2025) | Item | Approximate % of Total Net Proceeds | Net Proceeds from Global Offering (RMB millions) | Actual Net Utilized as of June 30, 2025 (RMB millions) | Unutilized Net as of June 30, 2025 (RMB millions) | Expected Full Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | New product R&D, existing product upgrades, and new brand/category development | 7.1% | 171.8 | 84.4 | 87.4 | Before end of 2026 | | Promoting R&D center construction and upgrades | 10.2% | 246.7 | 0 | 246.7 | Before end of 2026 | | Incentivizing and recruiting R&D talent | 2.7% | 65.3 | 0 | 65.3 | Before end of 2026 | | Further developing online distribution channels | 10.0% | 241.9 | 241.9 | 0 | N/A | | Further strengthening offline distribution network | 5.0% | 120.9 | 46.5 | 74.4 | Before end of 2026 | | Establishing and optimizing overseas online and offline sales networks | 5.0% | 120.9 | 0 | 120.9 | Before end of 2026 | | Increasing market penetration in lower-tier cities | 5.0% | 120.9 | 10.2 | 110.7 | Before end of 2026 | | Investing in online brand marketing activities | 10.0% | 241.9 | 146.5 | 95.4 | Before end of 2026 | | Establishing overseas supply chain | 1.5% | 36.3 | 0 | 36.3 | Before end of 2026 | | Upgrading production facilities and production lines | 1.5% | 36.3 | 0 | 36.3 | Before end of 2026 | | Establishing supply chain base in Shanghai | 7.0% | 169.3 | 0 | 169.3 | Before end of 2026 | | Deepening digitalization strategy, strengthening IT infrastructure | 10.0% | 241.9 | 10.8 | 231.1 | Before end of 2026 | | Strategic acquisitions of upstream and downstream businesses | 15.0% | 362.8 | 174.1 | 188.7 | Before end of 2026 | | Working capital and other general corporate purposes | 10.0% | 241.9 | 0 | 241.9 | Before end of 2026 | | **Total** | **100.0%** | **2,418.8** | **714.4** | **1,704.4** | | - As of June 30, 2025, the remaining proceeds of approximately **RMB 1,704.4 million** will continue to be used according to the prospectus and deposited in reputable banks in Hong Kong or mainland China[85](index=85&type=chunk) [Corporate Governance](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company maintains high corporate governance standards, adhering to Listing Rules Appendix C1, with the Chairman and CEO roles combined for leadership consistency, balanced by independent non-executive directors, and confirms compliance with director securities dealing standards and public float requirements - The company has adopted and complied with all applicable code provisions of Appendix C1 of the Listing Rules on Corporate Governance during the reporting period[86](index=86&type=chunk) - The roles of Chairman and CEO are combined and held by Ms. Chen Danxia; the Board believes this arrangement facilitates consistent leadership and efficient strategic planning, with independent non-executive directors ensuring a balance of power[87](index=87&type=chunk) - All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules throughout the reporting period[88](index=88&type=chunk) - As of the report date, the company's public float meets Listing Rules requirements, with at least **25%** of total issued shares held by the public[91](index=91&type=chunk) [Subsequent Events](index=26&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant post-balance sheet events occurred after the reporting period - No significant subsequent events occurred after the reporting period[94](index=94&type=chunk) [Audit Committee](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors and one non-executive director, reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and received the independent auditor's review report - The Audit Committee comprises Mr. Chen Hongjun (Chairman), Mr. Guo Sheng, Dr. Yu Rong (Independent Non-executive Directors), and Mr. Chen Zexing (Non-executive Director)[95](index=95&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[95](index=95&type=chunk) - The Group's unaudited condensed consolidated financial statements have been reviewed by independent auditor Deloitte Touche Tohmatsu[95](index=95&type=chunk) [Changes in Directors' Information](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) No changes in director information have occurred since the publication of the company's 2024 annual report - No changes in directors' information requiring disclosure under paragraphs (a) to (e) and (g) of Rule 13.51(2) of the Listing Rules have occurred since the publication of the company's 2024 annual report[96](index=96&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=27&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) The independent auditor's review opinion on the condensed consolidated financial statements [Review Opinion](index=27&type=section&id=%E5%AF%A9%E9%96%B1%E6%84%8F%E8%A6%8B) Independent auditor Deloitte Touche Tohmatsu reviewed Chaoyun Group's condensed consolidated financial statements for the six months ended June 30, 2025, finding no material non-compliance with IAS 34 - Independent auditor Deloitte Touche Tohmatsu has reviewed Chaoyun Group's condensed consolidated financial statements for the six months ended June 30, 2025[98](index=98&type=chunk)[99](index=99&type=chunk) - The scope of review is substantially less than that of an audit, and accordingly, no audit opinion is expressed[99](index=99&type=chunk) - The auditor found no matters that cause them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[100](index=100&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) A summary of the