香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 中期業績公告 截至2025年6月30日止六個月 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2025年6月30日止六個月（「報告期間」）的 業績連同截至2024年6月30日止六個月的比較數字。除另有界定者外，本公告所 用詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定 者具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 財務摘要 1 • 我們的收入由截至2024年6月30日止六個月的人民幣6,878.5百萬元增加至 截至2025年6月30日止六個月的人民幣10,236.0百萬元，增長48.8%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於英屬維爾京群島註冊成立並於百慕達存續之獲豁免有限責任公司） 股份代號 636 截至二零二五年六月三十日止六個月業績 董事會欣然公布，本集團截至二零二五年六月三十日止六個月之未經審核中期業績，連同截 至二零二四年六月三十日止六個月之比較數字。 集團財務摘要 * 僅就持續經營業務而言 1 • 收入按年增長7%至272.11億港元（二零二四年上半年*：254.32億港元）。 • 核心經營溢利增長12%至13.48億港元（二零二四年上半年*：12.00億港元）。 • 核心純利亦按年增長12%至6.81億港元（二零二四年上半年*：6.06億港元）。 • 撇除於二零二四年上半年之分派╱終止本集團快遞業務之一次性收益，股東應佔溢利 於二零二五年上半年增長34%，金額為6.48億港元（二零二四年上半年：4.85億港元）。 • 綜合物流業務錄得分部溢利7.13億港元（二零二四年上半年*：6.81億港元）， 增長5%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截至二零二五年六月三十日止 六個月之中期業績公告 中 國 玻 璃 控 股 有 限 公 司（「本公司」）董 事 會（分 別 為「董 事」及「董事會」） 謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 之 比 較 數 字。 1 綜合損益表 截至六月三十日止六個月 | | | | | | | | | | | | | | | 二零二五年 二零二四年 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發 表聲明，並明確表示概不會對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 截至二零二五年六月三十日止六個月之中期業績 財務摘要 （於百慕達註冊成立之有限公司） （截至二零二五年六月三十日止六個月） 業務回顧 （股份代號：754） 網址：http://www.irasia.com/listco/hk/hopson 行業概覽 二零二五年上半年，國際形勢更趨複雜多變，單邊主義、保護主義抬升，全球經濟和跨境 貿易增長動能減弱，世界經濟復甦乏力及國際經貿秩序的不確定性對中國經濟平穩運行 造成一定壓力。面對急劇變化的外部環境，中央政府加緊實施更加積極有為的逆周期調控 政策，著力擴大國內需求，因地制宜發展新質生產力，國民經濟頂壓前行，經濟運行總體 穩中向好。據國家統計局公布的數據顯示，二零二五上半年國內生產總值實現同比增長為 5.3%，高於「兩會」制定的全年增長5%左右的目標，展現出強大韌性和活力。 * 僅作識別之用 – 1 – All amount million/ 人民幣/港幣etc in ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 截至二零二五年六月三十日止六個月 的中期業績公告 中升集團控股有限公司（「本公司」或「我們」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核綜合業績 如下： | 重點摘要 | | | | | --- | --- | --- | --- | | 財務概要 | | | | | | 未經審核 | | | | | 截至 | 截至 | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 止六個月 | 止六個月 | 同比變動 | | | | （人民幣百萬元，特別說明除外） | | | 收入 | | | | | 汽車銷售 | 63,945.6 | 69,0 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2005） 截至二零二五年六月三十日止六個月 中期業績公佈 主席報告 本人謹代表石四藥集團有限公司（「公司」）董事局（「董事局」），呈報公司及其附屬公司（簡稱 「集團」）截至二零二五年六月三十日止六個月（「上半年」）的未經審核中期業績。 等6個產品准入省份均超20個，醋酸鈉林格葡萄糖注射液、伏立康唑乾混懸劑等4 個產品准入省份均超15個，產品的市場准入覆蓋率持續提升，為後續業績增長奠 定了堅實基礎。 一、業績及派息 2025年上半年，外部環境更趨複雜嚴峻，集團經營面臨國內外需求增長動力不足、產品 價格持續下滑、產業政策不斷深化調整等挑戰。面對業績階段性承壓，集團堅定信心、 攻堅克難，持續深化創新驅動戰略，優化產品結構，鞏固並拓展市場份額，努力夯實經 濟回升向好基礎，以發展的確定性應對外部環境的不確定性。 今年上半年實現銷售收入以人民幣計約19.76億元，同比 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 第 一 太 平 有 限 公 司 （根據百慕達法例註冊成立之有限公司） 網 址：www.rstpacic.com （股份代號：00142） 2025年 中 期 業 績－未 經 審 核 財務摘要 母公司擁有人應佔權益由2024年12月31日 之39.262億 美 元（306.244億 港 元）增 加10.0%至2025年6月30日 之43.172億 美 元（336.743億 港 元）。 簡略中期綜合財務報表 簡 略 綜 合 收 益 表－未 經 審 核 | 截 至6月30日 止6個 月 | | 2025 | 2024 | 2025 | 2024 | | --- | --- | --- | --- | --- | --- | | | ...

[Financial Highlights](index=3&type=section&id=Financial%20Highlights) The company's H1 2025 financial performance shows significant revenue growth, but a net loss due to rising costs and exchange losses, with key financial position changes as of June 30, 2025 Key Financial Indicators for H1 2025 (million USD) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 7,520 | 5,695 | +32.0% | | Adjusted EBITDA | 748 | 786 | -4.8% | | Adjusted EBITDA Margin | 9.9% | 13.8% | -3.9 percentage points | | Profit Before Tax | 125 | 729 | -82.8% | | Net (Loss)/Profit | (87) | 565 | Turned from profit to loss | | Net (Loss)/Profit Margin | (1.2%) | 9.9% | -11.1 percentage points | | Basic and Diluted (Loss)/Earnings Per Share (USD) | (0.0057) | 0.0372 | Turned from profit to loss | Key Balance Sheet Indicators (million USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 24,053 | 22,201 | | Total Equity | 12,104 | 11,216 | | Net Debt | 7,378 | 6,415 | [Chairman's Letter](index=4&type=section&id=Chairman%27s%20Letter) The Chairman's letter reviews the turbulent global economic and aluminum industry challenges in H1 2025, including new trade wars, supply chain disruptions, and the Ruble's appreciation offsetting profits, while reaffirming the company's commitment to low-carbon metal supply through climate strategy updates and decarbonization technology R&D - Global economic volatility, new trade wars, and countermeasures create market uncertainty, significantly eroding business confidence and posing substantial risks to metal companies[5](index=5&type=chunk) - Aluminum prices rose in the first half of the year, but the positive impact was largely offset by a **25% appreciation of the Ruble**[5](index=5&type=chunk) - The EU imposed a new round of restrictions on Russian-produced aluminum products in February, prompting the company to diversify its markets[5](index=5&type=chunk) - The company updated its climate strategy, outlining a clear plan to achieve decarbonization and carbon neutrality by **2050**, actively advancing climate-related initiatives including carbon unit market trading and developing various decarbonization technology products[6](index=6&type=chunk) [General Director's Letter](index=5&type=section&id=General%20Director%27s%20Letter) The General Director's letter highlights the ongoing impact of global economic volatility, geopolitical turmoil, and trade wars on the aluminum industry, particularly in the Russian domestic market facing logistics constraints, financing tightening, and a sharp rise in the national currency exchange rate - The aluminum industry faces ongoing impacts from global economic volatility, geopolitical turmoil, and trade wars, with the Russian domestic market also affected by logistics constraints, financing tightening, and a sharp rise in the national currency exchange rate[8](index=8&type=chunk) - The company initiated an aluminum capacity optimization program in late November **2024** to address soaring alumina prices and macroeconomic downturn risks[8](index=8&type=chunk) - The company is constructing new facilities for environmental upgrades at its Krasnoyarsk and Bratsk smelters and has successfully developed inert anode technology, becoming the world's only producer of commercial high-quality aluminum using this technology under industrial production conditions[8](index=8&type=chunk) - Increased use of recycled metal to produce higher recycled content alloys for the automotive and packaging industries, and expanded product lines for additive manufacturing and fertilizer production using by-products[8](index=8&type=chunk) - Continuous integration of advanced digital tools into production processes, covering alumina quality monitoring, electrolysis parameter control, aluminum ingot quality analysis, and AI-managed warehouse logistics[9](index=9&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This chapter analyzes the company's operating environment, financial performance, production activities, cost structure, profitability, cash flow, capital expenditures, financing activities, key events, financial ratios, risk factors, and corporate governance for H1 2025, noting significant revenue growth but a net loss due to rising costs, exchange losses, and non-current asset impairment Key Operating Data for H1 2025 (thousand tonnes) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Primary Aluminum Production | 1,924 | 1,957 | -1.7% | | Alumina Production | 3,400 | 2,995 | +13.5% | | Bauxite (wet) Production | 9,668 | 7,940 | +21.8% | | Sales of Primary Aluminum and Alloys | 2,286 | 1,879 | +21.7% | Cost and Price Per Tonne for H1 2025 (USD) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Aluminum Segment Cost Per Tonne | 2,265 | 1,975 | +14.7% | | LME Aluminum Price Per Tonne | 2,538 | 2,360 | +7.5% | | Average Premium Above LME Price | 92 | 159 | -42.1% | | Alumina Price Per Tonne | 436 | 402 | +8.5% | Key Income Statement Data for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 7,520 | 5,695 | +32.0% | | Cost of Sales | (6,110) | (4,385) | +39.3% | | Gross Profit | 1,410 | 1,310 | +7.6% | | Adjusted EBITDA | 748 | 786 | -4.8% | | Net (Loss)/Profit for the Period | (87) | 565 | Turned from profit to loss | [Overview of Aluminum Industry Trends and Operating Environment](index=6&type=section&id=Overview%20of%20Aluminum%20Industry%20Trends%20and%20Operating%20Environment) H1 2025 saw a volatile