Interim Report 2025中期報告 INTERIM REPORT 2025 中期報告 香港地址：香港九龍尖沙咀廣東道5號海港城海洋中心7樓715室 STOCK CODE 00602 電話：(00852) 3620 2368 Hong Kong Address: Suite 715, 7/F, Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon Tel: (00852) 3620 2368 設計及製作：安林財經印刷有限公司 www.janfp.com Design & Production: JAN Financial Press Limited www.janfp.com www.szbjh.com Contents 目錄 | Corporate Information | 公司資料 | 2–3 | | --- | --- | --- | | Chairman's Statement | 董事長報告 | 4–16 | | Management Discussion and Analysis | 管理層討論及分析 | 17– ...

[Company Information](index=2&type=section&id=Company%20Information) This chapter provides an overview of the company's basic information, including board members, committee compositions, legal advisors, registered office, principal place of business in Hong Kong, and major banks, offering background on corporate governance and operations - The board of directors includes executive directors Liu Peichao (Chairman), Wang Yong, Lang Xulin, non-executive director Jing Liang, and independent non-executive directors Li Yibin, Wu Haoyun, and Dr. Hou Lingling[5](index=5&type=chunk) - The Audit Committee Chairman is Mr. Wu Haoyun, the Remuneration and Appraisal Committee Chairman is Mr. Li Yibin, the Nomination Committee Chairman is Dr. Hou Lingling, and the Strategy Committee Chairman is Mr. Liu Peichao[5](index=5&type=chunk) - The company's registered office and headquarters are in Shenzhen, China, with its principal place of business in Hong Kong located on Queen's Road East, Wan Chai[6](index=6&type=chunk) - The stock name is 'DOBOT', and the stock code is 2432[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section briefly presents key financial data for the six months ended June 30, 2025, compared to the same period in 2024, including revenue, gross profit, net loss, diluted loss per share, and asset-liability status, indicating revenue growth but continued losses, alongside an improved asset-liability structure Key Financial Data for the Six Months Ended June 30, 2025 (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 153,087 | 120,462 | 27.1% growth | | Cost of Sales | (81,171) | (67,618) | 20.0% growth | | Gross Profit | 71,916 | 52,844 | 36.1% growth | | Loss Before Income Tax | (40,049) | (59,584) | 32.8% decrease | | Income Tax Expense | (821) | (299) | 174.6% growth | | Loss for the Period | (40,870) | (59,883) | 31.8% decrease | | Diluted Loss Per Share | (0.10) | (0.17) | decrease | | Total Assets (Period-end) | 1,376,591 | 1,495,208 (December 31, 2024) | 8.07% decrease | | Total Liabilities (Period-end) | 364,872 | 527,919 (December 31, 2024) | 30.9% decrease | | Total Equity (Period-end) | 1,011,719 | 967,289 (December 31, 2024) | 4.6% growth | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides a detailed review of the company's business performance, strategic progress, financial position, and future outlook during the reporting period, highlighting breakthroughs in collaborative robot intelligence upgrades and embodied AI robot innovation, significant revenue growth, and a substantial narrowing of net loss, while also detailing market expansion, ecosystem cooperation, talent strategy, and the use of global offering proceeds [I. Business Review](index=6&type=section&id=I.%20Business%20Review) During the reporting period, the company adopted a dual-wheel strategy of "intelligent upgrade of collaborative robots + innovation in embodied AI robots," achieving revenue of **RMB 153.1 million**, a year-on-year increase of **27.1%**, and a net loss decrease of **31.8%** year-on-year, with significant progress in product technology, market expansion, and ecosystem cooperation - The company is a leading enterprise in the development, manufacturing, and commercialization of collaborative robots, fully deploying in the new track of embodied AI, becoming the world's first enterprise to launch a full-form embodied robot platform encompassing 'robotic arms + humanoid + multi-legged'[10](index=10&type=chunk) - During the reporting period, the company achieved revenue of **RMB 153.1 million**, a year-on-year increase of **27.1%**; net loss was **RMB 40.9 million**, a year-on-year decrease of **31.8%**; adjusted net loss was **RMB 22.9 million**, a year-on-year decrease of **34.4%**[11](index=11&type=chunk) - The gross margin, excluding the impact of inventory impairment, remained stable at **49.4%**, demonstrating significant optimization in operational efficiency[11](index=11&type=chunk) [I. Intelligent Upgrade and Product Innovation of Collaborative Robots](index=7&type=section&id=I.%20Intelligent%20Upgrade%20and%20Product%20Innovation%20of%20Collaborative%20Robots) The company continuously innovated in four core areas: motion control, safety protection, development environment, and human-robot interaction, launching the **30kg** heavy-load collaborative robot CR30H series, committing to a "three-year warranty for all series," and achieving a **46.7%** year-on-year increase in revenue from six-axis collaborative robot products, with its share of total revenue rising to **61.2%** - Achieved progress in four core areas: motion control, safety protection, development environment, and human-robot interaction, enhancing collaborative robot performance and ease of use, including millisecond-level self-interference detection algorithms and intelligent pre-compilation functions[12](index=12&type=chunk) - Launched the **30kg** heavy-load collaborative robot CR30H, equipped with self-developed HyperMove motion control algorithms, and extended to force-controlled version CR30HT and food-grade version CR30H-Food[12](index=12&type=chunk) - Revenue from six-axis collaborative robot products increased by **46.7%** year-on-year, with its revenue share rising to **61.2%**, primarily due to diversified product types and expanded application scenarios[13](index=13&type=chunk) [II. Technological Breakthroughs and Commercialization of Embodied AI Robots](index=8&type=section&id=II.%20Technological%20Breakthroughs%20and%20Commercialization%20of%20Embodied%20AI%20Robots) The company achieved multiple technological breakthroughs in embodied AI robots, successfully launching and mass-producing the world's first "dexterous manipulation + straight-knee walking" embodied intelligent humanoid robot DOBOT Atom, and introducing wheeled + single-arm embodied intelligent robots and six-legged bionic robots, realizing the commercialization of embodied AI technology - In March 2025, the world's first "dexterous manipulation + straight-knee walking" embodied intelligent humanoid robot DOBOT Atom was launched and pre-sold, featuring self-developed Neural Drive System (NDS) for dexterous manipulation and Anthropomorphic Walking System (AWS) for straight-knee walking, with mass production verification completed in June and initial delivery to Japanese customers[15](index=15&type=chunk) - In April 2025, a wheeled + single-arm embodied intelligent robot was launched as a portable universal data collection platform[15](index=15&type=chunk) - In July 2025, the core product 'Six-legged Bionic Robot' was launched, integrating three core capabilities: 'cognition, action, and mobility', featuring high-stability structural design and modular load expansion capabilities, suitable for complex terrain operations[15](index=15&type=chunk)[16](index=16&type=chunk) [III. Continuous Promotion of Ecosystem Cooperation and Scenario Applications](index=9&type=section&id=III.%20Continuous%20Promotion%20of%20Ecosystem%20Cooperation%20and%20Scenario%20Applications) The company accelerates the industrial value transformation of embodied AI technology through strategic collaborations with industry-leading partners, co-developing an integrated "cloud large model + edge devices + humanoid robot terminals" solution with Tencent Cloud, exploring pharmaceutical embodied AI robot applications with Yaoshibang, and expanding application scenarios in automotive, metal products, semiconductors, and commercial sectors - Signed a deepened strategic cooperation agreement with Tencent Cloud, focusing on in-depth collaboration in intelligent computing power, technology ecosystem, and mass production in industrial and home scenarios, jointly creating an integrated solution of 'cloud large model + edge devices + humanoid robot terminals'[17](index=17&type=chunk) - Signed a strategic cooperation agreement with Yaoshibang, focusing on pharmaceutical embodied intelligent robots, AI large models, and pharmaceutical IoT technology, jointly exploring the application of smart solutions across the entire pharmaceutical supply chain[17](index=17&type=chunk) - Product competitiveness continues to gain customer recognition, successfully expanding batch applications in key industries such as automotive (loading/unloading, gluing, inspection, screw fastening), metal products (CNC machining, loading/unloading), semiconductors (packaging and testing), and commercial (coffee, moxibustion therapy, cooking machines)[18](index=18&type=chunk)[21](index=21&type=chunk) [IV. Deepening Overseas Markets and Strengthening Localized Operations](index=10&type=section&id=IV.%20Deepening%20Overseas%20Markets%20and%20Strengthening%20Localized%20Operations) As one of the earliest Chinese brands to expand overseas in the collaborative robot sector, the company's global cumulative shipments have exceeded **90,000 units**, and during the reporting period, it continued to enhance services for European customers through a mature localized operating system and precise digital marketing strategies, while establishing a Malaysian subsidiary to further deepen its global presence - Global cumulative shipments have exceeded **90,000 units**, continuously deepening the globalization strategy[20](index=20&type=chunk) - Leveraging a mature localized operating system, continuously enhancing services and support for European customers, and through precise digital marketing strategies, new products were showcased at the automatica exhibition in Munich, Germany, attracting high-quality clients[20](index=20&type=chunk) - Established a Malaysian subsidiary, the company's first subsidiary in an emerging overseas market, to strengthen overseas market investment[20](index=20&type=chunk) [II. Outlook](index=11&type=section&id=II.%20Outlook) The company will continue to increase R&D investment, with "scenario-defined products" as the core logic, to build next-generation intelligent platform entry points and accelerate the commercialization of embodied AI, while deeply cultivating vertical segments, building a positive "Technology-Value-Ecosystem" cycle, and accelerating global expansion to enhance brand influence in overseas

Interim Report 2025 中期報告 Contents 目錄 | Corporate Information | 3 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 6 | | 管理層討論及分析 | | | Other Information | 28 | | 其他資料 | | | Report on Review of Condensed Consolidated Financial Statements | 39 | | 簡明綜合財務報表審閱報告 | | | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | 41 | | 簡明綜合損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 43 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statement of Ch ...

