[Company Information and Financial Summary](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Summary) This section provides an overview of China Shuifa Singyes Energy Holdings Limited's basic information and a summary of its financial performance for the six months ended June 30, 2025 [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) China Shuifa Singyes Energy Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025 - Company Name: China Shuifa Singyes Energy Holdings Limited[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[2](index=2&type=chunk) - Report Nature: Unaudited interim results announcement[2](index=2&type=chunk) [Financial Summary](index=1&type=section&id=1.2%20Financial%20Summary) During the reporting period, the company's revenue increased by 22.45% year-on-year, but due to a decrease in gross profit margin, loss attributable to owners of the company expanded to RMB 19,184 thousands, with a loss per share of RMB (0.008) Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,684,853 | 1,375,933 | 22.45% | | Profit before income tax | 7,935 | 36,037 | -77.98% | | Income tax expense | 5,562 | 24,900 | -77.66% | | Loss attributable to owners of the company for the period | (19,184) | (16,461) | 16.54% | | Loss per share attributable to owners of the company (basic and diluted) | RMB (0.008) | RMB (0.007) | 14.29% | [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue increased to RMB 1,684,853 thousands, but a significant rise in cost of sales led to a decrease in gross profit; operating profit and profit before income tax both significantly decreased, resulting in a profit for the period of RMB 2,373 thousands, a 78.7% year-on-year decline Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,684,853 | 1,375,933 | 22.45% | | Cost of sales | (1,330,524) | (931,075) | 42.90% | | Gross profit | 354,329 | 444,858 | -20.35% | | Operating profit | 228,530 | 293,577 | -22.23% | | Net finance costs | (220,138) | (257,688) | -14.57% | | Profit before income tax | 7,935 | 36,037 | -77.98% | | Income tax expense | (5,562) | (24,900) | -77.66% | | Profit for the period | 2,373 | 11,137 | -78.70% | | Loss attributable to owners of the company for the period | (19,184) | (16,461) | 16.54% | | Profit attributable to non-controlling interests for the period | 21,557 | 27,598 | -21.90% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly decreased, primarily due to a reduction in cash and cash equivalents; non-current liabilities increased while current liabilities decreased, leading to a slight decline in total liabilities; both equity attributable to owners of the company and non-controlling interests decreased, resulting in a lower total equity Key Data from Condensed Consolidated Statement of Financial Position | Metric | 2025年6月30日 (RMB thousands) | 2024年12月31日 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 8,956,216 | 8,803,397 | 1.74% | | Total current assets | 13,521,944 | 14,002,485 | -3.30% | | Cash and cash equivalents | 270,257 | 823,022 | -67.17% | | Total assets | 22,478,160 | 22,805,882 | -1.44% | | **Equity** | | | | | Equity attributable to owners of the company | 4,167,325 | 4,231,924 | -1.53% | | Non-controlling interests | 1,094,333 | 1,071,825 | 2.10% | | Total equity | 5,261,658 | 5,303,749 | -0.79% | | **Liabilities** | | | | | Total non-current liabilities | 5,491,740 | 5,074,520 | 8.22% | | Total current liabilities | 11,724,762 | 12,427,613 | -5.66% | | Total liabilities | 17,216,502 | 17,502,133 | -1.63% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policies, segment data, and other financial disclosures [General Information](index=6&type=section&id=3.1%20General%20Information) The company was incorporated in Bermuda, primarily engaged in traditional curtain walls, wind farm construction, and the design, manufacturing, supply, and installation of solar photovoltaic building integrated systems, as well as the manufacturing and sale of solar products; there was no significant change in the nature of its principal business during the reporting period, and its ultimate holding company is Shuifa Group Co., Ltd., a Chinese state-owned enterprise - The company was incorporated in Bermuda on October 24, 2003[8](index=8&type=chunk) - Principal businesses include traditional curtain walls, wind farm construction, design, manufacturing, supply and installation of solar photovoltaic building integrated systems, and manufacturing and sale of solar products[8](index=8&type=chunk) - The ultimate holding company is Shuifa Group Co., Ltd., a state-owned enterprise in China[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=3.2%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Hong Kong Stock Exchange, adopting the going concern basis of accounting - Prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the Listing Rules of the Hong Kong Stock Exchange[10](index=10&type=chunk) - Accounting basis: Going concern[10](index=10&type=chunk) [Accounting Policies](index=6&type=section&id=3.3%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis and presented in RMB; during the reporting period, IAS 21 (Amendment) 'Lack of Exchangeability' was first applied, but it had no significant impact on the financial position and performance - Basis of preparation: Historical cost basis, except for certain equity investments and financial assets measured at fair value[11](index=11&type=chunk) - Presentation currency: RMB[11](index=11&type=chunk) - Newly applied accounting standard: IAS 21 (Amendment) 'Lack of Exchangeability', with no significant impact[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.4%20Revenue%20and%20Segment%20Information) The company assesses performance based on four main business segments: construction services, product sales, electricity sales, and others; in the first half of 2025, construction services revenue significantly increased, but product sales revenue decreased, leading to a year-on-year reduction in gross profit - Operating segments: Construction services, product sales, electricity sales, others[13](index=13&type=chunk) Segment Performance Overview (For the Six Months Ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Gross Profit (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Gross Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Construction services | 1,032,373 | 57,841 | 570,211 | 88,498 | | Product sales | 303,808 | 115,272 | 419,657 | 143,532 | | Electricity sales | 329,087 | 184,187 | 328,733 | 184,033 | | Others | 19,585 | 6,651 | 57,332 | 42,620 | | Group total | 1,684,853 | 354,329 | 1,375,933 | 444,858 | [Income Tax Expense](index=8&type=section&id=3.5%20Income%20Tax%20Expense) Subsidiaries in mainland China are subject to a 25% corporate income tax rate, with some eligible for preferential rates of 15% or 'three-year exemption and three-year half reduction' for high-tech enterprises, encouraged industries in western regions, or solar power station projects; Hong Kong subsidiaries are taxed at 16.5%; income tax expense significantly decreased year-on-year during the reporting period - Corporate income tax rate in mainland China: **25%**, with some eligible companies enjoying **15%** or “three-year exemption and three-year half reduction” preferential rates[16](index=16&type=chunk) - Hong Kong subsidiaries' tax rate: **16.5%**[17](index=17&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax | 14,254 | 38,864 | | Deferred income tax credit | (8,692) | (13,964) | | Income tax expense | 5,562 | 24,900 | [Loss Per Share](index=9&type=section&id=3.6%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners of the company was RMB (0.008), an increase from the same period last year; no diluted adjustment was made as the exercise price of unexercised share options was higher than the average market price of the company's shares - Basic loss per share is calculated based on the loss attributable to owners of the company and the weighted average number of ordinary shares outstanding[19](index=19&type=chunk) - No diluted adjustment was made because the exercise price of share options was higher than the average market price[19](index=19&type=chunk) Loss Per Share (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the company (RMB thousands) | (19,184) | (16,461) | | Weighted average number of ordinary shares outstanding (thousands) | 2,521,082 | 2,521,082 | | Basic loss per share (RMB) | (0.008) | (0.007) | [Dividends](index=9&type=section&id=3.7%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the reporting period, consistent with the same period last year - The Directors do not recommend the payment of an interim dividend for the current period (2024: nil)[21](index=21&type=chunk) [Trade and Bills Receivables](index=9&type=section&id=3.8%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade receivables amounted to RMB 5,616,181 thousands, a slight decrease from the end of 2024; total electricity tariff subsidies receivable amounted to RMB 2,270,104 thousands, an increase from the end of 2024 Aging Analysis of Trade Receivables and Electricity Tariff Subsidies Receivable | Aging | Trade receivables (2025年6月30日, RMB thousands) | Trade receivables (2024年12月31日, RMB thousands) | Electricity tariff subsidies receivable (2025年6月30日, RMB thousands) | Electricity tariff subsidies receivable (2024年12月31日, RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Within 180 days | 1,325,269 | 2,140,944 | 168,076 | 236,787 | | 181-365 days | 1,049,751 | 318,093 | 236,787 | 213,183 | | One to two years | 1,003,904 | 709,111 | 213,183 | 465,021 | | Two to three years | 444,859 | 761,886 | 465,021 | 469,382 | | Over three years | 1,792,398 | 1,855,918 | 1,187,037 | 720,385 | | **Total** | **5,616,181** | **5,785,952** | **2,270,104** | **2,104,758** | [Trade and Bills Payables](index=10&type=section&id=3.9%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 4,289,401 thousands, a slight decrease from the end of 2024 Aging Analysis of Trade and Bills Payables | Aging | 2025年6月30日 (RMB thousands) | 2024年12月31日 (RMB thousands) | | :--- | :--- | :--- | | Within three months | 1,106,970 | 1,828,913 | | Three to six months | 391,576 | 582,326 | | Six to twelve months | 1,286,081 | 301,462 | | One to two years | 617,889 | 799,289 | | Two to three years | 464,633 | 606,410 | | Over three years | 422,252 | 207,067 | | **Total** | **4,289,401** | **4,325,467** | [Share Capital](index=10&type=section&id=3.10%20Share%20Capital) During the reporting period, there was no change in the company's issued share capital, with both authorized and issued and fully paid share capital remaining stable - The company's issued share capital remained unchanged during the period[23](index=23&type=chunk) Share Capital Information | Metric | 2025年6月30日 (thousands) | 2024年12月31日 (thousands) | | :--- | :--- | :--- | | Authorized share capital (3,200,000,000 ordinary shares of USD 0.01 each) | USD 32,000 | USD 32,000 | | Issued and fully paid share capital (2,521,081,780 ordinary shares of USD 0.01 each) | USD 25,211 | USD 25,211 | | Equivalent to RMB thousands | 174,333 | 174,333 | [Business and Financial Review](index=11&type=section&id=IV.%20Business%20and%20Financial%20Review) This section provides a comprehensive review of the company's business operations and financial performance during the reporting period [Performance Overview](index=11&type=section&id=4.1%20Performance%20Overview) During the reporting period, the company's revenue increased by 22.5% year-on-year to RMB 1.685 billion, primarily driven by increased clean energy EPC revenue; however, the overall gross profit margin decreased from 32.3% in the same period last year to 21.0%, leading to an expanded loss attributable to owners of the company of RMB 19.18 million; net cash generated from operating activities significantly increased by 223.3%, and finance costs decreased by 14.6% - Revenue increased by **22.5%** year-on-year to **RMB 1.685 billion**, primarily due to increased clean energy EPC revenue[24](index=24&type=chunk) - Loss attributable to owners of the company was **RMB 19.18 million**, mainly due to the overall gross profit margin decreasing from **32.3%** in the same period last year to **21.0%**[24](index=24&type=chunk) - Net cash generated from operating activities significantly increased by **223.3%** to **RMB 286 million**, primarily due to timely collection from key projects and centralized procurement[27](index=27&type=chunk) - Finance costs decreased by **14.6%** year-on-year[27](index=27&type=chunk) - New contracts signed and uncompleted projects under construction amounted to approximately **RMB 4 billion**[28](index=28&type=chunk) [Business Review](index=12&type=section&id=4.2%20Business%20Review) The company continues to focus on the clean energy sector, intensifying efforts to expand solar and wind EPC projects, and actively fostering new business formats such as high-end curtain walls, smart energy-saving buildings, and new materials; concurrently, it proactively adjusted its business structure, reducing the proportion of traditional glass curtain wall business to adapt to market changes - The company focuses on its core business, consolidating the development, investment, construction, and operation of photovoltaic and wind power projects, while strengthening strategic layout and resource acquisition[29](index=29&type=chunk) - Actively