global aluminum market with rising LME prices, but tightening trade policies sparked new trade wars, severely disrupting supply chains, while global primary aluminum demand grew steadily, driven by China's EV and solar sectors and India's automotive and electrical industries [Market Overview](index=6&type=section&id=Market%20Overview) H1 2025 saw a volatile global aluminum market with rising LME prices, but tightening trade policies sparked new trade wars, severely disrupting supply chains, while global primary aluminum demand grew steadily, driven by China's EV and solar sectors and India's automotive and electrical industries - In H1 2025, LME aluminum prices increased by **USD 76.5** per tonne to **USD 2,593**, reaching a high of **USD 2,737** in mid-March, the highest since June **2022**[14](index=14&type=chunk) - Global primary aluminum demand increased by **3.6%** year-on-year to **36.7 million tonnes**, with China's demand growing by **4.5%** to **22.9 million tonnes**, primarily driven by the electric vehicle and solar industries[14](index=14&type=chunk) - Global primary aluminum production increased by **2.1%** to **36.4 million tonnes**, with China's production growing by **3%** to **21.8 million tonnes** and non-China regions by **0.8%** to **14.6 million tonnes**[14](index=14&type=chunk) - China's exports of downstream aluminum products decreased by **6.9%** year-on-year to **2.262 million tonnes**, mainly due to reduced export arbitrage opportunities and global trade uncertainties[16](index=16&type=chunk) - European and Asian primary aluminum premiums continued to fall, while US market premiums rose significantly, primarily influenced by Section 232 tariffs and trade negotiations[16](index=16&type=chunk) [Our Business](index=7&type=section&id=Our%20Business) The Group's core business involves bauxite and nepheline ore mining and processing, alumina refining, aluminum smelting, and the sale of bauxite, alumina, and various primary aluminum products and by-products, with no significant changes in major business activities during the six months ended June 30, 2025 - The Group's core business encompasses bauxite and nepheline mining and processing, alumina refining, aluminum smelting, and related product sales[15](index=15&type=chunk) - No significant changes occurred in major business activities during the reporting period[15](index=15&type=chunk) [Financial and Operating Results](index=8&type=section&id=Financial%20and%20Operating%20Results) This section details the company's H1 2025 financial and operating data, showing a significant increase in revenue but a shift from profit to loss due to substantial increases in cost of sales, finance expenses, and income tax, as well as non-current asset impairment [Aluminum Production](index=9&type=section&id=Aluminum%20Production) Primary aluminum production decreased by **1.7%** year-on-year to **1,924 thousand tonnes** in H1 2025, primarily due to the capacity optimization program announced in November 2024, while value-added product output also fell by **13.2%** to **642 thousand tonnes** due to deteriorating market conditions and declining demand - Primary aluminum production decreased by **1.7%** to **1,924 thousand tonnes**, mainly due to the capacity optimization program[23](index=23&type=chunk) - Value-added product output decreased by **13.2%** to **642 thousand tonnes**, reflecting deteriorating market conditions and declining demand[23](index=23&type=chunk) [Alumina Production](index=9&type=section&id=Alumina%20Production) Alumina production increased by **13.54%** year-on-year to **3.4 million tonnes** in H1 2025, primarily driven by the acquisition of a **30%** stake in China's Wen Feng New Materials and increased MRN bauxite procurement to support the Aughinish alumina refinery, with a slight increase also seen in Russian Federation alumina refineries - Alumina production increased by **13.54%** year-on-year to **3.4 million tonnes**[24](index=24&type=chunk) - Production growth is primarily attributed to the acquisition of a **30%** stake in China's Wen Feng New Materials and increased MRN bauxite procurement[24](index=24&type=chunk) - The launch of the new modernization cement kiln No. 14 at the Achinsk alumina refinery contributed to a **0.4%** increase in alumina refinery production in the Russian Federation[24](index=24&type=chunk) [Bauxite and Nepheline Production](index=9&type=section&id=Bauxite%20and%20Nepheline%20Production) Bauxite production significantly increased by **21.8%** year-on-year to **9.668 million tonnes** in H1 2025, partly achieved through sales of CBK and Dian Dian bauxite to third-party customers, while nepheline production slightly increased by **0.3%** to **1.904 million tonnes**, consistent with AGK's current ore consumption - Bauxite production increased by **21.8%** year-on-year to **9.668 million tonnes**, partly achieved through sales to third-party customers[26](index=26&type=chunk) - Nepheline production slightly increased by **0.3%** to **1.904 million tonnes**, consistent with AGK's ore consumption[26](index=26&type=chunk) [Foil and Packaging Production](index=10&type=section&id=Foil%20and%20Packaging%20Production) Total production of aluminum foil and packaging materials decreased by **5.0%** year-on-year to **50.9 thousand tonnes** in H1 2025, primarily due to reduced market demand for construction-grade aluminum foil and strips, with significant declines in Ural Foil and Sayana Foil output Aluminum Foil Production for H1 2025 (thousand tonnes) | Region/Plant | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Sayanal | 23.3 | 22.7 | +3.0% | | Ural Foil | 11.1 | 13.2 | -15.8% | | Sayana Foil | 5.2 | 6.6 | -22.0% | | Armenal | 11.3 | 11.1 | +1.8% | | **Total Production** | **50.9** | **53.6** | **-5.0%** | - The total production decrease is mainly due to reduced market demand for construction-grade aluminum foil and strips[27](index=27&type=chunk) [Other Businesses](index=10&type=section&id=Other%20Businesses) In H1 2025, remelted alloy production significantly increased by **118.4%** due to the launch of the KRAZ slag processing plant, while silicon production decreased by **16.6%** due to global price declines, and aluminum powder production fell by **31.2%** due to reduced domestic market demand and slowing exports Other Business Production and Sales for H1 2025 (thousand tonnes/thousand units) | Indicator | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Remelted Alloys | 10.7 | 4.9 | +118.4% | | Silicon | 22.6 | 27.1 | -16.6% | | Powder | 10.0 | 14.7 | -31.2% | | Wheels (thousand units) | 1,584 | 1,513 | +4.7% | - The significant increase in remelted alloy production is primarily related to the launch of the KRAZ slag processing plant[31](index=31&type=chunk) - The decrease in silicon production is due to a decline in export volumes caused by falling global prices[32](index=32&type=chunk) - Aluminum powder production decreased mainly due to reduced domestic market demand and slowing exports, as well as domestic gas generator demand[33](index=33&type=chunk) - Aluminum wheel production growth benefited from increased automotive production in the Russian Federation and a larger share of aftermarket sales[34](index=34&type=chunk) [Coal Production Performance](index=11&type=section&id=Coal%20Production%20Performance) Coal production in H1 2025, reflecting the Group's **50%** interest in LLP Bogatyr Komir, was **10.603 million tonnes**, a **2.1%** increase compared to H1 2024 - Coal production increased by **2.1%** year-on-year to **10.603 million tonnes**[35](index=35&type=chunk) [Revenue](index=11&type=section&id=Revenue) Total revenue in H1 2025 significantly increased by **32.0%** year-on-year to **7,520 million USD**, with revenue from primary aluminum and alloy sales growing by **29.8%** due to increased sales volume and higher average prices, and alumina sales revenue increasing by **97.4%** driven by both volume and average prices Revenue Breakdown for H1 2025 (million USD) | Category | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Sales of Primary Aluminum and Alloys | 5,966 | 4,597 | +29.8% | | Sales of Alumina | 377 | 191 | +97.4% | | Sales of Foil and Other Aluminum Products | 376 | 342 | +9.9% | | Other Revenue | 801 | 565 | +41.8% | | **Total Revenue** | **7,520** | **5,695** | **+32.0%** | - Revenue from primary aluminum and alloy sales increased primarily due to a **21.7%** increase in sales volume and a **6.7%** increase in the weighted average realized aluminum price per tonne[37](index=37&type=chunk) - Revenue from alumina sales increased mainly due to a **53.1%** increase in sales volume and a **28.9%** increase in the weighted average realized alumina price per tonne[37](index=37&type=chunk) - Other sales revenue growth was primarily driven by a **103.8%** increase in bauxite sales revenue and a **47.5%** increase in sales of other materials such as anode blocks, hydrates, and silicon[38](index=38&type=chunk) Revenue Breakdown by Region for H1 2025 (million USD) | Region | 2025 | % of Revenue | 2024 | % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Asia | 3,983 | 53% | 2,371 | 42% | | CIS | 2,180 | 29% | 1,956 | 34% | | Europe | 1,251 | 16% | 1,258 | 22% | | Americas | 44 | 1% | 72 | 1% | | Other | 62 | 1% | 38 | 1% | | **Total** | **7,520** | **100%** | **5,695** | **100%** | [Cost of Sales](index=13&type=section&id=Cost%20of%20Sales) Total cost of sales in H1 2025 significantly increased by **39.3%** year-on-year to **6,110 million USD**, primarily due to higher primary aluminum sales volume, increased prices for alumina and other raw materials, and rising average electricity tariffs and transportation duties, with the cost of primary aluminum purchased from joint ventures seeing the largest increase at **165.9%** Cost of Sales Breakdown for H1 2025 (million USD) | Cost Category | 2025 | 2024 | YoY Change % | % of Total Cost (2025) | | :--- | :--- | :--- | :--- | :--- | | Alumina Cost | 1,223 | 992 | +23.3% | 20.0% | | Bauxite Cost | 140 | 140 | 0.0% | 2.3% | | Other Raw Material Costs and Other Costs | 1,645 | 1,348 | +22.0% | 26.9% | | Primary Aluminum Purchased from Joint Ventures | 508 | 191 | +165.9% | 8.3% | | Energy Costs | 1,382 | 1,107 | +24.8% | 22.6% | | Depreciation and Amortization | 312 | 234 | +33.3% | 5.1% | | Staff Costs | 439 | 345 | +27.2% | 7.2% | | Repairs and Maintenance | 285 | 225 | +26.7% | 4.7% | | Net Change in Inventory Provision | 44 | (9) | Not Applicable | 0.7% | | Change in Finished Goods | 132 | (188) | Not Applicable | 2.2% | | **Total Cost of Sales** | **6,110** | **4,385** | **+39.3%** | **100.0%** | - The increase in total cost of sales is mainly due to a **21.7%** increase in primary aluminum sales, as well as higher prices for alumina and other raw materials, average electricity tariffs, and transportation duties[40](index=40&type=chunk) - The change in finished goods reflects fluctuations in physical inventory of primary aluminum and alloys, which decreased by **7.0%** in H1 2025, compared to an increase of **15.3%** in H1 2024[41](index=41&type=chunk) [Gross Profit](index=14&type=section&id=Gross%20Profit) Gross profit for H1 2025 was **1,410 million USD**, an increase of **7.6%** from **1,310 million USD** in H1 2024, however, the gross profit margin decreased from **23.0%** to **18.8%**, reflecting a faster growth rate in cost of sales than in revenue Gross Profit and Gross Profit Margin for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Gross Profit | 1,410 | 1,310 | +7.6% | | Gross Profit Margin | 18.8% | 23.0% | -4.2 percentage points | [Operating Results and Adjusted EBITDA](index=14&type=section&id=Operating%20Results%20and%20Adjusted%20EBITDA) Operating results for H1 2025 were **252 million USD**, a year-on-year decrease of **42.7%**, while Adjusted EBITDA was **748 million USD**, a **4.8%** year-on-year decrease, primarily impacted by the decline in operating results Operating Results and Adjusted EBITDA for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Operating Results | 252 | 440 | -42.7% | | Amortization and Depreciation | 327 | 249 | +31.3% | | Impairment of Non-Current Assets | 166 | 96 | +72.9% | | Loss on Disposal of Property, Plant and Equipment | 3 | 1 | +200.0% | | **Adjusted EBITDA** | **748** | **786** | **-4.8%** | [Finance Income and Expenses](index=15&type=section&id=Finance%20Income%20and%20Expenses) Finance income decreased by **31.4%** year-on-year to **166 million USD** in H1 2025, primarily due to a shift from net exchange gains to exchange losses, while finance expenses significantly increased by **231.8%** to **584 million USD**, mainly driven by higher interest expenses on bank and corporate loans and exchange losses Finance Income for H1 2025 (million USD) | Category | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Interest Income from Third-Party Loans and Deposits | 45 | 62 | -27.4% | | Fair Value Changes of Derivative Financial Instruments | 95 | 41 | +131.7% | | Net Exchange Gains | – | 139 | -100.0% | | **Total Finance Income** | **166** | **242** | **-31.4%** | Finance Expenses for H1 2025 (million USD) | Category | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Interest Expense on Bank and Corporate Loans | (389) | (160) | +143.1% | | Exchange Losses | (181) | – | +100.0% | | **Total Finance Expenses** | **(584)** | **(176)** | **+231.8%** | - The decrease in finance income is mainly due to recording exchange losses of **181 million USD** in H1 2025, compared to exchange gains of **139 million USD** in H1 2024[44](index=44&type=chunk) - The significant increase in finance expenses is primarily due to higher interest expenses on bank and corporate loans, as well as exchange losses[45](index=45&type=chunk) [Share of Profit of Associates and Joint Ventures](index=16&type=section&id=Share%20of%20Profit%20of%20Associates%20and%20Joint%20Ventures) The share of profit from associates in H1 2025 was **178 million USD**, primarily from the investment in Norilsk Nickel, a slight increase of **2.3%** year-on-year, while the share of profit from joint ventures significantly increased by **130.6%** to **113 million USD**, driven by investments in BEMO, LLP Bogatyr Komir, Mega Business and Alliance, and Hebei Wen Feng New Materials Co., Ltd Share of Profit of Associates and Joint Ventures for H1 2025 (million USD) | Category | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Share of Profit of Norilsk Nickel | 178 | 174 | +2.3% | | Share of Profit of Associates | 178 | 174 | +2.3% | | Share of Profit of Joint Ventures | 113 | 49 | +130.6% | | **Total** | **291** | **223** | **+30.5%** | - The market value of the equity interest in Norilsk Nickel as of June 30, 2025, was **5,715 million USD**, an increase from **4,585 million USD** as of December 31, 2024[47](index=47&type=chunk) [Profit Before Tax](index=16&type=section&id=Profit%20Before%20Tax) Profit before tax for H1 2025 was **125 million USD**, a significant decrease of **82.8%** compared to **729 million USD** in H1 2024, primarily due to increased cost of sales, finance expenses, and exchange losses Profit Before Tax for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Profit Before Tax | 125 | 729 | -82.8% | [Income Tax](index=16&type=section&id=Income%20Tax) Income tax expense for H1 2025 was **212 million USD**, an increase of **29.3%** compared to **164 million USD** in H1 2024 Income Tax Expense for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Income Tax Expense | 212 | 164 | +29.3% | [Net (Loss)/Profit for the Period](index=16&type=section&id=Net%20%28Loss%29%2FProfit%20for%20the%20Period) The company recorded a net loss of **87 million USD** for H1 2025, compared to a profit of **565 million USD** in H1 2024, primarily due to the combined impact of the aforementioned financial factors Net (Loss)/Profit for the Period for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net (Loss)/Profit for the Period | (87) | 565 | Turned from profit to loss | [Adjusted and Recurring Net Profit](index=17&type=section&id=Adjusted%20and%20Recurring%20Net%20Profit) Adjusted net profit for H1 2025 was a loss of **194 million USD**, compared to a profit of **446 million USD** in H1 2024, while recurring net profit was a loss of **16 million USD**, compared to a profit of **620 million USD** in H1 2024, both reflecting the challenging operating environment and deteriorating financial performance during the reporting period Adjusted and