青島啤酒股份有限公司 TSINGTAO BREWERY CO., LTD. (Stock Code 股份代號 : 168) 2025 中期報告 INTERIM REPORT 2025 INTERIM REPORT 中期報告 青島啤酒股份有限公司 TSINGTAO BREWERY CO., LTD. 2025 INTERIM REPORT 中期報告 掃一掃 關注官方微信 目錄 | | 頁碼 | | --- | --- | | 財務報告（未經審計） | 2 | | 管理層討論與分析 | 113 | | 重要事項 | 118 | | 股本變動及股東情況 | 120 | | 董事和員工情況 | 122 | | 購入、出售或贖回證券 | 123 | | 未經審核中期報告之審閱 | 123 | | 企業管治守則 | 123 | | 釋義 | 123 | | 公司資料 | 124 | 2025年中期報告 1 青島啤酒股份有限公司 合併及公司資產負債表 2025年6月30日 | | | | | | 人民幣元 | | --- | --- | --- | --- | --- | --- | | | | 2025年 | 2024年 ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of Miramar Hotel and Investment Company, Limited's board of directors and other essential company details [Board of Directors](index=2&type=section&id=Board%20of%20Directors) This section lists the Board of Directors of Miramar Hotel and Investment Company, Limited, including executive, non-executive, and independent non-executive directors, detailing the composition of the Audit, Remuneration, and Nomination Committees - Dr. Lee Ka Shing serves as Chairman and Chief Executive Officer[3](index=3&type=chunk) - Mr. Lau Yam Chuen retired as Executive Director on June 5, 2025[3](index=3&type=chunk) - Dr. Chung Shui Ming, Timpson serves as Chairman of the Audit Committee and Remuneration Committee[3](index=3&type=chunk) - KPMG is the company's auditor[3](index=3&type=chunk) [Other Company Information](index=2&type=section&id=Other%20Company%20Information) This section provides the company's basic contact and listing information, including the share registrar, registered office, stock code, and company website - The share registrar and transfer office is Hong Kong Central Share Registrar Limited[4](index=4&type=chunk) - The company's shares are listed on The Stock Exchange of Hong Kong Limited, stock code 71[4](index=4&type=chunk) - The company's website is http://www.miramar-group.com[4](index=4&type=chunk) [Chairman and Chief Executive Officer's Report](index=3&type=section&id=Chairman%20and%20Chief%20Executive%20Officer's%20Report) This report details the group's consolidated performance, interim dividend declaration, business achievements, and future outlook amidst economic challenges [Consolidated Results](index=3&type=section&id=Consolidated%20Results) For the six months ended June 30, 2025, the group's revenue and profit attributable to shareholders both decreased, with underlying profit also falling year-on-year after excluding the net decrease in fair value of investment properties Consolidated Results Overview (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue | 1,295 million | 1,400.8 million | -7.6% | | Profit attributable to shareholders | 322.1 million | 373.1 million | -13.7% | | Underlying profit attributable to shareholders (excluding net decrease in fair value of investment properties) | 341.8 million | 398.1 million | -14.1% | | Basic earnings per share | HKD 49 cents | HKD 57 cents (estimated) | -14.1% | [Interim Dividend](index=3&type=section&id=Interim%20Dividend) The Board of Directors announced the interim dividend for the six months ended June 30, 2025, and confirmed the record and payment dates - An interim dividend of **HKD 23 cents per share** is declared[7](index=7&type=chunk) - The record date is Friday, September 26, 2025[7](index=7&type=chunk) - The expected payment date is Tuesday, October 14, 2025[7](index=7&type=chunk) [Overview and Business Achievements](index=3&type=section&id=Overview%20and%20Business%20Achievements) Facing global economic slowdown, geopolitical tensions, and changing local consumption patterns, the group adopted a "cost-saving and innovation, steady progress" strategy, achieving multiple successes in its mall, catering, and hotel businesses, particularly in expanding into the Muslim-friendly tourism market - Global economic slowdown, geopolitical tensions, and tariff wars hinder free trade, impacting business travelers' willingness to travel[8](index=8&type=chunk) - The trend of Hong Kong residents traveling north for consumption led to weak local weekend retail and catering performance[8](index=8&type=chunk) - The group adheres to a "cost-saving and innovation, steady progress" strategy, actively expanding flagship stores in malls, introducing international trendy brands, restructuring catering portfolios, and strictly controlling costs[8](index=8&type=chunk) - The Mira Hong Kong and Mira Moon Hotel received **CrescentRating 5-level Muslim-friendly hotel certification**, with The Mira Hong Kong also awarded "Muslim-Friendly Hotel of the Year"[9](index=9&type=chunk) - Its upscale Chinese restaurant "Cuisine Cuisine" became the first upscale Chinese restaurant in Hong Kong to receive "Halal-Friendly" certification[9](index=9&type=chunk) - The Mira Hong Kong and Mira Moon Hotel maintained high average occupancy rates of **90.3%** and **92.9%**, respectively, during the period[10](index=10&type=chunk) - The proportion of semi-retail tenants in the rental business's office buildings increased to nearly **60%**, with average occupancy rates for office and mall properties remaining stable above **90%**[10](index=10&type=chunk) - Awarded "Best ESG (Corporate Governance) (Small Cap)" at the "11th Hong Kong Investor Relations Awards"[11](index=11&type=chunk) [Outlook](index=5&type=section&id=Outlook) The group remains confident in Hong Kong's long-term development, expecting new impetus from Greater Bay Area integration policies and government tourism initiatives, focusing on digital transformation, AI application, customer service optimization, and building a member economy ecosystem while strictly controlling costs for steady growth - Confident in Hong Kong's long-term development prospects, expecting Greater Bay Area integration policies and government-promoted event economy to bring new impetus to the tourism industry[12](index=12&type=chunk) - The core strategy is "innovation and technology empowerment, driving business development," focusing on digital transformation, AI application, customer service experience optimization, and building a member economy ecosystem[12](index=12&type=chunk) - Will strictly control costs to enhance resource efficiency, ensuring steady business progress in a volatile environment[12](index=12&type=chunk) [Acknowledgements](index=5&type=section&id=Acknowledgements) The Board of Directors extends sincere gratitude to Mr. Lau Yam Chuen, who retired as Executive Director due to age, and thanks all shareholders, customers, partners, and employees for their support and trust - Mr. Lau Yam Chuen retired as Executive Director on June 5, 2025, due to age[13](index=13&type=chunk) - The Board thanks Mr. Lau for his valuable contributions to the company over the past 29 years[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the group's business segments, including hotels, rental, investment properties, catering, and travel, along with treasury management and financial position [Hotel and Serviced Apartment Business](index=6&type=section&id=Hotel%20and%20Serviced%20Apartment%20Business) Revenue and EBITDA for the hotel and serviced apartment business both decreased, primarily due to Hong Kong's tourism reliance on the mainland market, increased international competition, and the re-imposition of hotel accommodation tax; the group maintained high occupancy rates through diversified marketing strategies, Muslim-friendly certification, and digital transformation Hotel and Serviced Apartment Business Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Year-on-year change | | :--- | :--- | :--- | :--- | | Total Revenue | 280 million | 296.9 million | -5.7% | | EBITDA | 53.5 million | 75.4 million | -29.0% | - Hong Kong's tourism industry continues to rely on the mainland market, but mainland travelers' increased interest in long-haul overseas travel led to diversion of some travelers and shorter stays in Hong Kong[16](index=16&type=chunk) - The government's re-imposition of a **3% hotel accommodation tax**, coupled with the US tariff war, led to increased accommodation costs in Hong Kong and decreased demand from business travelers[16](index=16&type=chunk) - The group actively deepened cooperation with domestic and international travel agencies to expand customer sources and seized opportunities from government-promoted event economy for promotion[16](index=16&type=chunk) - The Mira Hong Kong and Mira Moon Hotel both received the internationally renowned Muslim travel indicator "CrescentRating" 5-level Muslim-friendly hotel certification[16](index=16&type=chunk) - The Mira Hong Kong's average occupancy rate during the period was **90.3%** (a slight decrease of 1.3% year-on-year), and Mira Moon Hotel's average occupancy rate was **92.9%** (a decrease of 1.7% year-on-year)[17](index=17&type=chunk) - The group actively promoted digital transformation and the application of Internet of Things (IoT) technology in its hotel business, demonstrating strong resilience despite IoT upgrade projects affecting some room rentals[17](index=17&type=chunk) [Rental Business](index=7&type=section&id=Rental%20Business) Revenue and EBITDA for the rental business both decreased, primarily affected by the weak retail consumption market in Hong Kong; the group maintained average occupancy rates above 90% through proactive mall management strategies, including optimizing tenant mix, introducing trendy brands, and innovative promotional activities, with plans to apply AI and deepen big data analytics to enhance attractiveness and customer loyalty Rental Business Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue | 385.5 million | 401.2 million | -3.9% | | EBITDA | 322.8 million | 340.4 million | -5.2% | - Hong Kong's overall retail consumption market performed weakly, with leasing demand remaining under pressure[19](index=19&type=chunk) - The group adopted proactive mall management strategies, expanding flagship stores, introducing international trendy brands, and organizing innovative promotional activities[19](index=19&type=chunk) - Plans to apply artificial intelligence in mall management to enhance tenant footfall and dwell time, and deepen big data analytics to build a member economy ecosystem[19](index=19&type=chunk) - During the period, the average occupancy rates for the group's office and mall properties both remained above **90%**[19](index=19&type=chunk) [Changes in Fair Value of Investment Properties](index=7&type=section&id=Changes%20in%20Fair%20Value%20of%20Investment%20Properties) The group's investment properties are accounted for at fair value and re-evaluated semi-annually; during the period, there was a net decrease in fair value of **HKD 14.7 million**, with a total book value of **HKD 15 billion**, which is a non-cash revaluation impairment with no material impact on cash flow Investment Property Fair Value Changes (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Net decrease in fair value | 14.7 million | 17.8 million | | Total investment property book value (end of period) | 15 billion | 15 billion (estimated) | - The fair value of investment properties is determined based on the opinion of an external professional valuer (Cushman & Wakefield Limited)[20](index=20&type=chunk) - The revaluation impairment is non-cash in nature and has no material impact on the group's cash flow[20](index=20&type=chunk) [Catering Business](index=8&type=section&id=Catering%20Business) Catering business revenue decreased and recorded an EBITDA loss, primarily due to intense competition in Hong Kong's catering market, local residents traveling north for consumption, and rising operating costs; the group flexibly adjusted its restaurant portfolio, optimized operational efficiency, and actively responded to challenges through special events and online sales promotions, with business expected to recover in the second half of the year Catering Business Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Year-on-year change | | :--- | :--- | :--- | :--- | | Total Revenue | 139.4 million | 142.8 million | -2.4% | | EBITDA loss | 2.8 million | 0.03 million (profit) | Turned from profit to loss | | EBITDA after deducting one-off loss provision | 3.8 million (profit) | - | - | - Hong Kong's catering market faces intense competition, the trend of Hong Kong residents traveling north for consumption continues, coupled with high rents and rising operating costs, making the overall market challenging[21](index=21&type=chunk) - The group flexibly adjusted its restaurant portfolio, optimized operational efficiency and cost structure, and actively promoted various special events and brand collaborations[21](index=21&type=chunk) - Its restaurant "Cuisine Cuisine" was awarded a **one-diamond rating** in "Black Pearl Restaurant Guide 2025"[21](index=21&type=chunk) - Continued to strengthen sales promotion through digital channels and the online store Mira eShop, with online sales maintaining ideal growth[21](index=21&type=chunk) [Travel Business](index=8&type=section&id=Travel%20Business) Travel business revenue and EBITDA significantly decreased, primarily affected by the weak local economy, exchange rate fluctuations, geopolitical tensions, and a series of unforeseen events; the group responded to challenges by flexibly adjusting its product portfolio through deep industry experience and extensive cooperation networks, successfully promoting Middle Eastern culture and in-depth travel experiences Travel Business Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue | 490.5 million | 560 million | -12.4% | | EBITDA | 15.4 million | 40.1 million | -61.6% | - The weak local economy, exchange rate fluctuations, and geopolitical security factors suppressed travel intentions, especially for long-haul and high-end travel products[23](index=23&type=chunk) - The Southeast Asian market was affected by telecom fraud and natural disasters, the Japanese market raised safety concerns due to earthquake and tsunami rumors, and the Middle East region saw reduced attractiveness of travel routes due to conflicts[23](index=23&type=chunk) - The group leveraged its deep industry experience and extensive cooperation network to flexibly adjust its product portfolio and launch distinctive travel solutions[23](index=23&type=chunk) - Organized Hong Kong's first Ramadan Iftar dinner with the Consulate General of Turkey in Hong Kong and The Mira Hong Kong, significantly enhancing the group's position in the Muslim travel market[23](index=23&type=chunk) [Operating and Other Expenses](index=9&type=section&id=Operating%20and%20Other%20Expenses) The group's total operating costs increased by **10.9%**, mainly due to higher basic operating expenses in an inflationary environment and increased professional and investment fees; the group plans to optimize its operating structure through digital transformation and system upgrades, expecting a significant long-term reduction in labor costs Operating Costs (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Year-on-year change | | :--- | :--- | :--- | :--- | | Total operating costs | 117.2 million | 126.5 million | -7.4% | | Operating costs excluding net exchange gain/(loss) impact | 134.3 million | 121 million | +10.9% | - Cost increase primarily due to higher basic operating expenses in an inflationary environment, as well as increased professional and investment fees[24](index=24&type=chunk) - The group plans to optimize its operating structure through strategic investments in digital transformation and various system upgrades[24](index=24&type=chunk) - System upgrades are expected to gradually replace labor-intensive and repetitive positions, significantly reducing labor costs in the long run[24](index=24&type=chunk) [Treasury Management and Financial Position](index=9&type=section&id=Treasury%20Management%20and%20Financial%20Position) Due to interest rate cuts in the US and Hong Kong, the group's fixed deposit interest income decreased, but its financial position remains robust with ample cash and unutilized credit facilities, and a zero debt-to-capital ratio - Due to interest rate cuts in the US and Hong Kong, the group's overall fixed deposit effective annual interest rate was **3.7%**, a **1.2% decrease** from the same period last year, resulting in a reduction of approximately **HKD 30.4 million** in interest income[25](index=25&type=chunk) Treasury Management and Financial Position Overview | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Consolidated cash | 6.2 billion | 6 billion | | Loans | None | Zero | | Total credit facilities granted | 900 million | 900 million | | Utilized credit facilities | None | Zero | | Debt-to-capital ratio | Zero | Zero | - The group