[Financial Summary](index=1&type=section&id=Financial%20Summary) The company reported a significant increase in revenue and gross profit for the six months ended June 30, 2025, turning a loss into a profit before tax and for the period, with strong growth in net cash from operating activities Financial Summary for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB in thousands) | June 30, 2024 (RMB in thousands) | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue | 620,963 | 410,499 | 51.3% | | Gross Profit | 461,949 | 305,493 | 51.2% | | Profit/(Loss) Before Tax | 59,620 | (47,077) | N/A | | Profit/(Loss) for the Period | 47,999 | (50,673) | N/A | | Profit/(Loss) for the Period Attributable to Equity Holders of the Company | 47,999 | (50,673) | N/A | | Total Comprehensive Income for the Period | 47,961 | (50,901) | N/A | | Earnings/(Loss) Per Share, Basic and Diluted (RMB) | 0.12 | (0.13) | N/A | | Net Cash from Operating Activities | 203,434 | 29,608 | 587.1% | | Net Increase/(Decrease) in Cash and Cash Equivalents | 33,252 | (15,821) | N/A | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position for the reporting period, including statements of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved revenue of RMB 620,963 thousand, a 51.3% year-on-year increase, successfully turning a loss into a profit of RMB 47,999 thousand for the period, compared to a loss of RMB 50,673 thousand in the prior year, with gross profit increasing 51.2% to RMB 461,949 thousand and operating profit significantly growing to RMB 107,402 thousand Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | June 30, 2025 (RMB in thousands) | June 30, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 620,963 | 410,499 | | Cost of Sales | (159,014) | (105,006) | | Gross Profit | 461,949 | 305,493 | | Other Income and Losses, Net | 8,512 | 9,529 | | Net Change in Fair Value of Biological Assets | 20,796 | 6,483 | | Selling and Marketing Expenses | (58,515) | (42,472) | | General and Administrative Expenses | (116,231) | (102,618) | | Research and Development Expenses | (209,109) | (161,679) | | Operating Profit | 107,402 | 14,736 | | Finance Costs | (35,926) | (52,728) | | Share of Loss of Associates | (11,856) | (9,085) | | Profit/(Loss) Before Tax | 59,620 | (47,077) | | Income Tax | (11,621) | (3,596) | | Profit/(Loss) for the Period | 47,999 | (50,673) | | Total Comprehensive Income for the Period | 47,961 | (50,901) | | Earnings/(Loss) Per Share, Basic and Diluted (RMB) | 0.12 | (0.13) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities amounted to RMB 2,016,749 thousand, an increase from December 31, 2024, with net current assets significantly rising to RMB 418,607 thousand primarily due to increased bank and cash balances, and total equity growing to RMB 896,584 thousand Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 1,353,378 | 1,349,489 | | Intangible Assets | 16,979 | 20,665 | | Interests in Associates | 147,893 | 159,038 | | Other Non-current Assets | 79,352 | 68,630 | | Deferred Tax Assets | 540 | 957 | | **Current Assets** | | | | Inventories | 5,899 | 3,890 | | Contract Costs | 41,703 | 49,654 | | Biological Assets | 121,271 | 99,667 | | Trade and Bills Receivables | 201,083 | 229,608 | | Prepayments and Other Receivables | 40,339 | 29,866 | | Bank and Cash Balances | 479,572 | 403,850 | | **Current Liabilities** | | | | Trade and Bills Payables | 104,620 | 115,479 | | Contract Liabilities | 109,075 | 102,188 | | Other Payables | 73,037 | 87,237 | | Bank and Other Borrowings | 153,802 | 208,138 | | Lease Liabilities | 30,726 | 17,857 | | Current Tax | – | 4,014 | | **Non-current Liabilities** | | | | Deferred Revenue | 83,967 | 84,902 | | Lease Liabilities | 181,636 | 150,447 | | Long-term Payables | 606,548 | 612,616 | | Bank and Other Borrowings | 248,014 | 193,835 | | **Equity** | | | | Share Capital | 399,398 | 399,398 | | Reserves | 492,641 | 434,658 | | Total Equity Attributable to Equity Holders of the Company | 892,039 | 834,056 | | Non-controlling Interests | 4,545 | 4,545 | | Total Equity | 896,584 | 838,601 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the company's accounting policies, revenue breakdown, segment information, and other financial items supporting the consolidated financial statements [General Information](index=6&type=section&id=General%20Information) Biocytogen Pharmaceuticals (Beijing) Co., Ltd. was established in 2009, restructured into a joint-stock company in 2020, and listed on the Hong Kong Stock Exchange in 2022, with its group primarily engaged in gene editing services, preclinical pharmacological efficacy evaluation, model animal sales, antibody development, and innovative biopharmaceutical research and development - The company was incorporated in China on November 13, 2009, restructured into a joint-stock company on December 29, 2020, and listed on the Main Board of the Hong Kong Stock Exchange on September 1, 2022[8](index=8&type=chunk) - The Group's principal activities include gene editing services, preclinical pharmacological efficacy evaluation services, model animal sales, antibody development, and innovative biopharmaceutical research and development[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34, authorized for issue on August 28, 2025, and has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, though it remains unaudited - This interim financial report is prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and International Accounting Standard 34 "Interim Financial Reporting"[9](index=9&type=chunk) - The report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[9](index=9&type=chunk) [Changes in Accounting Policies](index=6&type=section&id=Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Amendment) – The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability, which has no material impact on this interim report due to the absence of relevant foreign currency transactions, and no new standards or interpretations not yet effective have been applied in this accounting period - The Group has applied HKAS 21 (Amendment) – The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability, but it has no material impact on this interim report[10](index=10&type=chunk) - No new standards or interpretations not yet effective have been applied in this accounting period[11](index=11&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's revenue primarily stems from gene editing, preclinical pharmacological efficacy evaluation, model animal sales, and antibody development services, totaling RMB 620,963 thousand for the six months ended June 30, 2025, with model animal sales contributing the most, followed by antibody development and preclinical pharmacological efficacy evaluation, and the US being the largest overseas market - The Group currently has no products approved for commercial sale and has not generated any revenue from the sale of innovative drugs[12](index=12&type=chunk) [Revenue](index=7&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue was RMB 620,963 thousand, with model animal sales contributing RMB 274,426 thousand, antibody development RMB 162,863 thousand, and preclinical pharmacological efficacy evaluation RMB 155,031 thousand, and one customer's transactions accounted for over 10% of total revenue Revenue from Contracts with Customers by Major Service Line | Service Line | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Gene Editing | 28,617 | 34,606 | | Preclinical Pharmacological Efficacy Evaluation | 155,031 | 81,552 | | Model Animal Sales | 274,426 | 175,772 | | Antibody Development | 162,863 | 118,200 | | Others | 26 | 369 | | **Total** | **620,963** | **410,499** | - For the six months ended June 30, 2025, transactions with one customer accounted for over **10%** of the Group's revenue, totaling **RMB 88,483,000**[13](index=13&type=chunk) [Segment Reporting](index=7&type=section&id=Segment%20Reporting) The Group manages its business across five reportable segments: gene editing services, preclinical pharmacological efficacy evaluation, model animal sales, antibody development, and innovative drug development, with total reportable segment gross profit amounting to RMB 465,394 thousand in the first half of 2025, measured by gross profit - The Group has five reportable segments: gene editing services, preclinical pharmacological efficacy evaluation, model animal sales, antibody development, and innovative drug development[13](index=13&type=chunk)[14](index=14&type=chunk) - Segment results are measured by gross profit, while other operating income and expenses, assets, and liabilities are not measured by individual segments[15](index=15&type=chunk) Revenue and Gross Profit by Reportable Segment (For the six months ended June 30, 2025) | Segment | Revenue from External Customers (RMB in thousands) | Reportable Segment Gross Profit (RMB in thousands) | | :--- | :--- | :--- | | Gene Editing | 28,617 | 16,693 | | Preclinical Pharmacological Efficacy Evaluation | 155,031 | 77,298 | | Model Animal Sales | 274,426 | 228,063 | | Antibody Development | 162,863 | 143,314 | | Innovative Drug Development | – | – | | Others | 26 | 26 | | **Total** | **620,963** | **465,394** | Reconciliation of Reportable Segment Gross Profit | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Reportable Segment Gross Profit | 465,394 | 306,730 | | Elimination of Inter-segment Gross Profit | (3,445) | (1,237) | | **Consolidated Gross Profit** | **461,949** | **305,493** | [Geographical Information](index=9&type=section&id=Geographical%20Information) The Group's revenue from external customers primarily originates from China and the United States, with the US contributing RMB 322,697 thousand and China RMB 199,474 thousand for the six months ended June 30, 2025, while non-current assets are mainly located in China Geographical Information of Revenue from External Customers | Region | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | China | 199,474 | 116,968 | | United States of America ("US") | 322,697 | 218,444 | | Others | 98,792 | 75,087 | | **Total** | **620,963** | **410,499** | Geographical Location of Specific Non-current Assets | Region | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | China | 1,199,250 | 1,189,091 | | US | 170,744 | 181,025 | | Others | 363 | 38 | | **Total** | **1,370,357** | **1,370,154** | [Other Income and Losses, Net](index=10&type=section&id=Other%20Income%20and%20Losses%2C%20Net) For the six months ended June 30, 2025, other income and losses, net, totaled approximately RMB 8.5 million, a 10.5% decrease from the prior year, primarily due to reduced interest income and net exchange gains Details of Other Income and Losses, Net | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net Gain on Disposal of Property, Plant and Equipment | 920 | – | | Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss | 2,209 | (901) | | Interest Income | 2,360 | 3,448 | | Government Grants (including amortization of deferred income) | 2,442 | 2,333 | | Net Exchange Gain | 581 | 4,649 | | **Total** | **8,512** | **9,529** | - Other income and losses, net, decreased by **10.5%**, primarily due to reduced interest income and net exchange gains[110](index=110&type=chunk) [Net Change in Fair Value of Biological Assets](index=10&type=section&id=Net%20Change%20in%20Fair%20Value%20of%20Biological%20Assets) For the six months ended June 30, 2025, the net change in fair value of biological assets significantly increased by 220.0% to approximately RMB 20.8 million, mainly due to higher inventory levels of humanized mice, with the fair value change comprising realized negative and unrealized positive changes - The net change in fair value of biological assets increased by **220.0%** from approximately **RMB 6.5 million** in the prior year to approximately **RMB 20.8 million** for the six months ended June 30, 2025[111](index=111&type=chunk) - The increase is primarily attributable to a higher inventory level of humanized mice for the six months ended June 30, 2025, compared to the prior year[111](index=111&type=chunk) - The net change in fair value includes a realized negative fair value change of **RMB 79,015,000** and an unrealized positive fair value change of **RMB 99,811,000**[21](index=21&type=chunk) [Profit/(Loss) Before Tax](index=10&type=section&id=Profit%2F%28Loss%29%20Before%20Tax) The