Recurring Net Profit for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net (Loss)/Profit for the Period | (87) | 565 | Not Applicable | | Adjusted Net (Loss)/Profit | (194) | 446 | Not Applicable | | Recurring Net (Loss)/Profit | (16) | 620 | Not Applicable | [Segment Reporting](index=18&type=section&id=Segment%20Reporting) The Group has four reportable segments: Aluminum, Alumina, Energy, and Mining & Metals, with Aluminum and Alumina being the core segments; in H1 2025, the Aluminum segment saw a decrease in both revenue and EBITDA margin, while the Alumina segment experienced an increase in both, and the company recognized an impairment of **41 million USD** for the alumina cash-generating unit - The Group has four reportable segments: Aluminum, Alumina, Energy, and Mining & Metals, with Aluminum and Alumina being the core segments[53](index=53&type=chunk)[54](index=54&type=chunk) Core Segment Performance for H1 2025 (million USD) | Indicator | Aluminum Segment (2025) | Alumina Segment (2025) | Aluminum Segment (2024) | Alumina Segment (2024) | | :--- | :--- | :--- | :--- | :--- | | Segment Revenue | 5,530 | 1,155 | 4,499 | 900 | | Segment Results | 499 | 20 | 695 | (13) | | Segment Results Margin | 9.0% | 1.7% | 15.4% | (1.4%) | | Segment EBITDA | 725 | 44 | 853 | 5 | | Segment EBITDA Margin | 13.1% | 3.8% | 19.0% | 0.6% | | Capital Expenditures | (480) | (162) | (343) | (136) | - An impairment amount of **41 million USD** was recognized for the alumina cash-generating unit, primarily due to a decrease in alumina prices (including forecast prices) since the beginning of the year[138](index=138&type=chunk) [Working Capital](index=19&type=section&id=Working%20Capital) As of June 30, 2025, the Group's working capital decreased to **4,344 million USD** from **4,586 million USD** as of December 31, 2024, with inventory decreasing by **3.0%**, trade and other receivables increasing by **9.3%**, and trade and other payables increasing by **2.2%** Working Capital Overview as of June 30, 2025 (million USD) | Indicator | June 30, 2025 | December 31, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total Current Assets | 8,235 | 8,361 | -1.5% | | Total Current Liabilities | 8,817 | 6,759 | +30.4% | | Net Current (Liabilities)/Assets | (582) | 1,602 | Turned from net assets to net liabilities | | Working Capital | 4,344 | 4,586 | -5.3% | - Inventory decreased by **136 million USD** or **3.0%** to **4,341 million USD**[59](index=59&type=chunk) - Trade and other receivables increased by **136 million USD** or **9.3%** to **1,606 million USD**, mainly due to an increase in trade receivables from third parties[59](index=59&type=chunk) - Trade and other payables increased by **34 million USD** or **2.2%** to **1,569 million USD**[59](index=59&type=chunk) [Capital Expenditures](index=20&type=section&id=Capital%20Expenditures) Total capital expenditures in H1 2025 were **707 million USD**, a **37.0%** increase from **516 million USD** in H1 2024, primarily allocated to maintaining existing production facilities, with both development capital expenditures and repair expenses increasing Capital Expenditures Breakdown for H1 2025 (million USD) | Category | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Development Capital Expenditures | 297 | 207 | +43.5% | | Repairs (Electrolyzer Modernization) | 103 | 95 | +8.4% | | Repairs (Re-equipment) | 307 | 214 | +43.5% | | **Total Capital Expenditures** | **707** | **516** | **+37.0%** | - Capital expenditures were primarily used for maintaining existing production facilities[60](index=60&type=chunk) [Loans and Borrowings](index=21&type=section&id=Loans%20and%20Borrowings) As of June 30, 2025, the Group's loans and borrowings had a face value of **4,166 million USD**, excluding an additional **4,321 million USD** in bonds, with the loan portfolio comprising RMB and Ruble-denominated bank loans and bonds, carrying interest rates ranging from **4.75%** to the Russian Central Bank key rate plus an annual spread - As of June 30, 2025, loans and borrowings had a face value of **4,166 million USD**, excluding an additional **4,321 million USD** in bonds[62](index=62&type=chunk) Overview of Key Financing Terms as of June 30, 2025 | Financing/Lender | Outstanding Principal Amount | Term/Repayment Schedule | Pricing | | :--- | :--- | :--- | :--- | | Russian Bank Loan | RMB 11 billion | Due January 2026 | 7.0%-9.75% per annum | | Russian Bank Loan | RMB 9.9 billion | Quarterly repayments starting December 2027 | 4.75% per annum | | Russian Bank Loan | 42.6 billion Rubles | Single repayment September 2025 | Russian Central Bank key rate plus annual spread | | RMB Bonds | RMB 18.9 billion | Due July 2027 (9 tranches) | 3.95%-12.0% per annum | | Russian Ruble Bonds | 114 billion Rubles | Due August 2029 (6 tranches) | Russian Central Bank base rate plus 2.2%-3.7% per annum | [Guarantees](index=21&type=section&id=Guarantees) As of June 30, 2025, the Group's debt is unsecured, with the exception of a pledge of Norilsk Nickel shares, representing **25%** plus one share of its total nominal issued share capital - The Group's debt is unsecured, except for a pledge of **25%** plus one share of Norilsk Nickel's shares[64](index=64&type=chunk) [Key Events During the Reporting Period](index=22&type=section&id=Key%20Events%20During%20the%20Reporting%20Period) In H1 2025, the Board did not recommend or approve dividend payments, while the company engaged in multiple bond issuance and redemption activities, including placing Ruble and RMB-denominated commercial non-convertible interest-bearing bonds and redeeming some maturing bonds, concurrently entering into cross-currency interest rate swaps to manage exchange rate exposure [Dividends](index=22&type=section&id=Dividends) For the six months ended June 30, 2025, the Board did not recommend or approve the payment of any dividends - The Board did not recommend or approve the payment of any dividends[66](index=66&type=chunk) - For the six months ended June 30, 2025, the Board did not recommend or approve the payment of any dividends[66](index=66&type=chunk) - The company placed **30 billion Rubles** of 001PC-05 series commercial bonds with a coupon rate of key rate +**3.7%**, and entered into cross-currency interest rate swaps to convert its Ruble exposure to RMB exposure[67](index=67&type=chunk) - A total of **RMB 8.9 billion** of 001РС-01, 001PC-02, 001PC-03, and 001PC-04 series RMB-denominated bonds were redeemed[67](index=67&type=chunk) - A total of **RMB 650 million** of BO-001P-12 series uncertificated interest-bearing non-convertible bonds were placed with a coupon rate of **10.90%**[67](index=67&type=chunk) - A total of **14 billion Rubles** of 001PC-06 series commercial bonds were placed with a coupon rate of key rate +**3.5%**, and cross-currency interest rate swaps were entered into to convert its Ruble exposure to RMB exposure[67](index=67&type=chunk) - A total of **20 billion Rubles** of 001PC-07 series commercial bonds were placed with a coupon rate of key rate +**3.5%**, with part of the Ruble exposure converted to RMB and part to USD[67](index=67&type=chunk) - **RMB 6 billion** of BO-001P-01 series RMB-denominated bonds were redeemed[67](index=67&type=chunk) - A total of **RMB 11.2 billion** of BO-001P-14 series uncertificated interest-bearing non-convertible bonds were placed with a coupon rate of **12.0%**[67](index=67&type=chunk) [Cash Flow](index=23&type=section&id=Cash%20Flow) Net cash inflow from operating activities in H1 2025 was **888 million USD**, a significant improvement from a net outflow of **403 million USD** in H1 2024, while net cash outflow from investing activities increased to **528 million USD** primarily due to higher expenditures on property, plant, and equipment, and net cash outflow from financing activities substantially increased to **799 million USD** mainly due to higher net debt repayments and interest paid Cash Flow Overview for H1 2025 (million USD) | Category | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash from/(used in) Operating Activities | 888 | (403) | Turned from outflow to inflow | | Net Cash used in Investing Activities | (528) | (232) | Increased outflow | | Net Cash used in Financing