company's revenue, profit, and comprehensive income for the reporting period [Profit or Loss and Comprehensive Income Overview](index=28&type=section&id=%E6%90%8D%E7%9B%8A%E8%88%87%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company reported RMB 1.339 billion in revenue, RMB 660 million in gross profit, RMB 171 million in profit for the period, and RMB 154 million in total comprehensive income, primarily impacted by exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 1,338,807 | 1,249,136 | | Gross Profit | 659,785 | 579,011 | | Profit Before Tax | 231,701 | 220,065 | | Profit for the Period | 171,106 | 175,873 | | Total Comprehensive Income for the Period | 154,276 | 184,113 | | Basic EPS (RMB cents) | 13.02 | 13.46 | - Exchange differences arising from the translation of foreign operations resulted in other comprehensive expenses of **RMB 16,830 thousand**[102](index=102&type=chunk) [Condensed Consolidated Statement of Financial Position](index=29&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) An overview of the company's assets, liabilities, and equity as of the reporting date [Assets, Liabilities, and Equity Position](index=29&type=section&id=%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%AC%8A%E7%9B%8A%E7%8B%80%E6%B3%81) As of June 30, 2025, total assets were RMB 3.677 billion, with current assets being the largest component; total equity was RMB 3.053 billion, and total liabilities were RMB 624 million, with a higher proportion of current liabilities Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 684,972 | 480,025 | | Current Assets | 2,991,916 | 3,321,678 | | **Total Assets** | **3,676,888** | **3,801,703** | | Equity Attributable to Owners of the Company | 3,056,681 | 2,990,882 | | Non-controlling Interests | (4,104) | (1,648) | | **Total Equity** | **3,052,577** | **2,989,234** | | Non-current Liabilities | 29,169 | 30,493 | | Current Liabilities | 595,142 | 781,976 | | **Total Liabilities** | **624,311** | **812,469** | - Net current assets were **RMB 2,396,774 thousand**, a decrease from **RMB 2,539,702 thousand** as of December 31, 2024[104](index=104&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Analysis of changes in the company's equity attributable to owners during the period [Analysis of Changes in Equity](index=30&type=section&id=%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, total equity attributable to owners increased to RMB 3.057 billion, with profit for the period at RMB 174 million, but exchange reserves decreased by RMB 16.83 million due to exchange differences, and dividends of RMB 90.93 million were recognized Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30, 2025) | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total equity at beginning of period | 2,989,234 | 2,937,472 | | Profit (loss) for the period | 171,106 | 175,873 | | Total other comprehensive (expense) income for the period | (16,830) | 8,240 | | Dividends recognized as distribution | (90,933) | (85,333) | | Total equity at end of period | 3,052,577 | 3,027,292 | - Exchange reserve decreased by **RMB 16,830 thousand** due to other comprehensive expenses (exchange differences) during the period[105](index=105&type=chunk) - Dividends recognized as distribution during the period amounted to **RMB 90,933 thousand**[105](index=105&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) A summary of cash flows from operating, investing, and financing activities [Cash Flow Analysis](index=31&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, net cash used in operating activities significantly decreased to RMB 36.38 million, net cash from investing activities was RMB 381 million, and net cash used in financing activities was RMB 11.37 million, with cash and cash equivalents increasing to RMB 1.508 billion at period-end Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (36,381) | (159,710) | | Net cash from (used in) investing activities | 381,434 | (155,696) | | Net cash used in financing activities | (11,367) | (18,465) | | Net increase (decrease) in cash and cash equivalents | 333,686 | (333,871) | | Cash and cash equivalents at end of period | 1,507,932 | 1,213,034 | - Net cash used in operating activities significantly decreased, primarily due to improved working capital movements, especially reduced inventories[107](index=107&type=chunk) - Net cash from investing activities primarily resulted from withdrawals of time deposits and disposal of financial assets at fair value through profit or loss[107](index=107&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=32&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) Detailed notes providing additional information on the financial statements, accounting policies, and specific line items [Basis of Preparation and Accounting Policies](index=32&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared under IAS 34 and HKEX Listing Rules, using historical cost, with the first-time application of IAS 21 (amended) 'Lack of Exchangeability' having no material impact on financial position or performance - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[108](index=108&type=chunk) - The financial statements have been prepared on the historical cost basis, except for certain financial instruments measured at fair value[109](index=109&type=chunk) - The Group first applied IAS 21 (amended) 'Lack of Exchangeability' in this interim period, which had no material impact on its financial position and performance[110](index=110&type=chunk) [Revenue