profit/(loss) before tax is calculated after deducting finance costs, staff costs, and other items; for the six months ended June 30, 2025, finance costs decreased by 31.9%, staff costs increased due to higher salaries and share-based payment expenses, while depreciation expenses remained stable [Finance Costs](index=10&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs amounted to RMB 35,926 thousand, a 31.9% decrease from RMB 52,728 thousand in the prior year, primarily due to reduced interest on long-term payables Details of Finance Costs | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Interest on Long-term Payables | 21,711 | 36,797 | | Interest on Lease Liabilities | 6,661 | 7,143 | | Interest on Bank and Other Borrowings | 7,554 | 8,788 | | **Total** | **35,926** | **52,728** | - Finance costs decreased by **31.9%**, primarily due to reduced interest on long-term payables[116](index=116&type=chunk) [Staff Costs](index=11&type=section&id=Staff%20Costs) For the six months ended June 30, 2025, staff costs increased significantly to RMB 222,121 thousand from RMB 152,229 thousand in the prior year, mainly due to higher salaries, wages, other benefits, and equity-settled share-based payment expenses Details of Staff Costs | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Salaries, Wages and Other Benefits | 187,672 | 133,097 | | Contributions to Defined Contribution Retirement Plans | 15,137 | 14,044 | | Equity-settled Share-based Payment Expenses | 19,312 | 5,088 | | **Total** | **222,121** | **152,229** | - The company and its PRC subsidiaries participate in defined contribution retirement plans for employees, while its US subsidiary implements a 401(k) savings plan with matching contributions for US employees[23](index=23&type=chunk) [Other Items](index=11&type=section&id=Other%20Items) For the six months ended June 30, 2025, depreciation of property, plant and equipment was RMB 81,363 thousand, remaining largely consistent with the prior year, while impairment loss recognized on trade and other receivables decreased Details of Other Items | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 81,363 | 81,573 | | Amortization of Intangible Assets | 3,736 | 3,888 | | Impairment Loss Recognized on Trade and Other Receivables | 2,260 | 3,795 | | Provision for Write-down of Inventories and Contract Costs | 5,884 | 5,442 | | Cost of Inventories | 84,193 | 50,144 | [Income Tax in Consolidated Statement of Profit or Loss](index=11&type=section&id=Income%20Tax%20in%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, income tax expense increased to RMB 11,621 thousand, primarily due to higher foreign withholding tax, which mainly applies to antibody licensing income generated in the US, South Korea, and other countries Details of Income Tax in Consolidated Statement of Profit or Loss | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current Tax - Provision for Income Tax for the Period | 1,397 | 381 | | Current Tax - Foreign Withholding Tax | 9,810 | 3,716 | | Deferred Tax - Temporary Differences Arising and Reversing | 414 | (501) | | **Total** | **11,621** | **3,596** | - Foreign withholding tax primarily applies to the Group's antibody licensing income generated in the US, South Korea, and certain other countries[26](index=26&type=chunk) [Earnings/(Loss) Per Share](index=12&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, the company achieved basic earnings per share of RMB 0.12, a significant improvement from a loss of RMB 0.13 per share in the prior year, with no diluted earnings per share presented due to the absence of potential dilutive ordinary shares during the reporting period [Basic Earnings/(Loss) Per Share](index=12&type=section&id=Basic%20Earnings%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were RMB 0.12, calculated based on profit attributable to equity holders of the company of RMB 47,999 thousand and a weighted average of 396,257 thousand ordinary shares - For the six months ended June 30, 2025, basic earnings per share were **RMB 0.12**, compared to a loss of **RMB 0.13** per share in the prior year[27](index=27&type=chunk) - The calculation is based on profit attributable to ordinary equity holders of the company of **RMB 47,999 thousand** and a weighted average of **396,257 thousand** ordinary shares outstanding[27](index=27&type=chunk) [Diluted Earnings Per Share](index=12&type=section&id=Diluted%20Earnings%20Per%20Share) Diluted earnings per share are not presented for the six months ended June 30, 2025, and 2024, as there were no potential dilutive ordinary shares during these periods - Diluted earnings per share are not presented for the six months ended June 30, 2025, and 2024, as there were no potential dilutive ordinary shares during these periods[28](index=28&type=chunk) [Trade and Bills Receivables](index=12&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to RMB 201,083 thousand, a decrease from RMB 229,608 thousand as of December 31, 2024, primarily due to a significant reduction in trade receivables from related parties Details of Trade and Bills Receivables | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade Receivables - Third Parties | 223,410 | 209,899 | | Trade Receivables - Related Parties | 134 | 40,441 | | Less: Loss Allowance | (22,496) | (20,892) | | Bills Receivable | 35 | 160 | | **Total** | **201,083** | **229,608** | [Ageing Analysis of Trade Receivables](index=12&type=section&id=Ageing%20Analysis%20of%20Trade%20Receivables) The Group generally offers credit terms of 0 to 90 days, with trade receivables within 1 year amounting to RMB 185,609 thousand as of June 30, 2025, constituting the majority of the total Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 1 year | 185,609 | 211,549 | | 1 to 2 years | 9,490 | 12,039 | | 2 to 3 years | 5,949 | 5,860 | | **Total** | **201,048** | **229,448** | - The Group generally offers credit terms of **0 to 90 days** to its trade customers[30](index=30&type=chunk) [Trade and Bills Payables](index=13&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 104,620 thousand, a decrease from RMB 115,479 thousand as of December 31, 2024 Details of Trade and Bills Payables | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade Payables - Third Parties | 74,519 | 69,663 | | Bills Payable | 30,101 | 45,816 | | **Total** | **104,620** | **115,479** | [Ageing Analysis](index=13&type=section&id=Ageing%20Analysis) As of June 30, 2025, trade payables within 1 year amounted to RMB 95,158 thousand, representing the vast majority of the total Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 1 year | 95,158 | 106,118 | | 1 to 2 years | 5,695 | 7,358 | | 2 to 3 years | 3,009 | 1,532 | | Over 3 years | 758 | 471 | | **Total** | **104,620** | **115,479** | [Capital, Reserves and Dividends](index=13&type=section&id=Capital%2C%20Reserves%20and%20Dividends) For the six months ended June 30, 2025, the company did not declare or pay dividends, and the number of unexercised shares held by the trustee under the 2022 Share Award Scheme increased as of the end of the reporting period [Dividends](index=13&type=section&id=Dividends) For the six months ended June 30, 2025, the company did not declare or pay any interim dividends - For the six months ended June 30, 2025, the company did not declare or pay any dividends (for the six months ended June 30, 2024: nil)[33](index=33&type=chunk) [Treasury Shares (Shares Held for Share Award Scheme)](index=13&type=section&id=Treasury%20Shares%20%28Shares%20Held%20for%20Share%20Award%20Scheme%29) The company has a 2022 Share Award Scheme, with the trustee holding shares to administer the plan; as of June 30, 2025, the trustee held 3,266,607 unexercised shares at a total cost of RMB 40,181 thousand - The company approved the 2022 Share Award Scheme on October 17, 2022, valid until November 7, 2032[34](index=34&type=chunk) - As of June 30, 2025, the trustee held **3,266,607 shares** (December 31, 2024: 2,509,644 shares) for the 2022 Share Award Scheme, with a total cost of **RMB 40,181 thousand**[34](index=34&type=chunk) - For the six months ended June 30, 2025, a total of **199,037 shares** were unlocked and transferred to employees[34](index=34&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's business operations, financial performance, and strategic outlook for the reporting period [I. Business Review](index=14&type=section&id=I.%20Business%20Review) Biocytogen is a global biotechnology company focused on novel antibody drug research and development and preclinical research services, achieving strong performance in the first half of 2025 with a 51.3% year-on-year increase in operating revenue to RMB 621.0 million, a turnaround to net profit exceeding last year's full-year level, and positive net cash flow for the first time, signaling entry into a virtuous cycle of endogenous growth - The company is headquartered in Beijing, with branches in China, the US, and Germany, dedicated to novel antibody drug research and development and preclinical research services[35](index=35&type=chunk) - In the first half of 2025, operating revenue reached **RMB 621.0 million**, a **51.3%** year-on-year increase; net profit was **RMB 48.0 million**, turning a loss into profit and exceeding last year's full-year level[36](index=36&type=chunk) - Net cash inflow from operating activities was **RMB 203.4 million**, and net cash flow was **RMB 33.3 million**, with overall cash flow turning positive, marking the company's entry into a virtuous cycle of endogenous growth[36](index=36&type=chunk) [Overview](index=14&type=section&id=Overview) The company has established a "dual-driven" business ecosystem of preclinical products and services and antibody discovery, both achieving high growth, with preclinical products and services revenue reaching RMB 458.1 million (56.9% growth) and antibody discovery revenue RMB 162.9 million (37.8% growth), while maintaining high R&D investment and actively expanding into overseas markets for a global footprint - The company has established a "dual-driven" business ecosystem of preclinical products and services and antibody discovery, achieving bidirectional empowerment through technological synergy and resource linkage[37](index=37&type=chunk) - Preclinical products and services business achieved operating revenue of **RMB 458.1 million**, a **56.9%** year-on-year increase, with a gross margin of approximately **70%**[37](index=37&type=chunk) - Antibody discovery business achieved operating revenue of **RMB 162.9 million**, a **37.8%** year-on-year increase, with a gross margin of approximately **90%**[38](index=38&type=chunk) - As of June 30, 2025, approximately **280 therapeutic antibody** and various clinical asset co-development/licensing/transfer agreements have been signed, with approximately **80 new agreements** signed in the first half of 2025, a year-on-year increase of approximately **60%**[38](index=38&type=chunk) - Overseas business achieved operating revenue of **RMB 421.5 million**, and domestic business achieved operating revenue of **RMB 199.5 million**, with global presence enhancing business resilience[38](index=38&type=chunk) - R&D expenses for the first half of 2025 were **RMB 209.1 million**, an increase of **RMB 47.4 million** from the prior year, with an R&D expense ratio exceeding **30%**[39](index=39&type=chunk) - The company completed the initial R&D work for Project Integrum (Thousand-Mouse-Antibody Project) by the end of Q3 2023 and has built a vast antibody sequence library, with approximately **280 co-development/licensed-out/transferred development agreements** reached as of June 30, 2025[42](index=42&type=chunk) - The company currently has no plans to invest its own resources to lead the continued development of pipeline drug candidates, opting instead to entrust partners to advance late-stage clinical development and future commercialization[43](index=43&type=chunk) [Self-developed Products](index=19&type=section&id=Self-developed%20Products) The company possesses multiple clinical and preclinical stage self-developed antibody drug pipelines, including core products YH001 and YH003, as well as several bispecific antibodies and ADC drugs co-developed with partners, primarily focusing on oncology and autoimmune disease treatments, and accelerating development through external licensing collaborations Product Pipeline