Activities | (799) | (104) | Increased outflow | | Net Change in Cash and Cash Equivalents | (439) | (739) | Decreased outflow | | Cash and Cash Equivalents at End of Period | 1,123 | 1,322 | -15.1% | - Net cash used in investing activities increased by **296 million USD** to **528 million USD**, primarily for the acquisition of property, plant, and equipment, and intangible assets[69](index=69&type=chunk) - Net cash used in financing activities increased by **695 million USD** to **799 million USD**, mainly attributable to increased net debt repayments and interest paid[70](index=70&type=chunk) [Financial Ratios](index=24&type=section&id=Financial%20Ratios) As of June 30, 2025, the Group's debt-to-asset ratio slightly decreased to **35.4%**, return on equity turned negative at **-0.7%**, and the interest coverage ratio significantly dropped to **1.4**, indicating weakened ability to cover interest payments Overview of Financial Ratios for H1 2025 | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Debt-to-Asset Ratio | 35.4% | 35.7% | -0.3 percentage points | | Return on Equity | -0.7% | 4.7% | Turned from positive to negative | | Interest Coverage Ratio | 1.4 | 9.0 | -7.6 | [Debt-to-Asset Ratio](index=24&type=section&id=Debt-to-Asset%20Ratio) As of June 30, 2025, the Group's debt-to-asset ratio (total debt to total assets) was **35.4%**, a slight decrease from **35.7%** as of December 31, 2024 - The debt-to-asset ratio decreased from **35.7%** to **35.4%**[72](index=72&type=chunk) [Return on Equity](index=24&type=section&id=Return%20on%20Equity) As of June 30, 2025, the Group's return on equity (net profit as a percentage of total equity) was **-0.7%**, compared to **4.7%** in H1 2024, indicating a decline in profitability - Return on equity turned from positive **4.7%** to negative **-0.7%**[73](index=73&type=chunk) [Interest Coverage Ratio](index=24&type=section&id=Interest%20Coverage%20Ratio) For the six months ended June 30, 2025, the Group's interest coverage ratio (profit before interest and tax to net interest) was **1.4**, a significant decrease from **9.0** in H1 2024, indicating a substantially weakened ability to cover interest payments - The interest coverage ratio significantly decreased from **9.0** to **1.4**[74](index=74&type=chunk) [Interest Rate and Foreign Exchange Risk](index=24&type=section&id=Interest%20Rate%20and%20Foreign%20Exchange%20Risk) The Group's description of interest rate and foreign exchange risks remains consistent with the information disclosed in the 2024 Annual Report and is applicable for the six months ended June 30, 2025 - The description of interest rate and foreign exchange risks is consistent with the information disclosed in the 2024 Annual Report[75](index=75&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total number of employees was **59,439**, an increase of **4.7%** compared to H1 2024, with the company's remuneration policy designed to incentivize employees, enhance productivity, improve product quality, and attract and retain highly skilled talent through monetary compensation, diverse benefits, and performance-based bonuses, while adhering to principles of fairness, transparency, and market best practices Number of Employees by Department as of June 30, 2025 | Department | June 30, 2025 | June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Aluminum | 21,629 | 20,946 | +3.3% | | Alumina | 23,842 | 23,459 | +1.6% | | Downstream | 4,867 | 4,693 | +3.7% | | Other | 5,571 | 4,380 | +27.2% | | **Total** | **59,439** | **56,769** | **+4.7%** | - The remuneration policy aims to create a highly professional team that operates efficiently, fostering the company's dynamic development and achievement of strategic goals[77](index=77&type=chunk) [Remuneration and Benefits Policy](index=25&type=section&id=Remuneration%20and%20Benefits%20Policy) The company's remuneration structure includes monetary compensation, diverse benefits and compensation, and annual performance-based bonuses, with compensation determined by skills, complexity, quantity, quality, and regional industry specifics, while benefits cover meal allowances, sports activities, free medical care, sanatorium subsidies, voluntary medical insurance, holiday celebrations, financial assistance, and corporate housing programs, and the bonus system aims to encourage employees to achieve company goals, enhance productivity, and improve product quality, adhering to SMART principles - Monetary compensation is the main component, determined by the employee's skills, complexity, quantity, quality, and conditions of work, as well as regional and industry specifics[78](index=78&type=chunk) - Benefits and compensation include shift/daily meal allowances, free sports activities, company medical services, sanatorium treatment subsidies, voluntary medical insurance, holiday celebrations, financial assistance, and corporate housing programs[83](index=83&type=chunk)[84](index=84&type=chunk) - Bonuses for white-collar employees are based on SMART principles for setting and evaluating performance indicators, while worker bonuses are paid proportionally to working hours within the year and completion of production plans[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Professional Training](index=27&type=section&id=Professional%20Training) The Group is committed to providing employee training and development, with specific plans and arrangements detailed on pages 111 to 113 of the Annual Report - The Group is dedicated to providing employee training and development[88](index=88&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, provides independent opinions on financial reporting procedures, risk management, and internal controls, and oversees the audit process; in H1 2025, the committee held two meetings and two votes by circulation, reviewed the annual and interim financial statements, and deemed the interim condensed consolidated financial statements to comply with applicable accounting standards and listing rules - The Audit Committee comprises three independent non-executive directors: Mr. Kevin Parker (Chairman), Mr. Bernard Zonneveld, and Ms. Anna Vasilenko[90](index=90&type=chunk) - The Committee reviewed the financial statements for the year **2024** and H1 **2025**, and concluded that the interim condensed consolidated financial statements comply with applicable accounting standards, the Hong Kong Stock Exchange Listing Rules, and other applicable legal requirements[90](index=90&type=chunk)[91](index=91&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The Board has reviewed the company's contingent liabilities, including tax, environmental, and legal contingencies, with management estimating potential legal claims outflows of approximately **21 million USD**; the company faces uncertainties in the interpretation of Russian tax, currency, and customs regulations, as well as potential risks from stricter enforcement of environmental regulations - Management estimates potential legal claims outflows of approximately **21 million USD** (December 31, 2024: **24 million USD**)[201](index=201&type=chunk) - The company faces uncertainties in the interpretation of Russian tax, currency, and customs regulations, as well as risks from different and selective interpretations of tax laws by government authorities[199](index=199&type=chunk) - Regarding environmental contingencies, management believes that, based on current enforcement of existing regulations, no significant adverse liabilities are likely to arise, but significant capital projects are expected to be undertaken to improve environmental performance[200](index=200&type=chunk) [Business Risks](index=28&type=section&id=Business%20Risks) The company faces multiple business risks, including global commodity market volatility leading to changes in demand for raw metals, power supply disruptions and rising electricity prices, reliance on transportation services and increasing costs, foreign exchange fluctuations, labor disputes and rising labor costs, dependence on third-party suppliers (especially for alumina and bauxite), equipment failures, and multi-jurisdictional regulatory, social, legal, tax, and political environment risks - High volatility in global