Interim Results Announcement [2025 Interim Results Summary](index=1&type=section&id=2025%20Interim%20Results%20Summary) The Group reported RMB304.5 million in revenue and a RMB41.1 million loss before tax for H1 2025, driven by reduced service demand and asset impairment Key Operating Data (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Outpatient medical services revenue | 182,520 | 244,616 | (25.4)% | | Outpatient visits | 103,344 | 141,128 | (26.8)% | | Inpatient medical services revenue | 102,786 | 145,285 | (29.3)% | | Inpatient visits | 3,411 | 4,429 | (23.0)% | - For the six months ended June 30, 2025, revenue was **RMB304.5 million**, a decrease compared to the prior period[4](index=4&type=chunk) - For the six months ended June 30, 2025, the Group recorded a **loss before income tax of RMB41.1 million**, compared to a profit of RMB72.2 million in the prior period[4](index=4&type=chunk) - The loss was primarily due to a **RMB111.5 million decrease in revenue** from reduced demand for pediatric and obstetrics & gynecology services, along with a **goodwill impairment loss of RMB12.5 million** and an **impairment loss on property, plant and equipment of RMB21.2 million**[4](index=4&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements for H1 2025, reflecting a shift from profit to loss and reduced asset and equity values [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, the Group reported RMB304,528 thousand in revenue, an operating loss of RMB40,095 thousand, and a loss attributable to owners of RMB65,234 thousand Interim Condensed Consolidated Statement of Comprehensive Income (Summary) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 304,528 | 415,956 | | Cost of revenue | (214,882) | (247,237) | | Impairment loss on non-current assets | (33,737) | — | | Operating (loss)/profit | (40,095) | 72,363 | | (Loss)/profit before income tax | (41,088) | 72,169 | | Income tax expense | (17,719) | (23,862) | | (Loss)/profit for the interim period | (58,807) | 48,307 | | (Loss)/profit attributable to owners of the Company | (65,234) | 25,193 | | Basic and diluted (loss)/earnings per share (RMB) | (0.14) | 0.05 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased to RMB836,782 thousand, with equity attributable to owners at RMB478,856 thousand and total liabilities at RMB396,449 thousand Interim Condensed Consolidated Statement of Financial Position (Summary) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 424,203 | 478,712 | | Total current assets | 412,579 | 460,422 | | Total assets | 836,782 | 939,134 | | Equity attributable to owners of the Company | 478,856 | 553,826 | | Total equity | 440,333 | 508,876 | | Total non-current liabilities | 122,642 | 137,979 | | Total current liabilities | 273,807 | 292,279 | | Total liabilities | 396,449 | 430,258 | | Total equity and liabilities | 836,782 | 939,134 | [Notes to Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides notes to the interim condensed consolidated financial information, detailing business nature, reporting basis, segment data, tax, EPS, receivables, payables, and dividends [General Information](index=6&type=section&id=General%20Information) The Group primarily offers pediatric and obstetrics & gynecology specialist services in China, including online medical services, and was listed on the HKEX in 2017 - The Group primarily provides **pediatric and obstetrics & gynecology specialist services** in China, along with online medical services[11](index=11&type=chunk) - The Company was incorporated in the Cayman Islands on July 31, 2015, and listed on the Main Board of the Hong Kong Stock Exchange on January 18, 2017[11](index=11&type=chunk)[12](index=12&type=chunk) [Basis of Preparation of Interim Report](index=6&type=section&id=Basis%20of%20Preparation%20of%20Interim%20Report) The interim condensed consolidated financial information is prepared under HKAS 34, consistent with prior year policies, and new standards are not expected to have a significant impact - The interim condensed consolidated financial information is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[13](index=13&type=chunk) - The accounting policies adopted are consistent with the previous financial year, except for the adoption of new and revised standards, which are not expected to have a significant impact on the Group[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group's segments include pediatric, obstetrics & gynecology, and other services, with both pediatric and obstetrics & gynecology revenues decreasing in H1 2025 - The Group primarily operates three segments: **pediatric services, obstetrics & gynecology services, and other services** (including online medical services, restaurants, gift shops, etc)[16](index=16&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Segment Results (RMB thousands) | 2024 Segment Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Pediatrics | 255,693 | 360,956 | (507) | 95,127 | | Obstetrics & Gynecology | 45,312 | 51,093 | (28,636) | (15,698) | | Others | 3,523 | 3,907 | 2,883 | 546 | | Total (from external customers) | 304,528 | 415,956 | - | - | - The vast majority of revenue from external customers is recognized at a point in time, and all revenue and non-current assets primarily originate from China[19](index=19&type=chunk) [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) Income tax expense for H1 2025 was RMB17,719 thousand, decreasing due to the Group's loss and deferred tax asset reversal, with varying tax rates for Chinese and Hong Kong entities Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax — China corporate income tax | 9,200 | 22,786 | | Deferred income tax | 8,519 | 1,076 | | Total | 17,719 | 23,862 | - Mainland China subsidiaries are subject to a **corporate income tax rate of 25%**, with high-tech enterprises enjoying a **preferential rate of 15%**[22](index=22&type=chunk) - Hong Kong profits tax rate is 16.5%, but no tax was payable during the reporting period[23](index=23&type=chunk) [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) For H1 2025, the loss attributable to owners resulted in a basic and diluted loss per share of **RMB0.14**, with no potential dilutive shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/profit attributable to owners of the Company (RMB thousands) | (65,234) | 25,193 | | Weighted average number of ordinary shares outstanding (thousands of shares) | 483,184 | 483,184 | | Basic (loss)/earnings per share (RMB) | (0.14) | 0.05 | - For the six months ended June 30, 2025 and 2024, diluted (loss)/earnings per share were equal to basic (loss)/earnings per share, as there were no potential dilutive shares[26](index=26&type=chunk) [Trade Receivables](index=10&type=section&id=Trade%20Receivables) Net trade receivables decreased by **38.3%** to **RMB28,523 thousand** as of June 30, 2025, primarily from commercial and government insurance Trade Receivables (As of) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 30,219 | 47,683 | | Less: Impairment allowance for trade receivables | (1,696) | (1,533) | | Trade receivables — net | 28,523 | 46,150 | - Trade receivables primarily consist of amounts due from **commercial insurance companies and government insurance schemes**[27](index=27&type=chunk) [Trade Payables](index=11&type=section&id=Trade%20Payables) Total trade payables decreased by **24.1%** to **RMB22,653 thousand** as of June 30, 2025 Trade Payables (As of) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 16,938 | 22,568 | | 4 to 6 months | 3,036 | 5,602 | | 7 months to 1 year | 1,281 | 458 | | Over 1 year | 1,398 | 1,288 | | Total | 22,653 | 29,916 | [Dividends](index=11&type=section&id=Dividends) For H1 2025, the Company paid a final dividend of **RMB7,996 thousand**, a decrease from the prior period, with no dividends to non-controlling shareholders Dividends Paid (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Dividends paid per fully paid ordinary share during the interim period | 7,996 | 14,852 | - For the six months ended June 30, 2025, the Company paid a final dividend of **RMB7,996 thousand** (approximately HK$8,705,000)[29](index=29&type=chunk)[30](index=30&type=chunk) - For the six months ended June 30, 2025, no dividends were declared or paid to non-controlling shareholders of Beijing New Century Children's Hospital Co Ltd, a subsidiary[30](index=30&type=chunk) [Business Overview](index=12&type=section&id=Business%20Overview) The Group's H1 2025 revenue decreased by **26.8%** to **RMB304.5 million**, primarily due to reduced demand for pediatric and obstetrics & gynecology services, prompting new loyalty programs - The Group's business revenue was **RMB304.5 million**, a **26.8% year-over-year decrease**[31](index=31&type=chunk) - Pediatric services revenue was **RMB255.7 million**, a **29.2% year-over-year decrease**; obstetrics & gynecology business revenue was **RMB45.3 million**, an **11.4% year-over-year decrease**[31](index=31&type=chunk) - The significant revenue decrease was primarily due to reduced demand for pediatric and obstetrics & gynecology medical services, influenced by a decline in overall birth rates and lower incidence of internal medicine infectious diseases[32](index=32&type=chunk) - To address the decline in demand, multiple hospital campuses of the Group launched **tiered membership cards and long-term loyalty programs**[32](index=32&type=chunk) - The **loss attributable to owners of the Company was RMB65.2 million**, mainly due to declining business demand and new impairment losses on goodwill, property, plant and equipment[33](index=33&type=chunk) [Industry Outlook & Group Strategy](index=13&type=section&id=Industry%20Outlook%20%26%20Group%20Strategy) National policies and DRG/DIP reforms are shaping the healthcare industry, prompting the Group to focus on brand promotion, tiered membership, pediatric sub-specialties, and staff optimization - National policies, such as the **"Outline for Women's Development in China (2021-2030)"** and the **"Outline for Children's Development in China (2021-2030)"**, promote the development of women's and children's health, leading to significant growth in demand for comprehensive healthcare services[34](index=34&type=chunk) - **DRG/DIP payment reform** imposes higher requirements on the medical technology level of private high-end medical institutions, further highlighting their advantages and attracting individuals seeking quality services, long treatment courses, complex conditions, and mid-to-high-end commercial medical insurance[35](index=35&type=chunk) - The Group's strategy includes: **brand promotion among mid-to-high-end commercial insurance institutions**; promoting a **tiered membership card strategy** to lower renewal thresholds; focusing on **pediatric sub-specialty development** and restructuring child healthcare service product lines; and **optimizing staff structure** to enhance efficiency[37](index=37&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) This section reviews the Group's H1 2025 financial performance, highlighting significant declines in revenue, gross profit, and gross margin, a shift to operating loss, and impacts on balance sheet items and liquidity [Segment Revenue](index=14&type=section&id=Segment%20Revenue) Medical services generated **RMB301,005 thousand** in H1 2025, representing **98.8%** of total revenue, with pediatric services contributing **84.0%** and obstetrics & gynecology **14.8%** Revenue Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousands) | Proportion (%) | 2024 (RMB thousands) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Medical services | 301,005 | 98.8% | 412,049 | 99.1% | | Others | 3,523 | 1.2% | 3,907 | 0.9% | | Total | 304,528 | 100.0% | 415,956 | 100.0% | Composition of Pediatric and Obstetrics & Gynecology Services Revenue (For the six months ended June 30) | Service Type | 2025 (RMB thousands) | Proportion (%) | 2024 (RMB thousands) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Pediatric services | 255,693 | 84.0% | 360,956 | 86.8% | | Obstetrics & Gynecology services | 45,312 | 14.8% | 51,093 | 12.3% | | Total | 301,005 | 98.8% | 412,049 | 99.1% | [Cost of Revenue, Gross Profit & Gross Margin](index=15&type=section&id=Cost%20of%20Revenue%2C%20Gross%20Profit%20%26%20Gross%20Margin) For H1 2025, medical services cost of revenue decreased by **13.4%** to **RMB209.9 million**, while gross profit fell **46.9%** to **RMB89.6 million**, and gross margin declined to **29.4%** Medical Services Revenue, Cost, Gross Profit & Gross Margin (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 301,005 | 412,049 | | Cost of revenue | 209,856 | 242,370 | | Gross profit | 91,149 | 169,679 | | Gross margin | 30.3% | 41.2% | - Cost of revenue for medical services was **RMB209.9 million**, a **13.4% year-over-year decrease**[47](index=47&type=chunk) - Gross profit was **RMB89.6 million**, a **46.9% year-over-year decrease**; gross margin decreased from **40.6% to 29.4%**, primarily due to reduced demand for pediatric and obstetrics & gynecology medical services[48](index=48&type=chunk) [Operating Expenses](index=18&type=section&id=Operating%20Expenses) Selling expenses increased to **RMB33.9 million**, while administrative and R&D expenses decreased to **RMB59.1 million** and **RMB1.8 million**, respectively, alongside significant asset impairment losses - Selling expenses were **RMB33.9 million**, an **increase of 3.4% year-over-year**, primarily due to enhanced market penetration efforts[49](index=49&type=chunk) - Administrative expenses were **RMB59.1 million**, a **decrease of 2.8% year-over-year**, mainly due to cost reduction and improved operational efficiency[50](index=50&type=chunk) - Research and development expenses were **RMB1.8 million**, an **18.2% year-over-year decrease**, primarily due to reduced R&D activities[51](index=51&type=chunk) - An **impairment loss on non-current assets of RMB33.7 million** was recorded, comprising an **impairment loss on property, plant and equipment of RMB21.2 million** and a **goodwill impairment loss of RMB12.5 million**, mainly due to reduced demand for pediatric and obstetrics & gynecology services and lower-than-expected operating results[52](index=52&type=chunk) - A **net impairment loss on financial assets of RMB1.6 million** was recorded, primarily due to impairment loss on amounts due from related parties[53](index=53&type=chunk) [Financial Income and Expenses](index=19&type=section&id=Financial%20Income%20and%20Expenses) For H1 2025, finance income decreased to **RMB1.7 million** due to lower interest and exchange rate volatility, while finance costs were **RMB3.6 million**, mainly from lease interest - Finance income decreased from **RMB2.8 million to RMB1.7 million**, primarily due to lower interest income and fluctuations in exchange gains/losses[54](index=54&type=chunk) - Finance costs were **RMB3.6 million**, mainly comprising interest expenses related to lease payments[54](index=54&type=chunk) [Income Tax Expense](index=19&type=section&id=Income%20Tax%20Expense_FinancialReview) Income tax expense decreased by **25.9%** to **RMB17.7 million**, primarily due to the Group's loss and a **RMB9.0 million** deferred tax asset reversal - Income tax expense was **RMB17.7 million**, a **25.9% year-over-year decrease**[55](index=55&type=chunk) - The decrease was primarily due to the Group recording a loss and a **RMB9.0 million reversal of deferred tax assets** from wholly-owned subsidiaries[55](index=55&type=chunk) [Loss for the Period](index=19&type=section&id=Loss%20for%20the%20Period) For H1 2025, the Group reported a **loss of RMB58.8 million**, a significant shift from the **RMB48.3 million profit** in the prior period - For the six months ended June 30, 2025, the Group recorded a **loss of RMB58.8 million**, compared to a **profit of RMB48.3 million** in the prior period[56](index=56&type=chunk) [Balance Sheet Items](index=20&type=section&id=Balance%20Sheet%20Items) Inventories, trade receivables, and trade payables all decreased, reflecting a decline in medical business and reduced procurement - Inventories decreased by **16.6%** from **RMB15.7 million to RMB13.1 million**, primarily due to a decline in medical business[57](index=57&type=chunk) - Trade receivables decreased by **38.3%** from **RMB46.2 million to RMB28.5 million**, primarily due to a year-over-year decrease in medical business[58](index=58&type=chunk) - Trade payables decreased by **24.1%** from **RMB29.9 million to RMB22.7 million**, primarily due to reduced usage and procurement of pharmaceuticals and medical consumables[59](index=59&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased by **6.4%** to **RMB331.9 million** as of June 30, 2025, with no significant investments, borrowings, or contingent liabilities, and ongoing monitoring of exchange rate risk - Cash and cash equivalents were **RMB331.9 million**, a **6.4% decrease** compared to December 31, 2024[60](index=60&type=chunk) - For the six months ended June 30, 2025, the Group had **no significant investments, acquisitions, or disposals** of subsidiaries, associates, and joint ventures[61](index=61&type=chunk)[62](index=62&type=chunk) - Capital expenditure was **RMB5.3 million**, a **34.6% year-over-year decrease**, primarily due to reduced related procurement in H1 2025[63](index=63&type=chunk) - The Group had **no borrowings** as of June 30, 2025, and December 31, 2024, thus the gearing ratio is not applicable[64](index=64&type=chunk)[70](index=70&type=chunk) - The Group primarily operates in China, with most transactions settled in RMB, and continuously monitors foreign exchange rate risks[65](index=65&type=chunk) - As of June 30, 2025, there were **no contingent liabilities, guarantees, pledges of assets, or contractual obligations** that would have a material impact on the financial position or operating results[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **1,233 