1 23 4 5 封面照片： 1. 莎利雅香格里拉 2. 姝玛酒吧 (昆明香格里拉 ) 3. 杭州香格里拉飯店・水知心居 4. 長灘島香格里拉 5. 杭州香格里拉飯店・水知心居 企業資料 於2025年8月28日 董事會 執行董事 郭惠光女士 （主席兼集團首席執行官） 蔡志偉先生 （集團首席財務官兼集團首席投資官） 非執行董事 林明志先生 獨立非執行董事 李國章教授 葉志強先生 李小冬先生 莊辰超先生 KHOO Shulamite N K女士 執行委員會 郭惠光女士 （主席） 蔡志偉先生 提名委員會 郭惠光女士 （主席） 李國章教授 李小冬先生 KHOO Shulamite N K女士 薪酬及人力資源委員會 KHOO Shulamite N K女士 （主席） 郭惠光女士 李國章教授 葉志強先生 審核及風險委員會 葉志強先生 （主席） 李國章教授 KHOO Shulamite N K女士 公司秘書 Appleby Global Corporate Services (Bermuda) Limited Canon's Court 22 Victoria Street PO Box HM 1179 Hamilton ...

Science Drives INNOVATION For the Benefit of Patients 中期報告 股份代號：9969 （於開曼群島註冊成立的有限公司） 2025 中期報告 科學驅動創新患者所需為本 InnoCare Pharma Limited 諾誠健華醫藥有限公司 InnoCare Pharma Limited 2025 諾誠健華醫藥有限公司 目錄 諾誠健華醫藥有限公司 2025年中期報告 | 技術詞彙及釋義 | 2 | | --- | --- | | 公司資料 | 7 | | 業務摘要 | 8 | | 財務摘要 | 15 | | 管理層討論及分析 | 17 | | 企業管治及其他資料 | 51 | | 獨立審閱報告 | 75 | | 中期簡明綜合損益表 | 76 | | 中期簡明綜合全面收益表 | 77 | | 中期簡明綜合財務狀況表 | 78 | | 中期簡明綜合權益變動表 | 80 | | 中期簡明綜合現金流量表 | 82 | | 中期簡明綜合財務資料附註 | 84 | 技術詞彙及釋義 在本報告內，除文義另有所指外，以下詞彙具有下列涵義。該等詞彙及其定義未必與任何業內標準定義 相符 ...

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors, including executive, non-executive, and independent non-executive directors, ensures sound governance - Board members include Chairperson Ms. Qiao Haixia (**Executive Director**) and CEO Mr. Huang Danghui (**Executive Director**)[4](index=4&type=chunk) - The Audit Committee is chaired by Mr. Li Zhuoran, the Remuneration Committee by Mr. Hu Yiwei, and the Nomination Committee by Ms. Qiao Haixia[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Registration and Principal Place of Business](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%A8%BB%E5%86%8A%E8%88%87%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) The company is registered in the British Virgin Islands, with its principal place of business in Hong Kong and headquarters in Xiamen - The company's registered office is in the British Virgin Islands, with its principal place of business in Hong Kong at Wu Chung House, Wan Chai[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's headquarters and principal place of business in China are located in C&D International Tower, Huandao East Road, Xiamen, China[8](index=8&type=chunk) [Other Company Information](index=5&type=section&id=%E5%85%B6%E4%BB%96%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's Hong Kong share registrar is Tricor Investor Services Limited, its auditor is Grant Thornton Hong Kong Limited, its principal bank is Bank of China, and its stock code is 2156 - The Hong Kong share registrar is Tricor Investor Services Limited[9](index=9&type=chunk) - The auditor is Grant Thornton Hong Kong Limited, and the principal bank is Bank of China[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's stock code is **2156**[10](index=10&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Profit or Loss Overview](index=6&type=section&id=%E6%90%8D%E7%9B%8A%E8%A1%A8%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company's revenue **increased by 13.8%** to **RMB 1,822.88 million**, profit for the period **increased by 13.8%** to **RMB 221.34 million**, and basic and diluted earnings per share were both **RMB 0.16** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,822,878 | 1,602,395 | 13.8% | | Cost of Sales | (1,364,209) | (1,199,184) | 13.8% | | Gross Profit | 458,669 | 403,211 | 13.8% | | Other Income | 3,980 | 5,813 | -31.5% | | Selling and Marketing Expenses | (3,307) | (3,395) | -2.6% | | Administrative and Other Operating Expenses | (197,680) | (174,690) | 13.2% | | Net Provision for Expected Credit Losses | (11,756) | (8,952) | 31.3% | | Net Finance Income | 45,008 | 36,105 | 24.7% | | Share of Results of Associates | 164 | 584 | -71.9% | | Profit Before Income Tax | 295,078 | 258,676 | 14.1% | | Income Tax Expense | (73,736) | (64,117) | 15.0% | | Profit for the Period | 221,342 | 194,559 | 13.8% | | Profit Attributable to Owners of the Company | 216,032 | 190,795 | 13.2% | | Profit Attributable to Non-controlling Interests | 5,310 | 3,764 | 41.1% | | Basic Earnings Per Share (RMB) | 0.16 | 0.14 | 14.3% | | Diluted Earnings Per Share (RMB) | 0.16 | 0.14 | 14.3% | [Interim Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Balance Sheet Overview](index=7&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, the company's total assets slightly **decreased**, net current assets **increased**, and contract liabilities **grew significantly by 44.6%**, reflecting business expansion and increased prepayments Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 186,778 | 189,103 | -1.2% | | Current Assets | 3,909,232 | 3,685,838 | 6.1% | | **Liabilities** | | | | | Current Liabilities | 2,194,530 | 2,020,287 | 8.6% | | Non-current Liabilities | 43,725 | 44,044 | -0.7% | | **Equity** | | | | | Equity Attributable to Owners of the Company | 1,805,864 | 1,762,216 | 2.5% | | Non-controlling Interests | 51,891 | 48,394 | 7.2% | | **Key Metrics** | | | | | Net Current Assets | 1,714,702 | 1,665,551 | 2.95% | | Total Assets Less Current Liabilities | 1,901,480 | 1,854,654 | 2.52% | | Net Assets | 1,857,755 | 1,810,610 | 2.60% | | Trade and Other Receivables | 954,936 | 662,696 | 44.1% | | Contract Liabilities | 741,181 | 512,598 | 44.6% | | Cash and Cash Equivalents | 2,829,278 | 2,894,833 | -2.3% | [Interim Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Equity Changes Overview](index=9&type=section&id=%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company's total equity **increased** to **RMB 1,857.76 million**, primarily due to profit for the period, while also impacted by the 2024 final dividend payment Changes in Equity Attributable to Owners of the

（於開曼群島註冊成立的有限公司） MABPHARM LIMITED 邁博藥業有限公司 股份代號：2181 中期報告 2025 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務概要 | | 5 | 公司簡介 | | 12 | 管理層討論及分析 | | 38 | 其他資料 | | 47 | 獨立審閱報告 | | 49 | 中期簡明綜合損益及其他全面收益表 | | 50 | 中期簡明綜合財務狀況表 | | 52 | 中期簡明綜合權益變動表 | | 53 | 中期簡明綜合現金流量表 | | 55 | 中期簡明綜合財務資料附註 | | 72 | 釋 義 | | 76 | 技術詞彙術語表 | 公司資料 董事會 執行董事 焦樹閣先生 （主席） 岑佳麟先生 獨立非執行董事 王皓博士 （行政總裁） 李雲峰先生 陶靜先生 侯盛博士 錢衛珠博士 非執行董事 郭良忠先生 張雁雲博士 梁浩鳴先生 陶謙博士 審核委員會 梁浩鳴先生 （主席） 焦樹閣先生 郭良忠先生 薪酬委員會 張雁雲博士 （主席） 王皓博士 郭良忠先生 提名委員會 郭良忠先生 （主席） 陶靜先生 張雁雲博士 聯席公司秘書 李雲峰先生 曾浩賢先 ...