and Segment Information](index=33&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) For the six months ended June 30, 2025, revenue primarily from home care products was recognized at a point in time, with RMB 46.93 million allocated to remaining performance obligations expected to be recognized within twelve months, and the company operates as a single segment primarily in China Revenue by Product or Service Category (Six Months Ended June 30, 2025) | Product or Service Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Home Care | 1,214,162 | 1,163,557 | | Pet Stores and Pet Products | 95,955 | 47,633 | | Personal Care | 25,776 | 34,752 | | Other | 2,914 | 3,194 | | **Total** | **1,338,807** | **1,249,136** | - All revenue is recognized at a point in time[112](index=112&type=chunk) - As of June 30, 2025, the total transaction price allocated to remaining performance obligations was approximately **RMB 46,925 thousand**, expected to be recognized as revenue within the next twelve months[113](index=113&type=chunk) - The Group primarily operates in China, with almost all revenue and non-current assets derived from China[114](index=114&type=chunk) - In both years, no revenue from transactions with a single external customer accounted for **10% or more** of the Group's revenue[115](index=115&type=chunk) [Other Income and Expenses](index=34&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E8%88%87%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, other income totaled RMB 55.32 million, mainly from bank interest and government grants, with other gains and losses showing a net gain of RMB 9.60 million, primarily from foreign exchange; sales and distribution expenses rose to RMB 408 million, administrative expenses decreased to RMB 80.05 million, and income tax expense increased to RMB 60.60 million due to higher pre-tax profit and a subsidiary's tax rate Other Income (Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 12,029 | 9,018 | | Bank interest income | 34,362 | 43,910 | | Interest income from other financial assets measured at amortized cost | 6,151 | 5,164 | | Investment income from financial assets at FVTPL | 2,337 | 1,416 | | Other | 443 | 489 | | **Total** | **55,322** | **59,997** | Other Gains and Losses (Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net foreign exchange gain (loss) | 9,521 | (1,237) | | Fair value change loss on financial assets at FVTPL | – | (10,016) | | **Total** | **9,596** | **(11,684)** | - Sales and distribution expenses increased by **28.5%** to **RMB 408,262 thousand**, mainly due to increased e-commerce channel marketing and advertising service fees[119](index=119&type=chunk) - Administrative expenses decreased by **7.8%** to **RMB 80,054 thousand**[33](index=33&type=chunk) - Income tax expense increased by **37.1%** to **RMB 60,595 thousand**, with the effective tax rate rising from **20.1% to 26.2%**, primarily due to increased profit before tax and a temporary tax rate increase for a subsidiary undergoing high-tech enterprise qualification renewal[37](index=37&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) Profit for the Period Composition (Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total staff costs | 111,633 | 112,093 | | Total depreciation | 20,988 | 18,204 | | R&D costs (included in administrative expenses) | 12,488 | 13,029 | | Cost of inventories recognized as expense | 677,981 | 670,319 | [Dividends and Earnings Per Share](index=38&type=section&id=%E8%82%A1%E6%81%AF%E8%88%87%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) The company declared a 2024 final dividend of RMB 0.0682 per share and a 2025 interim dividend of RMB 0.0521 per share post-period, with basic earnings per share at RMB 13.02 cents for the six months ended June 30, 2025, and no dilution from share options - A final dividend of **RMB 0.0682** per ordinary share was declared for the year ended December 31, 2024[126](index=126&type=chunk) - Subsequent to the reporting period, the Directors resolved to declare an interim dividend of **RMB 0.0521** per ordinary share, payable to shareholders on the register as of September 11, 2025[126](index=126&type=chunk) Earnings Per Share (Six Months Ended June 30, 2025) | Indicator | 2025 (RMB thousands/thousand shares) | 2024 (RMB thousands/thousand shares) | | :--- | :--- | :--- | | Profit for basic EPS calculation | 173,562 | 179,461 | | Weighted average number of ordinary shares for basic EPS calculation | 1,333,334 | 1,333,334 | | **Basic EPS (RMB cents)** | **13.02** | **13.46** | - No exercise of share options was assumed in calculating diluted earnings per share, as their exercise price was higher than the average market price of the company's shares[127](index=127&type=chunk) [Details of Assets and Liabilities](index=38&type=section&id=%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5%E8%A9%B3%E6%83%85) This section details property, plant and equipment, right-of-use assets, financial assets at FVTPL, deferred tax assets, inventories, trade and other receivables, related party balances, other financial assets at amortized cost, time deposits, trade and other payables, and contract liabilities, noting trade receivables' 30-60 day credit term with ECL provisions, decreased inventories, and reduced contract liabilities - During the interim period, the Group incurred capital expenditure of approximately **RMB 6,859 thousand** for the acquisition of property, plant, and