maintains a sound financial policy with ample funds and credit facilities[25](index=25&type=chunk) [Condensed Consolidated Financial Statements](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the group's condensed consolidated financial statements, including the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, and cash flow statement [Consolidated Income Statement](index=10&type=section&id=Consolidated%20Income%20Statement) This statement presents the group's consolidated revenue, costs, gross profit, other income and expenses, and final profit for the six months ended June 30, 2025, showing a decrease in both revenue and profit attributable to shareholders Consolidated Income Statement Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 1,294,971 | 1,400,837 | | Gross profit | 430,296 | 490,147 | | Profit before tax | 386,108 | 465,023 | | Profit for the period | 332,265 | 400,478 | | Profit attributable to shareholders of the company | 322,118 | 373,111 | | Basic and diluted earnings per share | HKD 0.47 | HKD 0.54 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=11&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the group's profit for the period and other comprehensive income for the six months ended June 30, 2025, including fair value changes of equity securities and exchange differences, leading to the total comprehensive income Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Profit for the period | 332,265 | 400,478 | | Equity securities designated at fair value through other comprehensive income—fair value changes | 8,148 | 30,504 | | Exchange differences on translating financial statements of subsidiaries outside Hong Kong | 25,435 | (16,883) | | Total comprehensive income for the period | 365,848 | 414,099 | | Total comprehensive income attributable to shareholders of the company | 350,621 | 391,027 | [Consolidated Statement of Financial Position](index=12&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides the group's assets, liabilities, and equity as of June 30, 2025, showing total non-current and current assets, along with corresponding liabilities and shareholders' equity Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Non-current assets | 15,379,930 | 15,583,428 | | Current assets | 7,299,134 | 6,862,043 | | Current liabilities | (907,212) | (768,096) | | Net current assets | 6,391,922 | 6,093,947 | | Net assets | 21,209,046 | 21,099,926 | | Total equity attributable to shareholders of the company | 21,026,637 | 20,883,304 | [Consolidated Statement of Changes in Equity](index=14&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the group's share capital, reserves, and non-controlling interests for the six months ended June 30, 2025, including profit for the period, other comprehensive income, and dividend payments Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Total equity attributable to shareholders of the company at January 1 | 20,883,304 | 20,485,298 | | Profit for the period | 322,118 | 373,111 | | Other comprehensive income | 28,503 | 17,916 | | Total comprehensive income | 350,621 | 391,027 | | Final dividend declared for previous year | (207,288) | (207,288) | | Dividends paid to non-controlling interests | (49,440) | (19,800) | | Total equity attributable to shareholders of the company at June 30 | 21,026,637 | 20,669,037 | [Condensed Consolidated Cash Flow Statement](index=15&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) This statement summarizes the group's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, showing a net decrease in cash and cash equivalents Condensed Consolidated Cash Flow Statement Key Data (For the six months ended June 30) | Activity | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Net cash from operating activities | 273,336 | 465,475 | | Net cash used in investing activities | (3,272,837) | (2,901,528) | | Net cash used in financing activities | (25,717) | (26,069) | | Net decrease in cash and cash equivalents | (3,025,218) | (2,462,122) | | Cash and cash equivalents at June 30 | 714,139 | 510,042 | [Notes to the Unaudited Interim Financial Report](index=16&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the unaudited interim financial report, covering basis of preparation, accounting policy changes, segment reporting, profit before tax, taxation, dividends, earnings per share, property details, receivables, payables, share capital, employee retirement schemes, fair value measurement of financial instruments, capital commitments, and related party transactions [Basis of Preparation](index=16&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the Listing Rules of 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, and has been reviewed by KPMG - This interim financial report has been prepared in accordance with the Listing Rules and HKAS 34 "Interim Financial Reporting"[34](index=34&type=chunk) - This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[35](index=35&type=chunk) [Changes in Accounting Policies](index=17&type=section&id=Changes%20in%20Accounting%20Policies) The group has applied the amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," but this amendment has no significant impact on the group's financial performance or position - The group has applied the amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability"[36](index=36&type=chunk) - This amendment will not have a significant impact on the group's financial performance or financial position[36](index=36&type=chunk) [Revenue and Segment Reporting](index=17&type=section&id=Revenue%20and%20Segment%20Reporting) The group is divided into five reportable segments based on business nature: rental, hotel and serviced apartments, catering, travel, and others, with detailed revenue and adjusted EBITDA for each segment, and a reconciliation to consolidated profit before tax - The group has identified five reportable segments: rental business, hotel and serviced apartment business, catering business, travel business, and others[38](index=38&type=chunk)[39](index=39&type=chunk) - Reportable segment results are measured using "adjusted EBITDA"[39](index=39&type=chunk) Reportable Segment Revenue (For the six months ended June 30, 2025) | Segment | HKD thousand | | :--- | :--- | | Rental business | 385,468 | | Hotel and serviced apartment business | 279,572 | | Catering business | 139,429 | | Travel business | 490,502 | | Others | — | | **Total** | **1,294,971** | Reportable Segment Results (Adjusted EBITDA) (For the six months ended June 30, 2025) | Segment | HKD thousand | | :--- | :--- | | Rental business | 322,810 | | Hotel and serviced apartment business | 53,466 | | Catering business | (2,806) | | Travel business | 15,377 | | Others | (99) | | **Total** | **388,748** | [Profit Before Tax](index=20&type=section&id=Profit%20Before%20Tax) This section specifies the various expenses and income deducted or included in the calculation of profit before tax, including staff costs, finance costs, and other items Profit Before Tax Key Deductions/(Additions) (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Staff costs | 284,986 | 284,933 | | Finance costs (interest expense on lease liabilities) | 1,409 | 992 | | Dividend and interest income | (111,736) | (143,479) | | Provision for loss on other properties, plant and equipment | 4,645 | — | | Net fair value (gain)/loss on financial assets at fair value through profit or loss | (3,585) | 4,182 | [Taxation](index=21&type=section&id=Taxation) This section discloses the group's tax expense for the six months ended June 30, 2025, including Hong Kong profits tax and deferred tax, and explains the basis for tax rate calculation Tax Expense (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Taxation—Hong Kong profits tax (provided during the period) | 42,848 | 55,021 | | Taxation—Overseas tax (provided during the period) | 1,857 | 299 | | Deferred tax (fair value changes of investment properties) | 7,293 | 4,179 | | Deferred tax (arising from and reversal of temporary differences) | 1,845 | 5,046 | | **Total Taxation** | **53,843** | **64,545** | - Hong Kong profits tax provision is calculated at a rate of **16.5%**[45](index=45&type=chunk) [Dividends](index=22&type=section&id=Dividends) This section provides details of the interim dividend and dividends approved for the previous financial year Dividend Details (For the six months ended June 30) | Dividend Type | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Interim dividend declared after interim closing (HKD 23 cents per share) | 158,921 | 158,921 | | Dividend relating to previous financial year, approved during this interim period (HKD 30 cents per share) | 207,288 | 207,288 | [Earnings Per Share](index=22&type=section&id=Earnings%20Per%20Share) This section explains the calculation methods for basic and diluted earnings per share, and additionally provides the calculation for underlying earnings per share to assess the group's core business performance - Basic and diluted earnings per share are calculated based on profit attributable to shareholders of the company of **HKD 322,118,000** and **690,959,695** issued shares[50](index=50&type=chunk) Earnings Per Share Details (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted earnings per share | HKD 0.47 | HKD 0.54 | | Underlying profit attributable to shareholders of the company | HKD 341,831 thousand | HKD 398,140 thousand | | Underlying earnings per share | HKD 0.49 | HKD 0.58 | - Underlying earnings per share exclude the post-tax impact of fair value changes of investment properties[51](index=51&type=chunk) [Investment Properties, Other Properties, Plant and Equipment](index=23&type=section&id=Investment%20Properties%2C%20Other%20Properties%2C%20Plant%20and%20Equipment) This section details the revaluation of investment properties and their net decrease in fair value, and discloses additions, depreciation, and net book value of right-of-use assets - Investment properties recorded a net decrease in fair value of **HKD 14,686,000** during the period, with valuation conducted by Cushman & Wakefield Limited[52](index=52&type=chunk) - Right-of-use assets additions amounted to **HKD 5,203,000**, with depreciation expense of **HKD 24,115,000** and loss provision of **HKD 1,885,000** recognized[53](index=53&type=chunk) - At the end of the reporting period, the net book value of right-of-use assets was **HKD 69,697,000**[53](index=53&type=chunk) Operating Lease Payments (For the six months ended June 30, 2025) | Payment Type | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Fixed payments | 632 | 21 | | Variable payments | 277 | 752 | | **Total Payments** | **909** | **773** | [Trade and Other Receivables](index=24&type=section&id=Trade%20and%20Other%20Receivables) This section provides an aging analysis of trade and other receivables and explains the group's credit policy Trade Receivables Aging Analysis (As of June 30) | Aging | 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Within one month | 44,054 | 39,127 | | One to two months | 7,219 | 13,542 | | Over two months | 11,150 | 33,360 | | **Trade receivables (net of loss provision)** | **62,423** | **86,029** | | Other receivables, deposits and prepayments | 220,346 | 205,358 | | **Total** | **282,769** | **291,387** | - The general credit period allowed is **seven to sixty days** from the invoice date[56](index=56&type=chunk) [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) This section provides an aging analysis of trade and other payables and explains the terms for amounts due to non-controlling interests of subsidiaries and associates Trade Payables Aging Analysis (As of June 30) | Aging | 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Within three months or repayable on demand | 49,170 | 59,751 | | Over three months to six months | 25,486 | 36,115 | | **Trade payables** | **74,656** | **95,866** | | Other payables and accrued expenses | 228,979 | 279,784 | | Amounts due to non-controlling interests of subsidiaries | 70,656 | 70,420 | | Amounts due to associates | 4,227 | 4,236 | | Dividends payable | 207,288 | — | | **Total** | **585,806** | **450,306** | - Amounts due to non-controlling interests of subsidiaries and associates are unsecured, interest-free, and have no fixed repayment terms or are repayable on demand[57](index=57&type=chunk)[58](index=58&type=chunk) [Share Capital](index=26&type=section&id=Share%20Capital) This section lists the number and amount of the group's issued and fully paid share capital, which remained unchanged during the reporting period Issued Share Capital (As of June 30 / December 31) | Indicator | 2025 (Number of shares) | 2025 (HKD thousand) | 2024 (Number of shares) | 2024 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid share capital | 690,959,695 | 2,227,024 | 690,959,695 | 2,227,024 | [Employee Retirement Schemes](index=26&type=section&id=Employee%20Retirement%20Schemes) This section describes the defined contribution provident fund scheme and Mandatory Provident Fund (MPF) scheme for Hong Kong employees, and the defined contribution retirement scheme for employees of PRC subsidiaries, explaining the treatment of contributions and forfeited contributions - Hong Kong employees participate in a defined contribution provident fund scheme or the Mandatory Provident Fund (MPF) scheme[61](index=61&type=chunk)[62](index=62&type=chunk) - Under the MPF scheme, both employer and employee are required to contribute **5%** of the employee's relevant income, with a monthly relevant income cap of **HKD 30,000**[62](index=62&type=chunk) - Forfeited contributions used to reduce employer contributions totaled **HKD 47,000** for the six months ended June 30, 2025[62](index=62&type=chunk) - Employees of PRC subsidiaries participate in a defined contribution retirement scheme managed by the local municipal government[63](index=63&type=chunk) [Fair Value Measurement of Financial Instruments](index=27&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) This section presents the fair value hierarchy of financial instruments measured at fair value in accordance with HKFRS 13, and explains the valuation methods and data used for Level 2 and Level 3 fair value measurements - Fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs, no significant unobservable inputs), and Level 3 (significant unobservable inputs)[64](index=64&type=chunk)[66](index=66&type=chunk) Financial Assets Measured at Fair Value (As of June 30, 2025) | Item | Fair Value (HKD thousand) | Level 1 (HKD thousand) | Level 2 (HKD thousand) | Level 3 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Equity securities designated at fair value through other comprehensive income—Hong Kong listed equity securities | 63,993 | 63,993 | — | — | | Financial assets at fair value through profit or loss—Hong Kong listed equity securities | 314,931 | 314,931 | — | — | | Financial assets at fair value through profit or loss—Overseas listed equity securities | 126,182 | 126,182 | — | — | | Financial assets at fair value through profit or loss—Unlisted investment funds | 211,618 | — | 111,059 | 100,559 | - The fair value of unlisted investment funds and other financial instruments is calculated based on their reported net asset value[71](index=71&type=chunk) - The fair value of unlisted investment funds is determined by the net asset value stated in periodic reports issued by fund managers[71](index=71&type=chunk) [Capital Commitments](index=28&type=section&id=Capital%20Commitments) This section lists the group's unprovided capital commitments as of June 30, 2025, primarily related to future expenditures for properties, plant, and equipment Capital Commitments (As of June 30) | Item | 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Contracted for purchase of properties, plant and equipment | 67,863 | 13,725 | | Authorized but not contracted for purchase of properties, plant and equipment | 68,315 | 77,904 | | **Total** | **136,178** | **91,629** | [Significant Related Party Transactions](index=29&type=section&id=Significant%20Related%20Party%20Transactions) This section discloses several significant related party transactions between the group and its ultimate holding company, its subsidiaries, and associates, including property agency service fees, travel and air ticket revenue, management fee income, and rental income and expenses - Property agency service fees payable to subsidiaries of the ultimate holding company amounted to **HKD 1,500 thousand**[72](index=72&type=chunk) - Travel and air ticket revenue received from subsidiaries and associates of the ultimate holding company amounted to **HKD 2,769 thousand**[72](index=72&type=chunk) - Management fee income received from subsidiaries of the ultimate holding company amounted to **HKD 509 thousand**[72](index=72&type=chunk) - Rental and building management fee income received from a company controlled by a director for leasing an office unit in Miramar Tower A amounted to **HKD 10,123 thousand**[72](index=72&type=chunk) - Cash rent paid to an associate of the ultimate holding company for leasing a shop unit in IFC Mall amounted to **HKD 8,901 thousand**[72](index=72&type=chunk) - All related party transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules[72](index=72&type=chunk) [Ultimate Holding Company and Intermediate Holding Company](index=30&type=section&id=Ultimate%20Holding%20Company%20and%20Intermediate%20Holding%20Company) This section identifies the group's ultimate holding company as Henderson Investment Limited and its intermediate holding company as Henderson Land Development Company Limited - The ultimate holding company of the group is Henderson Investment Limited, incorporated in Hong Kong[74](index=74&type=chunk) - Henderson Land Development Company Limited is the intermediate holding company[74](index=74&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) This section covers various additional information, including share transfer registration dates, changes in directors' information, disclosure of interests, share option schemes, arrangements for share or debenture purchases, employees, and training and development [Closure of Register of Members and Record Date for Interim Dividend](index=31&type=section&id=Closure%20of%20Register%20of%20Members%20and%20Record%20Date%20for%20Interim%20Dividend) This section specifies the dates for the closure of the register of members and the record date for determining entitlement to the interim dividend, as well as the expected dividend payment date - To determine shareholders' entitlement to the interim dividend, the company will suspend registration of share transfers on Friday, September 26, 2025[76](index=76&type=chunk) - The record date for determining shareholders' entitlement to the interim dividend is the close of business on Friday, September 26, 2025[76](index=76&type=chunk) - The interim dividend is expected to be paid on Tuesday, October 14, 2025[76](index=76&type=chunk) [Changes in Directors' Information](index=31&type=section&id=Changes%20in%20Directors'%20Information) This section discloses changes in directors' information, noting that Dr. Lam Ko Yin, Colin was awarded the Gold Bauhinia Star - Dr. Lam Ko Yin, Colin was awarded the Gold Bauhinia Star (GBS) by the Government of the Hong Kong Special Administrative Region on July 1, 2025[77](index=77&type=chunk) [Disclosure of Interests](index=31&type=section&id=Disclosure%20of%20Interests) This section details the share interests and short positions of directors and substantial shareholders in the company and its associated corporations [Directors' Interests in Shares](index=31&type=section&id=Directors'%20Interests%20in%20Shares) This section lists the long positions in ordinary shares of the company and its associated corporations held by each director as of June 30, 2025 Directors' Long Positions in Ordinary Shares of Miramar Hotel and Investment Company, Limited (As of June 30, 2025) | Director Name | Other Interests (Shares) | Percentage of Total Issued Shares | | :--- | :--- | :--- | | Dr. Lee Ka Shing | 345,999,980 | 50.08% | | Mr. Tang Yat Sun, Richard | 13,490,280 (Corporate Interest) + 150,000 (Personal Interest) | 1.97% | | Dr. Fung Yuk Bun, Patrick | 10,356,412 | 1.50% | | Mr. Cheng Ka On | 9,329,568 (Personal Interest) + 4,800 (Family Interest) | 1.35% | | Mr. Leung Cheung Biu | 2,218,000 (Family Interest) | 0.32% | - Dr. Lee Ka Shing also holds significant interests in Henderson Investment Limited, Henderson Land Development Company Limited, and Henderson Development Limited[79](index=79&type=chunk) [Interests of Substantial Shareholders and Other Persons](index=33&type=section&id=Interests%20of%20Substantial%20Shareholders%20and%20Other%20Persons) This section lists the substantial shareholders and other persons who beneficially owned 5% or more of the company's issued shares as of June 30, 2025 Substantial Shareholders and Other Persons' Long Positions in Ordinary Shares of Miramar Hotel and Investment Company, Limited (As of June 30, 2025) | Substantial Shareholder | Ordinary Share Interests | Percentage of Shares | | :--- | :--- | :--- | | Dr. Lee Ka Shing | 345,999,980 | 50.08% | | Rimmer (Cayman) Limited | 345,999,980 | 50.08% | | Riddick (Cayman) Limited | 345,999,980 | 50.08% | | Hopkins (Cayman) Limited | 345,999,980 | 50.08% | | Henderson Investment Limited | 345,999,980 | 50.08% | | Henderson Land Development Company Limited | 345,999,980 | 50.08% | | Aynbury Investments Limited | 345,999,980 | 50.08% | | Higgins Holdings Limited | 120,735,300 | 17.47% | | Multiglade Holdings Limited | 128,658,680 | 18.62% | | Threadwell Limited | 96,606,000 | 13.98% | | Mr. Chong Wing Cheong | 68,910,652 | 9.97% | [Share Option Schemes](index=34&type=section&id=Share%20Option%20Schemes) The company and its subsidiaries do not have any share option schemes - The company and its subsidiaries do not have any share option schemes[83](index=83&type=chunk) [Arrangement for Purchase of Shares or Debentures](index=34&type=section&id=Arrangement%20for%20Purchase%20of%20Shares%20or%20Debentures) Neither the company nor any of its holding companies, subsidiaries, or fellow subsidiaries participated in any arrangements during the reporting period that would enable the company's directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate - Neither the company nor any of its holding companies, subsidiaries, or fellow subsidiaries participated in any arrangements during the six months ended June 30, 2025, that would enable the company's directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate[84](index=84&type=chunk) [Employees](index=34&type=section&id=Employees) As of June 30, 2025, the group had a total of 1,307 full-time employees; the group adheres to "equal opportunity employer" principles, promotes a merit-based culture, and regularly reviews its compensation and benefits plans to attract and retain talent - As of June 30, 2025, the group had a total of **1,307 full-time employees**, with **1,276** employed in Hong Kong[85](index=85&type=chunk) - The group is an "equal opportunity employer," fostering a merit-based culture and attracting talent through "total rewards management"[85](index=85&type=chunk) [Training and Development](index=34&type=section&id=Training%20and%20Development) The group considers employees its most valuable asset, committed to providing a continuous learning environment and a comprehensive learning and development blueprint covering management, business knowledge, skills, and customer service, and has consistently received awards under the "Manpower Developer Award Scheme" for years - The group is committed to providing a continuous learning environment and opportunities for employees at all levels to help them grow and enhance productivity[86](index=86&type=chunk) - Actively develops a comprehensive learning and development blueprint for employees at all levels, including training courses in management skills, business knowledge, specialized skills, and customer service skills[86](index=86&type=chunk) - Has consistently received awards under the "Manpower Developer Award Scheme" from the Employees Retraining Board since 2011[86](index=86&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) This section outlines the company's adherence to corporate governance principles, including compliance with the Corporate Governance Code, review of interim results, audit committee functions, and directors' securities transactions [Compliance with Corporate Governance Code](index=35&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules during the reporting period and explained why the roles of Chairman and Chief Executive Officer were not separated, believing it is in the company's best interest - The company complied with the code provisions contained in Appendix C1 "Corporate Governance Code" of the Listing Rules for the six months ended June 30, 2025[88](index=88&type=chunk) - The company did not separate the roles of Chairman and Chief Executive Officer as per the Corporate Governance Code, with Dr. Lee Ka Shing holding both roles[88](index=88&type=chunk) - The Board believes this arrangement is in the company's best interest, providing consistent leadership and ensuring efficiency in corporate strategy[88](index=88&type=chunk) [Review of Interim Results](index=35&type=section&id=Review%20of%20Interim%20Results) The unaudited interim results for the six months ended June 30, 2025, have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 - The unaudited interim results have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[89](index=89&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Audit Committee has reviewed the group's financial results for the six months ended June 30, 2025, and discussed matters such as internal control, risk management, and financial reporting with relevant personnel - The Audit Committee has reviewed the group's financial results for the six months ended June 30, 2025[90](index=90&type=chunk) - The committee discussed internal control, risk management, and financial reporting matters with the Director of Audit, Risk Management and Corporate Services and the independent auditor[90](index=90&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[91](index=91&type=chunk) [Standard Code for Securities Transactions by Directors](index=35&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules and confirmed that all directors complied with the code during the reporting period - The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules[92](index=92&type=chunk) - Following specific enquiries, the company confirmed that all directors complied with the standards set out in the Model Code during the accounting period covered by the interim report[92](index=92&type=chunk) [Forward-Looking Statements](index=36&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements based on the Board's current beliefs, assumptions, and expectations, but actual results may differ materially due to various risks, uncertainties, and factors beyond the company's control - This report contains certain statements that are forward-looking or use similar forward-looking terminology[93](index=93&type=chunk) - These forward-looking statements are based on the current beliefs, assumptions, and expectations of the company's Board of Directors regarding the industry and markets in which it operates[93](index=93&type=chunk) - Actual results or performance may differ materially from those expressed or implied by such forward-looking statements due to various risks, uncertainties, and other factors beyond the company's control[93](index=93&type=chunk) [Review Report](index=37&type=section&id=Review%20Report) KPMG reviewed Miramar Hotel and Investment Company, Limited's interim financial report and concluded that nothing came to their attention to suggest it was not prepared in all material respects in accordance with HKAS 34 - KPMG has conducted a review in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[96](index=96&type=chunk) - The scope of a review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, no audit opinion is expressed[96](index=96&type=chunk) - Based on the review, nothing has come to the reviewer's attention that causes them to believe that the interim financial report is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[97](index=97&type=chunk)

CONTENTS 目錄 • A reduced loss attributable to shareholders of the Company of approximately US$2.22 million, which was mainly attributable to the Group's operating and R&D expenses of approximately US$2.25 million. • In respect of the progress being made with Senstend™ in the PRC, the main objective remains for Wanbang Biopharmaceutical to obtain marketing approval by the end of 2025, with first commercial launch projected to start in Q1 2026. If the NMPA grants an import licence for Senstend™, US$5 million ( ...

[About Us](index=4&type=section&id=About%20Us) [Definitions](index=4&type=section&id=Definitions) This chapter defines key terms, company entities, and aviation operational metrics like ASK and RPK, ensuring clear understanding of the report content - The report defines key entities including 'the Company' (China Southern Airlines Company Limited), 'the Group' (China Southern Airlines and its controlled subsidiaries), 'China Southern Air Holding' (China Southern Air Holding Company Limited), and various affiliated airlines such as Xiamen Airlines and Guizhou Airlines[5](index=5&type=chunk) - The report also explains important aviation operational metrics such as Available Seat Kilometers (ASK), Available Tonne Kilometers (ATK), Revenue Passenger Kilometers (RPK), Revenue Tonne Kilometers (RTK), passenger load factor, and overall load factor, which are crucial for evaluating airline operational efficiency and market performance[7](index=7&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This chapter provides comprehensive basic information for China Southern Airlines, including legal representative, contact details, addresses, principal bankers, and auditors - The Company's legal representative is Ma Xulun, the Company Secretary is Chen Weihua, and the Joint Company Secretaries are Chen Weihua and Liu Wei[9](index=9&type=chunk) - The Company's A-shares are listed on the Shanghai Stock Exchange (stock code: **600029**), and H-shares are listed on The Stock Exchange of Hong Kong Limited (stock code: **01055**)[11](index=11&type=chunk) - The Company's controlling shareholder is China Southern Air Holding Company Limited, with principal bankers including Industrial and Commercial Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, and Agricultural Bank of China[11](index=11&type=chunk)[12](index=12&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) [Key Accounting Data and Financial Indicators of the Group at the End of the Reporting Period](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20of%20the%20Group%20at%20the%20End%20of%20the%20Reporting%20Period) The Group's H1 2025 operating revenue grew **1.77%** to **RMB 86,291 million**, with pre-tax profit up **66.39%** to **RMB 594 million**, but net loss attributable to equity holders widened **45.54%** to **RMB 1,534 million**, and net cash inflow from operating activities decreased **9.45%** Key Accounting Information for H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,291 | 84,790 | 1.77 | | Pre-tax Profit | 594 | 357 | 66.39 | | Net Loss Attributable to Equity Holders of the Company | (1,534) | (1,054) | 45.54 | | Net Cash Inflow from Operating Activities | 11,674 | 12,893 | (9.45) | | Equity Attributable to Equity Holders of the Company (2025/6/30 vs 2024/12/31) | 33,408 | 34,943 | (4.39) | | Total Assets (2025/6/30 vs 2024/12/31) | 336,775 | 329,979 | 2.06 | Key Financial Indicators for H1 2025 (RMB per share) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (0.08) | (0.06) | 33.33 | | Diluted Loss Per Share | (0.08) | (0.06) | 33.33 | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) This chapter discloses differences in net loss and equity between International Financial Reporting Standards and China Accounting Standards for Business Enterprises, primarily due to capitalization of exchange gains/losses on specific borrowings, government grant treatment, business combinations under common control, and reversal of non-current asset impairment Differences in Net Loss and Equity Attributable to Equity Holders of the Company Under Domestic and Overseas Accounting Standards (RMB million) | Indicator | H1 2025 (Net Loss) | H1 2024 (Net Loss) | 2025/6/30 (Equity) | 2024/12/31 (Equity) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards for Business Enterprises | (1,533) | (1,228) | 33,195 | 34,729 | | Under International Financial Reporting Standards | (1,534) | (1,054) | 33,408 | 34,943 | | **Major Adjustment Items:** | | | | | | Capitalization adjustment for exchange gains and losses on specific borrowings | (2) | (3) | 4 | 6 | | Transfer of government grants | – | – | (2) | (2) | | Adjustment for business combinations under common control of the Company | – | – | 237 | 237 | | Reversal of impairment of property, plant and equipment | – | 201 | – | – | | Impact of above adjustments on taxation | 1 | (81) | 1 | – | | Impact of above adjustments on non-controlling interests | – | 57 | (27) | (27) | - Under China Accounting Standards for Business Enterprises, exchange differences on foreign currency specific borrowings are capitalized, while International Financial Reporting Standards only allow partial capitalization, with the remainder recognized in profit or loss for the current period[20](index=20&type=chunk) - International Financial Reporting Standards permit the reversal of impairment losses for non-current assets other than goodwill under specific conditions, whereas China Accounting Standards for Business Enterprises do not allow such reversals[20](index=20&type=chunk) [Material Asset Mortgages, Commitments, and Contingent Liabilities](index=9&type=section&id=Material%20Asset%20Mortgages,%20Commitments,%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's total capital commitments were approximately **RMB 132,849 million**, primarily for aircraft, engine, and flight-related equipment purchases, with approximately **RMB 1,963 million** in aircraft pledged as collateral for borrowings, and contingent liabilities disclosed Capital Commitments (As of June 30, 2025, RMB million) | Commitment Category | 2025/6/30 | 2024/12/31 | | :--- | :--- | :--- | | Total Capital Commitments | 132,849 | 144,437 | | Purchase of aircraft, engines and flight-related equipment | 119,120 | - | | Investment commitments | 105 | - | | Other property, plant and equipment purchases | 13,624 | - | - As of June 30, 2025, aircraft with a book value of approximately **RMB 1,963 million** were pledged as collateral for the Group's borrowings, a decrease from **RMB 2,033 million** as of December 31, 2024[19](index=19&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Industry and Principal Business of the Company](index=10&type=section&id=Industry%20and%20Principal%20Business%20of%20the%20Company) The Company primarily offers domestic, regional, and international air passenger and cargo transportation services, alongside aircraft maintenance, agency, catering, and other extended businesses, guided by "Five Major Developments" and "Five Major Strategies" to become a world-class aviation enterprise, with China's civil aviation industry showing stable growth, rapid international market expansion, and strong cargo resilience during the reporting period - The Company's business scope is extensive, including domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services, as well as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, retail and wholesale of goods, and other diverse services[21](index=21&type=chunk)[24](index=24&type=chunk) - The Company has established a high-quality development strategy of "adhering to five major developments, implementing five major strategies, promoting six major actions, and achieving six major transformations," aiming to initially build a coordinated development pattern with air transportation as the core and pillar industries as the backbone by 2025[25](index=25&type=chunk) 2025年上半年中國民航行業運輸數據 | Indicator | Total Transport Turnover | Passenger Transport Volume | Cargo and Mail Transport Volume | | :--- | :--- | :--- | :--- | | Value | 78.35 billion tonne-kilometers | 370 million passenger trips | 4.784 million tonnes | | Year-on-year Growth | 11.4% | 6.0% | 14.6% | [Principal Business](index=10&type=section&id=Principal%20Business) The Company primarily provides domestic, regional, and international air passenger, cargo, mail, and baggage transportation services, while also expanding into diversified businesses such as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, and retail/wholesale of goods, aiming for comprehensive aviation services - The Company's business scope covers domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services[21](index=21&type=chunk) - The Company also provides diversified services including aircraft maintenance, agency, catering, ground extension, civil aircraft type training, asset leasing, travel agency, retail and wholesale of goods, health check-ups, internet sales, and insurance agency[21

INTERIM REPORT 2025 中期報告 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Executive Directors Mr. Liu Xue Heng (Chairman and Chief Executive Officer) Mr. Lam Ka Tak Mr. Hou Gongda Non-executive Directors Mr. Hu Yebi Ms. Hu Yi Na Independent Non-executive Directors Mr. Tse Man Kit, Keith Mr. Lok Lawrence Yuen Ming Mr. Xin Luo Lin Mr. Pan Lihui AUTHORISED REPRESENTATIVES (for the purposes of Listing Rules) Mr. Kwok Yu Fung Mr. Hu Yebi COMPANY SECRETARY Mr. Kwok Yu Fung AUDIT COMMITTEE Mr. Lok Lawrence Yuen Ming ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides fundamental corporate information for Texhong International Group Limited, including board members, committee structures, and key professional advisors - Executive Directors include Mr. Hong Tianzhu (Chairman), Mr. Zhu Yongxiang (Vice Chairman and CEO), and Mr. Ye Lixin[5](index=5&type=chunk) - Independent Non-executive Directors and Audit Committee members include Mr. Shu Huadong (Chairman), Professor Tao Xiaoming, and Professor Cheng Longdi[5](index=5&type=chunk) - The company's auditor is PricewaterhouseCoopers[10](index=10&type=chunk) - The company's stock code is **2678**[11](index=11&type=chunk) [Condensed Consolidated Income Statement](index=6&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company's revenue slightly decreased, but gross profit, operating profit, and profit for the period all achieved significant growth, with basic earnings per share increasing accordingly Key Data from Condensed Consolidated Income Statement (RMB thousands) | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11,034,056 | 11,243,529 | -1.9% | | Cost of sales | (9,468,405) | (9,763,980) | -3.0% | | Gross profit | 1,565,651 | 1,479,549 | +5.8% | | Operating profit | 661,026 | 614,071 | +7.6% | | Profit before income tax | 573,618 | 368,728 | +55.6% | | Profit for the period | 463,510 | 285,487 | +62.3% | | Profit attributable to owners of the Company | 418,834 | 273,156 | +53.3% | | Basic earnings per share (RMB) | 0.46 | 0.30 | +53.3% | [Condensed Consolidated Statement of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's profit for the period and total comprehensive income both significantly increased year-on-year, primarily driven by the rise in profit for the period Key Data from Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 463,510 | 285,487 | +62.3% | | Other comprehensive income | 9,568 | 13,847 | -30.9% | | Total comprehensive income for the period | 473,078 | 299,334 | +58.0% | | Attributable to owners of the Company | 430,235 | 284,637 | +51.1% | | Attributable to non-controlling interests | 42,843 | 14,697 | +191.5% | [Condensed Consolidated Balance Sheet](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets and total equity both increased, with current assets rising while non-current assets and non-current liabilities decreased, indicating continuous optimization of the asset-liability structure Key Data from Condensed Consolidated Balance Sheet (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 10,162,233 | 10,519,769 | -3.4% | | Current assets | 10,998,145 | 10,270,743 | +7.1% | | **Total assets** | **21,160,378** | **20,790,512** | **+1.8%** | | Equity attributable to owners of the Company | 9,801,535 | 9,455,022 | +3.7% | | Non-controlling interests | 490,606 | 502,048 | -2.3% | | **Total equity** | **10,292,141** | **9,957,070** | **+3.4%** | | Non-current liabilities | 2,157,260 | 3,473,484 | -37.9% | | Current liabilities | 8,710,977 | 7,359,958 | +18.3% | | **Total liabilities** | **10,868,237** | **10,833,442** | **+0.3%** | [Condensed Consolidated Statement of Changes in Equity](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased, primarily due to profit for the period, also reflecting the retrospective impact of accounting policy changes and dividend distributions Key Data from Condensed Consolidated Statement of Changes in Equity (RMB thousands) | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Balance at January 1 (Restated) | 9,957,070 | 9,568,708 | | Profit for the period | 463,510 | 285,487 | | Other comprehensive income | 11,401 | 11,481 | | Dividends paid to non-controlling interests | (54,285) | (130,715) | | Dividends for 2024 | (83,722) | — | | Balance at June 30 | 10,292,141 | 9,737,327 | - The impact of accounting policy changes (Note 3) on the balance at January 1, 2025, was **RMB(180,215) thousands**[22](index=22&type=chunk) [Condensed Consolidated Cash Flow Statement](index=14&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash inflow from operating activities increased, but investment activities shifted from net inflow to net outflow, and net cash outflow from financing activities slightly increased, resulting in a net decrease in cash and cash equivalents Key Data from Condensed Consolidated Cash Flow Statement (RMB thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash inflow from operating activities | 2,853,564 | 2,403,440 | | Net cash (outflow) / inflow from investing activities | (206,908) | 903,716 | | Net cash outflow from financing activities | (2,813,665) | (2,800,389) | | Net (decrease) / increase in cash and cash equivalents | (167,009) | 506,767 | | Cash and cash equivalents at end of period | 2,707,872 | 2,674,857 | - Cash outflow for the purchase of property, plant and equipment increased to **RMB401,470 thousands** (2024: RMB369,637 thousands)[24](index=24&type=chunk) - Cash outflow for repayment of borrowings increased to **RMB5,974,485 thousands** (2024: RMB4,881,099 thousands)[25](index=25&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, financial risk management, segment information, changes and composition of various assets and liabilities, tax information, related-party transactions, and subsequent events, offering essential context and details for understanding the financial statements [1. General Information](index=16&type=section&id=1.%20GENERAL%20INFORMATION) Texhong International Group Limited and its subsidiaries primarily manufacture and sell yarn, grey fabric, non-woven fabric, and finished fabric; these unaudited condensed consolidated financial statements are presented in RMB - The Group's principal activities are the manufacturing and sale of yarn, grey fabric, non-woven fabric, and finished fabric[27](index=27&type=chunk) - The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since December 9, 2004[28](index=28&type=chunk) - These condensed consolidated financial statements are unaudited and presented in **RMB**[29](index=29&type=chunk)[32](index=32&type=chunk) [2. Basis of Preparation](index=17&type=section&id=2.%20BASIS%20OF%20PREPARATION) These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the HKICPA and should be read in conjunction with the company's annual consolidated financial statements for the year ended December 31, 2024 - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the HKICPA[33](index=33&type=chunk) - They should be read in conjunction with the Company's annual consolidated financial statements for the year ended December 31, 2024[33](index=33&type=chunk) [3. Material Accounting Policies](index=17&type=section&id=3.%20MATERIAL%20ACCOUNTING%20POLICIES) The Group's accounting policies are consistent with the 2024 annual financial statements, except for a retrospective change in the accounting policy for buildings from the revaluation method to the cost method effective January 1, 2025, and the adoption of amended HKAS 21, while the impact of HKFRS 18 is still being assessed - Effective January 1, 2025, the Group changed its accounting policy for owner-occupied buildings from the revaluation method to the cost method to avoid valuation volatility and enhance comparability of financial information, with this change applied retrospectively[39](index=39&type=chunk)[40](index=40&type=chunk) Impact of Change in Accounting Policy for Buildings on H1 2024 Condensed Consolidated Income Statement (RMB thousands) | Metric | As previously reported | Impact of adopting cost model under HKAS 16 | Restated | | :--- | :--- | :--- | :--- | | General and administrative expenses | (600,904) | 3,525 | (597,379) | | Other income | 83,663 | 90 | 83,753 | | Operating profit | 610,456 | 3,615 | 614,071 | | Profit before income tax | 365,113 | 3,615 | 368,728 | | Income tax expense | (82,844) | (397) | (83,241) | | Profit for the period | 282,269 | 3,218 | 285,487 | | Attributable to owners of the Company | 269,938 | 3,218 | 273,156 | | Basic earnings per share (RMB) | 0.29 | 0.01 | 0.30 | Impact of Change in Accounting Policy for Buildings on December 31, 2024 Consolidated Balance Sheet (RMB thousands) | Metric | As previously reported | Impact of adopting cost model under HKAS 16 | Restated | | :--- | :--- | :--- | :--- | | Property, plant and equipment | 8,282,247 | (188,329) | 8,093,918 | | Investment properties | 377,491 | (3,883) | 373,608 | | Other reserves | 1,098,714 | (180,215) | 918,499 | | Deferred income tax liabilities | 155,445 | (11,997) | 143,448 | | Total assets | 20,982,724 | (192,212) | 20,790,512 | | Total equity | 10,137,285 | (180,215) | 9,957,070 | | Total liabilities | 10,845,439 | (11,997) | 10,833,442 | - The Group adopted amendments to HKAS 21 'Lack of Exchangeability', effective January 1, 2025, which did not result in a change in accounting policy[57](index=57&type=chunk) - HKFRS 18 'Presentation and Disclosure in Financial Statements' will be effective January 1, 2027, and is expected to primarily impact the presentation of the consolidated statement of comprehensive income, with the Group still assessing its impact[60](index=60&type=chunk)[62](index=62&type=chunk) [4. Accounting Estimates and Judgements](index=28&type=section&id=4.%20ACCOUNTING%20ESTIMATES%20AND%20JUDGEMENTS) The preparation of condensed consolidated financial statements involves accounting estimates and management judgments, which, except for changes in income tax provision estimates, are consistent with those used in the 2024 annual consolidated financial statements - The key judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2024, except for changes in estimates for income tax provisions[65](index=65&type=chunk) [5. Financial Risk Management](index=28&type=section&id=5.%20FINANCIAL%20RISK%20MANAGEMENT) The Group faces various financial risks, including foreign exchange, price, interest rate, credit, and liquidity risks, managed through forward foreign exchange contracts, cross-currency swap contracts, cotton futures, and options contracts, with no significant changes in risk management policies or liquidity risk since the last year-end - The Group's operations are exposed to various financial risks, including foreign exchange risk, price risk, cash flow and fair value interest rate risk, credit risk, and liquidity risk[66](index=66&type=chunk) - To manage foreign exchange risk, interest rate risk, and price risk, the Group enters into forward foreign exchange contracts, cross-currency swap contracts, cotton futures contracts, and cotton option contracts, respectively[66](index=66&type=chunk) - Risk management policies have not changed since the end of the prior year, and there have been no significant changes in the undiscounted contractual cash outflows for financial liabilities[70](index=70&type=chunk)[71](index=71&type=chunk) Financial Assets and Liabilities Measured at Fair Value as of June 30, 2025 (RMB thousands) | | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Financial assets at fair value through other comprehensive income | — | 345,669 | — | 345,669 | | Financial assets at fair value through profit or loss | — | — | 17,982 | 17,982 | | Derivative financial instruments | — | 35,984 | — | 35,984 | | **Total assets** | **—** | **381,653** | **17,982** | **399,635** | | **Liabilities** | | | | | | Derivative financial instruments | — | 40,751 | — | 40,751 | | **Total liabilities** | **—** | **40,751** | **—** | **40,751** | [6. Revenue and Segment Information](index=34&type=section&id=6.