Interim Report 2025 中期報告 中期報告 2025 Interim Report | 目錄 | | --- | | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 管理層討論及分析 | 4 | | 綜合損益及其他全面收益表 | 13 | | 綜合財務狀況表 | 14 | | 綜合權益變動表 | 15 | | 簡明綜合現金流量表 | 16 | | 未經審核中期財務報告附註 | 17 | | 獨立審閱報告 | 30 | | 其他資料 | 31 | 公司資料 執行董事 劉志賢先生 （主席） 冼浩釗先生 鄭大昭教授 陳健勤先生（自二零二五年五月三十日起獲委任） 薪酬委員會 冼浩釗先生 （主席） 劉志賢先生 鄭大昭教授 陳健勤先生（自二零二五年五月三十日起獲委任） 吳永康先生 提名委員會 吳永康先生 吳玉群女士 梁淑萍女士 獨立非執行董事 冼浩釗先生 劉志賢先生 鄭大昭教授 陳健勤先生（自二零二五年五月三十日起獲委任） 授權代表 吳永康先生 陳百恆先生 審核委員會 鄭大昭教授 （主席） 冼浩釗先生 劉志賢先生 陳健勤先生（自二零二五年五月三十日起獲委任） 吳玉群女士 公 ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides an overview of the company's governance structure, key personnel, and operational details [Board of Directors and Company Secretary](index=3&type=section&id=%E8%91%A3%E4%BA%8B) The company's board comprises executive and independent non-executive directors, with Mr. Zhong Youtang serving as Company Secretary - Executive Directors include Mr. Mei Zefeng (Chairman), Ms. Liu Ping (Chief Executive Officer), Mr. Zhang Zhihong, Ms. Lu Xiaoyu, and Mr. Xu Chao[3](index=3&type=chunk) - Independent Non-executive Directors include Mr. Liu Yingjie, Mr. Yang Guang, and Mr. Cao Cheng[3](index=3&type=chunk) - The Company Secretary is Mr. Zhong Youtang[3](index=3&type=chunk) [Committees](index=3&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The company maintains Audit, Remuneration, and Nomination Committees, primarily chaired or composed of independent non-executive directors - The Audit Committee is chaired by Mr. Liu Yingjie, with members Mr. Yang Guang and Mr. Cao Cheng[3](index=3&type=chunk) - The Remuneration Committee is chaired by Mr. Cao Cheng, with members Mr. Liu Yingjie, Mr. Yang Guang, and Mr. Zhang Zhihong[3](index=3&type=chunk) - The Nomination Committee is chaired by Ms. Liu Ping, with members Mr. Liu Yingjie, Mr. Yang Guang, and Mr. Cao Cheng[3](index=3&type=chunk) [Registered and Business Locations](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E8%BE%A6%E4%BA%8B%E8%99%95) The company's registered office is in the Cayman Islands, with its China headquarters in Changzhou, Jiangsu, and principal Hong Kong office in Central - The registered office is located at Cricket Square, Hutchins Drive, Cayman Islands[3](index=3&type=chunk) - The China headquarters is located at Wuyi Village, Hengshanqiao Town, Wujin District, Changzhou City, Jiangsu Province[3](index=3&type=chunk) - The principal place of business in Hong Kong is located at 18th Floor, 9 Queen's Road Central, Central, Hong Kong[3](index=3&type=chunk) [Auditor and Legal Advisor](index=3&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB) KPMG serves as the company's auditor, and Siao, Wen and Leung is the Hong Kong legal advisor - The auditor is KPMG[3](index=3&type=chunk) - The Hong Kong legal advisor is Siao, Wen and Leung[3](index=3&type=chunk) [Share Registrar](index=3&type=section&id=%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E7%B8%BD%E8%99%95) The company's principal share registrar is in the Cayman Islands, with Tricor Investor Services Limited as its Hong Kong branch share registrar - The principal share registrar is Conyers Trust Company (Cayman) Limited[3](index=3&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[4](index=4&type=chunk) [Listing Information](index=4&type=section&id=%E4%B8%8A%E5%B8%82%E8%B3%87%E6%96%99) The company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 6890.HK - The company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[4](index=4&type=chunk) - The stock code is 6890.HK[4](index=4&type=chunk) [Consolidated Statement of Profit or Loss](index=4&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This section presents the company's financial performance, including revenue, gross profit, and net profit, for both continuing and discontinued operations [Continuing Operations](index=4&type=section&id=%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) For the six months ended June 30, 2025, revenue and profitability from continuing operations significantly declined, with revenue down 27.0% and profit down 83.0% Continuing Operations Key Financial Data (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 731,393 | 1,002,304 | -27.0% | | Cost of sales | (672,934) | (881,935) | -23.7% | | Gross profit | 58,459 | 120,369 | -51.4% | | Other income | 2,295 | 3,621 | -36.6% | | Selling expenses | (31,968) | (33,428) | -4.4% | | Administrative expenses | (10,562) | (9,329) | 13.2% | | Impairment loss on trade receivables | (594) | (13) | 4469.2% | | Operating profit | 17,630 | 81,220 | -78.3% | | Finance costs | (7,276) | (10,185) | -28.6% | | Profit before tax | 10,354 | 71,035 | -85.4% | | Income tax | 213 | (8,981) | -102.4% | | Profit for the period from continuing operations | 10,567 | 62,054 | -83.0% | [Discontinued Operations](index=4&type=section&id=%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) Discontinued operations recorded a loss of **RMB 194 thousand** for the six months ended June 30, 2025, compared to a profit in the prior year Profit/(Loss) for the Period from Discontinued Operations (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit/(loss) for the period from discontinued operations, net of tax | (194) | 174 | [Earnings Per Share](index=4&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share significantly decreased to **1.71 RMB cents** for the six months ended June 30, 2025, from **10.26 RMB cents** in the prior year Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 1.71 | 10.26 | | Basic and diluted earnings per share from continuing operations | 1.74 | 10.24 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) This section details the company's profit for the period and other comprehensive income, including foreign exchange differences, and their attribution to equity holders [Profit for the Period and Other Comprehensive Income](index=5&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, profit for the period and total comprehensive income both significantly decreased, mainly due to lower profit and a foreign exchange loss Profit for the Period and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 10,373 | 62,228 | | Exchange differences on translation of the Group's presentation currency | (356) | 82 | | Total comprehensive income for the period | 10,017 | 62,310 | [Attributable to Equity Holders of the Company](index=5&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%B5) Total comprehensive income attributable to equity holders decreased significantly from **RMB 62,310 thousand** in 2024 to **RMB 10,017 thousand** in 2025 Total Comprehensive Income Attributable to Equity Holders of the Company (For the six months ended June 30) | Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | From continuing operations | 10,320 | 62,115 | | From discontinued operations | (303) | 195 | | Total comprehensive income for the period | 10,017 | 62,310 | [Consolidated Statement of Financial Position](index=6&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This section outlines the company's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 [Non-current Assets](index=6&type=section&id=%E9%9D%9E%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) As of June 30, 2025, total non-current assets slightly decreased, primarily due to a reduction in property, plant, and equipment Non-current Assets (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property, plant and equipment | 327,172 | 334,187 | | Loans to related parties | 22,475 | 21,925 | | **Total non-current assets** | **349,647** | **356,112** | [Current Assets](index=6&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) As of June 30, 2025, total current assets slightly increased, driven by growth in inventories and trade and bills receivables, despite a decrease in bank balances and cash Current Assets (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Inventories | 522,712 | 433,554 | | Trade and bills receivables | 494,409 | 469,839 | | Prepayments, deposits and other receivables | 175,879 | 198,545 | | Bank balances and cash | 177,165 | 239,102 | | **Total current assets** | **1,370,165** | **1,341,040** | [Current Liabilities](index=6&type=section&id=%E6%B5%81%E5%8B%95%E8%B2%A0%E5%82%B5) As of June 30, 2025, total current liabilities increased, mainly due to a significant rise in bank borrowings Current Liabilities (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and bills payables | 307,507 | 357,820 | | Accruals and other payables | 38,069 | 40,492 | | Bank borrowings | 399,245 | 276,500 | | Lease liabilities | 1,349 | 1,690 | | Current tax | 27,628 | 31,512 | | **Total current liabilities** | **773,798** | **708,014** | [Non-current Liabilities](index=6&type=section&id=%E9%9D%9E%E6%B5%81%E5%8B%95%E8%B2%A0%E5%82%B5) As of June 30, 2025, total non-current liabilities significantly decreased, primarily due to a reduction in bank borrowings Non-current Liabilities (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank borrowings | 20,000 | 72,600 | | Lease liabilities | 27,530 | 27,631 | | Other non-current liabilities | 3,326 | 3,484 | | Deferred tax liabilities | 10,082 | 10,364 | | **Total non-current liabilities** | **60,938** | **114,079** | [Capital and Reserves](index=6&type=section&id=%E8%B3%87%E6%9C%AC%E5%8F%8A%E5%84%B2%E5%82%99) As of June 30, 2025, total equity attributable to equity holders slightly increased, mainly driven by growth in retained profits Capital and Reserves (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share capital | 534 | 534 | | Reserves | 884,542 | 874,525 | | **Total equity attributable to equity holders of the Company** | **885,076** | **875,059** | [Consolidated Statement of Changes in Equity](index=7&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section details the changes in the company's equity attributable to equity holders for the six months ended June 30, 2025 [Changes in Equity](index=7&type=section&id=%E6%96%BC2024%E5%B9%B41%E6%9C%881%E6%97%A5%E7%9A%84%E7%B5%90%E9%A4%98) Total equity attributable to equity holders increased from **RMB 875,059 thousand** as of December 31, 2024, to **RMB 885,076 thousand** as of June 30, 2025, primarily due to profit for the period Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Other Reserves (RMB thousand) | Capital Reserve (RMB thousand) | Statutory Reserve (RMB thousand) | Exchange Reserve (RMB thousand) | Retained Profits (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at January 1, 2024 | 534 | 142,753 | 180,000 | 107,021 | 40,365 | 233 | 311,378 | 782,284 | | Changes in equity for the six months ended June 30, 2024: | | | | | | | | | | Profit for the period | – | – | – | – | – | – | 62,228 | 62,228 | | Other comprehensive income for the period | – | – | – | – | – | 82 | – | 82 | | Total comprehensive income | – | – | – | – | – | 82 | 62,228 | 62,310 | | Balance at June 30, 2024 and July 1, 2024 | 534 | 142,753 | 180,000 | 107,021 | 40,365 | 315 | 373,606 | 844,594 | | Changes in equity for the six months ended December 31, 2024: | | | | | | | | | | Profit for the period | – | – | – | – | – | – | 30,475 | 30,475 | | Other comprehensive income for the period | – | – | – | – | – | (10) | – | (10) | | Total comprehensive income | – | – | – | – | – | (10) | 30,475 | 30,465 | | Transfer to reserves | – | – | – | – | 9,956 | – | (9,956) | – | | Balance at December 31, 2024 | 534 | 142,753 | 180,000 | 107,021 | 50,321 | 305 | 394,125 | 875,059 | | Balance at January 1, 2025 | 534 | 142,753 | 180,000 | 107,021 | 50,321 | 305 | 394,125 | 875,059 | | Changes in equity for the six months ended June 30, 2025: | | | | | | | | | | Profit for the period | – | – | – | – | – | – | 10,373 | 10,373 | | Other comprehensive income for the period | – | – | – | – | – | (356) | – | (356) | | Total comprehensive income | – | – | – | – | – | (356) | 10,373 | 10,017 | | Balance at June 30, 2025 | 534 | 142,753 | 180,000 | 107,021 | 50,321 | (51) | 404,498 | 885,076 | [Condensed Consolidated Statement of Cash Flows](index=8&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) This section summarizes the cash flows from operating, investing, and financing activities, and the overall change in cash and cash equivalents [Operating Activities](index=8&type=section&id=%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95) For the six months ended June 30, 2025, cash flow from operating activities shifted from a net inflow to a net outflow, reflecting a deterioration in operating performance Cash Flows from Operating Activities (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash (used in)/generated from operations | (104,911) | 46,913 | | Income tax paid | (3,982) | (8,465) | | Net cash (used in)/generated from operating activities | (108,893) | 38,448 | [Investing Activities](index=8&type=section&id=%E6%8A%95%E8%B3%87%E6%B4%BB%E5%8B%95) For the six months ended June 30, 2025, net cash outflow from investing activities increased, mainly due to higher payments for property, plant, and equipment Cash Flows from Investing Activities (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Payments for purchase of property, plant and equipment | (8,950) | (5,951) | | Proceeds from/(payments for) disposal of property, plant and equipment | 70 | (12) | | Disposal of discontinued operations, net of cash disposed of | 337 | – | | Interest received | 755 | 469 | | Net cash used in investing activities | (7,788) | (5,494) | [Financing Activities](index=8&type=section&id=%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95) For the six months ended June 30, 2025, cash flow from financing activities shifted from a net outflow to a net inflow, primarily driven by increased proceeds from new bank loans Cash Flows from Financing Activities (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Proceeds from new bank loans | 228,455 | 262,648 | | Repayment of bank loans | (158,310) | (263,528) | | Capital element of lease rentals paid | (442) | (423) | | Interest element of lease rentals paid | (715) | (735) | | Net decrease