equipment[128](index=128&type=chunk) - Financial assets at fair value through profit or loss primarily consist of unlisted equity investments, totaling **RMB 111,923 thousand**[129](index=129&type=chunk) Deferred Tax Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred tax assets | 63,684 | 60,400 | Inventory Composition (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw Materials | 29,015 | 41,097 | | Work-in-progress | 8,561 | 12,942 | | Finished Goods | 115,769 | 263,988 | | **Total** | **153,345** | **318,027** | - Trade receivables typically have a credit period of **30 to 60 days** from invoice date; as of June 30, 2025, total trade receivables were **RMB 79,070 thousand**, with an expected credit loss provision of **RMB 4,270 thousand**[132](index=132&type=chunk)[134](index=134&type=chunk) - As of June 30, 2025, amounts due from related parties were **RMB 48,341 thousand**, and amounts due to related parties were **RMB 33,137 thousand**[137](index=137&type=chunk)[141](index=141&type=chunk) - Other financial assets measured at amortized cost include bonds and asset management schemes, totaling **RMB 296,271 thousand**[144](index=144&type=chunk) - Total time deposits amounted to **RMB 1,714,283 thousand**, bearing fixed annual interest rates ranging from **1.40% to 5.30%**[146](index=146&type=chunk) - Trade payables typically have a credit period of **20 to 60 days**; as of June 30, 2025, total trade payables were **RMB 159,623 thousand**[149](index=149&type=chunk)[150](index=150&type=chunk) - Contract liabilities (advances from customers) significantly decreased to **RMB 46,925 thousand**[152](index=152&type=chunk) [Share Capital and Share-based Payment Transactions](index=46&type=section&id=%E8%82%A1%E6%9C%AC%E8%88%87%E8%82%A1%E4%BB%BD%E7%82%BA%E5%9F%BA%E7%A4%8E%E7%9A%84%E4%BB%98%E6%AC%BE%E4%BA%A4%E6%98%93) The company's authorized share capital is 250 billion shares, with 1.333 billion issued and fully paid shares; share award and option schemes aim to incentivize employees, but no new share-based payment expenses were recognized for the six months ended June 30, 2025 - The company's authorized share capital is **250,000,000,000** shares with a par value of **USD 0.0000002**[153](index=153&type=chunk) - Issued and fully paid share capital consists of **1,333,333,500** shares, with share capital stated as **RMB 2 thousand**[153](index=153&type=chunk) - No share-based payment expenses were recognized under the share award scheme and share option scheme for the six months ended June 30, 2025[155](index=155&type=chunk)[157](index=157&type=chunk) - No share options vested or were exercised for the six months ended June 30, 2025[157](index=157&type=chunk) [Capital Commitments and Fair Value Measurement of Financial Instruments](index=47&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E8%88%87%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) As of June 30, 2025, contracted but unprovided capital expenditure for property, plant, and equipment was RMB 1.37 million; financial assets at fair value are measured using market approach and classified as Level 3, with management deeming carrying amounts of financial assets and liabilities at amortized cost approximate their fair values Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted but unprovided capital expenditure for property, plant and equipment | 1,369 | 258 | - Financial assets at fair value through profit or loss are valued using the market approach, with key inputs including comparable company market multiples, IPO, redemption, and liquidation probabilities, risk-free rates, and expected volatility, classified as Level 3 fair value measurements[160](index=160&type=chunk) - Management believes that the carrying amounts of financial assets and financial liabilities measured at amortized cost approximate their fair values[161](index=161&type=chunk) [Related Party Transactions](index=49&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group engaged in various related party transactions with entities under common control by the controlling shareholder, including sales, purchases, testing, sales support, warehouse, IT services, short-term lease fees, lease liability payments, and property management fees, with director remuneration also disclosed as key management personnel compensation Related Party Transactions (Six Months Ended June 30, 2025) | Transaction Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales to related parties | 94,926 | 113,590 | | Provision of testing services to related parties | 126 | 57 | | Purchases from related parties | 66,564 | 79,698 | | Sales support service fees | 27,594 | 28,320 | | Warehouse service fees | 4,500 | 4,500 | | IT service fees | 1,150 | 1,150 | | Short-term lease related fees | 571 | 1,248 | | Lease liability payments | 3,045 | 3,112 | | Property management fees | 1,786 | 932 | - Directors' remuneration is disclosed in Note 9 as part of key management personnel compensation[165](index=165&type=chunk)

控股有限公司 Country Garden Holdings Company Limited 2025 中期報告 股份代號：2007 （於開曼群島註冊成立的有限公司） www.countrygarden.com.cn 碧桂園控股有限公司 Country Garden Holdings Company Limited 20 25 中 期 我們組建科技建築集團，打造由建築機器人、新型裝 配式、智能裝備、BIM數字化等構成的智慧建造體系， 努力實現安全、質量、效率、環保和科技的完美結 合，拓展施工總承包、勞務分包等業務，引領和推動傳統 建築業變革。 我們成立鳳凰智拓建管公司，積極外拓輕資產代管代建業 務，充分發揮集團積澱多年的設計、開發、成本、客戶資 源等多方面專業優勢，研究市場需求並不斷進行產品迭 代，攜手合作夥伴共同成就卓越項目。 報 告 碧桂園 是什麼 碧桂園是為社會創造 幸福生活的高科技綜合性企業。 我們積極投身機器人產業和科技建造事業 科技發展日新月異，機器人時代已經到來。我們投身 科技創新大潮，廣納人才、博採眾長，用科技的力量 為社會創造美好生活，助力國家科技進步和高質量發 展。 我們成立博智林機器人公 ...