%20REVENUE%20AND%20SEGMENT%20INFORMATION) The Group's operating segments are categorized by product and geography, with the Executive Directors' Committee serving as the chief operating decision maker; for the six months ended June 30, 2025, revenue from external customers in Asia and America accounted for 89.7% and 9.8% of total revenue, respectively, with segment results assessed based on revenue and operating profit - The chief operating decision maker is the Company's Executive Directors' Committee, and operating segments are classified by product and geographical perspective[80](index=80&type=chunk)[84](index=84&type=chunk) - For the six months ended June 30, 2025, revenue from external customers in Asia and America accounted for **89.7%** and **9.8%** of the Group's total revenue, respectively (H1 2024: 92.4% and 7.2%)[85](index=85&type=chunk) H1 2025 Segment Revenue (from external customers, RMB thousands) | Product Segment | China | Southeast Asia | America | Others | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Yarn | 7,258,636 | 1,341,669 | 192,721 | 144,531 | 8,937,557 | | Fabric and Garment | 1,329,490 | 103,971 | 424,291 | — | 1,857,752 | | Grey Fabric | 137,194 | — | — | — | 137,194 | | Non-woven Fabric | 51,186 | 17,879 | — | — | 69,065 | | Others | 50 | 32,438 | — | — | 32,488 | | **Total Revenue** | **8,776,556** | **1,495,957** | **617,012** | **144,531** | **11,034,056** | H1 2025 Segment Results (RMB thousands) | Product Segment | China | Southeast Asia | America | Others | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Yarn | 235,027 | 325,449 | 17,792 | (28,210) | 549,058 | | Fabric and Garment | 67,563 | 38,241 | 30,842 | — | 136,646 | | Grey Fabric | (12,551) | — | — | — | (12,551) | | Non-woven Fabric | (2,970) | (11,566) | — | — | (14,536) | | Others | (13,333) | 11,086 | — | — | (2,247) | | **Total Segment Results** | **273,736** | **363,210** | **48,634** | **(28,210)** | **657,370** | [7. Expenses by Nature](index=38&type=section&id=7.%20EXPENSES%20BY%20NATURE) This section presents various expense items included in cost of sales, selling and distribution expenses, and general and administrative expenses in the condensed consolidated income statement, with inventory costs being the largest component Major Expense Items (RMB thousands) | Expense Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Cost of inventories | 7,492,346 | 7,846,768 | | Employee benefit expenses | 1,253,332 | 1,189,609 | | Power and fuel | 741,496 | 723,430 | | Depreciation and amortisation | 474,909 | 493,445 | | Transportation costs | 174,051 | 171,898 | [8. Other Income and Other Losses — Net](index=39&type=section&id=8.%20OTHER%20INCOME%20AND%20OTHER%20LOSSES%20%E2%80%94%20NET) For the six months ended June 30, 2025, the Group's net other income significantly increased, primarily due to growth in subsidy and rental income, while net other losses also substantially rose, mainly impacted by unrealized derivative financial instrument losses and exchange losses Other Income — Net (RMB thousands) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Subsidy income | 107,076 | 72,211 | | Rental income | 36,288 | 26,037 | | Depreciation of investment properties and leased property, plant and equipment | (13,278) | (14,495) | | **Total Other Income — Net** | **130,086** | **83,753** | Other Losses — Net (RMB thousands) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Derivative financial instruments at fair value through profit or loss: realised gains | 73,163 | 75,909 | | Derivative financial instruments at fair value through profit or loss: unrealised losses | (63,394) | (16,963) | | Exchange losses — net | (127,622) | (123,783) | | **Total Other Losses — Net** | **(99,367)** | **(21,116)** | - Subsidy income primarily relates to development incentive policies provided by local governments in Mainland China based on the amount of value-added tax and enterprise income tax paid[100](index=100&type=chunk) - The Group incurred accrued expenses of **RMB3,143 thousands** from returned assets, net of operating costs and related interest[100](index=100&type=chunk) [9. Finance Costs — Net](index=41&type=section&id=9.%20FINANCE%20COSTS%20%E2%80%94%20NET) For the six months ended June 30, 2025, the Group's net finance costs significantly decreased, primarily due to reduced interest expense on borrowings and net exchange gains from financing activities instead of losses Finance Costs — Net (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest expense — borrowings | 177,636 | 240,368 | | Net exchange (gains) / losses arising from financing activities | (35,526) | 20,768 | | Finance costs | 144,953 | 262,619 | | Finance income — interest income from bank deposits | (71,131) | (37,925) | | **Finance Costs — Net** | **73,822** | **224,694** | [10. Income Tax Expense](index=42&type=section&id=10.%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, income tax expense increased, mainly due to deferred income tax growth, with the Group operating in Mainland China, Hong Kong, Vietnam, and America, enjoying various tax incentives, and assessing Pillar Two income tax risks in Vietnam and Hong Kong as not significant Income Tax Expense (RMB thousands) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Current tax on profit for the period | 65,559 | 75,834 | | Deferred income tax | 44,549 | 7,407 | | **Income Tax Expense** | **110,108** | **83,241** | - Sixteen subsidiaries established in Mainland China obtained High and New Technology Enterprise qualifications, enjoying a preferential tax rate of **15%**[109](index=109&type=chunk) - Vietnamese subsidiaries enjoy a four-year income tax exemption and a 50% tax reduction for the subsequent nine years, and are entitled to a preferential income tax rate of **10%** for fifteen years[110](index=110&type=chunk) - The Group applied the exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as prescribed by the amendments to HKAS 12[117](index=117&type=chunk) - The Group assessed that the risk of Pillar Two income tax in Vietnam and Hong Kong is not significant, and no current income tax expense was recognised in this regard during the period[121](index=121&type=chunk)[122](index=122&type=chunk) [11. Earnings Per Share](index=46&type=section&id=11.%20EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company increased to RMB0.46 from RMB0.30 in the prior period, with diluted earnings per share being the same as basic earnings per share due to no dilutive shares Earnings Per Share (RMB) | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Basic earnings per share | 0.46 | 0.30 | | Diluted earnings per share | 0.46 | 0.30 | - Profit attributable to owners of the Company was **RMB418,834 thousands** (2024: RMB273,156 thousands)[127](index=127&type=chunk) - The weighted average number of ordinary shares in issue was **918,000 thousands**[127](index=127&type=chunk) [12. Freehold Land](index=47&type=section&id=12.%20FREEHOLD%20LAND) As of June 30, 2025, the net book value of freehold land slightly decreased, primarily due to currency translation differences Net Book Value of Freehold Land (RMB thousands) | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Net book value at beginning of period | 104,718 | 109,393 | | Exchange differences on translation | (434) | (231) | | Net book value at end of period | 104,284 | 109,162 | [13. Property, Plant and Equipment](index=48&type=section&id=13.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) As of June 30, 2025, the net book value of property, plant and equipment decreased, mainly due to depreciation, impairment, and the retrospective impact of accounting policy changes, despite new additions during the period Changes in Net Book Value of Property, Plant and Equipment (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net book value at beginning of period (Restated) | 8,093,918 | 8,299,560 | | Additions | 329,311 | 286,911 | | Transferred to investment properties | (11,811) | (2,339) | | Disposals | (87,585) | (46,018) | | Depreciation expense | (442,950) | (450,957) | | Impairment | (27,590) | (4,153) | | Exchange differences on translation | (4,018) | (146) | | Net book value at end of period | 7,849,275 | 8,082,858 | - As of June 30, 2025, and December 31, 2024, no property, plant and equipment was pledged[132](index=132&type=chunk) - For the six months ended June 30, 2025, no finance costs were capitalised as part of property, plant and equipment (H1 2024: **RMB2,020 thousands**)[133](index=133&type=chunk) [14. Investment Properties](index=49&type=section&id=14.%20INVESTMENT%20PROPERTIES) As of June 30, 2025, investment properties are accounted for at historical cost, with their net book value slightly increasing, primarily located in China and Southeast Asia, generating rental income Changes in Net Book Value of Investment Properties (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net book value at beginning of period (Restated) | 373,608 | 377,447 | | Transferred from property, plant and equipment | 11,811 | 2,339 | | Transferred from right-of-use assets | 5,101 | 435 | | Depreciation expense | (10,883) | (14,495) | | Exchange differences on translation | (474) | 1,766 | | Net book value at end of period | 379,163 | 367,492 | Amounts Recognized in Profit or Loss for Investment Properties (RMB thousands) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Rental income from operating leases | 25,981 | 26,037 | | Depreciation expense | (10,883) | (14,495) | - Investment properties are located in China and Southeast Asia and are depreciated on a straight-line basis over 5 to 50 years; freehold land is not depreciated[138](index=138&type=chunk) [15. Leases](index=51&type=section&id=15.%20LEASES) As of June 30, 2025, both right-of-use assets and lease liabilities decreased, and total lease cash payments during the period also declined compared to the prior period Right-of-Use Assets (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Land use rights | 1,002,025 | 1,054,072 | | Buildings and warehouses | 120,404 | 138,349 | | Equipment and others | 3,065 | 4,890 | | **Total** | **1,125,494** | **1,197,311** | Lease Liabilities (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current | 47,503 | 48,889 | | Non-current | 108,644 | 131,111 | | **Total** | **156,147** | **180,000** | Lease-Related Amounts Presented in Condensed Consolidated Income Statement (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 32,523 | 40,657 | | Interest expense | 2,843 | 3,503 | | Expense relating to short-term leases | 4,513 | 3,884 | | Expense relating to leases of low-value assets | 14 | 6 | - Total cash payments for leases during the period amounted to **RMB19,421 thousands** (H1 2024: RMB33,441 thousands)[145](index=145&type=chunk) [16. Intangible Assets](index=53&type=section&id=16.%20INTANGIBLE%20ASSETS) As of June 30, 2025, the net book value of intangible assets slightly decreased, primarily due to amortisation expense Changes in Net Book Value of Intangible Assets (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net book value at beginning of period | 58,095 | 61,756 | | Amortisation expense | (1,831) | (1,831) | | Net book value at end of period | 56,264 | 59,925 | [17. Investments Accounted for Using the Equity Method](index=54&type=section&id=17.%20INVESTMENTS%20ACCOUNTED%20FOR%20USING%20THE%20EQUITY%20METHOD) As of June 30, 2025, the Group's total investments accounted for using the equity method decreased, with a reduction in the share of losses from associates and an increase in the share of profits from joint ventures Investments Accounted for Using the Equity Method (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Associates | 344,743 | 356,675 | | Joint ventures | 5,234 | 4,954 | | **Total** | **349,977** | **361,629** | Amounts Recognized in Condensed Consolidated Income Statement for Investments Accounted for Using the Equity Method (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Associates | (13,866) | (20,806) | | Joint ventures | 280 | 157 | | **Total** | **(13,586)** | **(20,649)** | - In the Group's share of changes in net assets of associates, the share of losses decreased, and the share of other comprehensive income also decreased[152](index=152&type=chunk) [18. Inventories and Properties Under Development](index=56&type=section&id=18.%20INVENTORIES%20AND%20PROPERTIES%20UNDER%20DEVELOPMENT) As of June 30, 2025, total inventories increased, primarily in raw materials and finished goods, while properties under development also slightly grew, with most land use rights located in Mainland China Inventories (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw materials | 3,223,419 | 2,501,852 | | Work in progress | 362,379 | 342,277 | | Finished goods | 2,065,597 | 1,984,565 | | Less: provision for write-down of inventories to net realisable value | (282,379) | (285,587) | | **Total** | **5,369,016** | **4,543,107** | Properties Under Development (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Expected to be completed after 12 months | 160,758 | 261,510 | | Expected to be completed within 12 months | 132,894 | — | | **Total** | **293,652** | **261,510** | | Land use rights | 205,281 | 205,281 | | Construction costs | 88,371 | 56,229 | - As of June 30, 2025, land use rights in Mainland China amounted to **RMB205,281 thousands**, with lease terms ranging from **40 to 70 years**[157](index=157&type=chunk) [19. Trade and Bills Receivables](index=58&type=section&id=19.%20TRADE%20AND%20BILLS%20RECEIVABLES) As of June 30, 2025, net trade and bills receivables increased, primarily due to growth in bills receivables, with the Group generally granting credit terms of 90 to 120 days to customers and having no concentrated credit risk due to a large customer base Trade and Bills Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 1,176,973 | 1,188,956 | | Bills receivables | 480,913 | 302,898 | | Less: impairment allowance | (113,523) | (87,919) | | **Trade and Bills Receivables — Net** | **1,544,363** | **1,403,935** | - The Group generally grants credit terms of **within 90 days** to its Mainland China customers and **within 120 days** to customers in other countries and regions[163](index=163&type=chunk) - Due to the large number of customers, there is no concentrated credit risk in trade and bills receivables for the Group[166](index=166&type=chunk) [20. Financial Assets at FVOCI](index=60&type=section&id=20.%20FINANCIAL%20ASSETS%20AT%20FVOCI) As of June 30, 2025, the Group's bills receivables, held both to collect contractual cash flows and for sale, are classified as financial assets at fair value through other comprehensive income, and their amount decreased Financial Assets at Fair Value Through Other Comprehensive Income (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current — Bills receivables | 345,669 | 375,631 | - Bills receivables held both to collect contractual cash flows and for selling these assets are classified as financial assets at fair value through other comprehensive income[168](index=168&type=chunk) [21. Prepayments, Deposits and Other Receivables](index=61&type=section&id=21.%20PREPAYMENTS%2C%20DEPOSITS%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, net prepayments, deposits, and other receivables slightly increased, with VAT recoverable remaining the largest component Prepayments, Deposits and Other Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | VAT recoverable | 294,190 | 363,339 | | Prepayments for purchase of raw materials | 131,292 | 136,555 | | Deposits | 78,260 | 50,072 | | Amounts due from related parties | 78,021 | 78,310 | | Prepaid income tax | 59,308 | 25,269 | | Prepayments, deposits, other receivables — net | 694,249 | 681,717 | [22. Derivative Financial Instruments](index=62&type=section&id=22.%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS) As of June 30, 2025, the Group's derivative financial instrument assets and liabilities changed, primarily including forward foreign exchange contracts, cross-currency swap contracts, cotton option contracts, and cotton futures contracts, with these non-hedging derivatives classified as current assets or liabilities Derivative Financial Instruments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets:** | | | | Forward foreign exchange contracts | 30,295 | 99,963 | | Cotton option contracts | 5,147 | 689 | | Cotton futures contracts | 542 | — | | **Liabilities:** | | | | Cross-currency swap contracts | 24,424 | 2,040 | | Forward foreign exchange contracts | 11,286 | 39,451 | | Cotton option contracts | 5,041 | — | | Cotton futures contracts | — | 534 | - Non-hedging derivative instruments are classified as current assets or liabilities[174](index=174&type=chunk) - The total notional principal amount of forward foreign exchange contracts was **RMB3,460,123 thousands** (December 31, 2024: RMB5,360,201 thousands)[175](index=175&type=chunk) [23. Share Capital and Share Premium](index=64&type=section&id=23.