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

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

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

Interim Report 2025 中期報告 二零二五年中期報告 – 高陽科技（中國）有限公司 1 Contents 目錄 HI SUN TECHNOLOGY (CHINA) LIMITED – INTERIM REPORT 2025 Business Review 業務回顧 Business Review 業務回顧 INTERIM CONDENSED SEGMENT RESULT ANALYSIS 中期簡明分類業績分析 | | | | Turnover | | EBITDA# | | | --- | --- | --- | --- | --- | --- | --- | | | | | 營業額 | | EBITDA# | | | | | | Unaudited | | Unaudited | | | | | | 未經審核 | | 未經審核 | | | | | | 1H2025 二零二五年 | 1H2024 二零二四年 | 1H2025 二零二五年 | 1H2024 二零二四年 | | | | | 上半年 | 上半年 | 上半年 | 上半年 | | | | Notes | HK$'000 | HK$'00 ...

Interim Report 中期報告 2025 A920MAX 1 百富環球科技有限公司 | 二零二五年中期報告 Content 目錄 2 Corporate Information 公司資料 4 Management Discussion and Analysis 管理層之討論與分析 17 Additional Information 其他資料 26 Interim Condensed Consolidated Income Statement 中期簡明綜合收益表 27 Interim Condensed Consolidated Statement of Comprehensive Income 中期簡明綜合全面收益表 28 Interim Condensed Consolidated Balance Sheet 中期簡明綜合資產負債表 30 Interim Condensed Consolidated Statement of Changes in Equity 中期簡明綜合權益變動表 32 Interim Condensed Consolidated Cash Flow Statement 中期簡明 ...

2025 INTERIM REPORT 中期報告 GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 2025 年第二季度及上半年業績公告 攜程集團有限公司謹此公佈其2025年第二季度及上半年業績（「2025年第二季度及上半年 業績公告」）。2025年第二季度及上半年業績公告乃作為我們根據香港聯交所證券上市 規則（「《香港上市規則》」）第13.48(1)條截至2025年6月30日止六個月的中期報告向股東提 供。2025年第二季度及上半年業績公告可於香港聯交所網站 www.hkexnews.hk 及本公司 網站 investors.trip.com 查閱。 承董事會命 攜程集團有限公司 董事會執行主席 梁建章 新加坡，2025年8月28日 於本公告日期，本公司董事會包括董事梁建章先生、范敏先生、孫潔女士及羅戎先生以及獨立董事沈南鵬先生、 季琦先生、李基培先生及甘劍平先生 ...

[Report Overview and Company Information](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E6%A6%82%E8%A7%88%E8%88%87%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) [Legal Disclaimer and Announcement Details](index=1&type=section&id=%E6%B3%95%E5%BE%8B%E8%81%B2%E6%98%8E%E8%88%87%E5%85%AC%E5%91%8A%E8%A9%B3%E6%83%85) This announcement presents Noah Holdings Private Wealth Asset Management Limited's unaudited Q2 2025 financial results, issued under HKEX Listing Rules and SFO, advising investor caution - Announcement issued under HKEX Listing Rule 13.09 and SFO Part XIVA inside information provisions[4](index=4&type=chunk) - Q2 2025 results prepared under US GAAP, differing from IFRS[4](index=4&type=chunk) - Interim results for the six months ended June 30, 2025, expected to be published on August 28, 2025 (HKT)[4](index=4&type=chunk) [Company Profile and Reporting Structure Adjustment](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E8%88%87%E5%A0%B1%E5%91%8A%E7%B5%90%E6%A7%8B%E8%AA%BF%E6%95%B4) Noah Holdings Limited announced Q2 2025 unaudited financial results, adopting a refined segment reporting structure from Q4 2024 to disclose net revenue by onshore and offshore business segments - Noah Holdings Limited is a leading wealth management service provider, offering global investment and asset allocation advisory services to high-net-worth Chinese investors worldwide[8](index=8&type=chunk) - From Q4 2024, the company adopted a refined segment reporting structure, disclosing net revenue by onshore and offshore business segments, with Q4 2024 comparative data restated[8](index=8&type=chunk) [Q2 2025 Financial and Operational Highlights](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E8%88%87%E7%B6%93%E7%87%9F%E6%91%98%E8%A6%81) [Q2 2025 Financial Highlights](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) In Q2 2025, Noah Holdings' net revenue increased by 2.2% year-over-year to RMB 629.5 million, operating income grew by 20.2%, and net income attributable to Noah shareholders surged by 79.0% to RMB 178.6 million Q2 2025 Key Financial Metrics Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenue | 629.5 | 615.8 | +2.2% | | Operating Income | 161.0 | 134.0 | +20.2% | | Net Income Attributable to Noah Shareholders | 178.6 | 99.8 | +79.0% | | Non-GAAP Net Income Attributable to Noah Shareholders | 189.0 | 106.1 | +78.2% | - Net revenue growth primarily due to increased distribution of offshore private securities investment funds and onshore private securities investment funds[10](index=10&type=chunk) [Q2 2025 Operational Performance](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) Noah achieved growth in client numbers and total value of distributed products in Q2 2025, particularly strong in offshore clients and private securities investment funds, while AUM remained relatively stable with offshore AUM increasing Q2 2025 Client and Product Distribution Data | Metric | As of June 30, 2025 | As of June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Registered Clients | 464,631 | 459,072 | +1.2% | | Offshore Registered Clients | 18,967 | 16,786 | +13.0% | | Total Active Clients (Q2) | 9,160 | 8,634 | +6.1% | | Offshore Active Clients (Q2) | 3,650 | 3,244 | +12.5% | | Total Value of Distributed Investment Products (Q2) | RMB 17.0 billion | RMB 14.4 billion | +17.7% | | Offshore Investment Product Distribution (Q2) | RMB 8.3 billion | RMB 7.9 billion | +5.1% | - Growth in total value of distributed investment products primarily due to a **44.4%** increase in private securities investment fund distribution[14](index=14&type=chunk)[70](index=70&type=chunk) - As of June 30, 2025, total assets under management (AUM) were **RMB 145.1 billion**, a decrease from **RMB 154.0 billion** on June 30, 2024, but offshore AUM increased by **5.9%** to **RMB 41.4 billion**[15](index=15&type=chunk)[72](index=72&type=chunk) [Management Commentary](index=5&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A9%95%E8%AB%96) [Chairperson's Statement](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E8%87%B4%E8%BE%AD) Ms. Wang Jingbo, Co-founder and Chairperson of Noah Holdings, stated the company is steadily progressing amidst challenges, showing recovery in profitability and revenue, with significant growth in operating income and non-GAAP net profit - Operating income grew robustly by **20.2%** year-over-year, and non-GAAP net profit surged by **78.2%** year-over-year[19](index=19&type=chunk) - Offshore revenue continued to grow, now accounting for nearly **50%** of total net revenue, solidifying the effectiveness of the global expansion strategy[19](index=19&type=chunk) - The company will continue to steadfastly execute its strategy to drive long-term sustainable business growth while prudently observing the market environment[19](index=19&type=chunk) [Q2 2025 Detailed Financial Performance](index=5&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%A9%B3%E7%B4%B0%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) [Net Revenue Analysis](index=5&type=section&id=%E6%B7%A8%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Q2 2025 net revenue was RMB 629.5 million, up 2.2% year-over-year, mainly driven by increased distribution of offshore and onshore private securities investment funds, with offshore protection and legacy services showing the fastest growth Q2 2025 Net Revenue by Segment | Segment | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Onshore Public Market Securities | 131.8 | 116.8 | +12.8% | | Onshore Asset Management | 177.1 | 198.1 | -10.6% | | Onshore Insurance | 7.2 | 11.7 | -38.7% | | Offshore Wealth Management | 129.4 | 150.6 | -14.1% | | Offshore Asset Management | 108.3 | 97.1 | +11.5% | | Offshore Protection and Legacy Services | 59.0 | 30.9 | +90.9% | | Headquarters | 16.7 | 10.6 | +57.3% | | **Total Net Revenue** | **629.5** | **615.8** | **+2.2%** | - Net revenue from offshore protection and legacy services increased by **90.9%** year-over-year, primarily due to increased distribution fees from offshore insurance products by commission-based brokers[22](index=22&type=chunk) - Net revenue from onshore asset management decreased by **10.6%** year-over-year, mainly due to reduced management fees and performance-based compensation from private equity products[22](index=22&type=chunk) [Operating Costs and Expenses Analysis](index=6&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF%E5%88%86%E6%9E%90) Total operating costs and expenses in Q2 2025 were RMB 468.5 million, a 2.8% year-over-year decrease, with key components including compensation and benefits, selling expenses, and general and administrative expenses, showing varied changes across segments Q2 2025 Operating Costs and Expenses Breakdown | Item | Amount (RMB million) | Percentage | YoY Change | | :--- | :--- | :--- | :--- | | Compensation and Benefits | 299.3 | 63.9% | +0.8% | | Selling Expenses | 62.3 | 13.3% | +0.7% | | General and Administrative Expenses | 71.2 | 15.2% | -10.9% | | Provision for Credit Losses | 41.2 | 8.8% | N/A | | Other Operating Expenses | 8.6 | 1.8% | -81.4% | | Government Subsidies (Income) | (14.1) | -3.0% | +434.4% | | **Total** | **468.5** | **100.0%** | **-2.8%** | - Operating costs and expenses for onshore public market securities decreased by **57.4%**, mainly due to reduced financial advisor compensation and increased government subsidies[24](index=24&type=chunk) - Headquarters operating costs and expenses increased by **58.9%**, primarily due to increased provision for credit losses related to the suspension of lending business[24](index=24&type=chunk) [Operating Income (Loss)](index=7&type=section&id=%E7%B6%93%E7%87%9F%E6%89%80%E5%BE%97%E6%94%B6%E7%9B%8A%EF%BC%88%E6%90%8D%E5%A4%B1%EF%BC%89) Total operating income in Q2 2025 was RMB 161.0 million, a 20.2% year-over-year increase, with significant growth in onshore public market securities and onshore asset management, and offshore protection and legacy services surging by 186.8% Q2 2025 Operating Income (Loss) by Segment | Segment | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Onshore Public Market Securities | 107.8 | 60.7 | +77.8% | | Onshore Asset Management | 155.1 | 118.4 | +31.0% | | Onshore Insurance | (7.6) | (25.6) | -70.2% | | Offshore Wealth Management | 27.8 | 37.1 | -25.1% | | Offshore Asset Management | 72.6 | 74.2 | -2.1% | | Offshore Protection and Legacy Services | 29.8 | 10.4 | +186.8% | | Headquarters | (224.5) | (141.2) | +59.1% | | **Total Operating Income** | **161.0** | **134.0** | **+20.2%** | - Operating loss from onshore insurance decreased by **70.2%** year-over-year, indicating a narrowing of business losses[25](index=25&type=chunk) [Other Financial Metrics](index=8&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) In Q2 2025, operating margin improved to 25.6%, net profit margin reached 28.4%, interest income decreased by 21.3% year-over-year, investments shifted from gain to loss, and income tax expense increased by 58.2% due to higher withholding tax on dividends in mainland China Q2 2025 Other Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Margin | 25.6% | 21.8% | +3.8 percentage points | | Net Profit Margin | 28.4% | 16.8% | +11.6 percentage points | | Interest Income | RMB 33.5 million | RMB 42.6 million | -21.3% | | Investment Gain (Loss) | (RMB 13.9 million) | RMB 10.4 million | Shift from gain to loss | | Income Tax Expense | RMB 63.7 million | RMB 40.3 million | +58.2% | - Investment loss primarily due to unrealized losses from fair value changes in equity investments[28](index=28&type=chunk) [Net Income and Earnings Per Share](index=8&type=section&id=%E6%B7%A8%E6%94%B6%E7%9B%8A%E8%88%87%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) In Q2 2025, net income increased by 72.2% year-over-year to RMB 178.5 million, with net income attributable to Noah shareholders growing by 79.0%, and non-GAAP net income attributable to Noah shareholders rising by 78.2% to RMB 189.0 million Q2 2025 Net Income and Earnings Per Share | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Income | RMB 178.5 million | RMB 103.7 million | +72.2% | | Net Income Attributable to Noah Shareholders | RMB 178.6 million | RMB 99.8 million | +79.0% | | Basic Net Income Per ADS | RMB 2.56 | RMB 1.42 | +80.3% | | Diluted Net Income Per ADS | RMB 2.54 | RMB 1.42 | +78.9% | | Non-GAAP Net Income Attributable to Noah Shareholders | RMB 189.0 million | RMB 106.1 million | +78.2% | | Non-GAAP Diluted Net Income Per ADS | RMB 2.69 | RMB 1.51 | +78.1% | [Balance Sheet and Cash Flow](index=8&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8%E8%88%87%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) [Key Metrics](index=8&type=section&id=%E9%97%9C%E9%8D%B5%E6%8C%87%E6%A8%99) As of June 30, 2025, cash and cash equivalents were RMB 3,821.8 million, a decrease from the previous quarter and prior year, with net cash inflow from operating activities at RMB 27.6 million, reduced net cash outflow from investing activities, and increased net cash outflow from financing activities due to share repurchases Cash and Cash Flow at Q2 2025 End | Metric | As of June 30, 2025 (RMB million) | As of March 31, 2025 (RMB million) | As of June 30, 2024 (RMB million) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,821.8 | 4,075.4 | 4,604.9 | | Net Cash Inflow from Operating Activities (Q2) | 27.6 | - | 49.7 | | Net Cash Outflow from Investing Activities (Q2) | 171.7 | - | 548.2 | | Net Cash Outflow from Financing Activities (Q2) | 71.5 | - | 44.6 | - Net cash inflow from operating activities decreased, primarily due to reduced redemption of trading debt securities in Q2 2025[34](index=34&type=chunk) - Net cash outflow from investing activities decreased, primarily due to reduced purchases of held-to-maturity investments[34](index=34&type=chunk) - Net cash outflow from financing activities increased, primarily due to share repurchases[34](index=34&type=chunk) [Appendix](index=9&type=section&id=%E9%99%84%E9%8C%84) [Conference Call Information](index=9&type=section&id=%E9%9B%BB%E8%A9%B1%E6%9C%83%E8%AD%B0%E4%BF%A1%E6%81%AF) Noah Holdings will host a conference call on Wednesday, August 27, 2025, at 8:00 PM U.S. Eastern Time (Thursday, August 28, 2025, at 8:00 AM Hong Kong Time) to discuss Q2 2025 unaudited financial results and recent business activities - The conference call will be held on August 27, 2025, at 8 PM U.S. Eastern Time, with English and Chinese services available[36](index=36&type=chunk) - A replay of the conference call and webcast recording will be available on the company's investor relations website[36](index=36&type=chunk) [Explanation of Non-GAAP