目錄 | 公司資料 | 2 | | --- | --- | | 致股東函件 | 4 | | 管理層討論及分析 | 7 | | 簡明綜合損益表 | 13 | | 簡明綜合全面收益表 | 14 | | 簡明綜合財務狀況表 | 15 | | 簡明綜合權益變動表 | 17 | | 簡明綜合現金流量表 | 18 | | 簡明綜合中期財務報表附註 | 20 | | 其他資料 | 41 | 公司資料 董事會 執行董事 王承偉 （主席） 陳遠強 （副主席及董事總經理） 林炳麟 非執行董事 王妍 胡志釗 獨立非執行董事 詹伯樂 唐景炘 陳子君 審核委員會 唐景炘 （主席） 胡志釗 詹伯樂 薪酬委員會 提名委員會 陳子君 （主席） 詹伯樂 唐景炘 王承偉 林炳麟 公司秘書 盧潤生 主要往來銀行 香港上海滙豐銀行有限公司 東亞銀行有限公司 恒生銀行有限公司 中國銀行（香港）有限公司 上海商業銀行有限公司 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌英皇道979號 太古坊一座27樓 主要股份過戶登記處 Ocorian Management (Bermuda) Limited Victoria Place, ...

Financial Performance - Revenue for the six months ended June 30, 2025, was $1,652,000, a decrease of 55.4% compared to $3,704,000 for the same period in 2024[11]. - Gross profit for the same period was $1,214,000, down 58.9% from $2,954,000 year-over-year[11]. - The net loss for the period was $(7,792,000), a slight improvement of 1.9% compared to $(7,943,000) in the previous year[11]. - Revenue for the six months ended June 30, 2025, was approximately $1.7 million, a decrease of about 55.4% compared to $3.7 million for the same period in 2024[77]. - Gross profit for the same period was approximately $1.2 million, down about 58.9% from $3.0 million in the previous year, resulting in a gross margin of approximately 73.5%[79]. - Other income and gains increased to approximately $4.5 million, up about $1.1 million from $3.4 million in the previous year, primarily due to increased government subsidies[80]. - Research and development costs decreased to approximately $4.5 million, down about 31.4% from $6.5 million in the previous year, due to a focus on core product development[84]. - Cash and bank balances totaled approximately $130.8 million as of June 30, 2025, a decrease of about $8.5 million from $139.3 million at the end of 2024[87]. - The capital debt ratio as of June 30, 2025, was 0.03%, a decrease from 0.19% at the end of 2024[90]. - Sales and distribution expenses were approximately $3.3 million, a decrease of about 11.9% compared to the previous year[81]. - The adjusted net loss for the six months ended June 30, 2025, was $6,956,000, compared to $7,832,000 for the same period in 2024, reflecting a decrease of approximately 11.1%[97]. - Total employee costs for the reporting period were approximately $6.01 million, down from $7.86 million in the same period of 2024, indicating a reduction of about 23.5%[103]. - The company reported a net loss of $7,792,000 for the six months ended June 30, 2025, slightly improved from a net loss of $7,943,000 in the same period of 2024[97]. Product Development and Innovation - The company’s core product, BroncAblate®智衡®, received approval from the National Medical Products Administration (NMPA) for market launch in China, marking a significant innovation in lung cancer treatment[12]. - As of July 2025, BroncAblate®智衡® has been clinically applied in multiple top medical centers across the country, demonstrating significant clinical efficacy[13]. - InterVapor® has been trialed in over 200 hospitals in China, with more than 500 clinical applications reported, receiving positive feedback from both doctors and patients[14]. - The company is advancing its clinical trials for the TLD ablation system, with 109 subjects enrolled as of June 30, 2025, showing general improvement in patient clinical performance[17]. - The company is actively promoting innovative products in the respiratory intervention field, with a focus on commercializing and expanding clinical applications[16]. - The lung imaging processing software BroncQCT® received approval from the Zhejiang Provincial Drug Administration for market entry in China in March 2025, significantly enhancing doctors' efficiency in interpreting lung CT images[18]. - The LungPro® augmented reality optical lung navigation system was showcased at the 5th International Sublobar Conference and Bronchoscopic Ablation Summit in Paris, highlighting its clinical advancements and strong feedback from experts[20]. - The company established a comprehensive interventional respiratory disease treatment platform, integrating navigation, diagnosis, and treatment, addressing unmet clinical needs in the rapidly growing interventional pulmonology market[24]. - The company showcased its one-stop respiratory intervention innovation solution at the 2025 CMEF in Shanghai, covering the entire process from precise positioning to effective treatment[21]. - The company is committed to global strategic expansion, actively promoting its products and technologies in international markets[20]. Market Presence and Regulatory Approvals - As of June 30, 2025, the company holds 69 overseas registration certificates, including 4 CE certificates and 7 FDA certificates, indicating successful market access efforts[23]. - The company introduced the