Financial Highlights [Financial Highlights](index=4&type=section&id=Financial%20Highlights) The company's first-half 2025 financial performance is summarized, highlighting key revenue and profit figures and product category contributions Key Financial Data for 1H 2025 | Metric | 1H 2025 (RMB million) | | :--------------- | :------------------------ | | Profit attributable to equity holders | 1,281 | | Revenue | 13,960 | Revenue Analysis by Product Category (1H 2025) | Product Category | 1H 2025 Share (%) | 1H 2024 Share (%) | | :--------------- | :--------------- | :--------------- | | MSG | 39.4 | 34.6 | | Corn refined products | 15.1 | 17.0 | | Threonine | 8.6 | 11.4 | | Lysine | 7.7 | 10.3 | | Xanthan gum | 6.5 | 4.6 | | Starch sweeteners | 10.1 | 9.1 | | High-end amino acid products | 8.0 | 7.6 | | Fertilizers | 2.0 | 2.5 | | Glutamic acid | 1.9 | 2.4 | | Others | 0.7 | 0.5 | Management Review [Management Review](index=5&type=section&id=Management%20Review) The management review covers market conditions, business and financial performance, future outlook, and other corporate information for the period [Market Overview](index=5&type=section&id=Market%20Overview) Global economic uncertainties persisted in 1H 2025, yet China's GDP grew by 5.3%, while key raw material prices remained low and major product prices experienced declines - China's GDP grew by **5.3%** year-on-year in 1H 2025[12](index=12&type=chunk)[16](index=16&type=chunk) Key Raw Material Price Changes (1H 2025 vs 1H 2024) | Raw Material | 1H 2025 Average Price (RMB/tonne) | Y-o-Y Change | | :----- | :-------------------------- | :------- | | Corn | 2,192 | -5.4% | | Coal | Stable supply, production increased by 5.4% | +5.4% | Key Product Price Changes (1H 2025 vs 1H 2024) | Product | 1H 2025 Average Price (RMB/tonne) | Y-o-Y Change | | :--- | :-------------------------- | :------- | | MSG | 7,180 | -9.1% | | Xanthan gum | 21,990 | -13.7% | | Threonine/Lysine | Reverted to 1H 2024 levels | N/A | [Business and Financial Review](index=6&type=section&id=Business%20and%20Financial%20Review) The Group's 1H 2025 revenue increased by 4.4% to RMB 13.96 billion, with profit attributable to equity holders surging by 72.1% to RMB 1.792 billion, driven by animal nutrition growth, improved margins, and compensation receipts [Overall Performance](index=6&type=section&id=Overall%20Performance) The Group's 1H 2025 revenue increased by 4.4% to approximately RMB 13.96 billion, with profit attributable to equity holders surging by 72.1% to approximately RMB 1.792 billion, driven by animal nutrition growth, improved margins, and compensation receipts - Group revenue increased by **4.4%** year-on-year to approximately **RMB 13,959.5 million**[27](index=27&type=chunk) - Profit attributable to equity holders increased by **72.1%** year-on-year to approximately **RMB 1,791.7 million**[27](index=27&type=chunk) - Overall gross profit increased by **37.9%** year-on-year to approximately **RMB 3,168.6 million**[28](index=28&type=chunk) - Growth was primarily due to increased sales volume of products (including MSG, Threonine, and Lysine), lower costs of key raw materials (including corn and coal), and **RMB 233 million** compensation received from Meihua Holdings Group Co Ltd and Xinjiang Meihua Amino Acid Co Ltd[32](index=32&type=chunk) [Analysis of Five Product Segments](index=7&type=section&id=Analysis%20of%20Five%20Product%20Segments) The Group's products are categorized into five segments: food additives, animal nutrition, high-end amino acids, colloids, and others, with animal nutrition showing strong growth and food additives improving gross margin in 1H 2025 Group Product Segments and Key Products | Segment | Key Products | | :----------- | :------------------------------------- | | Food Additives | MSG | | Animal Nutrition | Threonine, Lysine, Corn refined products | | High-end Amino Acids | Tryptophan, Valine, Leucine, Isoleucine, Glutamine, Hyaluronic acid | | Colloids | Xanthan gum | | Others | Fertilizers | 1H 2025 Financial Performance by Segment | Segment | Revenue (RMB'000) | Gross Profit (RMB'000) | Gross Profit Margin (%) | | :----------- | :------------- | :------------- | :--------- | | Food Additives | 6,474,309 | 1,020,174 | 15.8 | | Animal Nutrition | 5,406,470 | 1,522,624 | 28.2 | | High-end Amino Acids | 1,054,412 | 429,392 | 40.7 | | Colloids | 661,691 | 238,358 | 36.0 | | Others | 362,651 | (41,992) | (11.6) | Segment Performance Changes (1H 2025 vs 1H 2024) | Segment | Revenue Change | Gross Profit Change | Gross Profit Margin Change | | :----------- | :------- | :------- | :--------- | | Food Additives | -6.4% | +34.4% | +4.8pp | | Animal Nutrition | +28.9% | +78.4% | +7.8pp | | High-end Amino Acids | -1.9% | +8.5% | +3.9pp | | Colloids | -26.4% | -32.3% | -3.2pp | | Others | +28.4% | Recorded gross loss | N/A | - MSG revenue decreased by **8.1%** to **RMB 4.836 billion**, with average selling price down **12.3%** and sales volume up **4.8%**; **400,000 tonnes** of new capacity are fully operational[41](index=41&type=chunk)[45](index=45&type=chunk) - Threonine revenue increased by **39.0%** to **RMB 1.597 billion**, with average selling price up **0.6%** and sales volume up **38.1%**; **20,000 tonnes** of new capacity have been absorbed by the market[43](index=43&type=chunk)[47](index=47&type=chunk) - Lysine revenue increased by **39.6%** to **RMB 1.441 billion**, with sales volume up **30.8%**; **100,000 tonnes** of new capacity have been absorbed by the market[44](index=44&type=chunk)[47](index=47&type=chunk) [Analysis of Key Production Costs](index=11&type=section&id=Analysis%20of%20Key%20Production%20Costs) In 1H 2025, corn kernels accounted for 54.9% of total production costs, with average prices decreasing by 14.3% year-on-year, while coal accounted for 16.0% with average unit costs decreasing by 10.3% - Corn kernels accounted for **54.9%** of total production costs (1H 2024: 58.2%), with an average price of approximately **RMB 1,780/tonne**, a year-on-year decrease of **14.3%**; total cost decreased by **1.7%** year-on-year[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Coal accounted for **16.0%** of total production costs (1H 2024: 16.6%), with an average unit cost of approximately **RMB 349/tonne**, a year-on-year decrease of **10.3%**[62](index=62&type=chunk)[64](index=64&type=chunk) - The Group's main production bases have their own power plants, procuring low-cost coal directly from local mines through long-term contracts[63](index=63&type=chunk)[64](index=64&type=chunk) [Production](index=13&type=section&id=Production) The Group sets production volumes based on market demand, achieving full capacity utilization for MSG, Threonine, Lysine, and Xanthan gum in 1H 2025, with MSG's annual design capacity increasing by 4.8% to 1.73 million tonnes Annual Design Capacity of Key Products (as at 30 June 2025) | Product | Annual Capacity (tonnes) | Change from 31 Dec 2024 (%) | | :----------- | :---------- | :----------------------- | | MSG | 1,730,000 | +4.8 | | Starch sweeteners | 720,000 | – | | Threonine | 263,000 | – | | Lysine | 380,000 | – | | Xanthan gum | 80,000 | – | - Capacity utilization rates for MSG, Threonine, Lysine, and Xanthan gum all reached **full capacity**[68](index=68&type=chunk)[69](index=69&type=chunk) [Other Financial Information](index=14&type=section&id=Other%20Financial%20Information) In 1H 2025, other income totaled RMB 146 million, mainly from scrap sales, deferred income amortization, and government grants, while selling and administrative expenses increased, and finance income and costs saw mixed changes - Other income was approximately **RMB 145.6 million**, primarily comprising income from sales of scrap products and raw materials, amortization of deferred income, and government grants[71](index=71&type=chunk)[79](index=79&type=chunk) - Net foreign exchange gain from operating activities was approximately **RMB 73.2 million** (1H 2024: RMB 47.6 million)[72](index=72&type=chunk)[80](index=80&type=chunk) - Selling and distribution expenses increased by **11.9%** (approximately **RMB 112.0 million**), mainly due to higher transportation costs[73](index=73&type=chunk)[81](index=81&type=chunk) - Administrative expenses increased by **3.7%** (approximately **RMB 17.4 million**), primarily due to higher staff welfare expenses[74](index=74&type=chunk)[82](index=82&type=chunk) - Interest income from bank deposits was approximately **RMB 241.1 million**, an increase of **11.9%**, mainly due to higher USD bank