cultivating new business formats such as high-end curtain walls, smart energy-saving buildings, and new materials industries[29](index=29&type=chunk) - Proactively adjusted business structure, reducing the traditional glass curtain wall business segment to mitigate the impact of the real estate market[25](index=25&type=chunk) [Revenue Classification](index=12&type=section&id=4.2.1%20Revenue%20Classification) Clean energy EPC revenue significantly increased by 143.6%, becoming the main growth driver, while revenue from curtain walls and green buildings, and product sales decreased Revenue Classification (For the Six Months Ended June 30) | Revenue Category | 2025 (RMB millions) | 2024 (RMB millions) | Increase / (Decrease) (%) | Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Clean Energy EPC | 835.2 | 342.8 | 143.6 | 49.6 | | Curtain Walls and Green Buildings | 197.2 | 227.4 | (13.3) | 11.7 | | Electricity Sales | 329.1 | 328.7 | 0.1 | 19.5 | | Product Sales | 303.8 | 419.7 | (27.6) | 18.0 | | Others | 19.6 | 57.3 | (65.8) | 1.2 | | **Total Revenue** | **1,684.9** | **1,375.9** | **22.5** | **100.0** | [Clean Energy EPC Business](index=13&type=section&id=4.2.2%20Clean%20Energy%20EPC%20Business) Clean energy EPC revenue significantly increased by 143.7% year-on-year, benefiting from the effective utilization of its Grade-A qualification for general contracting of power engineering construction, securing multiple large-scale clean energy EPC contracts, and successfully completing project construction and grid connection - Clean energy EPC revenue significantly increased by **143.7%** compared to the same period last year[31](index=31&type=chunk) - Successfully undertook the Hainan 62MW project and multiple "PV + aquaculture" projects in Shandong, and signed several large-scale clean energy EPC contracts in Xi'an, Hainan, and Shandong[31](index=31&type=chunk) - The "Blue Sail Project" distributed photovoltaic project, in cooperation with CSSC Group, achieved a cumulative grid-connected capacity exceeding **100 MW**[31](index=31&type=chunk) [Overseas Market Expansion](index=13&type=section&id=4.2.3%20Overseas%20Market%20Expansion) The company achieved fruitful results in overseas markets such as Hong Kong, Australia, Japan, and Africa, including the Hong Kong Airport green building project, the upgrade of Sydney's landmark buildings, the completion of Japan's first photovoltaic power station cluster project, and the advancement of projects in 'Belt and Road' countries in Africa - Steadily advanced the Hong Kong Airport green building project in the Hong Kong market and successfully won the bid for the Hong Kong Environmental Protection Department's Outlying Islands photovoltaic power station project[32](index=32&type=chunk) - Participated in the upgrade of a century-old landmark building in Sydney, Australia, focusing on green building low-carbon design[32](index=32&type=chunk) - Successfully completed its first photovoltaic power station cluster project undertaken in the Japanese market[32](index=32&type=chunk) - In the African market, the Angola government building curtain wall project progressed smoothly, reached a consensus with Kenya on solar and wind power supply solutions, and secured a new small-scale ground photovoltaic power station project in Tanzania[32](index=32&type=chunk) [Curtain Walls and Green Buildings Business](index=13&type=section&id=4.2.4%20Curtain%20Walls%20and%20Green%20Buildings%20Business) Total revenue from curtain walls and green buildings business decreased by 13.3% year-on-year, primarily due to the company's proactive adjustment of its business strategy to reduce the proportion of traditional curtain wall business, thereby mitigating the negative impact of the real estate industry - Total revenue from curtain walls and green buildings business decreased by **13.3%** compared to the same period last year[33](index=33&type=chunk) - The decrease was mainly due to the company's proactive adjustment of its business strategy to reduce the proportion of traditional curtain wall business revenue[33](index=33&type=chunk) [Electricity Sales Business](index=13&type=section&id=4.2.5%20Electricity%20Sales%20Business) Total electricity sales revenue slightly increased by 0.1% year-on-year, with business volume remaining stable; the company's self-owned power stations exceed 1.27 GW in scale, and power generation increased by 6.8% year-on-year - Total electricity sales revenue slightly increased by **0.1%** compared to the same period last year, with business volume remaining stable[33](index=33&type=chunk) - Self-owned power stations exceed **1.27 GW** in scale, including 31 distributed and centralized ground photovoltaic power stations in mainland China and one overseas photovoltaic power station[33](index=33&type=chunk) - Power generation in the first half of 2025 was **509.3 million kWh**, an increase of **6.8%** compared to the same period in 2024[33](index=33&type=chunk) [Product Sales Business](index=14&type=section&id=4.2.6%20Product%20Sales%20Business) Total product sales revenue decreased by 27.6% year-on-year, primarily due to a decline in solar product sales revenue - Total product sales revenue decreased by **27.6%** compared to the same period last year[34](index=34&type=chunk) - The decrease was mainly due to a decline in sales revenue of solar products (photovoltaic modules, inverters, etc)[34](index=34&type=chunk) [Financial Review](index=14&type=section&id=4.3%20Financial%20Review) During the reporting period, the company's revenue grew, but gross profit margin decreased year-on-year; other income and gains significantly increased, distribution expenses slightly rose, and administrative expenses decreased; capital expenditure increased, mainly for self-owned power station construction; the company's liquidity primarily came from project revenue, borrowings, and advances from Shuifa Group, with a debt structure dominated by long-term interest-bearing liabilities; one equity disposal was completed during the period, with no other significant mergers and acquisitions [Revenue](index=14&type=section&id=4.3.1%20Revenue) During the reporting period, the company's revenue reached RMB 1.685 billion, a year-on-year increase of 22.5%, primarily driven by the clean energy EPC business - Revenue for the reporting period was **RMB 1.685 billion**, an increase of **22.5%** compared to the same period last year[35](index=35&type=chunk) - Clean energy EPC revenue was **RMB 835.20 million**, a year-on-year increase of **143.6%**, accounting for **49.6%** of total revenue[35](index=35&type=chunk) [Gross Profit Margin](index=14&type=section&id=4.3.2%20Gross%20Profit%20Margin) The overall gross profit margin for the reporting period was approximately 21.0%, a year-on-year decrease of 11.3%, but an improvement from 16.8% at the end of 2024; gross profit margins for both clean energy EPC and curtain walls and green buildings businesses significantly declined - The overall gross profit margin for the reporting period was approximately **21.0%**, a year-on-year decrease of **11.3%** compared to 2024, but an improvement from **16.8%** at the end of 2024[36](index=36&type=chunk)[26](index=26&type=chunk) Segment Gross Profit Margin Overview | Segment | For the Six Months Ended 2025年6月30日 (%) | For the Year Ended 2024年12月31日 (%) | For the Six Months Ended 2024年6月30日 (%) | | :--- | :--- | :--- | :--- | | Clean Energy EPC | 5.0 | 4.8 | 20.7 | | Curtain Walls and Green Buildings | 3.4 | 0.6 | 7.7 | | Subtotal for Construction Contracts | 4.7 | 4.1 | 15.5 | | Electricity Sales | 56.0 | 56.0 | 56.0 | | Product Sales | 37.9 | 28.1 | 34.2 | | Others | 34.0 | 67.0 | 50.4 | [Other Income and Gains](index=15&type=section&id=4.3.3%20Other%20Income%20and%20Gains) Total other income and gains increased by RMB 20.41 million or 66.2% during the reporting period, primarily due to compensation for design consulting fees, increased rental income from properties, and gains from reduced bond interest rates - Other income and gains increased by **RMB 20.41 million** or **66.2%** compared to the same period last year[38](index=38&type=chunk) - The main reasons include compensation for design consulting fees, increased rental income from properties, and gains from reduced bond interest rates[38](index=38&type=chunk) [Distribution Expenses](index=15&type=section&id=4.3.4%20Distribution%20Expenses) Distribution expenses increased by RMB 0.963 million or 4.7% compared to the same period last year, mainly due to increased business expenses resulting from intensified domestic and international market expansion efforts - Distribution expenses increased by **RMB 0.963 million** or **4.7%** compared to the same period last year[39](index=39&type=chunk) - The main reason was increased business expenses due to intensified domestic and international market expansion efforts[39](index=39&type=chunk) [Administrative Expenses](index=15&type=section&id=4.3.5%20Administrative%20Expenses) Administrative expenses decreased by RMB 6.58 million or 4.7% compared to the same period last year, primarily attributable to the improvement of human resource and remuneration systems, and strengthened control over travel and office expenses - Administrative expenses decreased by **RMB 6.58 million** or **4.7%** compared to the same period last year[40](index=40&type=chunk) - Primarily attributable to the improvement of human resource and remuneration systems, and strengthened control over travel and office expenses[40](index=40&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=4.3.6%20Liquidity%20and%20Financial%20Resources) The company's funds primarily originate from project contracts, product and electricity sales revenue, bank and other borrowings, bond issuance, and advances from Shuifa Group; as of the end of the reporting period, outstanding bank and other loans amounted to approximately RMB 6.482 billion, and outstanding bonds were approximately RMB 1.518 billion - Principal funding sources include receivables from project contracts, product sales and electricity sales revenue, bank and other borrowings, bond issuance, and advances from Shuifa Group[41](index=41&type=chunk) - As of June 30, 2025, outstanding bank and other loans amounted to approximately **RMB 6.482 billion**[41](index=41&type=chunk) - As of June 30, 2025, outstanding bonds amounted to approximately **RMB 1.518 billion**[41](index=41&type=chunk) [Capital Expenditure](index=15&type=section&id=4.3.7%20Capital%20Expenditure) Capital expenditure for the reporting period was RMB 285 million, primarily for the construction of self-owned power stations, an increase from the same period last year - Capital expenditure for the reporting period was **RMB 285 million**, primarily for the construction of self-owned power stations, including large-scale photovoltaic power stations such as Hubei Gucheng[42](index=42&type=chunk) - This represents an increase from capital expenditure of **RMB 218 million** in the same period of 2024[42](index=42&type=chunk) [Bonds, Bank and Other Borrowings](index=15&type=section&id=4.3.8%20Bonds,%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the company's bonds, bank, and other borrowings totaled RMB 8 billion, with 75.4% being interest-bearing liabilities with a maturity of over three years - As of June 30, 2025, bonds, bank, and other borrowings totaled **RMB 8 billion**[43](index=43&type=chunk) Loan Maturity Structure | Maturity | Percentage (%) | | :--- | :--- | | Within one year | 10.4 | | One to three years (inclusive) | 14.2 | | Over three years | 75.4 | Loan Categories and Interest Rate Ranges | Category | Amount (RMB billions) | Interest Rate Range | | :--- | :--- | :--- | | Bonds | 1.518 | 3.45%–3.80% | | Bank Borrowings | 2.400 | 2.80%–4.85% | | Finance Leases | 4.082 | 3.60%–6.37% | | **Total** | **8.000** | | [Contingent Liabilities](index=16&type=section&id=4.3.9%20Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[45](index=45&type=chunk) [Significant Investments, Acquisitions and Disposals](index=16&type=section&id=4.3.10%20Significant%20Investments,%20Acquisitions%20and%20Disposals) During the reporting period, the company disposed of a 48% equity interest (19.2% effective interest) in Shuifa Clean Energy Co., Ltd. to Xinxing New Energy (Guangdong) Investment Co., Ltd.; other than this, there were no other significant mergers, acquisitions, or investments - Disposed of **48%** equity interest (**19.2%** effective interest) in Shuifa Clean Energy Co., Ltd. to Xinxing New Energy (Guangdong) Investment Co., Ltd[46](index=46&type=chunk) - No other significant acquisitions or disposals of subsidiaries, associates, and jointly controlled entities were undertaken, nor were any significant investments held during the reporting period[46](index=46&type=chunk) [Foreign Currency Risk](index=16&type=section&id=4.3.11%20Foreign%20Currency%20Risk) The company's principal operations are located in mainland China, with most transactions conducted in RMB, resulting in limited foreign currency risk; the company will continue to monitor its foreign exchange position and use hedging instruments to manage risks when necessary - The Group's principal operations are located in mainland China, with most transactions conducted in RMB, resulting in limited foreign exchange risk[47](index=47&type=chunk) - The Group will continue to monitor its foreign exchange position and use hedging instruments to manage foreign exchange risk when necessary[47](index=47&type=chunk) [Growth Strategies](index=16&type=section&id=V.