in amounts due to related parties | (55) | (217) | | Interest paid | (6,561) | (9,452) | | Net cash generated from/(used in) financing activities | 62,372 | (11,707) | [Changes in Cash and Cash Equivalents](index=8&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%EF%BC%88%E6%B8%9B%E5%B0%91%EF%BC%89%E2%88%95%E5%A2%9E%E5%8A%A0%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, net cash and cash equivalents decreased by **RMB 54,309 thousand**, with an ending balance of **RMB 87,897 thousand** Changes in Cash and Cash Equivalents (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net (decrease)/increase in cash and cash equivalents | (54,309) | 21,247 | | Cash and cash equivalents at January 1 | 142,386 | 79,430 | | Effect of foreign exchange rate changes | (180) | 181 | | Cash and cash equivalents at June 30 | 87,897 | 100,858 | [Notes to the Unaudited Interim Financial Report](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E9%99%84%E8%A8%BB) This section provides detailed notes and explanations supporting the unaudited interim financial statements [1 Company Information](index=9&type=section&id=1%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Kangli International Holdings Limited was incorporated in the Cayman Islands on December 21, 2017, listed on the HKEX Main Board on November 19, 2018, and primarily manufactures and sells steel products and provides property management services - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on December 21, 2017[12](index=12&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on November 19, 2018[12](index=12&type=chunk) - The Group is principally engaged in the manufacture and sale of cold rolled steel coils, non-color coated galvanized steel products, and color coated galvanized steel products, and the provision of property management services[12](index=12&type=chunk) [2 Basis of Preparation](index=9&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, using consistent accounting policies with the 2024 annual financial statements, with expected changes in 2025 - This interim financial report has been prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[13](index=13&type=chunk) - The basis of preparation is consistent with the accounting policies adopted in the 2024 annual financial statements, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[13](index=13&type=chunk) [3 Changes in Accounting Policies](index=9&type=section&id=3%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The Group applied amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," which had no material impact due to the absence of relevant foreign currency transactions - The Group has applied the amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability"[14](index=14&type=chunk) - As the Group has not entered into foreign currency transactions where one currency is not exchangeable into another, the amendments have no material impact on this interim report[14](index=14&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective for the current accounting period[15](index=15&type=chunk) [4 Discontinued Operations](index=10&type=section&id=4%20%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) The Group disposed of its Philippine property management subsidiary in Q1 2025 to refocus on core steel products, with limited impact on total revenue - The Group disposed of its wholly-owned subsidiary engaged in property management services in the Philippines for a cash consideration of **RMB 1,638 thousand** in the first quarter of 2025[16](index=16&type=chunk) - Management decided to take this step to strategically focus on the Group's core business of manufacturing and selling steel products[16](index=16&type=chunk) - The revenue from this business segment accounted for a very limited proportion of the Group's total revenue and will not have a significant impact on the Group's business[67](index=67&type=chunk) [4(a) Results of Discontinued Operations](index=10&type=section&id=4(a)%20%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%E7%9A%84%E6%A5%AD%E7%B8%BE) For the period ended February 28, 2025, discontinued operations recorded a loss of **RMB 194 thousand**, compared to a profit of **RMB 174 thousand** in the prior year Results of Discontinued Operations (For the period ended February 28, 2025 and June 30, 2024) | Indicator | January 1 to February 28, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,029 | 3,169 | | Results from operating activities | 143 | 218 | | Net loss on disposal of subsidiary | (308) | – | | Profit/(loss) for the period from discontinued operations, net of tax | (194) | 174 | | (Loss)/earnings per share (RMB cents) | (0.03) | 0.02 | [4(b) Cash Flows (Used in)/From Discontinued Operations](index=10&type=section&id=4(b)%20%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%EF%BC%88%E6%89%80%E7%94%A8%EF%BC%89%E2%88%95%E6%89%80%E5%BE%97%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) For the period ended February 28, 2025, discontinued operations generated a net cash inflow of **RMB 199 thousand**, primarily from investing activities Cash Flows from Discontinued Operations (For the period ended February 28, 2025 and June 30, 2024) | Indicator | January 1 to February 28, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (138) | 142 | | Net cash generated from/(used in) investing activities | 337 | (4) | | Net cash used in financing activities | – | (59) | | Net cash inflow for the period | 199 | 79 | [4(c) Effect of Disposal on the Group's Financial Position](index=11&type=section&id=4(c)%20%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85%E5%B0%8D%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E4%B9%8B%E5%BD%B1%E9%9F%BF) The disposal of discontinued operations generated a net cash inflow of **RMB 337 thousand**, with no significant impact on the Group's financial position Effect of Disposal on the Group's Financial Position (As of February 28, 2025) | Indicator | Amount (RMB thousand) | | :--- | :--- | | Net assets | 1,946 | | Consideration received, satisfied by cash | 1,638 | | Cash and cash equivalents disposed of | (1,301) | | Net cash inflow | 337 | [5 Revenue and Segment Reporting](index=11&type=section&id=5%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group primarily manufactures and sells steel products, having discontinued property management services; continuing operations revenue decreased by **27.0%** for the six months ended June 30, 2025, mainly due to lower sales of non-color coated and color coated galvanized steel products - The Group is principally engaged in the manufacture and sale of cold rolled steel coils, non-color coated galvanized steel products, and color coated galvanized steel products[20](index=20&type=chunk) - Total revenue from continuing operations was **RMB 731,393 thousand**, representing a decrease of **27.0%** compared to **RMB 1,002,304 thousand** in the corresponding period of 2024[21](index=21&type=chunk) [5(a) Revenue](index=11&type=section&id=5(a)%20%E6%94%B6%E7%9B%8A) Revenue from continuing operations primarily derived from steel product sales, with significant declines in non-color coated and color coated galvanized steel products Revenue from Contracts with Customers by Major Products and Services (For the six months ended June 30) | Product/Service | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sale of cold rolled steel coils | 81,453 | 76,329 | | Sale of non-color coated galvanized steel products | 368,310 | 525,839 | | Sale of color coated galvanized steel products | 281,630 | 400,136 | | **Total revenue from continuing operations** | **731,393** | **1,002,304** | | Provision of property management services (discontinued operations) | 1,029 | 3,169 | | **Total** | **732,422** | **1,005,473** | [5(b) Segment Reporting](index=12&type=section&id=5(b)%20%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group reports across four segments: cold rolled steel coils, non-color coated galvanized steel products, color coated galvanized steel products, and property management services; continuing operations gross profit decreased from **RMB 120,369 thousand** in 2024 to **RMB 58,459 thousand** in 2025 - The Group's reportable segments include cold rolled steel coils, non-color coated galvanized steel products, color coated galvanized steel products, and property management services[24](index=24&type=chunk) Reportable Segment Gross Profit (For the six months ended June 30) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cold rolled steel coils | 5,015 | 6,174 | | Non-color coated galvanized steel products | 29,037 | 64,597 | | Color coated galvanized steel products | 24,407 | 49,598 | | **Subtotal gross profit from continuing operations** | **58,459** | **120,369** | | Property management services (discontinued operations) | 389 | 842 | | **Total gross profit** | **58,848** | **121,211** | Reconciliation of Reportable Segment Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Reportable segment gross profit | 58,848 | 121,211 | | Other income | 2,299 | 3,655 | | Selling expenses | (31,968) | (33,428) | | Administrative expenses | (10,812) | (9,985) | | Impairment loss on trade receivables | (594) | (13) | | Finance costs | (7,276) | (10,187) | | Elimination of discontinued operations | (143) | (218) | | Consolidated profit before tax from continuing operations | 10,354 | 71,035 | [5(c) Geographical Information](index=14&type=section&id=5(c)%20%E5%9C%B0%E7%90%86%E8%B3%87%E6%96%99) The vast majority of the Group's revenue is generated from the China market, but revenue from Thailand and South Korea significantly decreased Geographical Distribution of Revenue from External Customers (For the six months ended June 30) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | The People's Republic of China ("China") | 674,483 | 897,971 | | Thailand | 38,093 | 67,729 | | Indonesia | 11,238 | 10,711 | | South Korea | 2,102 | 21,782 | | Other countries | 5,477 | 4,111 | | **Total revenue from external customers from continuing operations** | **731,393** | **1,002,304** | | Philippines (discontinued operations) | 1,029 | 3,169 | | **Total** | **732,422** | **1,005,473** | - The vast majority of the Group's non-current assets are located in China[28](index=28&type=chunk) [6 Other Income](index=15&type=section&id=6%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, other income from continuing operations was **RMB 2,295 thousand**, a decrease from **RMB 3,621 thousand** in the prior year, mainly due to lower net exchange gains Other Income (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 1,301 | 1,018 | | Net exchange gains | 501 | 1,899 | | Government grants | 388 | 529 | | Net loss on disposal of property, plant and equipment | – | (17) | | Others | 105 | 192 | | **Total** | **2,295** | **3,621** | [7 Profit Before Tax](index=15&type=section&id=7%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax is influenced by finance costs, staff costs, and depreciation expenses; for the six months ended June 30, 2025, finance costs decreased, while staff costs and depreciation remained relatively stable [7(a) Finance Costs](index=15&type=section&id=7(a)%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, finance costs from continuing operations decreased by **28.6%** to **RMB 7,276 thousand**, primarily due to lower interest expenses on discounted bills Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 6,561 | 9,452 | | Interest on lease liabilities | 715 | 733 | | **Total** | **7,276** | **10,185** | - Finance costs decreased by approximately **28.6%**, mainly due to lower interest expenses on discounted bills during the period resulting from falling interest rates[75](index=75&type=chunk) [7(b) Staff Costs](index=15&type=section&id=7(b)%20%E5%83%B1%E5%93%A1%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, staff costs from continuing operations increased to **RMB 33,974 thousand** from **RMB 30,574 thousand** in the prior year Staff Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 31,269 | 28,282 | | Contributions to defined contribution retirement plans | 2,705 | 2,292 | | **Total** | **33,974** | **30,574** | [7(c) Other Items](index=16&type=section&id=7(c)%20%E5%85%B6%E4%BB%96%E9%A0%85%E7%9B%AE) For the six months ended June 30, 2025, depreciation expense from continuing operations was **RMB 12,227 thousand**, and cost of inventories was **RMB 672,934 thousand** Other Items (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation expense – owned property, plant and equipment | 10,742 | 12,880 | | Depreciation expense – right-of-use assets | 1,485 | 1,487 | | **Total depreciation expense** | **12,227** | **14,367** | | Cost of inventories | 672,934 | 881,935 | [8 Income Tax](index=16&type=section&id=8%20%E6%89%80%E5%BE%97%E7%A8%85) For the six months ended June 30, 2025, income tax from continuing operations shifted from a tax expense of **RMB 8,981 thousand** to a tax credit of **RMB 213 thousand**, mainly due to reduced profit before tax and deferred tax temporary differences reversal Income Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC Enterprise Income Tax – current period provision | – | 6,392 | | PRC Enterprise Income Tax – under-provision in prior years | 69 | – | | Hong Kong Profits Tax – current period provision | – | 283 | | Deferred tax | (282) | 2,306 | | **Total** | **(213)** | **8,981** | - The Company and its subsidiaries incorporated in the Cayman Islands or British Virgin Islands are not subject to income tax[33](index=33&type=chunk) - Hong Kong subsidiaries are subject to Hong Kong Profits Tax at a rate of **16.5%**, with certain qualifying corporations enjoying a two-tiered tax rate (first **HK$2 million** taxed at **8.25%**)[34](index=34&type=chunk) - PRC subsidiaries are subject to PRC Enterprise Income Tax at a rate of **25%**, with "High and New Technology Enterprises" qualifying for a preferential tax rate of **15%**[40](index=40&type=chunk) - Qualifying research and development costs are eligible for