balances[75](index=75&type=chunk)[83](index=83&type=chunk) - Finance costs increased by **34.3%** (approximately **RMB 35.0 million**), primarily due to interest expenses[76](index=76&type=chunk)[84](index=84&type=chunk) - Depreciation expenses were approximately **RMB 648.0 million**, a year-on-year increase of **10.9%** (an increase of RMB 63.8 million)[77](index=77&type=chunk)[85](index=85&type=chunk) [Dividend](index=15&type=section&id=Dividend) The Board proposed a basic interim dividend, a special interim dividend, and a special dividend from Meihua compensation after tax for 1H 2025, totaling 36.5 HK cents (approximately 33.3 RMB cents) per share, a significant increase from the prior year 1H 2025 Dividend Proposal | Dividend Type | Per Share (HK cents) | Per Share (RMB cents) | Amount (HKD thousand) | Amount (RMB thousand) | | :------------------- | :---------- | :-------------- | :-------------- | :---------------- | | Basic interim dividend (35%) | 24.4 | 22.3 | 611,767 | 558,219 | | Special interim dividend (5%) | 3.5 | 3.2 | 87,753 | 80,072 | | Special dividend from Meihua compensation | 8.6 | 7.8 | 215,623 | 196,749 | | **Total** | **36.5** | **33.3** | **915,143** | **835,040** | - Total dividend for 1H 2024 was **18.0 HK cents** per share (approximately **16.4 RMB cents**), amounting to **HKD 453,690 thousand** (approximately **RMB 415,235 thousand**)[88](index=88&type=chunk) - Dividends will be paid on or before **30 September 2025** to shareholders whose names appear on the register of members on **15 September 2025**[89](index=89&type=chunk) [Capital structure, liquidity and financial resources](index=16&type=section&id=Capital%20structure%2C%20liquidity%20and%20financial%20resources) As of 30 June 2025, the Group maintained robust liquidity with total cash and bank balances of approximately RMB 16.617 billion and total bank borrowings of approximately RMB 13.493 billion, resulting in a current ratio of 1.44 times and a gearing ratio of 34.7% - As at **30 June 2025**, total cash and bank balances were approximately **RMB 16,617.4 million** (31 December 2024: RMB 13,657.1 million), primarily denominated in RMB and USD[91](index=91&type=chunk)[96](index=96&type=chunk) - As at **30 June 2025**, total bank borrowings were approximately **RMB 13,492.5 million** (31 December 2024: RMB 11,364.5 million), comprising approximately **RMB 12,995.5 million** in short-term borrowings and approximately **RMB 497.0 million** in long-term borrowings[92](index=92&type=chunk)[96](index=96&type=chunk) - Net cash inflow from operating activities for 1H 2025 was approximately **RMB 1,622.8 million** (1H 2024: RMB 2,964.8 million)[94](index=94&type=chunk)[98](index=98&type=chunk) - As at **30 June 2025**, net current assets were approximately **RMB 7,699.6 million** (31 December 2024: RMB 6,291.6 million), with a current ratio of **1.44 times** (31 December 2024: 1.39 times)[95](index=95&type=chunk)[98](index=98&type=chunk) - As at **30 June 2025**, the gearing ratio was approximately **34.7%** (31 December 2024: 31.5%)[99](index=99&type=chunk)[100](index=100&type=chunk) - Net foreign exchange gain for 1H 2025 was approximately **RMB 73.8 million** (1H 2024: RMB 47.8 million), primarily from operating activities[103](index=103&type=chunk)[104](index=104&type=chunk) - As at **30 June 2025**, restricted bank balances of **RMB 4,799.7 million** were pledged for bank borrowings, and **RMB 300 million** for bills payable[107](index=107&type=chunk)[113](index=113&type=chunk) [Outlook and Future Plan](index=17&type=section&id=Outlook%20and%20Future%20Plan) The Group anticipates continued market volatility in 2H 2025 due to geopolitical and trade policies, potentially impacting product prices, but plans to mitigate this through price increases and full capacity utilization, while exploring new overseas production bases - Continued global economic instability in 2H 2025 may affect product selling prices, but the Group will strive to increase prices and fully utilize capacity to offset potential low prices[110](index=110&type=chunk)[111](index=111&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Domestic corn supply is expected to remain ample in 2H 2025, with prices potentially slightly lower than 1H 2025; coal prices are expected to remain low[118](index=118&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk) - The Group is exploring establishing its next overseas production base in Latin America[120](index=120&type=chunk)[123](index=123&type=chunk) - Construction of the first overseas production base in Kazakhstan commenced during the period, with an initial investment target of approximately **USD 350 million**, focusing on manufacturing and selling animal nutrition and high-end amino acid products[125](index=125&type=chunk) - New capacities of **400,000 tonnes** for MSG, **20,000 tonnes** for Threonine, and **100,000 tonnes** for Lysine are fully operational and will ensure full utilization[125](index=125&type=chunk) - Internal resources are sufficient to cover international capital expenditures, but external financing will continue to be considered to rationalize the capital structure[121](index=121&type=chunk)[124](index=124&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) In 1H 2025, the Group had no significant acquisitions or disposals of subsidiaries, employed approximately 16,600 staff, increased executive director's remuneration, complied with corporate governance, and disclosed share interests - No significant acquisitions or disposals of subsidiaries or associates occurred during the period[127](index=127&type=chunk)[130](index=130&type=chunk) - As at **30 June 2025**, the Group employed approximately **16,600 staff**[128](index=128&type=chunk)[131](index=131&type=chunk) - Executive Director Mr. Li Xuechun's annual remuneration increased by **RMB 1.12 million**, effective from **1 April 2025**[129](index=129&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The Company complied with the Corporate Governance Code, and the Audit Committee reviewed the interim financial statements[135](index=135&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the period[137](index=137&type=chunk)[142](index=142&type=chunk) - As at **30 June 2025**, the number of share options available for grant under the share option scheme was **251,573,403 shares**, representing approximately **10.0%** of the issued shares; **1,554,000 share options** remained unexercised during the period[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) Directors' and Chief Executive's Interests in Shares (as at 30 June 2025) | Director Name | Capacity | Number and Class of Securities | Approximate Percentage of Total Issued Share Capital | | :--------- | :----------- | :------------------- | :-------------------------------- | | Mr. Li Xuechun | Interest of controlled corporation | 1,000,217,461 shares | 39.90% | | Mr. Li Deheng | Interest of controlled corporation | 35,320,160 shares | 1.41% | Interests of Persons Holding 5% or More of the Share Capital (as at 30 June 2025) | Name | Capacity | Number and Class of Securities | Approximate Percentage of Total Issued Share Capital | | :------------------------- | :----------- | :------------------- | :-------------------------------- | | Motivator Enterprises Limited | Beneficial interest | 1,000,217,461 shares | 39.90% | | Ms. Shi Guiling | Spouse's interest | 1,000,217,461 shares | 39.90% | | Stichting Administratiekantoor Hermes Hercule | Depositary | 251,155,403 shares | 10.02% | | Christiane Louise M. Waucquez | Beneficiary of a trust | 333,153,785 shares | 13.29% | | Jacques Marie J. Berghmans | Founder of a discretionary trust | 333,153,785 shares | 13.29% | Financials [Financials](index=27&type=section&id=Financials) This section presents the interim condensed consolidated financial statements, including the income statement, comprehensive income, balance sheet, equity changes, and cash flows, along with detailed notes [Interim Condensed Consolidated Financial Statements](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section contains the Group's 1H 2025 income statement, statement of comprehensive income, balance sheet, statement of changes in equity, and cash flow statement, reflecting financial performance, position, and cash flows for the period [Interim Condensed Consolidated Income Statement](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) In 1H 2025, revenue increased by 4.4% to RMB 13.96 billion, gross profit surged by 37.9% to RMB 3.169 billion, operating profit grew by 84.8% to RMB 2.054 billion, and profit attributable