employees** with total staff costs of **RMB161.1 million**, and remuneration is performance-based, including benefits and share schemes - As of June 30, 2025, the Group had **1,233 employees** (2024: 1,258 employees)[71](index=71&type=chunk) - Total staff costs were **RMB161.1 million** (2024: RMB172.2 million)[71](index=71&type=chunk) - Remuneration is determined based on employee performance, skills, qualifications, and experience, and includes social insurance, housing provident fund, performance bonuses, and discretionary bonuses[71](index=71&type=chunk) - The Group has adopted a **restricted share award scheme and an employee share scheme** to attract, retain, and supervise key employees[71](index=71&type=chunk) [Interim Dividend](index=22&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[72](index=72&type=chunk) [Corporate Governance and Other Information](index=23&type=section&id=Corporate%20Governance%20and%20Other%20Information) The Group adheres to high corporate governance standards, complies with the Standard Code for Securities Transactions, addressed a disciplinary action, and reported no significant post-period events or listed securities transactions [Corporate Governance Code](index=23&type=section&id=Corporate%20Governance%20Code) The Company complies with the Corporate Governance Code, except for the combined Chairman and CEO roles, which the Board believes benefits the Group's strategy - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for **Code Provision C.2.1** (which states that the roles of Chairman and Chief Executive Officer should be separate)[73](index=73&type=chunk) - **Mr. Jason ZHOU** serves as both Chairman and Chief Executive Officer, an arrangement the Board believes benefits the Group's business prospects, management, and overall strategic direction[73](index=73&type=chunk) [Standard Code for Securities Transactions](index=23&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted the Standard Code for directors' securities transactions, and all directors and relevant employees confirmed compliance - The Company has adopted the **Standard Code** as its code of conduct for directors' securities transactions and has established guidelines for relevant employees that are no less exacting than the Standard Code[74](index=74&type=chunk) - All directors and relevant employees have confirmed compliance with the Standard Code and the Company's guidelines for securities transactions for the six months ended June 30, 2025[74](index=74&type=chunk) [Disciplinary Action Statement](index=24&type=section&id=Disciplinary%20Action%20Statement) The Stock Exchange issued a disciplinary action statement on June 11, 2025, against the Company and directors for Listing Rule breaches, with all required training now completed - The Stock Exchange issued a **disciplinary action statement** against the Company, three executive directors, and three independent non-executive directors on **June 11, 2025**[75](index=75&type=chunk) - The Stock Exchange Listing Committee alleged that the Company violated several Listing Rules by failing to comply with announcement, circular, and/or shareholder approval requirements for providing financial assistance to connected persons[75](index=75&type=chunk) - The relevant directors breached their obligations under **Listing Rules 3.08 and 3.09B(2)** by failing to use their best endeavors to ensure the Company's compliance with internal controls and the Listing Rules[75](index=75&type=chunk) - All relevant directors have completed the training provided by a Stock Exchange-approved training institution within the stipulated timeframe[76](index=76&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - 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[77](index=77&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Sun Hongbin, reviewed the Group's unaudited H1 2025 interim results, confirming their preparation according to accounting standards and adequate disclosure - The Audit Committee comprises **Mr. Sun Hongbin (Chairman)**, Mr. Jiang Yanfu (Independent Non-executive Director), and Mr. Yang Yuelin (Non-executive Director)[78](index=78&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and considers them prepared in accordance with relevant accounting standards and adequately disclosed[78](index=78&type=chunk) [Post-Reporting Period Events](index=25&type=section&id=Post-Reporting%20Period%20Events) The Group reported no significant events between June 30, 2025, and the date of this announcement - The Group had no significant events between June 30, 2025, and the date of this announcement[79](index=79&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is published on the Stock Exchange and Company websites, with the full interim report to follow for shareholders - This interim results announcement is published on the **Stock Exchange website (www.hkexnews.hk)** and the **Company's website (www.ncich.com.cn)**[80](index=80&type=chunk) - The interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the aforementioned websites in due course[80](index=80&type=chunk) [Definitions](index=25&type=section&id=Definitions) This section defines key terms and abbreviations used in the announcement to ensure clear understanding of the report content - This section lists definitions for key terms such as the **Board, Audit Committee, Beijing Children's Hospital, Corporate Governance Code, China, the Company, Directors, DRG/DIP payment method, Employee Share Scheme, the Group, Hong Kong, Hong Kong Financial Reporting Standards, HK$, Listing Rules, RMB, Standard Code, Remuneration Committee, Restricted Share Award Scheme, Shares, Shareholders, Stock Exchange, year-over-year, and percentage**[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk) [Board of Directors Information](index=27&type=section&id=Board%20of%20Directors%20Information) As of this announcement, the Board of Directors comprises executive, non-executive, and independent non-executive directors, including Mr. Jason ZHOU and Dr. Ma Jing - As of the date of this announcement, the Board of Directors comprises **three executive directors, four non-executive directors, and four independent non-executive directors**[87](index=87&type=chunk) - The executive directors are **Mr. Jason ZHOU, Ms. Xin Hong, and Mr. Xu Han**[87](index=87&type=chunk) - The independent non-executive directors are **Mr. Wu Guanxiong, Mr. Sun Hongbin, Mr. Jiang Yanfu, and Dr. Ma Jing**[87](index=87&type=chunk)

中國蒙牛乳業有限公司* （在開曼群島註冊成立之有限公司） （股份代號：2319） 截至二零二五年六月三十日止六個月 中期業績公佈 摘要 * 僅供識別 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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MENGNIU DAIRY COMPANY LIMITED – 1 – • 二零二五年上半年，由於原奶仍階段性供給過剩，需求恢復不及預期，乳製品行 業供需矛盾仍存，本集團實現收入人民幣415.672億元，同比下降6.9%；毛利率同 比提升1.4個百分點至41.7%。 • 本集團積極應對外部挑戰，堅定推進「一體兩翼」戰略落地執行，加速渠道優化和 新業務發展，強化精細化運營和提質增效，全面推動高質量發展，實現經營利潤 人民幣35.382億元，經營利潤率同比提升1.5個百分點至8.5%。權益股東應佔利潤 人民幣20.455億元。 • 本集團積極擁抱消費者對基礎營養、高品質、多元化和精準營養的消費新需求， 上半年推出超百款新品，引領消費者「喝上奶」、「 ...

[Executive Summary](index=1&type=section&id=%E9%87%8D%E9%BB%9E%E6%91%98%E8%A6%81) The company's financial performance for the period shows revenue growth, a decline in gross profit and margin, but an increase in profit for the period Report Period Key Financial Indicators | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 304.9 | 268.5 | +13.6% | | Gross Profit | 85.9 | 99.7 | -13.8% | | Profit for the Period | 56.1 | 52.3 | +7.3% | | Gross Profit Margin | 28.2% | 37.1% | -8.9% | [Financial Highlights](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section provides an overview of the company's financial performance and key operating metrics for the period [Financial Summary](index=2&type=section&id=1.%20%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section details the unaudited consolidated financial data for the six months ended June 30, 2025, including revenue, gross profit, profit before tax, profit for the period, and net profit margin, compared to the same period Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 304,876 | 268,501 | 13.5% | | Gross Profit | 85,915 | 99,666 | (13.8%) | | Profit Before Tax | 69,593 | 82,616 | (15.8%) | | Profit for the Period | 56,073 | 52,346 | 7.1% | | Net Profit Margin | 18.4% | 19.5% | (1.1%) | [Operating Metrics](index=2&type=section&id=2.%20%E7%B6%93%E7%87%9F%E6%8C%87%E6%A8%96) During the reporting period, the number of online electronic guides developed by the company significantly increased, reflecting business expansion and enhanced market coverage Number of Online Electronic Guides Developed | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of online electronic guides developed (units) | 75,939 | 66,229 | +14.7% | [Business Review and Outlook](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) This section reviews the company's operational performance, strategic initiatives, and market outlook, highlighting growth drivers and future plans [Performance Highlights](index=3&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) Total revenue increased by 13.6% to RMB 304.9 million, driven by online electronic guide sales, while gross margin declined to 28.2% due to reduced travel agency sales and increased intangible asset amortization, yet profit for the period grew by 7.3% to RMB 56.1 million Report Period Performance Overview | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 304.9 | 268.5 | +13.6% | | Online Electronic Guide Revenue | 304.7 | - | +13.6% | | Gross Profit | 85.9 | 99.7 | -13.8% | | Gross Profit Margin | 28.2% | 37.1% | -8.9% | | Profit | 56.1 | 52.3 | +7.3% | - Selling and distribution expenses decreased by **59.5%** year-on-year, while administrative expenses increased by **10.5%** year-on-year[8](index=8&type=chunk)[10](index=10&type=chunk) - The number of developed online electronic guides increased to **75,939 units**, covering **51,495** tourist attractions in China[8](index=8&type=chunk)[14](index=14&type=chunk) [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As a market leader in online electronic guides, the company capitalized on tourism recovery, achieving significant revenue growth through product optimization, user experience enhancement, and the adoption of AR, MR, and AI technologies, while also advancing its smart digital marketing SaaS business for scenic areas [Core Business Development](index=4&type=section&id=%E6%A0%B8%E5%BF%83%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95) The company, a market leader in online electronic guides, achieved a 13.6% revenue increase by leveraging the tourism recovery, optimizing products, and implementing cost control measures - The company is a market leader in China and global online electronic guide industry, providing proprietary content guides based on cloud systems[9](index=9&type=chunk) - Revenue increased by **13.6%** year-on-year to **RMB 304.9 million**, benefiting from tourism recovery[10](index=10&type=chunk) - Selling and distribution expenses decreased by approximately **59.4%**, while administrative expenses increased by approximately **10.5%**[10](index=10&type=chunk) [Smart Digital Marketing SaaS Business for Scenic Areas](index=5&type=section&id=%E6%99%AF%E5%8D%80%E6%99%BA%E6%85%A7%E6%95%B8%E4%BD%8D%E5%8C%96%E8%A1%8C%E9%8A%B7SaaS%E6%A5%AD%E5%8B%99) The company continuously enhances its 'Shu Jing Tong' SaaS product to offer smart management, marketing, and service solutions for scenic areas, fostering digital transformation and collaborating with mobile internet content creators to boost product visibility and user conversion - Continuously iterating the "Shu Jing Tong" SaaS product, focusing on smart management, marketing, and services to provide digital marketing solutions for scenic areas[11](index=11&type=chunk) - Collaborating with mobile internet platform content creators to launch selected versions of Lvji electronic travel guides, building a private domain traffic model to achieve simultaneous growth across online OTA and mobile internet platforms[12](index=12&type=chunk) - Developed a smart scenic area management service system to assist government management departments in efficient tourism resource management and researched the SaaS system "Lvji Changyoubao" to enhance scenic area digital operational capabilities[19](index=19&type=chunk)[20](index=20&type=chunk) [Content and Technology Innovation](index=6&type=section&id=%E5%85%A7%E5%AE%B9%E8%88%87%E6%8A%80%E8%A1%93%E5%89%B5%E6%96%B0) The company expands its scenic area coverage and innovates guide content with diverse themes and formats, integrating national IP virtual characters via AR, and developing immersive cultural tourism products using AI large models and MR technology, positioning 'Lvji MR' as a key growth driver - As of June 30, 2025, online electronic guides cover **921 AAAAA-rated**, **5,322 AAAA-rated**, and **5,874 AAA-rated** tourist attractions[16](index=16&type=chunk) - Guide content is multi-dimensionally upgraded, covering themes such as literary classics, local customs, science fiction, and children's education, using creative radio dramas and 3D hand-drawn maps[17](index=17&type=chunk) - Introduced national IP virtual characters to enable instant interaction with users via AR technology, comprehensively upgrading electronic map guide products[18](index=18&type=chunk) - Integrating AI large model technology and MR technology with online electronic guides to create "Void Realm Series offline large-space immersive cultural tourism MR products," positioning it as the company's second growth curve[21](index=21&type=chunk) [Market Outlook and Strategy](index=9&type=section&id=%E5%B8%82%E5%A0%B4%E5%B1%95%E6%9C%9B%E8%88%87%E6%88%B0%E7%95%A5) The company anticipates a rapid recovery in China's tourism market, driven by smart and digital trends, and plans to leverage technological innovation and strategic partnerships to solidify its market leadership and build a comprehensive cultural tourism service platform [Industry Trends and Opportunities](index=9&type=section&id=%E8%A1%8C%E6%A5%AD%E8%B6%A8%E5%8B%A2%E8%88%87%E6%A9%9F%E9%81%87) China's tourism market is rapidly recovering, with a strong shift towards smart and digital solutions, supported by government initiatives to stimulate domestic consumption and enhance digital infrastructure in scenic areas, presenting significant opportunities for the company's technology-driven approach - China's tourism market is accelerating its recovery, with the industry moving towards smart and digital development, and the government introducing multiple measures to stimulate domestic consumption[22](index=22&type=chunk) - National support for "Internet + Tourism" is increasing, with online penetration of travel products expected to rise, accelerating China's tourism digitalization[23](index=23&type=chunk) [Future Development Strategies](index=9&type=section&id=%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95%E7%AD%96%E7%95%A5) The company will maintain its market leadership in online electronic guides by focusing on core strategies, optimizing costs, and building a comprehensive cultural tourism service platform through enhanced products, MR/AI integration, AIGC content creation, and upgraded SaaS solutions - The company will continue to focus on core strategies, maintain its leading position in the online electronic guide market, reduce costs and increase efficiency, and strive to build a full-产业链 cultural tourism service platform[22](index=22&type=chunk)[24](index=24&type=chunk) - Continuously optimize guide products, enrich content, upgrade 3D hand-drawn maps, and integrate MR and AI technologies to enhance consumer interactive experiences[24](index=24&type=chunk) - Apply the latest AIGC technology to produce MR digital visual content for scenic areas, establishing a modern industrial content production and management process for scenic area digital content[24](index=24&type=chunk) - Optimize "Lvji One-Click Tour" by combining it with scenic area digital upgrade needs to build a comprehensive management, operation, and service system; continuously upgrade SaaS business to create a one-stop smart tourism ecosystem platform[25](index=25&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides a detailed analysis of the company's financial performance, including income statement, balance sheet, and other key financial information, along with explanations for significant changes [Consolidated Statement of Profit or Loss Analysis](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E5%88%86%E6%9E%90) During the reporting period, the company experienced revenue growth, but a significant increase in cost of sales, driven by online travel platform commissions and intangible asset amortization, led to a decline in gross profit; despite a substantial reduction in selling and distribution expenses, administrative expenses and finance costs rose, yet profit for the period still increased [Revenue](index=12&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue increased by 13.6% to RMB 304.9 million, primarily driven by a 24.8% growth in online electronic guide sales through online travel platforms, while sales to travel agencies and via the Lvji APP, along with customized content sales, all decreased Revenue Details | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of online electronic guides through online travel platforms | 293,304 | 235,038 | 24.8% | | Sales of online electronic guides to travel agencies | 11,371 | 33,019 | (65.5%) | | Sales of online electronic guides through Lvji APP | 74 | 123 | (39.8%) | | Sales of customized content | 127 | 321 | (60.4%) | | **Total Revenue** | **304,876** | **268,501** | **13.6%** | - Sales of online electronic guides through online travel platforms accounted for approximately **96.2%** of total revenue, with growth primarily due to the recovery of the tourism industry[30](index=30&type=chunk) - Revenue