%20Growth%20Strategies) This section outlines the company's strategic initiatives for future growth, focusing on asset optimization, cost reduction, and market expansion across its key business segments [Optimizing Asset Structure and Enhancing Gross Profit Margin](index=16&type=section&id=5.1%20Optimizing%20Asset%20Structure%20and%20Enhancing%20Gross%20Profit%20Margin) The company will focus on its core clean energy business, strategically deploying high-return, low-risk quality energy projects through efficient regional and technological combinations; it will optimize EPC costs through lean operations, strengthen electricity market trading capabilities, and improve power station operation and maintenance quality to enhance gross profit margins; concurrently, it will strictly control the quality of new projects and regularly dispose of inefficient or non-performing assets to optimize its asset structure - Focus on the core clean energy business, advance the construction of existing projects, and strategically deploy high-return, low-risk quality energy projects through efficient regional and technological combinations[48](index=48&type=chunk)[49](index=49&type=chunk) - Drive EPC cost optimization through lean operations, strengthen electricity market trading capabilities, and promote high-quality power station operation and maintenance to enhance gross profit margins[49](index=49&type=chunk) - Strictly control the quality of new projects, establish and improve a full-process control mechanism, and regularly clear or revitalize inefficient or non-performing assets[50](index=50&type=chunk) - In the first half, newly grid-connected installed capacity was **281 MWp**, with an estimated full-year grid-connected capacity of **577 MWp**[50](index=50&type=chunk) - In the first half, asset disposals saved **RMB 12.7 million** in expenses and recovered **RMB 9.56 million** in funds, with an estimated full-year recovery of nearly **RMB 40 million**[50](index=50&type=chunk) [Reducing Finance Costs](index=17&type=section&id=5.2%20Reducing%20Finance%20Costs) The company continuously reduces finance costs and optimizes its debt structure through measures such as covering short-term debt with long-term debt and replacing high-cost funds with low-cost funds; in the first half, it successfully issued RMB 100 million in Panda bonds, with the interest rate reduced to 3.45%; it plans to issue RMB 1 billion in 3-year interbank market bonds in the second half, expected to save approximately RMB 17 million to 22 million in finance costs annually - Continuously reduce finance costs and optimize debt structure by covering short-term debt with long-term debt and replacing high-cost funds with low-cost funds[51](index=51&type=chunk) - In the first half, successfully issued **RMB 100 million** in Panda bonds, with the interest rate reduced from **4.5%** in 2022 to **3.45%**, and the issuance period extended to three years[51](index=51&type=chunk) - Plans to issue **RMB 1 billion** in 3-year interbank market bonds in the second half, expected to save approximately **RMB 17 million to 22 million** in finance costs annually[51](index=51&type=chunk) - In the first half, the Group's finance costs decreased by **40 basis points**, and financial expenses decreased by **RMB 39.76 million**[51](index=51&type=chunk) [Clean Energy Sector](index=18&type=section&id=5.3%20Clean%20Energy%20Sector) The company will leverage its 'technology customization + local deep cultivation' dual-engine approach to accelerate its global renewable energy footprint, including penetrating the high-end Japanese market, expanding its business presence in Africa, and actively seeking breakthroughs in Central Asian markets to build a multi-country green energy network - Leverage the "technology customization + local deep cultivation" dual-engine approach to accelerate global renewable energy deployment[52](index=52&type=chunk) - Plans to customize and develop small-scale photovoltaic systems and new pure energy storage power stations to meet Japan's energy transition demands[52](index=52&type=chunk) - Actively expand its business footprint in the African market, strengthening energy market development efforts in South Africa and Kenya[52](index=52&type=chunk) - Actively seek breakthroughs in Central Asian markets, collaborating with Kyrgyzstan to promote clean energy development[52](index=52&type=chunk) [Green Building Sector](index=18&type=section&id=5.4%20Green%20Building%20Sector) The company will leverage its expertise in overseas curtain walls to focus on 'Belt and Road' countries and emerging markets in Southeast Asia, the Middle East, and Africa, deepening localized cooperation models to further enhance its brand influence in the international construction sector - Utilize its extensive experience and brand influence in overseas curtain walls to focus on "Belt and Road" countries and emerging markets in Southeast Asia, the Middle East, and Africa[53](index=53&type=chunk) - Deepen localized cooperation models, with overseas curtain wall business gradually expanding from long-term cultivated markets like Hong Kong, Australia, Singapore, and Malaysia to other countries[53](index=53&type=chunk) - During the reporting period, successfully bid for and signed a contract for the government office building curtain wall project in Angola[53](index=53&type=chunk) [New Materials Business – Upgrade and Transformation](index=18&type=section&id=5.5%20New%20Materials%20Business%20–%20Upgrade%20and%20Transformation) The new materials segment will adhere to a 'quality first' strategy, empowering industrial upgrading with technology, comprehensively expanding into the automotive dimming film business and entering international markets, gradually transitioning from architectural film business to automotive film business - The new materials segment will adhere to a "quality first" strategy, empowering industrial upgrading with technology[54](index=54&type=chunk) - Comprehensively expand into the automotive dimming film business and enter international markets, gradually transitioning from architectural film business to automotive film business[54](index=54&type=chunk) - The business model will shift towards automotive glass manufacturers such as Fuyao and Saint-Gobain[54](index=54&type=chunk) [Technology Empowerment](index=18&type=section&id=5.6%20Technology%20Empowerment) The company obtained 3 invention patents in new materials, holding a total of 109 valid patents, with some key technical indicators demonstrating international leadership; in the future, it will continue to promote the deep integration of technological innovation and industrial upgrading, accelerating its expansion into high-value-added new materials, focusing on advanced products such as automotive dimming films, high-performance shading black PDLC films, and electrochromic films - Obtained **3** invention patents in new materials during the reporting period, now holding a total of **109** valid patents[55](index=55&type=chunk) - The front and post-etching processes for etched partitioned dimming products are industry-leading; black PDLC automotive dimming film offers shading and heat insulation performance, addressing side-view haze issues[55](index=55&type=chunk) - Successfully passed CNAS laboratory testing qualification certification and IATF 16949 system transfer audit[55](index=55&type=chunk) - In the second half, it will accelerate its expansion into high-value-added new materials, focusing on advanced products such as automotive dimming films, high-performance shading black PDLC films, and electrochromic films[56](index=56&type=chunk) [Other Information](index=19&type=section&id=VI.%20Other%20Information) This section provides additional information regarding events after the reporting period, employee and remuneration policies, corporate governance, and other relevant disclosures [Events After Reporting Period](index=19&type=section&id=6.1%20Events%20After%20Reporting%20Period) There were no significant events after the reporting period - There were no significant events after the reporting period for the Group[57](index=57&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=6.2%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company's total number of employees was 1,012, a decrease from the end of 2024; remuneration policies are consistent with local market practices, including salaries, provident funds, medical insurance, and performance-related bonuses, with potential grants of share options and share awards; in the first half, the company optimized human resource allocation through integration, organizational streamlining, and objective employee management - As of June 30, 2025, the Group's total number of employees was **1,012** (December 31, 2024: **1,072**)[58](index=58&type=chunk) - Remuneration policies are consistent with local market practices where operations are located, including salaries, provident funds, medical insurance, and performance-related bonuses[58](index=58&type=chunk) - Share options and share awards may also be granted to eligible employees and personnel[58](index=58&type=chunk) - In the first half, human resource allocation was optimized through the integration and merger of directly managed enterprises, streamlining internal organization, and objective employee management[58](index=58&type=chunk) [Dividends](index=19&type=section&id=6.3%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025, but will consider future dividend payments in accordance with the dividend policy - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[59](index=59&type=chunk) - The Group values shareholder returns and will consider dividend payments in due course in accordance with its dividend policy[59](index=59&type=chunk) [Corporate Governance](index=19&type=section&id=6.4%20Corporate%20Governance) The company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the reporting period and up to the date of this announcement[60](index=60&type=chunk) [Standard Code for Securities Transactions by Directors](index=20&type=section&id=6.5%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code throughout the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[61](index=61&type=chunk) - All Directors confirmed that they have complied with the required standards set out in the Standard Code and its code of conduct for Directors' securities transactions throughout the reporting period[61](index=61&type=chunk) [Audit Committee](index=20&type=section&id=6.6%20Audit%20Committee) The company has established an Audit Committee, comprising three independent non-executive directors, with Mr. Yi Yongfa as Chairman; its primary responsibilities include overseeing the financial reporting process and internal control procedures, and it has reviewed the Group's unaudited interim condensed financial information and interim results - The company has established an Audit Committee in compliance with Rules 3.21 to 3.23 and paragraph D.3 of Appendix C1 of the Listing Rules[62](index=62&type=chunk) - The Audit Committee comprises three independent non-executive directors, with Mr. Yi Yongfa as Chairman[62](index=62&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed financial information and interim results for the reporting period[62](index=62&type=chunk) [Purchase, Sale and Redemption of the Company's Listed Securities](index=20&type=section&id=6.7%20Purchase,%20Sale%20and%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[63](index=63&type=chunk) [Publication of Results Announcement](index=20&type=section&id=6.8%20Publication%20of%20Results%20Announcement) This interim results announcement is available on the HKEX website and the company's website; the interim report will be dispatched to shareholders and published on the respective websites in due course - This interim results announcement is available on the HKEX website http://www.hkexnews.hk and the company's website www.sfsyenergy.com[64](index=64&type=chunk) - The company's 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the company's and HKEX websites in due course[64](index=64&type=chunk) [Board of Directors Members](index=21&type=section&id=6.9%20Board%20of%20Directors%20Members) As of the announcement date, the Board of Directors comprises three executive directors, two non-executive directors, and three independent non-executive directors - Executive Directors: Mr. Zhou Guangyan (Vice Chairman and Acting Chairman), Mr. Guo Peidong, and Mr. Chen Fushan[65](index=65&type=chunk) - Non-executive Directors: Ms. Wang Suhui and Mr. Hu Xiao[65](index=65&type=chunk) - Independent Non-executive Directors: Mr. Xiao Chuangying, Mr. Yi Yongfa, and Dr. Tan Hongwei[65](index=65&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份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 2025年半年度業績公告 一. 重要提示 – 1 – 1 本 半 年 度 業 績 公 告 來 自 半 年 度 報 告 全 文，為 全 面 了 解 本 公 司 的 經 營 成 果、財 務 狀 況 及 未 來 發 展 規 劃，投 資 者 應 當 仔 細 閱 讀 同 時刊載 於香港 聯合交易所有限公司網站及上海證券交易所網 站 等 中 國 證 監 會 指 定 網 站 上 的 半 年 度 報 告 全 文。 2 本 公 司 董 事 會、監 事 會 及 董 事、監 事、高 級 管 理 人 員 保 證 半 年 度 報 告 內 容 的 真 實、準 確、完 整，不 存 在 虛 假 記 載 ...

