[Company Information](index=3&type=section&id=Company%20Information) This section details the company's governance structure, key professional relationships, and operational locations [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises three executive directors and four independent non-executive directors, with established audit, remuneration, and nomination committees - The Board of Directors consists of **three executive directors** and **four independent non-executive directors**, with Mr. Liu Zhiyong serving as Chairman[5](index=5&type=chunk) - Audit, Remuneration, and Nomination Committees have been established, with their respective chairpersons and members clearly defined[5](index=5&type=chunk) - Mr. Wong Ka Chun was appointed Company Secretary on August 8, 2025, while Ms. Tang Cheung Kai resigned on the same day[5](index=5&type=chunk) [Principal Banks, Solicitors, and Auditors](index=3&type=section&id=Principal%20Banks,%20Solicitors,%20and%20Auditors) The report lists the company's principal banks, legal advisors, and auditors supporting its operations - Principal banks include Bank of China (Hong Kong) Limited, Hong Leong Bank Berhad, Bank of Communications (Hong Kong) Limited, J. Safra Sarasin Bank (Hong Kong Branch), and Bank of China[5](index=5&type=chunk) - Legal advisors are Messrs. Wong & Tung and Guangdong Langqian Law Firm[5](index=5&type=chunk) - The auditor is Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd[5](index=5&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company maintains its registered office in Bermuda and its principal place of business in Hong Kong - The registered office is located at Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda[5](index=5&type=chunk) - The principal place of business is at Units 22-28, 25th Floor, Tower A, Southmark, 11 Yip Hing Street, Wong Chuk Hang, Hong Kong[6](index=6&type=chunk) - The Hong Kong branch share registrar and transfer office is Tricor Tengis Limited[6](index=6&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the company's financial performance, highlighting revenue, expenses, and profit for the period [Interim Results Overview](index=4&type=section&id=Interim%20Results%20Overview) For the six months ended June 30, 2025, profit for the period surged by 80.08% to HK$286,250 thousand, driven by fair value changes in financial assets despite a slight revenue dip Condensed Consolidated Statement Key Financial Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 140,661 | 141,050 | -0.28% | | Cost of services provided | (23,418) | (22,803) | +2.70% | | Gross profit | 117,243 | 118,247 | -0.85% | | Other income and gains | 14,737 | 11,698 | +25.98% | | Fair value changes of financial assets at fair value through profit or loss, net | 207,503 | 90,627 | +128.96% | | Operating and administrative expenses | (17,161) | (18,630) | -7.89% | | Finance costs | (27,635) | (34,925) | -20.90% | | Share of results of investments accounted for using the equity method | (20) | (5) | +300.00% | | Profit before tax | 294,667 | 167,012 | +76.43% | | Income tax expense | (8,417) | (7,937) | +6.05% | | Profit for the period | 286,250 | 159,075 | +80.08% | | Profit for the period attributable to owners of the Company | 238,382 | 128,541 | +85.45% | | Non-controlling interests | 47,868 | 30,534 | +56.77% | | Basic and diluted earnings per share | 28.51 HK cents | 15.37 HK cents | +85.49% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's total comprehensive income, including profit for the period and other comprehensive income items [Analysis of Total Comprehensive Income](index=5&type=section&id=Analysis%20of%20Total%20Comprehensive%20Income) Total comprehensive income for the six months ended June 30, 2025, reached HK$286,276 thousand, an 80.18% increase, primarily due to higher profit for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 286,250 | 159,075 | +80.08% | | Other comprehensive income/(loss): Exchange differences on translation of overseas operations | 26 | (186) | N/A | | Total comprehensive income for the period | 286,276 | 158,889 | +80.18% | | Total comprehensive income for the period attributable to: Owners of the Company | 238,410 | 128,402 | +85.68% | | Total comprehensive income for the period attributable to: Non-controlling interests | 47,866 | 30,487 | +57.00% | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity at a specific point in time [Assets and Liabilities Position](index=6&type=section&id=Assets%20and%20Liabilities%20Position) As of June 30, 2025, net assets grew 2.70% to HK$10,226,789 thousand, with current assets up 35.65% driven by financial assets and cash, while current liabilities also rose significantly Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 11,152,524 | 11,153,960 | -0.01% | | Total current assets | 3,015,980 | 2,223,354 | +35.65% | | Of which: Amounts due from investments accounted for using the equity method | 51,712 | 27,649 | +87.03% | | Of which: Financial assets at fair value through profit or loss | 1,191,652 | 1,004,358 | +18.65% | | Of which: Cash and cash equivalents | 963,178 | 388,261 | +148.08% | | Total current liabilities | 1,091,953 | 539,875 | +102.26% | | Of which: Interest-bearing bank borrowings | 798,594 | 248,594 | +221.25% | | Net current assets | 1,924,027 | 1,683,479 | +14.29% | | Total non-current liabilities | 2,849,762 | 2,879,623 | -1.04% | | Net assets | 10,226,789 | 9,957,816 | +2.70% | | Total equity | 10,226,789 | 9,957,816 | +2.70% | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the company's equity components over the reporting period [Analysis of Changes in Equity](index=8&type=section&id=Analysis%20of%20Changes%20in%20Equity) Equity attributable to owners increased by 2.73% to HK$8,331,649 thousand for the six months ended June 30, 2025, driven by profit, partially offset by dividends Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2025 Jan 1 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 8,331,649 | 8,109,960 | +2.73% | | Non-controlling interests | 1,895,140 | 1,847,856 | +2.56% | | Total equity | 10,226,789 | 9,957,816 | +2.70% | | Profit for the period (attributable to owners of the Company) | 238,382 | 128,541 (2024) | +85.45% | | Final dividend paid for 2024 | (16,721) | (16,721) (2024) | 0% | [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities [Cash Flow Analysis](index=9&type=section&id=Cash%20Flow%20Analysis) For the six months ended June 30, 2025, net cash inflows from operating and investing activities increased, while financing activities shifted to a net inflow, boosting cash and cash equivalents by 148.08% to HK$963,178 thousand Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash inflow from operating activities | 115,392 | 90,836 | +27.03% | | Net cash inflow from investing activities | 7,597 | 5,186 | +46.48% | | Net cash inflow/(outflow) from financing activities | 451,981 | (111,965) | N/A (from outflow to inflow) | | Net increase/(decrease) in cash and cash equivalents | 574,970 | (15,943) | N/A (from decrease to increase) | | Cash and cash equivalents at beginning of period | 388,261 | 452,539 | -14.19% | | Effect of foreign exchange rate changes, net | (53) | (705) | -92.50% | | Cash and cash equivalents at end of period | 963,178 | 435,891 | +121.00% | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements [1. Basis of Preparation and Principal Accounting Policies](index=10&type=section&id=1.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) These interim financial statements are prepared under HKAS 34 and Listing Rules; HKAS 21 (Revised) was first applied with no material impact - The unaudited condensed consolidated interim financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[26](index=26&type=chunk) - HKAS 21 (Revised) "Lack of Exchangeability" was first applied during the period, but these amendments had no impact on the Group's condensed consolidated interim financial statements[26](index=26&type=chunk)[27](index=27&type=chunk) [2. Segment Information](index=10&type=section&id=2.%20Segment%20Information) The Group operates in property investment, serviced apartment and property management, and trading and investment segments, with segment results assessed by adjusted profit/loss before tax - The Group is divided into three reportable business segments: property investment, provision of serviced apartments and property management services, and trading and investment[28](index=28&type=chunk)[30](index=30&type=chunk) Business Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Segment Results (HK$ thousand) | 2024 Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Property investment | 94,355 | 97,506 | 80,358 | 83,253 | | Provision of serviced apartments and property management services | 15,385 | 16,313 | (1,710) | (1,198) | | Trading and investment | 30,921 | 27,231 | 236,972 | 116,788 | | **Total** | **140,661** | **141,050** | **315,620** | **198,843** | Geographical Revenue (For the six months ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 66,604 | 63,722 | +4.52% | | Mainland China | 74,057 | 77,328 | -4.23% | | **Total** | **140,661** | **141,050** | -0.28% | [3. Revenue, Other Income and Gains](index=12&type=section&id=3.%20Revenue,%20Other%20Income%20and%20Gains) Total revenue slightly decreased, but other income and gains significantly increased, primarily from government grants, bank interest, and interest from equity-accounted investments Revenue Sources (For the six months ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Provision of serviced apartments and property management services | 15,385 | 16,313 | -5.69% | | Fixed rental income from investment properties | 94,355 | 97,506 | -3.13% | | Dividend income from listed equity investments | 30,765 | 27,075 | +13.63% | | Interest income from debt securities | 156 | 156 | 0% | | **Total Revenue** | **140,661** | **141,050** | -0.28% | Other Income and Gains (For the six months ended June 30) | Other Income and Gains | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants and subsidies | 3,983 | 3,283 | +21.32% | | Interest income from bank deposits | 7,548 | 5,180 | +45.71% | | Interest income from amounts due from investments accounted for using the equity method | 361 | – | N/A | | Others | 2,845 | 3,235 | -12.06% | | **Total Other Income and Gains** | **14,737** | **11,698** | +25.98% | - Revenue from provision of serviced apartments and property management services is recognized over time using the output method, based on monthly statements issued by the Group's property management agent[37](index=37&type=chunk) [4. Profit Before Tax](index=13&type=section&id=4.%20Profit%20Before%20Tax) Profit before tax was influenced by depreciation, foreign exchange differences, and employee benefits, with a notable increase in right-of-use asset depreciation and a shift to foreign exchange gains Components of Profit Before Tax (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,408 | 1,278 | +10.17% | | Depreciation of right-of-use assets | 160 | 4 | +3900% | | Foreign exchange differences, net | (3,328) | (83) | N/A (from loss to gain) | | Employee benefit expenses (including directors' and chief executive's emoluments): Salaries, wages and other benefits | 15,260 | 14,065 | +8.50% | | Employee benefit expenses (including directors' and chief executive's emoluments): Contributions to retirement benefit schemes (defined contribution schemes) | 1,993 | 2,065 | -3.49% | | **Total Staff Costs** | **17,253** | **16,130** | +6.96% | [5. Finance Costs](index=13&type=section&id=5.%20Finance%20Costs) The Group's finance costs, primarily bank loan interest, decreased by 20.90% for the six months ended June 30, 2025 Finance Costs (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 27,635 | 34,925 | -20.90% | [6. Income Tax](index=14&type=section&id=6.%20Income%20Tax) Income tax expense slightly increased, with Hong Kong tax at 16.5% (or 8.25% for the first HK$2 million), Mainland China subsidiaries at 25%, and non-resident enterprises generally at 10% - Hong Kong profits tax provision is calculated at 16.5% of the estimated assessable profit, with qualifying subsidiaries taxed at 8.25% for the first HK$2,000,000[43](index=43&type=chunk) - Mainland China subsidiaries are subject to a 25% tax rate, and non-resident enterprises generally pay enterprise income tax at a rate of 10% on income derived within Mainland China[43](index=43&type=chunk) Income Tax Expense (For the six months ended June 30) | Tax Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax – Hong Kong | 2,317 | 1,443 | +60.57% | | Current tax – Mainland China | 6,062 | 6,395 | -5.21% | | Current tax – Malaysia | 38 | 99 | -61.62% | | **Total Tax Expense for the Period** | **8,417** | **7,937** | +6.05% | [7. Dividends](index=14&type=section&id=7.%20Dividends) The Group declared a final dividend of HK 2 cents per ordinary share for 2024 and an interim dividend of HK 2 cents for 2025, consistent with prior year - A final dividend of **HK 2 cents per ordinary share** for 2024, totaling **HK$16,721 thousand**, was paid, consistent with the 2023 final dividend[46](index=46&type=chunk) - The Board declared an interim dividend of **HK 2 cents per ordinary share** on August 28, 2025, totaling **HK$16,721 thousand**, consistent with 2024[49](index=49&type=chunk) - The interim dividend is expected to be dispatched on or about October 23, 2025, to shareholders whose names appear on the register of members on September 17, 2025[49](index=49&type=chunk) [8. Earnings Per Share](index=15&type=section&id=8.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the six months ended June 30, 2025, increased by 85.49% to HK 28.51 cents, reflecting higher profit attributable to equity holders, with no dilutive potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | HK$238,382,000 | HK$128,541,000 | +85.45% | | Weighted average number of ordinary shares in issue | 836,074,218 shares | 836,074,218 shares | 0% | | **Basic and diluted earnings per share** | **28.51 HK cents** | **15.37 HK cents** | +85.49% | - The Group had no potential dilutive ordinary shares in issue for the periods ended June 30, 2025, and 2024[52](index=52&type=chunk) [9. Amounts Due from a Joint Venture Accounted for Using the Equity Method](index=15&type=section&id=9.%20Amounts%20Due%20from%20a%20Joint%20Venture%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, amounts due from joint venture Torus Development Sdn. Bhd. increased, with part interest-bearing and part interest-free - Amounts due from Torus Development Sdn. Bhd. of approximately **HK$16,370 thousand** (December 31, 2024: HK$14,350 thousand) are unsecured, interest-bearing at the average lending rate of Bank Negara Malaysia, and repayable on demand[53](index=53&type=chunk) - The remaining balance of approximately **HK$35,342 thousand** (December 31, 2024: HK$13,299 thousand) is unsecured, interest-free, and repayable on demand[53](index=53&type=chunk) [10. Trade Receivables](index=15&type=section&id=10.%20Trade%20Receivables) Total trade receivables increased, primarily from property management and leasing, with a notable rise in receivables aged three to twelve months - Trade receivables primarily comprise amounts due from property management services and leasing activities, where tenants are required to pay rent on the first day of each rental period and provide a rental deposit equivalent to two to three months' rent[56](index=56&type=chunk) - The Group does not hold any collateral or other credit enhancements over its trade receivables balances[56](index=56&type=chunk) Trade Receivables Ageing Analysis (As of June 30) | Ageing | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 1,197 | 1,948 | -38.66% | | 1 to 2 months | 283 | 700 | -59.57% | | 2 to 3 months | 255 | 765 | -66.67% | | 3 to 12 months | 4,483 | 1,765 | +153.99% | | Over 1 year | 393 | 394 | -0.25% | | **Total** | **6,611** | **5,572** | +18.65% | [11. Trade Payables](index=16&type=section&id=11.%20Trade%20Payables) Trade payables significantly decreased, with all amounts due within one month, non-interest-bearing, and generally settled within sixty days Trade Payables Ageing Analysis (As of June 30) | Ageing | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 602 | 2,170 | -72.26% | - Trade payables are non-interest-bearing and generally settled within a 60-day period[58](index=58&type=chunk) [12. Cash and Cash Equivalents](index=17&type=section&id=12.%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents surged by 148.08%, driven by increased cash and bank balances and short-term deposits, with some RMB-denominated cash held in Mainland China banks Cash and Cash Equivalents (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 750,774 | 287,794 | +160.89% | | Time deposits (original maturity less than three months) | 212,404 | 100,467 | +111.42% | | **Total Cash and Cash Equivalents** | **963,178** | **388,261** | +148.08% | - Approximately **HK$44,258 thousand** (December 31, 2024: HK$22,725 thousand) is denominated in RMB and held in banks in Mainland China, where RMB is not freely convertible into other currencies[61](index=61&type=chunk) [13. Interest-Bearing Bank Borrowings](index=17&type=section&id=13.%20Interest-Bearing%20Bank%20Borrowings) Total interest-bearing bank borrowings increased by 31.53% to HK$2,158,594 thousand, with a significant rise in current portion, secured by investment properties, properties held for sale, development properties, and corporate/director guarantees Total Interest-Bearing Bank Borrowings (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current liabilities | 1,360,000 | 1,392,500 | -2.33% | | Current liabilities | 798,594 | 248,594 | +221.25% | | **Total** | **2,158,594** | **1,641,094** | +31.53% | - Bank loans are secured by certain investment properties of the Group located in Hong Kong and Mainland China, properties held for sale in Hong Kong, development properties in Malaysia, a personal guarantee provided by a director of the Company, and corporate guarantees[64](index=64&type=chunk) Interest-Bearing Bank Borrowings by Currency (As of June 30) | Currency | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | | :--- | :--- | :--- | | HKD | 1,952,500 | 1,435,000 | | MYR | 206,094 | 206,094 | | **Total** | **2,158,594** | **1,641,094** | [14. Amount Due to a Director](index=19&type=section&id=14.