BroncAblate®智衡® lung radiofrequency ablation system at multiple academic forums, receiving high praise for its clinical value in minimally invasive lung treatment[23]. - The company is focusing on the commercialization of interventional treatment products, with ongoing clinical trials and product development aimed at filling domestic market gaps[63]. - The respiratory intervention market is evolving towards precision treatment, necessitating a repositioning of navigation products to enhance their clinical value[63]. - The company aims to expand its market space and accelerate the development of more product pipelines to support sustainable growth and value creation[71]. - The company has received government subsidies totaling $1.7 million during the reporting period, compared to $0.1 million as of June 30, 2024[72]. - The company is actively promoting the inclusion of innovative products in China's medical insurance, with InterVapor® already covered in some provinces[69]. Clinical Trials and Research - The company is actively conducting post-market clinical studies for InterVapor® across over 30 hospitals in China, aiming to gather high-quality evidence for COPD treatment[38]. - The TLD radiofrequency ablation energy system, developed in collaboration with Sichuan University, has initiated a clinical trial involving 189 moderate to severe COPD patients across over 20 centers, with more than 100 participants enrolled as of June 30, 2025[39]. - The BTVA technique, associated with the InterVapor® system, has been included in the GOLD guidelines for COPD treatment for seven consecutive years, highlighting its significance in improving lung function and quality of life for patients[36]. - The TLD system's clinical trial is expected to complete all follow-ups by 2026, with data release planned post-trial completion[39]. Corporate Governance and Compliance - The company has established compliance policies to ensure adherence to applicable laws and regulations, with no significant non-compliance events reported during the period[141]. - The company has adopted corporate governance practices based on the principles outlined in the Corporate Governance Code, ensuring compliance with applicable provisions[142]. - The company will continue to review and monitor its corporate governance practices to maintain high standards[144]. Shareholder Information and Equity Plans - The company did not recommend the payment of an interim dividend for the reporting period, consistent with the previous year[98]. - The company has adopted two equity incentive plans: a stock option plan and a restricted share unit plan[114]. - The total number of securities available for issuance under the stock option plan is 4,096,960 shares, approximately 0.78% of the total issued shares[115]. - The company has a stock option plan that allows for the granting of options to eligible participants, including senior executives and employees, with a maximum allocation of 1% of issued shares[119]. - The company has a total of 2,658,588 shares in BRS Biomedical Limited, with 2,160,000 shares attributed to Mr. Zi under a restricted share unit plan[117]. - The company has not granted any rewards under the Restricted Share Unit Plan during the reporting period, with the number of available rewards remaining at 51,922,566 shares[123].

Revenue Growth - Revenue increased from approximately RMB98.5 million for the six months ended 30 June 2024 to approximately RMB138.4 million for the six months ended 30 June 2025, representing an increase of approximately 40.5%[19] - Revenue generated from the sale of heavy truck decorative components increased from approximately RMB90.9 million in the six months ended 30 June 2024 to approximately RMB98.7 million in the six months ended 30 June 2025, an increase of approximately 8.6%[17] - Revenue from the sale of passenger vehicle decorative components and related moulds increased by approximately 428.0% from RMB7.5 million for the six months ended 30 June 2024 to RMB39.6 million for the corresponding period ended 30 June 2025[18] - The Group's revenue for the six months ended June 30, 2025, was RMB 138,353,000, an increase of 40.5% compared to RMB 98,461,000 for the same period in 2024[123] - Revenue from sales of heavy trucks' decorative components and parts was RMB 98,731,000, up from RMB 90,942,000, reflecting a growth of 8.0%[123] - Sales of passenger vehicles' decorative components and related moulds surged to RMB 39,622,000, a significant increase from RMB 7,519,000, marking a growth of 426.5%[123] Profitability and Margins - Gross profit increased from approximately RMB15.8 million for the six months ended 30 June 2024 to about RMB19.2 million for the six months ended 30 June 2025, representing a growth of approximately 