to equity holders rose by 72.1% to RMB 1.792 billion Income Statement Key Data (1H 2025 vs 1H 2024) | Metric | 1H 2025 (RMB'000) | 1H 2024 (RMB'000) | Y-o-Y Change | | :------------------- | :------------------- | :------------------- | :------- | | Revenue | 13,959,533 | 13,368,021 | +4.4% | | Cost of sales | (10,790,977) | (11,069,960) | -2.5% | | Gross profit | 3,168,556 | 2,298,061 | +37.9% | | Selling and distribution expenses | (1,051,148) | (939,152) | +11.9% | | Administrative expenses | (490,184) | (472,762) | +3.7% | | Other gains – net | 326,932 | 111,145 | +194.1% | | Operating profit | 2,053,844 | 1,111,403 | +84.8% | | Finance income – net | 107,102 | 116,488 | -8.1% | | Profit before income tax | 2,160,946 | 1,227,891 | +76.0% | | Income tax expense | (369,205) | (186,632) | +97.8% | | Half-year profit attributable to equity holders | 1,791,741 | 1,041,259 | +72.1% | | Basic earnings per share (RMB cents) | 71.48 | 41.31 | +73.0% | | Diluted earnings per share (RMB cents) | 71.46 | 41.30 | +73.0% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) In 1H 2025, the Group's half-year profit was RMB 1.792 billion, with other comprehensive loss primarily from exchange differences on translating overseas operations, resulting in a total comprehensive income attributable to equity holders of RMB 1.786 billion Comprehensive Income Key Data (1H 2025 vs 1H 2024) | Metric | 1H 2025 (RMB'000) | 1H 2024 (RMB'000) | | :------------------- | :------------------- | :------------------- | | Half-year profit | 1,791,741 | 1,041,259 | | Exchange differences on translating overseas operations | (5,414) | (1,379) | | Total comprehensive income attributable to equity holders for the half-year | 1,786,327 | 1,039,880 | [Interim Condensed Consolidated Balance Sheet](index=29&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheet) As at 30 June 2025, the Group's total assets reached RMB 38.927 billion, an increase of 7.86% from year-end 2024, driven by a 12.3% rise in total current assets and a 16.3% increase in cash and cash equivalents Balance Sheet Key Data (as at 30 June 2025 vs 31 Dec 2024) | Metric | 30 June 2025 (RMB'000) | 31 Dec 2024 (RMB'000) | Change (%) | | :------------------- | :---------------------- | :----------------------- | :----- | | **Assets** | | | | | Total non-current assets | 13,623,333 | 13,557,759 | +0.48% | | Total current assets | 25,303,880 | 22,532,137 | +12.30% | | **Total Assets** | **38,927,213** | **36,089,896** | **+7.86%** | | **Liabilities** | | | | | Total non-current liabilities | 1,701,022 | 1,506,345 | +12.92% | | Total current liabilities | 17,604,279 | 16,240,497 | +8.40% | | **Total Liabilities** | **19,305,301** | **17,746,842** | **+8.78%** | | **Equity** | | | | | Total Equity | 19,621,912 | 18,343,054 | +7.08% | | **Total Equity and Liabilities** | **38,927,213** | **36,089,896** | **+7.86%** | - Cash and cash equivalents as at **30 June 2025** were **RMB 11,517,766 thousand**, an increase of **16.3%** from **31 December 2024**[173](index=173&type=chunk) - Restricted bank balances as at **30 June 2025** were **RMB 5,099,676 thousand**, an increase of **69.5%** from **31 December 2024**[173](index=173&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=31&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) In 1H 2025, profit attributable to equity holders was RMB 1.792 billion, but due to other comprehensive losses and dividend payments, total equity increased to RMB 19.622 billion by period-end Equity Changes (1H 2025) | Metric | Amount (RMB'000) | | :------------------- | :------------- | | Balance at 1 January 2025 | 18,343,054 | | Half-year profit | 1,791,741 | | Other comprehensive loss | (5,414) | | Transactions related to employee share option scheme | 1,461 | | Net provision for safety production expenses | 5,810 | | Dividends | (508,970) | | Balance at 30 June 2025 | 19,621,912 | [Interim Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In 1H 2025, net cash inflow from operating activities was RMB 1.623 billion, net cash inflow from investing activities was RMB 589 million, and net cash outflow from financing activities was RMB 571 million, leading to period-end cash and cash equivalents of RMB 11.518 billion Cash Flow Key Data (1H 2025 vs 1H 2024) | Metric | 1H 2025 (RMB'000) | 1H 2024 (RMB'000) | | :------------------- | :------------------- | :------------------- | | Net cash inflow from operating activities | 1,622,806 | 2,964,812 | | Net cash inflow/(outflow) from investing activities | 588,598 | (650,275) | | Net cash (outflow)/inflow from financing activities | (571,362) | 631,844 | | Net increase in cash and cash equivalents | 1,640,042 | 2,946,381 | | Cash and cash equivalents at end of period | 11,517,766 | 9,837,999 | [Notes to the Interim Condensed Consolidated Financial Statements](index=35&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policy changes, significant estimates, financial risk management, segment information, other income, operating profit, finance income and costs, income tax, earnings per share, property, plant and equipment, intangible assets, leases, equity-accounted investments, receivables, cash and cash equivalents, share capital, borrowings, payables, dividends, contingent liabilities, related party transactions, and post-balance sheet events [1. GENERAL INFORMATION](index=35&type=section&id=1.%20GENERAL%20INFORMATION) Fufeng Group Limited and its subsidiaries primarily engage in manufacturing and selling fermented food additives, biochemical products, and starch products from production bases in China, serving mainly Chinese customers, with the company registered in the Cayman Islands and listed on the Stock Exchange - Principal activities include manufacturing and selling fermented food additives, biochemical products, and starch products[185](index=185&type=chunk) - Production plants are located in Shaanxi Province, Heilongjiang Province, Inner Mongolia Autonomous Region, and Xinjiang Uygur Autonomous Region in China, primarily selling to Chinese customers[185](index=185&type=chunk) - The Company was incorporated in the Cayman Islands, and its shares are listed on the Stock Exchange[186](index=186&type=chunk)[187](index=187&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [2. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES](index=35&type=section&id=2.%20BASIS%20OF%20PREPARATION%20AND%20CHANGES%20IN%20ACCOUNTING%20POLICIES) The interim condensed consolidated financial statements are prepared in accordance with HKAS 34, with accounting policies consistent with the 2024 annual financial statements, except for the initial adoption of HKAS 21 amendments which had no retrospective impact, while new standards like HKFRS 18 are expected to primarily affect the presentation of the statement of comprehensive income - The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting"[188](index=188&type=chunk)[192](index=192&type=chunk) - Accounting policies are consistent with those applied in the annual financial statements for the year ended **31 December 2024**, except for the initial adoption of "Lack of Exchangeability – Amendments to HKAS 21"[193](index=193&type=chunk)[194](index=194&type=chunk)[196](index=196&type=chunk) - Hong Kong Financial Reporting Standard **18** "Presentation and Disclosure in Financial Statements" may primarily affect the presentation of the consolidated statement of comprehensive income, with the Group still assessing the impact[195](index=195&type=chunk)[196](index=196&type=chunk) [3. ESTIMATES](index=36&type=section&id=3.%20ESTIMATES) The preparation of interim financial statements requires management to make judgments, estimates, and assumptions, which are consistent with the significant judgments and sources of estimation uncertainty applied in the 2024 annual consolidated financial statements - In preparing the interim financial statements, management is required to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[199](index=199&type=chunk)[201](index=201&type=chunk) - The key sources of significant judgments and estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended **31 December 2024**[200](index=200&type=chunk)[201](index=201&type=chunk) [4. FINANCIAL RISK MANAGEMENT](index=37&type=section&id=4.