%20Amount%20Due%20to%20a%20Director) The amount due to a director is unsecured, interest-free, and not repayable within one year - The amount due to a director is unsecured, interest-free, and not repayable within one year[68](index=68&type=chunk) [15. Share Capital](index=19&type=section&id=15.%20Share%20Capital) The company's authorized and issued share capital remained unchanged, with 836,074,218 ordinary shares of HK$0.05 par value each Share Capital Composition (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | | :--- | :--- | :--- | | Authorized: 10,000,000,000 ordinary shares of HK$0.05 each | 500,000 | 500,000 | | Issued and fully paid: 836,074,218 ordinary shares of HK$0.05 each | 41,804 | 41,804 | [16. Share Option Scheme](index=20&type=section&id=16.%20Share%20Option%20Scheme) The company adopted a share option scheme in 2023 to incentivize eligible participants, with a 10% issued share capital limit; no options have been granted or remain outstanding since adoption - The company's share option scheme was adopted on May 25, 2023, to provide incentives and rewards to eligible participants who contribute to the Group's business success[71](index=71&type=chunk) - The maximum number of shares that may be issued upon exercise of all options granted under the scheme is **83,607,421 shares**, representing 10% of the company's issued shares on the date of approval of the scheme[71](index=71&type=chunk) - No share options have been granted since the adoption of the scheme, and there were no outstanding share options as of June 30, 2025[75](index=75&type=chunk) [17. Corporate Guarantees](index=21&type=section&id=17.%20Corporate%20Guarantees) The company provided corporate guarantees for bank facilities of its subsidiaries and a joint venture, largely utilized, with directors believing no significant liabilities will arise - The company has provided corporate guarantees for bank facilities granted to its subsidiaries up to approximately **HK$1,899,829 thousand**, of which approximately **HK$1,706,094 thousand** has been utilized[76](index=76&type=chunk) - The company has provided corporate guarantees for bank facilities granted to a joint venture up to approximately **HK$244,607 thousand**, of which approximately **HK$79,801 thousand** has been utilized[76](index=76&type=chunk) - The directors believe that the above corporate guarantees were made in the ordinary course of the Group's business and will not give rise to significant liabilities[76](index=76&type=chunk) [18. Leases](index=21&type=section&id=18.%20Leases) As lessor, the Group recognized HK$94,355 thousand in rental income from investment properties under operating leases; as lessee, HK$160 thousand in right-of-use asset depreciation and HK$13 thousand in lease interest were recognized - The Group leases out its investment properties under operating lease arrangements, recognizing rental income of **HK$94,355 thousand** (2024: HK$97,506 thousand) during the period[77](index=77&type=chunk) Undiscounted Lease Payments Receivable in the Future (As of June 30) | Period | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 136,406 | 121,457 | | After one year but within two years | 51,081 | 22,707 | | After two years but within three years | 15,709 | 3,187 | | **Total** | **203,196** | **147,351** | - Depreciation expense on right-of-use assets of **HK$160 thousand** (2024: HK$4 thousand) and lease interest of **HK$13 thousand** were recognized in profit or loss[79](index=79&type=chunk) [19. Related Party Transactions](index=22&type=section&id=19.%20Related%20Party%20Transactions) The Group engaged in various related party transactions, including management fee income from an executive director's controlled entity and interest income from a joint venture, with increased key management personnel remuneration Related Party Transactions (For the six months ended June 30) | Transaction Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Management fee income from an entity controlled by Mr. Liu Zhiyong, an executive director | 1,617 | 240 | | Interest income from a joint venture | 361 | – | Key Management Personnel Remuneration (For the six months ended June 30) | Remuneration Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fees | 432 | 270 | | Salaries, allowances and benefits in kind | 2,563 | 2,563 | | Retirement benefit scheme contributions | 9 | 9 | | **Total** | **3,004** | **2,842** | - Details of amounts due to a director are set out in note 14, and details of amounts due from investments accounted for using the equity method are set out in note 9[85](index=85&type=chunk) [20. Approval of the Unaudited Condensed Consolidated Financial Statements](index=23&type=section&id=20.%20Approval%20of%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These unaudited condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 28, 2025 - These unaudited condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 28, 2025[84](index=84&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial position, and future outlook [Business Review](index=24&type=section&id=Business%20Review) The business review covers property investment performance in Hong Kong and Mainland China, disputes over Zhuhai property projects, and strong growth in the financial investment portfolio, particularly from listed equity investments [Property Investment](index=24&type=section&id=Property%20Investment) Hong Kong investment properties provide stable rental income, and Shanghai Windsor International maintains high occupancy; however, Zhuhai projects face slow demolition progress and ongoing legal disputes over land compensation - Hong Kong investment properties generated stable rental income of approximately **HK$35,000 thousand** (2024: HK$36,000 thousand) for the Group during the six months ended June 30, 2025[87](index=87&type=chunk) - The Windsor International project in Shanghai, China, consistently maintained an average occupancy rate of approximately **86%**, contributing rental and management fee income of approximately **HK$74,000 thousand** (2024: HK$77,000 thousand)[88](index=88&type=chunk) - Demolition progress for the Zhuhai Qianshan project has been very slow, with the Group awaiting feedback and approval from government authorities on proposed planning adjustments[89](index=89&type=chunk) - The Zhuhai Doumen project faces a legal dispute over land resumption compensation of approximately **RMB205,538 thousand**, with the Group having initiated administrative litigation against local government authorities, and judicial proceedings are ongoing[90](index=90&type=chunk) [Financial Investments](index=25&type=section&id=Financial%20Investments) The Group holds highly liquid equity investments of approximately HK$1,188,000 thousand, primarily Hong Kong-listed blue-chip stocks and ETFs, generating fair value gains and dividend income, with management actively monitoring market conditions to mitigate financial risks - As of June 30, 2025, the Group held highly liquid equity investments of approximately **HK$1,188,000 thousand** (December 31, 2024: HK$980,000 thousand), primarily in Hong Kong-listed blue-chip stocks and exchange-traded funds[94](index=94&type=chunk) - Equity investments recorded a net fair value gain of approximately **HK$207,000 thousand** (2024: HK$91,000 thousand) and dividend income of approximately **HK$31,000 thousand** (2024: HK$27,000 thousand) during the reporting period[94](index=94&type=chunk) - Major holdings include Tracker Fund of Hong Kong, HSBC Holdings plc, Hang Seng China Enterprises Index ETF, Bank of China Limited, China Mobile Limited, China Life Insurance Company Limited, and PetroChina Company Limited[95](index=95&type=chunk)[97](index=97&type=chunk) - Management will closely monitor the performance of each equity investment and changes in market conditions to mitigate potential financial risks and will adjust the investment portfolio as appropriate[98](index=98&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) Profit for the six months ended June 30, 2025, rose by approximately 80% to HK$286,000 thousand, driven by unrealized fair value gains and increased dividend income from equity investments, despite a 4% decline in rental and property management service income - The Group recorded an approximately **80% increase in profit** to approximately **HK$286,000 thousand** (2024: HK$159,000 thousand) for the six months ended June 30, 2025, primarily due to unrealized fair value gains and increased dividend income from equity investments[101](index=101&type=chunk) - The Group's rental and property management service income for the first half of 2025 decreased by approximately **4%** year-on-year to approximately **HK$110,000 thousand** (2024: HK$114,000 thousand)[101](index=101&type=chunk) - Equity investments recorded unrealized fair value gains of approximately **HK$207,000 thousand** (an increase of approximately 127% year-on-year) and dividend income of approximately **HK$31,000 thousand** (an increase of approximately 15% year-on-year)[101](index=101&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=27&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[102](index=102&type=chunk) [Foreign Currency Risk](index=27&type=section&id=Foreign%20Currency%20Risk) The Group primarily faces RMB-related foreign exchange risk, which management monitors closely for hedging, and held no foreign currency hedging instruments at period-end - The foreign exchange risk faced by the Group is mainly related to RMB, which management will closely monitor for its impact on the Group's performance and hedge its currency risk when appropriate[103](index=103&type=chunk) - As of June 30, 2025, the Group did not hold any financial instruments for foreign currency hedging purposes[104](index=104&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains strong liquidity with significantly increased cash and cash equivalents and highly liquid equity investments; total bank borrowings rose, increasing the gearing ratio to 21% - As of June 30, 2025, the Group held liquid assets in the form of highly liquid equity investments of approximately **HK$1,188,000 thousand** (December 31, 2024: HK$980,000 thousand)[105](index=105&type=chunk) - The Group's cash and cash equivalents amounted to approximately **HK$963,000 thousand** as of June 30, 2025 (December 31, 2024: HK$388,000 thousand)[105](index=105&type=chunk) - The Group's total bank borrowings amounted to approximately **HK$2,159,000 thousand** as of June 30, 2025 (December 31, 2024: HK$1,641,000 thousand), secured by legal charges over certain investment properties in Hong Kong and Shanghai and development properties in Malaysia[105](index=105&type=chunk) - The Group's gearing ratio was approximately **21%** as of June 30, 2025 (December 31, 2024: 16%)[107](index=107&type=chunk) [Pledge of Group Assets](index=28&type=section&id=Pledge%20of%20Group%20Assets) Details of the pledge of Group assets are disclosed in Note 13 to the unaudited condensed consolidated financial statements - Details of the pledge of Group assets are set out in note 13 to the unaudited condensed consolidated financial statements[108](index=108&type=chunk) [Contingent Liabilities](index=28&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[109](index=109&type=chunk) [Commitments](index=28&type=section&id=Commitments) As of June 30, 2025, the Group had committed approximately HK$4,000 thousand for construction and land development expenditures - As of June 30, 2025, the Group had committed approximately **HK$4,000 thousand** (December 31, 2024: HK$4,000 thousand) for construction and land development expenditures, respectively[110](index=110&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employs approximately 201 staff across four locations, with increased employee expenses; remuneration policy aims for fair and competitive compensation, reviewed annually based on performance, experience, and market conditions - As of June 30, 2025, the Group employed approximately **201 staff** across four locations: Shanghai, Zhuhai, Hong Kong, and Malaysia[111](index=111&type=chunk) - Employee expenses (including directors' emoluments) for the period amounted to approximately **HK$17,000 thousand** (2024: HK$16,000 thousand)[111](index=111&type=chunk) - The Group's remuneration policy aims to maintain fair and competitive compensation based on business needs and industry practices, primarily determined by performance, experience, and prevailing market conditions, and reviewed annually[111](index=111&type=chunk) [Outlook](index=28&type=section&id=Outlook) The Group anticipates continued weak demand in Hong Kong's commercial property market and potential rising borrowing costs, leading to uncertainty in 2025 full-year financial performance; it will diversify overseas investments and adopt cautious financial investment strategies to manage global market volatility - The market demand for Hong Kong office and industrial buildings remains weak, and overall rental levels and occupancy rates may adversely affect the valuation of the Group's properties at the end of 2025[112](index=112&type=chunk) - Recent fluctuations in Hong Kong Interbank Offered Rate (HIBOR) may lead to increased borrowing costs for the Group, and despite stable income from Shanghai, Mainland China, for 2025, significant uncertainty remains regarding the Group's full-year financial performance for 2025[112](index=112&type=chunk) - The Group will continue to seek diversified investment opportunities across various regions, including investing in real estate development projects and acquiring land banks in Malaysia, to further enhance shareholder returns[112](index=112&type=chunk) - The value of the Group's listed securities portfolio may fluctuate significantly in the second half of the year due to global financial market factors such as tariff wars, interest rate trends, and geopolitical situations in Europe and the Middle East, prompting management to maintain a cautious investment strategy[113](index=113&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section provides additional disclosures regarding directors' and shareholders' interests, corporate governance, and other relevant company information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=29&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Mr. Liu Zhiyong held approximately 66.91% of the company's shares and 75.00% of associated corporation Oriental Prosperity Holdings Limited through controlled entities, held via a family discretionary trust Directors' Long Positions in Ordinary Shares of the Company (As of June 30, 2025) | Director's Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Zhiyong | Interest in controlled corporations | 559,411,142 | 66.91 | Directors' Long Positions in Ordinary Shares of an Associated Corporation – Oriental Prosperity Holdings Limited, a subsidiary of the Company (As of June 30, 2025) | Director's Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Associated Corporation's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Zhiyong | Interest in controlled corporations | 291,137,700 | 75.00 | - The aforementioned shares are ultimately controlled by Power Resources Holdings Limited, which acts as trustee for the Power Resources Discretionary Trust, with Mr. Liu Zhiyong and his family as beneficiaries[115](index=115&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=30&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, no director or their associates were granted or exercised rights to acquire company shares or debentures, except as disclosed under the share option scheme - Save for the disclosure under the share option scheme, at no time during the six months ended June 30, 2025, were any rights to acquire shares or debentures of the Company granted to any director or their respective spouse or minor children, nor had any such rights been exercised by them to obtain benefits[117](index=117&type=chunk) [Substantial Shareholders' Interests in Shares](index=30&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares) As of June 30, 2025, Power Resources Holdings Limited, through its wholly-owned subsidiaries, was the substantial shareholder, indirectly holding 66.91% of the company's issued shares Substantial Shareholders' Long Positions in Ordinary Shares of the Company (As of June 30, 2025) | Shareholder Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Power Resources Holdings Limited | Interest in controlled corporations | 559,411,142 | 66.91 | | Lucky Speculator Limited | Directly beneficially owned | 439,084,800 | 52.52 | | Desert Prince Limited | Directly beneficially owned | 120,326,342 | 14.39 | - Power Resources Holdings Limited holds an indirect interest in the Company's shares through its wholly-owned subsidiaries, Lucky Speculator Limited and Desert Prince Limited[118](index=118&type=chunk) [Events After the Reporting Period](index=30&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, up to the report date, that could materially affect the Group's operations and financial performance - No significant events that could materially affect the Group's operations and financial performance occurred after June 30, 2025, and up to the date of this report[120](index=120&type=chunk) [Closure of Register of Members](index=30&type=section&id=Closure%20of%20Register%20of%20Members) The company will close its register of members from September 15 to September 17, 2025, to determine eligibility for the interim dividend, expected to be paid around October 23, 2025 - The company's register of members will be closed from