瑞 浦 蘭 鈞能源 股 份 有 限 公 司 REP T B ATTE RO Energy Co., L t d . （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股 份 代 號 ： 066 6 2 0 2 5 中 期 報 告 瑞 浦 限 公 司 REP T B ATTE 蘭 鈞能源 股 份 有 RO Energy Co., L t d . (A j o i nt s t o c k c o mpa ny in c o r p o rat e d in t h e P e opl e ' s R e p u b l i c of C hin a w i th limi t ed l i abi l i t y ) S t o c k C o d e: 066 6 2 0 2 5 Interim R e p o r t 瑞浦蘭鈞能源股份有限公司 REPT BATTERO Energy Co., Ltd. 2025 中期報告 Interim Report 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 管理層討論及分析 | 5 | | ...

（於中華人民共和國註冊成立的股份有限公司） 股份代號：06660 中 期 報 告 2025 目 錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 5 | | 其他資料 | 30 | | 獨立審閱報告 | 41 | | 中期簡明綜合損益及其他全面收益表 | 42 | | 中期簡明綜合財務狀況表 | 43 | | 中期簡明綜合權益變動表 | 45 | | 中期簡明綜合現金流量表 | 46 | | 中期簡明綜合財務資料附註 | 48 | | 釋義 | 62 | 艾美疫苗股份有限公司 二零二五年中期報告 公司資料 執行董事 周延先生 周欣先生 賈紹君先生 關文先生 周杰先生 非執行董事 趙繼臣先生 王愛軍女士 （於2025年4月13日辭任） 獨立非執行董事 Ker Wei PEI教授 文潔女士 郭曉光先生 歐陽輝先生 (於2025年4月13日辭任） 監事 （自2025年5月20日起卸任） 宋廷鋒先生 （監事會主席） 馬倫先生 宋嘉帥先生 審計委員會 Ker Wei PEI教授 （主席） 歐陽輝先生 （於2025年4月13日辭任） 郭曉光先生 文潔女士 （於2025年4月17日獲委任為 ...

[Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) [Financial Performance Overview](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss-Overview) For the six months ended June 30, 2025, the Group turned from profit to loss, recording an operating loss, a significant expansion in net loss, and an increase in basic loss per share, primarily due to decreased revenue and finance costs | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Revenue | 2,153,490 | 2,683,496 | -19.75% | | Gross Profit | 162,749 | 270,353 | -39.79% | | Operating (Loss)/Profit | (58,008) | 78,064 | Turned from Profit to Loss | | Loss Before Tax | (290,442) | (149,872) | Increased by 93.79% | | Loss for the Period | (318,743) | (136,888) | Increased by 132.85% | | Loss Attributable to Equity Holders of the Company | (258,451) | (119,006) | Increased by 117.17% | | Basic and Diluted Loss Per Share (RMB) | (0.15) | (0.07) | Increased by 114.29% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Comprehensive Income Overview](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income-Overview) Total comprehensive income for the period was **RMB (258,961) thousand**, an improvement from **RMB (450,421) thousand** in the prior period, primarily due to the positive impact of exchange differences despite an expanded loss for the period | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (318,743) | (136,888) | Increased by 132.85% | | Exchange Differences | 59,656 | (313,859) | Turned from Negative to Positive | | Total Comprehensive Income for the Period | (258,961) | (450,421) | Improved by 42.49% | | Total Comprehensive Income Attributable to Equity Holders of the Company | (198,677) | (432,559) | Improved by 54.07% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) [Assets and Liabilities Overview](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position-Overview) As of June 30, 2025, the Group's current and non-current assets both decreased, leading to a decline in total assets; while current liabilities slightly decreased, net current liabilities and net assets both deteriorated, indicating increased liquidity pressure | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 10,241,865 | 10,462,116 | -2.11% | | Current Assets | 3,234,569 | 3,760,649 | -14.00% | | Current Liabilities | 10,413,698 | 10,560,725 | -1.39% | | Net Current Liabilities | (7,179,129) | (6,800,076) | Deteriorated by 5.57% | | Non-current Liabilities | 2,437,671 | 2,778,014 | -12.25% | | Net Assets | 625,065 | 884,026 | -29.29% | | Total Equity | 625,065 | 884,026 | -29.29% | [Notes to the Unaudited Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) [1. Company Information](index=6&type=section&id=1%20Company%20Information) China Glass Holdings Limited is incorporated in Bermuda and listed on the Hong Kong Stock Exchange, primarily engaged in the production, marketing, and distribution of glass and glass products, as well as the design, installation, and technical research and development of glass production lines - The company is incorporated in Bermuda, listed in Hong Kong, and primarily engaged in glass product manufacturing, marketing, distribution, and related technical services[10](index=10&type=chunk) [2. Basis of Preparation and Going Concern Risk](index=6&type=section&id=2%20Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and reviewed by KPMG, revealing significant going concern uncertainties due to net losses, substantial net current liabilities, and multiple loan defaults and cross-defaults requiring immediate repayment of a large amount of borrowings, with management actively pursuing debt restructuring, strategic investors, and major shareholder support to mitigate liquidity pressure - The interim financial report is prepared in accordance with HKAS 34 and reviewed by KPMG[11](index=11&type=chunk)[12](index=12&type=chunk) - The Group's net loss for the six months ended June 30, 2025, was **RMB318,743,000**, with net current liabilities of **RMB7,179,129,000**[13](index=13&type=chunk) - Subsequent to the reporting period, the Group defaulted on **RMB1,295,854,000** in due borrowings and triggered cross-default clauses on approximately **RMB6,711,453,000** of other outstanding borrowings, resulting in a total of **RMB8,007,307,000** in borrowings becoming immediately repayable[13](index=13&type=chunk)[15](index=15&type=chunk) - Management is implementing various measures to alleviate liquidity pressure, including negotiating debt restructuring with lenders, seeking strategic investors, and receiving **RMB1,177,612,000** in financial assistance and **RMB1,253,777,000** in trade and other payables support from the largest shareholder, Kaisheng Technology Group Co Ltd, with no repayment required within the next twelve months[14](index=14&type=chunk)[16](index=16&type=chunk) [3. Changes in Accounting Policies](index=9&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to HKAS 21, which had no material impact on the interim report as no foreign currency non-exchangeable transactions occurred, and no other new standards or interpretations not yet effective were adopted during the period - The Group has applied amendments to HKAS 21, but they had no material impact on the interim report[17](index=17&type=chunk) - No new standards or interpretations not yet effective were adopted during this accounting period[18](index=18&type=chunk) [4. Revenue and Segment Reporting](index=9&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group manages its business across five reportable segments: clear glass, tinted glass, coated glass, energy-saving and new energy glass products, and design and installation related services; for the six months ended June 30, 2025, total revenue decreased by **19.75%** year-on-year, primarily due to reduced revenue from clear glass and energy-saving and new energy glass products, while revenue from tinted glass and coated glass increased, and geographically, revenue from Mainland China and Hong Kong significantly declined, offset by growth in Nigeria, the Middle East, and Kazakhstan - The Group operates five reportable segments: clear glass, tinted glass, coated glass, energy-saving and new energy glass products, and design and installation related services[19](index=19&type=chunk) Revenue by Major Product or Service Line | Product or Service Line | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Sales of Glass Products | 1,989,647 | 2,501,835 | -20.47% | | Revenue from Service Contracts | 109,571 | 150,271 | -27.09% | | Sales of Other Products | 54,272 | 31,390 | +72.89% | | **Total** | **2,153,490** | **2,683,496** | **-19.75%** | Revenue by Customer Geographical Location | Geographical Location | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Mainland China and Hong Kong | 1,292,586 | 1,921,999 | -32.75% | | Nigeria | 220,626 | 163,219 | +35.17% | | Middle East | 161,243 | 145,902 | +10.51% | | Kazakhstan | 95,863 | 64,775 | +47.99% | | Other Countries | 383,172 | 387,601 | -1.14% | | **Total** | **2,153,490** | **2,683,496** | **-19.75%** | Gross (Loss)/Profit by Reportable Segment | Segment | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Clear Glass Products | (35,458) | (11,315) | Loss Expanded | | Tinted Glass Products | 10,339 | 67,548 | -84.70% | | Coated Glass Products | 135,906 | 129,602 | +4.87% | | Energy-Saving and New Energy Glass Products | 17,421 | 42,779 | -59.27% | | Design and Installation Related Services | 34,541 | 41,739 | -17.24% | | **Total** | **162,749** | **270,353** | **-39.79%** | [5. Other Income](index=12&type=section&id=5%20Other%20Income) For the six months ended June 30, 2025, other income significantly increased by **97.40%**, primarily due to a substantial increase in net gain from disposal of property, plant and equipment, offsetting declines in government grants, interest income, and net gain from sales of raw materials and scrap | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Government Grants | 10,399 | 23,475 | -55.69% | | Interest Income | 16,372 | 19,635 | -16.62% | | Net Gain from Sales of Raw Materials and Scrap | 11,043 | 21,313 | -48.19% | | Net Gain/(Loss) from Disposal of Property, Plant and Equipment | 102,730 | (2,019) | Turned from Loss to Gain | | Others | 1,823 | 9,714 | -81.23% | | **Total** | **142,367** | **72,118** | **+97.40%** | - The net gain from disposal of property, plant and equipment primarily resulted from the completed disposal of property, plant and equipment and right-of-use assets of a subsidiary for **RMB297,551,000**[26](index=26&type=chunk) [6. Loss Before Tax](index=12&type=section&id=6%20Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax significantly increased to **RMB290,442,000** from **RMB149,872,000** in the prior period, primarily influenced by a slight increase in finance costs and net foreign exchange losses Finance Costs | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans and Other Borrowings | 182,880 | 203,682 | -10.21% | | Interest on Lease Liabilities | 2,338 | 2,699 | -13.30% | | Bank Charges and Other Finance Costs | 47,324 | 33,552 | +41.05% | | Total Borrowing Costs | 232,542 | 239,933 | -3.08% | | Less: Amounts Capitalized | (17,139) | (5,574) | Capitalization Increased | | Net Borrowing Costs | 215,403 | 234,359 | -8.10% | | Net Foreign Exchange Loss/(Gain) | 15,686 | (4,586) | Turned from Gain to Loss | | **Total Finance Costs** | **231,089** | **229,773** | **+0.57%** | Other Items | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Cost of Inventories | 1,917,425 | 2,413,143 | -20.54% | | Depreciation and Amortization Expenses | 354,402 | 327,143 | +8.33% | | Research and Development Costs (excluding capitalized amounts and related amortization) | 14,685 | 11,621 | +26.37% | [7. Income Tax](index=13&type=section&id=7%20Income%20Tax) For the six months ended June 30, 2025, the Group shifted from an income tax credit to an income tax expense, primarily due to taxes arising from the disposal of property, plant and equipment; different corporate income tax rates apply to subsidiaries in various regions, with some Mainland China subsidiaries benefiting from preferential rates for high-tech enterprises and additional tax deductions for R&D costs | Item | 2025 (thousand RMB) | 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Current Tax (Mainland China) | 25,889 | 9,200 | +181.40% | | Current Tax (Overseas) | 3,754 | 4,920 | -23.69% | | Deferred Tax | (1,342) | (27,104) | Improved by 95.05% | | **Total Income Tax** | **28,301** | **(12,984)** | **Turned from Credit to Expense** | - Income tax expense primarily arose from the consideration for the disposal of property, plant and equipment and right-of-use assets[85](index=85&type=chunk) - Mainland China subsidiaries are subject to a **25%** corporate income tax rate, with some high-tech enterprises enjoying a **15%** preferential rate and **100%** additional tax deduction for R&D costs[31](index=31&type=chunk) - The Kazakhstan subsidiary enjoys corporate income tax exemption from 2016 to 2025[32](index=32&type=chunk) [8. Loss Per Share](index=14&type=section&id=8%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share increased to **RMB0.15** from **RMB0.07** in the prior period, with diluted loss per share being the same as basic loss per share due to the absence of potential dilutive shares | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Ordinary Equity Holders of the Company (thousand RMB) | (258,451) | (119,006) | Increased by 117.17% | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 1,684,218 | 1,684,218 | No Change | | Basic Loss Per Share (RMB) | (0.15) | (0.07) | Increased by 114.29% | | Diluted Loss Per Share (RMB) | (0.15) | (0.07) | Increased by 114.29% | [9. Trade and Bills