an additional **100%** deduction when calculating income tax[40](index=40&type=chunk) [9 Earnings Per Share](index=17&type=section&id=9%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share significantly decreased to **1.71 RMB cents** from **10.26 RMB cents** in the prior year, with no difference between basic and diluted EPS - Basic earnings per share is calculated based on the profit/(loss) attributable to ordinary equity holders of the Company for the interim period and the weighted average number of ordinary shares in issue of **606,252,000** shares[35](index=35&type=chunk) Profit/(Loss) Attributable to Ordinary Equity Holders (For the six months ended June 30) | Item | 2025 Continuing Operations (RMB thousand) | 2025 Discontinued Operations (RMB thousand) | 2025 Total (RMB thousand) | 2024 Continuing Operations (RMB thousand) | 2024 Discontinued Operations (RMB thousand) | 2024 Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Profit/(loss) attributable to ordinary equity holders | 10,567 | (194) | 10,373 | 62,054 | 174 | 62,228 | - The Company had no potentially dilutive shares in issue for the six months ended June 30, 2025 and 2024, hence there is no difference between basic and diluted earnings per share[37](index=37&type=chunk) [10 Property, Plant and Equipment](index=17&type=section&id=10%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group recognized no increase in right-of-use assets, acquired plant and machinery for **RMB 4,032 thousand**, and disposed of certain assets [10(a) Right-of-use Assets](index=17&type=section&id=10(a)%20%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) For the six months ended June 30, 2025, no increase in right-of-use assets was recognized by the Group - No increase in right-of-use assets was recognized for the six months ended June 30, 2025 (for the six months ended June 30, 2024: **RMB 115 thousand**)[38](index=38&type=chunk) [10(b) Acquisition and Disposal of Self-owned Assets](index=17&type=section&id=10(b)%20%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E8%87%AA%E7%BD%AE%E8%B3%87%E7%94%A2) For the six months ended June 30, 2025, the Group acquired plant and machinery at a cost of **RMB 4,032 thousand** and disposed of assets with a carrying amount of **RMB 38 thousand** as part of discontinued operations, and plant and machinery with a net book value of **RMB 70 thousand** - For the six months ended June 30, 2025, the Group acquired plant and machinery at a cost of **RMB 4,032 thousand**[39](index=39&type=chunk) - Assets with a carrying amount of **RMB 38 thousand** were disposed of as part of discontinued operations[39](index=39&type=chunk) - Plant and machinery with a net book value of **RMB 70 thousand** were disposed of during the six months ended June 30, 2025[39](index=39&type=chunk) [11 Loans to Related Parties](index=18&type=section&id=11%20%E9%97%9C%E8%81%AF%E6%96%B9%E8%B2%B8%E6%AC%BE) Jiangnan Precision, a Group subsidiary, provided a three-year loan of **RMB 20,000,000** at 5.5% annual interest to related party Jiangnan Ferroalloy, securing an option to acquire property - Jiangnan Precision, a subsidiary of the Group, provided a three-year loan with a principal amount of **RMB 20,000,000** to Jiangnan Ferroalloy, a related party, bearing interest at an annual rate of **5.5%**[41](index=41&type=chunk) - Jiangnan Precision obtained an option to acquire property to be constructed in Changzhou Economic Development Zone at zero consideration, aiming to enhance office capacity[41](index=41&type=chunk) [12 Inventories](index=18&type=section&id=12%20%E5%AD%98%E8%B2%A8) As of June 30, 2025, total inventories amounted to **RMB 522,712 thousand**, an increase from December 31, 2024, primarily due to growth in raw materials and consumables [12(a) Inventories in the Consolidated Statement of Financial Position comprise](index=18&type=section&id=12(a)%20%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E5%85%A7%E7%9A%84%E5%AD%98%E8%B2%A8%E5%8C%85%E6%8B%AC) As of June 30, 2025, inventories primarily consisted of raw materials and consumables and finished goods Inventories in the Consolidated Statement of Financial Position (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw materials and consumables | 209,233 | 123,506 | | Finished goods | 313,479 | 310,048 | | **Total** | **522,712** | **433,554** | [12(b) An analysis of the amount of inventories recognized as an expense and included in the consolidated statement of profit or loss is as follows](index=18&type=section&id=12(b)%20%E7%A2%BA%E8%AA%8D%E7%82%BA%E9%96%8B%E6%94%AF%E4%B8%A6%E8%A8%88%E5%85%A5%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E7%9A%84%E5%AD%98%E8%B2%A8%E9%87%91%E9%A1%8D%E5%88%86%E6%9E%90%E5%A6%82%E4%B8%8B) For the six months ended June 30, 2025, the carrying amount of inventories sold and recognized as an expense in the consolidated statement of profit or loss was **RMB 672,934 thousand** Amount of Inventories Recognized as Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount of inventories sold | 672,934 | 881,935 | [13 Trade and Bills Receivables](index=18&type=section&id=13%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills receivables amounted to **RMB 494,409 thousand**, an increase from December 31, 2024, mainly due to growth in bills receivables Trade and Bills Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables, net of loss allowance | 180,359 | 196,169 | | Bills receivables | 314,050 | 273,670 | | **Financial assets measured at amortized cost** | **494,409** | **469,839** | - All trade and bills receivables (net of loss allowance) are expected to be recovered within one year[45](index=45&type=chunk) [13(a) Ageing Analysis](index=19&type=section&id=13(a)%20%E8%B3%AC%E9%BD%A1%E5%88%86%E6%9E%90) As of June 30, 2025, trade receivables were primarily due within one month, with a smaller proportion overdue by more than six months Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 105,550 | 138,502 | | 1 to 3 months | 72,745 | 52,993 | | Over 6 months | 2,060 | 2,878 | | 6 to 12 months | 4 | 1,796 | | **Total** | **180,359** | **196,169** | [13(b) As at 30 June 2025, the Group discounted certain bank acceptance bills received from customers with banks](index=19&type=section&id=13(b)%20%E6%96%BC2025%E5%B9%B46%E6%9C%8830%E6%97%A5%EF%BC%8C%E6%9C%AC%E9%9B%86%E5%9C%98%E6%96%BC%E9%8A%80%E8%A1%8C%E8%B2%BC%E7%8F%BE%E8%8B%A5%E5%B9%B2%E6%94%B6%E5%8F%96%E8%87%AA%E5%AE%A2%E6%88%B6%E7%9A%84%E9%8A%80%E8%A1%8C%E6%89%BF%E5%85%8C%E7%A5%A8%E6%93%9A) The Group's maximum loss and undiscounted cash outflow from discounted or endorsed bank acceptance bills was **RMB 124,643 thousand** as of June 30, 2025, a significant decrease from December 31, 2024 - The Group has fully derecognized discounted or endorsed bank acceptance bills as substantially all the risks and rewards of ownership have been transferred[46](index=46&type=chunk) - As of June 30, 2025, the maximum loss and undiscounted cash outflow for the Group, should the issuing banks fail to settle the bills on maturity, was **RMB 124,643 thousand** (December 31, 2024: **RMB 309,322 thousand**)[46](index=46&type=chunk) [13(c) As at 30 June 2025, bills receivables included bank acceptance bills discounted with banks or endorsed to suppliers with recourse](index=19&type=section&id=13(c)%20%E6%96%BC2025%E5%B9%B46%E6%9C%8830%E6%97%A5%EF%BC%8C%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8C%85%E6%8B%AC%E5%90%91%E9%8A%80%E8%A1%8C%E8%B2%BC%E7%8F%BE%E6%88%96%E5%90%91%E4%BE%9B%E6%87%89%E5%95%86%E8%83%8C%E6%9B%B8%E4%B8%A6%E9%99%84%E6%9C%89%E8%BF%BD%E7%B4%A2%E6%AC%8A%E7%9A%84%E9%8A%80%E8%A1%8C%E6%89%BF%E5%85%8C%E7%A5%A8%E6%93%9A) As of June 30, 2025, bank acceptance bills discounted or endorsed with recourse and not derecognized amounted to **RMB 68,859 thousand**, as the Group retained credit risk - As of June 30, 2025, bills receivables included bank acceptance bills discounted with banks or endorsed to suppliers with recourse totaling **RMB 68,859 thousand** (December 31, 2024: **RMB 8,669 thousand**)[46](index=46&type=chunk) - These bills receivables were not derecognized because the Group still faces credit risk for these receivables[46](index=46&type=chunk) [13(d) As at 30 June 2025, trade receivables of RMB2,553,000](index=19&type=section&id=13(d)%20%E6%96%BC2025%E5%B9%B46%E6%9C%8830%E6%97%A5%EF%BC%8C%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E4%BA%BA%E6%B0%91%E5%B9%A32%2C553%2C000%E5%85%83) As of June 30, 2025, trade receivables of **RMB 2,553 thousand** discounted with banks were not derecognized, as the Group retained credit risk - As of June 30, 2025, trade receivables of **RMB 2,553 thousand** (December 31, 2024: **RMB 7,100 thousand**) were discounted with banks[46](index=46&type=chunk) - These trade receivables were not derecognized because the Group still faces credit risk for these receivables[46](index=46&type=chunk) [14 Prepayments, Deposits and Other Receivables](index=20&type=section&id=14%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to **RMB 175,879 thousand**, a decrease from December 31, 2024, mainly due to lower prepayments for raw materials Prepayments, Deposits and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Payments for purchase of raw materials | 164,475 | 195,574 | | Payments for utilities and other expenses | 645 | 813 | | Deposits for forward steel contract transactions | 8,496 | – | | Other debtors | 2,263 | 2,158 | | **Financial assets measured at amortized cost** | **175,879** | **198,545** | [15 Bank Balances and Cash](index=20&type=section&id=15%20%E9%8A%80%E8%A1%8C%E5%AD%98%E6%AC%BE%E5%8F%8A%E7%8F%BE%E9%87%91) As of June 30, 2025, total bank balances and cash amounted to **RMB 177,165 thousand**, a decrease from December 31, 2024, including restricted deposits of **RMB 89,268 thousand** Bank Balances and Cash (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank balances | 177,125 | 238,996 | | Cash | 40 | 106 | | **Bank balances and cash in the consolidated statement of financial position** | **177,165** | **239,102** | | Less: Restricted deposits | (89,268) | (96,716) | | **Cash and cash equivalents in the condensed consolidated statement of cash flows** | **87,897** | **142,386** | - Restricted deposits refer to deposits placed with banks as collateral for bills issued and bank borrowings drawn by the Group[49](index=49&type=chunk) - The Group's operations in China are conducted in RMB, which is not a freely convertible currency, and the remittance of funds outside China is subject to foreign exchange controls[48](index=48&type=chunk) [16 Trade and Bills Payables](index=21&type=section&id=16%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills payables amounted to **RMB 307,507 thousand**, a decrease from December 31, 2024, primarily due to lower trade and bills payables Trade and Bills Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 44,093 | 65,130 | | Bills payables | 233,082 | 262,082 | | **Financial liabilities measured at amortized cost** | **277,175** | **327,212** | | Contract liabilities: prepayments received from customers | 30,332 | 30,608 | | **Total** | **307,507** | **357,820** | Ageing Analysis of Trade and Bills Payables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 142,408 | 208,080 | | 3 to 6 months | 133,835 | 117,459 | | Over 6 months | 932 | 1,673 | | **Total** | **277,175** | **327,212** | [17 Accruals and Other Payables](index=21&type=section&id=17%20%E6%87%89%E8%A8%88%E9%96%8B%E6%94%AF%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total accruals and other payables amounted to **RMB 38,069 thousand**, a slight decrease from December 31, 2024, but included new derivative financial liabilities from forward steel contracts Accruals and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Amounts payable for construction of property, plant and equipment | 25,251 | 28,935 | | Other tax payables | 4,681 | 5,775 | | Staff-related cost payables | 4,640 | 4,239 | | Amounts due to related parties | 31 | 86 | | Others | 1,251 | 1,457 | | **Financial liabilities measured at amortized cost** | **35,854** | **40,492** | | Derivative financial liabilities arising from forward steel contracts | 2,215 | – | | **Total** | **38,069** | **40,492** | [18 Bank Borrowings](index=22&type=section&id=18%20%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE) As of June 30, 2025, the Group's total bank borrowings amounted to **RMB 419,245 thousand**, an increase from December 31, 2024, with a significant rise in short-term borrowings and a decrease in long-term borrowings - As of June 30, 2025, the Group had bank borrowings of approximately **RMB 419,245 thousand**, of which approximately **RMB 140,800 thousand** were secured by the Group's property, plant and equipment or restricted bank deposits, and approximately **RMB 65,445 thousand** were secured by trade and bills receivables[82](index=82&type=chunk) [18(a) The Group's short-term bank borrowings are analysed as follows](index=22&type=section&id=18(a)%20%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E7%9F%AD%E6%9C%9F%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE%E5%88%86%E6%9E%90%E5%A6%82%E4%B8%8B) As of June 30, 2025, total short-term bank borrowings significantly increased to **RMB 399,245 thousand** from **RMB 276,500 thousand** as of December 31, 2024 Short-term Bank Borrowings Analysis (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured by the Group's property, plant and equipment or restricted bank deposits | 64,500 | 10,000 | | Secured by the Group's trade and bills receivables | 65,445 | 7,100 | | Guaranteed by third parties | 45,000 | 45,000 | | Unsecured and unguaranteed | 168,000 | 130,000 | | **Subtotal bank borrowings** | **342,945** | **192,100** | | Add: Current portion of long-term bank borrowings | 56,300 | 84,400 | | **Total** | **399,245** | **276,500** | [18(b) The Group's long-term bank borrowings are analysed as follows](index=22&type=section&id=18(b)%20%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E9%95%B7%E6%9C%9F%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE%E5%88%86%E6%9E%90%E5%A6%82%E4%B8%8B) As