Monday, September 15, 2025, to Wednesday, September 17, 2025 (both dates inclusive)[121](index=121&type=chunk) - To qualify for the proposed interim dividend, all share transfer documents must be lodged with the company's Hong Kong branch share registrar and transfer office by 4:30 p.m. on Friday, September 12, 2025[121](index=121&type=chunk) - The interim dividend will be paid to shareholders whose names appear on the register of members on Wednesday, September 17, 2025, with the payment date on or about Thursday, October 23, 2025[121](index=121&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - 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[122](index=122&type=chunk) [Review by Audit Committee](index=31&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting matters, including the unaudited interim results for the six months ended June 30, 2025 - The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters, including the review of the Group's unaudited interim results for the six months ended June 30, 2025[123](index=123&type=chunk) [Corporate Governance Code](index=31&type=section&id=Corporate%20Governance%20Code) The Board believes the company complied with Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code for the six months ended June 30, 2025, except for the chairman and managing director's exemption from rotation, deemed in the company's best interest - The company's directors believe that for the six months ended June 30, 2025, the company has consistently applied the principles and complied with the code provisions set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[124](index=124&type=chunk) - Pursuant to code provision B.2.2, every director should be subject to retirement by rotation at least once every three years, except for the chairman and managing director; the Board believes that exempting the company's chairman and managing director from the rotation provisions will enable the Group to effectively plan, formulate, and implement long-term strategies and business plans under strong and consistent leadership, utilizing resources efficiently[125](index=125&type=chunk) [Standard Code for Securities Transactions by Directors](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors as per Appendix C3 of the Listing Rules, and all directors confirmed compliance - The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions[126](index=126&type=chunk) - Following specific inquiries to all directors of the company, all directors confirmed that they have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[126](index=126&type=chunk) [Publication of Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Report) The company's 2025 interim report is available on its website and the HKEX website - The company's 2025 interim report has been published on the company's website (www.irasia.com/listco/hk/multifield/index.htm) and the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk)[127](index=127&type=chunk) [Board Members](index=31&type=section&id=Board%20Members) This section lists the company's executive and independent non-executive directors as of the report date - The executive directors of the company are Mr. Liu Zhiyong, Mr. Liu Zhiqi, and Ms. Leung Wai Sang[128](index=128&type=chunk) - The independent non-executive directors of the company are Mr. Lo Man Lun, Mr. Lo Kam Cheung, Mr. Tsui Ka Wah, and Mr. Ng Sing Yip[128](index=128&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 416,498,000, representing a 57.2% increase from HKD 264,888,000 in the same period of 2024[2] - Gross profit for the same period was HKD 88,894,000, up from HKD 38,511,000, indicating a significant improvement in profitability[2] - The net loss for the six months ended June 30, 2025, was HKD 91,232,000, a reduction from a net loss of HKD 115,011,000 in the prior year, reflecting a 20.7% improvement[4] - Total comprehensive loss for the period was HKD 71,616,000, compared to HKD 113,184,000 in the previous year, showing a decrease of 36.7%[4] - The basic and diluted loss per share for the period was HKD 1.106, compared to HKD 1.378 in the previous year, indicating an improvement in loss per share[2] - The company reported a pre-tax loss of HKD 91,161,000 for the six months ended June 30, 2025, compared to a loss of HKD 113,299,000 in the same period of 2024, representing a 19.5% improvement[9] - Total comprehensive income for the period was a loss of HKD 67,540,000, compared to a loss of HKD 108,484,000 in the previous year, indicating a 37.8% reduction in losses[8] - The company incurred a loss of HKD 88,242,000 during the period, which is a decrease from the loss of HKD 109,428,000 reported in the previous year, marking a 19.5% improvement[8] Assets and Liabilities - Non-current assets as of June 30, 2025, totaled HKD 586,176,000, an increase from HKD 561,331,000 at the end of 2024[5] - Current assets increased to HKD 543,546,000 from HKD 504,980,000, indicating a growth of 7.6%[5] - Current liabilities rose to HKD 464,685,000 from HKD 341,927,000, reflecting a significant increase of 36%[6] - The company's equity attributable to shareholders decreased to HKD 439,873,000 from HKD 502,922,000, a decline of 12.5%[6] - Cash and cash equivalents decreased to HKD 355,703,000 from HKD 400,120,000, a decline of 11.1%[5] - The group's total assets increased to HKD 1,129,722,000 as of June 30, 2025, from HKD 1,066,311,000 as of December 31, 2024, reflecting a growth of 5.9%[28] - The total liabilities rose to HKD 774,837,000 as of June 30, 2025, compared to HKD 644,301,000 as of December 31, 2024, an increase of 20.2%[30] Revenue Breakdown - Revenue from visual effects production and post-production services was HKD 320,580,000, up 60% from HKD 200,696,000 year-over-year[22] - Revenue from virtual human services reached HKD 53,453,000, a significant increase of 605% compared to HKD 7,583,000 in the previous year[22] - Sales of gaming products generated HKD 40,907,000, with no revenue reported in the same period of 2024[22] - The media entertainment segment recorded revenue of approximately HKD 374,033,000, up from HKD 208,279,000 in 2024, while the segment incurred a loss of HKD 25,223,000, improved from a loss of HKD 79,879,000 in 2024[74] - The trading division recorded a revenue of approximately HKD 42,465,000 for the current period, down from HKD 56,609,000 in the previous year, attributed to accounting policy changes that offset transaction income against purchase costs[115] Cash Flow and Financing - Cash and cash equivalents decreased by HKD 72,195,000 during the six months, down from a decrease of HKD 176,665,000 in the same period last year, showing a significant improvement in cash flow management[11] - The company experienced a net cash outflow from operating activities of HKD 233,000, a substantial recovery from a net outflow of HKD 143,577,000 in the prior year[9] - The company’s investment activities resulted in a net cash outflow of HKD 71,613,000, compared to HKD 161,555,000 in the previous year, indicating a reduction of 55.7%[11] - As of June 30, 2025, the company had bank financing of USD 19,000,000 (approximately HKD 149,148,000), fully utilized, with USD 6,000,000 refinanced for an additional three years[133] - The company also had bank financing of USD 20,000,000 (approximately HKD 156,998,000) from a Hong Kong bank, with USD 16,000,000 (approximately HKD 125,598,000) utilized[133] Shareholder Information - The company decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with 2024[73] - The total number of issued shares was 7,979,248,625 shares, with a par value of HKD 0.01 per share[123] - The company has a total of 220,000,000 stock options granted under the 2022 stock option plan at an exercise price of HKD 0.245 per share, with no options exercised or canceled during the review period[129] - The total number of stock options granted under the 2012 stock option plan is 145,192,324, with 7,499,000 options canceled or expired during the review period, resulting in a total of 137,693,324 options outstanding as of June 30, 2025[146] Legal and Regulatory Matters - The company has faced legal disputes regarding disputed intellectual property rights, with a jury ruling in favor of the claimant for $250,638 in compensatory damages and $345,098 in profit restitution related to one film[87] - The company has reached a confidential settlement with the claimant, resulting in the dismissal of claims related to six other films, leaving only one film in litigation[89] - The company is seeking judicial declaration from an insurance company regarding coverage for claims related to other lawsuits and economic damages[91] - The company has denied liability for claims in a new lawsuit, asserting that it did not use the disputed intellectual property in the films involved[92] - The company is currently appealing a decision regarding the disputed intellectual property rights in the Ninth Circuit Court of Appeals[89] Strategic Initiatives and Collaborations - The company is involved in the production of a film about the impact of hurricanes and flooding, utilizing generative AI technology for visual effects[88] - The company is collaborating with Warner Bros. and Google to create an immersive experience for the reimagining of the classic film "The Wizard of Oz" using Sphere's unique venue[88] - Digital Kingdom China has established a strong operational platform in China, providing visual effects and post-production services for various clients including major brands like BYD and Huawei[94] - Digital Kingdom India continues to support North American visual effects operations, successfully delivering high-quality visual effects for major films such as "Fantastic Four: First Step" and "Captain America: Brave New World" in the first half of 2025[96] - The company is actively engaged in discussions with an insurance provider regarding defense costs in ongoing litigation[91] Technology and Innovation - The AI bartender technology was showcased at the 2025 Smart City Forum, highlighting the integration of voice recognition and automated cocktail mixing[101] - The machine learning fabric tool was extensively used in Marvel's "Captain America: Brave New World," receiving recommendations from the Visual Effects Society (VES)[103] - The Charlatan facial replacement tool was successfully applied in "Thunderbolts," extending its capabilities to full-body replacements including hairstyles and costumes[103] - The company has achieved Trusted Partner Network (TPN) certification, demonstrating its commitment to industry-leading content protection standards in India[97] - Digital Kingdom's Momentum Cloud demonstrated its AI virtual human solutions at the HPE x NVIDIA Private Cloud Conference, emphasizing the potential applications in customer service, healthcare, financial services, gaming, and smart retail[104] Market and Operational Strategy - The group is adopting a cautious operational approach in response to uncertain market conditions, emphasizing strict financial discipline and prudent investment evaluations[142] - The group plans to expand its operations in the AI sector, focusing on innovative methods for producing short films and advertisements[141] - The group aims to enhance its virtual human business by improving existing products and services and establishing strategic partnerships in various regions[142] - The company is currently evaluating the potential impact of newly issued accounting standards on its financial statements[17] - The group will continue to monitor external factors closely to balance opportunities and risks effectively[143]

2025年中期報告 2 公司資料 公司名稱 2025 中期報告 2025 Interim Report 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 釋義及技術詞彙 | | 7 | 財務摘要 | | 8 | 管理層討論及分析 | | 22 | 企業管治及其他資料 | | 28 | 中期簡明綜合全面收益表 | | 29 | 中期簡明綜合資產負債表 | | 31 | 中期簡明綜合權益變動表 | | 32 | 中期簡明綜合現金流量表 | | 33 | 中期簡明綜合財務報表附註 | 北京賽目科技股份有限公司 董事會 執行董事 胡大林先生 （主席） 何豐先生 馬蕾女士 非執行董事 闞志剛博士 姚翔博士 鞏瀟女士 監事會 曹崗博士 （主席） 倪捷先生 薛娜女士 公司秘書 獨立非執行董事 郭莉莉女士 黃華先生 黃浩鈞先生 梁皚欣女士（於二零二五年三月二十八日獲委任） 張麗霞女士（於二零二五年三月二十八日辭任） 授權代表 何豐先生 梁皚欣女士（於二零二五年三月二十八日獲委任） 張麗霞女士（於二零二五年三月二十八日辭任） 審核委員會 郭莉莉女士 （主席） 黃華先生 黃浩鈞先生 薪酬委員會 黃華先生 （ ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This chapter provides basic administrative and governance information about the company, including board members, committee composition, registered office, principal place of business, share registrar, independent auditor, stock code, and listing date - Board members include Executive Directors Mr. Cheng Liquan (Chairman) and Mr. Cheng Lifu (CEO), along with Non-executive Directors and Independent Non-executive Directors[6](index=6&type=chunk) - Audit Committee Chair is Ms. Hong Peiyu[6](index=6&type=chunk) - Independent Auditor is KPMG[10](index=10&type=chunk) - Company stock code is **1597**, listed on **October 20, 2020**[10](index=10&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This chapter summarizes the company's key financial performance for the six months ended June 30, 2025, and its financial position as of that date, showing decreased revenue, expanded losses, and reduced cash and shareholders' equity Financial Performance for the Six Months Ended June 30 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | –4% | | (Gross Loss) / Gross Profit | (3,760) | 43 | –8,844% | | (Gross Loss) / Gross Profit Margin | (7.91%) | 0.09% | –8% | | Loss Attributable to Shareholders | (20,018) | (13,343) | 50% | | Loss Per Share (RMB) | –0.080 | –0.053 | 51% | Financial Position as of June 30 | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change Percentage | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents and Pledged Deposits | 26,014 | 58,202 | –55% | | Total Debt | 163,533 | 176,135 | –7% | | Net Debt | 137,519 | 117,933 | 17% | | Total Shareholders' Equity | 198,751 | 222,204 | –11% | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details the Group's business operations, financial performance, liquidity, and future outlook for the first half of 2025. Despite growth in pitch control systems and wind power, total revenue declined, and gross loss and loss for the period expanded due to reduced energy storage orders and decreased wind farm O&M demand. Policy, financial, and exchange rate risks are also analyzed [Business Review](index=6&type=section&id=BUSINESS%20REVIEW) The Group, as a leading wind power and pitch control system solution provider in China, has established an integrated business system covering R&D, integration, manufacturing, and sales of high-voltage pitch control systems, wind power generation, and wind power aftermarket O&M services. The company also actively expands into the new energy storage business, offering multi-scenario solutions - Core business segments: R&D, integration, manufacturing, and sales of wind turbine high-voltage pitch control systems, along with wind power generation and wind power aftermarket O&M services[13](index=13&type=chunk)[17](index=17&type=chunk) - New energy extension: Energy storage business provides "source-grid-load-storage" full-chain solutions, serving various energy forms including wind, solar, and thermal power[14](index=14&type=chunk)[17](index=17&type=chunk) - For the six months ended June 30, 2025, the Group delivered **337 sets of pitch control system products**, an **80% increase** compared to the same period in 2024, covering models from 5 MW to 9 MW[16](index=16&type=chunk)[19](index=19&type=chunk) - Duolun Wind Farm's semi-annual operating hours were **1,697 hours**, with a total semi-annual wind power generation of **33.09 million kWh** connected to the grid[21](index=21&type=chunk)[27](index=27&type=chunk) - Group development outlook: Will continue to focus on the new energy power sector, consolidating the domestic market while actively exploring international markets for new growth opportunities[24](index=24&type=chunk)[30](index=30&type=chunk) [Financial Position and Operating Results](index=7&type=section&id=FINANCIAL%20POSITION%20AND%20OPERATING%20RESULTS) In the first half of 2025, the Group's total revenue decreased by 3% year-on-year to RMB 47.5 million, primarily due to reduced energy storage orders and lower demand for wind farm O&M. Despite a 50% revenue growth in pitch control systems and wind power, overall gross profit turned into a gross loss, and loss for the period expanded by 57% to RMB 23.5 million, mainly due to intense market competition, product price declines, and increased administrative expenses - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 47.5 million**, a **3% decrease** compared to the first half of 2024[32](index=32&type=chunk) Revenue Breakdown (For the Six Months Ended June 30) | Business Segment | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Change (RMB Thousand) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +9,886 | +50% | | Wind Power Sales | 11,602 | 7,704 | +3,898 | +50% | | Wind Farm Operation and Maintenance Business | 2,218 | 7,319 | -5,101 | -71% | | Energy Storage Business | 3,878 | 14,297 | -10,419 | -71% | | **Total** | **47,505** | **49,241** | **-1,736** | **-3%** | - Cost of sales was approximately **RMB 51 million**, an increase of approximately **RMB 2 million or 4%** compared to the first half of 2024[39](index=39&type=chunk)[44](index=44&type=chunk) - The Group recorded a gross loss of approximately **RMB 3.8 million** (gross profit of approximately RMB 0 million in the first half of 2024), with the overall gross profit margin decreasing from 0% to **-8%**, mainly due to intense market competition, declining product prices and orders, and relatively lower gross profit margin in the energy storage business[46](index=46&type=chunk)[50](index=50&type=chunk) - Administrative and other operating expenses were approximately **RMB 17 million**, an increase of **RMB 5 million** compared to the first half of 2024, primarily due to provisions for expected credit losses resulting from deteriorating customer repayment capabilities[55](index=55&type=chunk)[61](index=61&type=chunk) - Loss