Measures](index=9&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E8%A1%A1%E9%87%8F%E6%A8%99%E6%BA%96%E8%AA%AA%E6%98%8E) The company discloses non-GAAP financial measures to exclude share-based compensation, non-cash settlement expenses, and related tax impacts, supplementing US GAAP data to provide investors with a more comprehensive view of operating performance trends - Non-GAAP measures exclude share-based compensation, non-cash settlement expenses or reversals, and related tax impacts[37](index=37&type=chunk) - These non-GAAP measures should not be considered as substitutes for financial measures prepared in accordance with US GAAP[39](index=39&type=chunk) [About Noah Holdings Limited](index=10&type=section&id=%E9%97%9C%E6%96%BC%E8%AB%BE%E4%BA%9E%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Noah Holdings Limited is a leading wealth management service provider, offering one-stop advisory services to high-net-worth Chinese investors globally, listed on NYSE and HKEX, with operations spanning wealth and asset management across major Chinese cities and global financial centers - Noah Holdings Limited is listed on the New York Stock Exchange (NOAH) and the Hong Kong Stock Exchange (6686)[40](index=40&type=chunk) - As of June 30, 2025, Noah managed assets totaling **RMB 145.1 billion** and had **464,631** registered clients[40](index=40&type=chunk)[41](index=41&type=chunk) [Foreign Currency Translation Explanation](index=10&type=section&id=%E5%A4%96%E5%B9%A3%E6%8F%9B%E7%AE%97%E8%AA%AA%E6%98%8E) All RMB to USD conversions in this announcement are made at an exchange rate of RMB 7.1636 to USD 1.00, which is the effective noon buying rate on June 30, 2025, as specified in the Federal Reserve Board's H.10 statistical release - The RMB to USD exchange rate is **RMB 7.1636 to USD 1.00**[43](index=43&type=chunk) [Safe Harbor Statement](index=10&type=section&id=%E5%AE%89%E5%85%A8%E6%B8%AF%E8%81%B2%E6%98%8E) This announcement contains forward-looking statements subject to inherent risks and uncertainties, where actual results may differ materially from expectations, and the company undertakes no obligation to update such statements - Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those contemplated in any forward-looking statement[44](index=44&type=chunk)[45](index=45&type=chunk) - The company undertakes no obligation to update any such information as a result of new information, future events, or otherwise[45](index=45&type=chunk) [Contact Information](index=11&type=section&id=%E8%81%AF%E7%B9%AB%E6%96%B9%E5%BC%8F) Provides contact information for Noah Holdings Limited Investor Relations - Contact: Rick Chan, Phone: +86-21-8035-8292, Email: ir@noahgroup.com[46](index=46&type=chunk) [Financial Statements Appendix](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E9%8C%84) This appendix includes Noah Holdings Limited's condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income, segment condensed statements of operations, additional business data, supplementary revenue data by geographic region and product type, and reconciliation of GAAP to non-GAAP results as of June 30, 2025 - Includes condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of comprehensive income[47](index=47&type=chunk)[50](index=50&type=chunk)[55](index=55&type=chunk) - Includes segment condensed statements of operations, additional business data, and supplementary revenue data (by geographic region and product type)[57](index=57&type=chunk)[61](index=61&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) - Includes reconciliation of GAAP to non-GAAP results[73](index=73&type=chunk)[75](index=75&type=chunk)

[Unaudited Interim Results Overview](index=1&type=section&id=Unaudited%20Interim%20Results%20Overview) The company achieved a profit for the period, significantly improving from a loss in the prior year, despite a decrease in revenue, while strengthening its financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved a profit of HKD 1,418 thousand, a significant improvement from a loss of HKD 28,663 thousand in the prior year, with revenue decreasing by 16.2% but gross profit margin remaining stable at 32.4% Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 51,060 | 60,932 | -16.2% | | Cost of sales | (34,527) | (41,271) | -16.3% | | Gross profit | 16,533 | 19,661 | -16.0% | | Other income, gains and losses, net | 12,022 | (5,432) | Turnaround to profit | | Selling and distribution expenses | (14,066) | (14,779) | -4.8% | | General and administrative expenses | (7,860) | (18,069) | -56.5% | | Finance costs | (6,768) | (4,658) | +45.3% | | Reversal of expected credit losses / (impairment losses), net | 3,115 | (5,557) | Turnaround to profit | | Impairment loss on right-of-use assets | (1,444) | – | New | | Profit / (loss) before income tax | 1,532 | (28,834) | Turnaround to profit | | Income tax (expense) / credit | (114) | 171 | Turned to expense | | Profit / (loss) for the period | 1,418 | (28,663) | Turnaround to profit | | Basic and diluted earnings / (loss) per share | 0.18 HKD cents | (3.72) HKD cents | Turnaround to profit | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net current assets increased to HKD 43,930 thousand, with total assets less current liabilities rising to HKD 54,025 thousand, indicating an improved net liability position and capital deficit Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 10,095 | 8,796 | +14.8% | | Current assets | 100,807 | 113,250 | -11.0% | | Current liabilities | 56,877 | 72,998 | -22.1% | | Net current assets | 43,930 | 40,252 | +9.1% | | Total assets less current liabilities | 54,025 | 49,048 | +10.1% | | Non-current liabilities | 70,986 | 67,428 | +5.3% | | Net liabilities | (16,961) | (18,380) | Decreased by 8.0% | | Share capital | 7,705 | 7,705 | 0% | | Reserves | (24,666) | (26,085) | Decreased by 5.4% | | Capital deficit | (16,961) | (18,380) | Decreased by 8.0% | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=5&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section details the accounting policies, significant judgments, and specific financial statement items, providing context for the interim financial results [Basis of Preparation and Going Concern](index=5&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) The financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, presented in HKD, with the Board affirming the Group's ability to continue as a going concern despite net liabilities - The Group had **net liabilities of HKD 16,961 thousand** as of June 30, 2025[9](index=9&type=chunk) - The Board has thoroughly reviewed cash flow forecasts covering a period of no less than **12 months** into the future[9](index=9&type=chunk) - To improve its financial position, the Board is implementing measures including actively recovering loans receivable, considering the realization of financial assets at fair value through profit or loss, and implementing aggressive cost-saving initiatives[10](index=10&type=chunk) - The Board considers it appropriate to prepare the financial statements on a going concern basis[11](index=11&type=chunk) [Principal Accounting Policies and Judgements](index=6&type=section&id=Principal%20Accounting%20Policies%20and%20Judgements) The financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value, and the application of new HKFRS amendments had no significant impact - The financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[12](index=12&type=chunk) - Amendments to Hong Kong Financial Reporting Standards (e.g., HKAS 21 and HKFRS 1 amendments) were first applied during the period but had no significant impact[13](index=13&type=chunk) - Significant judgments and sources of estimation uncertainty made by management in preparing the statements are consistent with those in the 2024 annual financial statements[14](index=14&type=chunk) [Revenue, Other Income, Gains and Losses, Net and Segment Information](index=7&type=section&id=Revenue%2C%20Other%20Income%2C%20Gains%20and%20Losses%2C%20Net%20and%20Segment%20Information) The Group's total revenue for the period was HKD 51,060 thousand, a 16.2% decrease year-on-year, primarily from Chinese herbal health products, money lending, and investment in financial instruments, with the latter achieving significant profit - The Group's principal businesses are the sale of Chinese herbal health products, money lending, and investment in financial instruments[15](index=15&type=chunk) Revenue Composition (HKD thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers - Trading of Chinese herbal health products | 50,975 | 60,426 | -15.6% | | Interest income | 323 | 611 | -47.1% | | Loss on disposal of financial instruments, net | (238) | (105) | +126.7% | | **Total Revenue** | **51,060** | **60,932** | **-16.2%** | - Other income, gains and losses, net: primarily fair value gains on financial assets at fair value through profit or loss of **HKD 12,410 thousand** (2024: loss of HKD 5,431 thousand)[15](index=15&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) This section details the revenue and pre-tax profit or loss for each operating segment, including Chinese herbal health products, money lending, and investment in financial instruments Segment Revenue and Profit/(Loss) Before Income Tax (HKD thousands) | Segment | Six Months Ended June 30, 2025 Revenue | Six Months Ended June 30, 2025 Profit/(Loss) | Six Months Ended June 30, 2024 Revenue | Six Months Ended June 30, 2024 Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Chinese Herbal Health Products | 50,975 | (4,399) | 60,426 | (1,996) | | Money Lending Business | 323 | 869 | 611 | (13,739) | | Investment in Financial Instruments | (238) | 11,369 | (105) | (6,415) | | **Total Reportable Segments** | **51,060** | **7,839** | **60,932** | **(22,150)** | - Company revenue and expenses are not included in the segment profit/(loss) measure used by the chief operating decision maker to assess segment performance[16](index=16&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) This section presents the breakdown of assets and liabilities by operating segment, showing changes in each segment's financial position Segment Assets (HKD thousands) | Segment | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Chinese Herbal Health Products | 55,349 | 75,206 | -26.4% | | Money Lending Business | 10,177 | 8,760 | +16.2% | | Investment in Financial Instruments | 43,520 | 35,591 | +22.3% | | **Total Segment Assets** | **109,046** | **119,557** | **-8.8%** | Segment Liabilities (HKD thousands) | Segment | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Chinese Herbal Health Products | 34,154 | 45,314 | -24.6% | | Money Lending Business | 2,570 | 806 | +218.9% | | Investment in Financial Instruments | 18,295 | 20,586 | -11.2% | | **Total Segment Liabilities** | **55,019** | **66,706** | **-17.5%** | [Geographical Information](index=10&type=section&id=Geographical%20Information) This section provides a geographical breakdown of the Group's revenue, indicating the primary regions contributing to sales Revenue by Geographical Area (HKD thousands) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Hong Kong | 51,060 | 60,932 | [Major Customers Information](index=10&type=section&id=Major%20Customers%20Information) This section discloses information regarding the Group's major customers, specifically whether any single external customer contributes 10% or more to total revenue - For the six months ended June 30, 2025 and 2024, no external customer contributed **10% or more** to the Group's revenue[22](index=22&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs increased to HKD 6,768 thousand, primarily due to higher interest on bonds issued in 2024 Finance Costs (HKD thousands) | Type of Finance Cost | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Interest on borrowings | 1,692 | 1,535 | +10.2% | | Interest on lease liabilities | 347 | 334 | +3.9% | | Interest on convertible loan notes | 1,061 | 2,789 | -62.0% | | Interest on bonds payable | 3,668 | – | New | | **Total** | **6,768** | **4,658** | **+45.3%** | [Income Tax (Expense)/Credit](index=11&type=section&id=Income%20Tax%20%28Expense%29%2FCredit) For the six months ended June 30, 2025, the Group recorded an income tax expense of HKD 114 thousand, a shift from a credit of HKD 171 thousand in the prior year, with no tax provision for Hong Kong or PRC subsidiaries due to lack of taxable profit - Income tax (expense)/credit: **HKD (114) thousand** expense in 2025, compared to **HKD 171 thousand** credit in 2024[23](index=23&type=chunk) - Hong Kong subsidiaries did not generate taxable profits, so no Hong Kong profits tax provision was made[23](index=23&type=chunk) - PRC subsidiaries did not generate taxable profits, so no enterprise income tax provision was made[24](index=24&type=chunk) [Profit/(Loss) for the Period](index=12&type=section&id=Profit%2F%28Loss%29%20for%20the%20Period) The Group's profit for the period was influenced by factors such as cost of goods sold, depreciation, and staff costs Profit/(Loss) for the Period Components (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cost of goods sold | 31,666 | 41,271 | | Depreciation of right-of-use assets | 2,975 | 3,357 | | Depreciation of property, plant and equipment | 183 | 132 | | Staff costs (including directors' emoluments) | 11,936 | 21,743 | [Dividends](index=12&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend is recommended for the first half of 2025[27](index=27&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, basic and diluted earnings per share were HKD 0.18 cents, a significant improvement from a loss of HKD 3.72 cents in the prior year, primarily due to the period's profit Earnings/(Loss) Per Share Calculation Data (HKD thousands) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit/(loss) for the purpose of calculating basic and diluted earnings/(loss) per share | 1,418 | (28,663) | | Weighted average number of ordinary shares | 770,480,836 | 770,480,836 | - The convertible loan notes were not assumed to be converted for calculating diluted earnings/(loss) per share, as they would result in an increase/decrease in earnings/(loss) per share[30](index=30&type=chunk) [Property, Plant and Equipment and Right-of-use Assets](index=13&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Right-of-use%20Assets) For the six months ended June 