commodity, goods, and currency markets and the risk of economic recession may lead to unpredictable and significant changes in demand for raw metals and alloys[93](index=93&type=chunk) - Power supply disruptions and rising electricity prices could have a significant adverse impact on business, financial condition, and operating results[93](index=93&type=chunk) - Reliance on uninterrupted transportation services and infrastructure use poses risks of price increases, availability, and timeliness instability[97](index=97&type=chunk) - Exposure to foreign exchange fluctuation risks, labor disputes, skilled labor shortages, and rising labor costs[97](index=97&type=chunk) - Dependence on third-party suppliers for materials and raw materials, particularly alumina and bauxite, is affected by the suspension of operations at Ukrainian facilities and the Australian government's export ban[97](index=97&type=chunk) [Investments in Subsidiaries](index=29&type=section&id=Investments%20in%20Subsidiaries) Details of the company's principal subsidiaries are provided in the 2024 Annual Report, with no significant changes during the six months ended June 30, 2025 - Details of principal subsidiaries are consistent with the 2024 Annual Report, with no significant changes during the reporting period[94](index=94&type=chunk) [Interests in Associates and Joint Ventures](index=29&type=section&id=Interests%20in%20Associates%20and%20Joint%20Ventures) As of June 30, 2025, Rusal's market value of its equity interest in Norilsk Nickel increased to **5,715 million USD**, with no other significant changes in the Group's investments in associates and joint ventures during the reporting period, consistent with the Annual Report disclosures - The market value of Rusal's equity interest in Norilsk Nickel as of June 30, 2025, was **5,715 million USD**, an increase from **4,585 million USD** as of December 31, 2024[95](index=95&type=chunk) - No other significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[96](index=96&type=chunk) [Significant Events in H1 2025 and Subsequent to the Period End](index=30&type=section&id=Significant%20Events%20in%20H1%202025%20and%20Subsequent%20to%20the%20Period%20End) In H1 2025 and thereafter, the company made progress in several areas, including record sales at Russkiy Radiator, registration of its first CO2 capture climate project, increased production capacity for aluminum powder and paste, achieving the highest ESG rating from a leading Chinese institution, record aluminum wheel production at SKAD, commencement of scandium rare earth metal production, completion of DMD 3D printed aluminum powder delivery, expansion of aluminum scrap recycling, replacement of imported potash fertilizers in the Russian market, investment in expanding thin aluminum foil capacity for food packaging, commencement of commercial production of new low-carbon casting alloys, signing of a landmark carbon credit transaction, and enhanced EcoVadis global supplier sustainability ranking - Russkiy Radiator recorded record sales in **2024**[98](index=98&type=chunk) - Rusal registered its first CO2 capture climate project in Russia[98](index=98&type=chunk) - Rusal increased its production capacity for aluminum powder and paste[98](index=98&type=chunk) - Rusal received the highest ESG rating from a leading Chinese institution[98](index=98&type=chunk) - SKAD achieved a historical record in aluminum wheel production[98](index=98&type=chunk) - Rusal commenced production of the rare earth metal scandium[98](index=98&type=chunk) - Rusal completed the first delivery of DMD **3D** printed aluminum powder[98](index=98&type=chunk) - Rusal expanded its aluminum scrap recycling operations[98](index=98&type=chunk) - Rusal replaced imported potash fertilizers in the Russian market[98](index=98&type=chunk) - Rusal invested in expanding its production capacity for thin aluminum foil for food packaging[98](index=98&type=chunk) - Rusal commenced commercial production of new low-carbon casting alloys for the automotive industry[98](index=98&type=chunk) - Rusal signed a landmark carbon credit transaction[98](index=98&type=chunk) - Rusal enhanced its position in the EcoVadis global supplier sustainability ranking[98](index=98&type=chunk) - Rusal commenced production of aluminum food containers[98](index=98&type=chunk) [Independent Auditor's Report](index=31&type=section&id=Independent%20Auditor%27s%20Report) Independent auditor TSATR–Audit Services Limited Liability Company reviewed the Group's interim condensed consolidated financial statements for the six months ended June 30, 2025, finding no matters indicating non-compliance with International Accounting Standard 34, but highlighting significant uncertainties regarding the Group's going concern due to geopolitical tensions, sanctions, and market volatility - The auditor has reviewed the interim condensed consolidated financial statements in accordance with International Standard on Review Engagements **2410**[100](index=100&type=chunk) - The auditor found no matters that lead them to believe the interim condensed consolidated financial statements are not prepared in all material respects in accordance with International Accounting Standard **34**[101](index=101&type=chunk) - The report emphasizes that geopolitical tensions, sanctions, and market volatility may create significant uncertainties regarding the Group's ability to continue as a going concern[102](index=102&type=chunk) [Interim Condensed Consolidated Financial Statements](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This chapter presents the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, along with related notes, showing revenue growth but a shift from profit to loss due to increased costs, finance expenses, income tax, and non-current asset impairment - The company re-domiciled to the Russian Federation as UC RUSAL IPJSC on September 25, **2020**[118](index=118&type=chunk) - These interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard **34** "Interim Financial Reporting" and the disclosure requirements of the Hong Kong Companies Ordinance[130](index=130&type=chunk) - The amendment to International Accounting Standard **21** "Lack of Exchangeability," effective January 1, **2025**, has no significant impact on the Group[131](index=131&type=chunk)[132](index=132&type=chunk) - In July **2025**, the Group completed the first stage of acquiring a **26%** equity interest in Pioneer Aluminium Industries Limited for a total consideration of **243.75 million USD**[207](index=207&type=chunk) - In July **2025**, a subsidiary of the company drew down an **RMB 9.3 billion** credit facility for refinancing current repayments[207](index=207&type=chunk) [Interim Condensed Consolidated Income Statement](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) In H1 2025, the company's revenue increased by **32.0%** year-on-year to **7,520 million USD**, but cost of sales significantly rose by **39.3%** to **6,110 million USD**, leading to a shift from a profit of **565 million USD** to a loss of **87 million USD** due to substantial increases in distribution expenses, administrative expenses, non-current asset impairment, and finance expenses Interim Condensed Consolidated Income Statement for H1 2025 (million USD) | Indicator | 2025 | 2024 | YoY Change % | | :--- | :--- | :--- | :--- | | Revenue | 7,520 | 5,695 | +32.0% | | Cost of Sales | (6,110) | (4,385) | +39.3% | | Gross Profit | 1,410 | 1,310 | +7.6% | | Operating Results | 252 | 440 | -42.7% | | Finance Income | 166 | 242 | -31.4% | | Finance Expenses | (584) | (176) | +231.8% | | Share of Profit of Associates and Joint Ventures | 291 | 223 | +30.5% | | Profit Before Tax | 125 | 729 | -82.8% | | Income Tax | (212) | (164) | +29.3% | | **Net (Loss)/Profit for the Period** | **(87)** | **565** | **Turned from profit to loss** | - Basic and diluted (loss)/earnings per share were **(0.0057) USD**, compared to **0.0372 USD** in H1 2024[106](index=106&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for H1 2025 was **888 million USD**, a decrease from **947 million USD** in H1 2024, where significant positive contributions from other comprehensive income, particularly exchange differences on