%20FINANCIAL%20RISK%20MANAGEMENT) The Group faces market risks (foreign exchange, interest rate), credit risk, and liquidity risk, managing credit risk through reputable institutions and customer assessments, and liquidity risk by maintaining sufficient cash and credit lines, with fair value estimates using a three-level hierarchy [4.1 Financial risk factors](index=38&type=section&id=4.1%20Financial%20risk%20factors) The Group's operations are exposed to market risk (including foreign exchange risk, cash flow interest rate risk, and fair value interest rate risk), credit risk, and liquidity risk, with no significant changes in risk management departments or policies since year-end 2024 - The Group's operations are exposed to market risk (including foreign exchange risk, cash flow interest rate risk, and fair value interest rate risk), credit risk, and liquidity risk[203](index=203&type=chunk)[208](index=208&type=chunk) - There have been no significant changes in the risk management department or any risk management policies since the end of **2024**[204](index=204&type=chunk)[208](index=208&type=chunk) [4.2 Credit risk](index=38&type=section&id=4.2%20Credit%20risk) The Group manages credit risk by depositing bank balances with reputable institutions, granting credit terms to long-term customers with continuous credit assessments, and applying HKFRS 9's simplified approach for expected credit loss provisions on trade receivables, totaling RMB 26.70 million as of 30 June 2025 - Credit risk management measures include depositing bank balances with reputable financial institutions and granting credit terms (typically not exceeding **90 days**) to customers with long-term relationships and good credit records, along with continuous credit assessments[206](index=206&type=chunk)[207](index=207&type=chunk)[210](index=210&type=chunk) - Trade receivables are measured at expected credit losses using the simplified approach under Hong Kong Financial Reporting Standard **9**, which recognizes lifetime expected loss provisions for all trade receivables[213](index=213&type=chunk)[217](index=217&type=chunk) Loss Allowance for Trade Receivables (RMB'000) | Date | Within 3 months | 3 to 12 months | Over 12 months | Total | | :--------------- | :------ | :-------- | :--------- | :----- | | 30 June 2025 | 15,047 | 5,895 | 5,754 | 26,696 | | 31 December 2024 | 15,539 | 4,381 | 7,448 | 27,368 | - Trade receivables are written off when there is no reasonable expectation of recovery, and impairment losses are presented within operating profit[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk) Reversal of Impairment Loss on Financial Assets (RMB'000) | Metric | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | Reversal of impairment loss | 672 | 4,866 | [4.3 Liquidity risk](index=43&type=section&id=4.3%20Liquidity%20risk) The Group manages liquidity risk by maintaining sufficient cash and available credit facilities to meet obligations as they arise and by regularly monitoring funding needs, with most borrowings and trade payables maturing within one year - Prudent liquidity risk management involves maintaining sufficient cash and available credit facilities to meet obligations as they arise, and monitoring the Group's funding needs and available credit facilities[235](index=235&type=chunk)[237](index=237&type=chunk) Contractual Maturities of Financial Liabilities (as at 30 June 2025, RMB'000) | Liability Type | Less than 1 year | 1 to 2 years | 2 to 5 years | Total Contractual Cash Flows | | :--------------- | :----------- | :------- | :------- | :--------------- | | Borrowings | 12,995,484 | 497,000 | – | 13,492,484 | | Interest payments on borrowings | 97,008 | 8,351 | – | 105,359 | | Lease liabilities | 1,140 | 862 | 50 | 2,052 | | Trade and other payables | 3,006,722 | – | – | 3,006,722 | | **Total non-derivative instruments** | **16,100,354** | **506,213** | **50** | **16,606,617** | [4.4 Fair value estimation](index=46&type=section&id=4.4%20Fair%20value%20estimation) The Group estimates the fair value of its financial instruments using a three-level hierarchy, with unlisted equity securities, notes receivable, and derivative financial instruments classified as Level 3, and their fair values determined using valuation techniques such as discounted cash flow analysis - The Group classifies financial instruments into three levels to indicate the reliability of input data used to determine fair value[244](index=244&type=chunk)[245](index=245&type=chunk) Level 3 Financial Assets (as at 30 June 2025, RMB'000) | Type | Amount | | :--------------- | :------ | | Equity investments | 4,078 | | Notes receivable measured at FVOCI | 789,643 | | **Total** | **793,721** | Level 3 Financial Liabilities (as at 30 June 2025, RMB'000) | Type | Amount | | :--------------- | :--- | | Derivative financial instruments | 226 | - Valuation techniques include: cross currency and interest rate swaps using present value of future cash flows based on observable yield curves; forward foreign exchange contracts using present value of future cash flows based on forward exchange rates; foreign exchange options using option pricing models; and other financial instruments using discounted cash flow analysis[259](index=259&type=chunk)[260](index=260&type=chunk) [5. SEGMENT INFORMATION](index=49&type=section&id=5.%20SEGMENT%20INFORMATION) The Group reports performance across five product segments: food additives, animal nutrition, high-end amino acids, colloids, and others, with executive directors assessing segment performance based on gross profit, and approximately 68% of 1H 2025 revenue derived from Chinese customers - The Group's products are categorized into five product segments: food additives, animal nutrition, high-end amino acids, colloids, and others[261](index=261&type=chunk)[266](index=266&type=chunk) - Executive Directors assess business segment performance based on the gross profit of the five product segments mentioned above[264](index=264&type=chunk) - Approximately **68%** of revenue was derived from sales of goods to customers in China (1H 2024: 70%)[262](index=262&type=chunk)[265](index=265&type=chunk) - No single customer contributed **10%** or more of the revenue in 1H 2025[262](index=262&type=chunk)[265](index=265&type=chunk) 1H 2025 Revenue by Product Segment (RMB'000) | Product Segment | Revenue | | :----------- | :---------- | | Food Additives | 6,474,309 | | Animal Nutrition | 5,406,470 | | High-end Amino Acids | 1,054,412 | | Colloids | 661,691 | | Others | 362,651 | | **Total** | **13,959,533** | [6. OTHER INCOME](index=52&type=section&id=6.%20OTHER%20INCOME) In 1H 2025, other income totaled RMB 146 million, primarily comprising amortization of deferred income, government grants related to expenses, and income from sales of scrap products and raw materials Other Income Components (1H 2025 vs 1H 2024, RMB'000) | Item | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | Amortization of deferred income | 43,287 | 40,236 | | Government grants | 39,490 | 35,367 | | Sales of scrap products and raw materials | 39,071 | 47,802 | | Others | 23,741 | 16,879 | | **Total** | **145,589** | **140,284** | [7. OPERATING PROFIT](index=53&type=section&id=7.%20OPERATING%20PROFIT) Operating profit for 1H 2025 was RMB 2.054 billion, influenced by factors such as depreciation, amortization, reversal of impairment loss on financial assets, net foreign exchange gains, and litigation compensation Analysis of Operating Items (1H 2025 vs 1H 2024, RMB'000) | Item | 1H 2025 | 1H 2024 | | :------------------- | :--------- | :--------- | | Amortization of intangible assets | 6,442 | 4,209 | | Depreciation of property, plant and equipment | 635,313 | 571,474 | | Depreciation of right-of-use assets | 12,675 | 12,708 | | Reversal of impairment loss on financial assets | (672) | (4,866) | | Value of employee services under share option scheme | (548) | 481 | | Write-down of inventories – net | (2,106) | 31,915 | | Net foreign exchange gain | (73,230) | (47,614) | | Gain on sales of carbon emission allowances | (896) | (29,157) | | Litigation compensation | (233,000) | (15,000) | | Gain on cross currency swaps and foreign exchange investments | (13,973) | – | | Fair value loss on financial assets measured at FVPL | 1,154 | – | [8. FINANCE INCOME AND COSTS](index=54&type=section&id=8.