from sales to travel agencies decreased by **65.5%**, mainly due to a reduction in the number of electronic guides purchased[31](index=31&type=chunk) - Revenue from sales of customized content decreased by **66.7%**, primarily due to a new round of business adjustments, reducing project-based business for government and enterprise customized solutions, and prioritizing a public cloud strategy[34](index=34&type=chunk) [Cost of Sales](index=14&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by 29.7% to RMB 219.0 million, primarily due to higher platform commissions from increased online electronic guide sales through online travel platforms and increased amortization of intangible assets - Cost of sales increased by **29.7%** year-on-year to **RMB 219.0 million**[35](index=35&type=chunk) - The increase was primarily attributable to higher commissions from online travel platforms and increased amortization of intangible assets[35](index=35&type=chunk) [Gross Profit](index=14&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit decreased by 13.8% to RMB 85.9 million, with the gross profit margin falling from 37.1% to 28.2%, mainly attributed to reduced sales of online electronic guides through travel agencies and increased intangible asset amortization costs - Gross profit decreased by **13.8%** year-on-year to **RMB 85.9 million**[36](index=36&type=chunk) - Gross profit margin decreased from **37.1%** to **28.2%**[36](index=36&type=chunk) - The main reasons were reduced sales through travel agencies and increased amortization costs of intangible assets[36](index=36&type=chunk) [Other Income and Gains, Net](index=15&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%EF%BC%8C%E6%B7%A8%E9%A1%8D) Other income and gains, net, increased by approximately 257.1% to RMB 2.5 million, primarily due to a rise in fair value gains from the embedded derivative component of convertible bonds - Other income and gains, net, increased by **257.1%** year-on-year to **RMB 2.5 million**[37](index=37&type=chunk) - The increase was primarily due to an increase in fair value gains from the embedded derivative component of convertible bonds[37](index=37&type=chunk) [Selling and Distribution Expenses](index=15&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses significantly decreased by 59.5% to RMB 3.2 million, mainly due to reduced offline tourism promotion activities and related employee salaries and benefits - Selling and distribution expenses decreased by **59.5%** year-on-year to **RMB 3.2 million**[38](index=38&type=chunk) - The decrease was primarily due to reduced offline tourism promotion and related employee salaries and benefits expenses[38](index=38&type=chunk) [Administrative Expenses](index=15&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by 9.9% to RMB 10.0 million, primarily driven by the expansion of the consulting personnel team - Administrative expenses increased by **9.9%** year-on-year to **RMB 10.0 million**[39](index=39&type=chunk) - The increase was primarily due to the expansion of the consulting personnel team[39](index=39&type=chunk) [Income Tax Expense](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased to RMB 13.5 million, primarily due to a reduction in taxable income - Income tax expense decreased year-on-year to **RMB 13.5 million**[40](index=40&type=chunk) - The decrease was primarily due to a reduction in taxable income[40](index=40&type=chunk) [Profit for the Period](index=15&type=section&id=%E6%9C%9F%E5%85%A7%E7%9B%88%E5%88%A9) Profit for the period increased by 7.1% to RMB 56.1 million, but the net profit margin decreased from 19.5% to 18.4%, mainly due to increased intangible asset amortization - Profit for the period increased by **7.1%** year-on-year to **RMB 56.1 million**[41](index=41&type=chunk) - Net profit margin decreased from **19.5%** to **18.4%**, primarily due to increased intangible asset amortization[41](index=41&type=chunk) [Other Financial Information](index=15&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) At the end of the reporting period, trade receivables and prepayments increased, while net current liabilities and the current ratio deteriorated, and cash and cash equivalents decreased; capital expenditures were primarily for intangible asset purchases, with no significant investments, acquisitions, or disposals, and the company maintained 52 full-time employees with performance-based remuneration policies [Trade Receivables](index=15&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables increased by approximately RMB 52.0 million to RMB 94.3 million, primarily due to increased revenue and a slower recovery of receivables - Trade receivables increased by approximately **RMB 52.0 million** to **RMB 94.3 million**[42](index=42&type=chunk) - The increase was primarily due to the company's increased revenue and a slower recovery of receivables[42](index=42&type=chunk) [Prepayments, Deposits and Other Receivables](index=16&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Prepayments, deposits, and other receivables increased by approximately RMB 2.2 million to RMB 59.5 million, mainly due to an increase in prepayments to suppliers - Prepayments, deposits, and other receivables increased by approximately **RMB 2.2 million** to **RMB 59.5 million**[43](index=43&type=chunk) - The increase was primarily due to an increase in prepayments to suppliers[43](index=43&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E4%BE%86%E6%BA%90) The company's liquidity primarily stems from net cash generated from operations; as of June 30, 2025, cash and cash equivalents were RMB 169.7 million, net current liabilities were RMB 64.3 million, and the current ratio was approximately 0.8 times, all deteriorating from the end of 2024, mainly due to increased trade payables and intangible asset purchases - Liquidity primarily originated from net cash generated from operations[44](index=44&type=chunk) Liquidity Status | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 169.7 | 219.5 | | Net Current Liabilities | 64.3 | 2.1 | | Current Ratio | 0.8 times | 1.0 times | | Bank Borrowings | 88.3 | 92.2 | | Gearing Ratio | 8.3% | 9.1% | - Net current liabilities increased and the current ratio decreased, primarily due to an increase in trade payables[45](index=45&type=chunk) - Cash and cash equivalents decreased primarily due to an increase in the purchase of intangible assets[45](index=45&type=chunk) [Capital Expenditures](index=16&type=section&id=%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA) Capital expenditures included the purchase of property, plant, and equipment, which increased by approximately RMB 101,000, and the acquisition of intangible assets, which increased by approximately RMB 111.0 million, primarily due to the increased number of online electronic guides developed - Property, plant and equipment increased by approximately **RMB 101,000**, mainly due to additions[46](index=46&type=chunk) - Intangible assets increased by approximately **RMB 111.0 million**, primarily due to the increased number of online electronic guides developed, partially offset by amortization of intangible assets of approximately **RMB 71.2 million**[47](index=47&type=chunk) [Significant Investments, Acquisitions and Disposals](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) During the reporting period, the company had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the company had no significant investments, acquisitions, or disposals of any subsidiaries, associates, or joint ventures[48](index=48&type=chunk) [Future Plans for Material Investments and Capital Assets](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) From the reporting period until the date of this announcement, the company had no plans for material investments and capital assets - From the reporting period until the date of this announcement, the company had no plans for material investments and capital assets[49](index=49&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the company employed 52 full-time staff, with remuneration based on performance, experience, capabilities, and market levels, participating in statutory employee benefit schemes, and having no significant labor disputes - As of June 30, 2025, the company had **52** full-time employees[50](index=50&type=chunk) - Employee remuneration is determined based on performance, experience, capabilities, and comparable market levels, with participation in statutory employee benefit schemes[50](index=50&type=chunk)[51](index=51&type=chunk) - The company has adopted a share option scheme and a share award scheme, and as of June 30, 2025, **72,450,675** shares have been granted to six selected employees under the share award scheme[50](index=50&type=chunk) [Contingent Liabilities and Pledge of Assets](index=18&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the company had no significant contingent liabilities apart from borrowings mentioned in note 18 to the interim condensed consolidated financial statements, and held pledged bank deposits of RMB 0.2 million, primarily for tourism-related business with government authorities - As of June 30, 2025, the company had no significant contingent liabilities other than borrowings[52](index=52&type=chunk) - The company had pledged bank deposits of **RMB 0.2 million**, primarily pledged to government authorities for tourism-related business[52](index=52&type=chunk) [Interim Condensed Consolidated Financial Statements](index=19&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited interim condensed consolidated financial statements, including the statement of profit or loss, statement of comprehensive income, and statement of financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=19&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This statement presents the unaudited consolidated profit or loss for the six months ended June 30, 2025, including revenue, cost of sales, gross profit, various expenses, profit before tax, profit for the period, and basic and diluted earnings per share Interim Condensed Consolidated Statement of Profit or Loss Overview | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 304,876 | 268,501 | | Cost of Sales | (218,961) | (168,835) | | Gross Profit | 85,915 | 99,666 | | Profit Before Tax | 69,593 | 82,616 | | Profit for the Period | 56,073 | 52,346 | | Basic and Diluted Earnings Per Share (RMB) | 3.40 cents | 3.20 cents | [Interim Condensed Consolidated Statement of Comprehensive Income](index=20&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the unaudited consolidated comprehensive income for the six months ended June 30, 2025, including profit for the period and other comprehensive expenses, primarily exchange differences arising from the translation of financial statements, leading to the total comprehensive income for the period Interim Condensed Consolidated Statement of Comprehensive Income Overview | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 56,073 | 52,346 | | Exchange differences arising from translation of financial statements | (141) | (133) | | Total Comprehensive Income for the Period | 55,932 | 52,213 | [Interim Condensed Consolidated Statement of Financial Position](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement presents the unaudited consolidated financial position as of June 30, 2025, including non-current assets, current assets, current liabilities, non-current liabilities, and total equity, compared to December 31, 2024 Interim Condensed Consolidated Statement of Financial Position Overview | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 1,130,140 | 1,021,309 | | Current Assets | 285,916 | 278,564 | | Current Liabilities | 350,248 | 280,688 | | Net Current Liabilities | (64,332) | (2,124) | | Total Assets Less Current Liabilities | 1,065,808 | 1,019,185 | | Non-current Liabilities | 634 | 9,943 | | Net Assets/Total Equity | 1,065,174 | 1,009,242 | [Notes to the Interim Condensed Consolidated Financial Information](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes to the interim condensed consolidated financial statements, covering company information, basis of preparation, accounting policies, segment information, and specific financial line items [Company Information](index=22&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Lvji Technology Holdings Limited was incorporated in the Cayman Islands on November 7, 2018, and listed on the Main Board of the Stock Exchange on January 17, 2020, operating as an investment holding company with subsidiaries primarily engaged in providing online electronic guide services in China - The company was incorporated in the Cayman Islands on **November 7, 2018**, and listed on the Main Board of the Stock Exchange on **January 17, 2020**[56](index=56&type=chunk)[57](index=57&type=chunk) - The company is an investment holding company, and its subsidiaries are primarily engaged in providing online electronic guide services in China[58](index=58&type=chunk) [Basis of Preparation](index=22&type=section&id=2.1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial statements are prepared in RMB under HKAS 34 'Interim Financial Reporting' on a going concern basis, with directors affirming sufficient working capital and no material uncertainties - The interim condensed consolidated financial statements are prepared in accordance with **HKAS 34 "Interim Financial Reporting"** and presented in **RMB**[60](index=60&type=chunk) - The statements are prepared on a going concern basis, with directors believing the company has sufficient working capital and no material uncertainties[60](index=60&type=chunk) [Adoption of Revised HKFRS Accounting Standards](index=23&type=section&id=2.2%20%E6%8E%A1%E7%B4%8D%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%9C%83%E8%A8%88%E5%87%86%E5%89%87) The interim condensed consolidated financial statements for the reporting period were prepared using accounting policies consistent with the annual financial statements for the year ended December 31, 2024, with the adoption of HKAS 21 (Amendment) 'Lack of Exchangeability' effective January 1, 2025, having no material impact - **HKAS 21 (Amendment) "Lack of Exchangeability"**, effective January 1, 2025, was adopted[62](index=62&type=chunk) - This amendment did not have a material impact on the Group's interim condensed consolidated financial statements[62](index=62&type=chunk) [Operating Segment Information](index=23&type=section&id=3.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group primarily operates as an online electronic guide provider in Mainland China, and due to the concentration of revenue and operating profit within this region, no geographical segment information is presented, with no single customer contributing 10% or more of total revenue during the period - The Group primarily operates as an online electronic guide provider in Mainland China, and no geographical segment information is presented[63](index=63&type=chunk)[64](index=64&type=chunk) - During the reporting period, no single customer's revenue accounted for **10%** or more of the Group's total revenue[65](index=65&type=chunk) [Revenue](index=24&type=section&id=4.%20%E6%94%B6%E7%9B%8A) This section details the Group's performance obligations and revenue analysis, primarily from online electronic guide sales through online travel platforms, with performance obligations fulfilled upon end-user activation, while sales to travel agencies and customized content sales are recognized upon transfer and customer acceptance, respectively - Performance obligations for sales of online electronic guides through online travel platforms and the Lvji APP are completed upon end-user activation[66](index=66&type=chunk) - Performance obligations for sales of online electronic guides to travel agencies are completed upon transfer of the guides to travel agencies[67](index=67&type=chunk) - Performance obligations for sales of customized content are completed upon inspection and acceptance of the content by the customer[68](index=68&type=chunk) Revenue Analysis | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of online electronic guides through online travel platforms | 293,304 | 235,038 | | Sales of online electronic guides to travel agencies | 11,371 | 33,019 | | Sales of online electronic guides through Lvji APP | 74 | 123 | | Sales of customized content | 127 | 321 | | **Total** | **304,876** | **268,501** | [Other Income and Gains, Net](index=25&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%EF%BC%8C%E6%B7%A8%E9%A1%8D) Other income and gains, net, increased by approximately 257.1% to RMB 2.5 million, primarily due to a rise in fair value gains from the embedded derivative component of convertible bonds Other Income and Gains, Net | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 246 | 229 | | Consulting fees | – | 643 | | Government grants | – | 44 | | Fair value gain on embedded derivative component of convertible bonds | 2,242 | – | | Exchange loss, net | (80) | (311) | | Others | 57 | 63 | | **Total** | **2,465** | **668** | - The increase was primarily due to an increase in fair value gains from the embedded derivative component of convertible bonds[37](index=37&type=chunk) [Finance Costs](index=26&type=section&id=6.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs significantly increased from approximately RMB 0.2 million to RMB 3.1 million, mainly due to a substantial rise in financing costs for convertible bonds and bank borrowings Finance Costs Details | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance costs on lease liabilities | 36 | 114 | | Finance costs on convertible bonds | 1,384 | – | | Finance costs on bank borrowings | 1,723 | 107 | | **Total** | **3,143** | **221** | [Profit Before Tax](index=26&type=section&id=7.