translation of equity-accounted investees, partially offset the net loss for the period Interim Condensed Consolidated Statement of Comprehensive Income for H1 2025 (million USD) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net (Loss)/Profit for the Period | (87) | 565 | | Actuarial Gain/(Loss) on Post-Employment Benefit Plans | 1 | (2) | | Fair Value Changes of Cash Flow Hedges | (34) | – | | Exchange Differences on Translation of Foreign Operations | (125) | 197 | | Exchange Differences on Translation of Equity-Accounted Investees | 1,133 | 187 | | Other Comprehensive Income (Net of Tax) for the Period | 975 | 382 | | **Total Comprehensive Income for the Period** | **888** | **947** | [Interim Condensed Consolidated Statement of Financial Position](index=35&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased to **24,053 million USD**, up **8.3%** from December 31, 2024, with a significant increase in total non-current assets driven by growth in interests in associates and joint ventures, while total current liabilities substantially increased by **30.4%**, leading to a shift from net current assets to net current liabilities Interim Condensed Consolidated Statement of Financial Position as of June 30, 2025 (million USD) | Category | June 30, 2025 | December 31, 2024 | Change % | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Non-Current Assets | 15,818 | 13,840 | +14.3% | | Total Current Assets | 8,235 | 8,361 | -1.5% | | **Total Assets** | **24,053** | **22,201** | **+8.3%** | | **Equity and Liabilities** | | | | | Total Equity | 12,104 | 11,216 | +7.9% | | Total Non-Current Liabilities | 3,132 | 4,226 | -25.9% | | Total Current Liabilities | 8,817 | 6,759 | +30.4% | | **Total Liabilities** | **11,949** | **10,985** | **+8.8%** | | **Total Equity and Liabilities** | **24,053** | **22,201** | **+8.3%** | | Net Current (Liabilities)/Assets | (582) | 1,602 | Turned from net assets to net liabilities | - Interests in associates and joint ventures increased from **4,868 million USD** to **6,186 million USD**, a growth of **27.1%**[109](index=109&type=chunk) - Loans and borrowings (current liabilities) increased from **4,520 million USD** to **6,245 million USD**, a growth of **38.2%**[110](index=110&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=37&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity increased to **12,104 million USD**, up **7.9%** from **11,216 million USD** at the beginning of the year, despite a net loss for the period, as exchange reserves significantly increased by **1,008 million USD** due to foreign currency translation gains, offsetting the loss and driving overall equity growth Interim Condensed Consolidated Statement of Changes in Equity for H1 2025 (million USD) | Category | Share Capital | Share Premium | Other Reserves | Exchange Reserves | Retained Earnings | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of January 1, 2025 | 152 | 15,786 | 2,856 | (11,205) | 3,627 | 11,216 | | Loss for the Period | – | – | – | – | (87) | (87) | | Other Comprehensive Income or (Loss) for the Period | – | – | (33) | 1,008 | – | 975 | | **Balance as of June 30, 2025** | **152** | **15,786** | **2,823** | **(10,197)** | **3,540** | **12,104** | - Exchange reserves improved from **(11,205) million USD** to **(10,197) million USD**, an increase of **1,008 million USD** during the period[112](index=112&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash inflow from operating activities in H1 2025 was **888 million USD**, a significant improvement from a net outflow of **403 million USD** in H1 2024, while net cash outflow from investing activities increased to **528 million USD** primarily for property, plant, and equipment acquisitions, and net cash outflow from financing activities substantially increased to **799 million USD** due to higher debt repayments and interest payments, resulting in a decrease in cash and cash equivalents at period-end to **1,123 million USD** Interim Condensed Consolidated Statement of Cash Flows for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from/(used in) Operating Activities | 888 | (403) | | Net Cash used in Investing Activities | (528) | (232) | | Net Cash used in Financing Activities | (799) | (104) | | Net Decrease in Cash and Cash Equivalents | (439) | (739) | | Cash and Cash Equivalents at End of Period | 1,123 | 1,322 | - Net cash from operating activities significantly improved, mainly due to increased cash generated from operations before changes in working capital and provisions, as well as a decrease in inventories and an increase in trade and other payables[113](index=113&type=chunk) - Net cash used in investing activities increased primarily due to expenditures on property, plant, and equipment increasing from **504 million USD** to **695 million USD**[114](index=114&type=chunk) - Net cash used in financing activities significantly increased, mainly due to an increase in proceeds from borrowings to **3,961 million USD**, but also substantial increases in repayment of borrowings and interest paid[114](index=114&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=40&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering company background, basis of preparation, significant accounting policies, segment reporting, revenue, cost of sales and operating expenses, finance income and expenses, income tax, earnings per share, interests in associates and joint ventures, non-derivative financial and non-financial instruments, equity, loans and borrowings, provisions, derivative financial assets/liabilities, commitments and contingent liabilities, related party transactions, and events after the reporting date, offering essential context and explanations for understanding the financial statements [1 Background](index=40&type=section&id=1%20Background) This section describes the company's organizational structure, registration information, equity structure, business activities, operating environment, and the OFAC sanctions and going concern uncertainties it faces; the company re-domiciled to the Russian Federation in 2020, with its main shareholder being EN+ GROUP IPJSC, and its operations primarily in the aluminum industry across the Russian Federation, Guinea, Jamaica, Ireland, Italy, and Sweden - The company re-domiciled to the Russian Federation on September 25, **2020**, becoming UC RUSAL IPJSC[118](index=118&type=chunk) Equity Structure as of June 30, 2025 | Shareholder | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | EN+ GROUP IPJSC | 56.88% | 56.88% | | SUAL PARTNERS ILLC | 25.52% | 25.52% | | Mr. Oleg V. Deripaska | 0.01% | 0.01% | | Publicly Held | 17.59% | 17.59% | | **Total** | **100.00%** | **100.00%** | - The Group primarily operates in the aluminum industry in the Russian Federation, Guinea, Jamaica, Ireland, Italy, and Sweden[126](index=126&type=chunk) - Geopolitical instability, sanctions, and market volatility create significant uncertainties regarding the company's ability to continue as a going concern, but management expects rising global commodity market prices to improve operating results[129](index=129&type=chunk) - OFAC delisted the company and En+ from the Specially Designated Nationals List on January 27, **2019**, subject to various conditions including corporate governance changes[128](index=128&type=chunk) [2 Basis of Preparation](index=43&type=section&id=2%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted in the Russian Federation and the disclosure requirements of the Hong Kong Companies Ordinance, and should be read in conjunction with the Group's 2024 annual consolidated financial statements - The financial statements are prepared in accordance with International Accounting Standard **34** "Interim Financial Reporting" and the disclosure requirements of the Hong Kong Companies Ordinance[130](index=130&type=chunk) - These interim condensed consolidated financial statements should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, **2024**[130](index=130&type=chunk) [3 Significant Accounting Policies](index=43&type=section&id=3%20Significant%20Accounting%20Policies) The accounting policies adopted for the preparation of the interim condensed consolidated financial statements