%20FINANCE%20INCOME%20AND%20COSTS) Net finance income for 1H 2025 was RMB 107 million, with finance income primarily from bank deposit interest and finance costs mainly from bank borrowing interest Finance Income (1H 2025 vs 1H 2024, RMB'000) | Item | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | Interest on bank deposits and balances | 241,093 | 215,365 | | Interest on other receivables | 2,520 | 3,004 | | Net foreign exchange gain from financing activities | 618 | 211 | | **Total Finance Income** | **244,231** | **218,580** | Finance Costs (1H 2025 vs 1H 2024, RMB'000) | Item | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | Interest on bank borrowings | (137,080) | (102,082) | | Interest on lease liabilities | (49) | (7) | | Interest on other payables | – | (3) | | **Total Finance Costs** | **(137,129)** | **(102,092)** | - Net finance income for 1H 2025 was **RMB 107,102 thousand** (1H 2024: RMB 116,488 thousand)[278](index=278&type=chunk) [9. INCOME TAX EXPENSE](index=55&type=section&id=9.%20INCOME%20TAX%20EXPENSE) Income tax expense for 1H 2025 was RMB 369 million, primarily comprising PRC corporate income tax, withholding tax, and US corporate income tax, with a RMB 50 million withholding tax provision made for future distribution of retained earnings by PRC subsidiaries Income Tax Expense (1H 2025 vs 1H 2024, RMB'000) | Item | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | PRC corporate income tax | 318,379 | 196,000 | | Withholding tax | 11,042 | 24,230 | | US corporate income tax | 7,095 | 12,142 | | Hong Kong profits tax | 1,596 | 449 | | **Total Current Income Tax** | **338,112** | **232,821** | | Deferred income tax | 31,093 | (46,189) | | **Total Income Tax Expense** | **369,205** | **186,632** | - A withholding tax provision of **RMB 50,000 thousand** was made in 1H 2025 for the expected distribution of **RMB 1,000,000 thousand** in retained earnings by PRC subsidiaries[286](index=286&type=chunk)[288](index=288&type=chunk) [10. EARNINGS PER SHARE](index=56&type=section&id=10.%20EARNINGS%20PER%20SHARE) Basic earnings per share for 1H 2025 was RMB 71.48 cents, and diluted earnings per share was RMB 71.46 cents, both showing significant growth compared to the prior period Earnings Per Share (1H 2025 vs 1H 2024, RMB cents) | Type | 1H 2025 | 1H 2024 | | :----------- | :--------- | :--------- | | Basic earnings per share | 71.48 | 41.31 | | Diluted earnings per share | 71.46 | 41.30 | - Basic earnings per share is calculated by dividing profit attributable to equity holders by the weighted average number of ordinary shares outstanding during the period; diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding, assuming the conversion of all dilutive potential ordinary shares[290](index=290&type=chunk)[291](index=291&type=chunk)[293](index=293&type=chunk) [11. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS](index=57&type=section&id=11.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%20AND%20INTANGIBLE%20ASSETS) As at 30 June 2025, the net book value of property, plant and equipment was approximately RMB 12.366 billion, and intangible assets were approximately RMB 71.004 million, with new additions totaling approximately RMB 677 million during the period Net Book Value (as at 30 June 2025, RMB'000) | Asset Type | Amount | | :--------------- | :---------- | | Property, plant and equipment | 12,366,424 | | Intangible assets | 71,004 | | **Total** | **12,437,428** | - Total additions to property, plant and equipment and intangible assets for 1H 2025 were approximately **RMB 677,030 thousand**[295](index=295&type=chunk) - Total depreciation and amortization for 1H 2025 was approximately **RMB 641,755 thousand**[295](index=295&type=chunk) [12. LEASES](index=59&type=section&id=12.%20LEASES) As a lessee, the Group leases offices, warehouses, and equipment, typically for 1 to 5 years, with total right-of-use assets amounting to RMB 996 million and total lease liabilities of RMB 2.082 million as at 30 June 2025, and total cash outflow for leases of RMB 16.387 million during the period Right-of-Use Assets (as at 30 June 2025, RMB'000) | Asset Type | Amount | | :--------------- | :------ | | Leased land use rights | 993,752 | | Buildings | 1,925 | | Equipment | 36 | | **Total** | **995,713** | Lease Liabilities (as at 30 June 2025, RMB'000) | Type | Amount | | :--------------- | :--- | | Current | 1,220 | | Non-current | 862 | | **Total** | **2,082** | - Total cash outflow for leases during the period was approximately **RMB 16,387 thousand** (1H 2024: RMB 7,091 thousand)[306](index=306&type=chunk) - The Group leases various offices, warehouses, and equipment, with lease contracts typically having fixed terms of **1 to 5 years**[307](index=307&type=chunk)[309](index=309&type=chunk) [13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD](index=62&type=section&id=13.%20INVESTMENTS%20ACCOUNTED%20FOR%20USING%20THE%20EQUITY%20METHOD) As at 30 June 2025, the carrying amount of investments accounted for using the equity method was RMB 5.886 million, with new investments of RMB 5.8 million added during the period Carrying Amount of Equity-Accounted Investments (RMB'000) | Date | Amount | | :--------------- | :--- | | Balance at 1 January 2025 | 86 | | Additions during the period | 5,800 | | Balance at 30 June 2025 | 5,886 | [14. TRADE AND OTHER RECEIVABLES, NOTES RECEIVABLE AND PREPAYMENTS](index=63&type=section&id=14.%20TRADE%20AND%20OTHER%20RECEIVABLES%2C%20NOTES%20RECEIVABLE%20AND%20PREPAYMENTS) As at 30 June 2025, net trade receivables amounted to RMB 1.059 billion, notes receivable to RMB 790 million, and prepayments to suppliers to RMB 591 million, with some notes receivable endorsed to suppliers or pledged for bank borrowings Receivables and Prepayments (as at 30 June 2025 vs 31 Dec 2024, RMB'000) | Item | 30 June 2025 | 31 Dec 2024 | | :------------------- | :------------ | :------------- | | Trade receivables – net | 1,058,708 | 1,087,233 | | Notes receivable | 789,643 | 915,336 | | Prepayments to suppliers | 590,735 | 412,531 | | Prepayments for non-current assets | 121,968 | 78,329 | Ageing of Trade Receivables (as at 30 June 2025, RMB'000) | Ageing | Amount | | :----------- | :---------- | | Within 3 months | 1,036,976 | | 3 to 12 months | 42,437 | | Over 12 months | 5,991 | | **Total** | **1,085,404** | - Notes receivable are all bank acceptance bills with an ageing of less than one year, of which **RMB 601,752 thousand** have been endorsed to suppliers[320](index=320&type=chunk)[321](index=321&type=chunk) - As at **30 June 2025**, **RMB 143,314 thousand** of notes receivable were pledged as collateral for the Group's bank borrowings[323](index=323&type=chunk)[324](index=324&type=chunk) [15. CASH AND CASH EQUIVALENTS, RESTRICTED BANK BALANCES AND TIME DEPOSITS](index=67&type=section&id=15.%20CASH%20AND%20CASH%20EQUIVALENTS%2C%20RESTRICTED%20BANK%20BALANCES%20AND%20TIME%20DEPOSITS) As at 30 June 2025, cash and cash equivalents totaled RMB 11.518 billion, and restricted bank balances amounted to RMB 5.100 billion, primarily pledged as collateral for bank borrowings and bills payable Cash and Bank Balances (as at 30 June 2025 vs 31 Dec 2024, RMB'000) | Item | 30 June 2025 | 31 Dec 2024 | | :------------------- | :------------ | :------------- | | Cash and cash equivalents | 11,517,766 | 9,902,194 | | Restricted bank balances | 5,099,676 | 3,009,115 | | Time deposits | – | 745,840 | | **Total** | **16,617,442** | **13,657,149** | - As at **30 June 2025**, restricted bank balances included: **RMB 4,799,676 thousand** pledged as collateral for bank borrowings; and **RMB 300,000 thousand** pledged as collateral for the issuance of bills payable[326](index=326&type=chunk) - The weighted average effective annual interest rate for cash and cash equivalents, restricted bank balances, and time deposits as at **30 June 2025** was **2.50%** (31 December 2024: 2.95%)[329](index=329&type=chunk)[330](index=330&type=chunk) [16. SHARE CAPITAL AND SHARE PREMIUM](index=69&type=section&id=16.%20SHARE%20CAPITAL%20AND%20SHARE%20PREMIUM) As at 30 June 2025, the company had 2,507,096 thousand issued shares, with share capital of RMB 241 million and share premium of RMB 155 million, both slightly increasing due to the exercise of share options during the period Share Capital and Share Premium (as at 30 June 2025, RMB'000) | Item | Share Capital | Share Premium | Total | | :----------- | :------ | :------- | :------ | | Balance at 1 January 2025 | 240,786 | 152,710 | 393,496 | | Exercise of share options | 41 | 2,008 | 2,049 | | Balance at 30 June 2025 | 240,827 | 154,718 | 395,545 | - As at **30 June 2025**, the number of issued and fully paid shares was **2,507,096 thousand**[333](index=333&type=chunk) [17. BORROWINGS](index=70&type=section&id=17.