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) This section details the various expenses and income deducted from or included in profit before tax, such as commissions, depreciation, amortization, research and development costs, exchange losses, expected credit loss provisions, and salaries and benefits Profit Before Tax Deductions/(Additions) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Commissions | 146,652 | 117,519 | | Amortization of intangible assets | 71,185 | 50,734 | | Research and development costs | 509 | 2,119 | | Provision for expected credit losses on trade receivables | 1,861 | 210 | | Wages, salaries and bonuses | 3,450 | 4,029 | [Income Tax Expense](index=27&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the period decreased to approximately RMB 13.5 million from RMB 30.3 million in the prior period, primarily due to a reduction in taxable income, with Lvji Technology Group enjoying a preferential 15% corporate income tax rate as a 'High-New Technology Enterprise' Income Tax Expense | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 13,880 | 31,871 | | Over-provision in prior year | (360) | (1,601) | | **Total Income Tax Expense** | **13,520** | **30,270** | - The decrease in income tax expense was primarily due to a reduction in taxable income[40](index=40&type=chunk) - Lvji Technology Group, as a "High-New Technology Enterprise," is eligible for a preferential income tax rate of **15%** under qualifying conditions, valid until December 2026[75](index=75&type=chunk) [Dividends](index=28&type=section&id=9.%20%E8%82%A1%E6%81%AF) The company and its subsidiaries did not declare or pay any dividends during the reporting period or the corresponding prior period - The company and its subsidiaries did not declare or pay any dividends during the reporting period or the corresponding prior period[76](index=76&type=chunk) [Earnings Per Share Attributable to Owners of the Company](index=28&type=section&id=10.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E5%8D%A0%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share are calculated based on profit attributable to owners of the company and the weighted average number of ordinary shares outstanding, with diluted earnings per share being identical to basic earnings per share due to the absence of dilutive potential ordinary shares in both periods Earnings Per Share Calculation | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit attributable to owners of the company (RMB thousand) | 56,073 | 52,346 | | Weighted average number of ordinary shares outstanding | 1,647,201,000 | 1,635,953,000 | - Diluted earnings per share are the same as basic earnings per share because there were no dilutive potential ordinary shares in either period[80](index=80&type=chunk) [Property, Plant and Equipment](index=28&type=section&id=11.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) During the reporting period, the Group's cost of acquiring property, plant, and equipment was RMB 121,000, representing an increase of approximately 594.1% compared to December 31, 2024 - During the reporting period, the Group's cost of acquiring property, plant and equipment was **RMB 121,000**[81](index=81&type=chunk) - This represents an increase of approximately **RMB 101,000** or **594.1%** from December 31, 2024, to June 30, 2025[46](index=46&type=chunk) [Intangible Assets](index=28&type=section&id=12.%20%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) During the reporting period, the Group's cost of acquiring intangible assets was RMB 182,154,000, an increase compared to RMB 164,206,000 in the corresponding prior period - During the reporting period, the Group's cost of acquiring intangible assets was **RMB 182,154,000**[82](index=82&type=chunk) - This represents an increase compared to **RMB 164,206,000** in the corresponding prior period[82](index=82&type=chunk) [Trade Receivables](index=29&type=section&id=13.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables significantly increased to RMB 94,321 thousand from RMB 42,341 thousand as of December 31, 2024, primarily concentrated in the 0 to 3 months aging category Trade Receivables Aging Analysis | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 3 months | 94,205 | 31,582 | | 3 to 6 months | 116 | 9,719 | | 6 months to 1 year | – | 1,040 | | **Total** | **94,321** | **42,341** | - The increase in trade receivables was primarily due to the company's increased revenue and a slower recovery of receivables[42](index=42&type=chunk) [Prepayments, Deposits and Other Receivables](index=29&type=section&id=14.%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total prepayments, deposits, and other receivables slightly increased to RMB 59,457 thousand from RMB 57,303 thousand as of December 31, 2024, mainly due to an increase in prepayments to suppliers Prepayments, Deposits and Other Receivables Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments to suppliers | 5,449 | 5,994 | | Prepaid taxes and other recoverable taxes | 11,818 | 10,858 | | Prepayments (non-current) | 44,796 | 44,150 | | Other receivables | 1,253 | 793 | | Less: Provision for expected credit losses | (4,252) | (5,290) | | **Total** | **59,457** | **57,303** | - The increase was primarily due to an increase in prepayments to suppliers[43](index=43&type=chunk) [Trade Payables](index=30&type=section&id=15.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade payables significantly increased to RMB 50,864 thousand from RMB 14,339 thousand as of December 31, 2024, primarily concentrated in the 3 to 12 months aging category Trade Payables Aging Analysis | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 3 months | 20,333 | 13,938 | | 3 to 12 months | 30,196 | 6 | | 1 to 2 years | 62 | 35 | | Over 2 years | 273 | 360 | | **Total** | **50,864** | **14,339** | - Trade payables are interest-free and generally settled within **30 days**[86](index=86&type=chunk) [Other Payables and Accrued Expenses](index=31&type=section&id=16.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) As of June 30, 2025, total other payables and accrued expenses increased to RMB 61,147 thousand from RMB 47,760 thousand as of December 31, 2024, primarily due to an increase in other tax payables Other Payables and Accrued Expenses Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Other payables | 8,946 | 5,194 | | Accrued salaries and benefits | 1,407 | 1,500 | | Other tax payables | 50,794 | 41,066 | | **Total** | **61,147** | **47,760** | - Payables are unsecured, interest-free, and repayable on demand[87](index=87&type=chunk) [Contract Liabilities](index=31&type=section&id=17.%20%E5%90%88%E7%B4%84%E8%B2%A0%E5%82%B5) As of June 30, 2025, contract liabilities increased to RMB 1,737 thousand from RMB 796 thousand as of December 31, 2024, primarily from deposits received for customized content contracts, with all deposits expected to be settled within one year - As of June 30, 2025, contract liabilities were **RMB 1,737 thousand**, an increase from **RMB 796 thousand** as of December 31, 2024[88](index=88&type=chunk) - Contract liabilities primarily arise from deposits received for customized content contracts, typically **50%** of the contract amount upon signing[88](index=88&type=chunk) - Unsettled contract liabilities of **RMB 796,000** at the beginning of the period were recognized as revenue during the reporting period[89](index=89&type=chunk) [Borrowings](index=32&type=section&id=18.%20%E5%80%9F%E6%AC%BE) As of June 30, 2025, total bank borrowings slightly decreased to RMB 88,284 thousand from RMB 92,172 thousand as of December 31, 2024, comprising both unsecured and secured portions, guaranteed by Mr. Zang, an associated company, and the company's subsidiaries Borrowings Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Repayable within one year | 52,076 | 53,076 | | Repayable in the second year | 5,776 | 5,776 | | Repayable in the third to fifth year | 30,432 | 33,320 | | **Total Carrying Amount** | **88,284** | **92,172** | Borrowing Types | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unsecured bank loans | 44,300 | 92,172 | | Secured bank loans | 43,984 | – | | **Total** | **88,284** | **92,172** | - Bank borrowings are guaranteed by Mr. Zang, an associated company, and the company's subsidiaries[91](index=91&type=chunk) [Convertible Bonds](index=32&type=section&id=19.%20%E5%8F%AF%E6%8F%9B%E8%82%A1%E5%82%B5%E5%88%B8) Convertible bonds issued in September and November 2024 consist of a debt component, initially measured at fair value less transaction costs and subsequently at amortized cost, and an embedded derivative component (conversion option), initially and subsequently measured at fair value with changes recognized in profit or loss [Debt Component](index=33&type=section&id=%E5%82%B5%E5%8B%99%E9%83%A8%E5%88%86) The debt component of convertible bonds was initially measured at fair value less transaction costs, amounting to RMB 8,060,000, and subsequently measured at amortized cost using the effective interest method, with a carrying amount of RMB 7,345 thousand as of June 30, 2025 - The debt component was initially measured at fair value less transaction costs, amounting to **RMB 8,060,000**[95](index=95&type=chunk) - Subsequently measured at amortized cost using the effective interest method, with an effective interest rate ranging from **11.8% to 18.4%** per annum[95](index=95&type=chunk)[96](index=96&type=chunk) - As of June 30, 2025, the carrying amount of the debt component was **RMB 7,345 thousand**[96](index=96&type=chunk) [Embedded Derivative Component](index=34&type=section&id=%E5%B5%8C%E5%85%A5%E5%BC%8F%E8%A1%8D%E7%94%9F%E9%83%A8%E5%88%86) The embedded derivative component (conversion option) of convertible bonds was initially measured at fair value, amounting to RMB 2,912,000, and subsequently measured at fair value with changes recognized in profit or loss, with a carrying amount of RMB 424 thousand as of June 30, 2025 - The embedded derivative component was initially measured at fair value, amounting to **RMB 2,912,000**[97](index=97&type=chunk) - Subsequently measured at fair value with changes in fair value recognized in profit or loss[97](index=97&type=chunk) - As of June 30, 2025, the carrying amount of the embedded derivative component was **RMB 424 thousand**[98](index=98&type=chunk) [Share Capital](index=34&type=section&id=20.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital comprised 10,000,000,000 ordinary shares with a par value of USD 0.01 each, with 1,647,200,675 shares issued and fully paid, amounting to RMB 113,675 thousand Share Capital Composition | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of authorized ordinary shares | 10,000,000,000 | 10,000,000,000 | | Number of issued and fully paid shares | 1,647,200,675 | 1,647,200,675 | | Issued and fully paid share capital (RMB thousand) | 113,675 | 113,675 | - On February 29, 2024, **11** subscribers subscribed for **75,100,000** shares, of which **35,100,000** shares were fully paid, with net proceeds of approximately **HKD 15,795,000**[99](index=99&type=chunk) [Commitments and Contingent Liabilities](index=35&type=section&id=21.%20%E6%89%BF%E6%93%94%E5%8F%8A22.%20%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of the end of the reporting period, the Group had no material commitments or significant contingent liabilities - As of the end of the reporting period, the Group had no material commitments[100](index=100&type=chunk) - As of the end of the reporting period, the Group had no significant contingent liabilities[101](index=101&type=chunk) [Events After the Reporting Period](index=35&type=section&id=23.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On August 20, 2025, the company completed a rights issue of 843,600,337 new shares, raising net proceeds of approximately HKD 141.6 million, with the fully paid rights shares commencing trading on the Stock Exchange on August 21, 2025 - On **August 20, 2025**, the company completed a rights issue of **843,600,337** new shares[102](index=102&type=chunk) - The net proceeds from the rights issue were approximately **HKD 141.6 million**[102](index=102&type=chunk) - The fully paid rights shares commenced trading on the Stock Exchange on **August 21, 2025**[102](index=102&type=chunk) [Approval of Financial Statements](index=35&type=section&id=24.%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E6%89%B9%E5%87%86) The financial statements were approved and authorized for issue by the Board of Directors on August 27, 2025 - The financial statements were approved and authorized for issue by the Board of Directors on **August 27, 2025**[103](index=103&type=chunk) [Other Information](index=36&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the utilization of proceeds from global offering and placing, corporate governance and compliance, and other relevant disclosures [Use of Proceeds from Global Offering and Placing](index=36&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E5%8F%8A%E9%85%8D%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company utilized approximately HKD 579.2 million from the global offering and HKD 27.04 million from the placing in accordance with the purposes stated in the prospectus or as subsequently revised - The net proceeds from the global offering were approximately **HKD 580.0 million**, and from the placing, approximately **HKD 27.04 million**[104](index=104&type=chunk) - Approximately **HKD 579.2 million** from the global offering and **HKD 27.04 million** from the placing have been utilized[104](index=104&type=chunk) [Corporate Governance and Compliance](index=36&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%90%88%E8%A6%8F) During the reporting period, the company complied with all applicable code provisions of the Corporate Governance Code, adopted the Model Code for directors' securities transactions with no non-compliance found, and its audit committee reviewed the unaudited interim condensed consolidated financial results [Compliance with Corporate Governance Code](index=36&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company adopted and applied the principles and code provisions of the Corporate Governance Code, complying with all applicable provisions during the reporting period - The company has adopted and applied the principles and code provisions of the Corporate Governance Code, complying with all applicable code provisions during the reporting period[105](index=105&type=chunk) [Compliance with Model Code](index=36&type=section&id=%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted the Model Code for directors' securities transactions, with all directors confirming compliance, and no instances of non-compliance by employees were identified - The company has adopted the Model Code as a code of conduct for directors' securities transactions, and directors have confirmed compliance[107](index=107&type=chunk) - The company found no instances of non-compliance with the Model Code by employees[107](index=107&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[108](index=108&type=chunk) - As of June 30, 2025, the company held no treasury shares[109](index=109&type=chunk) [Audit Committee](index=37&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of three independent non-executive directors with terms of reference compliant with the Listing Rules, reviewed the Group's unaudited interim condensed consolidated financial results for the reporting period - The Audit Committee comprises three independent non-executive directors, and its terms of reference comply with the Listing Rules[110](index=110&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial results for the reporting period[110](index=110&type=chunk) [Interim Dividend](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the reporting period to shareholders - The Board of Directors has resolved not to declare an interim dividend for the reporting period to shareholders[112](index=112&type=chunk) [Events After June 30, 2025](index=37&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E5%BE%8C%E4%BA%8B%E9%A0%85) On August 20, 2025, the company completed a rights issue of 843,600,337 new shares, raising net proceeds of approximately HKD 141.6 million, with no other significant matters requiring disclosure known to the directors - On **August 20, 2025**, the company completed a rights issue of **843,600,337** new shares, with net proceeds of approximately **HKD 141.6 million**[111](index=111&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=38&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement is published on the Stock Exchange and the company's websites, and the interim report, containing all information required by Appendix D2 of the Listing Rules, will be circulated and dispatched to shareholders and published on both websites in due course - This announcement is published on the Stock Exchange website and the company's website[113](index=113&type=chunk) - The interim report will be circulated and dispatched to shareholders and published on the Stock Exchange and the company's websites in due course[113](index=113&type=chunk) [Acknowledgement](index=38&type=section&id=%E8%87%B4%E8%AC%9D) The Board of Directors extends its sincere gratitude to shareholders, the management team, employees, business partners, and customers for their support and contributions to the Group - The Board of Directors extends its sincere gratitude to shareholders, the management team, employees, business partners, and customers for their support and contributions[114](index=114&type=chunk) [Definitions](index=38&type=section&id=%E9%87%8B%E7%BE%A9) This section provides a glossary of key terms and definitions used throughout the report

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Xi'an Kingfar Property Services Co., Ltd. 西安經發物業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1354） 截 至2025年6月30日止六個月之中期業績公告 | 財務摘要 | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | ...