are the same as those used for the 2024 annual consolidated financial statements, with the exception of the adoption of the amendment to International Accounting Standard 21 "Lack of Exchangeability" effective January 1, 2025, which has no impact on the financial statements as the Group does not operate in a "lack of exchangeability" situation - Accounting policies are the same as those in the **2024** annual consolidated financial statements, with the adoption of the amendment to International Accounting Standard **21** "Lack of Exchangeability" effective January 1, **2025**[131](index=131&type=chunk) - The amendment has no impact on the interim condensed consolidated financial statements as the Group does not operate in a "lack of exchangeability" situation[132](index=132&type=chunk) [4 Segment Reporting](index=44&type=section&id=4%20Segment%20Reporting) The Group has four reportable segments: Aluminum, Alumina, Energy, and Mining & Metals, with Aluminum and Alumina being core, vertically integrated segments; segment results, assets, and liabilities are monitored on a specific basis, inter-segment pricing uses market benchmarks, and in H1 2025, Aluminum segment revenue and EBITDA margin decreased, while Alumina segment revenue and EBITDA margin increased, with the company recognizing a **41 million USD** impairment for the alumina cash-generating unit - The Group has four reportable segments: Aluminum, Alumina, Energy, and Mining & Metals, with Aluminum and Alumina being core segments[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - Segment assets include all tangible, intangible, and current assets, except for income tax assets and corporate assets; loans and borrowings are not allocated to individual segments[136](index=136&type=chunk) - Inter-segment pricing is determined on an ongoing basis using market benchmarks[137](index=137&type=chunk) Reportable Segment Performance for H1 2025 (million USD) | Indicator | Aluminum | Alumina | Energy | Mining & Metals | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue from External Customers | 6,104 | 925 | – | – | 7,029 | | Segment EBITDA | 534 | 309 | – | – | 843 | | Share of Profit of Associates and Joint Ventures | – | 30 | 83 | 178 | 291 | | Impairment of Non-Current Assets | (47) | (109) | – | – | (156) | | Capital Expenditures | (480) | (162) | – | – | (642) | - The company recognized an impairment amount of **41 million USD** for the alumina cash-generating unit[138](index=138&type=chunk) [5 Revenue](index=50&type=section&id=5%20Revenue) Total revenue from contracts with customers in H1 2025 was **7,520 million USD**, a **32.0%** year-on-year increase, with sales of primary aluminum and alloys contributing the most, and significant growth in alumina and bauxite sales revenue, while the Asia region contributed **53%** of revenue, becoming a major growth driver Revenue from Contracts with Customers for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Sales of Products | 7,358 | 5,564 | | Sales of Primary Aluminum and Alloys | 5,966 | 4,597 | | Sales of Alumina and Bauxite | 660 | 330 | | Sales of Foil and Other Aluminum Products | 376 | 342 | | Sales of Other Products | 356 | 295 | | Provision of Services | 162 | 131 | | **Total Revenue** | **7,520** | **5,695** | Revenue by Customer Type for H1 2025 (million USD) | Customer Type | 2025 | 2024 | | :--- | :--- | :--- | | Third Parties | 6,850 | 5,272 | | Related Parties – Associates and Joint Ventures | 558 | 215 | | **Total Revenue** | **7,520** | **5,695** | Revenue by Major Region for H1 2025 (million USD) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Asia | 3,983 | 2,371 | | CIS | 2,180 | 1,956 | | Europe | 1,251 | 1,258 | | **Total Revenue** | **7,520** | **5,695** | [6 Cost of Sales and Operating Expenses](index=51&type=section&id=6%20Cost%20of%20Sales%20and%20Operating%20Expenses) Total cost of sales in H1 2025 was **6,110 million USD**, a **39.3%** year-on-year increase, primarily driven by significant increases in alumina, bauxite, and other material costs, purchased primary aluminum costs, and energy costs, while transportation expenses and staff costs were major components of operating expenses, and non-current asset impairment also substantially increased, resulting in Adjusted EBITDA of **748 million USD**, a **4.8%** year-on-year decrease Cost of Sales Breakdown for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Alumina, Bauxite, and Other Material Costs | (2,705) | (2,288) | | Purchased Primary Aluminum | (648) | (267) | | Energy Costs | (1,382) | (1,107) | | Staff Costs | (439) | (345) | | Depreciation and Amortization | (312) | (234) | | **Total Cost of Sales** | **(6,110)** | **(4,385)** | Distribution, Administrative, and Other Operating Expenses for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Transportation Expenses | (392) | (260) | | Staff Costs | (172) | (132) | | Impairment of Non-Current Assets | (166) | (96) | | Charitable Donations | (60) | (32) | | Consulting and Legal Expenses | (57) | (41) | | **Total** | **(1,158)** | **(870)** | Adjusted EBITDA for H1 2025 (million USD) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Operating Results | 252 | 440 | | Amortization and Depreciation | 327 | 249 | | Impairment of Non-Current Assets | 166 | 96 | | Loss on Disposal of Property, Plant and Equipment | 3 | 1 | | **Adjusted EBITDA** | **748** | **786** | [7 Finance Income and Expenses](index=53&type=section&id=7%20Finance%20Income%20and%20Expenses) Finance income in H1 2025 was **166 million USD**, a **31.4%** year-on-year decrease, primarily due to a shift from net exchange gains to exchange losses, while finance expenses were **584 million USD**, a significant **231.8%** year-on-year increase, mainly driven by higher interest expenses on bank loans and exchange losses; since January 1, 2025, the company recognizes gains and losses from foreign currency trading as exchange gains or losses under finance income or expenses Finance Income for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest Income from Third-Party Loans and Deposits | 45 | 62 | | Fair Value Changes of Derivative Financial Instruments | 95 | 41 | | Net Exchange Gains | – | 139 | | **Total** | **166** | **242** | Finance Expenses for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest Expense on Bank Loans, Bonds, and Other Bank Charges | (389) | (160) | | Net Exchange Losses | (181) | – | | **Total** | **(584)** | **(176)** | - Since January 1, **2025**, the company recognizes gains and losses from foreign currency trading as exchange gains or losses under finance income or expenses[154](index=154&type=chunk) [8 Income Tax](index=54&type=section&id=8%20Income%20Tax) Income tax expense for H1 2025 was **212 million USD**, an increase of **29.3%** compared to H1 2024, with the Russian Federation income tax rate increasing from **20%** to **25%** effective January 1, 2025, and the company estimating no significant impact from BEPS 2.0 Pillar 2 rules on top-up tax Income Tax Expense for H1 2025 (million USD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax | 73 | 63 | | Deferred Tax | 139 | 101 | | **Income Tax Expense** | **212** | **164** | - The Russian Federation income tax rate increased from **20%** to **25%** effective January 1, **2025**[156](index=156&type=chunk) - Management estimates that the impa

中期報告 2025 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公 司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周 詳的考慮後方作出投資決定。 公司資料 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較 大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不會就本報告之全部或任何部分內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 本報告（駿傑集團控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責）乃遵照聯 交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。董事經作出一切 合理查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確及完整，且 無誤導或欺詐成分；及並無遺漏任何其他事項致使本報告所載任何陳述或本報告產生誤導。 目錄 | | 頁碼 | | --- | --- | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686） 內幕消息 截至2025年6月30日止六個月中期業績公告 本公告乃根據《香港上市規則》第13.09條及《證券及期貨條例》第XIVA部的內幕消 息條文刊發。 董事會欣然宣佈，本公司截至2025年6月30日止六個月的未經審核綜合中期業 績，連同2024年同期的比較數字。該等中期業績乃根據美國公認會計準則編製 （有別於國際財務報告準則），並已由審核委員會審閱。 於本公告內，「諾亞」、「我們」及「我們的」指本公司，並在文義另有所指時指本集 團。本公告所載若干數額及百分比數字已經四捨五入調整或以四捨五入取至小數 ...