30, 2025, the Group acquired property, plant and equipment costing HKD 84 thousand and recognized additional right-of-use assets of approximately HKD 5,948 thousand, with an impairment loss of HKD 1,444 thousand recognized for right-of-use assets due to loss-making stores - Cost of property, plant and equipment acquired: **HKD 84 thousand** (2024: HKD 141 thousand)[31](index=31&type=chunk) - Additional right-of-use assets recognized: **HKD 5,948 thousand** (2024: HKD 1,552 thousand), primarily for retail stores and office leases in Hong Kong[31](index=31&type=chunk) - Impairment loss on right-of-use assets recognized: **HKD 1,444 thousand** (2024: nil), mainly due to certain loss-making stores in the Chinese herbal health products segment[34](index=34&type=chunk) - Impairment assessment was based on the value-in-use calculation of cash-generating units, using a five-year financial budget and a pre-tax discount rate of **14%**[33](index=33&type=chunk) [Loans Receivable](index=14&type=section&id=Loans%20Receivable) As of June 30, 2025, net loans receivable from the money lending business increased to HKD 10,139 thousand, with all loans unsecured and bearing interest rates between 8% and 13%, including a significant loan to a major shareholder's ultimate holding company Loans Receivable (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross loans receivable from money lending business | 307,111 | 308,655 | -0.5% | | Less: Net provision for expected credit losses | (296,972) | (300,087) | -1.0% | | **Net Loans Receivable** | **10,139** | **8,568** | **+18.3%** | - All loans are unsecured, with annual interest rates ranging from **8% to 13%**[35](index=35&type=chunk) - Loans receivable include a **HKD 6,268 thousand** loan to the ultimate holding company of a major shareholder[35](index=35&type=chunk) Loans Receivable Maturity Profile (HKD thousands) | Maturity Date | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 9,609 | 7,719 | | Over one year | 530 | 849 | [Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss increased to HKD 43,520 thousand, primarily comprising Hong Kong-listed equity securities Financial Assets at Fair Value Through Profit or Loss (HKD thousands) | Type | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Listed equity securities in Hong Kong — Current | 42,807 | 35,015 | +22.2% | | Unlisted equity securities — Non-current | 713 | 576 | +23.8% | | **Total** | **43,520** | **35,591** | **+22.3%** | - The fair value of listed equity securities is determined based on quotations from the Stock Exchange, while unlisted equity securities are valued using the asset-based approach[36](index=36&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=15&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, total trade and other receivables, deposits, and prepayments decreased to HKD 6,550 thousand, mainly due to a reduction in trade receivables Trade and Other Receivables, Deposits and Prepayments (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade receivables (net of allowance) | 1,595 | 4,064 | -60.7% | | Deposits and other receivables | 3,247 | 3,434 | -5.4% | | Prepayments | 1,708 | 1,347 | +26.8% | | **Total** | **6,550** | **8,845** | **-26.0%** | - Trade receivables aging analysis: **HKD 1,591 thousand** for 0-90 days, and **HKD 4 thousand** for over 365 days[37](index=37&type=chunk) - The normal credit period ranges from **30 to 90 days**[37](index=37&type=chunk) [Trade and Other Payables and Accruals](index=15&type=section&id=Trade%20and%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total trade and other payables and accruals significantly decreased to HKD 16,622 thousand, primarily driven by a substantial reduction in trade payables Trade and Other Payables and Accruals (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade payables | 4,486 | 18,069 | -75.2% | | Other payables and accruals | 12,136 | 15,421 | -21.3% | | **Total** | **16,622** | **33,490** | **-50.3%** | - Trade payables aging analysis: **HKD 4,347 thousand** for 0-90 days, and **HKD 139 thousand** for over 365 days[39](index=39&type=chunk) [Borrowings](index=16&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings were HKD 32,391 thousand, slightly lower than December 31, 2024, primarily consisting of margin loans from securities brokers and other loans, all classified as current liabilities Borrowings (HKD thousands) | Type | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Margin loans from securities brokers | 16,581 | 18,872 | -12.1% | | Other loans | 15,810 | 13,700 | +15.4% | | **Total** | **32,391** | **32,572** | **-0.6%** | - Margin loans bear interest at **8%-10% per annum** and are secured by a portfolio of listed equity securities valued at **HKD 42,807 thousand**[39](index=39&type=chunk) - Other loans bear interest at **12% per annum**, are secured by a share charge over issued shares of a subsidiary, and guaranteed by the Company[40](index=40&type=chunk) - All borrowings are classified as current liabilities due to the inclusion of a repayment on demand clause[40](index=40&type=chunk) [Share Capital](index=17&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital remained unchanged at HKD 7,705 thousand, comprising 770,481 thousand ordinary shares with a par value of HKD 0.01 each - Issued and fully paid ordinary shares: **770,481 thousand shares**, par value **HKD 0.01 per share**, totaling **HKD 7,705 thousand**[42](index=42&type=chunk) - Authorized share capital includes **USD 40 thousand** in convertible redeemable cumulative preference shares with a par value of USD 100,000 per share, and **150,000,000 thousand** ordinary shares with a par value of HKD 0.01 per share[42](index=42&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The Group adopted a new share option scheme on August 15, 2024, to recognize contributions from eligible participants, with a total of 77,048,083 options available for grant, representing 10% of issued shares, and no options were granted or exercised during the period - The 2012 Share Option Scheme expired on September 14, 2022, with no outstanding options as of June 30, 2025[41](index=41&type=chunk) - A new share option scheme was adopted on **August 15, 2024**, to acknowledge and recognize contributions from eligible participants to the Group[43](index=43&type=chunk) - Eligible participants include directors, employees, suppliers, contractors, distributors, agents, consultants, and advisors[43](index=43&type=chunk) - The total number of options available for grant under the new scheme is **77,048,083**, representing **10%** of the issued shares[43](index=43&type=chunk)[44](index=44&type=chunk) - Maximum entitlement for each participant: the total number of shares after exercise shall not exceed **1%** of the issued shares within any 12-month period[44](index=44&type=chunk) - Grants to a substantial shareholder or independent non-executive director and their associates exceeding **0.1%** require shareholder approval[45](index=45&type=chunk) - The exercise period for share options is determined by the Board, not exceeding **ten years** from the date of grant[46](index=46&type=chunk) - Grantees