for the period was approximately **RMB 23.5 million**, an increase of approximately **RMB 8.5 million** compared to the first half of 2024[57](index=57&type=chunk)[63](index=63&type=chunk) - Loss attributable to owners of the Company was approximately **RMB 20 million**, an increase of approximately **RMB 7 million** compared to the first half of 2024[58](index=58&type=chunk)[64](index=64&type=chunk) [Liquidity and Capital Source](index=12&type=section&id=LIQUIDITY%20AND%20CAPITAL%20SOURCE) As of June 30, 2025, the Group's cash and cash equivalents significantly decreased by 69% to approximately RMB 16 million, mainly due to operating losses and loan repayments. Despite this, the Board believes the Group has sufficient working capital for the next twelve months. Capital expenditure increased, primarily for plant renovation and optimization - As of June 30, 2025, the Group's asset-liability ratio was approximately **45%**, largely unchanged from **44%** as of December 31, 2024[65](index=65&type=chunk)[71](index=71&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents were approximately **RMB 16 million**, a decrease of approximately **RMB 35 million or 69%** compared to December 31, 2024, mainly due to operating losses and loan repayments[67](index=67&type=chunk)[73](index=73&type=chunk) - In the first half of 2025, the Group's capital expenditure totaled approximately **RMB 3.9 million**, an increase of **RMB 0.9 million** compared to the first half of 2024, primarily for the renovation and optimization of the company's plant[68](index=68&type=chunk)[74](index=74&type=chunk) - As of June 30, 2025, the Group's subsidiaries had short-term bank borrowings of **RMB 23 million**, of which **RMB 1 million** was secured by intellectual property[70](index=70&type=chunk)[76](index=76&type=chunk) [Human Resources](index=13&type=section&id=HUMAN%20RESOURCES) As of June 30, 2025, the Group employed 123 staff, a decrease from 160 as of December 31, 2024. The Group determines remuneration based on employees' qualifications, experience, and performance, and provides a retirement scheme for all eligible employees - As of June 30, 2025, the Group employed **123 staff** (December 31, 2024: 160 staff)[77](index=77&type=chunk)[80](index=80&type=chunk) - Remuneration packages include salaries and discretionary year-end bonuses, with a retirement scheme provided for all eligible employees[77](index=77&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Significant Investments and Capital Assets](index=13&type=section&id=SIGNIFICANT%20INVESTMENTS%20HELD,%20MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES,%20ASSOCIATES%20AND%20JOINT%20VENTURES,%20AND%20FUTURE%20PLANS%20FOR%20SIGNIFICANT%20INVESTMENTS%20AND%20CAPITAL%20ASSETS) For the six months ended June 30, 2025, the Group did not undertake any significant investments or material acquisitions or disposals of subsidiaries, associates, and joint ventures, nor were there any Board-approved future plans for significant investments or capital asset purchases - For the six months ended June 30, 2025, the Group did not undertake any significant investments or material acquisitions or disposals of subsidiaries, associates, and joint ventures[78](index=78&type=chunk)[81](index=81&type=chunk) - As of the date of this interim report, the Group has no Board-approved future plans for significant investments or capital asset purchases[78](index=78&type=chunk) [Potential Risk Exposures](index=13&type=section&id=POTENTIAL%20RISK%20EXPOSURES) The Group faces policy uncertainty risks, as the new energy power industry is significantly affected by policies, potentially leading to demand slowdowns, underinvestment, and delayed settlement of electricity price premiums. Additionally, the Group faces financial risks such as insufficient cash flow and uncertainty in accounts receivable collection, as well as exchange rate risks from foreign currency assets and liabilities - Policy uncertainty risk: The new energy power industry is significantly affected by policies, and unfavorable policy changes may lead to demand slowdowns, underinvestment in pitch control systems, O&M, and energy storage, and long-term unsettled electricity price premiums for wind power sales[79](index=79&type=chunk)[82](index=82&type=chunk) - Financial risks: Failure to generate sufficient cash flow from business operations will severely impact management and operations; accounts receivable and bills receivable are subject to customer operational uncertainties, posing risks of non-collection on schedule[83](index=83&type=chunk)[88](index=88&type=chunk) - Exchange rate risk: The Company's recognized foreign currency assets and liabilities and future foreign currency transactions (primarily in USD) are exposed to foreign exchange risk, which management will continue to monitor and take prudent measures to mitigate[84](index=84&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=14&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) 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 - 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[86](index=86&type=chunk)[90](index=90&type=chunk) [Events After the Reporting Period](index=14&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) No other significant events occurred after the reporting period and up to the date of this interim report - No other significant events occurred after the reporting period and up to the date of this interim report[87](index=87&type=chunk)[91](index=91&type=chunk) [Corporate Governance and Other Information](index=14&type=section&id=Corporate%20Governance%20and%20Other%20Information) This chapter outlines the company's corporate governance practices, including the Board's commitment to good governance standards, compliance with the Model Code for Securities Transactions by Directors, details of the share option scheme, disclosure of directors' and substantial shareholders' interests, and the Audit Committee's review of interim results. The Board did not recommend an interim dividend [Corporate Governance](index=15&type=section&id=CORPORATE%20GOVERNANCE) The Board is committed to achieving good corporate governance standards, emphasizing accountability and transparency. For the six months ended June 30, 2025, the Company complied with all applicable provisions of the Corporate Governance Code - The Board is committed to achieving good corporate governance standards, emphasizing enhanced accountability and transparency[92](index=92&type=chunk)[93](index=93&type=chunk) - For the six months ended June 30, 2025, the Company complied with all applicable code provisions contained in the Corporate Governance Code[94](index=94&type=chunk)[97](index=97&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=15&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS%20OF%20LISTED%20ISSUERS) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions, and all directors confirmed compliance with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, as its own code of conduct for directors' securities transactions[95](index=95&type=chunk) - All Directors confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[96](index=96&type=chunk)[98](index=98&type=chunk) [Changes in the Information of Directors and Chief Executive and Senior Management of the Company](index=16&type=section&id=CHANGES%20IN%20THE%20INFORMATION%20OF%20DIRECTORS%20AND%20CHIEF%20EXECUTIVE%20AND%20SENIOR%20MANAGEMENT%20OF%20THE%20COMPANY) There have been no changes in the information of the Company's directors and chief executive requiring disclosure since the publication of the 2024 annual report - Since the publication of the Company's 2024 annual report, there have been no changes in the information of directors and the chief executive of the Company requiring disclosure under Rule 13.51B(1) of the Listing Rules[99](index=99&type=chunk)[102](index=102&type=chunk) [Share Option Scheme](index=16&type=section&id=SHARE%20OPTION%20SCHEME) The Company adopted a share option scheme on July 16, 2021, to provide incentives or rewards to eligible participants. The scheme stipulates the exercise price, maximum total number of shares that can be issued, and the maximum number of shares granted to each grantee. As of June 30, 2025, no share options have been granted, and the scheme will be valid for ten years from its adoption date - The Share Option Scheme was adopted on **July 16, 2021**, to grant share options as incentives or rewards to eligible participants (including employees, directors, consultants, suppliers, customers, etc.)[100](index=100&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The subscription price for share options shall not be less than the highest of the closing price on the offer date, the average closing price for the five business days immediately preceding the offer date, and the nominal value of the shares[106](index=106&type=chunk)[108](index=108&type=chunk) - The total number of shares that may be issued upon exercise of all share options shall not exceed **10%** of the total issued share capital on the adoption date (i.e., **25,000,000 shares**)[106](index=106&type=chunk)[109](index=109&type=chunk) - As of June 30, 2025, no share options have been granted under the Share Option Scheme[111](index=111&type=chunk)[113](index=113&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=18&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20AND%20ITS%20ASSOCIATED%20CORPORATIONS) As of June 30, 2025, Mr. Cheng Liquan, Executive Director and Chairman, held a 75% long position in the Company's total issued shares through Hongyuan BVI, which he wholly owns. Other than this, no other directors or chief executives had disclosable interests or short positions in the Company's or its associated corporations' shares, underlying shares, or debentures Directors' Interests in the Company (As of June 30, 2025) | Director Name | Capacity | Number of Shares Held/Interested | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Mr. Cheng Liquan | Interest in Controlled Corporation (through Hongyuan BVI) | 187,500,000 (L) | 75% | - Mr. Cheng Liquan legally and beneficially owns **100%** of the entire issued share capital of Hongyuan BVI[117](index=117&type=chunk)[119](index=119&type=chunk) - Save as disclosed above, no other directors or chief executives of the Company and their respective associates had any disclosable interests or short positions in any shares, underlying shares, or debentures of the Company or its associated corporations[118](index=118&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=21&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, Hongyuan BVI and Ms. Zhou Xuan, spouse of Mr. Cheng Liquan, were substantial shareholders of the Company, each holding a 75% long position in the Company's total issued shares Substantial Shareholders' Interests in the Company (As of June 30, 2025) | Shareholder Name | Capacity | Number of Shares Held/Interested | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Hongyuan BVI | Beneficial Owner | 187,500,000 (L) | 75% | | Ms. Zhou Xuan | Spouse's Interest | 187,500,000 (L) | 75% | - Hongyuan BVI is wholly owned by Mr. Cheng Liquan, and Ms. Zhou Xuan, as Mr. Cheng Liquan's spouse, is deemed to be interested in his shares[122](index=122&type=chunk) [Audit Committee and Review of Interim Results](index=22&type=section&id=AUDIT%20COMMITTEE%20AND%20REVIEW%20OF%20INTERIM%20RESULTS) The Company's Audit Committee comprises three independent non-executive directors, with Ms. Hong Peiyu serving as Chair. The Committee has discussed with management and reviewed the Group's unaudited interim condensed consolidated financial statements and interim report for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors, including Ms. Hong Peiyu (Chair), Mr. Kang Jian, and Mr. Li Shusheng[124](index=124&type=chunk) - The Audit Committee has discussed with management the accounting principles and policies adopted by the Group and has reviewed the Group's unaudited interim condensed consolidated financial statements and interim report for the six months ended June 30, 2025[125](index=125&type=chunk)[128](index=128&type=chunk) [Interim Dividend](index=22&type=section&id=INTERIM%20DIVIDEND) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[126](index=126&type=chunk)[129](index=129&type=chunk) [Consolidated Statement of Profit or Loss](index=23&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This consolidated statement of profit or loss shows that for the six months ended June 30, 2025, the Group recorded a loss for the period of RMB 23.549 million, a significant increase from the RMB 15.070 million loss in the prior year. This was primarily due to revenue decline leading to a gross profit turning into a gross loss, and a significant increase in administrative and other operating expenses Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | | Cost of Sales | (51,265) | (49,198) | | (Gross Loss) / Gross Profit | (3,760) | 43 | | Other Income | 1,427 | 830 | | Other Net Losses | (108) | (10) | | Selling and Distribution Expenses | (4,092) | (4,338) | | Administrative and Other Operating Expenses | (17,287) | (11,513) | | Operating Loss | (23,820) | (14,988) | | Net Finance Costs | (945) | (1,714) | | Loss Before Taxation | (24,765) | (16,702) | | Income Tax | 1,216 | 1,632 | | **Loss for the Period** | **(23,549)** | **(15,070)** | | Loss Attributable to Equity Holders of the Company | (20,018) | (13,343) | | Loss Attributable to Non-controlling Interests | (3,531) | (1,727) | | Loss Per Share (Basic and Diluted, RMB) | (0.080) | (0.053) | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=24&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This consolidated statement of profit or loss and other comprehensive income shows that for the six months ended June 30, 2025, the Group recorded a total comprehensive income for the period of RMB 23.453 million loss, an increase from the RMB 15.088 million loss in the prior year. This primarily reflects the increased loss for the period, also slightly affected by exchange differences Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loss for the Period | (23,549) | (15,070) | | Other Comprehensive Income for the Period (Net of Tax) | 96 | (18) | | **Total Comprehensive Income for the Period** | **(23,453)** | **(15,088)** | | Attributable to Equity Holders of the Company | (19,922) | (13,361) | | Attributable to Non-controlling Interests | (3,531) | (1,727) | - Exchange differences on translation of financial statements at the company level resulted in a loss of **RMB 276 thousand** (2024: gain of RMB 205 thousand)[132](index=132&type=chunk) - Exchange differences on translation of financial statements of entities with non-RMB functional currency resulted in a gain of **RMB 372 thousand** (2024: loss of RMB 223 thousand)[132](index=132&type=chunk) [Consolidated Statement of Financial Position](index=25&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This consolidated statement of financial position shows that as of June 30, 2025, the Group's total assets less current liabilities were RMB 204.310 million, and net assets were RMB 198.751 million, a decrease from December 31, 2024. Net current assets decreased, mainly due to a significant reduction in cash and cash equivalents, despite an increase in inventories Consolidated Statement of Financial Position (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Non-current Assets** | **125,788** | **133,747** | | Property, Plant and Equipment | 104,749 | 111,749 | | Contract Assets (Non-current) | 14,116 | 17,102 | | Deferred Tax Assets | 6,495 | 4,480 | | **Current Assets** | **236,496** | **264,592** | | Inventories | 31,206 | 15,446 | | Contract Assets (Current) | 30,281 | 47,955 | | Trade and Other Receivables | 144,218 | 136,706 | | Loans to Third Parties | 4,607 | 4,913 | | Cash and Cash Equivalents | 15,949 | 51,005 | | Pledged and Restricted Deposits | 10,235 | 8,567 | | **Current Liabilities** | **157,974** | **168,534** | | Bank Loans and Other Borrowings | 45,399 | 67,053 | | Trade and Other Payables (Current) | 108,582 | 97,886 | | Lease Liabilities (Current) | 3,329 | 3,150 | | Contract Liabilities (Current) | 309 | 148 | | Current Tax | 355 | 297 | | **Net Current Assets** | **78,522** | **96,058** | | **Total Assets Less Current Liabilities** | **204,310** | **229,805** | | **Non-current Liabilities** | **5,559** | **7,601** | | Trade and Other Payables (Non-current) | 494 | 577 | | Lease Liabilities (Non-current) | 5,065 | 7,024 | | **Net Assets** | **198,751** | **222,204** | | **Total Equity** | **198,751** | **222,204** | [Consolidated Statement of Changes in Equity](index=27&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This consolidated statement of changes in equity shows that for the six months ended June 30, 2025, the Group's total equity decreased from RMB 222.204 million as of January 1, 2025, to RMB 198.751 million. This decrease was primarily attributable to the loss for the period and the impact of acquiring non-controlling interests, partially offset by capital contributions from non-controlling interests Consolidated Statement of Changes in Equity (For the Six Months Ended June 30, 2025) | Indicator | Balance at January 1, 2025 (RMB Thousand) | Changes in Equity (RMB Thousand) | Balance at June 30, 2025 (RMB Thousand) | | :--- | :--- | :--- | :--- | | Share Capital | 2,168 | — | 2,168 | | Share Premium | 95,992 | — | 95,992 | | Other Reserves | 31,646 | (4,564) | 27,082 | | PRC Statutory Reserve | 10,649 | — | 10,649 | | Exchange Fluctuation Reserve | (1,167) | 96 | (1,071) | | Retained Profits | 83,949 | (20,018) | 63,931 | | **Total Attributable to Equity Holders of the Company** | **223,237** | **(24,486)** | **198,751** | | Non-controlling Interests | (1,033) | 3,467 | — | | **Total Equity** | **222,204** | **(23,453)** | **198,751** | - Loss for the period was **RMB 20.018 million** (attributable to equity holders