of June 30, 2025, total long-term bank borrowings significantly decreased to **RMB 76,300 thousand** from **RMB 157,000 thousand** as of December 31, 2024 Long-term Bank Borrowings Analysis (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured by the Group's property, plant and equipment or restricted bank deposits | 76,300 | 138,000 | | Unsecured and unguaranteed | – | 19,000 | | **Subtotal bank borrowings** | **76,300** | **157,000** | | Less: Current portion of long-term bank borrowings | (56,300) | (84,400) | | **Total** | **20,000** | **72,600** | Long-term Bank Borrowings Repayment Schedule (As of June 30, 2025) | Term | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 56,300 | 84,400 | | After 1 year but within 2 years | 20,000 | 72,600 | | **Total** | **76,300** | **157,000** | [18(c) The Group's assets pledged for bank borrowings are analysed as follows](index=23&type=section&id=18(c)%20%E7%82%BA%E6%9C%AC%E9%9B%86%E5%9C%98%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE%E4%BD%9C%E8%B3%AA%E6%8A%BC%E7%9A%84%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E5%88%86%E6%9E%90%E5%A6%82%E4%B8%8B) As of June 30, 2025, total assets pledged for the Group's bank borrowings amounted to **RMB 194,014 thousand**, an increase from December 31, 2024 The Group's Assets Pledged for Bank Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Pledged property, plant and equipment | 98,569 | 100,665 | | Pledged trade and bills receivables | 65,445 | 7,100 | | Pledged restricted bank deposits | 30,000 | 30,000 | | **Total** | **194,014** | **137,765** | [19 Deferred Tax Assets and Liabilities](index=23&type=section&id=19%20%E9%81%9E%E5%BB%B6%E7%A8%85%E9%A0%85%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) As of June 30, 2025, net deferred tax liabilities amounted to **RMB 10,082 thousand**, a slight decrease from December 31, 2024, mainly influenced by amounts credited to/charged from the consolidated statement of profit or loss Components and Movements of Deferred Tax Assets and Liabilities (As of June 30, 2025) | Item | Unused Tax Losses (RMB thousand) | Credit Loss Allowance (RMB thousand) | Lease Liabilities (RMB thousand) | Remeasurement of Derivative Financial Instruments (RMB thousand) | Government Grants and Depreciation Related to Assets (RMB thousand) | Accelerated Tax Depreciation Allowance (RMB thousand) | Withholding Tax on Right-of-use Assets (RMB thousand) | Net (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | At January 1, 2024 | 2,082 | 290 | 4,141 | (18) | 964 | (8,315) | (3,239) | (4,095) | | (Charged to)/credited to consolidated statement of profit or loss | (2,082) | (106) | 16 | 18 | (394) | (867) | 146 | (6,269) | | At December 31, 2024 | – | 184 | 4,157 | – | 570 | (9,182) | (3,093) | (10,364) | | Credited to/(charged from) consolidated statement of profit or loss (Note 8) | 268 | 90 | (17) | 332 | (24) | (460) | 93 | 282 | | At June 30, 2025 | 268 | 274 | 4,140 | 332 | 546 | (9,642) | (3,000) | (10,082) | [20 Dividends](index=24&type=section&id=20%20%E8%82%A1%E6%81%AF) The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025, and no final dividend was declared for the year ended December 31, 2024 [20(i) Dividends payable to equity holders of the Company attributable to the interim period](index=24&type=section&id=20(i)%20%E4%B8%AD%E6%9C%9F%E6%9C%9F%E9%96%93%E6%87%89%E4%BB%98%E4%BA%88%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E8%82%A1%E6%9D%B1%E7%9A%84%E8%82%A1%E6%81%AF) The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: **RMB nil**)[57](index=57&type=chunk) [20(ii) Dividends payable to equity holders of the Company attributable to the previous financial year approved during the interim period](index=24&type=section&id=20(ii)%20%E6%87%89%E4%BB%98%E4%BA%88%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E8%82%A1%E6%9D%B1%E6%96%BC%E4%B8%AD%E6%9C%9F%E6%9C%9F%E9%96%93%E6%89%B9%E5%87%86%E7%9A%84%E4%B8%8A%E4%B8%80%E8%B2%A1%E6%94%BF%E5%B9%B4%E5%BA%A6%E7%9A%84%E8%82%A1%E6%81%AF) The Board of Directors did not declare a final dividend for the year ended December 31, 2024 - The Board of Directors did not declare a final dividend for the year ended December 31, 2024 (2023: **RMB nil**)[58](index=58&type=chunk) [21 Fair Value Measurement of Financial Instruments](index=24&type=section&id=21%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Group presents fair values of financial instruments using a three-level fair value hierarchy in accordance with IFRS 13; as of June 30, 2025, derivative financial liabilities from forward steel contracts are measured using Level 1 valuation - The fair value hierarchy categorizes fair value measurements into three levels based on the observability and significance of the inputs used in the valuation techniques[59](index=59&type=chunk) - Level 1 valuations use unadjusted quoted prices in active markets for identical assets or liabilities[61](index=61&type=chunk) - Level 2 valuations use observable inputs other than quoted prices included within Level 1, and no significant unobservable inputs are used[61](index=61&type=chunk) - Level 3 valuations use significant unobservable inputs[61](index=61&type=chunk) [21(a) Financial assets and liabilities measured at fair value](index=24&type=section&id=21(a)%20%E4%BB%A5%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) As of June 30, 2025, derivative financial liabilities from forward steel contracts were measured using Level 1 valuation, with a fair value of **RMB 2,215 thousand** Financial Assets and Liabilities Measured at Fair Value (As of June 30, 2025) | Item | Fair Value as of June 30, 2025 (RMB thousand) | Fair Value Measurement Classified as Level 1 as of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Derivative financial liabilities arising from forward steel contracts | 2,215 | 2,215 | - During the six months ended June 30, 2025, there were no transfers between Level 1 and Level 2, nor any transfers into or out of Level 3[60](index=60&type=chunk) [21(b) Fair value of financial assets and liabilities not measured at fair value](index=25&type=section&id=21(b)%20%E4%B8%A6%E9%9D%9E%E4%BB%A5%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC) As of December 31, 2024, and June 30, 2025, there were no material differences between the carrying amounts and fair values of the Group's financial instruments measured at amortized cost - As of December 31, 2024, and June 30, 2025, there were no material differences between the carrying amounts and fair values of the Group's financial instruments measured at amortized cost[62](index=62&type=chunk) [22 Commitments](index=25&type=section&id=22%20%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's outstanding capital commitments not provided for in the interim financial report amounted to **RMB 967 thousand**, primarily for production equipment expansion Outstanding Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Commitments in respect of property, plant and equipment – contracted | 967 | 183 | - The above commitments refer to the Group's planned expansion of production equipment[63](index=63&type=chunk) [23 Significant Related Party Transactions](index=25&type=section&id=23%20%E9%87%8D%E5%A4%A7%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, the Group engaged in transactions with related parties, including sales of scrap materials, interest income, operating lease expenses, and a net decrease in amounts due to related parties Significant Related Party Transactions (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of scrap materials | 4,106 | 5,782 | | Interest income | 550 | 550 | | Operating lease expenses | 48 | 48 | | Net decrease in amounts due to related parties | 55 | 217 | - Scrap materials were sold to related parties at cost, and the Group recognized no profit or loss from these transactions[64](index=64&type=chunk) [Management Discussion and Analysis](index=25&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides management's perspective on the company's business performance, financial results, liquidity, and risk factors [Business Review and Outlook](index=25&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) As a leading galvanized steel product manufacturer in Jiangsu, China, the Group's revenue from principal activities decreased by **27.0%** in H1 2025 due to lower sales prices and demand; the company anticipates market improvement in H2 and will focus on market development, quality control, and cost management - The Group is a leading midstream galvanized steel product manufacturer in the home appliance sector in Jiangsu Province, China, primarily engaged in the production and sale of cold rolled steel coils, non-color coated galvanized steel products, and color coated galvanized steel products[65](index=65&type=chunk) - For the six months ended June 30, 2025, the Group's revenue from principal activities (continuing operations) was approximately **RMB 731,393 thousand**, a decrease of approximately **27.0%** compared to the corresponding period in 2024[65](index=65&type=chunk) - The decrease in revenue was mainly due to a decline in sales prices and reduced demand for various products[65](index=65&type=chunk) - In the first half of 2025, the total sales volume of cold rolled steel coils and galvanized steel products was approximately **135,376 tonnes**, a decrease of approximately **19.4%** compared to the corresponding period in 2024[66](index=66&type=chunk) - Gross profit (continuing operations) was approximately **RMB 58,459 thousand**, a decrease of approximately **RMB 61,910 thousand** compared to 2024, with the gross profit margin decreasing from **12.0%** to **8.0%**[66](index=66&type=chunk) - The company expects that the continuation of consumer subsidy policies and the expansion of "trade-in" policies will improve market demand in the second half of 2025, and will continue to focus on market development, strengthen product quality control, and strictly control production costs[67](index=67&type=chunk) - The Group has discontinued its property management business in the Philippines due to significant discrepancies from expectations and uncertainties, but it has no material impact on the Group's business[67](index=67&type=chunk) [Financial Review](index=27&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, the Group's continuing operations experienced significant declines in revenue, gross profit, profit for the period, and EPS, with net profit margin falling from **6.2%** to **1.4%**, and changes in current ratio and gearing ratio Key Financial Data and Performance Ratios for Continuing Operations (For the six months ended June 30) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue (RMB thousand) | 731,393 | 1,002,304 | | Gross profit (RMB thousand) | 58,459 | 120,369 | | Gross profit margin | 8.0% | 12.0% | | Profit for the period (RMB thousand) | 10,567 | 62,054 | | Net profit margin | 1.4% | 6.2% | | Earnings per share (RMB cents) | 1.74 | 10.24 | Key Performance Ratios (As of June 30, 2025) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Unaudited) | | :--- | :--- | :--- | | Current ratio | 1.8 | 1.9 | | Gearing ratio | 0.5 | 0.4 | [Financial Performance](index=28&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) The Group's financial performance significantly declined in H1 2025, with total revenue down **27.2%**, and substantial reductions in gross profit, gross profit margin, profit before tax, and profit for the period, mainly due to decreased sales volume and average selling prices, and adverse external factors [Revenue](index=28&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's total revenue decreased by **27.2%** year-on-year to approximately **RMB 732,422 thousand**, primarily due to a **19.4%** decrease in overall sales volume and a **9.4%** decrease in average selling price - The Group's total revenue was approximately **RMB 732,422 thousand**, representing a decrease of approximately **27.2%** compared to the corresponding period last year[69](index=69&type=chunk) - The decrease in revenue was mainly due to an overall decrease in sales volume of approximately **19.4%** and a decrease in average selling price of approximately **9.4%**[69](index=69&type=chunk) Analysis of Revenue, Sales Volume and Average Selling Price by Product and Service (For the six months ended June 30) | Product/Service | 2025 Revenue (RMB thousand) | 2025 Sales Volume (tonnes) | 2025 Average Selling Price (RMB/tonne) | 2024 Revenue (RMB thousand) | 2024 Sales Volume (tonnes) | 2024 Average Selling Price (RMB/tonne) | Revenue Change (%) | Sales Volume Change (%) | Average Selling Price Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cold rolled coils | 81,453 | 19,087 | 4,267 | 76,329 | 16,230 | 4,703 | 6.7% | 17.6% | (9.3%) | | Non-color coated galvanized steel products | 368,310 | 71,211 | 5,172 | 525,839 | 93,482 | 5,625 | (30.0%) | (23.8%) | (8.1%) | | Color coated galvanized steel products | 281,630 | 45,078 | 6,248 | 400,136 | 58,330 | 6,860 | (29.6%) | (22.7%) | (8.9%) | | **Subtotal continuing operations** | **731,393** | **135,376** | **5,403** | **1,002,304** | **168,042** | **5,965** | **(27.0%)** | **(19.4%)** | **(9.4%)** | | Provision of property management services (discontinued operations) | 1,029 | | | 3,169 | | | (67.5%) | | | | **Total** | **732,422** | | | **1,005,473** | | | **(27.2%)** | | | [Gross Profit and Gross Profit Margin](index=29&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) For the six months ended June 30, 2025, the Group's gross profit was approximately **RMB 58,848 thousand**, with the overall gross profit margin decreasing from **12.1%** in 2024 to **8.0%**, mainly due to lower sales volume and average selling prices, leading to reduced production facility utilization - The Group's gross profit was approximately **RMB 58,848 thousand**, with the overall gross profit margin decreasing from **12.1%** in 2024 to **8.0%** in 2025[71](index=71&type=chunk) - The decrease in gross profit was mainly due to a simultaneous decrease in overall sales volume and average selling prices of products, with the reduction in sales volume leading to lower utilization of production facilities[71](index=71&type=chunk) Analysis of Gross Profit, Gross Profit Contribution and Gross Profit Margin by Product and Service (For the six months ended June 30) | Product/Service | 2025 Gross Profit (RMB thousand) | 2025 Percentage (%) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Percentage (%) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cold rolled coils | 5,015 | 8.5% | 6.2% | 6,174 | 5.1% | 8.1% | | Non-color coated galvanized steel products | 29,037 | 49.3% | 7.9% | 64,597 | 53.3% | 12.3% | | Color coated galvanized steel products | 24,407 | 41.5% | 8.7% | 49,598 | 40.9% | 12.4% | | **Subtotal continuing operations** | **58,459** | **99.3%** | **8.0%** | **120,369** | **99.3%** | **12.0%** | | Provision of property management services (discontinued operations) | 389 | 0.7% | 37.8% | 842 | 0.7% | 26.6% | | **Total** | **58,848** | **100.0%** | **8.0%** | **121,211** | **100.0%** | **12.1%** | [Other Income](index=29&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, other income from continuing operations was approximately **RMB 2,295 thousand**, a decrease from **RMB 3,621 thousand** in the prior year, primarily comprising interest income and net exchange gains - The Group's other income from continuing operations for the six months ended June 30, 2025, was approximately **RMB 2,295 thousand** (2024: **RMB 3,621 thousand**)[72](index=72&type=chunk) - Other income primarily includes interest income and net exchange gains[72](index=72&type=chunk) [Selling Expenses](index=29&type=section&id=%E9%8A%B7%E5%94%AE%E8%B2%BB%E7%94%A8) The Group's selling expenses decreased from **RMB 33,428 thousand** in the prior year to **RMB 31,968 thousand** in 2025, mainly due to reduced transportation costs associated with lower sales volume - The Group's selling expenses decreased from approximately **RMB 33,428 thousand** for the six months ended June 30, 2024, to approximately **RMB 31,968 thousand** for the current period[73](index=73&type=chunk) - The decrease was mainly due to reduced transportation costs as sales volume decreased[73](index=73&type=chunk) [Administrative Expenses](index=30&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) The Group's administrative expenses from continuing operations slightly increased from approximately **RMB 9,329 thousand** in the prior year to approximately **RMB 10,562 thousand** in 2025 - The Group's administrative expenses from continuing operations slightly increased from approximately **RMB 9,329 thousand** for the six months ended June 30, 2024, to approximately **RMB 10,562 thousand** for the current period[74](index=74&type=chunk) [Finance Costs](index=30&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's finance costs from continuing operations for the six months ended June 30, 2025, decreased by approximately **28.6%** to **RMB 7,276 thousand**, primarily d

[Company Information](index=3&type=section&id=Company%20Information) Provides essential corporate details including board members, committees, key contacts, and financial advisors [Board of Directors](index=3&type=section&id=Board%20of%20Directors) Lists the executive, non-executive, and independent non-executive directors of the company - Executive Directors include Mr. Zhao Xiaobo and Mr. Qin Bing. Non-executive Directors include Mr. Li Chengfu (Chairman), Mr. Zeng Xuejie, and Ms. Zhang Yanhua. Independent Non-executive Directors include Mr. Xie Youwen, Ms. Lu Yao, and Mr. Li Xuejin (appointed on June 17, 2025), with Mr. Fan Renda retiring on the same date[5](index=5&type=chunk) [Board Committees](index=3&type=section&id=Board%20Committees) Details the composition and changes in chairpersons for the Audit, Nomination, Remuneration, and Risk Management Committees - The Audit Committee is chaired by Ms. Lu Yao, with Mr. Li Xuejin appointed as a member on June 17, 2025, and Mr. Fan Renda retiring[5](index=5&type=chunk) - The Nomination Committee is chaired by Mr. Xie Youwen, with Ms. Lu Yao appointed as a member on June 17, 2025, and Mr. Fan Renda retiring[5](index=5&type=chunk) - Following Mr. Fan Renda's retirement, Mr. Li Xuejin was appointed as Chairman of the Remuneration Committee on June 17, 2025[5](index=5&type=chunk) - Following Mr. Fan Renda's retirement, Mr. Li Chengfu was appointed as Chairman of the Risk Management Committee, with Mr. Li Xuejin appointed as a member on June 17, 2025[5](index=5&type=chunk) [Joint Company Secretaries](index=3&type=section&id=Joint%20Company%20Secretaries) Discloses changes in the company's joint company secretaries - Mr. Leung Lok Wai is a Joint Company Secretary, Ms. Chan Wan Mei resigned on May 2, 2025, and Ms. Chan Lai Yin was appointed on July 4, 2025[5](index=5&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) Lists the company's authorized representatives - Mr. Zhao Xiaobo and Mr. Li Chengfu are the authorized representatives[6](index=6&type=chunk) [Registered Office and Headquarters](index=3&type=section&id=Registered%20Office%20and%20Headquarters) Provides the company's registered office and headquarters address in Singapore - Both the registered office and headquarters are located at 66 Tannery Lane 04-10/A Sindo Industrial Building Singapore 347805[6](index=6&type=chunk) [Principal Place of Business in Hong Kong](index=4&type=section&id=Principal%20Place%20of%20Business%20in%20Hong%20Kong) Provides the company's principal place of business in Hong Kong - The principal place of business in Hong Kong is located at 17/F, Tower 2, Silvercord, 30 Canton Road, Tsim Sha Tsui, Hong Kong[7](index=7&type=chunk) [Legal Advisers and Auditor](index=4&type=section&id=Legal%20Advisers%20and%20Auditor) Lists the company's Hong Kong legal advisers and auditor - The Hong Kong legal adviser is Morgan, Lewis & Bockius, and the auditor is KPMG[7](index=7&type=chunk) [Share Registrars](index=4&type=section&id=Share%20Registrars) Provides information on the company's share registrars in Singapore and Hong Kong - The principal share registrar in Singapore is Tricor Barbinder Share Registration Services, and the Hong Kong share registrar is Tricor Investor Services Limited[7](index=7&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) Provides the company's official website address - The company's website is www.technovator.com.sg[7](index=7&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) Lists the company's principal bankers - Principal bankers include Agricultural Bank of China, Bank of Beijing, Bank of China, China CITIC Bank, China Construction Bank, China Merchants Bank, DBS Bank, Industrial and Commercial Bank of China, Standard Chartered Bank, and The Hongkong and Shanghai Banking Corporation Limited[7](index=7&type=chunk) [Investor Relations Contact Information](index=4&type=section&id=Investor%20Relations%20Contact%20Information) Provides contact information for the company's investor relations - Investor relations contact numbers are +852 2736 8180 (Hong Kong) and +65 6841 1788 (Singapore), with email at info@technovator.com.sg[7](index=7&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) Provides an overview of the company's operational and financial performance, strategic initiatives, and future outlook [Overview](index=5&type=section&id=Overview) The company benefited from national "dual carbon" strategy and smart city construction, achieving significant revenue growth and reduced losses in H1 2025 - Benefiting from the 'dual carbon' strategy and smart city construction, target market demand increased[8](index=8&type=chunk) Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB millions) | Y-o-Y Growth | | :--- | :--- | :--- | | Revenue | 665.5 | 29.8% | | Loss | 7.7 | Significantly reduced | - Revenue growth was primarily due to significant progress in multiple smart energy projects, which have higher gross profit margins, driving overall gross profit improvement[8](index=8&type=chunk) - The company will continue to focus on technological innovation to build competitive advantages and consolidate its industry-leading position[8](index=8&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) The company achieved significant progress across smart transportation, smart building & campus, and smart energy sectors, consolidating market leadership and expanding strategic partnerships - All business segments are driven by technological innovation, continuously contributing to urban intelligence and low-carbon transformation[9](index=9&type=chunk)[11](index=11&type=chunk)[13](index=13&type=chunk) [Smart Transportation Segment](index=5&type=section&id=Smart%20Transportation%20Segment) The smart transportation segment expanded in key regional markets, securing multiple rail transit integrated monitoring system projects and enhancing operational efficiency through proprietary platforms - Awarded the integrated monitoring system project for Phase I of Changchun Urban Rail Transit Airport Line, enhancing regional transportation convenience[9](index=9&type=chunk) - Successfully signed the integrated monitoring system project for Chongqing Rail Transit Line 27 post-construction, building a 'center-station' two-level smart control system based on the Kunlun Digital Platform to promote comprehensive intelligence for Chongqing Metro[9](index=9&type=chunk) - Signed integrated monitoring system projects for Wuhan Rail Transit Xingang Line Phase I and West Extension, which will deeply integrate the network information cloud platform to create a green and smart rail transit demonstration project[10](index=10&type=chunk) [Smart Building and Campus Segment](index=6&type=section&id=Smart%20Building%20and%20Campus%20Segment) The smart building and campus segment achieved breakthroughs in digital cultural tourism, smart cities, and financial technology, securing projects for high-end hotels, smart parks, and data centers - Successfully signed the digital construction project for 'Wanli • Nuolan Hotel,' a high-end resort brand under Shougang Group, creating an intelligent analysis, data-driven, and IoT-enabled hotel service ecosystem[11](index=11&type=chunk) - Undertook the intelligent engineering project for Shenzhen Universiade Smart Park, building four intelligent system frameworks: smart management hub, immersive experience space, smart service network, and intelligent infrastructure[11](index=11&type=chunk) - Awarded the Bank of Communications Gui'an Data Center project, constructing a DCIM and smart campus operation and maintenance management platform, energy consumption management and carbon emission detection system, and AI management system, supporting financial security networks and green computing power industry development[12](index=12&type=chunk) [Smart Energy Segment](index=6&type=section&id=Smart%20Energy%20Segment) The smart energy segment strengthened its strategic layout in energy performance contracting and CNNC Group internal business, successfully implementing benchmark EMC projects and expanding into non-nuclear clean energy management - Signed the comprehensive energy efficiency improvement project for Tianhe Thermal Power Plant and its heating area, validating the technical practice of reducing return water temperature in heating networks to promote waste heat recovery from power plant exhaust steam, which has demonstrative significance[13](index=13&type=chunk) - Expanded strategic cooperation with CNNC Group, newly signing the research and development project for Roots blower vacuum extraction technology for Fuqing Nuclear Power Unit condensers, and undertaking the environmental monitoring system project for Xudapu Nuclear Power Plant, deepening cooperation in nuclear power energy saving[14](index=14&type=chunk) [Outlook](index=7&type=section&id=Outlook) The company will focus on a "digital intelligence + green low-carbon" dual-driven strategy, leveraging smart city construction to build a dual-core business in energy utilization and technology services - Focusing on a 'digital intelligence + green low-carbon' dual-driven strategy, leveraging new smart city construction as a fulcrum[15](index=15&type=chunk) - Building a dual-core business layout in energy utilization and technology services[15](index=15&type=chunk) - Strengthening overall synergy within CNNC Group and industry-academia-research integration with Tsinghua University, enhancing investment in technological innovation[15](index=15&type=chunk) - Systematically building digital support systems such as IoT, big data, and AI applications, creating an innovative technology matrix around 'energy saving and carbon reduction + new energy utilization,' and accelerating the cultivation of new quality productive forces[15](index=15&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) In H1 2025, revenue grew by **29.8%** to **RMB 665.5 million**, driven by smart energy, with gross profit margin significantly improving to **18.2%** and net loss narrowing to **RMB 7.7 million** - Policy dividends and capital investment drive the integration of 'green' and 'intelligent' market demand, expanding industry growth space[16](index=16&type=chunk) - The company continues to deepen its business expansion strategy, focusing on improving project conversion efficiency, optimizing resource allocation, strengthening process control, and ensuring high-quality project implementation[16](index=16&type=chunk) [Revenue](index=7&type=section&id=Revenue) In H1 2025, net revenue reached **RMB 665.5 million**, a **29.8%** year-on-year increase, driven by deepened business expansion and accelerated project implementation Revenue Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Net Revenue | 665.5 | 512.6 | 29.8% | [Revenue by Business Segment](index=8&type=section&id=Revenue%20by%20Business%20Segment) Smart energy revenue significantly grew by **63.6%** to **RMB 325.8 million**, becoming the primary growth driver and accounting for **49%** of total revenue Revenue by Business Segment (For the six months ended June 30) | Business Segment | 2025 Revenue (RMB thousands) | 2025 % of Total | 2024 Revenue (RMB thousands) | 2024 % of Total | Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Transportation | 93,397 | 14% | 93,261 | 18% | 0.1% | | Smart Building and Campus | 246,297 | 37% | 220,216 | 43% | 11.8% | | Smart Energy | 325,779 | 49% | 199,095 | 39% | 63.6% | | **Total** | **665,473** | **100%** | **512,572** | **100%** | **29.8%** | - Smart Transportation segment revenue remained largely flat, primarily due to settlement revenue from several major projects (e.g., Changchun Rail Transit Line 7, Ningbo Rail Transit Line 6)[19](index=19&type=chunk) - Smart Building and Campus segment revenue increased by **11.8%**, driven by the low-carbon transformation of the construction industry and 'dual carbon' policies, with new projects like Shougang Group's high-end resort hotel digitalization contributing to revenue[20](index=20&type=chunk) - Smart Energy segment revenue significantly increased by **63.6%**, primarily due to strategic deployment and efficient project implementation, such as Tianfu Energy Tianhe Thermal Power Plant heating project and Daqing Smart Heating project[21](index=21&type=chunk) [Cost of Sales](index=9&type=section&id=Cost%20of%20Sales) Cost of sales increased by **19.3%** to approximately **RMB 544.4 million** in H1 2025, consistent with revenue growth Cost of Sales Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Increase | | :--- | :--- | :--- | :--- | | Cost of Sales | 544.4 | 456.5 | 19.3% | [Gross Profit](index=9&type=section&id=Gross%20Profit) Gross profit surged by **115.9%** to **RMB 121.1 million** in H1 2025, with gross profit margin improving by **7.3 percentage points** to **18.2%**, mainly due to higher margins from energy performance contracting projects Gross Profit Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Increase | | :--- | :--- | :--- | :--- | | Gross Profit | 121.1 | 56.1 | 115.9% | | Gross Profit Margin | 18.2% | 10.9% | Increased by 7.3 percentage points | - Gross profit margin growth was primarily attributable to the higher gross profit margins of energy performance contracting projects[23](index=23&type=chunk) [Other Income](index=9&type=section&id=Other%20Income) Other income decreased by **17.4%** to approximately **RMB 10.9 million** in H1 2025, mainly due to reduced government subsidies Other Income Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Decrease | | :--- | :--- | :--- | :--- | | Other Income | 10.9 | 13.2 | 17.4% | - The decrease in other income was mainly due to a reduction in government subsidies compared to the same period last year[24](index=24&type=chunk) [Selling and Distribution Expenses](index=9&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by **37.4%** to approximately **RMB 28.0 million** in H1 2025, representing a **4.5 percentage point** reduction in revenue proportion due to optimized personnel structure Selling and Distribution Expenses Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Decrease | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 28.0 | 44.7 | 37.4% | | % of Revenue | 4.2% | 8.7% | Decreased by 4.5 percentage points | - The reduction in expenses was primarily achieved through personnel structure optimization measures, effectively lowering sales staff costs[25](index=25&type=chunk) [Administrative and Other Operating Expenses](index=9&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses increased by **52.5%** to approximately **RMB 115.1 million** in H1 2025, mainly due to increased R&D investment and intangible asset amortization Administrative and Other Operating Expenses Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Increase | | :--- | :--- | :--- | :--- | | Administrative and Other Operating Expenses | 115.1 | 75.4 | 52.5% | - The significant increase in expenses was mainly due to higher R&D expenses and amortization of intangible assets, reflecting the Group's strengthened investment in technological innovation[26](index=26&type=chunk) [Impairment Losses on Trade and Other Receivables and Contract Assets](index=9&type=section&id=Impairment%20Losses%20on%20Trade%20and%20Other%20Receivables%20and%20Contract%20Assets) Impairment losses decreased by **57.7%** to approximately **RMB 9.0 million** in H1 2025, as the Group actively pursued collection of receivables, especially long-aged ones Impairment Losses Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Decrease | | :--- | :--- | :--- | :--- | | Impairment Losses | 9.0 | 21.3 | 57.7% | - The decrease in impairment losses was mainly due to the Group's vigorous efforts in recovering receivables, especially long-aged ones[27](index=27&type=chunk) [Finance Costs](index=10&type=section&id=Finance%20Costs) Finance costs increased by **25.0%** to approximately **RMB 5.0 million** in H1 2025, primarily due to increased financing to optimize liquidity and support business growth Finance Costs Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Y-o-Y Increase | | :--- | :--- | :--- | :--- | | Finance Costs | 5.0 | 4.0 | 25.0% | - The increase in finance costs was mainly due to the Group appropriately raising its financing quota to optimize liquidity and match business growth needs[28](index=28&type=chunk) [Income Tax](index=10&type=section&id=Income%20Tax) Income tax increased from **RMB -7.4 million** in H1 2024 to **RMB -3.1 million** in H1 2025, primarily due to a reduction in the loss for the period Income Tax Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Income Tax | -3.1 | -7.4 | Increased by 4.3 | - The change in income tax was primarily due to the reduction in the loss for the first half of the year[29](index=29&type=chunk) [Loss for the Period](index=10&type=section&id=Loss%20for%20the%20Period) The Group's loss for H1 2025 significantly narrowed to approximately **RMB 7.7 million**, with net margin improving from **-14.0%** to **-1.2%**, driven by revenue growth and increased gross profit Loss for the Period Overview | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Loss Reduction | | :--- | :--- | :--- | :--- | | Loss for the Period | 7.7 | 71.9 | 64.2 | | Net Margin | -1.2% | -14.0% | Improved by 12.8 percentage points | - The reduction in loss was primarily due to increased revenue and gross profit[30](index=30&type=chunk) [Loss Per Share](index=10&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share from continuing operations for H1 2025 was **RMB 0.0083**, a significant reduction from **RMB 0.0889** in the prior year Loss Per Share Overview | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Loss Reduction | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | 0.0083 | 0.0889 | 0.0806 | [Working Capital and Financial Resources](index=10&type=section&id=Working%20Capital%20and%20Financial%20Resources) As of June 30, 2025, the Group improved operational efficiency with reduced inventory, trade receivables, and trade payables turnover days, while maintaining a **5.8%** gearing ratio Working Capital and Financial Resources Overview | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Inventories | 1,365,083 | 1,363,757 | 1,355,869 | | Trade and Other Receivables | 1,736,219 | 1,801,587 | 1,871,205 | | Trade and Other Payables | 2,144,299 | 2,400,263 | 1,977,618 | | Average Inventory Turnover Days | 374 | 264 | 470 | | Average Trade Receivables Turnover Days | 457 | 329 | 570 | | Average Trade Payables Turnover Days | 672 | 437 | 735 | - Average inventory turnover days decreased to approximately **374 days** compared to the same period last year, reflecting the Group's strengthened full-lifecycle project management and accelerated settlement progress[32](index=32&type=chunk) - Trade and other receivables decreased by **3.6%**, and average trade receivables turnover days decreased from **570 days** to **457 days**, primarily through vigorous efforts in recovering long-aged receivables[33](index=33&type=chunk) - Trade and other payables decreased by **10.7%**, and average trade payables turnover days decreased from **735 days** to **672 days**, improving capital turnover efficiency by optimizing payment processes and enhancing supplier management systems[34](index=34&type=chunk) Cash and Liabilities Situation | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 101.8 | 344.7 | | Net Cash | -204.7 | -2.9 | | Gearing Ratio | 5.8% | 6.2% | - Liabilities include short-term bank loans of **RMB 265.3 million** (average annual interest rate of **3.2%**), long-term bank loans of **RMB 7.5 million** (annual interest rate of **3.8%**), and secured borrowings of **RMB 33.6 million** (annual interest rate of **4.7%**)[35](index=35&type=chunk) [Pledge of Assets](index=11&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no assets pledged - As of June 30, 2025, the Group had no assets pledged[36](index=36&type=chunk) [Foreign Exchange Fluctuation Risk](index=11&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group primarily faces currency risk from receivables, payables, and cash balances denominated in SGD, CAD, USD, and HKD, but directors believe the impact on financial performance is not significant - Primarily exposed to foreign exchange risk from Singapore Dollars, Canadian Dollars, US Dollars, and Hong Kong Dollars[37](index=37&type=chunk) - As most of the business is transacted in RMB in China, the Directors believe that foreign exchange risk has no significant impact on financial performance[37](index=37&type=chunk) - No hedging arrangements are currently in place, but foreign exchange movements will be closely monitored, and the necessity will be assessed[37](index=37&type=chunk) [Contingent Liabilities](index=11&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[38](index=38&type=chunk) [Off-Balance Sheet Arrangements](index=11&type=section&id=Off-Balance%20Sheet%20Arrangements) The Group has not established special purpose entities, entered into unrecorded derivative contracts, or retained interests in transferred assets - The Group has not established any special purpose entities to provide financing, liquidity, market risk, or credit support[39](index=39&type=chunk) - The Group has not entered into any derivative contracts not reflected in the financial statements[39](index=39&type=chunk) - The Group also holds no retained or contingent interests in assets transferred to unconsolidated entities to provide credit, liquidity, or market risk support services[39](index=39&type=chunk) [Employees, Training and Development](index=12&type=section&id=Employees%2C%20Training%20and%20Development) As of June 30, 2025, the Group had **662 employees**, with total staff costs increasing to **RMB 88.0 million**, and provides regular training to enhance professional capabilities Employee and Cost Overview | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 662 persons | 626 persons | Increased by 36 persons | | Total Staff Costs (RMB millions) | 88.0 | 80.0 | Increased by 8.0 | - The company determines remuneration based on employee performance, experience, and prevailing industry practices, and regularly reviews all remuneration policies and compensation packages[41](index=41&type=chunk) - Regular training is provided to employees, covering products, technological developments, and industry market conditions, with frontline sales personnel trained on new products[41](index=41&type=chunk) [Material Acquisitions and Disposals](index=12&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries or associates - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries or associates[42](index=42&type=chunk) [Material Investments](index=12&type=section&id=Material%20Investments) For the six months ended June 30, 2025, the Group had no material investments, nor did the Board authorize any plans for other significant investments or capital asset additions - For the six months ended June 30, 2025, the Group had no material investments[43](index=43&type=chunk) - The Board also has no plans to authorize other material investments or additions of capital assets[43](index=43&type=chunk) [Corporate Governance and Other Information](index=13&type=section&id=Corporate%20Governance%20and%20Other%20Information) Details the company's adherence to corporate governance codes, review of financial statements, and information on directors' and major shareholders' interests [Corporate Governance Code](index=13&type=section&id=Corporate%20Governance%20Code) The company complied with all code provisions of the Listing Rules' Corporate Governance Code for H1 2025, with minor exceptions regarding director attendance at the AGM - The company has complied with all code provisions set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the 'Listing Rules') Corporate Governance Code[44](index=44&type=chunk) - The Chairman of the Board and the chairmen or other members of the Audit Committee, Nomination Committee, and Remuneration Committee were unable to attend the Annual General Meeting held on June 17, 2025, due to other business engagements[44](index=44&type=chunk) [Standard Code for Securities Transactions by Directors of Listed Issuers](index=13&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Standard Code for securities transactions by directors, and all directors confirmed compliance for H1 2025 - The company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[45](index=45&type=chunk) - Following specific enquiries, all Directors confirmed that they have complied with the required standards set out in the Standard Code throughout the period[45](index=45&type=chunk) [Review of Interim Financial Statements](index=13&type=section&id=Review%20of%20Interim%20Financial%20Statements) Directors confirmed compliance with Listing Rules for financial disclosures, the Audit Committee reviewed interim results, and KPMG performed an independent review of the interim financial information - The