must hold the options for at least **12 months** before they can be exercised[46](index=46&type=chunk) - The exercise price shall not be less than the highest of the closing price on the grant date, the average closing price for the preceding five days, and the nominal value[46](index=46&type=chunk) - The new share option scheme will terminate on **August 15, 2034**[46](index=46&type=chunk) - As of June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the new scheme[47](index=47&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no contingent liabilities - The Group had no contingent liabilities at the end of the reporting period[48](index=48&type=chunk) [Related Party Transactions](index=20&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group with related parties (primarily the ultimate holding company of a major shareholder) engaged in short-term lease expenses and interest income transactions, and maintained outstanding loan balances Related Party Transactions (HKD thousands) | Type of Transaction | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Short-term lease expenses | 180 | 796 | | Interest income | 270 | 380 | Related Party Balances (HKD thousands) | Type of Balance | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Loans receivable (ultimate holding company of a major shareholder) | 6,268 | 7,092 | [Comparative Figures](index=20&type=section&id=Comparative%20Figures) Certain comparative figures have been reclassified to ensure consistency with the current period's presentation - Some comparative figures have been reclassified for consistency[51](index=51&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's financial performance, business operations, and future outlook, including strategies for growth and risk management [Interim Dividend](index=21&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend is recommended for the first half of 2025[52](index=52&type=chunk) [Results, Business Review and Prospects](index=21&type=section&id=Results%2C%20Business%20Review%20and%20Prospects) The Group's revenue declined due to reduced contributions from Chinese herbal health products and money lending, but effective cost control, expected credit loss reversals, and fair value gains on financial assets led to a turnaround to profit [Results Overview](index=21&type=section&id=Results%20Overview) This section provides a high-level summary of the Group's financial performance, highlighting key changes in revenue, gross profit margin, and profit attributable to owners - Revenue decreased by approximately **16%** year-on-year to approximately **HKD 51 million**[53](index=53&type=chunk) - Gross profit margin remained stable at approximately **32%**[53](index=53&type=chunk) - Profit attributable to owners was approximately **HKD 1 million**, compared to a loss of approximately **HKD 29 million** in the prior year[53](index=53&type=chunk) [Business Review](index=21&type=section&id=Business%20Review) This section reviews the performance of the Group's core business segments, including Chinese herbal health products, money lending, and investment in financial instruments - Revenue decreased by approximately **16%**, primarily due to reduced revenue from Chinese herbal health products (from approximately **HKD 60 million** to approximately **HKD 51 million**) and money lending business (from approximately **HKD 1 million** to approximately **HKD 0.3 million**)[54](index=54&type=chunk) - Gross profit margin remained stable at approximately **32%**[54](index=54&type=chunk) - Other income, gains and losses, net, turned from a loss of **HKD 5 million** in 2024 to a net gain of **HKD 12 million** in 2025, mainly from fair value gains on financial assets[55](index=55&type=chunk) - Selling and distribution expenses remained stable at approximately **HKD 14 million**, reflecting effective cost control measures[55](index=55&type=chunk) - General and administrative expenses significantly decreased by **56.5%** to approximately **HKD 8 million**, primarily due to streamlined management team structure and salary adjustments[56](index=56&type=chunk) - Finance costs increased by approximately **45.3%** to approximately **HKD 7 million**, mainly due to changes in the calculation method for bond interest in 2024[57](index=57&type=chunk) - Net reversal of impairment losses under the expected credit loss model was approximately **HKD 3 million**, compared to an impairment loss of approximately **HKD 6 million** in the prior year, reflecting improved customer credit risk and repayment of some impaired loans[58](index=58&type=chunk) - Impairment loss on right-of-use assets was approximately **HKD 1 million**, due to certain loss-making stores in the Chinese herbal health products segment[59](index=59&type=chunk) - The turnaround to profit was primarily driven by the reversal of expected credit losses, a significant reduction in general and administrative expenses, and unrealized fair value gains on financial assets[60](index=60&type=chunk) [Chinese Herbal Health Products](index=23&type=section&id=Chinese%20Herbal%20Health%20Products) The Chinese herbal health products segment experienced a decrease in revenue and an increase in loss due to a challenging retail environment in Hong Kong, despite the "Nam Pei Hong" brand's recognition - Segment revenue was approximately **HKD 51 million** (2024: HKD 60 million), with a segment loss (pre-tax) of approximately **HKD 4 million** (2024: HKD 2 million)[62](index=62&type=chunk) - The decrease in revenue and increase in loss were mainly due to the challenging economic environment in Hong Kong's local retail sector, with consumers being more budget-conscious and tending to spend in mainland China[62](index=62&type=chunk) - The "Nam Pei Hong" brand is widely recognized in Hong Kong and Southern mainland China, with **10 retail stores** as of June 30, 2025[61](index=61&type=chunk) [Money Lending Business](index=23&type=section&id=Money%20Lending%20Business) The money lending business saw a decrease in interest income but achieved a segment profit due to a net reversal of expected credit loss impairment, with ongoing efforts to recover outstanding loans - Loan interest income was approximately **HKD 0.3 million** (2024: HKD 1 million), with a segment profit (pre-tax) of approximately **HKD 1 million** (2024: loss of HKD 14 million)[63](index=63&type=chunk) - The decrease in interest income was mainly because loans receivable previously classified as Stage 3 (credit-impaired) no longer generated interest income[63](index=63&type=chunk) - The segment's turnaround to profit was primarily due to a reduction in impairment losses on loans receivable under the expected credit loss model, with a net reversal of impairment losses of approximately **HKD 3 million** recognized during the period[63](index=63&type=chunk) - No new loans were granted during the period, but the repayment date for a revolving loan of approximately **HKD 9 million** provided to the ultimate holding company of a major shareholder was extended[64](index=64&type=chunk) - Customers repaid approximately **HKD 3 million** in loan principal and interest, while the ultimate