Receivables](index=15&type=section&id=9%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased by **16.54%**, primarily due to an increase in third-party trade receivables and a corresponding increase in loss allowance, with the aging analysis showing a significant rise in receivables aged more than six months but less than one year | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables from Third Parties | 523,160 | 430,374 | +21.56% | | Trade Receivables from Kaisheng Group and its Associates | 594 | 1,371 | -56.67% | | Loss Allowance | (160,390) | (139,636) | Increased by 14.86% | | Bills Receivables | 26,336 | 42,287 | -37.72% | | **Total** | **389,700** | **334,396** | **+16.54%** | Aging Analysis of Trade and Bills Receivables (net of loss allowance) | Aging | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Within one month | 144,660 | 151,871 | -4.75% | | More than one month but less than three months | 114,278 | 97,562 | +17.13% | | More than three months but less than six months | 54,275 | 60,161 | -9.78% | | More than six months but less than one year | 61,229 | 6,768 | +804.69% | | Over one year | 15,258 | 18,034 | -15.39% | | **Total** | **389,700** | **334,396** | **+16.54%** | [10. Other Receivables](index=16&type=section&id=10%20Other%20Receivables) As of June 30, 2025, total other receivables slightly decreased, primarily due to stable amounts due from related parties and an increase in loss allowance within deposits and other receivables | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Amounts Due from Related Parties | 115,408 | 115,408 | 0.00% | | Deposits and Other Receivables (net of loss allowance) | 154,252 | 156,896 | -1.69% | | VAT to be Deducted/Deductible | 184,619 | 184,989 | -0.20% | | **Total** | **454,279** | **457,293** | **-0.66%** | - Amounts due from related parties are unsecured, interest-free, and have no fixed repayment terms[38](index=38&type=chunk) [11. Trade and Bills Payables](index=17&type=section&id=11%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables increased by **13.25%**, primarily due to higher trade payables to third parties and bills payables, with the aging analysis indicating that the majority of amounts are repayable within one month or on demand | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Trade Payables to Third Parties | 808,517 | 716,531 | +12.83% | | Trade Payables to Kaisheng Group and its Associates | 222,810 | 214,172 | +4.03% | | Bills Payables | 239,496 | 191,458 | +25.09% | | **Total** | **1,270,823** | **1,122,161** | **+13.25%** | Aging Analysis of Trade and Bills Payables | Aging | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Within one month or on demand | 1,073,831 | 955,897 | +12.34% | | More than one month but within six months | 184,146 | 166,264 | +10.76% | | More than six months but within one year | 12,846 | – | Newly Added | | **Total** | **1,270,823** | **1,122,161** | **+13.25%** | [12. Accruals and Other Payables](index=18&type=section&id=12%20Accruals%20and%20Other%20Payables) As of June 30, 2025, total accruals and other payables slightly decreased, primarily due to a reduction in payables related to the construction and purchase of property, plant and equipment, while amounts due to related parties remained stable | Item | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | Change | | :--- | :--- | :--- | :--- | | Amounts Due to Related Parties | 1,087,611 | 1,082,204 | +0.50% | | Accruals and Other Payables (financial liabilities measured at amortized cost) | 1,574,758 | 1,625,860 | -3.14% | | Various Taxes Payable | 48,628 | 60,490 | -19.59% | | Provision for Legal Claims | 488 | 1,506 | -67.59% | | **Total** | **1,623,874** | **1,687,856** | **-3.80%** | - Amounts due to related parties are unsecured, interest-free, and have no fixed repayment terms[40](index=40&type=chunk) [13. Share Capital, Reserves and Dividends](index=19&type=section&id=13%20Share%20Capital%2C%20Reserves%20and%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025; the company has a share option scheme and a share award scheme, but no share options were granted or exercised, nor were any share awards granted to employees during the period - The Board does not recommend an interim dividend for the six months ended June 30, 2025[41](index=41&type=chunk) - Neither the share option scheme nor the share award scheme had any share options granted or exercised, or share awards granted to any selected employees during the period[42](index=42&type=chunk)[44](index=44&type=chunk) - As of June 30, 2025, the number of shares held under the share award scheme was **152,000 thousand shares**, consistent with the prior period[44](index=44&type=chunk) [14. Contingent Liabilities](index=20&type=section&id=14%20Contingent%20Liabilities) The Group faces two main contingent liabilities: first, the Kazakhstan subsidiary Orda Glass Ltd LLP was accused of exceeding pollutant emission limits and fined, but the fine was subsequently revoked by the court, with the final outcome remaining uncertain; second, loan defaults and cross-defaults occurring after the reporting period may lead to penalty interest, the amount of which cannot be reliably estimated at present - Kazakhstan subsidiary Orda Glass was fined for exceeding pollutant emission limits, but the penalty was fully revoked upon appeal, though the final outcome remains uncertain[45](index=45&type=chunk) - Loan defaults and cross-defaults occurring after the reporting period may trigger penalty interest clauses, but the amount of penalty interest cannot be reliably estimated at present[46](index=46&type=chunk) [15. Non-Adjusting Events After the Reporting Period](index=21&type=section&id=15%20Non-Adjusting%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the Group incurred loan defaults totaling **RMB1,295,854,000** and triggered cross-default clauses on approximately **RMB6,711,453,000** of other outstanding borrowings, resulting in a total of **RMB8,007,307,000** in borrowings becoming immediately repayable; this interim financial report did not reclassify non-current borrowings to current liabilities as a result, and management is actively taking measures to alleviate liquidity pressure - Subsequent to the reporting period, the Group incurred loan defaults totaling **RMB1,295,854,000**, including a syndicated loan and multiple bank borrowings[47](index=47&type=chunk) - These defaults triggered cross-default clauses on approximately **RMB6,711,453,000** of other outstanding borrowings, resulting in a total of **RMB8,007,307,000** in borrowings becoming immediately repayable[47](index=47&type=chunk) - This interim financial report did not reclassify non-current bank and other borrowings to current liabilities due to the triggering of cross-default clauses[47](index=47&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Market Review](index=22&type=section&id=Market%20Review) In the first half of 2025, the global economy faced downward pressure with a tightening international trade environment; the domestic real estate sector showed weak recovery, leading to oversupply and price pressure in the architectural glass market, while the photovoltaic industry experienced supply-demand imbalance and shrinking profit margins, in contrast to the steady development of the concentrated solar power industry - Global economic downturn, tightening international trade environment, and declining investments in sustainable development and cross-border project financing[48](index=48&type=chunk) - Weak recovery in the domestic real estate sector, oversupply in the architectural glass market, and product price pressure[49](index=49&type=chunk) - The photovoltaic industry experienced supply-demand imbalance and shrinking profit margins, while the concentrated solar power industry maintained steady development with high market prosperity for solar thermal glass[49](index=49&type=chunk) [Business Review](index=23&type=section&id=Business%20Review) The Group operates 15 float glass production lines (11 currently running), offering diverse glass products, and actively pursues a "going out" strategy with operations in Nigeria, Kazakhstan, and Italy; in the first half, both glass production and sales volumes decreased, accompanied by a significant drop in average selling prices, prompting the company to focus on "three major battles" (cash flow improvement, cost reduction, loss management) and achieve progress in overseas operations, technological innovation, performance assessment, and compliance management - The Group operates **15 float glass production lines**, with **11 currently running**, and its products are applied in construction, automotive, solar power generation, and other fields[50](index=50&type=chunk) - Actively implementing the "going out" strategy, the Group has completed industrial layouts in Nigeria, Kazakhstan, and Italy, and is advancing the construction of a float glass production line in Egypt[51](index=51&type=chunk) Production, Sales, and Average Selling Price Overview | Metric | H1 2025 | Prior Period | Change | | :--- | :--- | :--- | :--- | | Various Glass Products Production Volume | Approx. 28 million weight boxes | - | Decreased by approx. 8% | | Sales Volume | Approx. 25 million weight boxes | - | Decreased by approx. 1% | | Comprehensive Average Selling Price | RMB80/weight box | - | Decreased by approx. 20% | - In the first half, soda ash prices declined, mineral raw material prices fluctuated at low levels but transportation costs increased; domestic pipeline gas prices declined, while petroleum coke prices fluctuated upwards[53](index=53&type=chunk)[54](index=54&type=chunk) - The company implemented "three major battles" (cash flow improvement, cost reduction, loss management), achieving results through energy management, lean production, product structure optimization, asset operation enhancement, and organizational efficiency improvement[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Overseas subsidiaries performed well, with **Nigeria company's net profit significantly increasing**, Kazakhstan company improving operational quality and efficiency, Italy company experiencing strong growth in its photovoltaic business, and the Egypt project progressing in an orderly manner[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Significant technological innovation achievements include mass production of new low-resistance home appliance Low-E glass and triple-silver high-performance Low-E glass, with "China Glass Blue" high-performance energy-saving glass selected as an industry demonstration case[64](index=64&type=chunk) - Strengthened performance appraisal mechanisms, deepened the link between performance and remuneration; enhanced corporate culture and employee cohesion through enterprise craftsman selection and 20th-anniversary listing activities[65](index=65&type=chunk) - Comprehensively strengthened compliance management, enhanced legal literacy and risk prevention capabilities; improved capital market monitoring system, increased brand exposure, and achieved the highest "A+" ESG rating in the building materials industry[66](index=66&type=chunk) [Market Outlook and Second Half Work Plan](index=28&type=section&id=Market%20Outlook%20and%20Second%20Half%20Work%20Plan) Global economic growth is expected to slow further in the second half of 2025, with China's real estate and photovoltaic markets undergoing deep adjustments, accelerating the elimination of outdated capacity in the flat glass industry; demand in niche markets such as automotive glass, energy-efficient architectural glass, conductive glass, and solar thermal glass is projected to remain robust, while raw material prices are anticipated to trend downwards or remain stable with slight decreases; the second half work plan includes coordinating debt restructuring, deepening the "going out" strategy, driving product structure transformation through technological upgrades, and continuously advancing the "three major battles" to optimize resource allocation - Global economic growth in the second half of 2025 is expected to slow further due to US trade barriers, with China's real estate and photovoltaic power generation markets entering a period of deep adjustment[67](index=67&type=chunk) - Market demand in niche segments such as automotive glass, energy-efficient architectural glass, and conductive glass will continue its boom cycle, with a significant increase in demand for high-performance solar thermal glass in the concentrated solar power sector[68](index=68&type=chunk)[69](index=69&type=chunk) - The soda ash and various mineral raw material markets are expected to enter a weak operating phase in the second half, with prices continuing to decline or remaining stable with slight decreases; natural gas prices will maintain mid-year fluctuation levels, and petroleum coke prices