and Development Status | Pipeline Project | Target | Indication | Preclinical | Phase I | Phase II | Phase III | Collaborator | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | YH001 | CTLA-4 | Oncology | | ● | | | Syncromune, Inc. | | YH002 | OX40 | Oncology | | ● | | | Syncromune, Inc. | | YH003 | CD40 | Oncology | | ● | ● | | Syncromune, Inc. | | YH004 | 4-1BB | Oncology | | ● | | | | | YH008 | PD-1 x CD40 Bispecific Antibody | Oncology | | ● | | | RemeGen Co., Ltd. | | YH013 | EGFR x MET Bispecific ADC | Oncology | ● | | | | Doma | | YH012 | HER2 x TROP2 Bispecific ADC | Oncology | ● | | | | Licensed Out/Collaboration | | YH015 | CD40 Inhibitor | Immunological Diseases | ● | | | | | | YH016 | Undisclosed | Oncology | ● | | | | Licensed Out/Collaboration | | YH017 | Undisclosed | Immunological Diseases | ● | | | | Licensed Out/Collaboration | [Core Products](index=19&type=section&id=Core%20Products) YH001 and YH003 are the company's core products; YH001, a humanized anti-CTLA-4 IgG1 monoclonal antibody, has completed Phase I clinical trials and is being co-developed with Syncromune for intratumoral injection products, while YH003, a humanized IgG2 agonistic monoclonal antibody targeting CD40, has completed multiple Phase I/II clinical trials and is also in collaboration with Syncromune - YH001 has completed Phase I clinical trials in Australia and Phase I clinical trials as a monotherapy for advanced solid tumors in China, showing good tolerability and anti-tumor activity[49](index=49&type=chunk) - The company signed a licensing agreement with Syncromune to develop intratumoral injection products using YH001, YH002, and YH003 as active ingredients via Syncrovax™ technology, with SYNC-T SV-102 therapy receiving US FDA Fast Track designation[50](index=50&type=chunk) - YH003 has completed multiple Phase I/II clinical trials in Australia, the US, mainland China, and other regions, evaluating its safety and efficacy in combination with toripalimab for advanced solid tumors and pancreatic ductal adenocarcinoma, demonstrating good safety and tolerability, and achieving promising clinical efficacy[52](index=52&type=chunk) [Other Products](index=20&type=section&id=Other%20Products) The company also has several other pipeline products, including YH002 (anti-OX40 mAb), YH004 (anti-4-1BB agonist), YH005 (anti-Claudin 18.2 ADC with RemeGen), YH008 (PD-1 x CD40 bispecific antibody with Chipscreen Biosciences), YH012 (HER2/TROP2 bispecific ADC), YH013 (EGFR/MET bispecific ADC), YH015 (CD40 inhibitor), and novel molecules YH016 and YH017, with many having external collaborations or licensing agreements - YH002, an anti-OX40 monoclonal antibody, has completed a Phase I dose-escalation study in Australia, demonstrating good safety and tolerability[53](index=53&type=chunk) - YH004, a humanized anti-4-1BB agonist, has completed a Phase I study in China, with the company seeking partners for further development[55](index=55&type=chunk) - YH005 (RC118) has been licensed to RemeGen for development, received two US FDA Orphan Drug Designations, and was approved by the CDE for Phase I/IIa clinical studies[56](index=56&type=chunk) - YH008 bispecific antibody has been exclusively licensed to Chipscreen Biosciences for development and commercialization in Greater China, with Phase I patient enrollment commencing in January 2024[57](index=57&type=chunk) - YH012 (HER2/TROP2 bispecific ADC) and YH013 (EGFR/MET bispecific ADC) are bispecific ADCs developed based on the RenLite platform, with option and licensing agreements reached with external collaborators[59](index=59&type=chunk)[60](index=60&type=chunk) - YH015, a fully human IgG1 antagonistic monoclonal antibody targeting CD40, is currently in the CMC stage, with the company seeking partners for future development[61](index=61&type=chunk) - YH016 (oncology) and YH017 (immunological diseases) are novel fully human antibody molecules developed using the RenMice® platform, with option and licensing agreements reached with various partners[62](index=62&type=chunk) [Preclinical Research Services and Products](index=23&type=section&id=Preclinical%20Research%20Services%20and%20Products) The Group's preclinical research services and products include model animal sales, preclinical pharmacological efficacy evaluation, and custom gene editing services, with the company continuously expanding model animal categories, growing its overseas sales team, and enlarging its Boston, US, experimental base, achieving significant sales growth and high gross margins - Preclinical research services and products represent a significant business segment for the company, providing operating cash flow through rapid sales growth and high-profit margins[64](index=64&type=chunk) - The company has expanded its overseas sales team and enlarged its Boston, US, experimental base, achieving significant sales growth during the reporting period[64](index=64&type=chunk) [Model Animal Sales](index=23&type=section&id=Model%20Animal%20Sales) Leveraging gene editing technology, the company has created a comprehensive range of antibody discovery and disease mouse models, including approximately 4,390 unique gene-edited mouse/cell line projects, launching hundreds of new model animals annually, primarily focused on oncology and autoimmune diseases, while actively exploring neurological, cardiovascular, and metabolic disease areas - The company has created a comprehensive range of antibody discovery and disease mouse models, including approximately **4,390 unique gene-edited mouse/cell line projects**[65](index=65&type=chunk) - Hundreds of new model animals are continuously launched to the market annually, while expanding domestic and international customer bases[65](index=65&type=chunk) - Current model animal disease types primarily focus on oncology and autoimmune diseases, with active expansion into neurological, cardiovascular, and metabolic disease areas[66](index=66&type=chunk) [Humanized Mice](index=24&type=section&id=Humanized%20Mice) The company has developed a series of immune checkpoint and cytokine humanized mice to address species differences, enabling human antibody drugs to elicit normal pharmacological responses in mice, thereby providing effective models for drug validation - The company has developed a series of immune checkpoint and other humanized mice based on the C57BL/6 genetic background, ensuring fully humanized mouse models[67](index=67&type=chunk) - By humanizing key cytokines or cytokine receptors in mice, the efficacy and pharmacological effects of human cytokine or cytokine receptor antibody drugs can be evaluated in mice[68](index=68&type=chunk) [Severely Immunodeficient (B-NDG) Mice](index=25&type=section&id=Severely%20Immunodeficient%20%28B-NDG%29%20Mice) The company's independently developed B-NDG mice exhibit severe immunodeficiency, lacking mature T, B, and NK cells, making them ideal drug development vehicles for human hematopoietic stem cell, human peripheral blood mononuclear cell, human tumor cell, or tissue transplantation - B-NDG mice exhibit severe immunodeficiency, lacking mature T, B, and NK cells, making them ideal drug development vehicles for human hematopoietic stem cell, human peripheral blood mononuclear cell, human tumor cell, or tissue transplantation[69](index=69&type=chunk) - The company typically enters into framework agreements with customers for one to five years and accepts customer work orders under these agreements[69](index=69&type=chunk) [Human Immune System Reconstitution Models](index=25&type=section&id=Human%20Immune%20System%20Reconstitution%20Models) Based on B-NDG mice, the company has developed a series of second-generation products, such as B-NDG B2m KO plus mice and B-NDG hIL15 mice, to address issues like hematopoietic cell differentiation maintenance and restricted immune cell development in severely immunodeficient mice, meeting diverse research needs - The company has developed a series of second-generation products based on B-NDG mice to address issues such as hematopoietic cell differentiation maintenance and restricted immune cell development in severely immunodeficient mice[70](index=70&type=chunk) - For example, B-NDG B2m KO plus mice can delay GVHD effects in PBMC reconstitution models, and B-NDG hIL15 mice can better promote human NK cell immune reconstitution[70](index=70&type=chunk) [Preclinical Pharmacological Efficacy Evaluation](index=26&type=section&id=Preclinical%20Pharmacological%20Efficacy%20Evaluation) The company provides comprehensive preclinical pharmacology services, including in vivo efficacy, PK/PD, biomarker evaluation, toxicology and safety assessment, and in vitro immune cell and cytokine analysis, having completed over 6,350 drug evaluation projects for approximately 950 global partners as of June 30, 2025 - The company's pharmacology team has accumulated expertise in testing new therapies, supporting global drug R&D, utilizing a large number of gene humanized mouse models and severely immunodeficient B-NDG mice[71](index=71&type=chunk) - Services include in vivo efficacy, PK/PD, biomarker evaluation, toxicology and safety assessment, and in vitro immune cell and cytokine analysis[71](index=71&type=chunk) - As of June 30, 2025, over **6,350 drug evaluation projects** have been completed for approximately **950 global partners**[71](index=71&type=chunk) [In Vivo Pharmacology Capabilities](index=26&type=section&id=In%20Vivo%20Pharmacology%20Capabilities) The in vivo pharmacology team has successfully developed and validated hundreds of syngeneic and allogeneic tumor models, covering a wide range of immunotherapy areas, and has expanded research and services to include immune and autoimmune diseases, CNS, ophthalmology, metabolic, and kidney disease models - The in vivo pharmacology team has successfully developed and validated hundreds of syngeneic and allogeneic tumor models, covering a wide range of immunotherapy areas[73](index=73&type=chunk) - Services have expanded to include immune and autoimmune diseases, CNS diseases, ophthalmological diseases, metabolic disease models, and kidney disease models[73](index=73&type=chunk) [Pharmacokinetics (PK) and Pharmacodynamics (PD)](index=27&type=section&id=Pharmacokinetics%20%28PK%29%20and%20Pharmacodynamics%20%28PD%29) The company has established a comprehensive PK/PD service platform, utilizing target humanized mice and FcRn humanized mice to conduct a range of PK/PD studies, characterizing drug exposure, predicting dose requirements, understanding concentration-effect relationships, and supporting drug development and clinical trials - The company has established a comprehensive PK/PD service platform, utilizing target humanized mice and FcRn humanized mice to address the issue of human antibody PK parameters being unsuitable in animal species[75](index=75&type=chunk) - PK/PD evaluation is also supported by in vitro capabilities, including cell-based assays such as ADCC and CDC[75](index=75&type=chunk) [Small Animal Toxicology and Safety Studies](index=27&type=section&id=Small%20Animal%20Toxicology%20and%20Safety%20Studies) The company has established a toxicology and safety assessment platform using humanized mice and highly immunodeficient B-NDG mice, providing comprehensive toxicology and safety readouts to support predictive data for drug candidate evaluation and guide clinical study design - The company has established a toxicology and safety assessment platform using humanized mice and highly immunodeficient B-NDG mice[76](index=76&type=chunk) - Comprehensive toxicology and safety readouts include blood biochemical liver and kidney function assessment, histopathological assessment, cytokine release syndrome (CRS) assessment, anti-drug antibody (ADA) testing, and more[76](index=76&type=chunk) [Gene Editing](index=27&type=section&id=Gene%20Editing) Gene editing technology is the cornerstone of the company's antibody R&D platform, utilizing advanced techniques to develop the transgenic RenMice® platform and Project Integrum (Thousand-Mouse-Antibody Project); the company offers custom gene editing services based on animal and cell lines, having completed approximately 5,300 custom projects and internally developed about 4,390 model products - Gene editing technology lays a solid foundation for the antibody R&D platform, utilizing advanced techniques to propose