holding company of a major shareholder drew down approximately **HKD 1 million**[64](index=64&type=chunk) - As of June 30, 2025, out of **11 outstanding loans**, **2 loans** (approximately **HKD 8 million**) were classified as Stage 1, and **9 loans** (approximately **HKD 299 million**) were classified as Stage 3[65](index=65&type=chunk) - The cumulative net provision for expected credit losses was approximately **HKD 297 million**, a decrease of approximately **HKD 3 million** from December 31, 2024, mainly due to improved credit risk profiles of certain customers and repayment of some impaired loans[67](index=67&type=chunk)[68](index=68&type=chunk) - Customer E has sold properties and parking spaces, with the Group receiving net proceeds of **HKD 3.5 million** and actively pursuing the remaining balance[70](index=70&type=chunk) - Customer I: Discussions are ongoing with a third party to acquire the loans receivable through the transfer of properties in Guangzhou and mainland China[71](index=71&type=chunk) - Customers J, G, F, and K have settled part of their outstanding debts, and the Group is negotiating settlement arrangements[72](index=72&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk) - Customer L entered into a deed of settlement in May 2024 and has partially repaid the amounts in installments[81](index=81&type=chunk) [Investment in Financial Instruments](index=28&type=section&id=Investment%20in%20Financial%20Instruments) The investment in financial instruments segment generated a pre-tax profit, primarily driven by fair value gains on financial assets at fair value through profit or loss, with active portfolio management to enhance performance - Segment gain (pre-tax) was approximately **HKD 11 million** (2024: loss of HKD 6 million)[82](index=82&type=chunk) - Key influencing factors: net fair value gains on financial assets at fair value through profit or loss of approximately **HKD 12 million** (2024: loss of HKD 5 million), and realized losses on disposal of financial assets of approximately **HKD 0.2 million** (2024: HKD 0.1 million)[82](index=82&type=chunk) Equity Investment Changes (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Beginning/End of period | 35,591 | 40,420 | | Acquisitions | – | 1,866 | | Gains/(losses) from fair value changes | 12,410 | (4,187) | | Disposals | (4,481) | (2,508) | | **End/Beginning of period** | **43,520** | **35,591** | - Significant listed equity investments include Huanxi Media Group, Grand Harbour Development, Yunfeng Financial Group, and Geowave Technology Holdings, with Yunfeng Financial Group contributing **HKD 9,008 thousand** in fair value gains[83](index=83&type=chunk) - The Group's investment objective is to achieve capital gains and dividend income, actively adjusting its investment portfolio to enhance performance[83](index=83&type=chunk) [Prospects](index=30&type=section&id=Prospects) This section outlines the future outlook and strategic initiatives for each of the Group's business segments, addressing challenges and opportunities [Chinese Herbal Health Products Prospects](index=30&type=section&id=Chinese%20Herbal%20Health%20Products%20Prospects) The Chinese herbal health products segment faces challenges from a weak retail market and changing consumer behavior, but plans to counter this with product innovation, targeted promotions, strategic partnerships, and stringent cost management - Challenges faced: sluggish retail market, weak consumer sentiment, mainland economic downturn, changing spending patterns of visitors to Hong Kong, local residents' preference for mainland shopping, price competition, customs regulations, labor shortages, and rising operating costs[84](index=84&type=chunk) - Strategies: prioritize promotion of seasonal health products like soup packs, launch trial packs for Lingzhi capsules, Platycodon Grandiflorum soothing throat lozenges, and black and white immune essence extracts, and expand own-brand portable health products[85](index=85&type=chunk) - Marketing: participate in SOGO and YATA VIP day promotions, launch an official account on Xiaohongshu, and introduce "Tuesday Senior Discounts" and member package discount coupons[86](index=86&type=chunk) - Strategic cooperation: partner with MAME LAB to launch pre-natal and post-natal care packages[86](index=86&type=chunk) - Cost management: strengthen overseas procurement, optimize supply chain, strictly control headcount and staff costs, and optimize sales incentive mechanisms[87](index=87&type=chunk) - Future outlook: continue strong promotional activities, launch innovative products and tailored promotional campaigns to maintain and strengthen market position[87](index=87&type=chunk) [Money Lending Business Prospects](index=31&type=section&id=Money%20Lending%20Business%20Prospects) The money lending business anticipates a challenging operating environment due to economic uncertainty, requiring close monitoring of repayment habits, proactive recovery plans, and enhanced credit risk management - Operating environment faces challenges: gloomy economic conditions, cautious potential borrowers, increased default risks, and geopolitical tensions affecting borrower demand[89](index=89&type=chunk) - Strategies: closely monitor customer repayment habits, develop action plans for recovery (revising repayment terms, increasing collateral/guarantees, reaching settlements, legal actions, enforcing collateral/guarantees)[89](index=89&type=chunk) - Strengthen credit policies and risk management[89](index=89&type=chunk) [Investment in Financial Instruments Prospects](index=31&type=section&id=Investment%20in%20Financial%20Instruments%20Prospects) The investment in financial instruments segment will focus on closely monitoring global economic conditions and investment sentiment, actively adjusting its portfolio to improve performance and realize gains - Strategies: closely monitor global economy, investment sentiment, investor base, and future outlook[90](index=90&type=chunk) - Actively adjust investment portfolio to improve performance and realize equity holdings in a timely manner[90](index=90&type=chunk) [Portfolio Management](index=32&type=section&id=Portfolio%20Management) The Group's business strategy aims to optimize resource utilization, enhance overall performance, and diversify its investment portfolio by actively seeking opportunities for investment or acquisition in promising ventures to create shareholder value - Strategy: optimize resource utilization, improve overall performance, and promote portfolio diversification[91](index=91&type=chunk) - Actively seek business opportunities to diversify income sources through investment/acquisition of promising businesses or projects to create shareholder value[91](index=91&type=chunk) [Group Resources and Liquidity](index=32&type=section&id=Group%20Resources%20and%20Liquidity) As of June 30, 2025, the Group had cash and bank balances of approximately HKD 4 million, with total borrowings, convertible loan notes, and bonds payable totaling approximately HKD 97 million, an improved liquidity ratio of 1.8, and a reduced net liability position, affirming sufficient working capital