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佈之內容概不負責， 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佈全部或任何 部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 MILAN STATION HOLDINGS LIMITED 米蘭站控股有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1150） 二零二五年中期業績公佈 米蘭站控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司截至二零二五年六月三十日止六個月的未經審核綜合業績。本公佈列 載本公司二零二五年中期報告的全文，並符合香港聯合交易所有限公司證券上市 規則（「上市規則」）中有關中期業績初步公佈附載資料的相關要求。 為及代表董事會 米蘭站控股有限公司 執行董事 胡博 香港，二零二五年八月二十七日 於本公佈刊發日期，董事會成員包括執行董事胡博先生及季桂苹女士；及獨立非 執行董事陳志鴻先生、杜健存先生及蔡錦因先生。 米蘭站控股有限公司 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益表 | 4 | | 簡明綜合損益及其他全面收 ...

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Xingfa Aluminium Holdings Limited saw revenue and sales volume growth in H1 2025, but profit attributable to owners and EPS decreased; the board does not recommend an interim dividend Key Financial Data for H1 2025 | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,323.2 | 8,349.8 | +11.7% | | Sales Volume (tonnes) | 407,224 | 362,049 | +12.5% | | Profit Attributable to Owners of the Company | 270.9 | 378.4 | -28.4% | | Earnings Per Share (RMB) | 0.64 | 0.90 | -28.9% | - The Board does not recommend any interim dividend for H1 2025 (H1 2024: nil)[2](index=2&type=chunk) [Performance Overview](index=2&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%8B) [Performance Overview](index=2&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%8B) This announcement discloses the unaudited condensed consolidated results of Xingfa Aluminium Holdings Limited and its subsidiaries for the six months ended June 30, 2025, prepared under IFRS and reviewed by the Audit Committee and Deloitte Touche Tohmatsu - The Group's unaudited condensed consolidated results for the six months ended June 30, 2025, have been reviewed by the Audit Committee and the Company's independent auditor, Deloitte Touche Tohmatsu[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's H1 2025 revenue grew 11.7% to RMB 9,323.2 million, but gross profit decreased 17.6% to RMB 617.9 million, leading to a 28.4% drop in profit attributable to owners to RMB 270.9 million Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 9,323,190 | 8,349,840 | | Cost of sales | (8,705,303) | (7,600,105) | | Gross profit | 617,887 | 749,735 | | Other income | 98,635 | 97,181 | | Other gains and losses | 1,275 | 16,273 | | Distribution costs | (146,652) | (178,973) | | Administrative expenses | (222,213) | (212,728) | | Impairment losses on trade and other receivables | (12,496) | (10,283) | | Finance costs | (45,091) | (51,477) | | Profit before tax | 291,345 | 409,728 | | Income tax expense | (21,340) | (31,010) | | Profit for the period | 270,005 | 378,718 | | Profit attributable to owners of the Company | 270,866 | 378,355 | | Basic earnings per share (RMB) | 0.64 | 0.90 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's H1 2025 profit for the period was RMB 270.0 million, with total other comprehensive income of RMB 293 thousand, resulting in a total comprehensive income of RMB 270.5 million, down from RMB 379.0 million in the prior period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the period | 270,005 | 378,718 | | Exchange differences arising on translation of functional currency to presentation currency | (98,786) | 42,854 | | Exchange differences on translation of foreign operations | 99,252 | (42,561) | | Total other comprehensive income for the period | 293 | 466 | | Total comprehensive income for the period | 270,471 | 379,011 | | Total comprehensive income attributable to owners of the Company | 271,332 | 378,648 | | Total comprehensive income attributable to non-controlling interests | (861) | 363 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets less current liabilities were RMB 8,250.3 million, and net assets were RMB 5,932.4 million, with a decrease in net current assets and a significant increase in trade and other payables Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current assets | 4,997,831 | 4,528,390 | | Current assets | 11,017,812 | 10,014,050 | | Current liabilities | 7,765,307 | 6,246,072 | | Net current assets | 3,252,505 | 3,767,978 | | Total assets less current liabilities | 8,250,336 | 8,296,368 | | Non-current liabilities | 2,317,916 | 2,388,908 | | Net assets | 5,932,420 | 5,907,460 | | Total equity attributable to owners of the Company | 5,923,696 | 5,897,875 | | Total equity | 5,932,420 | 5,907,460 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group's H1 2025 net cash from operating activities remained stable at RMB 680.4 million, while net cash used in investing activities significantly increased to RMB 969.0 million, and net cash from financing activities turned into an inflow of RMB 264.9 million, resulting in a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash from operating activities | 680,409 | 680,595 | | Net cash used in investing activities | (969,001) | (505,189) | | Net cash from (used in) financing activities | 264,899 | (140,915) | | Net (decrease) increase in cash and cash equivalents | (23,693) | 34,491 | | Cash and cash equivalents at June 30 | 2,701,521 | 2,875,829 | [Notes to the Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation and Principal Accounting Policies](index=7&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with IAS 34 and applicable disclosure requirements of the HKEX Listing Rules, measured at historical cost, with no significant impact from new IFRS amendments - The condensed consolidated financial statements are prepared in accordance with IAS 34 and the applicable disclosure requirements of the Listing Rules of The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - The condensed consolidated financial statements are prepared on the historical cost basis except for certain financial instruments that are measured at fair value[10](index=10&type=chunk) - The application of the amendments to IFRSs in the current interim period has had no material impact on the Group's financial positions and performance and/or disclosures set out in these condensed consolidated financial statements[11](index=11&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=3%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group's principal businesses are manufacturing and selling aluminum products and completed properties, managed and reported across industrial aluminum profiles, architectural aluminum profiles, and all other segments; H1 2025 aluminum profile sales revenue was RMB 9,042.3 million, with architectural profiles being the largest contributor - The principal activities of the Group are the manufacture and sale of aluminium products and sale of completed properties[12](index=12&type=chunk) - The Group has presented the following reportable segments: industrial aluminium profiles, architectural aluminium profiles and all other segments[12](index=12&type=chunk)[16](index=16&type=chunk) [Revenue Disaggregation](index=8&type=section&id=3%20(a)%20%E6%94%B6%E7%9B%8A%E7%B4%B0%E5%88%86) The Group's H1 2025 total revenue from contracts with customers was RMB 9,323.2 million, with aluminum profile sales accounting for RMB 9,042.3 million, primarily from Mainland China (excluding Hong Kong) at RMB 9,068.9 million Revenue Disaggregation (For the six months ended June 30) | Product or service line | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Sale of aluminium profiles | 9,042,335 | 8,083,355 | | Sale of aluminium plates, aluminium alloys, moulds and components | 277,459 | 266,485 | | Sale of completed properties | 3,396 | – | | **Total** | **9,323,190** | **8,349,840** | | Geographical markets | | | | Mainland China (excluding Hong Kong) | 9,068,917 | 8,061,715 | | Hong Kong | 58,178 | 46,378 | | Asia Pacific (excluding Mainland China and Hong Kong) | 191,855 | 233,665 | | Other regions | 4,240 | 8,082 | | **Total** | **9,323,190** | **8,349,840** | [Segment Results](index=9&type=section&id=3%20(b)%20%E5%88%86%E9%83%A8%E6%A5%AD%E7%B8%BE) In H1 2025, the Group's total reportable segment profit (gross profit) was RMB 617.9 million, down from RMB 749.7 million in H1 2024, with architectural aluminum profiles contributing the most but seeing its gross profit decrease from RMB 624.6 million to RMB 429.6 million Segment Gross Profit (For the six months ended June 30) | Segment | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Gross profit from industrial aluminium profiles | 45,880 | 55,782 | | Gross profit from architectural aluminium profiles | 429,638 | 624,639 | | Gross profit from all other segments | 142,369 | 69,314 | | **Total reportable segment profit (gross profit)** | **617,887** | **749,735** | [Reconciliation of Reportable Segment Profit or Loss](index=9&type=section&id=3%20(c)%20%E5%8F%AF%E5%A0%B1%E5%91%8A%E5%88%86%E9%83%A8%E6%90%8D%E7%9B%8A%E4%B9%8B%E5%B0%8D%E8%B3%AC) The Group's H1 2025 reportable segment profit was RMB 617.9 million, and after adjusting for other income, gains and losses, distribution costs, administrative expenses, impairment losses, and finance costs, consolidated profit before tax was RMB 291.3 million, down from RMB 409.7 million in the prior period Reconciliation of Reportable Segment Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Reportable segment profit from external customers of the Group | 617,887 | 749,735 | | Other income | 98,635 | 97,181 | | Other gains and losses | 1,275 | 16,273 | | Distribution costs | (146,652) | (178,973) | | Administrative expenses | (222,213) | (212,728) | | Impairment losses on trade and other receivables | (12,496) | (10,283) | | Finance costs | (45,091) | (51,477) | | **Consolidated profit before tax** | **291,345** | **409,728** | [Finance Costs](index=10&type=section&id=4%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's H1 2025 finance costs decreased to RMB 45.1 million from RMB 51.5 million in the prior period, primarily comprising interest expenses on bank and other borrowings and discounted bills, net of capitalized interest on construction in progress Finance Costs Breakdown (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest expenses on bank and other borrowings | 40,731 | 44,448 | | Interest expenses on discounted bills | 10,468 | 13,067 | | Interest on lease liabilities | 62 | 115 | | **Sub-total** | **51,261** | **57,630** | | Less: Interest expenses capitalised to construction in progress | (6,170) | (6,153) | | **Total finance costs** | **45,091** | **51,477** | [Income Tax Expense](index=10&type=section&id=5%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group's H1 2025 income tax expense decreased to RMB 21.3 million from RMB 31.0 million in the prior period, with current tax primarily comprising PRC corporate income tax provision, dividend withholding tax, and Pillar Two income tax, and some PRC subsidiaries enjoying preferential high-tech enterprise tax rates - The Company's PRC subsidiaries are subject to PRC corporate income tax at **25%** for H1 2025, except for certain entities qualified as "High and New Technology Enterprises" enjoying a preferential tax rate of **15%**[21](index=21&type=chunk) [Tax in Condensed Consolidated Statement of Profit or Loss](index=10&type=section&id=5%20(a)%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E4%B8%AD%E7%9A%84%E7%A8%85%E9%A0%85) The Group's H1 2025 current tax was RMB 35.8 million, deferred tax was RMB (14.5) million, totaling RMB 21.3 million in income tax expense, with RMB 1.3 million of Pillar Two income tax recognized for the first time in current tax Income Tax Expense Breakdown (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax | | | | Provision for PRC corporate income tax | 19,098 | 40,273 | | PRC dividend withholding tax | 12,500 | 13,500 | | Underprovision in prior years for PRC corporate income tax | 2,900 | – | | Pillar Two income tax | 1,315 | – | | **Total current tax** | **35,813** | **53,773** | | Deferred tax | | | | Origination and reversal of temporary differences | (1,973) | (9,263) | | Impact of dividend distribution | (12,500) | (13,500) | | **Total deferred tax** | **(14,473)** | **(22,763)** | | **Total income tax expense** | **21,340** | **31,010** | [Pillar Two Income Tax](index=11&type=section&id=5%20(b)%20%E7%AC%AC%E4%BA%8C%E6%94%AF%E6%9F%B1%E6%89%80%E5%BE%97%E7%A8%85) The Group is subject to global anti-base erosion rules (Pillar Two rules) and has recognized RMB 1,315,000 as expected current tax expense related to these rules for H1 2025, applying a temporary mandatory exemption for deferred tax assets and liabilities - The Group is subject to the global minimum top-up tax under the global anti-base erosion rules ("GloBE Rules" or "Pillar Two Rules")[22](index=22&type=chunk) - Top-up tax is provided in the current interim period based on the estimated adjusted covered taxes and the GloBE net income for the year, with **RMB 1,315,000** recognized as expected current tax expense related to Pillar Two rules for the six months ended June 30, 2025[22](index=22&type=chunk) - The Group has applied the temporary mandatory exemption from recognising and disclosing deferred tax assets and liabilities for the impact of Pillar Two Rules, and has accounted for it as current tax when incurred[22](index=22&type=chunk) [Profit for the Period](index=11&type=section&id=6%20%E6%9C%9F%E9%96%93%E6%BA%A2%E5%88%A9) The Group's H1 2025 profit for the period was achieved after deducting (including) depreciation expenses, total staff costs, cost of inventories sold, and R&D costs, with increases in depreciation and total staff costs, and continued growth in R&D costs Key Items Affecting Profit for the Period (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation expenses | | | | – Investment properties | 2,979 | 2,465 | | – Property, plant and equipment | 293,480 | 243,450 | | – Right-of-use assets | 6,705 | 6,577 | | Amortisation of intangible assets | 453 | 822 | | Total staff costs | 594,928 | 555,630 | | Net exchange gains | (1,367) | (3,553) | | Interest income | (30,458) | (15,763) | | Cost of inventories sold | 8,284,362 | 7,204,869 | | Research and development costs | 420,941 | 395,236 | | Income from additional VAT input deductions | 46,261 | 54,939 | - For the six months ended June 30, 2025, certain entities were entitled to additional deduction for R&D expenses, resulting in a reduction of income tax by **RMB 34,450,000**[24](index=24&type=chunk) - H1 2025 R&D costs included **RMB 95,935,000** related to employee staff costs, an increase from **RMB 88,672,000** in H1 2024[29](index=29&type=chunk) [Dividends](index=12&type=section&id=7%20%E8%82%A1%E6%81%AF) The Company's directors do not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The directors of the Company do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[25](index=25&type=chunk) [Earnings Per Share](index=12&type=section&id=8%20%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9) The Group's H1 2025 basic earnings per share decreased to RMB 0.64 from RMB 0.90 in the prior period, calculated based on profit attributable to owners and the weighted average number of ordinary shares outstanding, with no diluted EPS presented Basic Earnings Per Share (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB '000) | 270,866 | 378,355 | | Weighted average number of ordinary shares in issue (shares) | 420,649,134 | 420,649,134 | | Basic earnings per share (RMB) | 0.64 | 0.90 | - No diluted earnings per share is presented as the Group had no dilutive potential ordinary shares during both periods[28](index=28&type=chunk) [Trade and Other Receivables](index=13&type=section&id=9%20%E4%BA%A4%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other receivables increased to RMB 5,512.1 million from RMB 5,282.0 million on December 31, 2024, with receivables due within one month being the largest portion, and a credit loss allowance of RMB 1,106.7 million recognized Ageing Analysis of Trade and Other Receivables (As at June 30) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 month | 2,692,797 | 2,142,174 | | 1 to 3 months | 1,325,900 | 1,663,596 | | 3 to 6 months | 853,064 | 932,157 | | Over 6 months | 245,528 | 201,533 | | **Trade receivables and bills receivable (net of allowance for credit losses)** | **5,117,289** | **4,939,460** | | Other receivables (net of allowance for credit losses) | 394,826 | 342,510 | | **Financial assets measured at amortised cost** | **5,512,115** | **5,281,970** | - As at June 30, 2025, an allowance for credit losses of **RMB 1,106,712,000** (December 31, 2024: RMB 1,094,199,000) was recognised for trade receivables and bills receivable[31](index=31&type=chunk) - As at June 30, 2025, certain bills receivable with carrying amounts of **RMB 545,918,000** (December 31, 2024: RMB 273,251,000) were pledged as collateral for the Group's bills payable[33](index=33&type=chunk) [Trade and Other Payables](index=14&type=section&id=10%20%E4%BA%A4%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other payables significantly increased to RMB 6,131.9 million from RMB 5,230.3 million on December 31, 2024, with a notable rise in bills payable reflecting increased use of bills to extend settlement cycles Ageing Analysis of Trade and Other Payables (As at June 30) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 month | 1,234,857 | 567,917 | | 1 to 3 months | 2,396,571 | 1,906,863 | | 3 to 6 months | 1,364,444 | 1,509,035 | | Over 6 months | 338,627 | 477,802 | | **Trade payables and bills payable** | **5,334,499** | **4,461,617** | | Bills payable | 4,402,011 | 3,377,143 | | **Financial liabilities measured at amortised cost** | **6,099,192** | **5,195,134** | | **Total** | **6,131,901** | **5,230,340** | - Bills payable significantly increased from **RMB 3,377,143,000** as at December 31, 2024 to **RMB 4,402,011,000** as at June 30, 2025, reflecting the Group's increased use of bills payable, which has led to an increase in the overall settlement cycle[34](index=34&type=chunk)[69](index=69&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Industry Review](index=15&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) In H1 2025, China's economy showed stable growth with GDP up 5.3% and consumption contributing 52.0%; the aluminum profile industry, driven by "dual carbon" and new quality productive forces strategies, accelerated its high-end, intelligent, and green transformation, with strong demand for industrial profiles and emerging high-end demand for architectural profiles despite real estate adjustments - In H1 2025, China's GDP reached **RMB 66,053.6 billion**, growing **5.3%** year-on-year, a **0.3 percentage point** increase from H1 2024[35](index=35&type=chunk) - Consumption contributed **52.0%** to GDP; the aluminum profile industry is deeply integrated into national "dual carbon" and new quality productive forces policies, with high-end, intelligent, and green transformation becoming the industry's main theme[35](index=35&type=chunk) - Industrial aluminum profiles benefited from strong demand in new energy photovoltaics, automotive lightweighting, and aerospace, showing good development; architectural aluminum profiles were affected by real estate market adjustments, but high-end system doors and windows and green building aluminum materials showed growth potential[35](index=35&type=chunk) [Business Development and Strategic Transformation](index=16&type=section&id=%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E5%8F%8A%E6%88%B0%E7%95%A5%E8%BD%89%E5%9E%8B) Xingfa Aluminium strengthened its industry position through technological innovation and strategic transformation, holding 878 patents and participating in drafting 137 standards; the company optimized customer structure and expanded retail channels in architectural aluminum profiles, accelerated penetration into new energy and high-end equipment in industrial profiles, boosting revenue and transitioning from "architectural-led" to "dual-track" development - As at June 30, 2025, the Group held a total of **878** valid patents, including **128** invention patents, **332** utility model patents, and **414** design patents, and participated in drafting approximately **137** national and industry standards[36](index=36&type=chunk) - Architectural aluminum profile revenue increased by **11.6%** year-on-year to approximately **RMB 7,472.5 million**, with sales volume up **14.7%**; industrial aluminum profile revenue increased by **13.1%** year-on-year to approximately **RMB 1,569.9 million**, with sales volume up **8.4%**[38](index=38&type=chunk) - The Group actively adapted to market changes, deepened strategic transformation, accelerated penetration into the end-consumer market, and leveraged technological accumulation to deepen its layout in high-end application fields such as new energy vehicle structural parts and photovoltaic frames, gradually achieving a structural transformation from "architectural-led" to "dual-track" development[39](index=39&type=chunk) [Overseas Strategic Layout](index=17&type=section&id=%E6%B5%B7%E5%A4%96%E6%88%B0%E7%95%A5%E4%BD%88%E5%B1%80) The Group continues its "zero-distance strategy" by building professional overseas sales teams and localized production and sales networks to deepen global client cooperation; the 180,000-tonne capacity base in Vietnam is under construction, and the Australia project is in trial production, aiming to expand global business and enhance international competitiveness - The Group continues to advance its "zero-distance strategy" by establishing professional overseas sales teams and building localized production and sales networks to deepen cooperation with global customers[40](index=40&type=chunk) - In H1 2025, the main construction of the **180,000-tonne** capacity base in Vietnam is underway, and the Australia project has entered the trial production phase, marking the accelerated implementation of the "local production, local users, local service" strategic blueprint[40](index=40&type=chunk) - Leveraging the localized service capabilities of its overseas bases, the Group provides more efficient technical support and supply chain response to customers in Southeast Asia and Oceania, driving an increase in overseas revenue and significantly enhancing international competitiveness[40](index=40&type=chunk) [Financial Performance Analysis](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) [Revenue](index=18&type=section&id=%E7%87%9F%E6%A5%AD%E9%A1%8D) The Group's H1 2025 revenue increased by 11.7% to RMB 9,323.2 million, with sales volume up 12.5% to 407,224 tonnes; both architectural and industrial aluminum profile sales grew, accounting for 80.1% and 16.8% of total revenue, respectively - The Group's revenue for H1 2025 increased by **11.7%** to **RMB 9,323.2 million**, with sales volume of **407,224 tonnes**[41](index=41&type=chunk)[48](index=48&type=chunk) - Architectural aluminum profile revenue increased by **11.6%** year-on-year to approximately **RMB 7,472.5 million**, with sales volume up **14.7%**[42](index=42&type=chunk)[48](index=48&type=chunk) - Industrial aluminum profile revenue increased by **13.1%** year-on-year to approximately **RMB 1,569.9 million**, with sales volume up **8.4%**[43](index=43&type=chunk)[48](index=48&type=chunk) Revenue Details by Segment (For the six months ended June 30) | Segment | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Architectural aluminium profiles | 7,472,452 | 6,694,894 | | Industrial aluminium profiles | 1,569,883 | 1,388,461 | | **Total sale of aluminium profiles** | **9,042,335** | **8,083,355** | | Others | 280,855 | 266,485 | | **Total** | **9,323,190** | **8,349,840** | [Gross Profit and Gross Profit Margin](index=22&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's H1 2025 gross profit decreased by 17.6% to approximately RMB 617.9 million, with overall gross profit margin falling to 6.6% (H1 2024: 9.0%), primarily due to intensified market competition, and both architectural and industrial aluminum profile margins also declined - The Group's gross profit for H1 2025 decreased by **17.6%** to approximately **RMB 617.9 million**[50](index=50&type=chunk) - The Group's overall gross profit margin for H1 2025 decreased to **6.6%** (H1 2024: **9.0%**), primarily due to intensified market competition[50](index=50&type=chunk)[52](index=52&type=chunk) Segment Gross Profit Margin (For the six months ended June 30) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Overall | 6.6% | 9.0% | | Architectural aluminium profiles | 5.7% | 9.3% | | Industrial aluminium profiles | 2.9% | 4.0% | | All other segments | 50.7% | 26.0% | [Other Income](index=22&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's H1 2025 other income remained stable at approximately RMB 98.6 million, primarily due to increased government grants received - The Group's other income for H1 2025 remained stable at approximately **RMB 98.6 million** (H1 2024: RMB 97.2 million), with the increase primarily attributable to higher government grants received in H1 2025[53](index=53&type=chunk) [Distribution Costs](index=22&type=section&id=%E5%88%86%E9%8A%B7%E6%88%90%E6%9C%AC) The Group's H1 2025 distribution costs decreased by 18.1% to approximately RMB 146.7 million, representing 1.6% of revenue, primarily due to tighter cost control - The Group's distribution costs for H1 2025 decreased by **18.1%** to approximately **RMB 146.7 million** (H1 2024: RMB 179.0 million), representing **1.6%** of revenue (H1 2024: 2.1%)[54](index=54&type=chunk) - The decrease in distribution costs was primarily due to tighter cost control[54](index=54&type=chunk) [Administrative Expenses](index=22&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) The Group's H1 2025 administrative expenses increased by 4.5% to RMB 222.2 million, representing 2.4% of revenue - The Group's administrative expenses for H1 2025 increased by **4.5%** to **RMB 222.2 million** (H1 2024: RMB 212.7 million), representing **2.4%** of revenue (H1 2024: 2.5%)[55](index=55&type=chunk) [Profit Attributable to Owners of the Company and Net Profit Margin](index=23&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%BA%A2%E5%88%A9%E5%8F%8A%E7%B4%94%E5%88%A9%E7%8E%87) The Group's H1 2025 profit attributable to owners decreased by 28.4% to approximately RMB 270.9 million, with net profit margin falling to 2.9% (H1 2024: 4.5%), primarily due to the decline in overall gross profit margin - The profit attributable to owners of the Company for H1 2025 decreased by **28.4%** to approximately **RMB 270.9 million** (H1 2024: RMB 378.4 million), while the net profit margin decreased to **2.9%** (H1 2024: 4.5%)[56](index=56&type=chunk) - The Board believes that the decrease in profit was primarily due to the reduction in overall gross profit margin[57](index=57&type=chunk) [Financial Position Analysis](index=23&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) The Group's current and quick ratios decreased in H1 2025, while the gearing ratio slightly increased; inventory turnover remained stable, and both trade receivables and payables days extended, mainly due to increased use of bills receivable/payable [Current and Quick Ratios](index=23&type=section&id=%E6%B5%81%E5%8B%95%E5%8F%8A%E9%80%9F%E5%8B%95%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's current ratio was 1.42 and quick ratio was 1.15, both lower than December 31, 2024, primarily due to higher utilization of bills payable for supplier settlements and short-term bank and other borrowings Current and Quick Ratios (As at period end) | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current ratio | 1.42 | 1.60 | | Quick ratio | 1.15 | 1.34 | - The current ratio and quick ratio decreased as at June 30, 2025, primarily due to the higher utilisation of bills payable for settlement of suppliers' accounts and short-term bank and other borrowings in H1 2025[59](index=59&type=chunk) [Gearing Ratio](index=23&type=section&id=%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio slightly increased to 21.5% (December 31, 2024: 19.8%), primarily due to an increase in overall bank and other borrowings in H1 2025 Gearing Ratio (As at period end) | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 21.5% | 19.8% | - The gearing ratio as at June 30, 2025 slightly increased compared to December 31, 2024, primarily due to the combined effect of an increase in the overall amount of bank and other borrowings in H1 2025[62](index=62&type=chunk) [Inventory Turnover Days](index=24&type=section&id=%E5%AD%98%E8%B2%A8%E9%80%B1%E8%BD%89%E6%9C%9F) The Group's H1 2025 inventory turnover days remained stable at 39 days, consistent with the prior period Inventory Turnover Days (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Inventory turnover days (days) | 39 | 39 | - The Group's inventory turnover days for H1 2025 remained stable compared to H1 2024[64](index=64&type=chunk) [Trade Receivables Turnover Days](index=24&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E8%A8%98%E8%B3%A6%E6%9C%9F) The Group's H1 2025 trade receivables turnover days increased to 98 days (H1 2024: 91 days), primarily due to increased use of bills receivable, extending the overall settlement cycle Trade Receivables Turnover Days (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade receivables turnover days (days) | 98 | 91 | - The trade receivables turnover days for H1 2025 increased compared to H1 2024, due to the Group's increased use of bills receivable, which has led to an extension of the overall settlement cycle[67](index=67&type=chunk) [Trade Payables Turnover Days](index=25&type=section&id=%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E8%A8%98%E8%B3%A6%E6%9C%9F) The Group's H1 2025 trade payables turnover days increased to 102 days (H1 2024: 86 days), primarily due to increased use of bills payable, extending the overall settlement cycle Trade Payables Turnover Days (For the six months ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade payables turnover days (days) | 102 | 86 | - The trade payables turnover days for H1 2025 increased compared to H1 2024, due to the Group's increased use of bills payable, which has led to an increase in the overall settlement cycle[69](index=69&type=chunk) [Loans and Borrowings](index=25&type=section&id=%E8%B2%B8%E6%AC%BE%E5%8F%8A%E5%80%9F%E8%B2%B8) As of June 30, 2025, the Group's loans and borrowings were