of the Company) and **RMB 3.531 million** (attributable to non-controlling interests)[142](index=142&type=chunk) - Capital contribution from non-controlling interests was **RMB 4.000 million**, and payment for acquisition of non-controlling interests was **RMB 4.000 million**[142](index=142&type=chunk) [Condensed Consolidated Cash Flow Statement](index=29&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) This condensed consolidated cash flow statement shows that for the six months ended June 30, 2025, the Group's net decrease in cash was RMB 35.013 million. Both operating and financing activities resulted in cash outflows, with a significant increase in cash outflow from financing activities, mainly due to repayment of bank borrowings Condensed Consolidated Cash Flow Statement (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (6,881) | (37,620) | | Net Cash Used in Investing Activities | (3,484) | (2,953) | | Net Cash (Used in) / Generated from Financing Activities | (24,648) | 21,284 | | **Net Decrease in Cash** | **(35,013)** | **(19,289)** | | Cash at January 1 | 51,005 | 55,824 | | Effect of Exchange Rate Changes | (43) | 166 | | Cash at June 30 | 15,949 | 36,701 | - Net cash used in operating activities significantly decreased from **RMB 37.620 million** in 2024 to **RMB 6.881 million** in 2025[143](index=143&type=chunk) - Financing activities changed from a net cash inflow of **RMB 21.284 million** in 2024 to a net cash outflow of **RMB 24.648 million** in 2025, primarily due to repayment of bank loans[143](index=143&type=chunk) [Notes to the Unaudited Interim Financial Report](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This chapter provides detailed notes to the unaudited interim financial report, covering the company's general information, basis of preparation, changes in accounting policies, breakdown of revenue and segment reporting, other income and losses, taxation, loss per share, property, plant and equipment, inventories, receivables, loans to third parties, cash and deposits, bank borrowings, payables, dividends, capital commitments, and material related party transactions [1 General Information](index=30&type=section&id=1%20GENERAL%20INFORMATION) China Naquan Energy Technology Holdings Limited was incorporated in the Cayman Islands on November 28, 2019, and listed on the Main Board of the Hong Kong Stock Exchange on October 20, 2020. The Group primarily engages in the R&D, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance, and energy storage businesses in China - The Company was incorporated in the Cayman Islands on **November 28, 2019**, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **October 20, 2020**[145](index=145&type=chunk) - The Group primarily engages in the R&D, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance business, and energy storage business in China[145](index=145&type=chunk)[149](index=149&type=chunk) [2 Basis of Preparation](index=30&type=section&id=2%20BASIS%20OF%20PREPARATION) This interim financial report is unaudited and 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 International Accounting Standard 34. The report adopts the same accounting policies as those used in the 2024 annual financial statements, and changes in accounting policies have no significant impact on this interim report - This interim financial report is unaudited and 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 International Accounting Standard 34[146](index=146&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk)[157](index=157&type=chunk) - The interim financial report is prepared in accordance with the same accounting policies adopted in the annual financial statements for 2024, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[147](index=147&type=chunk)[154](index=154&type=chunk)[158](index=158&type=chunk) [3 Changes in Accounting Policies](index=31&type=section&id=3%20CHANGES%20IN%20ACCOUNTING%20POLICIES) The Group has applied the amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," but these amendments have no significant impact on this interim report as no related foreign currency transactions were conducted. The Group has not early adopted any new standards or interpretations that are not yet effective - The Group has applied the amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability"[154](index=154&type=chunk)[158](index=158&type=chunk) - As the Group did not enter into any foreign currency transactions where one foreign currency is not exchangeable into another, these amendments have no significant impact on this interim report[154](index=154&type=chunk)[158](index=158&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective for the current accounting period[155](index=155&type=chunk)[159](index=159&type=chunk) [4 Revenue and Segment Reporting](index=32&type=section&id=4%20REVENUE%20AND%20SEGMENT%20REPORTING) This chapter details the Group's revenue and segment reporting by business line. For the six months ended June 30, 2025, the Group's total revenue was RMB 47.505 million. Revenue from pitch control systems and wind power sales increased, while revenue from wind farm O&M and energy storage businesses significantly decreased. All of the Group's revenue is generated from China, and the vast majority of its non-current assets and capital expenditures are also located in China Revenue Classification by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | | Wind Power Sales | 11,602 | 7,704 | | Wind Farm Operation and Maintenance Business | 2,218 | 7,319 | | Energy Storage Business | 3,878 | 14,297 | | **Total** | **47,505** | **49,241** | Reportable Segment Profit/(Loss) (For the Six Months Ended June 30, 2025) | Business Segment | Profit/(Loss) (RMB Thousand) | | :--- | :--- | | Sales of Pitch Control Systems and Related Components | (4,852) | | Wind Power Sales | 6,312 | | Wind Farm Operation and Maintenance Business | 674 | | Energy Storage Business | (5,894) | | **Total** | **(3,760)** | Reportable Segment Assets (As of June 30, 2025) | Business Segment | Assets (RMB Thousand) | | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 86,189 | | Wind Power Sales | 150,248 | | Wind Farm Operation and Maintenance Business | 2,497 | | Energy Storage Business | 86,064 | | **Total** | **324,998** | - All of the Group's revenue is generated from China, and the vast majority of its non-current assets and capital expenditures are located in/generated from China[179](index=179&type=chunk)[180](index=180&type=chunk) [5 Other Income and Other Net Losses](index=38&type=section&id=5%20OTHER%20REVENUE%20AND%20OTHER%20NET%20LOSS) For the six months ended June 30, 2025, the Group's other income increased to RMB 1.427 million, primarily from VAT refunds and government grants. Concurrently, other net losses slightly increased, mainly due to net exchange losses Other Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | VAT Refunds and Deductions | 1,171 | 789 | | Government Grants | 96 | 6 | | Others | 160 | 35 | | **Total** | **1,427** | **830** | - VAT refunds include **RMB 311 thousand** from software sales (2024: RMB 17 thousand) and **RMB 860 thousand** from wind power generation (2024: RMB 772 thousand)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - Other net losses amounted to **RMB 108 thousand** (2024: RMB 10 thousand), primarily comprising net exchange losses of **RMB 19 thousand** (2024: RMB 17 thousand)[186](index=186&type=chunk) [6 Loss Before Taxation](index=39&type=section&id=6%20LOSS%20BEFORE%20TAXATION) For the six months ended June 30, 2025, the Group's loss before taxation was RMB 24.765 million, an increase from RMB 16.702 million in the prior year. This was mainly due to increased depreciation expenses and provisions for expected credit losses, despite a decrease in net finance costs Net Finance Costs (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Loan Interest Expense | 612 | 381 | | Interest Expense on Loans to Third Parties | 450 | 827 | | Interest Expense on Loans to Related Parties | — | 500 | | Lease Liabilities Interest Expense | 185 | 329 | | Interest Income | (302) | (323) | | **Net Finance Costs** | **945** | **1,714** | - Depreciation expenses for property, plant and equipment increased to **RMB 9.037 million** (2024: RMB 5.305 million)[189](index=189&type=chunk) - Provisions for expected credit losses on trade receivables and contract assets amounted to **RMB 6.026 million** (2024: reversal of RMB 12 thousand)[189](index=189&type=chunk) [7 Income Tax](index=41&type=section&id=7%20INCOME%20TAX) For the six months ended June 30, 2025, the Group recorded an income tax credit of RMB 1.216 million, primarily due to the origination and reversal of temporary differences, offsetting current tax provisions Income Tax (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current Tax — PRC Corporate Income Tax | 861 | 442 | | Over-provision in Prior Years | (62) | (36) | | Deferred Tax (Origination and Reversal of Temporary Differences) | (2,015) | (2,038) | | **Total** | **(1,216)** | **(1,632)** | - PRC income tax provision is calculated based on the respective corporate income tax rates applicable to the Group's subsidiaries located in China[192](index=192&type=chunk)[195](index=195&type=chunk) [8 Loss Per Share](index=41&type=section&id=8%20LOSS%20PER%20SHARE) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 0.080, an increase from RMB 0.053 in 2024, reflecting the expanded loss attributable to equity holders of the Company. Diluted loss per share was the same as basic loss per share due to the absence of potential dilutive ordinary shares - Basic and diluted loss per share was **RMB 0.080** (2024: RMB 0.053)[193](index=193&type=chunk)[196](index=196&type=chunk) - Diluted loss per share was the same as basic loss per share due to the absence of potential dilutive ordinary shares[194](index=194&type=chunk)[197](index=197&type=chunk) [9 Property, Plant and Equipment](index=42&type=section&id=9%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group purchased property, plant and equipment at a cost of RMB 3.881 million, an increase from the prior year. No items of property, plant and equipment were disposed of during the period - For the six months ended June 30, 2025, the Group purchased items of property, plant and equipment at a cost of **RMB 3,881,000** (2024: RMB 3,090,000)[198](index=198&type=chunk)[201](index=201&type=chunk) - For the six months ended June 30, 2025 and 2024, the Group did not dispose of any items of property, plant and equipment[198](index=198&type=chunk) [10 Inventories](index=42&type=section&id=10%20INVENTORIES) For the six months ended June 30, 2025, a decrease in the amount of inventories recognized as an expense in profit or loss for the period was RMB 1.285 million, an increase from the prior year - For the six months ended June 30, 2025, a decrease in the amount of inventories recognized as an expense in profit or loss for the period was **RMB 1,285,000** (2024: RMB 927,000)[199](index=199&type=chunk)[202](index=202&type=chunk) [11 Trade and Other Receivables](index=42&type=section&id=11%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, the Group's total trade and other receivables amounted to RMB 144.218 million, an increase from December 31, 2024. Of this, electricity price surcharges receivable were RMB 77.062 million, which the directors believe are fully recoverable. The aging analysis of trade receivables shows a relatively high proportion of amounts outstanding for over three years Trade and Other Receivables (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable, Net of Loss Provision | 133,363 | 128,193 | | Prepayments | 823 | 645 | | Other Receivables (Current) | 10,032 | 7,868 | | Other Receivables (Non-current) | 428 | 416 | | **Total** | **144,646** | **137,122** | Aging Analysis of Trade and Bills Receivables (As of June 30, 2025) | Aging | Amount (RMB Thousand) | | :--- | :--- | | Within 1 Year | 69,540 | | Over 1 Year but Within 2 Years | 10,739 | | Over 2 Years but Within 3 Years | 13,328 | | Over 3 Years | 39,756 | | **Total** | **133,363** | - As of June 30, 2025, electricity price surcharges receivable included in trade and other receivables amounted to **RMB 77,062,000** (2024: RMB 69,547,000), which the directors believe are fully recoverable[212](index=212&type=chunk)[214](index=214&type=chunk) [12 Loans to Third Parties](index=45&type=section&id=12%20LOANS%20TO%20THIRD%20PARTIES) As of June 30, 2025, net loans to third parties amounted to RMB 4.607 million. This includes an overdue but unpaid interest-free, unsecured loan from a former joint venture, and an interest-free, unsecured loan from another investor, repayable no later than December 31, 2025 Loans to Third Parties (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loans to Third Parties | 8,206 | 8,512 | | Less: Loss Provision | (3,599) | (3,599) | | **Net Amount** | **4,607** | **4,913** | - Includes a loan of **RMB 6,876,000** from a former joint venture (overdue but unpaid) and a loan of **RMB 1,330,000** from another investor in that former joint venture (repayable no later than December 31, 2025)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - The above loans are all interest-free and unsecured[217](index=217&type=chunk)[218](index=218&type=chunk) [13 Cash and Cash Equivalents, Pledged and Restricted Deposits](index=46&type=section&id=13%20CASH%20AND%20CASH%20EQUIVALENTS,%20PLEDGED%20AND%20RESTRICTED%20DEPOSITS) As of June 30, 2025, the Group's bank cash significantly decreased to RMB 15.949 million. Pledged deposits, primarily for issuing bills payable, increased. Cash and cash equivalents in mainland China are subject to foreign exchange control rules - Bank cash: As of June 30, 2025, it was **RMB 15,949,000** (December 31, 2024: RMB 51,005,000)[221](index=221&type=chunk) Pledged and Restricted Deposits (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Pledged Deposits for Issuing Bills Payable | 10,065 | 7,197 | | Restricted Deposits for Litigation | 170 | 1,370 | | **Total** | **10,235** | **8,567** | - Cash and cash equivalents in mainland China amounted to **RMB 13,207,000** (2024: RMB 47,932,000), and outward remittances are subject to relevant foreign exchange control rules and regulations[221](index=221&type=chunk) [14 Bank Loans and Other Borrowings](index=47&type=section&id=14%20BANK%20LOANS%20AND%20OTHER%20BORROWINGS) As of June 30, 2025, the Group's total bank loans and other borrowings amounted to RMB 45.399 million, a decrease from December 31, 2024. Short-term bank loans significantly decreased, while loans to third parties remained relatively stable Bank Loans and Other Borrowings (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Loans | 22,993 | 44,038 | | Loans to Third Parties | 22,406 | 23,015 | | **Total** | **45,399** | **67,053** | - Loans to third parties are unsecured, bear interest rates ranging from **3.5% to 7%** per annum, and have no fixed repayment terms or are repayable within one year[224](index=224&type=chunk)[225](index=225&type=chunk) [15 Trade and Other Payables](index=48&type=section&id=15%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, the Group's total trade and other payables amounted to RMB 109.076 million, an increase from December 31, 2024. The aging analysis of trade payables shows a larger proportion of amounts outstanding for over twelve months. Other payables primarily include interest payable and employee-related costs Trade and Other Payables (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Payables (Current) | 63,203 | 55,392 | | Bills Payable | 10,045 | 7,208 | | Other Payables (Current) | 35,334 | 35,286 | | Trade Payables (Non-current) | 494 | 577 | | **Total** | **109,076** | **98,463** | Aging Analysis of Trade Payables (As of June 30, 2025) | Aging | Amount (RMB Thousand) | | :--- | :--- | | Within 3 Months | 37,996 | | 3 to 6 Months | 248 | | 6 to 12 Months | 2,421 | | Over 12 Months | 22,538 | | **Total** | **63,203** | - Other payables include interest payable of **RMB 30.931 million**, employee-related costs of **RMB 1.061 million**, and other payables of **RMB 3.342 million**[231](index=231&type=chunk) [16 Dividends](index=49&type=section&id=16%20DIVIDENDS) No dividends were paid or declared by the Company for the six months ended June 30, 2025 and 2024 - No dividends were paid or declared by the Company for the six months ended June 30, 2025 and 2024[232](index=232&type=chunk)[234](index=234&type=chunk) [17 Capital Commitments](index=49&type=section&id=17%20CAPITAL%20COMMITMENTS) As of June 30, 2025, and December 31, 2024, there were no significant capital commitments outstanding and not provided for at the end of each period - As of June 30, 2025, and December 31, 2024, there were no significant capital commitments outstanding and not provided for at the end of each period[233](index=233&type=chunk)[235](index=235&type=chunk) [18 Material Related Party Transactions](index=49&type=section&id=18%20MATERIAL%20RELATED%20PARTY%20TRANSACTIONS) As of June 30, 2025, Mr. Cheng Lifu, an Executive Director of the Company, provided guarantees for bank credit granted to the Group amounting to RMB 22.993 million - As of June 30, 2025, Mr. Cheng Lifu, an Executive Director of the Company, provided guarantees for bank credit granted to the Group amounting to **RMB 22,993,000** (December 31, 2024: RMB 32,538,000)[236](index=236&type=chunk)[237](index=237&type=chunk)

（於中華人民共和國註冊成立的股份有限公司） 股份代號：01988 中期報告 2025 年中期報告 重要提示 本行董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在虛 假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本半年度報告於2025年8月29日由本行第九屆董事會第十四次會議審議通過。會議應到董事15名，現場出席 董事9名，電話或視頻連線出席董事5名，委託出席董事1名，趙鵬董事因個人事項安排，委託梁鑫傑董事出席併表 決。本行6名監事列席本次會議。 本行半年度財務報告未經審計。 本行董事長高迎欣、行長王曉永、主管會計工作負責人李彬和會計機構負責人張蘭波聲明：保證本半年度報告 中財務報告的真實、準確、完整。 根據2024年年度股東會決議及授權，董事會審議通過2025年度中期利潤分配方案：以利潤分配股權登記日本行 總股數為基數，向本行全體股東每10股派發現金股利人民幣1.36元（含稅）。 除特別說明外，本半年度報告所載財務數據及指標為本集團合併數據，貨幣金額以人民幣列示。 本半年度報告中涉及未來計劃等前瞻性陳述不構成本行對投資者的實質承諾，投資者及相關人士均應當 ...