for the next 12 months Resources and Liquidity (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances | 4,000 | 10,000 | -60.0% | | Total borrowings | 32,000 | 33,000 | -3.0% | | Convertible loan notes | 15,000 | 14,000 | +7.1% | | Bonds payable | 50,000 | 49,000 | +2.0% | | **Total Borrowings, Convertible Loan Notes, and Bonds Payable** | **97,000** | **96,000** | **+1.0%** | - Some financial assets (approximately **HKD 43 million**) have been pledged as collateral for borrowings of approximately **HKD 17 million**[93](index=93&type=chunk) - Approximately **HKD 15 million** in borrowings are secured by a share charge over subsidiary shares and guaranteed by the Company[93](index=93&type=chunk) - All borrowings (HKD 32 million) are classified as current liabilities[94](index=94&type=chunk) - The 2024 bonds (approximately **HKD 55 million** in ordinary bonds and approximately **HKD 17 million** in convertible bonds) were issued to offset the outstanding principal of the 2018 convertible bonds[95](index=95&type=chunk) - Inventories decreased by approximately **28%** to approximately **HKD 36 million**, mainly due to winter being the traditional peak season for the industry[96](index=96&type=chunk) - Trade receivables decreased to approximately **HKD 2 million**, consistent with reduced revenue from Chinese herbal health products and improved collection management[97](index=97&type=chunk) - Trade payables significantly decreased to approximately **HKD 4 million**, due to subsequent settlements and reduced procurement[97](index=97&type=chunk) - Gearing ratio: **88%** (December 31, 2024: **79%**)[98](index=98&type=chunk) - Current ratio: **1.8** (December 31, 2024: **1.6**)[98](index=98&type=chunk) - Net liability position decreased from approximately **HKD 18 million** to approximately **HKD 17 million**, primarily due to operating profit during the period[98](index=98&type=chunk) - The Board believes the Group has sufficient working capital for the next **12 months**[99](index=99&type=chunk) - The Group will continue to review existing businesses, improve operational and financial performance, and identify potential business and investment opportunities[100](index=100&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to currency risk primarily from receivables, payables, and bank balances denominated in non-functional currencies, with management monitoring and considering hedging significant exposures despite no current foreign currency hedging policy - Currency risk primarily arises from receivables/payables and bank balances denominated in non-functional currencies[101](index=101&type=chunk) - There is currently no foreign currency hedging policy, but management will monitor and consider hedging significant risks[101](index=101&type=chunk) [Share Capital Structure](index=34&type=section&id=Share%20Capital%20Structure) There were no changes to the Group's share capital structure during the period - No changes to the share capital structure occurred during the period[102](index=102&type=chunk) [Significant Investments and Acquisitions](index=34&type=section&id=Significant%20Investments%20and%20Acquisitions) The Group did not undertake any significant investments, acquisitions, or disposals of subsidiaries during the period - No significant investments, acquisitions, or disposals of subsidiaries occurred during the period[103](index=103&type=chunk) [Employees](index=34&type=section&id=Employees) As of June 30, 2025, the Group employed approximately 77 staff and contract workers, with staff costs of approximately HKD 12 million, and compensation determined by experience, performance, and market conditions, including discretionary bonuses, MPF, and training - Approximately **77 employees** and contract workers were employed[104](index=104&type=chunk) - Staff costs (including directors' emoluments) were approximately **HKD 12 million** (2024: HKD 22 million)[105](index=105&type=chunk) - Remuneration is determined based on experience, performance, market conditions, industry practices, and applicable labor laws[105](index=105&type=chunk) - Discretionary bonuses, MPF contribution schemes, insurance, and various training programs are provided[105](index=105&type=chunk) [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme_MD%26A) The Group's new share option scheme, adopted on August 15, 2024, complies with the requirements of Rule 17.03 of the Listing Rules - The new share option scheme was approved and adopted on **August 15, 2024**, complying with Rule 17.03 of the Listing Rules[106](index=106&type=chunk) - Details are provided in Note 17 to the financial statements[106](index=106&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the six months ended June 30, 2025 - No purchase, redemption, or sale of the company's listed securities occurred during the period[107](index=107&type=chunk) [Contingent Liabilities](index=35&type=section&id=Contingent%20Liabilities_MD%26A) As of June 30, 2025, the Group had no other significant contingent liabilities or guarantees beyond those already disclosed - As of the end of the reporting period, the Group had no other significant contingent liabilities or guarantees[108](index=108&type=chunk) [Corporate Governance Code](index=35&type=section&id=Corporate%20Governance%20Code) The Board confirms that the company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The company complied with all provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[109](index=109&type=chunk) [Standard Code for Securities Transactions by Directors](index=35&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted a code of conduct for directors' securities transactions no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the period - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance[110](index=110&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements, risk management, and internal control systems for the six months ended June 30, 2025, and concurred with the accounting policies and practices adopted by the company - The Audit Committee reviewed the interim financial statements, risk management, and internal control systems, and concurred with the accounting policies and practices[111](index=111&type=chunk) [By Order of the Board](index=36&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Li Xiongwei, Chairman and Executive Director, on behalf of the Board of Directors - Mr. Li Xiongwei, Chairman and Executive Director, issued the announcement on behalf of the Board[112](index=112&type=chunk) - Executive Directors include Li Xiongwei, Zhang Guowei, Liang Yixi, Lao Mingyun, Yuan Huixia, Yang Qiangsheng; Independent Non-executive Directors include Li Xuejian, Zeng Zhanpeng[113](index=113&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。 CMGE Technology Group Limited 中手游科技集 團 有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0302） 截 至 2025 年 6 月 30 日止六個月 中期業績公告 中手游科技集團有限公司（「本公司」，連同其附屬公司及在中華人民共和國（「中 國」）的合併營運實體，統稱「本集團」）董事（「董事」）會（「董事會」）欣然公佈本集團 截至2025年6月30日止六個月（「報告期間」）的未經審核綜合中期業績。本報告期間 之中期業績已由本公司之審核委員會（「審核委員會」）審閱。 財務摘要 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | 收益 | 763,034 | 1,233,336 | | 期內虧損 | (644,2 ...