Project Integrum (Thousand-Mouse-Antibody Project) and develop the transgenic RenMice® platform[77](index=77&type=chunk)[79](index=79&type=chunk) - The company provides custom gene editing services based on rat/mouse and cell lines, having completed approximately **5,300 custom gene editing projects** and internally developed approximately **4,390 gene-edited animal and cell model products**[79](index=79&type=chunk)[80](index=80&type=chunk) [Our Gene Editing Technologies](index=28&type=section&id=Our%20Gene%20Editing%20Technologies) The company has developed robust gene editing platforms, SUPCE, CRISPR/EGE, and ESC/HR, which drive technological innovation and have been successfully applied in the development of the RenMice® platform - The company has developed robust gene editing platforms, SUPCE, CRISPR/EGE, and ESC/HR, which are drivers of technological innovation[79](index=79&type=chunk) [Custom Services](index=28&type=section&id=Custom%20Services) The company primarily offers custom gene editing services based on rat/mouse and cell lines, with the final products being animal or cell line models with specific genotypes, covering various rat/mouse strains and cell lines, and providing supporting experimental services - The company primarily offers custom gene editing services based on rat/mouse and cell lines, with the final products being animal or cell line models with specific genotypes[80](index=80&type=chunk) - Mouse strains for gene editing services primarily include C57BL/6, BALB/c, DBA2, and NOD-scid, while rat strains primarily include Sprague Dawley and Wistar[80](index=80&type=chunk) [RenMice® Platform for Generating Rich Fully Human Antibody Libraries](index=29&type=section&id=RenMice%C2%AE%20Platform%20for%20Generating%20Rich%20Fully%20Human%20Antibody%20Libraries) The RenMice® platform is the company's core technology for generating rich fully human monoclonal and bispecific antibody libraries, including RenMab, RenLite, and RenNano, as well as RenTCRm and GPCR platforms, having secured multiple patents and entered into licensing and trial collaboration agreements with dozens of renowned multinational pharmaceutical companies - The RenMice® platform consists of several different chromosome-engineered mice with fully human immunoglobulin variable regions, including RenMab, RenLite, and RenNano[82](index=82&type=chunk) - As of June 30, 2025, licensing and trial collaboration agreements have been reached with dozens of renowned multinational pharmaceutical companies and leading pharmaceutical companies[83](index=83&type=chunk) - The RenMab platform obtained Chinese and US patents in 2023, and a Japanese patent in 2025[85](index=85&type=chunk) - The RenLite platform obtained US patent authorization in 2024, with its single fixed human common kappa light chain design addressing the light chain mismatch issue in bispecific antibodies[86](index=86&type=chunk) - The RenNano platform utilizes RenNano mice to produce heavy chain antibodies, whose generated fully human single-chain antibody fragment sequences do not require in vitro humanization modification[87](index=87&type=chunk) - The RenTCRm platform, based on HLA/RenMab, aims to break through the limitations of traditional antibody therapy, precisely identifying intracellular MAP epitopes and producing fully human antibodies against intracellular antigens[88](index=88&type=chunk) - The GPCR platform, developed based on RenMice®, addresses the challenges of obtaining GPCR and transmembrane protein antibodies through DNA immunization and target knockout RenMice (RenMice KO)[89](index=89&type=chunk) [Marketing and Business Development](index=32&type=section&id=Marketing%20and%20Business%20Development) The company acquires business through its marketing and business development teams and customer referrals, establishing a sales system covering Asia-Pacific, North America, and Europe, actively expanding overseas markets, enlarging its Boston R&D and production facilities, and maintaining long-term business collaborations with all top ten overseas pharmaceutical companies - The company has established a sales system covering Asia-Pacific, North America, and Europe, continuously expanding overseas markets and maintaining rapid growth in overseas sales revenue[90](index=90&type=chunk) - The company is expanding its R&D and production facilities in Boston and growing its Boston subsidiary's R&D and production team to provide localized services[90](index=90&type=chunk) - Since 2022, the company has optimized and upgraded its North American and European sales networks, establishing a subsidiary in Heidelberg, Germany, and offices in San Francisco and San Diego, US[91](index=91&type=chunk) - The antibody development business has maintained rapid growth since 2020, with its customer base expanding from well-known domestic biotechnology companies to globally renowned pharmaceutical companies[91](index=91&type=chunk) [Production](index=33&type=section&id=Production) The company has established model animal production centers, encompassing approximately 55,000 square meters of animal facilities, offering significant cost advantages, and collaborates with CROs and CDMOs to support asset product R&D and clinical trials - The company has established model animal production centers, including three animal bases, covering approximately **55,000 square meters** of animal facilities, offering significant cost advantages[94](index=94&type=chunk) - The company collaborates with CROs and CDMOs to conduct and support asset product R&D and clinical trials[95](index=95&type=chunk) [Proposed A Share Issuance](index=33&type=section&id=Proposed%20A%20Share%20Issuance) The company proposed an A share issuance and listing on the Shanghai Stock Exchange STAR Market in March 2023, having submitted application materials and received an acceptance letter, and is currently awaiting approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange - The company proposed an A share issuance and listing on the Shanghai Stock Exchange STAR Market in March 2023, having submitted application materials and received an acceptance letter[96](index=96&type=chunk) - The A share issuance is subject to approval by the China Securities Regulatory Commission and the Shanghai Stock Exchange[96](index=96&type=chunk) [Quality Management](index=34&type=section&id=Quality%20Management) The company has a quality management department that has established a quality control system referencing ISO9001, GMP, and GLP standards, emphasizing quality control in the design, R&D, manufacturing, testing, and transportation of products and candidate products, with approximately 49 employees in the department as of June 30, 2025 - The company has established a quality control system referencing ISO9001, GMP, and GLP standards, emphasizing quality control in the design, R&D, manufacturing, testing, and transportation of products and candidate products[97](index=97&type=chunk) - As of June 30, 2025, the quality management department consists of approximately **49 employees**, possessing extensive experience in quality management and drug registration[97](index=97&type=chunk) [Suppliers](index=34&type=section&id=Suppliers) The company has established policies to standardize supplier selection processes, conducting due diligence and regular evaluations to ensure supplier and product quality; as of June 30, 2025, the Group had approximately 2,300 suppliers, with over 2,200 from China - The company has formulated a series of policies to provide institutional guarantees for supplier access, selection, approval, monitoring, and evaluation[98](index=98&type=chunk) - As of June 30, 2025, the Group had approximately **2,300 suppliers**, with over **2,200** from China[99](index=99&type=chunk) - The company collaborates with CROs and CDMOs to support asset product R&D and clinical trials, with core product R&D expenses for CROs and CDMOs amounting to approximately **RMB 0.9 million** for the six months ended June 30, 2025[100](index=100&type=chunk) [Intellectual Property](index=35&type=section&id=Intellectual%20Property) Intellectual property is crucial to the company's business; as of June 30, 2025, the company owned 301 registered trademarks, 195 granted patents, and 4 software copyrights, and had filed 496 patent applications in 27 countries or regions - As of June 30, 2025, the company owned **301 registered trademarks**, **195 granted patents**, and **4 software copyrights**[101](index=101&type=chunk) - The company has filed **496 patent applications** in **27 countries or regions**, and has been granted **16 patents** and filed **21 patent applications** related to its core products[101](index=101&type=chunk) [Future and Outlook](index=35&type=section&id=Future%20and%20Outlook) The company will continue to adhere to its strategic goal of "innovation-driven new drug R&D," focusing on innovative animal models and antibody discovery, increasing R&D investment, and gradually building an "antibody evolution tree" encompassing over 1,000 targets and 1,000,000 fully human antibody molecules, while also developing an AI intelligent agent for antibody drug R&D to achieve scaled profitability - In the second half of 2025, the company will continue to adhere to its strategic goal of "innovation-driven new drug R&D," ensuring sufficient R&D investment, controlling expenses, improving operational efficiency, and moving towards the goal of achieving scaled profitability in 2025[102](index=102&type=chunk) - The company will continuously enrich the RenMice® platform, expand the Project Integrum (Thousand-Mouse-Antibody Project) fully human antibody sequence library, and focus on developing innovative animal models for more disease areas[103](index=103&type=chunk) - The company will gradually establish an "antibody evolution tree" encompassing over **1,000 targets** and **1,000,000 fully human antibody molecules**, and build an AI intelligent agent for antibody drug R&D through localized AI deployment[103](index=103&type=chunk) - The company will continue to expand global market development, improve its global R&D, production, and sales layout, and further optimize its global operating structure to enhance operational efficiency[104](index=104&type=chunk) [II. Financial Review](index=37&type=section&id=II.%20Financial%20Review) This section provides a detailed review of the financial performance for the six months ended June 30, 2025, including key financial indicators such as revenue, costs, profitability, liquidity, and capital resources, highlighting significant revenue growth, a turnaround to profit, strong operating cash flow, and continued R&D investment and global expansion Financial Overview for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 620,963 | 410,499 | | Cost of Sales | (159,014) | (105,006) | | Gross Profit | 461,949 | 305,493 | | Other Income and Losses, Net | 8,512 | 9,529 | | Net Change in Fair Value of Biological Assets | 20,796 | 6,483 | | Selling and Marketing Expenses | (58,515) | (42,472) | | General and Administrative Expenses | (116,231) | (102,618) | | Research and Development Expenses | (209,109) | (161,679) | | Profit/(Loss) Before Tax | 59,620 | (47,077) | | Profit/(Loss) for the Period | 47,999 | (50,673) | | Total Comprehensive Income for the Period | 47,961 | (50,901) | [Overview](index=37&type=section&id=Overview) This section provides a discussion of the financial information and notes for the six months ended June 30, 2025, and should be read in conjunction with the relevant financial statements - This section's discussion is based on the financial information and notes contained in this announcement[105](index=105&type=chunk) [Revenue](index=38&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue increased by 51.3% to approximately RMB 621.0 million from approximately RMB 410.5 million in the prior year, primarily driven by increased revenue from model animal sales, preclinical pharmacological efficacy evaluation, and antibody development Revenue Details | Service Line | 2025 (RMB in thousands) | Share (%) | 2024 (RMB in thousands) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Gene Editing | 28,617 | 4.6 | 34,606 | 8.4 | | Preclinical Pharmacological Efficacy Evaluation | 155,031 | 25.0 | 81,552 | 19.9 | | Model Animal Sales | 274,426 | 44.2 | 175,772 | 42.8 | | Antibody Development | 162,863 | 26.2 | 118,200 | 28.8 | | Others | 26 | 0.0 | 369 | 0.1 | | **Total Revenue** | **620,963** | **100.0** | **410,499** | **100.0** | - Revenue increased by **51.3%**, primarily due to increased revenue from model animal sales, preclinical pharmacological efficacy evaluation, and antibody development[107](index=107&type=chunk) [Cost of Sales](index=38&type=section&id=Cost%20of%20Sales) Cost of sales increased by 51.4% to approximately RMB 159.0 million from approximately RMB 105.0 million in the prior year, largely consistent with the increase in revenue during the reporting period - Cost of sales increased by **51.4%** to approximately **RMB 159.0 million** from approximately **RMB 105.0 million**, largely consistent with the increase in revenue during the reporting period[108](index=108&type=chunk) [Gross Profit and Gross Margin](index=38&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 51.2% to approximately RMB 461.9 million from approximately RMB 305.5 million in the prior year, mainly due to increased revenue, with the gross margin remaining stable at 74.4% in both reporting periods - Gross profit increased by **51.2%** to approximately **RMB 461.9 million**, primarily due to increased revenue from model animal sales, preclinical pharmacological efficacy evaluation, and antibody development[109](index=109&type=chunk) - Gross margin remained stable at **74.4%** for the six months ended June 30, 2024, and 2025[109](index=109&type=chunk) [Other Income and Losses, Net](index=39&type=section&id=Other%20Income%20and%20Losses%2C%20Net) For the six months ended June 30, 2025, other income and losses, net, totaled approximately RMB 8.5 million, a 10.5% decrease from the prior year, primarily due to reduced interest income and net exchange gains - Other income and losses, net, totaled approximately **RMB 8.5 million**, a **10.5%** decrease from the prior year[110](index=110&type=chunk) - The decrease was primarily due to reduced interest income and net exchange gains[110](index=110&type=chunk) [Net Change in Fair Value of Biological Assets](index=39&type=section&id=Net%20Change%20in%20Fair%20Value%20of%20Biological%20Assets) The net change in fair value of biological assets increased by 220.0% to approximately RMB 20.8 million from approximately RMB 6.5 million in the prior year, primarily due to higher inventory levels of humanized mice - The net change in fair value of biological assets increased by **220.0%** to approximately **RMB 20.8 million**[111](index=111&type=chunk) - The increase was primarily due to a higher inventory level of humanized mice for the six months ended June 30, 2025, compared to the prior year[111](index=111&type=chunk) [Selling and Marketing Expenses](index=39&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses increased by 37.6% to approximately RMB 58.5 million from approximately RMB 42.5 million in the prior year, primarily due to increased salaries, largely consistent with the revenue growth during the reporting period - Selling and marketing expenses increased by **37.6%** to approximately **RMB 58.5 million**[112](index=112&type=chunk) - This increase was primarily due to increased salaries, largely consistent with the revenue growth during the reporting period[112](index=112&type=chunk) [General and Administrative Expenses](index=39&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by 13.3% to approximately RMB 116.2 million from approximately RMB 102.6 million in the prior year, primarily due to increased staff costs from bonuses and share-based payments - General and administrative expenses increased by **13.3%** to approximately **RMB 116.2 million**[113](index=113&type=chunk) - The increase was primarily due to increased staff costs from bonuses and share-based payments arising from accelerated vesting during the reporting period[113](index=113&type=chunk) [Research and Development Expenses](index=40&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses increased by 29.3% to approximately RMB 209.1 million from approximately RMB 161.7 million in the prior year, primarily due to increased staff costs (attributable to bonuses and an increase in R&D employee headcount) and higher direct material costs - Research and development expenses increased by **29.3%** to approximately **RMB 209.1 million**[114](index=114&type=chunk) - The increase was primarily due to increased staff costs (attributable to bonuses and an increase in R&D employee headcount) and higher direct material costs[114](index=114&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, bank and cash balances totaled approximately RMB 479.6 million, primarily driven by strong positive cash flow from operating activities, with net cash from operating activities significantly increasing to RMB 203.4 million, achieving positive net cash flow - As of June 30, 2025, bank and cash balances totaled approximately **RMB 479.6 million**, with the increase primarily due to strong positive cash flow from operating activities[115](index=115&type=chunk) Condensed Interim Consolidated Cash Flow Statement Summary | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Tax Paid | (16,041) | (3,076) | | Net Cash from Operating Activities | 203,434 | 29,608 | | Net Cash Used in Investing Activities | (82,898) | (31,964) | | Net Cash Used in Financing Activities | (87,284) | (13,465) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 33,252 | (15,821) | | Effect of Exchange Rate Changes | 3,357 | 2,066 | | Cash and Cash Equivalents at January 1 | 384,458 | 399,607 | | Cash and Cash Equivalents at End of Period | 421,067 | 385,852 | [Finance Costs](index=40&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs amounted to approximately RMB 35.9 million, a 31.9% decrease from the prior year, primarily due to reduced interest on long-term payables - Finance costs decreased by **31.9%** to approximately **RMB 35.9 million**, primarily due to reduced interest on long-term payables[116](index=116&type=chunk) [Bank and Other Borrowings and Gearing Ratio](index=41&type=section&id=Bank%20and%20Other%20Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's outstanding borrowings were approximately RMB 401.8 million, and its gearing ratio was 1.77, a decrease from 1.88 as of December 31, 2024 - As of June 30, 2025, the Group's outstanding borrowings were approximately **RMB 401.8 million**[117](index=117&type=chunk) - The Group's gearing ratio was **1.77** (December 31, 2024: 1.88)[117](index=117&type=chunk) [Net Current Assets](index=41&type=section&id=Net%20Current%20Assets) As of June 30, 2025, the Group's net current assets were approximately RMB 418.6 million, a significant increase from approximately RMB 281.6 million as of December 31, 2024 - As of June 30, 2025, the Group's net current assets were approximately **RMB 418.6 million**, compared to approximately **RMB 281.6 million** as of December 31, 2024[118](index=118&type=chunk) [Foreign Exchange Risk](index=41&type=section&id=Foreign%20Exchange%20Risk) Fluctuations in exchange rates between the US dollar and other currencies used in the Group's operations may impact its financial position and operating results; the company currently has no foreign currency hedging policy, but management monitors foreign exchange risk and considers hedging when necessary - Fluctuations in exchange rates between the US dollar and other currencies used in the Group's operations may impact the Group's financial position and operating results[119](index=119&type=chunk) - The company currently has no foreign currency hedging policy, but management monitors foreign exchange risk and will consider hedging when necessary[119](index=119&type=chunk) [Capital Expenditure](index=41&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, total capital expenditure amounted to approximately RMB 30.8 million, primarily allocated to investments in facilities and office buildings, and the purchase of scientific equipment - For the six months ended June 30, 2025, total capital expenditure amounted to approximately **RMB 30.8 million**, primarily including investments in facilities and office buildings, and the purchase of scientific equipment[120](index=120&type=chunk) [Contingent Liabilities](index=41&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[121](index=121&type=chunk) [Pledge of Assets](index=42&type=section&id=Pledge%20of%20Assets) The Group has pledged its property and buildings, as well as machinery and equipment, for bank and other borrowings; as of June 30, 2025, the total net book values of the related assets were RMB 225.1 million, RMB 18.3 million, and RMB 26.0 million, respectively - The Group has pledged its property and buildings, as well as machinery and equipment, for bank and other borrowings[122](index=122&type=chunk) - As of June 30, 2025, the total net book values of property and buildings, right-of-use assets, and machinery and equipment were **RMB 225.1 million**, **RMB 18.3 million**, and **RMB 26.0 million**, respectively[122](index=122&type=chunk) [Material Investments](index=42&type=section&id=Material%20Investments) As of June 30, 2025, the Group had no material investments - As of June 30, 2025, the Group had no material investments[124](index=124&type=chunk) [Material Acquisitions and Disposals](index=42&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the company did not undertake any other material acquisitions or disposals of subsidiaries, associates, and joint ventures - For the six months ended June 30, 2025, the company did not undertake any other material acquisitions or disposals of subsidiaries, associates, and joint ventures[125](index=125&type=chunk) [Events After Reporting Period](index=42&type=section&id=Events%20After%20Reporting%20Period) Except for the disclosed matters, the company is not aware of any other material post-reporting period events from June 30, 2025, up to the date of this announcement - Except for the disclosed matters, the company is not aware of any other material post-reporting period events from June 30, 2025, up to the date of this announcement[126](index=126&type=chunk) [Employees and Remuneration Policy](index=42&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had 1,306 employees, an increase from 1,117 as of December 31, 2024; the company offers competitive remuneration, stock incentive plans, and continuous education and training to enhance employee retention - As of June 30, 2025, the company had **1,306 employees** (December 31, 2024: 1,117 employees)[127](index=127&type=chunk) - The company offers competitive remuneration, stock incentive plans, and continuous education and training to enhance skills and knowledge, contributing to good employee relations and improved employee retention[127](index=127&type=chunk) [Future Plans for Material Investments and Capital Assets](index=43&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) Except as disclosed in this announcement, as of June 30, 2025, the company had not approved any plans for material investments or acquisitions of capital assets - Except as disclosed in this announcement, as of June 30, 2025, the company had not approved any plans for material investments or acquisitions of capital assets[128](index=128&type=chunk) [Corporate Governance and Other Information](index=43&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's corporate governance practices, compliance with regulatory codes, and other administrative information relevant to its operations [Interim Dividends](index=43&type=section&id=Interim%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Hygeia Healthcare Holdings Co., Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 海 吉 亞 醫 療 控 股 有 限 公 司 （股 份 代 號：6078） 截至二零二五年六月三十日止六個月 中期業績公告 財務摘要 截至二零二五年六月三十日止六個月，本集團的收入為人民幣1,989.7百萬元， 較二零二四年同期減少16.5%。 截至二零二五年六月三十日止六個月，本集團的淨利潤為人民幣245.8百萬元， 較二零二四年同期減少36.2%。 截至二零二五年六月三十日止六個月，本集團的非國際財務報告準則經調整 淨利潤(1)為人民幣262.5百萬元，較二零二四年同期減少34.5%。 截至二零二五年六月三十日止六個月，本集團的經營活動所得現金淨額為人 民幣455.7百萬元，較二零二四年同期增加29.9%。 截至二零二五年六月三十日止六個月，本集團的自由現金流 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 FriendTimes Inc. （於開曼群島註冊成立的有限公司） （股份代號：6820） 友誼時光股份有限公司 截 至2025年6月30日 止 六 個 月 的 中 期 業 績 公 告 本 集 團 總 部 設 於 中 國 蘇 州，在 中 國 上 海、成 都 和 香 港 地 區，及 韓 國 設 有 分 支 機 構，並 於2019年10月8日 在 聯 交 所 主 板 上 市。自2010年 成 立 以 來，先 後 成 功 推 出《熹 妃 傳》、《熹 妃Q傳》、《浮 生 為 卿 歌》、《凌 雲 諾》、《浮 生 憶 玲 瓏》、 《杜 拉 拉 升 職 記》、《墨 劍 江 湖》、《暴 吵 萌 廚》等 核 心 產 品，深 受 用 戶 ...