%20SHARE%20CAPITAL%20AND%20SHARE%20PREMIUM) As of June 30, 2025, the Company's authorised share capital and issued and fully paid share capital remained unchanged Share Capital and Share Premium (RMB thousands) | Item | June 30, 2025 and December 31, 2024 | | :--- | :--- | | Authorised ordinary shares (par value HK$0.1 per share) | 400,000 (HKD thousands) | | Issued and fully paid ordinary shares (par value HK$0.1 per share) | 96,958 | | Share premium | 462,059 | | **Total** | **559,017** | - The number of ordinary shares in issue was **918,000 thousands**[176](index=176&type=chunk) [24. Borrowings](index=65&type=section&id=24.%20BORROWINGS) As of June 30, 2025, the Group's total borrowings decreased, primarily due to a strategic reduction in bank borrowings to optimize the balance sheet structure, with borrowings denominated in RMB, HKD, VND, and USD, and a lower weighted average effective annual interest rate Total Borrowings (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current borrowings | 3,931,690 | 3,199,142 | | Non-current borrowings | 1,889,794 | 3,196,353 | | **Total borrowings** | **5,821,484** | **6,395,495** | - Bank borrowings of **RMB199,900 thousands** are secured by export tax refunds receivable[179](index=179&type=chunk) - Other bank borrowings of **RMB5,196,584 thousands** are guaranteed by certain subsidiaries of the Group[180](index=180&type=chunk) Borrowings by Currency (RMB thousands) | Currency | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | RMB | 4,134,239 | 4,091,483 | | HKD | 942,811 | 1,811,221 | | VND | 483,145 | 205,255 | | USD | 261,289 | 287,536 | | **Total** | **5,821,484** | **6,395,495** | - The weighted average effective annual interest rate as of June 30, 2025, was **3.64%** (December 31, 2024: 3.95%)[185](index=185&type=chunk) - The Group's unutilised borrowing facilities amounted to approximately **RMB2,149,456 thousands**[185](index=185&type=chunk) [25. Trade and Bills Payables](index=68&type=section&id=25.%20TRADE%20AND%20BILLS%20PAYABLES) As of June 30, 2025, total trade and bills payables increased, primarily due to growth in bills payables, including amounts due to related parties Trade and Bills Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 811,771 | 792,006 | | Bills payables | 192,286 | 94,387 | | **Total** | **1,004,057** | **886,393** | - As of June 30, 2025, trade payables included amounts due to related parties of **RMB63,449 thousands** (December 31, 2024: RMB36,429 thousands)[188](index=188&type=chunk) Ageing Analysis of Trade and Bills Payables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 855,020 | 809,439 | | 91 to 180 days | 126,569 | 37,547 | | 181 days to 1 year | 18,729 | 28,604 | | Over 1 year | 3,739 | 10,803 | | **Total** | **1,004,057** | **886,393** | [26. Accruals and Other Payables](index=70&type=section&id=26.%20ACCRUALS%20AND%20OTHER%20PAYABLES) As of June 30, 2025, total accruals and other payables slightly decreased, with accrued wages and salaries, accrued operating expenses, and payables for property, plant and equipment purchases being the main components Accruals and Other Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Accrued wages and salaries | 286,416 | 303,036 | | Accrued operating expenses | 137,624 | 155,864 | | Payables for purchase of property, plant and equipment | 124,272 | 196,431 | | Dividends payable | 83,722 | — | | Taxes payable (other than enterprise income tax) | 50,261 | 60,012 | | **Total** | **751,955** | **811,473** | [27. Supply Chain Financing](index=71&type=section&id=27.%20SUPPLY%20CHAIN%20FINANCING) As of June 30, 2025, the Group's total supply chain financing increased, primarily consisting of secured financing repayable within one year, denominated in RMB, USD, HKD, and EUR Supply Chain Financing (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Secured | 2,570,139 | 1,911,445 | | Unsecured | — | 200,000 | | **Total** | **2,570,139** | **2,111,445** | - The carrying amount of supply chain financing is denominated in **RMB, USD, HKD, and EUR**[196](index=196&type=chunk) - The Group's supply chain financing is repayable **within 1 year**[196](index=196&type=chunk) [28. Dividends](index=72&type=section&id=28.%20DIVIDENDS) During the period, the Company recognized a final dividend of RMB83,722 thousands related to the year ended December 31, 2024, as a liability, and the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - A final dividend of **HK$0.10 per ordinary share**, amounting to **RMB83,722 thousands** related to the year ended December 31, 2024, was recognized as a liability in the financial statements[197](index=197&type=chunk) - The Board recommended not to declare an interim dividend for the six months ended June 30, 2025[199](index=199&type=chunk) [29. Commitments](index=72&type=section&id=29.%20COMMITMENTS) As of June 30, 2025, the Group's total capital expenditure commitments increased, primarily for property, plant and equipment Total Capital Expenditure Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorised but not contracted for | 507,976 | 477,036 | | Contracted but not provided for | 396,551 | 190,787 | | **Total capital expenditure commitments** | **904,527** | **667,823** | [30. Related-Party Transactions](index=73&type=section&id=30.%20RELATED-PARTY%20TRANSACTIONS) This section discloses significant transactions and balances between the Group and related parties, including sales and purchases of goods, energy and water, fixed assets, and the return of certain assets, with all transactions conducted in the ordinary course of business and balances being unsecured, interest-free, and repayable on demand Related-Party Transactions (RMB thousands) | Transaction Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales of goods | 46,758 | 54,590 | | Purchases of goods | 61,177 | 57,425 | | Sales of power and fuel | 5,962 | 14,209 | | Purchases of power and fuel | 114,092 | 95,452 | | Purchases of services | 27,681 | 21,860 | | Purchases of fixed assets | 2,877 | — | | Return of certain assets | 111,684 | — | | Expenses arising from certain returned assets | 3,143 | — | Balances with Related Parties (RMB thousands) | Balance Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 24,602 | 32,076 | | Trade payables | 63,449 | 36,429 | | Prepayments, deposits and other receivables | 78,021 | 78,310 | | Accruals and other payables | — | 38,885 | - Total key management personnel compensation amounted to **RMB3,194 thousands** (H1 2024: RMB2,653 thousands)[217](index=217&type=chunk) - Balances with related parties are unsecured, interest-free, and repayable on demand[215](index=215&type=chunk) [31. Subsequent Event](index=81&type=section&id=31.%20SUBSEQUENT%20EVENT) On July 7, 2025, the Company completed the exercise of a put option to acquire Mr. Wei Zhihua's entire 10% equity interest in Qingye International Group Limited (a joint venture), paying 95% of the initial consideration (approximately HK$248,746 thousands), with the remainder subject to verification - On July 7, 2025, the Company completed the acquisition of Mr. Wei Zhihua's entire **10%** equity interest in Qingye International Group Limited (a joint venture)[218](index=218&type=chunk) - The Company paid **95%** of the initial consideration, approximately **HK$248,746 thousands**, with the remainder subject to verification by the accounting firm[218](index=218&type=chunk) [Management Discussion and Analysis](index=82&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's detailed discussion and analysis of the company's performance for the six months ended June 30, 2025, covering macroeconomic environment, industry review, business segment performance, future outlook, and key financial indicators, demonstrating solid operating results and improved profitability despite global economic uncertainties [Overview](index=82&type=section&id=OVERVIEW) During the review period, complex global geopolitical situations and intensified international trade conflicts, particularly the US 'reciprocal tariffs' policy, disrupted international trade order, while China's counter-cyclical policies maintained overall stable domestic demand with differentiated consumption trends, yet the Group achieved robust sales growth and improved gross margins through excellent execution and balanced global production layout - The global geopolitical landscape was complex and volatile, with intensified international trade conflicts, and the US 'reciprocal tariffs' policy significantly disrupted the international trade order[221](index=221&type=chunk) - China's 'Two New' policies drove growth in related commodity sales and manufacturing investment, with overall stable domestic demand but clear differentiation in consumption, as consumers shifted towards 'self-pleasure consumption' and 'value for money', leading to a 'volume up, price down' trend in commodity consumption[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) H1 2025 Key Financial Performance | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Sales revenue | approximately RMB11.0 billion | approximately RMB11.2 billion | -1.9% | | Overall gross profit margin | approximately **14.2%** | approximately **13.2%** | +1.0 percentage points | | Net profit | approximately **RMB463.5 million** | approximately RMB285.5 million | +62.3% | | Profit attributable to owners of the Company | approximately **RMB418.8 million** | approximately RMB273.2 million | +53.3% | | Basic earnings per share | **RMB0.46** | RMB0.30 | +53.3% | - As of June 30, 2025, the Group's gearing ratio was **51%** (year-end 2024: 52%)[230](index=230&type=chunk) [Industry Review](index=85&type=section&id=INDUSTRY%20REVIEW) In H1 2025, China's textile industry saw declines in operating revenue and net profit for large-scale enterprises, but increases in yarn and chemical fiber output, with overall textile and apparel exports slightly up, while Vietnam experienced increased yarn and staple fiber export volumes but decreased revenue, alongside significant growth in apparel export revenue January-June 2025 Data for China's Textile Industry Large-Scale Enterprises | Metric | Amount/Quantity | Year-on-Year Change | | :--- | :--- | :--- | | Operating revenue | approximately **RMB1,124.5 billion** | -1.9% | | Net profit | approximately **RMB30.2 billion** | -8.1% | | Yarn output | approximately **11.4 million tons** | +5.0% | | Fabric output | approximately **15.4 billion meters** | Flat | | Chemical fiber output | approximately **42.4 million tons** | +4.9% | January-June 2025 China Textile and Apparel Export Data | Item | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Cumulative textile and apparel exports | approximately **USD144.0 billion** | +0.6% | | Textile exports | approximately **USD70.5 billion** | +1.8% | | Apparel exports | approximately **USD73.5 billion** | -0.2% | January-June 2025 Vietnam Export Data | Item | Quantity | Revenue | Year-on-Year Change (Quantity) | Year-on-Year Change (Revenue) | | :--- | :--- | :--- | :--- | :--- | | Yarn and staple fiber exports | approximately **930,000 tons** | approximately **USD2.1 billion** | +2.5% | -4.0% | | Apparel export revenue | Not applicable | approximately **USD18.7 billion** | Not applicable | +12.3% | [Business Review](index=86&type=section&id=BUSINESS%20REVIEW) The Group's revenue is primarily from yarn sales, with woven fabric dominating downstream operations; during the review period, yarn sales revenue decreased due to lower unit prices but saw increased volume and gross margin, while woven fabric sales revenue and volume significantly grew with improved gross margin, knitted fabric business experienced declines in revenue, volume, and negative gross margin due to domestic competition and insufficient orders, trading business revenue significantly increased but gross margin declined due to sales mix changes, and non-woven fabric business revenue substantially grew but had a negative gross margin, as the Group continued to optimize its product portfolio, develop new products, and strengthen vertical integration [Yarn Operation](index=86&type=section&id=Yarn%20operation) Despite weak global textile and apparel market consumption, the Group's yarn sales volume grew 3.6% to approximately 385,000 tons, while sales revenue decreased 2.2% to approximately RMB8.622 billion due to lower unit prices, but the average gross margin significantly improved to 13.9% driven by increased orders, higher capacity utilization, and flexible raw material procurement - Yarn sales revenue decreased by approximately **2.2%** year-on-year to approximately **RMB8.622 billion**, primarily due to a year-on-year decline in average selling price[237](index=237&type=chunk)[259](index=259&type=chunk) - Yarn sales volume increased by approximately **3.6%** year-on-year to approximately **385,000 tons**[242](index=242&type=chunk)[261](index=261&type=chunk) - The average gross profit margin for yarn significantly increased from **12.5%** in the prior period to **13.9%** during the review period[243](index=243&type=chunk)[261](index=261&type=chunk) - The Group continued to invest in vortex spinning pure cotton covered spandex technology, significantly improving yarn elasticity recovery rate and breaking strength, addressing the weakness of insufficient strength in traditional vortex spinning pure cotton yarn[270](index=270&type=chunk) [Woven Garment Fabric Operation](index=88&type=section&id=Woven%20garment%20fabric%20operation) Woven fabric production capacity is primarily overseas and sold to international markets; influenced by US tariff policies, customers accelerated bonded zone inventory replenishment, leading to a significant increase in the Group's Q2 shipments, with woven fabric sales volume substantially growing 17.0% to approximately 51 million meters and sales revenue increasing 17.9%, while gross margin improved from 18.8% to 23.5% due to enhanced capacity utilization and strict energy cost control - Woven fabric sales revenue significantly increased by **17.9%** year-on-year[237](index=237&type=chunk)[259](index=259&type=chunk) - Woven fabric sales volume significantly increased by approximately **17.0%** from approximately **43.6 million meters** in the prior period to approximately **51 million meters** during the review period[246](index=246&type=chunk)[261](index=261&type=chunk) - The gross profit margin for woven fabric improved from **18.8%** in the prior period to **23.5%** during the review period[247](index=247&type=chunk)[261](index=261&type=chunk) [Knitted Garment Fabric Operation](index=89&type=section&id=Knitted%20garment%20fabric%20operation) After divesting its loss-making Vietnamese factory, the Group's knitted fabric business primarily focuses on the domestic market; during the review period, knitted fabric sales volume decreased to approximately 3,800 tons, and sales revenue contracted 37.8% to approximately RMB185.9 million due to increased domestic competition from reduced US exports, resulting in a negative gross margin of –4.2% due to lower capacity utilization and fixed asset impairment - Knitted fabric sales volume decreased from approximately **5,800 tons** in the prior period to approximately **3,800 tons**[250](index=250&type=chunk)[261](index=261&type=chunk) - Sales revenue decreased by **37.8%** from approximately **RMB298.7 million** in the prior period to approximately **RMB185.9 million**[250](index=250&type=chunk)[259](index=259&type=chunk) - The gross profit margin during the review period was **–4.2%**, primarily due to decreased capacity utilization and impairment of fixed assets[250](index=250&type=chunk)[261](index=261&type=chunk) [Trading Operation](index=89&type=section&id=Trading%20operation) The trading business primarily involves yarn, fabric, and apparel trade, with a focus on US denim fabric and apparel; the Group's flexible trading strategies and tariff changes encouraging US customers to source locally led to a significant 29.9% increase in trading business sales revenue to approximately RMB818.5 million, though the gross margin declined from 12.3% to 10.3% due to changes in the sales mix - Trading business sales revenue increased by approximately **29.9%** to approximately **RMB818.5 million**[255](index=255&type=chunk)[259](index=259&type=chunk) - The gross profit margin decreased from **12.3%** in the prior period to **10.3%** during the review period, primarily due to changes in the sales mix[255](index=255&type=chunk)[261](index=261&type=chunk) - US customers' preference for locally sourced fabrics and apparel significantly boosted the Group's US denim fabric and apparel business sales revenue[254](index=254&type=chunk) [Non-woven Fabric Operation](index=90&type=section&id=Non-woven%20fabric%20operation) Despite the non-woven fabric business not meeting expectations in recent years, the Group continued to optimize