%20BORROWINGS) As at 30 June 2025, the Group's total borrowings amounted to RMB 13.492 billion, predominantly short-term bank borrowings, with secured bank borrowings collateralized by restricted bank balances and notes receivable, and interest expenses on borrowings totaling RMB 137 million during the period Total Borrowings (as at 30 June 2025 vs 31 Dec 2024, RMB'000) | Type | 30 June 2025 | 31 Dec 2024 | | :----------- | :------------ | :------------- | | Non-current bank borrowings | 497,000 | 348,000 | | Current bank borrowings | 12,995,484 | 11,016,468 | | **Total Borrowings** | **13,492,484** | **11,364,468** | - Secured current bank borrowings are collateralized by restricted bank balances of **RMB 4,799,676 thousand** and notes receivable of **RMB 143,314 thousand**[334](index=334&type=chunk)[335](index=335&type=chunk) - Interest expense on borrowings for the period was **RMB 137,080 thousand** (1H 2024: RMB 102,082 thousand)[338](index=338&type=chunk)[340](index=340&type=chunk) - As at **30 June 2025** and **31 December 2024**, the Group had not breached any loan covenants[339](index=339&type=chunk)[341](index=341&type=chunk) [18. TRADE, OTHER PAYABLES AND ACCRUALS](index=71&type=section&id=18.%20TRADE%2C%20OTHER%20PAYABLES%20AND%20ACCRUALS) As at 30 June 2025, total trade payables amounted to RMB 1.078 billion, payables for property, plant and equipment were RMB 952 million, and bills payable were RMB 315 million Payables and Accruals (as at 30 June 2025 vs 31 Dec 2024, RMB'000) | Item | 30 June 2025 | 31 Dec 2024 | | :------------------- | :------------ | :------------- | | Trade payables | 1,077,819 | 1,409,871 | | Payables for property, plant and equipment | 952,046 | 1,155,624 | | Payables for salaries, wages and staff welfare | 513,208 | 513,034 | | Bills payable | 314,649 | 563,465 | | Interest payables | 11,051 | 16,946 | | Other payables and accruals | 655,600 | 522,937 | | **Total** | **3,524,373** | **4,181,877** | Ageing of Trade Payables (as at 30 June 2025, RMB'000) | Ageing | Amount | | :----------- | :---------- | | Within 3 months | 998,938 | | 3 to 6 months | 33,239 | | 6 to 12 months | 22,236 | | 1 to 2 years | 11,103 | | Over 2 years | 12,303 | | **Total** | **1,077,819** | [19. DIVIDENDS](index=73&type=section&id=19.%20DIVIDENDS) The Board proposed a basic interim dividend, a special interim dividend, and a special dividend from Meihua compensation after tax for 1H 2025, totaling 36.5 HK cents per share, which have not yet been recognized as payable in the financial statements 1H 2025 Dividend Proposal | Dividend Type | Per Share (HK cents) | Per Share (RMB cents) | Amount (HKD thousand) | Amount (RMB thousand) | | :------------------- | :---------- | :-------------- | :-------------- | :---------------- | | Basic interim dividend (35%) | 24.4 | 22.3 | 611,767 | 558,219 | | Special interim dividend (5%) | 3.5 | 3.2 | 87,753 | 80,072 | | Special dividend from Meihua compensation | 8.6 | 7.8 | 215,623 | 196,749 | | **Total** | **36.5** | **33.3** | **915,143** | **835,040** | - The basic interim dividend, special interim dividend, and special dividend from Meihua compensation after tax have not been recognized as dividends payable in these interim financial statements[347](index=347&type=chunk)[350](index=350&type=chunk) [20. CONTINGENT LIABILITIES](index=73&type=section&id=20.%20CONTINGENT%20LIABILITIES) As at 30 June 2025 and 31 December 2024, the Group had no significant contingent liabilities - As at **30 June 2025** and **31 December 2024**, the Group had no significant contingent liabilities[348](index=348&type=chunk)[350](index=350&type=chunk) [21. RELATED PARTY TRANSACTIONS AND BALANCES](index=74&type=section&id=21.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) The Group engaged in transactions with related parties, including granting and repaying loans and collecting interest, with a balance of RMB 33.694 million in loans receivable from a related party as at 30 June 2025, which are unsecured, floating-rate loans Related Party Transactions (1H 2025 vs 1H 2024, RMB'000) | Transaction Type | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | Loans granted to associates | 2,672 | 69,000 | | Repayment of loans by associates | 20,450 | 10,877 | | Interest received from associates | 809 | 926 | Key Management Personnel Remuneration (1H 2025 vs 1H 2024, RMB'000) | Item | 1H 2025 | 1H 2024 | | :--------------- | :--------- | :--------- | | Salaries and allowances | 9,152 | 10,732 | | Pension costs | 438 | 490 | | Share options granted | 202 | 481 | | **Total** | **9,792** | **11,703** | - As at **30 June 2025**, the balance of loans receivable from a related party was **RMB 33,694 thousand** (31 December 2024: RMB 50,614 thousand)[360](index=360&type=chunk) - Balances with related parties are unsecured, bear interest at a floating rate linked to the one-year Loan Prime Rate (LPR) (3.0% as at **30 June 2025**), and are repayable within one year[361](index=361&type=chunk) [22. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE](index=75&type=section&id=22.%20EVENTS%20OCCURRING%20AFTER%20THE%20BALANCE%20SHEET%20DATE) Subsequent to the balance sheet date, the Board proposed basic, special, and Meihua compensation special interim dividends, and the Group entered into an agreement to acquire equity in Qingdao Yijing Real Estate Co Ltd for approximately RMB 355 million to construct a new headquarters, dormitories, and supporting buildings - The Board proposed the payment of a basic interim dividend, a special interim dividend, and a special dividend from Meihua compensation after tax (details in Note 19)[369](index=369&type=chunk) - Subsequent to **30 June 2025**, the Group entered into a sale and purchase agreement with certain related parties on **21 July 2025** to acquire equity interests in Qingdao Yijing Real Estate Co Ltd in three installments[369](index=369&type=chunk) - The acquisition of Qingdao Yijing aims to develop its land in Qingdao for the construction of a new headquarters, dormitories, and other supporting buildings (in shell and core condition), with an expected acquisition consideration of **RMB 355,000 thousand**[363](index=363&type=chunk)[367](index=367&type=chunk) - Save as disclosed above, no other significant events occurred after the balance sheet date for the Group[365](index=365&type=chunk)[368](index=368&type=chunk) Corporate Information [Corporate Information](index=76&type=section&id=Corporate%20Information) This section provides essential corporate details including board members, registered offices, committees, banking relationships, and auditor information - Executive Directors include Mr. Li Xuechun (Chairman), Mr. Li Deheng, and Mr. Li Guangyu; Independent Non-executive Directors include Mr. Liu Zhongwei, Mr. Zhang Youming, and Ms. Li Ming[370](index=370&type=chunk) - The Company's registered office is in the Cayman Islands, its principal place of business in China is in Chengyang District, Qingdao City, and its principal place of business in Hong Kong is in Tsim Sha Tsui, Kowloon[370](index=370&type=chunk)[371](index=371&type=chunk) - The Company has an Audit Committee, a Remuneration Committee, and a Nomination Committee[372](index=372&type=chunk)[373](index=373&type=chunk) - Principal bankers in China include China Construction Bank, Bank of China, Agricultural Bank of China, etc.; principal bankers in Hong Kong include Bank of China (Hong Kong), Deutsche Bank AG Hong Kong Branch, Hang Seng Bank Limited, etc.[373](index=373&type=chunk) - The independent auditor is PricewaterhouseCoopers, and the stock code for The Stock Exchange of Hong Kong Limited is **00546**[374](index=374&type=chunk) Glossary [Glossary](index=78&type=section&id=Glossary) This section defines key terms and abbreviations used throughout the interim report, covering financial metrics, company entities, accounting standards, and geographical references - This section provides key terms and their definitions used in this interim report, including financial metrics (e.g., ASP, FVOCI, FVPL), company entities (e.g., Board, Company, Group), accounting standards (e.g., HKAS, HKFRS), geographical areas (e.g., BVI, Hong Kong, PRC/China, U.S.), and currency units (e.g., HKD, RMB, USD)[375](index=375&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk)[379](index=379&type=chunk)

2025 中期報告 目錄 公司資料 財務摘要 管理層討論及分析 企業管治及其他資料 簡明綜合損益及其他全面收益表 簡明綜合財務狀況表 簡明綜合權益變動表 簡明綜合現金流量表 簡明綜合財務報表附註 釋義 245 12 24 26 28 29 30 54 公司資料 董事會 執行董事 鄔品芳先生 （董事長） 王凱先生 （總經理） 施劍先生 （於2025年7 月31日辭任） 獨立非執行董事 唐詩韻女士 張擁軍先生 鄒家生博士 監事 何光亮先生 趙靜女士 況開鋒先生 公司秘書 黃凱婷女士 審計委員會 唐詩韻女士 （主席） 顧彥君先生 鄒家生博士 薪酬與考核委員會 非執行董事 顧彥君先生 周林先生 劉伊琳女士 鄒家生博士 （主席） 鄔品芳先生 唐詩韻女士 提名委員會 張擁軍先生 （主席） 鄔品芳先生 （於2025年7 月31日獲委任） 唐詩韻女士 施劍先生 （於2025年7 月31日辭任） 戰略委員會 鄔品芳先生 （主席） 唐詩韻女士 張擁軍先生 授權代表 王凱先生 （於2025年7 月31日獲委任） 黃凱婷女士 施劍先生 （於2025年7 月31日辭任） 核數師 德勤 • 關黃陳方會計師行 執業會計師 註冊公眾利益實體 ...