Directors confirmed that the financial information disclosure in this interim report complies with the requirements of Appendix D2 of the Listing Rules[46](index=46&type=chunk) - The Audit Committee has discussed internal control and financial reporting matters and reviewed the interim results and unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025[46](index=46&type=chunk) - The external auditor, KPMG, has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[46](index=46&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=13&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities, and the number of treasury shares was zero - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[47](index=47&type=chunk) - As of June 30, 2025, the number of treasury shares held by the company was zero[48](index=48&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[49](index=49&type=chunk) [Changes in Directors' Information](index=14&type=section&id=Changes%20in%20Directors%27%20Information) Discloses changes in Board members since the 2024 annual report, including retirements, appointments, and committee role changes, along with directors' and chief executives' interests in shares - Mr. Fan Renda retired as an Independent Non-executive Director and from various committee positions on June 17, 2025[51](index=51&type=chunk) - Mr. Li Xuejin was appointed as an Independent Non-executive Director, a member of the Audit Committee, Chairman of the Remuneration Committee, and a member of the Risk Management Committee on June 17, 2025[51](index=51&type=chunk) - Ms. Lu Yao was appointed as a member of the Nomination Committee, and Mr. Li Chengfu was appointed as Chairman of the Risk Management Committee, both effective June 17, 2025[51](index=51&type=chunk) Directors' and Chief Executives' Interests in the Company (As of June 30, 2025) | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Shares in which Interests are Held | Approximate % of Interest in the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zhao Xiaobo | Beneficial Owner | 8,728,000 | 1.12% | - For the six months ended June 30, 2025, neither the company, its holding company, nor any of its subsidiaries entered into any arrangements that would enable directors and chief executives of the company to acquire interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations[52](index=52&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=15&type=section&id=Major%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Tsinghua Tongfang Co., Ltd. and its wholly-owned subsidiary, Resuccess Investments Limited, were major shareholders, collectively holding **36.60%** of the company's issued share capital Major Shareholders' Interests in the Company (As of June 30, 2025) | Name of Shareholder | Capacity/Nature of Interest | Number of Shares in which Interests are Held | Approximate % of Interest in the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Tsinghua Tongfang Co., Ltd. | Beneficial Owner | 92,000,000 | 11.76% | | Tsinghua Tongfang Co., Ltd. | Interest of Controlled Corporation (1) | 194,330,142 | 24.84% | | Resuccess Investments Limited | Beneficial Owner | 194,330,142 | 24.84% | - Tsinghua Tongfang Co., Ltd. is the sole shareholder of Resuccess Investments Limited and is therefore deemed to be interested in all shares held by Resuccess Investments Limited[53](index=53&type=chunk) [Share Award Scheme](index=15&type=section&id=Share%20Award%20Scheme) The company adopted a share award scheme on December 4, 2015, with a maximum of **77,772,218 shares** available for awards as of June 30, 2025, but no awards were granted during the period - The company adopted a share award scheme on December 4, 2015[55](index=55&type=chunk) - As of June 30, 2025, the maximum number of shares that may be granted under the share award scheme was **77,772,218 shares**[55](index=55&type=chunk) - As of June 30, 2025, there were no unvested outstanding awarded shares under the share award scheme, and no share awards have been granted by the company under the scheme since its adoption date[55](index=55&type=chunk) [Independent Review Report](index=16&type=section&id=Independent%20Review%20Report) KPMG reviewed the interim financial report in accordance with HKSAE 2410, finding no matters suggesting non-compliance with HKAS 34, and did not express an audit opinion - KPMG has reviewed the interim financial report contained on pages 16 to 32[56](index=56&type=chunk) - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants, with a scope narrower than an audit, and no audit opinion is expressed[57](index=57&type=chunk) - Based on the review, nothing has come to our attention that causes us to believe that the interim financial report is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[58](index=58&type=chunk) [Consolidated Statement of Profit or Loss](index=17&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of **RMB 665,473 thousand**, gross profit of **RMB 121,080 thousand**, and a significantly narrowed loss for the period of **RMB 7,663 thousand**, with basic and diluted loss per share of **RMB 0.0083** Key Data from Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 665,473 | 512,572 | | Cost of sales | (544,393) | (456,487) | | Gross profit | 121,080 | 56,085 | | Other income | 10,879 | 13,234 | | Other gains/(losses) – net | 14,354 | (2,970) | | Selling and distribution costs | (28,008) | (44,730) | | Administrative and other operating expenses | (115,055) | (75,444) | | Impairment losses on trade and other receivables and contract assets | (8,975) | (21,269) | | Operating loss | (5,725) | (75,247) | | Finance costs | (5,029) | (4,042) | | Loss before tax | (10,754) | (79,289) | | Income tax | 3,091 | 7,380 | | **Loss for the period** | **(7,663)** | **(71,909)** | | Loss attributable to equity holders of the Company | (6,492) | (69,557) | | Loss attributable to non-controlling interests | (1,171) | (2,352) | | Basic and diluted loss per share (RMB) | (0.0083) | (0.0889) | [Consolidated Statement of Comprehensive Income](index=18&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a loss for the period of **RMB 7,663 thousand** and other comprehensive income of **RMB (90) thousand** from exchange differences, resulting in a total comprehensive loss of **RMB (7,753) thousand** Key Data from Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period | (7,663) | (71,909) | | Exchange differences on translation of financial statements of overseas subsidiaries | (90) | 82 | | **Total comprehensive loss for the period** | **(7,753)** | **(71,827)** | | Attributable to equity holders of the Company | (6,582) | (69,475) | | Attributable to non-controlling interests | (1,171) | (2,352) | [Consolidated Statement of Financial Position](index=19&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total non-current assets were **RMB 1,156,627 thousand**, net current assets were **RMB 1,573,020 thousand**, and total equity was **RMB 2,625,213 thousand**, with **RMB 2,607,178 thousand** attributable to equity holders Key Data from Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 56,732 | 60,709 | | Intangible assets | 538,377 | 576,200 | | Financial assets measured at amortised cost | 500,329 | 376,039 | | Deferred tax assets | 61,189 | 58,496 | | **Total non-current assets** | **1,156,627** | **1,071,444** | | **Current assets** | | | | Inventories | 1,365,083 | 1,363,757 | | Contract assets | 937,683 | 987,448 | | Trade and other receivables | 1,595,172 | 1,687,280 | | Prepayments | 141,047 | 114,307 | | Bank balances and cash | 101,761 | 344,686 | | **Total current assets** | **4,140,746** | **4,497,478** | | **Current liabilities** | | | | Trade and other payables | 2,144,299 | 2,400,263 | | Contract liabilities | 126,999 | 148,360 | | Loans and borrowings | 269,438 | 308,982 | | Lease liabilities | 927 | 921 | | Current tax payable | 26,063 | 28,869 | | **Total current liabilities** | **2,567,726** | **2,887,395** | | **Net current assets** | **1,573,020** | **1,610,083** | | **Total assets less current liabilities** | **2,729,647** | **2,681,527** | | **Non-current liabilities** | | | | Deferred tax liabilities | 3,820 | 3,383 | | Deferred income | 6,406 | 6,580 | | Loans and borrowings | 36,980 | 38,598 | | Lease liabilities | 57,228 | – | | **Total non-current liabilities** | **104,434** | **48,561** | | **Net assets** | **2,625,213** | **2,632,966** | | **Total equity** | **2,625,213** | **2,632,966** | [Consolidated Statement of Changes in Equity](index=21&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to equity holders decreased from **RMB 2,613,760 thousand** to **RMB 2,607,178 thousand**, primarily due to the loss for the period and a decrease in exchange reserves Key Data from Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to equity holders of the Company (Beginning of period) | 2,613,760 | - | 2,880,190 | - | | Loss for the period | (6,492) | (6,492) | (69,557) | (69,557) | | Other comprehensive income (Exchange differences) | - | (90) | - | 82 | | Appropriation to safety production fund | - | 392 | - | 1,028 | | Utilisation of safety production fund | - | (392) | - | (765) | | **Total equity attributable to equity holders of the Company (End of period)** | - | **2,607,178** | - | **2,810,715** | | Non-controlling interests (End of period) | - | 18,035 | - | 15,991 | | **Total equity (End of period)** | - | **2,625,213** | - | **2,826,706** | [Condensed Consolidated Statement of Cash Flows](index=22&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **RMB (223,169) thousand**, net cash used in investing activities was **RMB (6,062) thousand**, and net cash used in financing activities was **RMB (13,302) thousand**, resulting in a net decrease in cash and cash equivalents of **RMB (242,533) thousand** Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (223,169) | (278,017) | | Net cash used in investing activities | (6,062) | (24,692) | | Net cash (used in)/generated from financing activities | (13,302) | 56,922 | | Net decrease in cash and cash equivalents | (242,533) | (245,787) | | Cash and cash equivalents at January 1 | 339,697 | 354,783 | | Effect of foreign exchange rate changes | (124) | 232 | | **Cash and cash equivalents at June 30** | **97,040** | **109,228** | [Notes to the Unaudited Interim Financial Report](index=23&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) Provides explanatory notes to the unaudited interim financial report, covering preparation basis, accounting policy changes, and detailed financial breakdowns [Basis of Preparation](index=23&type=section&id=Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and Listing Rules, authorized for issue on August 27, 2025, and reviewed by KPMG - The interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[67](index=67&type=chunk) - The report was authorized for issue on August 27, 2025, and has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[67](index=67&type=chunk)[68](index=68&type=chunk) - The report contains condensed consolidated financial statements and selected explanatory notes, not including all information required for a complete set of financial statements[67](index=67&type=chunk) [Changes in Accounting Policies](index=23&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied amendments to HKAS 21 regarding foreign exchange rate changes, but these had no significant impact on the interim report due to the absence of non-convertible foreign currency transactions - The Group has applied the amendments to Hong Kong Accounting Standard 21 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability'[69](index=69&type=chunk) - As the Group did not enter into any foreign currency transactions where one currency is not exchangeable into another currency, these amendments had no significant impact on this interim report[69](index=69&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[70](index=70&type=chunk) [Revenue](index=24&type=section&id=Revenue) The Group primarily engages in integrated smart energy-saving services, with total revenue of **RMB 665,473 thousand** in H1 2025, largely contributed by the smart energy business - The Group is principally engaged in integrated smart energy-saving services for cities, providing smart energy management products, solutions, and comprehensive services throughout the customer's lifecycle[71](index=71&type=chunk) Disaggregation of Revenue from Contracts with Customers by Service Type (For the six months ended June 30) | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Smart Transportation business revenue | 93,397 | 93,261 | | Smart Building and Campus business revenue | 246,297 | 220,216 | | Smart Energy business revenue | 325,779 | 199,095 | | **Total** | **665,473** | **512,572** | [Segment Reporting](index=24&type=section&id=Segment%20Reporting) The Group manages its business through three reportable segments: Smart Transportation, Smart Building & Campus, and Smart Energy, with the Smart Energy segment showing significant growth in revenue and profit in H1 2025 - The Group identifies three reportable segments: Smart Transportation, Smart Building and Campus, and Smart Energy, with no operating segments aggregated[73](index=73&type=chunk) - The Smart Transportation business provides full-lifecycle integrated solutions for patented software and hardware products and systems in rail transit[73](index=73&type=chunk) - The Smart Building and Campus business provides intelligent integrated solutions and energy efficiency management services, covering energy consumption monitoring, energy-saving consulting, system integration, and product supply[73](index=73&type=chunk) - The Smart Energy business possesses a series of leading technologies, including regional energy planning, integrated utilization of industrial waste heat recovery, heat pump technology, independent temperature and humidity control technology, and variable air volume technology, and holds core technologies in urban heating networks[73](index=73&type=chunk) Revenue