its product structure and actively expand overseas markets; during the review period, the Group capitalized on opportunities from US-China trade frictions, optimized overseas capacity layout, and advanced strategic collaborations with renowned clients, leading to a significant 95.8% increase in non-woven fabric sales revenue to approximately RMB69.1 million, though the gross margin was –21.2% - Non-woven fabric sales revenue increased by **95.8%** from approximately **RMB35.3 million** in the prior period to approximately **RMB69.1 million**[256](index=256&type=chunk)[259](index=259&type=chunk) - The gross profit margin was **–21.2%**[261](index=261&type=chunk) - The Group seized opportunities arising from US-China trade frictions for its overseas non-woven fabric capacity layout, advancing strategic collaborations with renowned industry clients to expand international customer sources and secure market orders[256](index=256&type=chunk) [Prospects](index=94&type=section&id=PROSPECTS) The Group maintains a stable investment strategy with capacity largely consistent with last year; while uncertainties from US 'reciprocal tariffs' and geopolitical risks may lead to inventory mismatches, demand decline, and cost increases, US tax incentives, fiscal appropriations, and anticipated dollar depreciation could mitigate economic downturn risks, as the Group, with its global capacity layout, aims to seize industry capacity transfer opportunities, strengthen 'organic growth' strategies, and reduce energy costs through green initiatives like photovoltaic power stations - As of June 30, 2025, the Group's main production facilities included approximately **4.23 million spindles** (2.48 million in China, 1.75 million overseas), largely consistent with last year's capacity[274](index=274&type=chunk) - The US 'reciprocal tariffs' policy still presents significant uncertainties, potentially leading to increased consumer prices in the end market and issues of inventory mismatch and demand decline for the textile industry[275](index=275&type=chunk) - Ongoing geopolitical risks could disrupt global supply chains and drive up energy and raw material prices[275](index=275&type=chunk) - The US 'Big and Beautiful Act' provides substantial tax incentives and fiscal appropriations, coupled with anticipated interest rate cuts leading to depreciation pressure on the US dollar, which may partially mitigate economic downturn risks[277](index=277&type=chunk) - The Group has completed its capacity layout in China, Vietnam, Europe, and America, positioning it to capture market opportunities and further expand its overseas market share[280](index=280&type=chunk) - The Group will strengthen its 'organic growth' strategy by upgrading existing equipment through technological transformation, improving production efficiency, reducing production costs, and thereby enhancing return on investment[281](index=281&type=chunk) - As of the end of June 2025, the Group had completed and put into operation **70 MW** of photovoltaic power stations in Mainland China, with plans to further construct approximately **110 MW** of distributed photovoltaic power stations in H2 2025[282](index=282&type=chunk) H2 2025 Sales Targets (excluding trading business) | Product | Sales Target | | :--- | :--- | | Yarn | approximately **400,000 tons** | | Woven Fabric | **50 million meters** | | Knitted Fabric | **3,000 tons** | [Subsequent Events After the Review Period](index=97&type=section&id=SUBSEQUENT%20EVENTS%20AFTER%20THE%20REVIEW%20PERIOD) This section reiterates the significant post-review period event where the Company completed the exercise of a put option on July 7, 2025, to acquire Mr. Wei Zhihua's 10% equity interest in Qingye International Group Limited (a joint venture), paying 95% of the initial consideration (approximately HK$248.7 million) - On July 7, 2025, the Company completed the acquisition of Mr. Wei Zhihua's entire **10%** equity interest in Qingye International Group Limited (a joint venture)[287](index=287&type=chunk) - The Company paid **95%** of the initial consideration, approximately **HK$248.7 million**, to Mr. Wei Zhihua and his nominee[287](index=287&type=chunk) [Financial Review](index=98&type=section&id=FINANCIAL%20REVIEW) The Group's bank and cash balances and total borrowings both decreased, reflecting a strategic reduction in bank borrowings to optimize the balance sheet structure; inventory and trade and bills receivables turnover days slightly increased, while capital expenditures were primarily for equipment upgrades and plant construction, with no significant contingent liabilities, and related-party transactions and key management compensation disclosed, and the Board resolved not to declare an interim dividend to reduce operating risks and financing costs [Liquidity and Financial Resources](index=98&type=section&id=Liquidity%20and%20financial%20resources) As of June 30, 2025, the Group's bank and cash balances and total borrowings both decreased, primarily due to a strategic reduction in bank borrowings to optimize the balance sheet structure; inventory and trade and bills receivables turnover days slightly increased, while trade and bills payables turnover days also increased due to early settlement of letter of credit payments, with improvements in the current ratio, debt-to-equity ratio, net debt-to-equity ratio, and gearing ratio - Bank and cash balances (including pledged bank deposits) amounted to approximately **RMB2.7152 billion** (December 31, 2024: RMB2.9042 billion), with the decrease primarily due to a strategic reduction in bank borrowings[288](index=288&type=chunk) - Inventories increased by approximately **RMB825.9 million** to approximately **RMB5.369 billion**[289](index=289&type=chunk) - Inventory turnover days were approximately **94 days** (2024: 87 days), with the increase mainly due to slower pickup by yarn customers[289](index=289&type=chunk) - Trade and bills receivables turnover days were approximately **30 days** (2024: 29 days), with a slight increase mainly due to a rebound in overseas sales[289](index=289&type=chunk) - Trade and bills payables (including supply chain financing) increased by approximately **RMB576.4 million** to approximately **RMB3.5742 billion**[290](index=290&type=chunk) - Trade and bills payables turnover days were approximately **62 days** (2024: 57 days), with the increase mainly due to early settlement of a large number of letter of credit payments at the end of 2024[290](index=290&type=chunk) - Borrowings decreased by approximately **RMB574.0 million** to approximately **RMB5.8215 billion**, primarily due to a strategic reduction in bank borrowings[293](index=293&type=chunk) Key Financial Ratios | Ratio | June 30, 2025 | December 31, 2024 (Restated) | | :--- | :--- | :--- | | Current ratio | 1.26 | 1.40 | | Debt-to-equity ratio | 0.59 | 0.68 | | Net debt-to-equity ratio | 0.32 | 0.37 | | Gearing ratio | 0.51 | 0.52 | [Foreign Exchange Risk](index=100&type=section&id=Foreign%20exchange%20risk) The Group primarily operates in China and Vietnam, with most transactions, assets, and liabilities denominated in RMB, USD, and HKD; foreign exchange risk mainly arises from bank borrowings and raw material purchases denominated in USD and HKD, which the Group manages and hedges through regular reviews and forward foreign exchange contracts and cross-currency swap contracts - The Group primarily operates in China and Vietnam, with most transactions, assets, and liabilities denominated in **RMB, USD, and HKD**[297](index=297&type=chunk) - The Group's foreign exchange exposure primarily arises from bank borrowings and raw material purchases denominated in **USD and HKD**[297](index=297&type=chunk) - To mitigate the risk of RMB depreciation, the Group hedges most of its foreign currency exposure by entering into various forward foreign exchange contracts and cross-currency swap contracts[298](index=298&type=chunk) [Capital Expenditure](index=100&type=section&id=Capital%20expenditure) For the six months ended June 30, 2025, the Group's capital expenditure was approximately RMB340 million, primarily for equipment upgrades and renovations at factories in Mainland China and overseas, as well as plant construction in Vietnam - For the six months ended June 30, 2025, the Group's capital expenditure was approximately **RMB340.0 million** (H1 2024: RMB290.0 million)[299](index=299&type=chunk) - This was primarily related to equipment upgrades and renovations at factories in Mainland China and overseas, as well as plant construction in Vietnam during the review period[299](index=299&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals, and Other Significant Transactions](index=101&type=section&id=Significant%20investments%20held%2C%20material%20acquisitions%20and%20disposals%20and%20other%20significant%20transactions) The Group terminated the asset purchase agreement with Texhong Industrial Park Vietnam Co., Ltd., returning the consideration for unregistered land plots (Plots 1 and 2B) and derecognizing the related assets, while also entering into an energy and water supply framework agreement with Texhong Industrial Park to ensure necessary supplies post-termination - The Group ceased attempts to complete the registration of Plots 1 and 2B and terminated the acquisition of these returned assets[303](index=303&type=chunk) - Texhong Industrial Park returned the consideration attributable to the returned assets, which were consequently derecognized from the Group's consolidated financial statements[304](index=304&type=chunk) - The Company entered into an energy and water supply framework agreement with Texhong Industrial Park to ensure sufficient supply of steam, water, and liquefied petroleum gas to the Group after the termination[305](index=305&type=chunk) [Pledge of Assets](index=102&type=section&id=Pledge%20of%20assets) As of June 30, 2025, bank borrowings of RMB199.9 million were secured by export tax refunds receivable - As of June 30, 2025, bank borrowings of **RMB199.9 million** (December 31, 2024: RMB200 million) were secured by export tax refunds receivable[307](index=307&type=chunk) [Contingent Liabilities](index=102&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 (December 31, 2024: Nil)[308](index=308&type=chunk) [Human Resources](index=103&type=section&id=Human%20resources) As of June 30, 2025, the Group had 26,222 employees, with 14,475 in Mainland China and 11,747 overseas; total staff costs for the period were approximately RMB1.2533 billion, as the Group focuses on optimizing human resource structure, offering competitive remuneration, and emphasizing employee training and team building - As of June 30, 2025, the Group had **26,222 employees** (December 31, 2024: 26,655 employees)[313](index=313&type=chunk) - Of these, **14,475 employees** were located in Mainland China, and **11,747 employees** were stationed outside Mainland China (including Vietnam, Turkey, America, Hong Kong, and Macau)[313](index=313&type=chunk) - During the review period, the Group's total staff costs amounted to approximately **RMB1.2533 billion** (H1 2024: approximately RMB1.1896 billion)[313](index=313&type=chunk) [Dividend Policy](index=104&type=section&id=Dividend%20policy) The Board is committed to maintaining long-term stable dividends (approximately 30% of the Group's annual net profit attributable to owners of the Company); however, to address uncertainties from the US 'reciprocal tariffs' policy, the Board resolved not to declare an interim dividend for the six months ended June 30, 2025, to further reduce debt levels, operating risks, and financing costs - The Board is committed to maintaining long-term stable dividends (approximately **30%** of the Group's annual net profit attributable to owners of the Company)[316](index=316&type=chunk) - To effectively address the uncertainties arising from the US 'reciprocal tariffs' policy, the Board resolved not to declare an interim dividend for the six months ended June 30, 2025[316](index=316&type=chunk) [Additional Information](index=105&type=section&id=Additional%20Information) This section provides additional information, including interests and short positions of directors and chief executives in the company's shares and related shares, interests and short positions of substantial shareholders, and details on the company's corporate governance, including the composition and responsibilities of various committees [Directors' and Chief Executives' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or Any Associated Corporation](index=105&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20OR%20ANY%20ASSOCIATED%20CORPORATION) As of June 30, 2025, the Company's directors and chief executives held interests in the shares of the Company and its associated corporations, with Mr. Hong Tianzhu holding a **59.93%** long position and Mr. Zhu Yongxiang holding a **23.95%** long position in the Company Directors' Long Positions in Ordinary Shares of the Company | Name of Director | Nature of Interest | Number of Shares in which Interests are Held (thousands) | Approximate Percentage of Interest in the Corporation | | :--- | :--- | :--- | :--- | | Mr. Hong Tianzhu | Interest in controlled corporation | 544,742.4 | 59.34% | | Mr. Hong Tianzhu | Beneficial owner | 5,400 | 0.59% | | **Mr. Hong Tianzhu Total** | | **550,142.4** | **59.93%** | | Mr. Zhu Yongxiang | Interest in controlled corporation | 219,900 | 23.95% | | Mr. Shu Huadong | Beneficial owner | 80 | 0.01% | [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=109&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES%20OF%20THE%20COMPANY) As of June 30, 2025, substantial shareholders (excluding directors or chief executives) held interests in the Company's shares, with New Green Group Limited and Texhong Group Holdings Limited each holding a **59.34%** long position, and Wisdom Grace Investments Limited holding a **23.95%** long position Substantial Shareholders' Long Positions in Ordinary Shares of the Company | Name of Substantial Shareholder | Nature of Interest | Number of Shares in which Interests are Held (thousands) | Approximate Percentage | | :--- | :--- | :--- | :--- | | New Green Group Limited | Beneficial owner | 392,842.4 | 42.79% | | New Green Group Limited | Interest in controlled corporation | 151,900 | 16.55% | | **New Green Group Limited Total** | | **544,742.4** | **59.34%** | | Trade Partner Investments Limited | Beneficial owner | 151,900 | 16.55% | | Wisdom Grace Investments Limited | Beneficial owner | 68,000 | 7.41% | | Wisdom Grace Investments Limited | Interest in controlled corporation | 151,900 | 16.55% | | **Wisdom Grace Investments Limited Total** | | **219,900** | **23.95%** | | Texhong Group Holdings Limited | Interest in controlled corporation | 544,742.4 | 59.34% | | Ms. Ke Luping (spouse of Mr. Hong Tianzhu) | Interest of spouse | 550,142.4 | 59.93% | | Ms. Zhao Zhiyang (spouse of Mr. Zhu Yongxiang) | Interest of spouse | 219,900 | 23.95% | | Mr. Xu Qingliu | Interest in controlled corporation | 64,200 | 6.99% | | Event Star Limited | Beneficial owner | 64,200 | 6.99% | [Corporate Governance](index=112&type=section&id=CORPORATE%20GOVERNANCE) The Group is committed to maintaining high standards of corporate governance and complied with the Corporate Governance Code provisions in Appendix C1 of the Listing Rules during the review period, with the Board comprising three executive and three independent non-executive directors - The Board comprises three executive directors and three independent non-executive directors[341](index=341&type=chunk) - The Company complied with the code provisions in the Corporate Governance Code set out in Appendix C1 to the Listing Rules during the review period[341](index=341&type=chunk) [Changes of Information of Directors and Chief Executives Under Rule 13.51B(1) of the Listing Rules](index=112&type=section&id=CHANGES%20OF%20INFORMATION%20OF%20DIRECTORS%20AND%20CHIEF%20EXECUTIVES%20UNDER%20RULE%2013.51B(1)%20OF%20THE%20LISTING%20RULES) For the six months ended June 30, 2025, there were no changes in

中期 報告 中期報告 2025 目錄 2 釋義 6 管理層討論與分析 37 企業管治及其他資料 42 簡明合併中期收益表 43 簡明合併中期綜合收益表 44 簡明合併中期資產負債表 47 簡明合併中期權益變動表 49 簡明合併中期現金流量表 51 簡明合併中期財務報表附註 88 公司資料 釋義 於本報告內，除非文義另有所指，否則下列詞彙具有以下涵義： | 「AI」 | 指 | 人工智能 | | --- | --- | --- | | 「聯營公司」 | 指 | 就本報告而言，本公司及其附屬公司對其擁有重大影響的所有實體。重大影 | | | | 響是指參與被投資方財務和經營決策的權力，但不具有對這些政策的控制權 | | | | 或者共同控制權 | | 「審計委員會」 | 指 | 董事會下設之審計委員會 | | 「盧森堡國際銀行」 | 指 | 盧森堡國際銀行(Banque Internationale à Luxembourg S.A.)，一家在盧森堡 | | | | 註冊並以有限責任公司形式設立的信貸機構及我們的附屬公司 | | 「董事會」 | 指 | 本公司董事會 | | 「鑫果佳源」 | 指 | 深圳市鑫果佳 ...