(於開曼群島註冊成立之有限公司) 股份代號: 1 2025 長江和記實業有限公司 2025年中期報告 公司資料 董事會 執行董事 李澤鉅 BSc, MSc, LLD (Hon) Grande Ufficiale dell'Ordine della Stella d'Italia 主 席 霍建寧 BA, DFM, FCA (ANZ) 副主席 陸法蘭 MA, LLL 集團聯席董事總經理兼集團財務董事 黎啟明 BSc, MBA 集團聯席董事總經理 葉德銓 BA, MSc 副董事總經理 甘慶林 BSc, MBA 副董事總經理 施熙德 BSE, MA, MA, EdM, Solicitor, FCG, HKFCG 甄達安 MA, MBA, CA, CPA 非執行董事 周近智 LLM 李業廣 GBM, GBS, OBE, JP 胡慕芳 BSc （別 名 周 胡 慕 芳） 獨立非執行董事 周靜宜 BA, MBA 蓆紀倫 BCom, CA(ANZ), FCPA 斐歷嘉道理 BSc 劉柔芬 GBS, SBS, OBE, JP （別 名 梁 劉 柔 芬） 戴保羅 BSc 詹婧翎 MBA, CPA, CGA, FCA, FCCA, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 內幕消息 截至2025年6月30日止季度的 未經審計財務業績 本文附表一為本公司於2025年8月28日（美國東部時間）刊發的有關第二季度業績 的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告包含根據1995年《美國私人證券訴訟改革法案》的「安全港」條文可能構成 「前瞻性」聲明的陳述。該等前瞻性陳述可以通過諸如「將」、「期望」、「預期」、 「旨在」、「未來」、「擬」、「計劃」、「相信」、「預計」、「目標」、「可能」及「挑戰」 等術語及類似陳述來識別。理想汽車亦可能在其向美國證交會及香港聯合交易 所有限公司（「香港聯交所」）提交的定期報告中、在其提交給股東的年度報告、 新聞稿和其他書面材料以及其高級職員、董事或僱員向第三方所作的口頭陳述中 作出書面或口頭前瞻性陳述。非歷史事實性陳 ...

Part I [Announcement Information](index=1&type=section&id=I.%20Announcement%20Information) This section provides general information about the interim results announcement and disclaimers [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) SINO ICT HOLDINGS LIMITED announced its unaudited interim results for the six months ended June 30, 2025, which were reviewed by the Audit Committee - Company name: **SINO ICT HOLDINGS LIMITED**, stock code: **00365**[2](index=2&type=chunk) - The announcement covers unaudited consolidated results for the six months ended **June 30, 2025**[2](index=2&type=chunk) - The results were reviewed by the Company's Audit Committee on **August 28, 2025**[2](index=2&type=chunk) [Summary of Interim Results Announcement](index=1&type=section&id=1.2%20Summary%20of%20Interim%20Results%20Announcement) This section presents the disclaimer from HKEX and the Stock Exchange, stating no responsibility for the announcement's accuracy or completeness - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, nor do they make any representation as to its accuracy or completeness[1](index=1&type=chunk) Part II [Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section provides an overview of the company's condensed consolidated financial performance and position [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue from continuing operations grew 24.4% to HKD 177,334 thousand, with operating profit turning positive to HKD 8,920 thousand, and profit attributable to owners from continuing operations at HKD 6,309 thousand Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 177,334 | 142,600 | 24.4% | | Operating profit/(loss) | 8,920 | (10,766) | N/A (turned profitable) | | Loss for the period from continuing operations | (3,066) | (26,518) | -88.4% | | Profit/(loss) for the period from continuing operations attributable to owners of the Company | 6,309 | (10,777) | N/A (turned profitable) | | Basic and diluted earnings per share (continuing operations) (HK cents) | 0.43 | (0.74) | N/A (turned profitable) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased to HKD 931,931 thousand, net current assets significantly rose to HKD 194,864 thousand, and equity attributable to owners increased to HKD 232,786 thousand, while non-current liabilities grew due to increased borrowings Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Total assets | 931,931 | 923,846 | 8,085 | | Equity attributable to owners of the Company | 232,786 | 226,126 | 6,660 | | Non-current liabilities | 494,697 | 350,277 | 144,420 | | Current liabilities | 255,086 | 388,648 | (133,562) | | Net current assets | 194,864 | 33,801 | 161,063 | Part III [Notes to the Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the condensed consolidated financial statements [General Information](index=6&type=section&id=3.1%20General%20Information) SINO ICT HOLDINGS LIMITED, a Bermuda-registered company listed on the HKEX, primarily engages in SMT equipment manufacturing and energy businesses in China, having terminated its radar business this period - The Company is incorporated in Bermuda and its shares are listed on the Main Board of the Stock Exchange of Hong Kong[8](index=8&type=chunk) - Principal activities include surface mount technology (SMT) equipment manufacturing and electricity sales, along with providing electricity spot market trading and ancillary services (energy business)[8](index=8&type=chunk) - For the six months ended June 30, 2025, the advanced domestic radar hardware manufacturing, intelligent software development, application, and system integration business (radar business) was discontinued[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=3.2%20Basis%20of%20Preparation) These condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, and the applicable disclosure requirements of the Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) - These statements do not include all the information required for annual consolidated financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024[11](index=11&type=chunk) [Significant Accounting Policies](index=7&type=section&id=3.3%20Significant%20Accounting%20Policies) These interim financial statements are primarily prepared on a historical cost basis, with some assets measured at fair value, and the adoption of several revised HKFRSs this period had no material impact on the consolidated results or financial position - The statements are prepared on a historical cost basis, except for investment properties and financial assets measured at fair value[12](index=12&type=chunk) - Several revised Hong Kong Financial Reporting Standards effective from January 1, 2025, were adopted, including lease liabilities in a sale and leaseback, classification of liabilities, non-current liabilities with covenants, and lack of exchangeability[12](index=12&type=chunk) - The adoption of these revised standards had no material impact on the consolidated results and financial position for the current and prior periods[12](index=12&type=chunk) [Critical Accounting Estimates and Judgments](index=7&type=section&id=3.4%20Critical%20Accounting%20Estimates%20and%20Judgments) The preparation of these financial statements involves management's critical judgments, estimates, and assumptions regarding accounting policies and the carrying amounts of assets and liabilities, consistent with the 2024 annual report - Management made critical judgments, estimates, and assumptions in preparing the statements, consistent with those used in the consolidated financial statements for the year ended December 31, 2024[13](index=13&type=chunk) [Revenue](index=8&type=section&id=3.5%20Revenue) Total revenue for the period was HKD 177,334 thousand, primarily from the production and sale of industrial products (HKD 152,408 thousand) and electricity sales (HKD 24,926 thousand), with all revenue recognized at a point in time Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Production and sale of industrial products | 152,408 | 134,758 | 13.1% | | Electricity sales | 24,926 | 7,842 | 217.8% | | **Total Revenue** | **177,334** | **142,600** | **24.4%** | - All revenue is recognized at a point in time[15](index=15&type=chunk) [Segment Information](index=9&type=section&id=3.6%20Segment%20Information) As of June 30, 2025, the radar business has been discontinued; the industrial product production and sales segment is the primary source of revenue and profit, generating HKD 150,706 thousand in revenue and HKD 74,610 thousand in gross profit, while the energy business saw significant revenue growth to HKD 24,926 thousand but recorded a gross loss of HKD 8,904 thousand and a pre-tax loss of HKD 19,133 thousand - The radar business has been discontinued, and segment information does not include discontinued operations[16](index=16&type=chunk) Segment Results from Continuing Operations (For the six months ended June 30) | Indicator | Industrial Product Production and Sales (HKD thousands) | Energy Business (HKD thousands) | Unallocated Items (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | **2025** | | | | | | Revenue from external customers | 150,706 | 24,926 | 1,702 | 177,334 | | Segment gross profit/(loss) | 74,610 | (8,904) | 1,702 | 67,408 | | Profit/(loss) before income tax | 23,384 | (19,133) | (6,232) | (1,981) | | **2024** | | | | | | Revenue from external customers | 131,709 | 7,842 | 3,049 | 142,600 | | Segment gross profit | 59,835 | 2,044 | 3,049 | 64,928 | | Profit/(loss) before income tax | 16,890 | (31,413) | (13,448) | (27,971) | [Other Income](index=10&type=section&id=3.7%20Other%20Income) Other income for the period was HKD 1,384 thousand, primarily from government grants, representing a significant year-on-year decrease of 72.1% Other Income Composition (For the six months ended June 30) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Scrap sales income | 31 | 294 | -89.5% | | Government grants | 1,353 | 4,656 | -70.9% | | **Total** | **1,384** | **4,950** | **-72.1%** | [Finance Income and Expenses](index=11&type=section&id=3.8%20Finance%20Income%20and%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a 13.8% year-on-year decrease, mainly due to reduced interest expenses on bank and other borrowings Finance Income and Expenses (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 561 | 913 | -38.6% | | Interest expenses on bank and other borrowings | (11,328) | (13,410) | -15.5% | | **Net finance expenses** | **(10,767)** | **(12,497)** | **-13.8%** | [Income Tax Expense](index=11&type=section&id=3.9%20Income%20Tax%20Expense) Income tax expense from continuing operations for the period was HKD 1,085 thousand, compared to an income tax credit of HKD 1,453 thousand in the prior period, primarily related to China corporate income tax Income Tax Expense/(Credit) from Continuing Operations (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | China corporate income tax expense/(credit) | 1,085 | (1,453) | [Discontinued Operations](index=12&type=section&id=3.10%20Discontinued%20Operations) Discontinued operations (radar business) recorded a loss of HKD 187 thousand for the period, primarily administrative expenses, with a loss attributable to owners of HKD 129 thousand Loss from Discontinued Operations (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | — | — | | Administrative expenses | (187) | — | | Loss before income tax from discontinued operations | (187) | — | | **Loss for the period from discontinued operations** | **(187)** | **—** | | Loss attributable to owners of the Company | (129) | — | [Earnings/(Loss) Per Share](index=13&type=section&id=3.11%20Earnings%2F%28Loss%29%20Per%20Share) Basic and diluted earnings per share from continuing operations for the period were 0.43 HK cents, with a loss per share from discontinued operations of 0.01 HK cents, totaling 0.42 HK cents earnings per share, reversing previous losses Earnings/(Loss) Per Share (For the six months ended June 30) | Item | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Continuing operations | 0.43 | (0.74) | | Discontinued operations | (0.01) | — | | **Basic and diluted earnings/(loss)** | **0.42** | **(0.74)** | - The weighted average number of ordinary shares for basic and diluted earnings/(loss) per share was **1,455,000 thousand shares**, consistent with the prior period[21](index=21&type=chunk) [Dividends](index=13&type=section&id=3.12%20Dividends) For the six months ended June 30, 2025, the Company neither declared nor proposed any dividends - For the six months ended June 30, 2025, the Company neither declared nor proposed any dividends (2024: nil)[22](index=22&type=chunk) [Trade and Other Receivables](index=14&type=section&id=3.13%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to HKD 105,564 thousand, a significant increase from December 31, 2024, with notable increases in receivables aged 91-180 days and over 180 days Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 48,379 | 58,476 | (10,097) | | 91 to 180 days | 28,658 | 11,779 | 16,879 | | Over 180 days | 28,527 | 1,881 | 26,646 | | **Total** | **105,564** | **72,136** | **33,428** | [Trade and Other Payables](index=14&type=section&id=3.14%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and bills payables were HKD 45,693 thousand, a slight decrease from December 31, 2024 Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 40,141 | 43,702 | (3,561) | | 91 to 120 days | 447 | 253 | 194 | | Over 120 days | 5,105 | 5,679 | (574) | | **Total** | **45,693** | **49,634** | **(3,941)** | [Assets Classified as Held for Sale](index=14&type=section&id=3.15%20Assets%20Classified%20as%20Held%20for%20Sale) As of June 30, 2025, certain equipment, intangible assets, and inventories of the radar business, totaling HKD 6,434 thousand, were classified as assets held for sale - Equipment, intangible assets, and inventories of the radar business are classified as "assets classified as held for sale"[25](index=25&type=chunk) Composition of Assets Classified as Held for Sale (June 30, 2025) | Asset Type | Amount (HKD thousands) | | :--- | :--- | | Equipment | 2,127 | | Intangible assets | 1,062 | | Inventories | 3,245 | | **Total** | **6,434** | Part IV [Performance Review and Business Outlook](index=15&type=section&id=IV.