are projected to decline[70](index=70&type=chunk)[71](index=71&type=chunk) - The second half work plan includes: coordinating the debt restructuring plan to ensure debt repayment and going concern ability; steadfastly deepening the "going out" development strategy to enhance the performance contribution of overseas companies; driving product structure transformation and upgrading through technological advancements to improve the operating performance of domestic bases; and continuously advancing the "three major battles" to optimize the resource allocation system[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Financial Review](index=30&type=section&id=Financial%20Review) In the first half of 2025, the Group's revenue decreased by **20%** year-on-year, primarily due to lower sales volume and average selling prices; gross profit significantly declined by **40%**, mainly driven by reduced selling prices of glass products in Mainland China; administrative expenses slightly decreased, finance costs slightly increased, and income tax shifted from a credit to an expense; the loss for the period substantially increased by **132.85%**, primarily impacted by the sluggish domestic real estate and photovoltaic markets and macroeconomic uncertainties; both current and non-current assets decreased, current liabilities slightly reduced, and non-current liabilities decreased by **12%** Revenue by Product Segment Change | Segment | 2025 (thousand RMB) | 2024 (thousand RMB) | Change Percentage | | :--- | :--- | :--- | :--- | | Clear Glass | 732,652 | 1,153,320 | (36%) | | Tinted Glass | 405,459 | 374,406 | 8% | | Coated Glass | 434,206 | 430,096 | 1% | | Energy-Saving and New Energy Glass | 417,330 | 544,013 | (23%) | | Design and Installation Related Services | 163,843 | 181,661 | (10%) | | **Total** | **2,153,490** | **2,683,496** | **(20%)** | - Revenue from clear glass and energy-saving and new energy glass products decreased by **36%** and **23%** respectively, primarily due to lower sales volume and average selling prices of ordinary architectural glass and photovoltaic glass[78](index=78&type=chunk) - Sales volumes of tinted glass and coated glass products increased by approximately **46%** and **17%** respectively, while export glass product sales increased by approximately **95%**, and overseas glass product sales increased by approximately **14%**[79](index=79&type=chunk) - The average selling price of glass products decreased by approximately **20%** compared to the prior period, primarily due to the sluggish domestic real estate sector and intense competition, with the domestic average selling price decreasing by approximately **28%**[80](index=80&type=chunk) - Cost of sales decreased by approximately **18%**, primarily due to a decrease in the unit cost of glass products sold[81](index=81&type=chunk) - Gross profit decreased by approximately **40%**, primarily due to a decline in the average selling price of glass products in Mainland China[82](index=82&type=chunk) - The loss for the period significantly increased by **132.85%**, primarily impacted by the downturn in China's real estate and photovoltaic industries, market oversupply, and macroeconomic uncertainties[86](index=86&type=chunk) - Current assets decreased by approximately **14%**, non-current assets decreased by approximately **2%**, current liabilities slightly decreased by approximately **1%**, and non-current liabilities decreased by approximately **12%**[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Capital Structure, Liquidity, Financial Resources and Gearing Ratio](index=34&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's cash and bank balances decreased, and total outstanding bank loans and other borrowings decreased, with **76%** maturing within one year; cross-default clauses triggered after the reporting period led to a large amount of borrowings becoming immediately repayable; while the debt-to-equity ratio and gearing ratio remained stable, the current ratio declined and net current liabilities increased, indicating continued liquidity pressure Liquidity and Liability Metrics | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances (thousand RMB) | 1,017,474 | 1,302,086 | -21.86% | | Outstanding Bank Loans and Other Borrowings (thousand RMB) | 9,321,088 | 9,916,940 | -6.01% | | Debt-to-Equity Ratio | 0.7 | 0.7 | No Change | | Current Ratio | 0.31 | 0.36 | -13.89% | | Net Current Liabilities (thousand RMB) | (7,179,129) | (6,800,076) | Deteriorated by 5.57% | | Gearing Ratio | 0.95 | 0.94 | Slight Increase | | Proportion of Borrowings Due Within One Year | 76% | 74% | Increased | | Proportion of Borrowings Due After One Year | 24% | 26% | Decreased | - Subsequent to the reporting period, cross-default clauses were triggered on borrowings of **RMB1,760,409,000** originally due after one year, resulting in these borrowings becoming immediately repayable[92](index=92&type=chunk) [Exchange Rate Fluctuation Risk and Hedging](index=35&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Hedging) The Group's transactions and monetary assets are primarily denominated in RMB, Naira, Tenge, USD, and Euro; fluctuations in the RMB exchange rate against other currencies may impact the Group's net assets, profit or loss, and dividends; as of June 30, 2025, the Group had not purchased any derivative instruments for hedging purposes - The Group's transactions and monetary assets are primarily denominated in RMB, Naira, Tenge, USD, and Euro[94](index=94&type=chunk) - Fluctuations in the RMB exchange rate against other currencies may impact the Group's net assets, profit or loss, and dividends[94](index=94&type=chunk) - For the six months ended June 30, 2025, the Group had not purchased any derivative instruments for hedging purposes[94](index=94&type=chunk) [Significant Acquisitions and Disposals, Material Investments and Future Plans for Material Investments or Capital Asset Acquisitions](index=35&type=section&id=Significant%20Acquisitions%20and%20Disposals%2C%20Material%20Investments%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Asset%20Acquisitions) For the six months ended June 30, 2025, the Group had no significant investments, acquisitions or disposals of subsidiaries and associates, nor any future plans for material investments or capital asset acquisitions - During the period, there were no significant investments, acquisitions or disposals of subsidiaries and associates, or future plans for material investments or capital asset acquisitions[96](index=96&type=chunk) [Significant Events After the Reporting Period](index=35&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) Significant events impacting the Group occurred after the reporting period, with details disclosed in Note 15 to the Unaudited Interim Financial Information, primarily concerning loan defaults and cross-defaults - Significant events impacting the Group occurred after the reporting period, with details disclosed in Note 15 to the Unaudited Interim Financial Information[97](index=97&type=chunk) [Corporate Governance and Other Information](index=36&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Human Resources and Employee Remuneration](index=36&type=section&id=Human%20Resources%20and%20Employee%20Remuneration) As of June 30, 2025, the Group's employee headcount decreased by approximately **14.84%**, primarily due to management's phased elimination of less profitable production lines in Mainland China; the company ensures competitive employee remuneration and provides welfare plans compliant with local labor laws and regulations | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | Approx. 3,908 | Approx. 4,589 | -14.84% | - The decrease in employee headcount was primarily due to management's prudent decision to gradually phase out less profitable production lines in Mainland China, along with the formulation of detailed redundancy plans and compensation schemes[98](index=98&type=chunk) - The Group ensures competitive employee remuneration and provides welfare plans compliant with local labor laws and regulations[99](index=99&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025[100](index=100&type=chunk) [Share Option Scheme and Share Award Scheme](index=36&type=section&id=Share%20Option%20Scheme%20and%20Share%20Award%20Scheme) The company has a share option scheme and a share award scheme designed to incentivize and retain employees; for the six months ended June 30, 2025, no share options were granted or exercised, nor were any share awards granted, exercised, cancelled, or lapsed under either scheme; the share award scheme has been extended to December 12, 2031 - The company has a share option scheme and a share award scheme aimed at incentivizing and retaining employees[101](index=101&type=chunk)[102](index=102&type=chunk) - For the six months ended June 30, 2025, no share options or share awards were granted, exercised, cancelled, or lapsed under either scheme[101](index=101&type=chunk)[107](index=107&type=chunk) - The share award scheme has been extended to December 12, 2031[107](index=107&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[108](index=108&type=chunk) [Sufficiency of Public Float](index=38&type=section&id=Sufficiency%20of%20Public%20Float) For the six months ended June 30, 2025, and up to the latest practicable date before the publication of this announcement, the company maintained a public float of not less than **25%** as required by the Listing Rules of the Hong Kong Stock Exchange - The company has maintained a public float of not less than **25%** as required by the Listing Rules of the Hong Kong Stock Exchange[109](index=109&type=chunk) [Audit Committee](index=38&type=section&id=Audit%20Committee) The company's Audit Committee has reviewed the Group's accounting principles, operations, risk management, internal controls, and financial reporting matters, including these interim results, with management and external auditor KPMG - The Audit Committee has reviewed the Group's accounting principles, operations, risk management, internal controls, and financial reporting matters, including these interim results, with management and KPMG[110](index=110&type=chunk) [Excerpt from Review Report on Interim Financial Information](index=39&type=section&id=Excerpt%20from%20Review%20Report%20on%20Interim%20Financial%20Information) External auditor KPMG highlighted significant going concern uncertainties in its review report, primarily due to net losses, net current liabilities, and loan defaults and cross-defaults occurring after the reporting period, leading to a large amount of borrowings becoming immediately repayable; the auditor's review conclusion on this matter remains unmodified - The auditor emphasized significant going concern uncertainties for the Group due to net losses, net current liabilities, and loan defaults and cross-defaults occurring after the reporting period[111](index=111&type=chunk) - The auditor's review conclusion on this going concern matter remains unmodified[111](index=111&type=chunk) [Investor Relations and Communication](index=39&type=section&id=Investor%20Relations%20and%20Communication) The company actively promotes investor relations and facilitates communication through regular meetings with institutional investors and financial analysts to ensure two-way dialogue - The company actively promotes investor relations and facilitates communication through regular meetings[112](index=112&type=chunk) [Compliance with the Corporate Governance Code and the Model Code for Securities Transactions by Directors](index=39&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code%20and%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has applied and complied with the principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, and all directors confirmed their compliance with the Model Code for Securities Transactions by Directors throughout the period - The company has applied and complied with the principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[113](index=113&type=chunk) - All directors confirmed their compliance with the Model Code for Securities Transactions by Directors throughout the period[114](index=114&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company; the interim report containing all information will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company[115](index=115&type=chunk) - The interim report containing all information will be dispatched to shareholders and published on the aforementioned websites in due course[115](index=115&type_chunk)