21.5%[20] - Overall gross profit margin decreased from about 16.0% in the six months ended 30 June 2024 to about 13.9% in the six months ended 30 June 2025, mainly due to increased labor costs and decreased prices of some products[20] - Gross profit for the same period was RMB 19,211,000, up from RMB 15,796,000, indicating a gross profit margin improvement[93] - The gross profit for the reportable segments for the same period was RMB 19,211,000, compared to RMB 15,796,000 for the six months ended June 30, 2024, representing an increase of approximately 21.5%[142] Expenses and Financial Performance - Selling and distribution expenses increased by approximately 164.7%, from approximately RMB1.7 million for the six months ended 30 June 2024 to approximately RMB4.5 million for the six months ended 30 June 2025[26][31] - Administrative expenses increased by 23.0%, from about RMB15.2 million for the six months ended 30 June 2024 to about RMB18.7 million for the six months ended 30 June 2025, mainly due to increased research and development costs[27][32] - Financial costs increased by approximately 38.2%, from approximately RMB3.4 million for the six months ended 30 June 2024 to approximately RMB4.7 million for the six months ended 30 June 2025, primarily due to an increase in bank and other loan amounts[28][33] - The loss for the period was approximately RMB6.0 million for the six months ended 30 June 2025, compared to a loss of approximately RMB3.7 million for the six months ended 30 June 2024[36][41] - Loss attributable to equity shareholders for the period was RMB 5,986,000, compared to a loss of RMB 3,676,000 in the prior year, reflecting a worsening financial performance[93] - The company incurred finance costs of RMB 4,709,000, which is an increase from RMB 3,366,000 in the previous year[93] Cash Flow and Liquidity - As of 30 June 2025, the Group maintained cash and cash equivalents of approximately RMB83.6 million, down from RMB95.5 million as of 31 December 2024[37][42] - Cash generated from operations was RMB454,000, a significant recovery from a cash usage of RMB24,275,000 in the previous year[106] - Cash and cash equivalents at June 30, 2025, were RMB83,559,000, an increase from RMB50,328,000 at the same time last year[106] - The total equity as of June 30, 2025, was RMB241,412,000, down from RMB247,598,000 at the end of 2024, reflecting a decrease of 2.5%[99] Operational Challenges - The company is facing significant operational pressure amidst keen industry competition and slowed domestic consumption growth[10] - The automotive industry showed an overall growth trend in the first half of 2025, with a slight increase in heavy truck market sales and steady growth in passenger car market sales[10] - The company is the largest heavy truck interior decorative components and parts manufacturer in North West China, holding a market-leading position[11] Research and Development - The significant growth in passenger vehicle components revenue is attributed to the mass production of newly developed products during the current fiscal year[18] - Research and development costs increased significantly to RMB7,311,000, up 120% from RMB3,328,000 in the prior year[154] Corporate Governance and Compliance - The Group has complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2025, except for one deviation regarding the roles of chairman and chief executive[70] - The audit committee reviewed the interim results for the six months ended June 30, 2025, ensuring compliance with accounting principles[90] Employee and Staffing - The Group had a total of 396 full-time employees as of June 30, 2025, compared to 357 employees as of June 30, 2024, representing an increase of approximately 10.9%[60] - Total staff costs incurred by the Group for the six months ended June 30, 2025, were approximately RMB27.59 million, up from approximately RMB18.7 million for the same period in 2024, indicating an increase of about 47.5%[60] Market Outlook - The automotive industry is expected to maintain a sustained growth trend this year, driven by both domestic and foreign demand[69] - The Group plans to strengthen cooperation with existing customers and actively expand its customer base in the passenger vehicle sector to enhance its core competitiveness[69]

Interim Report 2025 中期報告 Interim Report 202 5 中 期 報 告 AUDIT COMMITTEE Mr. Leung Yau Wan John (梁又穩) (Chairman) Mr. Lee Kwok Tung Louis (李國棟) Mr. Au Yeung Po Fung (歐陽寶豐) REMUNERATION COMMITTEE CONTENTS目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Highlights | 5 | | 財務摘要 | | | Business Review and Outlook | 6 | | 業務回顧及前景 | | | Management Discussion and Analysis | 9 | | 管理層討論與分析 | | | Corporate Governance and Other Information | 39 | | 企業管治及其他資料 | | | Condensed Consolidated Statement of P ...