Financial Performance - Revenue for the first half of 2025 reached RMB 9,953,216 thousand, a 16.1% increase from RMB 8,574,214 thousand in 2024[11] - Gross profit increased by 27.0% to RMB 4,252,852 thousand, compared to RMB 3,349,951 thousand in the previous year[11] - Adjusted net profit rose by 11.6% to RMB 2,839,986 thousand, up from RMB 2,544,800 thousand in 2024[11] - Revenue for the six months ended June 30, 2025, increased by 16.1% year-on-year to RMB 9,953.2 million[17] - Gross profit rose by 27.0% year-on-year to RMB 4,252.9 million, with a gross margin improvement of approximately 3.6%[17] - Net profit attributable to the company increased by 54.8% year-on-year to RMB 2,756.6 million, while net profit attributable to shareholders rose by 56.0% to RMB 2,339.3 million[17] - Total revenue for the six months ended June 30, 2025, was approximately RMB 9,953.2 million, up from RMB 8,574.2 million in the previous year[60] - Gross profit increased by 27.0% to approximately RMB 4,252.9 million, with a gross margin rising from 39.1% to 42.7%[62] - The group's net profit increased by 54.8% from approximately RMB 1,780.3 million for the six months ended June 30, 2024, to approximately RMB 2,756.6 million for the six months ended June 30, 2025[72] - The net profit margin rose from 20.8% to 27.7% during the same period, primarily due to increased gross profit and investment income from the group's investment portfolio[72] Project and Operational Growth - The total number of ongoing integrated projects reached 864, with 86 new projects added in the reporting period[14] - The number of preclinical projects increased to 429, while early clinical projects rose to 344, indicating sustainable growth[14] - The company successfully secured 9 external projects during the reporting period, including 2 late-stage clinical projects[14] - The total amount of uncompleted orders as of June 30, 2025, increased to USD 20.3 billion, including USD 11.4 billion in service orders and USD 9.0 billion in potential milestone payment orders[17] - The company has empowered over 660 IND submission projects, reducing the development cycle from DNA to IND to just nine months[25] - The proprietary WuXiaTM platform has delivered over 1,000 cell lines and can empower 150 comprehensive CMC projects annually, making it one of the largest platforms in the industry[25] - The WuXiUPTM platform has been applied to develop over 170 processes for more than 60 molecules, achieving production capacities of 20 to 120 g/L[26] - The number of late-stage clinical and commercial production projects reached 67 and 24, respectively, by the end of the reporting period, with two new late-stage projects acquired[31] Financial Position and Assets - Total assets increased by 6.1% to RMB 60,437,387 thousand, compared to RMB 56,977,435 thousand at the end of 2024[11] - Total liabilities decreased by 1.1% to RMB 11,372,316 thousand, down from RMB 11,499,866 thousand[11] - Cash and cash equivalents stood at RMB 8,439,058 thousand, reflecting a 1.9% increase from RMB 8,279,182 thousand[11] - The company's property, plant, and equipment balance grew by 6.7% from approximately RMB 26,070.5 million to approximately RMB 27,815.9 million, driven by ongoing construction in Singapore and currency appreciation in Europe[74] - Inventory increased by 8.8% from approximately RMB 1,521.7 million to approximately RMB 1,655.0 million, attributed to stockpiling for business expansion in Europe[82] - Trade and other receivables rose by 23.7% from approximately RMB 6,240.7 million to approximately RMB 7,721.2 million, reflecting business expansion and revenue growth[84] Regulatory and Compliance - The company successfully passed 44 regulatory inspections since 2017, including 22 from the EU EMA and US FDA, with no major issues found[37] - The company is actively monitoring global regulatory changes to adapt to evolving compliance requirements in the biopharmaceutical industry[120] - Data compliance has become a critical issue, with the company monitoring risks associated with data protection and compliance plans[127] - The company has received ISO 22301 certification for business continuity management, covering all business functions[129] Shareholder and Equity Information - The total number of issued shares as of June 30, 2025, is 4,068,902,309[132] - Dr. Li Ge holds 509,962,633 shares, representing 12.53% of the total equity[138] - Life Science Holdings, Life Science Limited, and WuXi PharmaTech collectively hold 501,251,133 shares, accounting for 12.32% of the total equity[138] - BlackRock, Inc. holds 208,273,538 shares, which is 5.12% of the total equity[138] - The company has a pre-IPO share option plan with a total of 121,477,019 shares available for issuance, approximately 2.98% of the total issued shares[141] - The board decided not to declare any interim dividend for the six months ended June 30, 2025[110] Employee and Talent Management - Employee costs for the six months ended June 30, 2025, were approximately RMB 2,586.6 million, an increase from RMB 2,295.2 million in the same period of 2024, reflecting a growth of 12.7%[107] - The company maintained a key talent retention rate of approximately 98.8%[107] - The company has implemented various employee incentive plans to reward contributions from eligible participants[107] Investment and Capital Management - The company raised approximately RMB 10,899.0 million from the fourth placement, with 40% allocated for acquiring additional DS/DP production capacity and another 40% for establishing large-scale production capabilities for various technology platforms[170] - The company invested RMB 1,035.8 million in mRNA-related technologies, which accounts for 10% of the total raised funds[170] - The company repurchased a total of 60,539,500 shares during the reporting period, with a total purchase price of approximately HKD 1,110.62 million[172] - The repurchase was conducted to demonstrate confidence in the company's business outlook, as the current trading price did not reflect its intrinsic value[172] Risk Management - The company faces interest rate risks related to fixed and floating rate bank borrowings and deposits, which are managed through regular assessments of potential impacts[123] - The group generates most of its revenue from sales denominated in USD, while procurement costs are settled in RMB, USD, and EUR, exposing it to foreign exchange risk[126] - The group has established forward contracts to manage foreign exchange risk and has adopted hedge accounting for derivatives[126] - The group faces maximum credit risk from financial assets listed at their carrying value on the consolidated balance sheet[124]

(於開曼群島註冊成立之有限公司) (股份代號 : 929) 2025 中 期 報 告 目錄 | 公司資料 | 2 | | --- | --- | | 公司簡介 | 4 | | 公司里程 | 5 | | 集團架構 | 6 | | 財務摘要 | 8 | | 管理層討論及分析 | 11 | | 簡明綜合損益表 | 17 | | 簡明綜合全面收益表 | 18 | | 簡明綜合財務狀況表 | 19 | | 簡明綜合現金流量表 | 21 | | 簡明綜合權益變動表 | 22 | | 簡明財務報表附註 | 23 | | 其他資料 | 36 | 公司資料 董事會 執行董事 曾廣勝先生 （主席兼行政總裁） 吳凱平先生 非執行董事 曾靜女士 陳匡國先生 獨立非執行董事 楊如生先生 張振宇先生 朱劍彪先生 授權代表 曾廣勝先生 譚耀忠先生 公司秘書 譚耀忠先生 審核委員會 楊如生先生 （主席） 張振宇先生 朱劍彪先生 薪酬委員會 張振宇先生 （主席） 曾廣勝先生 楊如生先生 朱劍彪先生 提名委員會 曾廣勝先生 （主席） 曾靜女士 楊如生先生 張振宇先生 朱劍彪先生 環境、社會及管治委員會 張振宇先生 （主席） 曾廣勝先生 楊如生先 ...

( 於開曼群島註冊成立的有限公司 ) 股份代號：1490 車市科技有限公司 中期報告 中期報告 2025 2025 Interim Report 2025 中期 報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 其他資料 | 14 | | 中期簡明綜合損益表 | 21 | | 中期簡明綜合全面收益表 | 22 | | 中期簡明綜合財務狀況表 | 23 | | 中期簡明綜合權益變動表 | 25 | | 中期簡明綜合現金流量表 | 26 | | 中期簡明綜合財務資料附註 | 28 | | 釋義 | 49 | 公司資料 董事 執行董事 徐翀先生 （主席兼首席執行官） 劉磊先生 林渝奇先生（已辭任，自2025年8月26日起生效） 張男女士 獨立非執行董事 徐向陽先生 孫勇先生 吳浩雲先生 審核委員會 吳浩雲先生 （主席） 徐向陽先生 孫勇先生 薪酬委員會 徐向陽先生 （主席） 林渝奇先生（已辭任，自2025年8月26日起生效） 吳浩雲先生 張男女士（獲委任，自2025年8月26日起生效） 提名委員會 徐翀先生 （主席） 張男女士（獲委任，自2025年6月26日起生 ...

目 錄 公司資料 2 公司簡介 3 簡明綜合損益及其他全面收益表 4 簡明綜合財務狀況表 5 簡明綜合權益變動表 7 簡明綜合現金流量表 8 未經審核簡明綜合中期財務資料附註 9 管理層討論與分析 19 其他資料 32 獨立非執行董事 公司 資料 （於2025年8月28日） 崔玉磊先生 徐慧敏女士 許劍文先生 （首席獨立非執行董事） 董事會 執行董事 李蔚齊先生 （董事會主席） 吳海鵬先生 （行政總裁） 李憲寧先生 （首席財務官） 楊碩軒先生 非執行董事 高平先生 提名委員會 李蔚齊先生 （主席） 崔玉磊先生 徐慧敏女士 許劍文先生 合規委員會 委員會成員 審核委員會 徐慧敏女士 （主席） 楊碩軒先生 崔玉磊先生 許劍文先生 楊碩軒先生 陳雙雙女士 徐慧敏女士 （主席） 崔玉磊先生 許劍文先生 授權代表 薪酬委員會 公司秘書 陳雙雙女士 崔玉磊先生 （主席） 徐慧敏女士 許劍文先生 香港辦事處 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 香港 金鐘道89號 力寶中心二座10樓1003-04室 百慕達股份過戶登記處 核數師 Conye ...