approximately RMB 3,440.1 million (December 31, 2024: RMB 2,877.4 million), with approximately RMB 499.9 million bearing fixed interest rates, and all borrowings denominated in RMB - As at June 30, 2025, the Group's loans and borrowings amounted to approximately **RMB 3,440.1 million** (December 31, 2024: RMB 2,877.4 million), of which approximately **RMB 499.9 million** bore interest at fixed rates[70](index=70&type=chunk) - As at June 30, 2025, all the Group's loans and borrowings were denominated in RMB[70](index=70&type=chunk) [Bank Facilities and Guarantees](index=25&type=section&id=%E9%8A%80%E8%A1%8C%E4%BF%A1%E8%B2%B8%E9%A1%8D%E5%BA%A6%E5%8F%8A%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group's bank facilities were approximately RMB 16,211.2 million (December 31, 2024: RMB 14,231.2 million), with approximately RMB 8,365.2 million utilized, and no bank facilities were guaranteed by the Group's related parties - As at June 30, 2025, the Group's bank facilities amounted to approximately **RMB 16,211.2 million** (December 31, 2024: RMB 14,231.2 million), of which approximately **RMB 8,365.2 million** (December 31, 2024: RMB 6,420.1 million) were utilised[71](index=71&type=chunk) - No bank facilities were guaranteed by the Group's related parties[72](index=72&type=chunk) [Cash Flow Summary](index=26&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%91%98%E8%A6%81) The Group's H1 2025 net cash from operating activities remained stable at RMB 680.4 million, while net cash used in investing activities significantly increased to RMB 969.0 million, and net cash from financing activities turned into an inflow of RMB 264.9 million, resulting in a net decrease in cash and cash equivalents Cash Flow Summary (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash from operating activities | 680,409 | 680,595 | | Payments for purchase of property, plant and equipment and land use rights | (341,358) | (530,511) | | Net (increase)/decrease in pledged deposits | (243,423) | (49,917) | | Interest paid | (51,199) | (58,400) | | Net increase in bank borrowings | 562,781 | 162,712 | | Dividends paid | (245,511) | (243,880) | - As at June 30, 2025, the Group's cash and cash equivalents were approximately **RMB 2,701.5 million** (December 31, 2024: RMB 2,726.1 million), with **8.9%** held in USD, **1.2%** in HKD, **0.5%** in AUD, and the remaining balance in RMB[76](index=76&type=chunk) [Outlook and Future Strategies](index=19&type=section&id=%E5%B1%95%E6%9C%9B%E8%88%87%E6%9C%AA%E4%BE%86%E7%AD%96%E7%95%A5) [Industry Outlook](index=19&type=section&id=%E8%A1%8C%E6%A5%AD%E5%B1%95%E6%9C%9B) In H2 2025, real estate policy effectiveness is expected to deepen, improving market activity; the aluminum profile industry faces short-term supply-demand rebalancing challenges, but expanding applications in new energy vehicle lightweighting, photovoltaic installations, and aerospace composites will continue to open growth opportunities for high-end industrial aluminum profiles - Entering H2 2025, the real estate sector is experiencing a period of deepening policy effectiveness, with market activity showing signs of steady improvement, and industry downward pressure is expected to be temporarily alleviated[44](index=44&type=chunk) - Global economic recovery and expanding application scenarios in emerging industries, such as new energy vehicle lightweighting penetration exceeding **40%**, estimated global new photovoltaic installations reaching **230 GW**, and rising demand for aerospace composite materials, continue to open growth opportunities for high-end industrial aluminum profiles[44](index=44&type=chunk) [Group's Future Strategies](index=19&type=section&id=%E9%9B%86%E5%9C%98%E6%9C%AA%E4%BE%86%E7%AD%96%E7%95%A5) The Group will focus on building a green and low-carbon product system and deepening overall business strategic synergy; in architectural aluminum profiles, it will strengthen cooperation with state-owned enterprises on green supply chains and expand ultra-low energy building solutions; in industrial aluminum profiles, it will seize the lightweighting trend in new energy equipment, focus on breakthroughs in aerospace-grade high-strength aluminum alloys, and promote global production and sales system synergy - The Group is accelerating the construction of a green and low-carbon product system and deepening overall business strategic synergy[45](index=45&type=chunk) - In the architectural aluminum profile sector, responding to opportunities from accelerated urban renewal and affordable housing construction, the Group will strengthen cooperation with central state-owned enterprises on green supply chains and expand ultra-low energy building system solutions[45](index=45&type=chunk) - In the industrial aluminum profile sector, seizing the lightweighting trend in new energy equipment, focusing on breakthroughs in aerospace-grade high-strength aluminum alloys, new energy vehicle integrated die-casting structural parts have obtained EU airworthiness certification, and photovoltaic frame products have adopted TOPCon module global technical standards[45](index=45&type=chunk) [Global Layout and Green Intelligent Upgrade](index=20&type=section&id=%E5%85%A8%E7%90%83%E5%8C%96%E4%BD%88%E5%B1%80%E8%88%87%E7%B6%A0%E8%89%B2%E6%99%BA%E8%83%BD%E5%8D%87%E7%B4%9A) The Group will seize dual opportunities from global industrial chain restructuring and new quality productive forces to accelerate global capacity layout and green intelligent upgrades; seven domestic subsidiaries reduced export product carbon footprints by 40%, while overseas expansion deepens regional synergy, with Vietnam focusing on ASEAN semiconductor and industrial materials, and Australia serving Oceania data centers and high-end equipment manufacturing, building a "global resources-local delivery" resilient supply chain - The Group will seize the dual opportunities of global industrial chain restructuring and the development of new quality productive forces to accelerate the global layout of production capacity and green intelligent upgrades[46](index=46&type=chunk) - Domestically, **7** subsidiaries have enabled a **40%** reduction in the carbon footprint of export products[46](index=46&type=chunk) - Overseas layout continues to deepen regional synergy, with the Vietnam project focusing on meeting ASEAN market demand for semiconductor heat dissipation profiles and high-end industrial materials, and the Australia project dedicated to serving data centers and high-end equipment manufacturing in Oceania[46](index=46&type=chunk) - Simultaneously building a "global resources-local delivery" resilient supply chain system to comprehensively enhance international market pricing power, supply chain risk resistance, and ESG compliance competitiveness[46](index=46&type=chunk) [Risk Management and Sustainable Development](index=20&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95) Facing dual challenges of aluminum price cyclical fluctuations and trade policy adjustments, the Group manages risks with dynamic hedging and recycled aluminum technology, adhering to its strategic development; looking ahead, it will leverage core patent-based technological barriers and global production network advantages, adapting to market demand through agile response mechanisms to drive sustainable value growth and deliver long-term stable returns to shareholders - Facing the dual challenges of cyclical aluminum price fluctuations and trade policy adjustments, the Group manages risks with a dynamic hedging mechanism combined with recycled aluminum technology iteration, adhering to its strategic development axis[47](index=47&type=chunk) - The Group will leverage its technological barriers built on core patents and global production network advantages, adapting to evolving market demands through agile response mechanisms to provide cost-effective aluminum application solutions to customers[47](index=47&type=chunk) - Driving sustainable value growth for the Group and creating long-term stable returns for shareholders[47](index=47&type=chunk) [Other Information](index=26&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Share Capital](index=26&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company had 420,649,134 ordinary shares of HKD 0.01 par value in issue; no shares were issued or repurchased in H1 2025 - As at June 30, 2025, the Company had **420,649,134** ordinary shares of **HKD 0.01** par value in issue[73](index=73&type=chunk) - No shares of the Company were issued or repurchased during H1 2025[73](index=73&type=chunk) [Treasury Policy](index=26&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group's treasury policy aims to regularly monitor liquidity needs and comply with loan covenants, ensuring sufficient cash reserves and committed facilities from major financial institutions to meet short-term and long-term liquidity requirements, while also managing USD and HKD currency risks - The Group's treasury policy is to regularly monitor liquidity requirements and compliance with loan covenants to ensure that it maintains sufficient cash reserves and adequate committed facilities from major financial institutions to meet its short-term and long-term liquidity needs[74](index=74&type=chunk) - The Group is exposed to **USD** and **HKD** currency risks as certain inventories, trade and other receivables, trade and other payables, loans and borrowings, and bank balances are denominated in these currencies[74](index=74&type=chunk) [Events After the Reporting Period](index=27&type=section&id=%E8%87%AA%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%BA%95%E4%BB%A5%E4%BE%86%E4%B8%A6%E7%84%A1%E7%99%BC%E7%94%9F%E5%B0%8D%E6%9C%AC%E9%9B%86%E5%9C%98%E9%80%A0%E6%88%90%E5%BD%B1%E9%9F%BF%E7%9A%84%E9%87%8D%E5%A4%A7%E5%85%B6%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant subsequent events affecting the Group have occurred since the end of H1 2025 - No significant subsequent events affecting the Group have occurred since the end of H1 2025[77](index=77&type=chunk) [Human Resources](index=27&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately 10,527 full-time employees in China and Hong Kong; H1 2025 total employee remuneration expenses were about RMB 594.9 million, representing 6.4% of the Group's revenue; the remuneration policy is performance-based, offering discretionary bonuses and training programs - As at June 30, 2025, the Group employed a total of approximately **10,527** full-time employees in the PRC and Hong Kong[78](index=78&type=chunk) - For H1 2025, the Group's total employee remuneration expenses were approximately **RMB 594.9 million** (H1 2024: approximately RMB 555.6 million), representing approximately **6.4%** of the Group's revenue (H1 2024: 6.7%)[78](index=78&type=chunk) - The Group's remuneration policy is determined based on the performance of individual employees and directors and is reviewed annually; in addition to statutory benefits, discretionary bonuses and employee share options are offered as incentives based on individual performance appraisals, and internal and external training programs are provided as needed[78](index=78&type=chunk) [Interim Dividend](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The directors do not recommend an interim dividend for H1 2025 (H1 2024: nil) - The directors do not recommend the payment of an interim dividend for H1 2025 (H1 2024: nil)[79](index=79&type=chunk) [Corporate Governance](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board believes the Company complied with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules during H1 2025, and all directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 - The Directors are of the opinion that the Company has complied with all the code provisions set out in Part 2 of Appendix C1 to the Listing Rules on Corporate Governance Code throughout H1 2025[80](index=80&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules and all Directors have confirmed that they have complied with the required standards set out in the Model Code throughout H1 2025[81](index=81&type=chunk) [Review by Audit Committee](index=28&type=section&id=%E7%94%B1%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee, comprising three independent non-executive directors and one non-executive director, with Mr. Lam Ying Hung as chairman possessing financial expertise, has met with management and external auditors to review the Group's unaudited condensed consolidated results for H1 2025 - The Audit Committee comprises Mr. Chan Mok, Mr. Ho Kwan Yiu and Mr. Lam Ying Hung, all independent non-executive Directors, and Mr. Wang Lei, a non-executive Director; Mr. Lam (who possesses professional qualifications and experience in financial matters) is the chairman of the Audit Committee[82](index=82&type=chunk) - The Audit Committee has held meetings with the management of the Company and the external auditor and has reviewed the unaudited condensed consolidated results of the Group for H1 2025[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities in H1 2025 - Neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company's listed securities during H1 2025[83](index=83&type=chunk) [Publication of 2025 Interim Report](index=28&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E8%BC%89%E4%BA%8C%E9%9B%B6%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the HKEX and Company websites, and the Company's 2025 Interim Report, containing all information required by the Listing Rules, will be published on both websites in due course - This announcement will be published on the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.xingfa.com) respectively[84](index=84&type=chunk) - The Company's 2025 Interim Report containing all the information required by the Listing Rules will be published on the respective websites of the Stock Exchange and the Company in due course[84](index=84&type=chunk) [Board of Directors](index=29&type=section&id=%E6%96%BC%E6%9C%AC%E5%85%AC%E4%BD%88%E6%97%A5%E6%9C%9F%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E5%A6%82%E4%B8%8B%EF%BC%9A) Lists the Company's Board of Directors as of August 27, 2025, including executive, non-executive, and independent non-executive directors - The Company's Board of Directors includes Executive Directors Mr. Wang Li (Chairman), Mr. Liao Yuqing (Chief Executive Officer), Ms. Zheng Jianhua (Chief Financial Officer), Mr. Luo Yongguan, Mr. Wang Zhihua, and Mr. Luo Jianfeng[86](index=86&type=chunk) - Non-executive Directors include Mr. Zuo Manlun and Mr. Wang Lei[86](index=86&type=chunk) - Independent Non-executive Directors include Mr. Chan Mok, Mr. Ho Kwan Yiu, Mr. Lam Ying Hung, and Mr. Wen Xianjun[86](index=86&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聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （以存續方式於開曼群島註冊的有限公司） （股份代號：1837） 截至2025年6月30日止六個月 中期業績 五谷磨房食品國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）欣然公佈本集團截至2025年6月30日止六個月（「本報告期」） 的綜合業績，連同截至2024年6月30日止六個月（「2024年同期」）的比較數字如下。 Natural Food International Holding Limited 五谷磨房食品國際控股有限公司 財務摘要 1 中期簡明綜合損益及其他全面收入表 截至2025年6月30日止六個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收入 | 4 ...