%20Performance%20Review%20and%20Business%20Outlook) This section reviews the company's financial performance and provides an outlook on industry trends and future business strategies [Overall Performance Review](index=15&type=section&id=4.1%20Overall%20Performance%20Review) The Company's revenue increased by 24.4% year-on-year to HKD 177,334 thousand, with profit attributable to owners of approximately HKD 6,180 thousand, reversing losses, primarily due to stable energy business operations and reduced administrative expenses - Revenue was approximately **HKD 177,334,000**, a year-on-year increase of **24.4%**[26](index=26&type=chunk) - Profit attributable to owners of the Company was approximately **HKD 6,180,000**, and total comprehensive income attributable to owners of the Company was approximately **HKD 6,660,000**, both increasing from the prior period and reversing losses[26](index=26&type=chunk) - Performance improvement is mainly attributed to the energy business gradually entering stable operation, reduced one-off expenses, and lower daily management costs, leading to a decrease in administrative expenses[26](index=26&type=chunk) [Industry and Macroeconomic Outlook](index=15&type=section&id=4.2%20Industry%20and%20Macroeconomic%20Outlook) China's advanced manufacturing and new energy storage industries have broad prospects driven by "Made in China 2025" and "14th Five-Year Plan" policies, providing business opportunities despite external challenges and stable national economic operation - "Made in China 2025" policy continues to deepen, prioritizing advanced manufacturing; the "14th Five-Year Plan" for new energy storage development is vigorously promoted, accelerating energy structure transformation[27](index=27&type=chunk) - The PMI generally shows a marginal rebound, driving rapid development of the new energy storage industry, with significant increases in project numbers and installed capacity[27](index=27&type=chunk) - Despite challenges such as escalating US chip export controls against China and local government debt pressure, the national economy remains stable overall[27](index=27&type=chunk) [SMT and Semiconductor Equipment Manufacturing Business](index=16&type=section&id=4.3%20SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Business) The SMT and semiconductor equipment manufacturing business revenue increased by 14.4% year-on-year to HKD 150,706 thousand, with significant growth in segment gross profit and pre-tax profit, making it the company's primary revenue and profit source, benefiting from market demand for Mini LED, new energy vehicles, and domestic semiconductor equipment substitution - SMT and semiconductor equipment manufacturing business revenue was approximately **HKD 150,706,000**, a year-on-year increase of **14.4%**; segment gross profit was approximately **HKD 74,610,000**, a year-on-year increase of **24.7%**; segment profit before income tax was approximately **HKD 23,384,000**, a year-on-year increase of **38.4%**[28](index=28&type=chunk) - Wholly-owned subsidiary Nitto Intelligent Equipment Technology (Shenzhen) Co., Ltd. actively promotes its market presence, including launching the e-commerce platform "Nitto Technology Mall" and participating in domestic and international industry exhibitions to deepen its overseas market strategic layout[28](index=28&type=chunk) - Mini LED technology and demand for ultra-large display panels are growing rapidly, with China's Mini LED shipments projected to increase by **3.2%**[29](index=29&type=chunk) - Domestic chip production and sales are increasing, while semiconductor equipment imports are decreasing, demonstrating the effectiveness of domestic substitution, and the Group's core business will continue to benefit from the electronic manufacturing upgrade wave[30](index=30&type=chunk) [Energy Business](index=17&type=section&id=4.4%20Energy%20Business) The energy business segment generated approximately HKD 24,926 thousand in revenue but recorded a gross loss and pre-tax loss; the Herong New Energy Storage Power Station has commenced commercial operation, participating in spot market trading, passing secondary and primary frequency regulation tests, and launching new energy leasing services, now contributing stable positive cash flow despite temporary losses from initial costs - The energy business segment generated revenue of approximately **HKD 24,926,000**, with a segment gross loss of approximately **HKD 8,904,000** and a segment loss before income tax of approximately **HKD 19,133,000**[31](index=31&type=chunk) - The Herong New Energy Storage Power Station, invested and constructed by joint venture Zhongxin Dianlian (Zhuhai Hengqin) Energy Technology Co., Ltd., was completed in 2023 and commenced commercial operation and spot market trading in October of the same year[31](index=31&type=chunk) - The Herong Power Station passed secondary frequency regulation (AGC) and primary frequency regulation (PFR) technical tests and officially entered market operation, with its K-value reaching the highest level in the industry, and indicators such as charge-discharge conversion rate and response to frequency regulation command output efficiency ranking among the top in the industry[32](index=32&type=chunk) - The Herong Power Station launched new energy leasing services in April this year, signing contracts with three photovoltaic companies, enhancing energy storage asset utilization, and beginning to contribute stable positive cash flow[32](index=32&type=chunk) - Despite its revenue-generating potential, the segment shows temporary losses due to initial depreciation, amortization, financing costs, and operation and maintenance expenses[32](index=32&type=chunk) Part V [Financial Performance Analysis](index=19&type=section&id=V.%20Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's revenue, costs, and profitability metrics [Revenue Analysis](index=19&type=section&id=5.1%20Revenue%20Analysis) Total revenue for the period was HKD 177,334 thousand, with SMT equipment manufacturing and related businesses accounting for 85%, and electricity sales revenue significantly increasing by 217.8% year-on-year Revenue by Business Segment (For the six months ended June 30) | Business Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | Proportion (2025) | | :--- | :--- | :--- | :--- | :--- | | SMT equipment manufacturing and related businesses | 150,706 | 131,709 | 14.4% | 85.0% | | Electricity sales | 24,926 | 7,842 | 217.8% | 14.1% | | Integrated services | 1,702 | 3,049 | -44.2% | 1.0% | | **Total** | **177,334** | **142,600** | **24.4%** | **100.0%** | [Other Income Analysis](index=19&type=section&id=5.2%20Other%20Income%20Analysis) Other income for the period was approximately HKD 1,384 thousand, primarily government grants, representing a significant decrease from the prior period - Other income for the period was approximately **HKD 1,384,000**, mainly from government grants[34](index=34&type=chunk) [Distribution Costs Analysis](index=19&type=section&id=5.3%20Distribution%20Costs%20Analysis) Distribution costs for the period were approximately HKD 26,563 thousand, an increase of approximately HKD 5,950 thousand year-on-year, primarily due to increased sales revenue - Distribution costs were approximately **HKD 26,563,000**, an increase of approximately **HKD 5,950,000** compared to the same period last year, mainly due to increased sales revenue[35](index=35&type=chunk) [Administrative Expenses Analysis](index=19&type=section&id=5.4%20Administrative%20Expenses%20Analysis) Administrative expenses for the period were approximately HKD 34,570 thousand, a decrease of approximately HKD 24,954 thousand year-on-year, mainly due to the reclassification of depreciation in the electricity sales segment to cost of sales - Administrative expenses were approximately **HKD 34,570,000**, a decrease of approximately **HKD 24,954,000** compared to the same period last year, mainly due to the reclassification of depreciation in the electricity sales segment to cost of sales[36](index=36&type=chunk) [Net Finance Costs Analysis](index=20&type=section&id=5.5%20Net%20Finance%20Costs%20Analysis) Net finance costs for the period were approximately HKD 10,767 thousand, a decrease of approximately HKD 1,730 thousand year-on-year, primarily due to reduced interest expenses - Net finance costs were approximately **HKD 10,767,000**, a decrease of approximately **HKD 1,730,000** compared to the same period last year, mainly due to reduced interest expenses[37](index=37&type=chunk) [Profit for the Period](index=20&type=section&id=5.6%20Profit%20for%20the%20Period) Profit attributable to owners of the Company for the period was approximately HKD 6,180 thousand, reversing previous losses - Profit attributable to owners of the Company for the period was approximately **HKD 6,180,000**, reversing previous losses[38](index=38&type=chunk) [Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)](index=20&type=section&id=5.7%20Earnings%20Before%20Interest,%20Tax,%20Depreciation%20and%20Amortization%20%28EBITDA%29) EBITDA for the period was HKD 21,750 thousand, with an EBITDA margin of approximately 12.26% Earnings Before Interest, Tax, Depreciation and Amortization (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company for the period | 6,180 | (10,777) | | Net finance costs | 10,767 | 12,497 | | Income tax expense/(credit) | 1,085 | (1,453) | | Depreciation and amortization | 3,718 | 23,649 | | **EBITDA** | **21,750** | **23,916** | - The EBITDA margin for the period was approximately **12.26%**[39](index=39&type=chunk) Part VI [Liquidity and Financial Resources](index=20&type=section&id=VI.