Financial Performance - In the first half of 2025, the company achieved a revenue growth of 5.3% in China, amidst a macroeconomic environment characterized by overcapacity and price competition[10]. - Total revenue for the six months ended June 30, 2025, was approximately RMB 697.14 million, an increase of 33.3% compared to RMB 522.64 million for the same period in 2024[17]. - Revenue for the six months ended June 30, 2025, was RMB 69,714,000, an increase of 33.5% compared to RMB 52,264,000 for the same period in 2024[64]. - Revenue from sales of plate-type denitration catalysts decreased by 80.8% to approximately RMB 7.3 million, primarily due to a decline in average selling price and sales volume[18]. - Revenue from sales of honeycomb denitration catalysts increased by 467.3% to approximately RMB 60.7 million, driven by increased sales volume[19]. - Revenue from sales of automotive denitration catalysts decreased by 52.8% to approximately RMB 1.7 million, mainly due to a significant reduction in sales orders[20]. - Gross profit for the period was approximately RMB 11.9 million, down from RMB 13.5 million in the same period of 2024[21]. - The company reported a loss before tax of RMB 7,062,000, an improvement from a loss of RMB 9,657,000 in the previous year, representing a 26.4% reduction in losses[64]. - The total loss attributable to the company's owners for the six months ended June 30, 2025, was RMB 7,062,000, an improvement from a loss of RMB 9,657,000 in the prior year, representing a reduction of 26.4%[89]. Cost Management - The production of industrial honeycomb and plate catalysts increased, fulfilling 88 orders, while cost control measures were implemented to maintain gross profit levels[13]. - The company is focused on reducing costs through research on raw material performance and equipment optimization, building on achievements from the first half of 2025[16]. - Selling and marketing expenses increased by 10.2% to approximately RMB 13.0 million, accounting for 18.7% of total revenue for the six months ended June 30, 2025[22]. - Administrative expenses decreased by 30.3% to approximately RMB 8.5 million, due to further control of administrative costs[23]. - The cost of inventory recognized as an expense and included in cost of sales was approximately RMB 57,771,000 for the six months ended June 30, 2025, compared to RMB 38,804,000 in the same period last year, indicating an increase of 48.8%[91]. Market and Sales Strategy - The company completed 716 customer inquiries and technical support for catalysts, with 221 formal bids and 92 technical agreements signed, indicating an increase in marketing efforts compared to the previous year[12]. - The company plans to continue optimizing its pricing system and sales incentive structure to expand market contracts in the second half of 2025[16]. - The company aims to strengthen marketing efforts for new catalysts in sectors such as waste incineration and biomass power generation, which are crucial for future business development[16]. - The company made significant breakthroughs in the international market for plate catalysts, receiving widespread recognition for product quality[14]. - The company continues to focus on the design, development, production, and sales of denitration catalysts in China[73]. Human Resources and Development - The company is enhancing internal talent development and external recruitment to support market expansion and new product development[16]. - The company has 186 employees as of June 30, 2025, with total employee compensation amounting to RMB 19.7 million during the period[42]. - The company incurred research and development expenses of RMB 1,471,000, down 36.1% from RMB 2,303,000 in the previous year[64]. - The company is actively considering adopting a new share plan to continue employee incentive measures as the existing stock option plan will expire on October 14, 2025[55]. Financial Position and Assets - As of June 30, 2025, the company's debt-to-asset ratio was 2.2%, down from 2.7% as of December 31, 2024, due to a reduction in borrowings[28]. - Total assets as of June 30, 2025, were RMB 446,022,000, an increase from RMB 436,924,000 as of December 31, 2024[66]. - Total liabilities increased to RMB 324,192,000 from RMB 305,766,000, reflecting a rise of 6.5%[66]. - Cash and cash equivalents rose significantly to RMB 48,041,000 from RMB 18,067,000, indicating a strong liquidity position[66]. - The company’s net assets decreased to RMB 121,830,000 from RMB 131,158,000, a decline of 7.1%[67]. Investments and Commitments - The company has invested approximately RMB 1.9 million in capital expenditures during the period, compared to RMB 6.5 million for the six months ending June 30, 2024[34]. - The company has committed to invest RMB 2,000,000 thousand in a joint venture, holding 40% equity, with RMB 600,000 thousand already injected as of June 30, 2025[101]. - The capital expenditure contracted but not provided for in the financial statements is RMB 3,350 thousand as of June 30, 2025, compared to RMB 2,825 thousand as of December 31, 2024, indicating an increase of approximately 18.6%[101]. Shareholder and Governance - As of June 30, 2025, the company has a total of 592,844,400 shares issued, with key shareholders holding significant stakes: Advant Performance Limited at 42.48% and EEC Technology Limited at 8.62%[47][52]. - The company has no outstanding stock options under its stock option plan as of June 30, 2025, with a total of 49,403,700 options available for grant, representing 8.33% of the issued shares[54]. - The board has proposed not to declare an interim dividend for the period ending June 30, 2024, maintaining the dividend at zero[56]. - The company has complied with the corporate governance code, except for the combined roles of the chairperson and CEO, which the board believes provides strong leadership[58]. Risks and Liabilities - The company has no significant contingent liabilities, guarantees, or litigation as of June 30, 2025[36]. - The company faces minimal foreign exchange risk, primarily related to deposits denominated in euros, HKD, and USD[40]. - The company did not recognize any income tax expense for the six months ended June 30, 2025, due to sufficient tax losses available to offset taxable profits[88]. - There were no significant related party transactions reported for the six months ending June 30, 2025, and June 30, 2024[102].