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。 Shandong Boan Biotechnology Co., Ltd. 山東博安生物技術股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6955） 截 至2025年6月30日止六個月的中期業績公告 財務摘要 1. 收 入 截 至2025年6月30日 止 六 個 月，本 集 團 的 收 入 約 為 人 民 幣393.4百 萬 元， 較截至2024年6月30日止六個月的人民幣362.9百萬元增加約人民幣30.5 百 萬 元，同 比 增 長8.4%。該 增 加 主 要 是 由 於 產 品（博 優 諾®、博 優 倍®及 博 洛 加®）銷售較截至2024年6月30日止六個月持續增長15.9%至人民幣385.3 百 萬 元。 2. ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance indicators for the period Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 406,759 | 369,696 | 10.03 | | Gross Profit | 47,690 | 47,110 | 1.23 | | Profit Before Tax | 16,507 | 14,850 | 11.16 | | Profit for the Period | 14,923 | 12,543 | 18.97 | | Earnings Per Share (RMB) | 0.03 | 0.03 | — | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim consolidated financial statements, detailing its financial performance and position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased by **10.03%** to **RMB 406,759 thousand**, with profit for the period rising **18.97%** to **RMB 14,923 thousand**, driven by revenue growth and cost control Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 406,759 | 369,696 | | Cost of Sales | (359,069) | (322,586) | | Gross Profit | 47,690 | 47,110 | | Other Income and Gains | 3,754 | 4,321 | | Selling and Distribution Expenses | (3,147) | (3,639) | | Administrative Expenses | (17,289) | (20,963) | | Research and Development Expenses | (9,270) | (6,683) | | Impairment Loss on Financial Assets | (1,690) | (2,335) | | Other Expenses | (40) | (20) | | Finance Costs | (3,501) | (2,941) | | Profit Before Tax | 16,507 | 14,850 | | Income Tax Expense | (1,584) | (2,307) | | Profit for the Period | 14,923 | 12,543 | | Profit Attributable to Owners of the Parent | 14,687 | 12,320 | | Profit Attributable to Non-controlling Interests | 236 | 223 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income was **RMB 13,069 thousand**, a decrease from **RMB 16,952 thousand** in the prior period, primarily due to changes in exchange differences Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the Period | 14,923 | 12,543 | | Exchange Differences on Translation of Foreign Operations (may be reclassified to profit or loss) | 3,083 | 4,409 | | Exchange Differences on Translation of Foreign Operations (will not be reclassified to profit or loss) | (4,937) | — | | Other Comprehensive (Loss)/Income for the Period (net of tax) | (1,854) | 4,409 | | Total Comprehensive Income for the Period | 13,069 | 16,952 | | Total Comprehensive Income Attributable to Owners of the Parent | 12,833 | 16,729 | | Total Comprehensive Income Attributable to Non-controlling Interests | 236 | 223 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities amounted to **RMB 418,989 thousand**, an increase from December 31, 2024, primarily driven by an increase in net current assets Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 40,493 | 32,597 | | Right-of-use Assets | 421 | 641 | | Other Intangible Assets | 248 | 230 | | Deferred Tax Assets | 2,226 | 1,836 | | Other Non-current Assets | 42,205 | 53,915 | | **Total Non-current Assets** | **85,593** | **89,219** | | **Current Assets** | | | | Inventories | 771 | 129 | | Trade Receivables | 300,485 | 235,042 | | Prepayments, Other Receivables and Other Assets | 225,847 | 215,973 | | Restricted Cash | — | 27 | | Cash and Cash Equivalents | 348,055 | 371,016 | | **Total Current Assets** | **875,158** | **822,187** | | **Current Liabilities** | | | | Trade Payables | 216,309 | 199,598 | | Other Payables and Accruals | 26,166 | 38,023 | | Contract Liabilities | 179 | 231 | | Interest-bearing Bank Borrowings | 294,567 | 262,811 | | Lease Liabilities | 262 | 485 | | Tax Payable | 4,279 | 4,329 | | **Total Current Liabilities** | **541,762** | **505,477** | | **Net Current Assets** | **333,396** | **316,710** | | **Total Assets Less Current Liabilities** | **418,989** | **405,929** | | **Non-current Liabilities** | | | | Lease Liabilities | — | 9 | | **Total Non-current Liabilities** | **—** | **9** | | **Net Assets** | **418,989** | **405,920** | | **Equity** | | | | Equity Attributable to Owners of the Parent | 415,275 | 402,442 | | Non-controlling Interests | 3,714 | 3,478 | | **Total Equity** | **418,989** | **405,920** | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section details accounting policies, significant judgments, and explanatory notes to the interim consolidated financial information [1. Company Information](index=6&type=section&id=1.%20Company%20Information) The company was incorporated in the Cayman Islands and primarily engages in IDC solution services, edge computing services, and other services in China - The Company was incorporated in the Cayman Islands as a limited liability company on December **10**, **2021**[10](index=10&type=chunk) - The Group primarily engages in providing Internet Data Center (IDC) solution services, edge computing services, and other services in Mainland China[10](index=10&type=chunk) [2. Basis of Presentation](index=6&type=section&id=2.%20Basis%20of%20Presentation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read in conjunction with the annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard **34** — Interim Financial Reporting[11](index=11&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=6&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The amendment to IAS 21, "Lack of Exchangeability," was first adopted this period but had no impact on the financial information as the Group's transaction and functional currencies are convertible - The Group first adopted the amendment to IAS **21**, 'Lack of Exchangeability', during the period[12](index=12&type=chunk)[13](index=13&type=chunk) - As the currencies used for transactions by the Group and the functional currencies used by Group entities for translation into the Group's presentation currency are convertible, these amendments had no impact on the interim condensed consolidated financial information[13](index=13&type=chunk) [4. Operating Segment Information](index=6&type=section&id=4.%20Operating%20Segment%20Information) The Group primarily provides IDC solution services, edge computing services, and other services in Mainland China, which management considers a single reportable operating segment, with all revenue and non-current assets originating from Mainland China - The Group is primarily a provider of IDC solution services, edge computing services, and other services in Mainland China[14](index=14&type=chunk) - Management considers the Group's operating segments as a single reportable operating segment[14](index=14&type=chunk) - All of the Group's revenue and non-current assets are derived from Mainland China[15](index=15&type=chunk) [5. Revenue, Other Income and Gains](index=7&type=section&id=5.%20Revenue,%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, total revenue from contracts with customers was **RMB 406,759 thousand**, primarily from IDC solution services, while other income and gains totaled **RMB 3,754 thousand**, a decrease from the prior period Revenue from Contracts with Customers by Type of Goods or Services (For the Six Months Ended June 30) | Type of Goods or Services | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | IDC Solution Services | 376,077 | 348,699 | | Edge Computing Services | 29,228 | 20,997 | | Other Services | 1,454 | — | | **Total Revenue from Contracts with Customers** | **406,759** | **369,696** | Other Income and Gains Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government Grants | 372 | 3,502 | | Bank Interest Income | 255 | 198 | | Interest Income from Long-term Receivables | 2,921 | 621 | | Other | 206 | — | | **Total** | **3,754** | **4,321** | [6. Profit Before Tax](index=8&type=section&id=6.%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was **RMB 16,507 thousand**, influenced by factors such as cost of services, depreciation, R&D expenses, and employee benefit expenses Profit Before Tax Deducted/(Credited) Items (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Services Provided | 359,069 | 322,586 | | Depreciation of Property, Plant and Equipment | 4,197 | 2,451 | | Depreciation of Right-of-use Assets | 220 | 294 | | Amortisation of Intangible Assets | 124 | 162 | | Research and Development Expenses | 9,270 | 6,683 | | Total Employee Benefit Expenses | 17,594 | 14,967 | | Impairment Loss on Financial Assets Recognised | 1,690 | 2,335 | | Bank Interest Income | (255) | (198) | | Interest Income from Long-term Receivables | (2,921) | (621) | | Listing Expenses | — | 7,507 | [7. Finance Costs](index=9&type=section&id=7.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs amounted to **RMB 3,501 thousand**, primarily comprising interest on bank borrowings, representing an increase from the prior period Finance Costs Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,490 | 2,915 | | Interest on Lease Liabilities | 11 | 26 | | **Total** | **3,501** | **2,941** | [8. Income Tax](index=9&type=section&id=8.%20Income%20Tax) For the six months ended June 30, 2025, total income tax expense was **RMB 1,584 thousand**, a decrease from the prior period, primarily including current and deferred income tax in Mainland China Income Tax Expense Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current | 1,974 | 2,331 | | Deferred | (390) | (24) | | **Total Tax Expense for the Period** | **1,584** | **2,307** | [9. Dividends](index=9&type=section&id=9.%20Dividends) For the six months ended June 30, 2025, the company neither declared nor proposed any interim dividends - For the six months ended June 30, 2025, no interim dividend was declared or proposed to the ordinary shareholders of the Company[22](index=22&type=chunk) [10. Earnings Per Share Attributable to Owners of the Parent](index=9&type=section&id=10.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the parent remained stable at **RMB 0.03** Basic and Diluted Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent (RMB '000) | 14,687 | 12,320 | | Weighted Average Number of Ordinary Shares in Issue for the Period | 460,000,000 | 382,083,333 | | Earnings Per Share (Basic and Diluted, RMB) | 0.03 | 0.03 | [11. Property, Plant and Equipment](index=10&type=section&id=11.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of **RMB 12,099 thousand** and disposed of assets with a net book value of **RMB 6 thousand**, resulting in a net loss of **RMB 5 thousand** - For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of **RMB 12,099 thousand**, an increase from **RMB 10,179 thousand** in the prior period[25](index=25&type=chunk) - The Group disposed of assets with a net book value of **RMB 6 thousand**, resulting in a net loss on disposal of **RMB 5 thousand**[25](index=25&type=chunk) [12. Other Non-current Assets](index=10&type=section&id=12.%20Other%20Non-current%20Assets) As of June 30, 2025, total other non-current assets amounted to **RMB 42,205 thousand**, primarily consisting of long-term receivables net of impairment provisions Other Non-current Assets (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Long-term Receivables | 67,360 | 78,691 | | Less: Long-term Receivables Due Within One Year | (23,859) | (23,025) | | Less: Impairment | (1,296) | (1,751) | | **As at Year/Period End** | **42,205** | **53,915** | [13. Trade Receivables](index=10&type=section&id=13.%20Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to **RMB 300,485 thousand**, with the majority due within one year, representing an increase from December 31, 2024 Trade Receivables (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 307,179 | 239,564 | | Less: Impairment | (6,694) | (4,522) | | **As at Year/Period End** | **300,485** | **235,042** | Trade Receivables Aging Analysis (As of June 30) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within One Year | 259,898 | 191,579 | | One to Two Years | 40,587 | 43,463 | | **Total** | **300,485** | **235,042** | [14. Prepayments, Other Receivables and Other Assets](index=11&type=section&id=14.%20Prepayments,%20Other%20Receivables%20and%20Other%20Assets) As of June 30, 2025, prepayments, other receivables, and other assets totaled **RMB 225,847 thousand**, an increase from December 31, 2024, primarily comprising prepayments and other receivables Prepayments, Other Receivables and Other Assets (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Long-term Receivables Due Within One Year (net of impairment) | 23,148 | 22,301 | | Prepayments | 159,707 | 121,716 | | Other Receivables | 38,749 | 67,924 | | Deposits | 1,156 | 863 | | Other | 3,166 | 3,262 | | Less: Impairment | (79) | (93) | | **Total** | **225,847** | **215,973** | - Prepayments, other receivables, and other assets are unsecured, interest-free, and have no fixed repayment terms[27](index=27&type=chunk) [15. Trade Payables](index=12&type=section&id=15.%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to **RMB 216,309 thousand**, with the majority due within one year, representing an increase from December 31, 2024 Trade Payables Aging Analysis (As of June 30) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within One Year | 212,626 | 199,048 | | One to Two Years | 3,683 | 550 | | **Total** | **216,309** | **199,598** | [16. Interest-bearing Bank Borrowings](index=12&type=section&id=16.%20Interest-bearing%20Bank%20Borrowings) As of June 30, 2025, total interest-bearing bank borrowings amounted to **RMB 294,567 thousand**, with interest rates ranging from **1.80%** to **3.00%**, all denominated in RMB with fixed interest rates Interest-bearing Bank Borrowings (As of June 30) | Item | Effective Interest Rate (%) | Year of Maturity | June 30, 2025 (RMB '000) | | :--- | :--- | :--- | :--- | | Bank Borrowings—Unsecured | 1.80 – 3.00 | 2025 – 2026 | 294,567 | | **Bank Borrowings Repayable: Within 1 Year** | | | **294,567** | - The Group's borrowings are denominated in RMB, and all borrowings bear fixed interest rates[29](index=29&type=chunk) [17. Share Capital](index=12&type=section&id=17.%20Share%20Capital) As of June 30, 2025, issued and fully paid ordinary shares totaled **460,000,000** shares, with a share capital of **RMB 32,722**, consistent with December 31, 2024 Share Capital (As of June 30) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (**460,000,000** shares) | 32,722 | 32,722 | [18. Commitments](index=13&type=section&id=18.%20Commitments) As of June 30, 2025, the Group had no significant contractual commitments - As of June 30, 2025 and December 31, 2024, the Group has no significant contingent liabilities or capital commitments[30](index=30&type=chunk) [19. Related Party Transactions](index=13&type=section&id=19.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, total remuneration paid to key management personnel amounted to **RMB 3,702 thousand**, a decrease from the prior period Remuneration Paid to Key Management Personnel (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Short-term Employee Benefits | 3,436 | 4,294 | | Pension Scheme Contributions | 266 | 287 | | **Total Remuneration Paid to Key Management Personnel** | **3,702** | **4,581** | [20. Fair Value and Fair Value Hierarchy of Financial Instruments](index=13&type=section&id=20.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The carrying amounts of the Group's financial instruments approximate their fair values, primarily due to their short-term maturity - The carrying amounts of the Group's financial instruments approximate their fair values[32](index=32&type=chunk) - The main reason for the fair value approximating the carrying amount is that these instruments mature in the short term[32](index=32&type=chunk) [21. Events After the Reporting Period](index=13&type=section&id=21.%20Events%20After%20the%20Reporting%20Period) After the reporting period, the company completed a new share subscription on July 18, 2025, and established a joint venture with Shannon Semiconductor Technology Co., Ltd. on August 12, 2025, to expand into the intelligent computing services market [(a) Subscription of New Shares](index=13&type=section&id=21.%20%28a%29%20Subscription%20of%20New%20Shares) On July 18, 2025, the company signed subscription agreements with two investment entities to issue a total of **45,985,000** new shares at **HKD 4.98** per share, completed on August 18, 2025, with net proceeds of approximately **HKD 228 Million** to be used for core business enhancement, business expansion, establishing intelligent computing centers, and supplementing working capital - On July **18**, **2025**, the Company entered into subscription agreements with Xichuang Phase I Artificial Intelligence Investment (Wuxi) Partnership (Limited Partnership) and Wuxi Xintou Chuangrong Equity Investment Partnership (Limited Partnership)[33](index=33&type=chunk)[34](index=34&type=chunk) - A total of **45,985,0

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） 截至2025年6月30日止六個月之中期業績公告 中創新航科技集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣 布本公司及其附屬公司（統稱「本集團」、「中創新航」或「我們」）截至2025年6月30 日止六個月（「報告期」）的未經審計簡明合併中期業績，連同截至2024年6月30日 止六個月的業績比較數字，如下文所示： 財務摘要 本集團收入由截至2024年6月30日止六個月的人民幣12,469.24百萬元增長31.7% 至截至2025年6月30日止六個月的人民幣16,418.88百萬元。 本集團期內利潤由截至2024年6月30日止六個月的人民幣417.31百萬元增長 80.4%至截至2025年6月30日止六個月的人民幣752.99百萬元。 本集團基本每 ...