%20Liquidity%20and%20Financial%20Resources) This section examines the company's liquidity position, asset pledges, and changes in equity and liabilities [Liquidity Position](index=20&type=section&id=6.1%20Liquidity%20Position) The Group maintains ample working capital, with net current assets of approximately HKD 194,864 thousand and a current ratio of approximately 176.39%; cash and bank balances decreased, while average days for trade receivables, trade payables, and inventories all significantly increased - Net current assets were approximately **HKD 194,864,000**, with a current ratio of approximately **176.39%**, sufficient to meet daily operational needs[41](index=41&type=chunk) - Cash and bank balances were approximately **HKD 171,945,000**, a decrease of **HKD 33,356,000** from approximately **HKD 205,301,000** at the beginning of the period[42](index=42&type=chunk) Key Turnover Days Data | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Average trade receivables turnover days | 180 days | 95 days | Increased by 85 days | | Average trade payables turnover days | 156 days | 72 days | Increased by 84 days | | Average inventory turnover days | 80 days | 44 days | Increased by 36 days | [Pledge of Assets](index=21&type=section&id=6.2%20Pledge%20of%20Assets) As of June 30, 2025, the Group's bank facilities are secured by first legal charges over certain land and buildings with a total net book value of approximately HKD 70,873 thousand - Bank facilities are secured by first legal charges over certain land and buildings with a total net book value of approximately **HKD 70,873,000**[43](index=43&type=chunk) [Equity and Liabilities](index=21&type=section&id=6.3%20Equity%20and%20Liabilities) As of June 30, 2025, net assets attributable to owners of the Company were approximately HKD 232,786 thousand, with an increase in equity of approximately HKD 6,660 thousand during the period - Net assets attributable to owners of the Company were approximately **HKD 232,786,000** (December 31, 2024: HKD 226,126,000), with an increase in equity of approximately **HKD 6,660,000** during the period[44](index=44&type=chunk) Part VII [Human Resources](index=21&type=section&id=VII.%20Human%20Resources) This section outlines the company's human resources profile, including employee numbers, training, and compensation policies [Human Resources Overview](index=21&type=section&id=7.1%20Human%20Resources%20Overview) As of June 30, 2025, the Group employed approximately 285 full-time staff and workers in mainland China and 24 staff in Hong Kong, maintaining and enhancing employee capabilities through regular training, staff benefits, and performance-linked bonuses - As of June 30, 2025, the Group employed approximately **285 full-time employees and workers** in mainland China and approximately **24 staff** in Hong Kong[45](index=45&type=chunk) - The Company maintains and enhances employee work capabilities through regular training and provides remuneration in line with industry practice[45](index=45&type=chunk) - Employee benefits and bonuses are provided in mainland China, while a provident fund scheme and performance-linked bonuses are offered in Hong Kong[45](index=45&type=chunk) Part VIII [Risk Management](index=22&type=section&id=VIII.%20Risk%20Management) This section details the company's approach to managing operational and financial risks, including credit, liquidity, and foreign exchange exposures [Operational Risks](index=22&type=section&id=8.1%20Operational%20Risks) The Group faces operational risks related to its various business segments, which are monitored, assessed, and managed by segment management through risk management policies and procedures, including whistleblowing mechanisms to prevent fraud and bribery, with directors deeming these risks effectively mitigated - Management of each business segment is responsible for monitoring business operations, assessing operational risks, and implementing risk management policies and procedures[46](index=46&type=chunk) - A whistleblowing procedure is established, including communication with other departments and business segments/units, to report any non-compliance and prevent fraud and bribery[46](index=46&type=chunk) - The Directors believe that the Group's operational risks have been effectively mitigated[46](index=46&type=chunk) [Financial Risks](index=22&type=section&id=8.2%20Financial%20Risks) The Group is exposed to credit risk, liquidity risk, and foreign exchange risk, which are managed through close monitoring, credit approval, collection procedures, and maintaining adequate cash levels - The Group is exposed to credit risk, liquidity risk, and foreign exchange risk[47](index=47&type=chunk) [Credit Risk](index=22&type=section&id=8.2.1%20Credit%20Risk) Directors closely monitor credit risk levels, with management responsible for credit approval and collection procedures, and ensuring adequate impairment provisions for irrecoverable amounts to mitigate credit risk - Directors closely monitor the overall level of credit risk, and management is responsible for credit approval and monitoring collection procedures[48](index=48&type=chunk) - The recoverability of individual trade debts is reviewed to ensure adequate impairment provisions are made for irrecoverable amounts[48](index=48&type=chunk) - The Directors believe that the Group's credit risk has been significantly reduced[48](index=48&type=chunk) [Liquidity Risk](index=22&type=section&id=8.2.2%20Liquidity%20Risk) Directors have established an appropriate liquidity risk management framework, effectively managing liquidity risk by monitoring cash and cash equivalents, ensuring sufficient working capital, and mitigating cash flow fluctuations - Directors have established an appropriate liquidity risk management framework to meet short-term, medium-term, and long-term financing and liquidity management requirements[49](index=49&type=chunk) - The Group monitors its levels of cash and cash equivalents, maintains sufficient working capital, and mitigates cash flow fluctuations[49](index=49&type=chunk) - The Directors believe that the Group's liquidity risk has been effectively managed[49](index=49&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=8.2.3%20Foreign%20Exchange%20Risk) The Group faces foreign exchange risk due to business transactions denominated in RMB, HKD, USD, and other currencies; no financial instruments were used for hedging this period, but the Group will continue to monitor and take appropriate hedging measures as needed - The Group is exposed to foreign exchange risk due to business transactions, assets, and liabilities denominated in RMB, HKD, USD, and other currencies[50](index=50&type=chunk) - No financial instruments were used for hedging purposes during the period, but the Group will continue to closely monitor and take appropriate hedging measures as needed[50](index=50&type=chunk) Part IX [Other Information](index=23&type=section&id=IX.%20Other%20Information) This section covers additional disclosures including securities transactions, dividend policy, corporate governance, and forward-looking statements [Repurchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=9.1%20Repurchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[51](index=51&type=chunk) [Dividend Policy](index=23&type=section&id=9.2%20Dividend%20Policy) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[52](index=52&type=chunk) [Standard Code for Securities Transactions by Directors](index=23&type=section&id=9.3%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all Directors complied with the code during the period - The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules[53](index=53&type=chunk) - Following enquiry, all Directors confirmed that they have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[53](index=53&type=chunk) [Corporate Governance](index=24&type=section&id=9.4%20Corporate%20Governance) The Company is committed to good corporate governance, adopting and regularly reviewing the Corporate Governance Code in Appendix C1 of the Listing Rules to ensure compliance, and acted in accordance with the code during the period - The Company understands the importance of good corporate governance practices and procedures and is committed to ensuring its business complies with relevant rules and regulations[54](index=54&type=chunk) - The Corporate Governance Code as set out in Appendix C1 of the Listing Rules is adopted and regularly reviewed to ensure compliance[54](index=54&type=chunk) - For the six months ended June 30, 2025, the Company acted in accordance with the Code[54](index=54&type=chunk) [Audit Committee](index=24&type=section&id=9.5%20Audit%20Committee) The Audit Committee has reviewed the Group's interim financial results for the six months ended June 30, 2025, and found them to be in compliance with applicable accounting standards, laws, and HKEX requirements - The Audit Committee has reviewed the Group's interim financial results for the six months ended June 30, 2025[55](index=55&type=chunk) - The Committee believes that these statements comply with applicable accounting standards, laws, and the requirements of the Stock Exchange, and that adequate disclosures have been made[55](index=55&type=chunk) [Publication of Interim Report](index=24&type=section&id=9.6%20Publication%20of%20Interim%20Report) The Company's interim report will be published on the HKEX website and the Company's website, and dispatched to shareholders - The Company's interim report will be published on the HKEX website (www.hkex.com.hk) and the Company's website (www.sino-ict.com), and dispatched to shareholders[56](index=56&type=chunk) [Investment Risk Warning and Forward-Looking Statements](index=25&type=section&id=9.7%20Investment%20Risk%20Warning%20and%20Forward-Looking%20Statements) The Board advises investors that unaudited interim financial results and operating data are based on internal information, and inappropriate reliance may pose investment risks; the announcement contains forward-looking statements that are not guarantees of future performance, actual results may vary due to various factors, and the Company has no obligation to update them - Unaudited interim financial results and operating data are based on the Group's internal information, and investors should be aware that inappropriate reliance or use of this information may pose investment risks[57](index=57&type=chunk) - The announcement contains forward-looking statements, which are not guarantees of future performance, and actual results may differ materially due to factors such as industry, economy, customer demand, and government policies[57](index=57&type=chunk) - The Group has no obligation to update or revise any forward-looking statements to reflect events or circumstances after the reporting date[57](index=57&type=chunk) [Board of Directors](index=25&type=section&id=9.8%20Board%20of%20Directors) As of the announcement date, the Board of Directors includes Executive Directors Mr. Yuan Yipei and Mr. Xia Yuan, Non-executive Directors Mr. Meng Deqing and Ms. Bai Yu, and Independent Non-executive Directors Mr. Cui Yuzhi, Mr. Bao Yi, and Mr. Fan Ping - As of the announcement date, the Board of Directors includes Executive Directors Mr. Yuan Yipei and Mr. Xia Yuan, Non-executive Directors Mr. Meng Deqing and Ms. Bai Yu, and Independent Non-executive Directors Mr. Cui Yuzhi, Mr. Bao Yi, and Mr. Fan Ping[58](index=58&type=chunk)

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

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

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

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