and (Loss)/Profit by Reportable Segment (For the six months ended June 30) | Segment | 2025 External Customer Revenue (RMB thousands) | 2024 External Customer Revenue (RMB thousands) | 2025 Reportable Segment (Loss)/Profit (RMB thousands) | 2024 Reportable Segment (Loss)/Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Smart Transportation business | 93,397 | 93,261 | (5,819) | (14,156) | | Smart Building and Campus business | 246,297 | 220,216 | 687 | 3,312 | | Smart Energy business | 325,779 | 199,095 | 66,927 | 5,408 | | **Total** | **665,473** | **512,572** | **61,795** | **(5,436)** | - The Smart Energy business achieved significant profit growth in H1 2025, increasing from **RMB 5,408 thousand** in 2024 to **RMB 66,927 thousand**[75](index=75&type=chunk) - The Group does not have significant operations outside the People's Republic of China, and therefore no geographical segment information is presented[76](index=76&type=chunk) [Loss Before Tax](index=27&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax significantly narrowed to **RMB 10,754 thousand** from **RMB 79,289 thousand** in the prior year, despite increased finance costs and a substantial rise in R&D expenses Components of Loss Before Tax (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance costs | 5,029 | 4,042 | | Research and development expenses | 43,401 | 12,028 | | Amortisation | 53,841 | 48,593 | | Depreciation (owned property, plant and equipment) | 6,080 | 13,660 | | Depreciation (right-of-use assets) | 977 | 1,267 | | Interest income | (10,474) | (11,487) | - Research and development expenses significantly increased from **RMB 12,028 thousand** in 2024 to **RMB 43,401 thousand** in 2025, indicating a substantial increase in the Group's investment in technological innovation[77](index=77&type=chunk) [Income Tax](index=28&type=section&id=Income%20Tax) For the six months ended June 30, 2025, income tax decreased to **RMB (3,091) thousand** from **RMB (7,380) thousand** in the prior year, mainly due to a reduced loss for the period, with some high-tech subsidiaries enjoying a **15%** preferential tax rate Components of Income Tax (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax (provision for the year) | 81 | 43 | | Current tax (over-provision in prior years) | (916) | (4,989) | | Deferred tax | (2,256) | (2,434) | | **Total** | **(3,091)** | **(7,380)** | - The company is subject to Singapore corporate income tax at a rate of **17%**, but no provision was made due to continuous tax losses during the period[78](index=78&type=chunk) - The Group's subsidiaries established in China are subject to China corporate income tax at a rate of **25%**[78](index=78&type=chunk) - Tongfang Technovator International Technology (Beijing) Co., Ltd. and Tongfang Energy Saving Engineering Technology Co., Ltd. are recognized as high-tech enterprises and are eligible for a preferential tax rate of **15%**[79](index=79&type=chunk) [Loss Per Share](index=29&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share was **RMB 0.0083**, calculated based on a loss attributable to equity holders of **RMB 6,492,000** and a weighted average of **782,192,189** ordinary shares Loss Per Share Details (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the Company (RMB thousands) | 6,492 | 69,557 | | Weighted average number of ordinary shares in issue | 782,192,189 | 782,192,189 | | **Basic and diluted loss per share (RMB)** | **(0.0083)** | **(0.0889)** | - For the six months ended June 30, 2025 and 2024, there were no outstanding potentially dilutive ordinary shares[81](index=81&type=chunk) [Property, Plant and Equipment](index=29&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant, and equipment at a cost of **RMB 3,373,000** Acquisition Cost of Property, Plant and Equipment (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Acquisition cost | 3,373 | 2,105 | [Financial Assets Measured at Amortised Cost](index=29&type=section&id=Financial%20Assets%20Measured%20at%20Amortised%20Cost) As of June 30, 2025, the balance of other financial assets primarily represents long-term trade receivables from engineering projects, repayable over 2 to 13 years - As of June 30, 2025, the balance of other financial assets primarily represents long-term trade receivables from certain engineering projects[83](index=83&type=chunk) - These long-term trade receivables are repayable in installments over a period of **2 to 13 years**[83](index=83&type=chunk) [Trade and Other Receivables](index=29&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables and bills receivable (net of impairment allowance) amounted to **RMB 1,536,902 thousand**, with current amounts forming the largest proportion Ageing Analysis of Trade and Other Receivables (As of reporting date) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 1,373,486 | 1,548,031 | | Overdue within 1 month | 46,599 | 2,127 | | Overdue over 1 month but within 3 months | 15,771 | 1,179 | | Overdue over 3 months but within 12 months | 60,465 | 44,960 | | Overdue over 12 months | 40,581 | 21,135 | | **Trade receivables and bills receivable, net of allowance for doubtful debts** | **1,536,902** | **1,617,432** | | Other receivables | 58,270 | 69,848 | | **Total** | **1,595,172** | **1,687,280** | - The Group generally requires customers to settle progress payments and retention money in accordance with contract terms[84](index=84&type=chunk) [Bank Balances and Cash](index=30&type=section&id=Bank%20Balances%20and%20Cash) As of June 30, 2025, total bank balances and cash amounted to **RMB 101,761 thousand**, including **RMB 97,040 thousand** in bank and cash on hand Bank Balances and Cash (As of reporting date) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Deposits with banks and other financial institutions | 4,721 | 4,989 | | Bank and cash on hand | 97,040 | 339,697 | | **Bank balances and cash in the consolidated statement of financial position** | **101,761** | **344,686** | | Restricted deposits | (4,721) | (4,989) | | **Cash and cash equivalents in the consolidated statement of cash flows** | **97,040** | **339,697** | [Trade and Other Payables](index=30&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables and bills payable amounted to **RMB 1,966,626 thousand**, with amounts due within 3 months forming the largest proportion Ageing Analysis of Trade and Other Payables (As of reporting date) | Ageing (by invoice date) | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 1,181,693 | 1,268,761 | | Over 3 months but within 6 months | 150,738 | 220,719 | | Over 6 months but within 12 months | 251,015 | 132,774 | | Over 12 months | 383,180 | 553,692 | | **Total payables and bills payable** | **1,966,626** | **2,175,946** | | Other payables and accrued expenses | 177,673 | 224,317 | | **Total** | **2,144,299** | **2,400,263** | [Share Capital, Reserves and Dividends](index=31&type=section&id=Share%20Capital%2C%20Reserves%20and%20Dividends) As of June 30, 2025, the company had **782,192,189** issued and fully paid ordinary shares with a share capital of **RMB 1,189,968 thousand**, and the Board did not recommend any interim dividend Share Capital Overview (As of reporting date) | Indicator | June 30, 2025 (Number of shares) | June 30, 2025 (RMB thousands) | December 31, 2024 (Number of shares) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid ordinary shares | 782,192,189 | 1,189,968 | 782,192,189 | 1,189,968 | - Other reserves arise from transactions with equity holders (in their capacity as equity holders), including changes in capital reserve[88](index=88&type=chunk) - The company did not declare any interim dividends for the six months ended June 30, 2025 and 2024[89](index=89&type=chunk) - In accordance with relevant rules and regulations in China, the Group is required to transfer a certain amount to a special reserve for the safety production fund based on contract amounts[90](index=90&type=chunk) [Fair Value Measurement of Financial Instruments](index=31&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) As of June 30, 2025, and December 31, 2024, there were no significant differences between the carrying amounts and fair values of the Group's financial instruments accounted for at cost or amortized cost - As of June 30, 2025, and December 31, 2024, there were no significant differences between the carrying amounts and fair values of the Group's financial instruments accounted for at cost or amortized cost[91](index=91&type=chunk) [Commitments](index=31&type=section&id=Commitments) As of June 30, 2025, the Group's unfulfilled contracted capital commitments amounted to **RMB 191,238 thousand** Unpaid Capital Commitments (As of reporting date) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted | 191,238 | 196,380 | [Significant Related Party Transactions](index=32&type=section&id=Significant%20Related%20Party%20Transactions) The Group engages in various significant related party transactions with its controlling shareholder, Tsinghua Tongfang Co., Ltd. and its subsidiaries, and CNNC Group and its subsidiaries, including sales, purchases, services, and fund transfers - Related parties include the controlling shareholder, Tsinghua Tongfang Co., Ltd. and its subsidiaries, and subsidiaries of China National Nuclear Corporation ('CNNC Group')[93](index=93&type=chunk) Significant Related Party Transactions (For the six months ended June 30) | Type of Transaction | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales to Tongfang and its subsidiaries | 153,942 | 43,330 | | Purchases from Tongfang and its subsidiaries | 11,849 | 26,785 | | Receipt of sundry products and services from Tongfang and its subsidiaries | 6,882 | 6,838 | | Provision of sundry products and services to Tongfang and its subsidiaries | 4,425 | – | | Amounts transferred from Tongfang to the Group | 240,668 | 297,691 | | Amounts transferred from the Group to Tongfang | 196,792 | 220,704 | | Sales to CNNC Group and its subsidiaries | 10,501 | 12,067 | | Purchases from CNNC Group and its subsidiaries | 1,692 | 417 | - Tongfang authorized the Group to use certain trademarks in China at zero consideration[94](index=94&type=chunk) - The Group also conducts transactions with other Chinese state-owned enterprises, including sales of products and services, purchases of materials, and bank deposits and borrowings[95](index=95&type=chunk)

SUNDART HOLDINGS LIMITED 承達集團有限公司 （ 根 據 英 屬 處 女 群 島 法 例 註 冊 成 立 的 有 限 公 司 ） 股份代號：1568 2025 中 期 報 告 目錄 2 公司資料 4 管理層討論及分析 12 企業管治及其他資料 16 中期簡明綜合財務報表審閱報告 17 簡明綜合損益及其他全面收益表 18 簡明綜合財務狀況表 20 簡明綜合權益變動表 21 簡明綜合現金流量表 22 簡明綜合財務報表附註 公司資料 董事會 執行董事 吳德坤先生 （行政總裁） 吳智恒先生 丁敬勇先生 關义和先生 謝健瑜先生 （財務總監） 非執行董事 劉載望先生 （主席） 獨立非執行董事 譚燕明女士 黃璞先生 李正先生 審核委員會 徐木香女士 譚燕明女士 （主席） 黃璞先生 李正先生 薪酬委員會 黃璞先生 （主席） 吳德坤先生 譚燕明女士 提名委員會 劉載望先生 （主席） 黃璞先生 李正先生 譚燕明女士 內部監控委員會 劉載望先生 （主席） 謝健瑜先生 公司秘書 核數師 謝健瑜先生 徐木香女士 主要往來銀行 中國建設銀行（亞洲）股份有限公司 大新銀行有限公司 恒生銀行有限公司 大華銀行有限公司 ...

公司資料 董事會 執行董事 鄧銳民 （主席兼行政總裁） 非執行董事 歐晉羿 歐晉堯 許秀娟（於 2025 年 8 月 30 日獲委任） 獨立非執行董事 張嘉慶（於 2025 年 8 月 30 日獲委任） 田勁 辛羅林 陳慧（於 2025 年 8 月 30 日辭任） 授權代表 鄧銳民 歐晉羿 公司秘書 羅泰安 審核委員會 辛羅林 （主席） 張嘉慶（於 2025 年 8 月 30 日獲委任） 田勁 陳慧（於 2025 年 8 月 30 日辭任） 提名委員會 田勁 （主席） 張嘉慶（於 2025 年 8 月 30 日獲委任） 鄧銳民 辛羅林 陳慧（於 2025 年 8 月 30 日辭任） 薪酬委員會 辛羅林 （主席） 張嘉慶（於 2025 年 8 月 30 日獲委任） 鄧銳民 陳慧（於 2025 年 8 月 30 日辭任） 核數師 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 香港 中環 太子大廈 22 樓 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 總辦事處及主要營業地點 | 香港 | | | --- | --- | | ...

ABOUT CR POWER 關於華潤電力 China Resources Power Holdings Company Limited (the "Company" or "CR Power"), together with its subsidiaries (the "Group") mainly invests, develops, operates and manages wind farms, photovoltaic power plants, hydroelectric power plants and other clean and renewable energy projects and coal-fired power plants in the People's Republic of China ("China" or the "PRC"). Its business also covers distributed energy, power sales, intelligent energy, coal mining, and other areas. As at 30 June ...

中國農業銀行股份有限公司 股份代號 : 1288 （於中華人民共和國註冊成立的股份有限公司） 2025 中期報告 公司簡介 本行的前身最早可追溯至1951年成立的農業合作銀行。自1979年2月恢復成立以來，本行相繼經歷了國家 專業銀行、國有獨資商業銀行和國有控股商業銀行等不同發展階段。2009年1月，本行整體改制為股份有 限公司。2010年7月，本行分別在上海證券交易所和香港聯合交易所掛牌上市。 本行是中國主要的綜合性金融服務提供商之一，以高質量發展為主題，突出「服務鄉村振興的領軍銀行」 和「服務實體經濟的主力銀行」兩大定位，全面實施「三農」普惠、綠色金融、數字經營三大戰略。本行憑 藉全面的業務組合、龐大的分銷網絡和領先的技術平台，向廣大客戶提供各種公司銀行和零售銀行產品和 服務，同時開展金融市場業務及資產管理業務，業務範圍還涵蓋投資銀行、基金管理、金融租賃、人壽 保險等領域。截至2025年6月30日，本行總資產468,558.78億元（人民幣，下同），客戶貸款及墊款總額 267,290.60億元，吸收存款319,004.86億元，資本充足率17.45% ，上半年實現淨利潤1,399.43億元。 截至2025 ...

方舟云康控股有限公司 F angzhou I n c . 股份代號 : 6086 中期報告 2025 目錄 2 釋義及行業詞彙表 5 公司資料 7 重點摘要 9 管理層討論與分析 23 企業管治及其他資料 33 審閱簡明綜合財務報表報告 34 綜合損益及其他全面收益表 35 綜合財務狀況表 37 綜合權益變動表 38 簡明綜合現金流量表 39 未經審核中期財務報告附註 釋義及行業詞彙表 「Crescent Point」 指 Crescent China Investment Management Ltd.，一家於2020年10月28日在英屬 維爾京群島註冊成立及由英屬維爾京群島金融服務委員會規管的私募股權管理公 司，由非執行董事David McKee HAND先生最終控制；或如文義另有所指，就某 些歷史事件而言，指Crescent Fund Management Pte. Ltd.，一家於2012年12月 17日在新加坡註冊成立及新加坡金融管理局轄下的持牌投資管理公司 「Crescent Point投資實體」 指 Crescent Trident Singapore Pte. Ltd.、Asia-Pac E- ...

Continental Aerospace Technologies Holding Limited 大陸航空科技控股有限公司 二零二五年中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告以及管理層討論及分析 | 3 | | 其他資料 | 10 | | 中期財務資料 | 14 | | 中期財務資料審閱報告 | 35 | 1 Continental Aerospace Technologies Holding Limited 大陸航空科技控股有限公司 二零二五年中期報告 公司資料 董事 黃勇峰 （主席） 張志標 （行政總裁） 焦燕 于曉東 李培寅 周偉淦 * 朱幼麟** 李家暉** 張平** * 非執行董事 ** 獨立非執行董事 審核委員會 朱幼麟 （主席） 李家暉 張平 薪酬委員會 朱幼麟 （主席） 李家暉 張志標 提名委員會 張平 （主席） 朱幼麟 焦燕 公司秘書 郭致豪 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 法律顧問 CLKW Lawyers LLP 香港中環 皇后大道中16-18 號 新世界大廈 1 期 ...

2025 中期報告 AAC 瑞聲科技是感知體驗解決方案的領導 者，以打造感知體驗技術的未來為企業目 標。瑞聲科技堅持技術創新，注重全球佈 局，經過數十年的行業深耕，我們與國內外 終端客戶建立緊密、長期、穩定的戰略合作 關係，在聲學、光學、電磁傳動、傳感器及 半導體、精密製造等領域擁有強大的綜合 競爭力。瑞聲科技的使命是創造極緻體驗， 願景是創造多元化價值和成為體驗科技的 領導者。在感知科學上，瑞聲科技不斷創 新，打造各類全新的交互體驗，為行業注入 新的活力。瑞聲科技將在智能手機、智能汽 車、虛擬現實、增強現實、智能家居等多行 業持續發力，開創感知體驗新紀元。 www.aactechnologies.com 本中期報告之中英文版本如有不一致，概以英文版本為準。 此中期報告乃使用環保紙印刷。 (於開曼群島註冊成立之有限公司) 股票代號: 2018 中期報告 2025 執行董事 潘政民先生（行政總裁） 莫祖權先生（常務董事） 目 錄 | 關於瑞聲科技 | | | --- | --- | | 公司資料 | 2 | | 核心發展戰略 | 3 | | 財務摘要 | 4 | | 中期回顧 | 5 | | 全球佈局 | 8 ...