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company reported a significant reduction in losses across all key metrics, driven by revenue growth and a shift from gross loss to gross profit Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 38,872 | 32,449 | +19.8% | | Gross Profit/(Loss) | 2,542 | (3,107) | Turned from loss to profit | | Operating Loss | (19,308) | (124,588) | Loss narrowed by 84.5% | | Loss Before Tax | (37,159) | (126,258) | Loss narrowed by 70.6% | | Loss for the Period | (36,753) | (125,731) | Loss narrowed by 70.8% | | Loss Attributable to Owners of the Company | (32,006) | (79,917) | Loss narrowed by 60.0% | | Basic and Diluted Loss Per Share (HKD) | (0.033) | (0.083) | Loss narrowed by 60.2% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The company's total assets increased slightly, while current assets decreased and total liabilities rose, leading to a decline in total equity Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 538,426 | 529,955 | +1.6% | | Total Non-Current Assets | 502,598 | 466,860 | +7.6% | | Total Current Assets | 35,828 | 63,095 | -43.2% | | Total Equity | 211,886 | 242,388 | -12.6% | | Total Liabilities | 326,540 | 287,567 | +13.5% | | Total Non-Current Liabilities | 130,849 | 94,953 | +37.8% | | Total Current Liabilities | 195,691 | 192,614 | +1.6% | - Property, plant and equipment increased to **HKD 248,508 thousand** (December 31, 2024: **HKD 219,341 thousand**), primarily due to additions to construction in progress[5](index=5&type=chunk) - Bank and cash balances decreased to **HKD 11,290 thousand** (December 31, 2024: **HKD 18,913 thousand**), reflecting the use of funds for operations and the construction of the BNCT center[5](index=5&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the Group's business, accounting policies, and financial performance, highlighting going concern uncertainties and mitigation efforts [1. General Information](index=6&type=section&id=1.%20General%20Information) The company is a GEM-listed entity with diverse healthcare businesses in Hong Kong and mainland China, including medical testing, immunotherapy, and BNCT services - The company's main businesses include medical laboratory testing, health checks, and insurance brokerage services in Hong Kong, as well as oncology immune cell therapy, health management, BNCT services, and sales of healthcare pharmaceutical products in mainland China[7](index=7&type=chunk) - The company is listed on GEM of The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) [2. Basis of Preparation and Accounting Policies](index=6&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared under HKAS 34, with significant going concern uncertainties due to losses and current liabilities exceeding current assets, addressed by cost control and financing efforts - For the six months ended **June 30, 2025**, the Group recorded a loss of approximately **36,753 thousand HKD**, with current liabilities exceeding current assets by approximately **159,863 thousand HKD**, indicating significant uncertainty about its ability to continue as a going concern[11](index=11&type=chunk) - To alleviate liquidity pressure, the Group is implementing operational plans to control costs, optimize resource allocation, reduce staff costs, and actively seeking alternative financing, borrowings, and fundraising solutions (such as placing shares and issuing convertible bonds)[13](index=13&type=chunk) - The Group is exploring the realization of financial assets measured at fair value through other comprehensive income to support operations and growth[13](index=13&type=chunk) [3. Revenue](index=8&type=section&id=3.%20Revenue) The Group's revenue increased by **19.8%**, primarily driven by a substantial rise in insurance brokerage services, partially offset by a decline in medical laboratory testing and health check services Segment Revenue by Service Category | Service Category | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Medical Laboratory Testing and Health Check Services | 16,164 | 19,729 | -18.1% | | Insurance Brokerage Services | 22,640 | 12,255 | +84.7% | | Sales and Distribution of Healthcare-related and Pharmaceutical Products and Other Services | – | 437 | -100% | | Logistics Services | 68 | 28 | +142.9% | | **Total Revenue** | **38,872** | **32,449** | **+19.8%** | [4. Segment Information](index=8&type=section&id=4.%20Segment%20Information) The Group operates six segments, with significant growth in insurance brokerage and BNCT profitability, with capital expenditure focused on BNCT and medical/healthcare and immunotherapy segments remain in loss Segment Revenue and (Loss)/Profit **Segment Revenue (For the six months ended June 30):** | Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Medical Laboratory Testing and Healthcare-related Services | 16,164 | 19,729 | | Insurance Brokerage | 22,640 | 12,255 | | Pharmaceutical Products | – | 437 | | Other | 68 | 28 | | **Total** | **38,872** | **32,449** | **Segment (Loss)/Profit (For the six months ended June 30):** | Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Medical Laboratory Testing and Healthcare-related Services | (14,788) | (71,707) | | Immunotherapy | (13,118) | (25,206) | | Boron Neutron Capture Therapy | 8,776 | (3,147) | | Insurance Brokerage | 1,870 | (62) | | Pharmaceutical Products | (720) | (485) | | Other | (340) | (342) | | **Total** | **(18,320)** | **(100,949)** | - Total capital expenditure in **2025** amounted to **22,700 thousand HKD**, with **22,692 thousand HKD** allocated to Boron Neutron Capture Therapy[21](index=21&type=chunk) - Impairment loss on right-of-use assets in **2025** was **3,524 thousand HKD**[21](index=21&type=chunk) [5. Other Income and Gains/(Losses), Net](index=12&type=section&id=5.%20Other%20Income%20and%20Gains%2F%28Losses%29%2C%20Net) Net other income and gains for the period significantly turned from a loss in **2024** to a gain, primarily due to storm damage compensation and exchange gains Other Income and Gains/(Losses), Net | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Compensation Income | 13,695 | – | | Exchange Gains/(Losses), Net | 6,576 | (12,504) | | Loss on Derecognition of Property, Plant and Equipment | – | (15,901) | | **Total** | **21,728** | **(26,460)** | - Compensation income of **13,695 thousand HKD** relates to insurance claims for storm damage at a Hainan construction site in **2024**[23](index=23&type=chunk) [6. Finance Costs](index=12&type=section&id=6.%20Finance%20Costs) Finance costs substantially increased due to higher interest on convertible bonds, put option liabilities, and other borrowings Finance Costs Breakdown | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 523 | 814 | | Interest on Other Borrowings | 4,191 | 1,115 | | Interest on Loans from Controlling Shareholder | 1,291 | 205 | | Interest on Convertible Bonds and Put Option Liabilities | 6,294 | 2,158 | | Interest on Lease Liabilities | 237 | 394 | | **Total** | **12,536** | **4,686** | [7. Loss Before Tax](index=13&type=section&id=7.%20Loss%20Before%20Tax) Loss before tax significantly narrowed, driven by reduced research and development, staff costs, and inventory write-downs, partially offset by impairment loss on right-of-use assets Loss Before Tax Components | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Research and Development Costs | 5,965 | 17,593 | | Staff Costs (Salaries, Bonuses and Allowances) | 25,021 | 38,985 | | Write-down of Inventories | 194 | 5,089 | | Derecognition of Property, Plant and Equipment | – | 15,901 | | Impairment Loss on Right-of-Use Assets | 3,524 | – | [8. Income Tax Credit](index=13&type=section&id=8.%20Income%20Tax%20Credit) Income tax credit for the period was slightly lower than the prior year, primarily derived from deferred income tax Income Tax Credit Breakdown | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Income Tax | (195) | (78) | | Deferred Income Tax | 601 | 605 | | **Total** | **406** | **527** | [9. Dividends](index=14&type=section&id=9.%20Dividends) The Board does not recommend any dividend payment for the current interim period, consistent with the prior year - The Board does not recommend the payment of any dividend for the period[27](index=27&type=chunk) [10. Loss Per Share](index=14&type=section&id=10.%20Loss%20Per%20Share) Basic and diluted loss per share attributable to owners of the Company significantly improved, reflecting a reduction in per-share losses Basic and Diluted Loss Per Share | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (0.033) | (0.083) | - The weighted average number of ordinary shares used for calculating basic and diluted loss per share increased from **963,231 thousand** in **2024** to **975,731 thousand** in **2025**[29](index=29&type=chunk) [11. Property, Plant and Equipment](index=14&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) The primary addition to property, plant and equipment for the period was significant investment in construction in progress - Main addition was **22,692 thousand HKD** for construction in progress[30](index=30&type=chunk) [12. Goodwill](index=15&type=section&id=12.%20Goodwill) The carrying amount of goodwill increased, primarily influenced by exchange differences during the period Goodwill Carrying Amount | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Carrying Amount | 107,225 | 104,792 | | Exchange Differences | 3,331 | (2,389) | [13. Intangible Assets](index=15&type=section&id=13.%20Intangible%20Assets) The net carrying amount of intangible assets decreased, mainly due to amortisation expense, partially offset by exchange differences Intangible Assets Net Carrying Amount | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Carrying Amount at End of Period | 32,013 | 52,623 | | Amortisation Expense | (4,005) | (4,036) | | Exchange Differences | 1,074 | (985) | [14. Trade and Other Receivables, Deposits and Prepayments](index=16&type=section&id=14.%20Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) Net trade receivables increased, with a significant portion of deposits allocated to purchasing BNCT drugs from a Japanese pharmaceutical company Trade and Other Receivables, Deposits and Prepayments | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Trade Receivables | 7,988 | 7,033 | | Rental and Other Deposits | 56,799 | 51,822 | | Other Receivables | 8,246 | 14,012 | | Prepayments | 3,490 | 1,991 | | **Total** | **76,547** | **74,872** | - Rental and other deposits include **54,559 thousand HKD** (equivalent to **1,000,000,000 JPY**) as a deposit paid to a Japanese pharmaceutical company for Boron Neutron Capture Therapy drugs to be used at the Hainan BNCT Cancer Treatment Centre[32](index=32&type=chunk) [15. Trade Payables](index=17&type=section&id=15.%20Trade%20Payables) Total trade payables increased as of **June 30, 2025**, compared to **December 31, 2024** Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 90 days | 4,440 | 4,883 | | 91 to 180 days | 1,278 | 1,549 | | 181 to 365 days | 1,610 | 166 | | Over 365 days | 770 | 755 | | **Total** | **8,098** | **7,353** | [16. Convertible Bonds and Derivative Financial Liabilities](index=17&type=section&id=16.%20Convertible%20Bonds%20and%20Derivative%20Financial%20Liabilities) The Group's convertible bonds and related derivative financial liabilities, including written put option liabilities, saw increases in their fair values - In **December 2024**, convertible bonds with a principal amount of **6,000,000 USD** (approximately **47,100 thousand HKD**) were issued at an annual interest rate of **8.25%** and an initial conversion price of **1.20 HKD** per share[35](index=35&type=chunk) Convertible Bonds and Derivative Financial Liabilities | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Convertible Bonds - Liability Component | 42,919 | 41,635 | | Convertible Bonds - Fair Value of Derivative Component | 11,317 | 6,002 | | Written Put Option Liabilities | 45,065 | 40,480 | - The effective interest rate applied to the convertible bonds' liability component was **15.0%** (**2024**: **8.62%**)[36](index=36&type=chunk) [17. Borrowings](index=19&type=section&id=17.%20Borrowings) Total borrowings increased, primarily for working capital and BNCT center development, secured by various assets, with the Group complying with all financial covenants Total Borrowings and Analysis **Total Borrowings (HKD thousands):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Borrowings | 33,981 | 25,981 | | Other Borrowings | 99,041 | 87,940 | | Loans from Controlling Shareholder | 28,074 | 24,772 | | **Total** | **161,096** | **138,693** | **Borrowings Analysis (HKD thousands):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Portion | 139,179 | 138,693 | | Non-Current Portion | 21,917 | – | - Borrowing interest rates range from **LPR minus 0.45% or 3.45%–3.85%** for bank borrowings, **6%–18%** for other borrowings, and **10%** for controlling shareholder loans[39](index=39&type=chunk) - Borrowings are primarily secured by construction in progress (**233,866 thousand HKD**), China land use rights (**11,799 thousand HKD**), property, plant and equipment (**10,743 thousand HKD**), other receivables (**1,864 thousand HKD**), intangible assets (**30,689 thousand HKD**), and a **47%** equity interest in a subsidiary[40](index=40&type=chunk)[41](index=41&type=chunk) - The Group has complied with the financial covenants of its borrowing facilities[42](index=42&type=chunk) [18. Contingent Liabilities](index=20&type=section&id=18.