2025 中石油彩印 设计承印 010-80427353 2025半年度報告 中國石油天然氣股份有限公司 本报告採用中国製造环保纸印刷 （於中華人民共和國註冊成立之股份有限公司） 股份代號：857 中国石油天然气股份有限公司 | 002 | 重要提示 | | --- | --- | | 003 | 公司基本情況简介 | | 005 | 会计数据和财务指标摘要 | | 007 | 股本变动及股东情況 | | 010 | 董事会报告 | | 027 | 重要事项 | | 040 | 董事、监事、高级管理人员情況 | | 042 | 债券相关情況 | | | 财务报告 | | 044 | 按中国企业会计準則編製 | | 147 | 按国际财务报告会计準則編製 | | 176 | 备查文件 | | 177 | 董事、监事、高级管理人员书面确认 | 002 重要提示 2025年半年度报告 重要提示 半年度报告 半年度報告 2025 中國石油天然氣股份有限公司 本半年度报告载有若干涉及本集团财务状況、经营成果及业务之前 瞻性声明。由於相关声明所述情況之发生与否，非為本集团所能控制， 这些前瞻性声明在本质上具有高度风险与不 ...

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committee Composition](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees to ensure sound corporate governance - Board members include Mr. Cui Yazhou (Chairman), Mr. Ye Xin, Ms. Wang Qian, Mr. Zhou Jianzhong (Executive Directors), Mr. Cao Ye (Non-executive Director), and Ms. Xiang Siying, Mr. Ruan Guantong, Mr. Chen Bingquan (Independent Non-executive Directors)[2](index=2&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are all chaired or served by independent non-executive directors Ms. Xiang Siying and Mr. Ruan Guantong, ensuring independent oversight[2](index=2&type=chunk) [Company Secretary and Independent Auditor](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8%E5%8F%8A%E6%A0%B8%E6%95%B8%E5%B8%AB) Mr. Xian Liwen serves as the Company Secretary, and Zhonghui Anda Certified Public Accountants Limited is the independent auditor, responsible for the company's compliance and audit work - Mr. Xian Liwen is the Company Secretary, and Zhonghui Anda Certified Public Accountants Limited is the independent auditor[2](index=2&type=chunk) [Registered Office and Principal Place of Business](index=2&type=section&id=%E8%A8%BB%E5%86%8A%E8%BE%A6%E4%BA%8B%E8%99%95%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) The company is registered in the Cayman Islands, with principal places of business in Shenzhen, China, and Wan Chai, Hong Kong, and share registrars in the Cayman Islands and Hong Kong - The registered office is in the Cayman Islands, with principal places of business at Room 01C, 20th Floor, Block A, Donghai International Center, Futian, Shenzhen, China, and Units 36-40, 50th Floor, Sun Hung Kai Centre, 30 Harbour Road, Wan Chai, Hong Kong[2](index=2&type=chunk)[3](index=3&type=chunk) - The share registrars are Codan Trust Company (Cayman) Limited in the Cayman Islands and Tricor Investor Services Limited in Hong Kong[3](index=3&type=chunk) [Company Website and Stock Code](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%8F%8A%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F) The company's website is www.huili.hk, and its stock code is 1303 - The company's website is www.huili.hk, and its stock code is 1303[3](index=3&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Results from Continuing Operations](index=4&type=section&id=%E6%8C%81%E7%BA%8C%E7%B6%93%E7%91%86%E6%A5%AD%E5%8B%99%E6%A5%AD%E7%B8%BE) For the six months ended June 30, 2025, revenue from continuing operations slightly decreased, gross profit significantly declined, leading to a substantial drop in profit for the period Comparison of Key Financial Indicators for Continuing Operations (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited, Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,357,566 | 1,359,778 | -0.16% | | Cost of sales | (1,304,505) | (1,229,559) | +6.10% | | Gross profit | 53,061 | 130,219 | -59.25% | | Operating profit | 25,286 | 141,130 | -82.09% | | Profit before income tax | 26,294 | 139,225 | -81.12% | | Profit for the period from continuing operations | 17,715 | 117,968 | -84.98% | | Profit for the period attributable to equity holders of the Company | 17,715 | 117,032 | -84.86% | | Basic and diluted earnings per share (RMB cents) | 0.84 | 6.08 | -86.18% | - **Gross profit significantly decreased by 59.25%**, primarily due to the continuous decline in coal prices, severely compressing the gross profit margin of the coal trading business[4](index=4&type=chunk)[91](index=91&type=chunk) - **Operating profit decreased by 82.09%** year-on-year, reflecting the combined impact of lower gross profit and increased administrative expenses[4](index=4&type=chunk)[93](index=93&type=chunk) [Discontinued Operations](index=4&type=section&id=%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%91%86%E6%A5%AD%E5%8B%99) In the first half of 2025, the company had no discontinued operations, compared to a loss of RMB 985 thousand from discontinued operations in the same period of 2024 Loss for the Period from Discontinued Operations (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss for the period from discontinued operations | – | (985) | - The company completed the disposal of its entire equity interest in Hami Jinhua Mineral Resources Development Co., Ltd. (Hami Jinhua) on September 29, 2024, terminating its mining business[68](index=68&type=chunk) [Total Comprehensive Income](index=5&type=section&id=%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%B8%BD%E9%A1%8D) Total comprehensive income for the period was RMB 17,381 thousand, a significant decrease from RMB 117,141 thousand in the prior year, mainly due to reduced profit from continuing operations Total Comprehensive Income (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Total comprehensive income for the period | 17,381 | 117,141 | - Fair value changes of financial assets (debt instruments) at fair value through other comprehensive income resulted in a **loss of RMB 334 thousand**, compared to a gain of RMB 158 thousand in the prior year[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Overview of Assets](index=6&type=section&id=%E8%B3%87%E7%94%A2%E6%A6%82%E8%A6%BD) As of June 30, 2025, the company's total assets decreased to RMB 2,357,291 thousand, primarily due to reductions in inventories, trade receivables, and bills receivable within current assets Comparison of Asset Composition (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 385,334 | 400,199 | -3.71% | | Total current assets | 1,971,957 | 2,273,518 | -13.10% | | Total assets | 2,357,291 | 2,673,717 | -11.84% | | Inventories | 569,057 | 793,403 | -28.28% | | Trade and bills receivables | 355,984 | 659,808 | -46.04% | | Cash and cash equivalents | 896,941 | 655,837 | +36.76% | - **Cash and cash equivalents significantly increased by 36.76%**, indicating enhanced company liquidity[6](index=6&type=chunk)[102](index=102&type=chunk) [Overview of Liabilities and Equity](index=6&type=section&id=%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%AC%8A%E7%9B%8A%E6%A6%82%E8%A6%BD) As of June 30, 2025, total liabilities decreased, while capital and reserves attributable to equity holders of the company increased, and net current assets remained robust Comparison of Liabilities and Equity Composition (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | Change (%) | | :--- | :--- | :--- | :--- | | Total current liabilities | 1,119,258 | 1,448,620 | -22.73% | | Total non-current liabilities | 156,589 | 161,034 | -2.76% | | Total liabilities | 1,275,847 | 1,609,654 | -20.74% | | Net current assets | 852,699 | 824,898 | +3.37% | | Capital and reserves attributable to equity holders of the Company | 1,081,444 | 1,064,063 | +1.63% | | Share capital | 181,896 | 181,896 | 0.00% | | Share premium | 789,776 | 789,776 | 0.00% | - **Trade payables significantly decreased by 20.89%**, from RMB 1,252,414 thousand to RMB 990,680 thousand[6](index=6&type=chunk)[28](index=28&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Analysis of Changes in Equity](index=8&type=section&id=%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E5%88%86%E6%9E%90) As of June 30, 2025, total equity attributable to equity holders of the company increased to RMB 1,081,444 thousand, primarily driven by total comprehensive income for the period and appropriations to statutory reserves Changes in Equity Attributable to Equity Holders of the Company (RMB thousands) | Indicator | 2025 Jan 1 (Audited) | Total comprehensive income for the period | Appropriation to statutory reserve | 2025 June 30 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Share capital | 181,896 | – | – | 181,896 | | Share premium | 789,776 | – | – | 789,776 | | Other reserves | (18,678) | (334) | – | (19,012) | | Statutory reserve | 49,398 | – | 2,841 | 52,239 | | Retained earnings | 61,671 | 17,715 | (2,841) | 76,545 | | Subtotal | 1,064,063 | 17,381 | – | 1,081,444 | - In the same period of 2024, the company's share capital and share premium increased due to the issuance of shares for the acquisition of a subsidiary, and **total comprehensive income of RMB 117,190 thousand** was recognized[8](index=8&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Cash Flow Analysis](index=9&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, the company's operating cash flow significantly improved from negative to positive, leading to a substantial increase in cash and cash equivalents at period-end Comparison of Cash Flows (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash from / (used in) operating activities | 248,099 | (213,530) | Significantly improved | | Net cash used in investing activities | (3,235) | (17,761) | -81.89% | | Net cash used in financing activities | (2,586) | (1,987) | +30.15% | | Net increase / (decrease) in cash and cash equivalents | 242,278 | (233,278) | Significantly improved | | Cash and cash equivalents at end of period | 896,941 | 241,786 | +270.15% | - **Net cash from operating activities improved significantly** from a net outflow of RMB 213,530 thousand in the same period of 2024 to a net inflow of RMB 248,099 thousand in the same period of 2025, indicating enhanced operating efficiency and cash management capabilities[10](index=10&type=chunk) - **Net cash used in investing activities significantly decreased**, primarily due to reduced capital expenditure on property, plant, and equipment[10](index=10&type=chunk)[49](index=49&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=10&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [1 General Information](index=10&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The company was incorporated in the Cayman Islands, primarily engaged in coal trading, coal processing services, and supply chain management services, and changed its registered office and principal place of business on January 13, 2025 - The company was incorporated in the Cayman Islands on February 19, 2010, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on January 12, 2012[11](index=11&type=chunk) - During the period, the Group was principally engaged in coal trading, providing coal processing services, and supply chain management services in China[11](index=11&type=chunk) - The company's registered office and principal place of business changed to Units 36–40, 50th Floor, Sun Hung Kai Centre, 30 Harbour Road, Wan Chai, Hong Kong, effective January 13, 2025[11](index=11&type=chunk) [2 Basis of Preparation](index=10&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and applicable disclosure provisions of the Listing Rules, based on historical cost, except for certain financial assets - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure provisions of the Listing Rules[13](index=13&type=chunk) - The statements are presented in **RMB** and were approved and authorized for issue by the Board of Directors on August 27, 2025[12](index=12&type=chunk) - The basis of preparation is historical cost, except for financial assets at fair value through other comprehensive income and derivative financial assets measured at fair value[15](index=15&type=chunk) [3 Changes in Accounting Policies](index=11&type=section&id=3%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E4%B9%8B%E8%AE%8A%E5%8B%95) The Group has adopted new and revised Hong Kong Financial Reporting Standards, which are not considered to have a significant impact on the financial statements for the period, and future standards are also not expected to have a material effect - The Group has initially adopted Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability," which specifies how an entity should assess whether a currency is exchangeable and how to determine the spot exchange rate when exchangeability is lacking[16](index=16&type=chunk)[17](index=17&type=chunk) - The Group believes that the adoption of these new and revised Hong Kong Financial Reporting Standards has **no significant impact** on the amounts reported and/or disclosures contained in the interim condensed consolidated financial statements for the period[17](index=17&type=chunk) - The Group is evaluating new and revised standards effective for accounting periods beginning in 2026 or 2027 that have not been early adopted, with preliminary results indicating **no significant impact** is expected[18](index=18&type=chunk) [4 Estimates](index=13&type=section&id=4%20%E4%BC%B0%E8%A8%88) Management is required to make significant judgments, estimates, and assumptions in preparing the financial statements, which are consistent with those applied in the 2024 annual financial statements, and actual results may differ from these estimates - The significant judgments made by management and the key sources of estimation uncertainty in preparing the interim condensed consolidated financial statements are the same as those applied in the 2024 annual financial statements[20](index=20&type=chunk) [5 Financial Risk Management](index=13&type=section&id=5%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market risks (foreign exchange and interest rate), credit risk, liquidity risk, and concentration risk, with no significant changes in risk management policies since December 31, 2024. Fair values of financial instruments are categorized into a three-level hierarchy - The Group's operations are exposed to market risks (including foreign exchange risk and interest rate risk), credit risk, liquidity risk, and concentration risk[21](index=21&type=chunk) - There have been **no significant changes** in risk management policies since December 31, 2024[22](index=22&type=chunk) Fair Value Hierarchy of Financial Instruments (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | | :--- | :--- | :--- | | Derivative financial assets (Level 2) | – | 1,504 | | Financial assets at fair value through other comprehensive income (Level 2) | – | 541 | - For the six months ended June 30, 2025 and 2024, there were **no transfers** between Level 1 and Level 2 fair value measurements, nor any transfers into or out of Level 3[26](index=26&type=chunk) [6 Segment Information](index=16&type=section&id=6%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group treats its coal business as a single operating segment, with primary revenue derived from the Chinese market, covering coal trading, processing, and supply chain management services - The Group's coal business is considered a single operating segment, and therefore, no separate segment analysis is presented in the interim condensed consolidated financial report[27](index=27&type=chunk) Revenue from Contracts with Customers by Category (RMB thousands) | Category | 2025 June 30 (Unaudited) | 2024 June 30 (Unaudited) | | :--- | :--- | :--- | | **Major geographical markets** | | | | －China | 1,357,566 | 1,359,778 | | **Major products and services** | | | | －Trading of coal and provision of coal processing services | 1,294,494 | 1,329,032 | | －Coal supply chain management services | 63,072 | 30,746 | | **Timing of revenue recognition** | | | | －At a point in time | 1,357,566 | 1,359,778 | - **Revenue from coal supply chain management services significantly increased by 105.15%**, from RMB 30,746 thousand to RMB 63,072 thousand year-on-year[31](index=31&type=chunk)[29](index=29&type=chunk) Geographical Information (RMB thousands) | Region | 2025 June 30 (Unaudited) Revenue | 2024 June 30 (Unaudited) Revenue | 2025 June 30 (Unaudited) Specific non-current assets | 2024 Dec 31 (Audited) Specific non-current assets | | :--- | :--- | :--- | :--- | :--- | | China | 1,357,566 | 1,359,778 | 369,859 | 377,738 | | Hong Kong | – | – | 4,555 | 5,515 | | Singapore | – | – | 1,109 | 1,797 | | Total | 1,357,566 | 1,359,778 | 375,523 | 385,050 | [7 Other (Losses) / Gains – Net](index=19&type=section&id=7%20%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%94%B6%E7%9B%8A%EF%BC%8D%E6%B7%A8%E9%A1%8D) The period recorded a net other loss of RMB 8,649 thousand, primarily due to net exchange losses and reduced government grants Comparison of Other (Losses) / Gains – Net (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net exchange (losses) / gains | (10,088) | 4,138 | | Government grants | 502 | 4,737 | | Other (losses) / gains – net | (8,649) | 9,479 | - **Net exchange difference turned from a gain of RMB 4,138 thousand in 2024 to a loss of RMB 10,088 thousand in 2025**, primarily from financial assets denominated in USD and HKD due to the depreciation of USD and HKD against RMB[35](index=35&type=chunk)[94](index=94&type=chunk) - **Government grants significantly decreased** from RMB 4,737 thousand to RMB 502 thousand[35](index=35&type=chunk) [8 Finance Income / (Costs) – Net](index=20&type=section&id=8%20%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%E2%88%95%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%EF%BC%8D%E6%B7%A8%E9%A1%8D) Net finance income for the period was RMB 1,008 thousand, a significant improvement from net finance costs of RMB 1,940 thousand in the prior year, mainly driven by increased interest income Comparison of Finance Income / (Costs) – Net (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Finance income (interest income) | 5,029 | 1,141 | | Finance costs | (4,021) | (3,081) | | Finance income / (costs) – net | 1,008 | (1,940) | - **Interest income significantly increased** from RMB 1,141 thousand to RMB 5,029 thousand, primarily from bank cash[36](index=36&type=chunk)[96](index=96&type=chunk) - Finance costs slightly increased, mainly comprising interest on lease liabilities, interest on loans from former shareholders of a subsidiary, and interest on loans from a shareholder of the company[36](index=36&type=chunk) [9 Profit Before Income Tax](index=21&type=section&id=9%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before income tax was RMB 26,294 thousand, a significant decrease from RMB 139,225 thousand in the prior year, primarily affected by reduced gross profit and increased administrative expenses Comparison of Key Deductions for Profit Before Income Tax (RMB thousands) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Cost of inventories | 1,206,708 | 1,157,369 | | Depreciation of right-of-use assets | 2,771 | 2,496 | | Depreciation of property, plant and equipment | 15,172 | 4,761 | | Employee costs | 56,521 | 41,787 | - **Depreciation of property, plant and equipment significantly increased**, mainly due to the coal shed owned by Changzhi Desheng being put into use in the second half of 2024[38](index=38&type=chunk)[93](index=93&type=chunk) - **Employee costs increased**, primarily because excess social insurance accruals for 2023 were reversed in prior periods, resulting in lower employee costs in those periods[38](index=38&type=chunk)[93](index=93&type=chunk) [10 Income Tax Expense](index=22&type=section&id=10%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the period was RMB 8,579 thousand, a significant reduction from the prior year, mainly due to lower China corporate income tax expense and preferential tax rates for some subsidiaries Comparison of Income Tax Expense (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Current tax – China corporate income tax | 4,601 | 18,844 | | Deferred tax | 3,978 | 2,386 | | Income tax expense | 8,579 | 21,230 | - **China corporate income tax expense significantly decreased** from RMB 18,844 thousand to RMB 4,601 thousand[40](index=40&type=chunk)[97](index=97&type=chunk) - The Group's PRC subsidiaries are subject to a corporate income tax rate of 25%, but some subsidiaries qualifying as small-profit enterprises enjoy preferential tax rates, with Hainan Runce and Shenzhen Runce enjoying a **preferential tax rate of 15%** respectively[43](index=43&type=chunk)[44](index=44&type=chunk) [11 Earnings / (Loss) Per Share](index=24&type=section&id=11%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Basic and diluted earnings per share for the period were RMB 0.84 cents, a significant decrease from RMB 6.08 cents in the prior year, consistent with the trend of reduced profit for the period Comparison of Earnings / (Loss) Per Share (RMB cents) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit / (loss) attributable to equity holders of the Company (RMB thousands) | 17,715 | 117,032 | | Weighted average number of ordinary shares in issue (thousands) | 2,103,141 | 1,924,198 | | Basic and diluted earnings / (loss) per share | 0.84 | 6.08 | - **Diluted earnings per share were equal to basic earnings per share** as there were no potential dilutive ordinary shares outstanding during the period and the prior year[46](index=46&type=chunk) [12 Dividends](index=24&type=section&id=12%20%E8%82%A1%E6%81%AF) The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[47](index=47&type=chunk) [13 Property, Plant and Equipment](index=25&type=section&id=13%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) Capital expenditure on property, plant and equipment for the period was RMB 8,417 thousand, a significant decrease from the prior year, with no disposal activities Capital Expenditure on Property, Plant and Equipment (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Capital expenditure | 8,417 | 23,215 | - For the six months ended June 30, 2025 and 2024, there were **no disposals of property, plant and equipment**[49](index=49&type=chunk) [14 Trade and Bills Receivables](index=25&type=section&id=14%20%E8%B2%A8%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) Net trade and bills receivables significantly decreased, and the provision for expected credit losses was reversed, indicating progress in the company's receivables management Comparison of Net Trade and Bills Receivables (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | Change (%) | | :--- | :--- | :--- | :--- | | Net trade receivables | 297,422 | 523,073 | -43.15% | | Net bills receivables | 58,562 | 136,735 | -57.17% | | Total net trade and bills receivables | 355,984 | 659,808 | -46.04% | Changes in Loss Allowance for Trade and Bills Receivables (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Balance at January 1 | 18,848 | 5,603 | | (Reversal of) / expected credit losses recognized during the period | (10,955) | 603 | | Balance at June 30 | 7,893 | 6,206 | - **A reversal of expected credit loss provision of RMB 10,955 thousand** was recognized during the period, compared to a loss recognition of RMB 603 thousand in the prior year, reflecting improved credit risk management[55](index=55&type=chunk)[95](index=95&type=chunk) [15 Other Receivables and Prepayments](index=27&type=section&id=15%20%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE) Net other receivables and prepayments slightly decreased, with a reversal of impairment loss provision for other receivables Comparison of Net Other Receivables and Prepayments (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | | :--- | :--- | :--- | | Consideration receivable from disposal of a subsidiary | 94,000 | 94,000 | | Net other receivables | 100,345 | 101,617 | | Deposits paid to suppliers – third parties | 10,293 | 13,567 | | Prepayments to suppliers – third parties | 20,483 | 29,731 | | Other recoverable taxes | 18,854 | 17,510 | | Total net other receivables and prepayments | 149,975 | 162,425 | Changes in Loss Allowance for Other Receivables (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Balance at January 1 | 63,310 | 63,501 | | Reversal of expected credit losses recognized during the period | (4,919) | (495) | | Exchange differences | (1,816) | 2,358 | | Balance at June 30 | 56,575 | 65,364 | - **A reversal of expected credit loss provision for other receivables of RMB 4,919 thousand** was recognized during the period, compared to a reversal of RMB 495 thousand in the prior year[57](index=57&type=chunk)[95](index=95&type=chunk) [16 Trade Payables](index=28&type=section&id=16%20%E8%B2%A8%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade payables significantly decreased, primarily concentrated within 3 months aging Aging Analysis of Trade Payables (RMB thousands) | Aging | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | | :--- | :--- | :--- | | Up to 3 months | 747,204 | 1,067,251 | | 3 to 6 months | 242,790 | 4,785 | | 6 to 12 months | 196 | 179,990 | | Over 12 months | 490 | 388 | | Total | 990,680 | 1,252,414 | - **Total trade payables decreased by 20.89%** from RMB 1,252,414 thousand as of December 31, 2024, to RMB 990,680 thousand as of June 30, 2025[58](index=58&type=chunk) [17 Other Payables and Accruals](index=29&type=section&id=17%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Total other payables and accruals slightly decreased, mainly comprising other payables, salaries and welfare payable, accrued taxes, and interest on shareholder loans Comparison of Other Payables and Accruals (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | | :--- | :--- | :--- | | Other payables | 46,731 | 41,564 | | Salaries and welfare payable | 25,778 | 25,204 | | Accrued taxes (excluding income tax) | 6,424 | 19,983 | | Interest payable on loan from a shareholder of the Company | 2,510 | 1,308 | | Total | 81,443 | 88,059 | - **Accrued taxes (excluding income tax) significantly decreased** from RMB 19,983 thousand to RMB 6,424 thousand[60](index=60&type=chunk) [18 Share Capital and Share Premium](index=30&type=section&id=18%20%E8%82%A1%E6%9C%AC%E5%8F%8A%E8%82%A1%E4%BB%BD%E6%BA%A2%E5%83%B9) As of June 30, 2025, the company's issued share capital and share premium remained stable, consistent with January 1, 2025 Comparison of Share Capital and Share Premium (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | | :--- | :--- | :--- | | Number of shares (thousands) | 2,103,141 | 2,103,141 | | Share capital | 181,896 | 181,896 | | Share premium | 789,776 | 789,776 | | Total | 971,672 | 971,672 | - In the first half of 2024, the company issued **156,600,000 ordinary shares** for the acquisition of CCB Logistics, leading to an increase in share capital and share premium[62](index=62&type=chunk)[64](index=64&type=chunk) [19 Acquisition of CC Bong Logistics Limited ("CCB Logistics")](index=31&type=section&id=19%20%E6%94%B6%E8%B3%BCCC%20Bong%20Logistics%20Limited%20%EF%BC%88%E3%80%8CCBB%20Logistics%E3%80%8D%EF%BC%89) The Group completed the acquisition of 100% equity interest in CCB Logistics on January 24, 2024, aiming to strengthen coal trading and supply chain management services, and recognized a bargain purchase gain as a result - The Group entered into a sale and purchase agreement on December 29, 2023, to acquire **100% equity interest in CCB Logistics for RMB 77,558 thousand**, with the acquisition completed on January 24, 2024[63](index=63&type=chunk) - CCB Logistics and its subsidiaries are engaged in coal supply chain management services, and this acquisition will help the Group strengthen its existing coal trading business and supply chain management service capabilities[63](index=63&type=chunk) Fair Value of Identifiable Assets and Liabilities Acquired in CCB Logistics Acquisition (RMB thousands) | Item | Amount | | :--- | :--- | | Net identifiable assets acquired | 97,629 | | Consideration | (77,558) | | Bargain purchase gain on acquisition of a subsidiary | 20,071 | - The acquisition consideration was settled by issuing **156,600,000 ordinary shares** of the company (RMB 42,909 thousand) and issuing a promissory note with a principal amount of HKD 37,360,000 (RMB 34,649 thousand)[64](index=64&type=chunk) - The business combination resulted in a **bargain purchase gain of approximately RMB 20,071 thousand**, primarily due to the decrease in the fair value of consideration shares caused by the fall in the closing price of the company's ordinary shares on the acquisition date[66](index=66&type=chunk) [20 Discontinued Operations](index=33&type=section&id=20%20%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%91%86%E6%A5%AD%E5%8B%99) The Group completed the disposal of Hami Jinhua Mineral Resources Development Co., Ltd. on September 29, 2024, terminating its mining business, and there were no losses from discontinued operations in the current period - The Group entered into an equity transfer agreement with an independent third party in July 2024 to dispose of **95% equity interest in Hami Jinhua Mineral Resources Development Co., Ltd.**, with the disposal completed on September 29, 2024[68](index=68&type=chunk) - Hami Jinhua was engaged in mining, beneficiation, and sales of lead and zinc products, and the Group has terminated its mining business after the disposal[68](index=68&type=chunk) Analysis of Loss for the Period from Discontinued Operations (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss from discontinued operations | – | (985) | | Loss before income tax | – | (1,012) | | Income tax credit | – | 27 | | Loss for the period | – | (985) | [21 Related Party Transactions](index=35&type=section&id=21%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group's primary related party is Tianyuan International Limited, holding 24.8% of the company's equity, and key management personnel compensation decreased during the period - Tianyuan International Limited, holding **24.8% equity interest** in the company, is a related party of the Group[75](index=75&type=chunk) Comparison of Key Management Personnel Compensation (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Basic salaries, allowances and other benefits | 2,683 | 3,387 | | Contributions to retirement benefit schemes | 102 | 89 | | Total | 2,785 | 3,476 | [22 Capital Commitments](index=36&type=section&id=22%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's capital commitments for the acquisition of property and equipment were RMB 1,457 thousand, a significant decrease from December 31, 2024 Comparison of Capital Commitments (RMB thousands) | Indicator | 2025 June 30 (Unaudited) | 2024 Dec 31 (Audited) | | :--- | :--- | :--- | | Capital expenditure contracted for but not provided in the consolidated financial statements for the acquisition of property and equipment | 1,457 | 10,255 | [23 Contingent Liabilities](index=36&type=section&id=23%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[78](index=78&type=chunk) [Management Discussion and Analysis](index=37&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=37&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group primarily engages in coal business, including processing, supply chain management, and trading. The Chinese coal market experienced continuous price declines due to increased domestic output, decreased imports, and insufficient downstream demand, but the company effectively hedged some risks by expanding supply chain management services - China's coal consumption accounts for **53.2% of national energy consumption**, indicating a significantly higher reliance on coal than the global average[80](index=80&type=chunk) - In the first half of 2025, raw coal output from industrial enterprises above designated size was **2.40 billion tonnes, up 5.4%** year-on-year, while coal and lignite imports decreased by 11.1%[80](index=80&type=chunk)[81](index=81&type=chunk) - Coal inventories at major Bohai Rim ports remained high, with **average daily inventory in the first half of the year up 24.7%** compared to the same period in 2024, reflecting relatively slow consumption of imported coal[82](index=82&type=chunk) - The China Coal Index 5500K experienced a continuous unilateral decline during the period, falling from **RMB 770 per tonne to RMB 620 per tonne**, indicating a pattern of expanding output and falling prices[84](index=84&type=chunk) - The Group conducts coal trading and washing businesses through Changzhi Runce, Hainan Runce, and Shanxi Fanpo, and provides coal supply chain management services through Shenzhen Runce, Shanxi Magao, Changzhi Desheng, and Luyuan Xinneng[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - The company has initiated photovoltaic projects, aiming to promote decarbonization, achieve integrated development of coal-based energy with multiple green energy sources, and expand green transformation channels for its coal business[88](index=88&type=chunk) [Performance Review](index=41&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) During the period, the company's revenue slightly decreased, but gross profit significantly contracted due to falling coal prices. Administrative expenses and staff costs increased, but net finance income turned positive, and income tax expense decreased Comparison of Key Financial Indicators in Performance Review (RMB millions) | Indicator | 2025 First Half | 2024 First Half | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,358 | 1,360 | -0.2% | | Cost of sales | 1,305 | 1,230 | +6.1% | | Gross profit | 53.1 | 130.2 | -59.3% | | Administrative expenses | 33.6 | 18.9 | +77.8% | | Other (losses) / gains – net | (8.6) | 9.5 | Significantly deteriorated | | Finance income / (costs) – net | 1.0 | (1.9) | Significantly improved | | Income tax expense | 8.6 | 21.3 | -59.6% | - The continuous decline in coal prices severely compressed the gross profit margin of the coal trading business, but the **gross profit of coal supply chain management services significantly increased**, effectively offsetting some of the decline[91](index=91&type=chunk) - The increase in administrative expenses was mainly due to **higher depreciation expenses and staff costs**[93](index=93&type=chunk) - Net other losses primarily resulted from **net exchange losses of approximately RMB 10.1 million**, compared to net exchange gains of RMB 4.1 million in the prior year[94](index=94&type=chunk) - Other operating gains primarily arose from **reversal of expected credit loss provisions for trade and bills receivables of approximately RMB 11.0 million** and **reversal of expected credit loss provisions for other receivables of approximately RMB 4.9 million**[95](index=95&type=chunk) - There were no significant debt securities investments during the period, and **capital expenditure was RMB 8.4 million**, a significant decrease from RMB 23.2 million in the prior year[98](index=98&type=chunk)[99](index=99&type=chunk) [Liquidity and Financial Resources](index=43&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The company's financial position remained robust, with increased equity attributable to owners, decreased total assets, significantly grown cash and cash equivalents, a healthy net cash position, and no outstanding interest-bearing bank loans Comparison of Liquidity and Financial Resources (RMB millions) | Indicator | 2025 June 30 | 2024 Dec 31 | Change (%) | | :--- | :--- | :--- | :--- | | Equity attributable to owners | 1,081.4 | 1,064.1 | +1.6% | | Total assets | 2,357.3 | 2,673.7 | -11.8% | | Bank and cash balances | 896.9 | 655.8 | +36.8% | | Net cash position | 768.5 | 526.5 | +45.9% | - The Group invests surplus cash in **low-risk fixed deposits denominated in USD** to earn additional returns[100](index=100&type=chunk)[103](index=103&type=chunk) - The Group has **no outstanding interest-bearing bank loans**[102](index=102&type=chunk) - The Group obtained loans from the former shareholders of CCB Logistics and a shareholder of the company, both of which are **unsecured loans**[102](index=102&type=chunk) [Key Risks](index=45&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA) The Group faces foreign exchange risk and credit risk. Foreign exchange risk is managed through a dedicated team and forward contracts, while credit risk from trade receivables is managed through strict controls and regular assessments - The Group's business is primarily conducted in RMB, but international coal supply chain trading involves USD transactions, exposing it to potential **foreign currency risk** between USD and RMB[106](index=106&type=chunk) - The company has established a dedicated team to monitor foreign exchange fluctuations, assess risks, and formulate appropriate hedging strategies, utilizing **foreign currency forward contracts** to manage foreign exchange risk[106](index=106&type=chunk) - The Group faces **credit risk** in its coal business, primarily from trade and bills receivables, managed through strict control over outstanding receivables and regular review of overdue balances[107](index=107&type=chunk) - As of June 30, 2025, the loss allowance for total trade and bills receivables was approximately **RMB 7.9 million**, a decrease from RMB 18.8 million as of December 31, 2024[107](index=107&type=chunk) [Pledge of the Company's Assets, Commitments and Contingent Liabilities](index=46&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC%E3%80%81%E6%89%BF%E6%93%94%E5%8F%8A%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, and December 31, 2024, the Group had no other significant asset pledges, commitments, or contingent liabilities beyond those disclosed in notes 22 and 23 to the financial statements - Except as disclosed in Notes 22 and 23, the Group had **no other contracted capital expenditure, commitments, or pledges of the company's assets** as of June 30, 2025, and December 31, 2024[109](index=109&type=chunk) [Dividends](index=46&type=section&id=%E8%82%A1%E6%81%AF) The directors do not recommend the payment of any interim dividend for the current period - The directors do not recommend the payment of any interim dividend for the current period (prior period: nil)[110](index=110&type=chunk) [Human Resources and Share Option Scheme](index=47&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group's employee headcount decreased, while total staff costs increased. The company provides comprehensive employee benefits and training, and has a share option scheme to incentivize staff, but no options were granted or exercised during the period Comparison of Human Resources | Indicator | 2025 June 30 | 2024 Dec 31 | | :--- | :--- | :--- | | Number of employees | 839 | 999 | | Total staff costs (RMB millions) | 56.5 | 41.8 | - Employee remuneration is primarily determined by their job nature, performance, and length of service with the Group, and includes **discretionary bonuses, pension schemes, medical plans, and social insurance**[111](index=111&type=chunk) - The Group encourages employees to attend job-related external training and provides new employees with training on relevant regulations and safety awareness[111](index=111&type=chunk) - Directors and employees are eligible to participate in the share option scheme, but **no share options were granted, exercised, lapsed, or outstanding** during the period and as of June 30, 2025[111](index=111&type=chunk) [Future Outlook and Prospects](index=47&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E5%8F%8A%E5%89%8D%E6%99%AF) In the second half of the year, China's coal market supply-demand relationship is expected to recover, with potential coal price rebound. The Group will continue to strengthen coal trading and supply chain management services, promote green transformation through photovoltaic projects, and enhance risk management - In the first half of 2025, coal demand remained sluggish, while supply increased rather than decreased, leading to **coal prices falling back to pre-2021 surge levels** and a significant contraction in gross profit margins[112](index=112&type=chunk) - The National Energy Administration issued a notice to inspect excessive coal mine production, expecting a **slowdown in domestic coal supply growth** and a further reduction in coal imports[113](index=113&type=chunk) - National electricity consumption is expected to **grow by approximately 6–8%** in the second half of 2025 compared to the same period in 2024, with thermal coal power generation expected to maintain high consumption levels, suggesting the current coal price trough may represent the annual low point[113](index=113&type=chunk) - The Group actively expands revenue sources by maintaining long-term cooperative relationships with major coal trading customers, resulting in **significant growth in coal trading volume** and a substantial increase in revenue and gross profit from coal supply chain management services[114](index=114&type=chunk) - The Group strengthened market and operational risk management, leading to **reduced trade receivables and inventories, increased cash and cash equivalents**, and initiated legal proceedings against one of its coal business customers to recover outstanding debts[115](index=115&type=chunk) - The company has commenced the development and construction of photovoltaic projects, aiming to promote decarbonization and foster the integrated development of coal-based energy with green energy[115](index=115&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=49&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, directors Mr. Cui Yazhou and Mr. Ye Xin held shares in the company through controlled corporations, representing 24.77% and 6.55% of the issued share capital, respectively Directors' and Chief Executive's Interests in Shares (Long Positions) | Name | Nature of Interest | Total Interest in Shares | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Tianyuan International Limited | Beneficial owner | 521,000,000 (L) | 24.77% | | Mr. Cui Yazhou | Interest in controlled corporation | 521,000,000 (L) | 24.77% | | Fulian Holdings Limited | Beneficial owner | 137,792,017 (L) | 6.55% | | Mr. Ye Xin | Interest in controlled corporation | 137,792,017 (L) | 6.55% | - Mr. Cui Yazhou is the legal and beneficial owner of Tianyuan International Limited, and Mr. Ye Xin is the legal and beneficial owner of Fulian Holdings Limited[119](index=119&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in the Shares and Underlying Shares](index=51&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Feng Yuantao, Mr. Bong Chin Chung, China Clean Energy Technology Co., Ltd. (and its controlled person Mr. Li Langwei), and Baicheng International Group Limited (and its controlled persons Ms. Gao Miaomiao and Mr. Cao Jianwei) were the company's substantial shareholders Substantial Shareholders' and Other Persons' Interests in Shares (Long Positions) | Name | Nature of Interest | Total Interest in Shares | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Feng Yuantao | Beneficial owner | 306,522,040 (L) | 14.57% | | Mr. Bong Chin Chung | Beneficial owner | 242,419,957 (L) | 11.53% | | China Clean Energy Technology Co., Ltd. | Beneficial owner | 170,000,000 (L) | 8.08% | | Mr. Li Langwei | Interest in controlled corporation | 170,000,000 (L) | 8.08% | | Baicheng International Group Limited | Beneficial owner | 147,000,000 (L) | 6.99% | | Ms. Gao Miaomiao | Interest in controlled corporation | 147,000,000 (L) | 6.99% | | Mr. Cao Jianwei | Interest in controlled corporation | 147,000,000 (L) | 6.99% | - Mr. Li Langwei is the legal and beneficial owner of China Clean Energy Technology Co., Ltd., and Ms. Gao Miaomiao and Mr. Cao Jianwei respectively hold **85% and 15% of the issued share capital** of Baicheng International Group Limited[125](index=125&type=chunk) [Material Contracts](index=52&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E7%B4%84) During the period, no director or their associates had a material direct or indirect interest in any significant transaction, arrangement, or contract concerning the Group's business with the company or any of its subsidiaries, fellow subsidiaries, or parent company - During the period or at the end of the period, no director or their associates had a **material direct or indirect interest** in any significant transaction, arrangement, or contract concerning the Group's business with the company or any of its subsidiaries, fellow subsidiaries, or parent company[122](index=122&type=chunk) [Management Contracts](index=52&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E5%90%88%E7%B4%84) During the period, the company did not enter into or maintain any contracts concerning the management and administration of the whole or any substantial part of its business - During the period, the company did not enter into or maintain any contracts concerning the management and administration of the whole or any substantial part of its business[123](index=123&type=chunk) [Directors' Interests in Competing Business](index=52&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%AC%8A%E7%9B%8A) No director or their associates are engaged in any business that competes or may compete, directly or indirectly, with the Group's business - No director or their associates are engaged in any business that constitutes or may constitute direct or indirect competition with the Group's business[124](index=124&type=chunk) [Share Option Scheme](index=53&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company has a share option scheme to incentivize and retain talent, covering a wide range of eligible participants, with subscription prices not lower than specific market prices and total options limited to 10% of issued shares. No options were granted, exercised, cancelled, or lapsed during the period - The share option scheme was adopted on May 28, 2021, with a **ten-year validity period**, aiming to incentivize and reward eligible participants and attract valuable human resources[126](index=126&type=chunk) - Eligible participants include directors, employees, shareholders, business partners, contractors, consultants, suppliers, customers, etc[127](index=127&type=chunk) - The share option subscription price shall not be less than the highest of the closing price on the offer date, the average closing price for the preceding five business days, and the nominal value of the shares[127](index=127&type=chunk) - The total number of shares that may be issued under the share option scheme shall not exceed **10% of the issued shares** on the date of approval of the scheme, currently **162,000,000 shares**, representing **7.7% of the issued shares**[129](index=129&type=chunk) - As of January 1, 2025, and June 30, 2025, there were **no outstanding share options**, and no share options were granted, exercised, cancelled, or lapsed during the period[131](index=131&type=chunk) [Purchase, Redemption or Sale of Securities](index=55&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B6%91%E5%9B%9E%E6%88%96%E9%8A%B7%E5%94%AE%E8%AD%89%E5%88%B8) Neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the period, and no treasury shares were held - Neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the period[132](index=132&type=chunk) - As of June 30, 2025, the company held **no treasury shares**[132](index=132&type=chunk) [Issue of Equity Securities](index=55&type=section&id=%E7%99%BC%E8%A1%8C%E8%82%A1%E6%9C%AC%E8%AD%89%E5%88%B8) During the period, the company did not issue any equity securities or sell treasury shares for cash - During the period, the company did not issue any equity securities (including securities convertible into equity securities) or sell treasury shares for cash[133](index=133&type=chunk) [Compliance with Corporate Governance Code](index=55&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for the non-segregation of the roles of Chairman and Chief Executive, with Chief Executive duties performed by other executive directors and senior management - The company has taken appropriate steps to adopt and comply with the provisions of its Corporate Governance Practices Code, in compliance with the Corporate Governance Code set out in Appendix C1 of the Listing Rules[134](index=134&type=chunk) - According to Code Provision C.2.1, the roles of Chairman and Chief Executive should be separate and not performed by the same individual. The company does not have a Chief Executive, and these duties are performed by other executive directors and senior management[134](index=134&type=chunk) [Directors' Securities Transactions](index=56&type=section&id=%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The company's directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules throughout the period - Following specific enquiries with all directors, the directors confirmed that they have complied with the required standards set out in the Model Code throughout the period[136](index=136&type=chunk) [Changes in Directors' Information](index=56&type=section&id=%E8%AE%8A%E6%9B%B4%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99) Independent non-executive director Mr. Ruan Guantong was appointed as an independent non-executive director of Cast Emperor Holdings Group Limited on June 18, 2025, with no other changes in directors' information - Independent non-executive director Mr. Ruan Guantong was appointed as an independent non-executive director of Cast Emperor Holdings Group Limited on June 18, 2025[137](index=137&type=chunk) [Review by Audit Committee](index=56&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the interim results for the period. The committee, composed of three independent non-executive directors, aims to review and monitor the Group's financial reporting process, internal control systems, and risk management systems - The Audit Committee comprises three independent non-executive directors, at least one of whom possesses appropriate professional qualifications or accounting or related financial management expertise[138](index=138&type=chunk) - The interim results for the period are unaudited but have been reviewed by the Audit Committee[138](index=138&type=chunk) [Past Performance and Forward-Looking Statements](index=57&type=section&id=%E9%81%8E%E5%BE%80%E6%A5%AD%E7%B8%BE%E5%8F%8A%E5%89%8D%E7%9E%BB%E8%81%B2%E6%98%8E) This report contains forward-looking statements regarding the company's financial condition, operating results, and business, which are based on current expectations, but actual results may differ materially due to known and unknown risks and uncertainties - The Group's results and operating performance contained in this report are historical in nature, and past performance is **not a guarantee of the Group's future performance**[139](index=139&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, and various factors could cause actual results to differ materially from those expressed, implied, or projected in any forward-looking statement or risk assessment[139](index=139&type=chunk) [Publication of Interim Results and Interim Report](index=57&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim results announcement and this interim report have been published on the website of The Stock Exchange of Hong Kong Limited and the company's website for viewing - The interim results announcement and this interim report are available for viewing on the website of The Stock Exchange of Hong Kong Limited (http://www.hkex.com.hk) and the company's website (http://www.huili.hk)[140](index=140&type=chunk)

目 錄 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 01358.HK) 中期報告 INTERIM REPORT 2025 中國 醫療器械行業的 領先者 我們是領先的醫療器械公司，專注於中國醫療器 械行業中高增長及高利潤率的板塊。我們目前的 業務分部為輸液器、血液淨化產品和再生醫用生 物材料，且憑藉強勁的研發實力及完善的分銷網 路穩佔市場領先地位。 (於開曼群島註冊成立的有限公司) (股份代號：01358.HK) | 釋義 | 02 | | --- | --- | | 公司資料 | 04 | | 管理層討論與分析 | 05 | | 補充資料 | 19 | | 中期簡明綜合財務報表之審閱報告 | 23 | | 簡明綜合全面收益表 | 24 | | 簡明綜合財務狀況表 | 26 | | 簡明綜合權益變動表 | 28 | | 簡明綜合現金流量表 | 29 | | 中期簡明綜合財務報表附註 | 30 | 釋義 在本中期報告內，除文義另有所指外，下列詞語具有以下涵義。 | 「審核委員會」 | 指 | 本公司審核委員會 | ...

中期報告 Ocumension Therapeutics 歐康維視生物 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) Stock code 股份代號 : 1477 Virtus et Lumen 勇氣和光明 2025 INTERIM REPORT 中期報告 Ocumension Therapeutics 歐康維視生物 INTERIM REPORT 2025 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 公司概覽 | 5 | | 管理層討論與分析 | 6 | | 業務回顧 | 6 | | 財務回顧 | 9 | | 其他資料 | 18 | | 簡明綜合財務報表審閱報告 | 32 | | 簡明綜合損益及其他全面收益表 | 33 | | 簡明綜合財務狀況表 | 34 | | 簡明綜合權益變動表 | 35 | | 簡明綜合現金流量表 | 36 | | 簡明綜合財務報表附註 | 38 | | 釋義及縮略詞 | 64 | 公司資料 董事會 執行董事 Ye LIU先生 （ ...

翰森製藥集團有限公司 Interim Report 2025 中期報告 目 錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 公司概覽 | | 8 | 管理層討論及分析 | | 23 | 企業管治及其他資料 | | 34 | 中期財務資料獨立審閱報告 | | 35 | 中期簡明綜合損益表 | | 36 | 中期簡明綜合全面收益表 | | 37 | 中期簡明綜合財務狀況表 | | 39 | 中期簡明綜合權益變動表 | | 40 | 中期簡明綜合現金流量表 | | 42 | 中期簡明綜合財務資料附註 | | 66 | 釋義 | Hansoh Pharmaceutical Group Company Limited 公司資料 董事會 執行董事 鍾慧娟女士 （主席兼首席執行官） 孫遠女士 呂愛鋒博士 獨立非執行董事 林國強先生 陳尚偉先生 楊東濤女士 審核委員會 陳尚偉先生 （主席） 林國強先生 楊東濤女士 薪酬委員會 楊東濤女士 （主席） 鍾慧娟女士 林國強先生 戰略及發展委員會 鍾慧娟女士 （主席） 呂愛鋒博士 陳尚偉先生 楊東濤女士 環境、社會及管治委員會 呂愛鋒博 ...