%20Contingent%20Liabilities) The Group reported no material contingent liabilities as of **June 30, 2025** - The Group had no material contingent liabilities[43](index=43&type=chunk) [19. Related Party Transactions](index=20&type=section&id=19.%20Related%20Party%20Transactions) Related party transactions for the period primarily included interest expenses paid to the controlling shareholder and key management personnel remuneration Related Party Transactions Summary | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest Expenses Paid to Controlling Shareholder | 1,291 | 205 | | Key Management Personnel Remuneration | 2,589 | 3,615 | [20. Events After Reporting Period](index=21&type=section&id=20.%20Events%20After%20Reporting%20Period) Post-reporting period events include a strategic financing agreement where BGI-Songhe will provide a loan to Pengbo (Hainan), convertible into Dynamic Healthcare shares - BGI-Songhe will provide a **30 million RMB** loan to Pengbo (Hainan), which will be converted into shares of Dynamic Healthcare Holdings Limited[46](index=46&type=chunk) - BGI-Songhe will hold up to **6.25%** of Dynamic Healthcare's enlarged issued share capital[46](index=46&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) The financial review highlights a significant reduction in net loss, improved gross margin, and reduced operating expenses, despite increased finance costs - Revenue for the period was approximately **38.9 million HKD**, an increase of **19.8%** year-on-year, primarily driven by growth in the insurance brokerage services segment, partially offset by a decline in the medical laboratory testing and health check services segment[48](index=48&type=chunk) - Gross profit turned from a loss of approximately **3.1 million HKD** in the prior year to a profit of approximately **2.5 million HKD**, with gross margin improving to **6.5%**, mainly due to a significant reduction in inventory write-downs[49](index=49&type=chunk) - Selling and distribution expenses decreased by **44.6%** to **3.6 million HKD**, administrative expenses decreased by **52.0%** to **34.0 million HKD**, and research and development costs decreased by **66.1%** to **6.0 million HKD**, primarily due to reduced staff costs, fewer one-off legal claims, and lower late-stage clinical trial expenses[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - Finance costs increased to **12.5 million HKD**, mainly due to additional bank and other borrowings for working capital and the construction of the BNCT Cancer Treatment Centre[53](index=53&type=chunk) - Net loss attributable to owners of the Company decreased by **60.0%** to **32.0 million HKD**, primarily due to cost control measures, improved gross margin, reduced administrative expenses, and **13.7 million HKD** in insurance compensation income[54](index=54&type=chunk) [Business Review](index=24&type=section&id=Business%20Review) The business review covers strategic financing, progress on the BNCT center, expanded drug cooperation, new insurance products, and advancements in CAR-T clinical trials - Pengbo (Hainan) secured **30 million RMB** in strategic financing from BGI-Songhe to strengthen its development foundation[55](index=55&type=chunk) - The BNCT Cancer Treatment Centre is under construction in Hainan, targeting opening and operation by **end of 2025**, having obtained medical institution practice license and medical device import approval[57](index=57&type=chunk) - Signed an MOU with STELLA PHARMA CORPORATION to expand cooperation for BNCT drug STEBORONINE® in China, including exclusive manufacturing and sales rights, with plans for localized production[58](index=58&type=chunk) - Collaborated with AXA Insurance (Bermuda) Limited to develop comprehensive medical insurance products covering BNCT cancer treatment costs and related services[59](index=59&type=chunk) - Shanghai Longyao's LY007 cell injection (China's first clinically approved CD20-targeted CAR-T therapy) has completed Phase I clinical trials, with Phase II trials planned to commence by **end of 2025**[61](index=61&type=chunk) - Phase I clinical results for LY007 cell injection have been presented at international conferences like ASCO and ASH, and invited for presentation at ICML and EHA[64](index=64&type=chunk) [Outlook](index=27&type=section&id=Outlook) The Group's outlook focuses on laboratory upgrades, expanding healthcare services, commercializing CAR-T products, operationalizing the BNCT center, and developing integrated treatment models and insurance products - The Group has upgraded its laboratory with Hong Kong's first customized virtual biochemistry immunoassay automation system, collaborating with institutions for contract research services and public health screening/vaccination programs[66](index=66&type=chunk) - Demand for health checks and related medical services is expected to continue growing due to increased public health awareness, an aging population, and rising demand for private healthcare services[67](index=67&type=chunk) - The Group aims to advance the commercialization of its CAR-T product LY007 cell injection, pushing for domestic Phase II clinical trials and commercial partnerships, including international patenting, with Phase II trials expected to start by **end of 2025**[68](index=68&type=chunk) - The Group is committed to ensuring the BNCT Cancer Treatment Centre is operational by **end of 2025**, planning a China-wide treatment network, developing franchised hospitals, and generating new revenue from equipment sales and related services[69](index=69&type=chunk) - Deepen industry-academic research integration with leading hospitals to explore a new "diagnosis-treatment integrated" BNCT model[70](index=70&type=chunk) - Strengthen cooperation with insurance companies to develop inclusive BNCT medical insurance products and establish patient referral partnerships with domestic hospitals to enhance accessibility and reduce financial burden[71](index=71&type=chunk) [Events After Reporting Period](index=29&type=section&id=Events%20After%20Reporting%20Period) Details of events after the reporting period are set out in Note 20 to the unaudited condensed consolidated financial statements - Details of events after the reporting period are set out in Note 20 to the unaudited condensed consolidated financial statements[73](index=73&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's liquidity shows decreased cash balances and increased borrowings, with capital commitments for property, plant and equipment, and secured loans - Cash and bank balances decreased to **11,290 thousand HKD** (December 31, 2024: **18,913 thousand HKD**), primarily used for operating activities and the construction of the BNCT Cancer Treatment Centre[75](index=75&type=chunk) - Outstanding convertible bonds amounted to approximately **42,919 thousand HKD**, with an annual interest rate of **8.25%**, maturing on **December 27, 2026**[75](index=75&type=chunk) - Total borrowings increased to **161,096 thousand HKD** (December 31, 2024: **138,693 thousand HKD**), mainly due to additional borrowings for working capital and the development of the BNCT Cancer Treatment Centre[76](index=76&type=chunk) Financial Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt-to-Equity Ratio | 60.6% | 54.3% | | Current Ratio | **0.18 times** | **0.33 times** | - Capital commitments for property, plant and equipment increased to **153,210 thousand HKD** (December 31, 2024: **122,560 thousand HKD**)[79](index=79&type=chunk) - Borrowings are secured by Pengbo (Hainan)'s land use rights, construction in progress, property, plant and equipment, other receivables, intangible assets, and equity interest in a subsidiary[80](index=80&type=chunk)[81](index=81&type=chunk) - The Group has no material contingent liabilities and uses hedging instruments to manage foreign exchange and interest rate risks[82](index=82&type=chunk)[83](index=83&type=chunk) [Material Investments Held and Performance](index=33&type=section&id=Material%20Investments%20Held%20and%20Performance) The Group holds significant investments in precision cancer diagnostics companies, with strategic collaborations expected to generate synergies with its medical testing services - The Group holds investments in Pillar Biosciences, Inc and Zhengu Diagnostics Holdings Limited (precision cancer diagnostics companies) with a fair value of approximately **43,703 thousand HKD**, representing **8.12%** of total assets[84](index=84&type=chunk) - Pillar Biosciences, Inc recorded an unaudited loss of approximately **17,000,000 USD** in **2024**, and the Group received no dividend income from Pillar during the period[85](index=85&type=chunk) - Strategic cooperation with Pillar led to the establishment of Asia Molecular Diagnostics Laboratory Limited in Hong Kong, offering next-generation sequencing precision cancer diagnostic services, expected to generate synergies with the Group's medical testing services[85](index=85&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=34&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) The Group did not engage in any material acquisitions or disposals of subsidiaries and associates during the reporting period - The Group did not undertake any material acquisitions or disposals of subsidiaries and associates during the period[86](index=86&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count slightly decreased, with remuneration policies based on performance, experience, and market rates, including various benefits and incentive schemes - As of **June 30, 2025**, the Group employed **133** full-time employees (**June 30, 2024**: **142**)[87](index=87&type=chunk) - Remuneration is determined based on performance, experience, and market rates, including discretionary bonuses, MPF scheme, retirement benefit scheme contributions, insurance and medical, training, and participation in share option and share award schemes[87](index=87&type=chunk) [Share Option Scheme](index=34&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in **2024**, but no options were granted during the current reporting period - The company adopted a share option scheme on **June 6, 2024**, but no share options were granted during the period[88](index=88&type=chunk) [Share Award Scheme](index=34&type=section&id=Share%20Award%20Scheme) The company adopted a share award scheme in **2021**, but no shares were subscribed for, received, purchased, or granted under the scheme during the current period - The company adopted a share award scheme on **August 18, 2021**, but the trustee neither subscribed for, received, nor purchased any company shares, nor did the company grant any shares under the scheme during the period[89](index=89&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=35&

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 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。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 截 至2025年6月30日止六個月 中期業績公告 2025年中期業績摘要註 註： 一、財務報告（按 照 企 業 會 計 準 則 編 製 的 財 務 報 表） – 1 – 本 公 告 中，除 內 容 特 別 指 明 外，貨 幣 皆 為 人 民 幣。 • 報 告 期 內，本 集 團 實 現 營 業 收 入 人 民 幣56,765.90百 萬 元，同 比 增 長 約 24.01%； • 報 告 期 內，本 集 團 實 現 稅 前 利 潤 人 民 幣5,483.38百 萬 元，同 比 增 長 約 95.23%； • 報 告 期 內，本 集 團 歸 屬 於 母 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 YAN TAT GROUP HOLDINGS LIMITED 恩達集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1480） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 | 截 | 至 | 截 | 至 | 二 | 零 | 二 | 五 | 年 | 二 | 零 | 二 | 四 | 年 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 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依賴該等內容而引致的任何損失承擔任何責任。 Jenscare Scientific Co., Ltd. 寧波健世科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：9877） 截至二零二五年六月三十日止六個月的 中期業績公告 董事會欣然宣佈本集團於截至二零二五年六月三十日止六個月的未經審核綜 合 中 期 業 績，連 同 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 比 較 數 字 如 下。本 集 團於報告期間的未經審核綜合財務報表已由本公司管理層及審核委員會審閱。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | (%) | | | （未 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 （ 於 百 慕 達 註 冊 成 立 的 有 限 公 司 ） （股份代號：613） 二零二五年中期業績（未審核） 於二零二五年六月三十日 梧桐國際發展有限公司（「本公司」）之董事（「董事」）會（「董事會」）公 佈本公司及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止 六個月之未審核綜合業績如下： 簡明綜合損益及其他全面收入表 截至二零二五年六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 六月三十日 | 十二月三十一日 | | | 附註 | 千港元 | 千港元 | | | | （未審核） | （經審核） | | 非流動資產 | | | | | 物業及設備 | | 28,345 | 33,390 | | 投資物業 | | 340,500 | 407,500 | | 無形資產 | | 12,592 | 12,617 | | ...