新華文軒出版傳媒股份有限公司 XINHUA WINSHARE PUBLISHING AND MEDIA CO., LTD. For identification purposes only 僅供識別 INTERIM REPORT 2025 中期報告 目錄 | 釋義 | 2 | | --- | --- | | 重要提示 | 5 | | 公司資料 | 6 | | 管理層討論與分析 | 8 | | 其他資料 | 28 | | 按《中國企業會計準則》編製的中期財務報表、附註及補充資料 | 34 | 2 新華文軒出版傳媒股份有限公司 二零二五年中期報告 釋義 在本報告書中（不含財務報告部份），除非文義另有所指，下列詞語具有如下含義： | 常用詞語釋義 | | | | --- | --- | --- | | 2025年第一次臨時 | 指 | 本公司擬於2025年10月23日舉行之2025年第一次臨時股東大 | | 股東大會 | | 會 | | A股 | 指 | 於中國境內發行的、以人民幣認購並在上交所上市的每股面值 | | | | 人民幣1.00元的人民幣普通股 | | 《公司章程》 | 指 | 本公司的公司章程，經不時 ...

User Base and Growth - Medlive Technology Co., Ltd. has over 7 million registered users, with more than 4 million licensed physicians, representing 88% of the total licensed physicians in China[13]. - The average number of monthly active users (MAUs) on the platform increased to 2.78 million from 2.50 million in the same period last year, reflecting a growth of 11.2%[13]. - The number of customers for precision marketing solutions increased by 20.9% from 158 in the first half of 2024 to 191 in the first half of 2025[26]. - The number of products covered by precision marketing solutions rose by 32.4%, from 336 in the first half of 2024 to 445 in the first half of 2025[26]. - Paid clicks increased from 5.98 million in the first half of 2024 to 7.69 million in the first half of 2025[26]. Financial Performance - For the six months ended June 30, 2025, the company's revenue was approximately RMB 312.0 million, representing an increase of 28.2% compared to the same period last year[25]. - The net profit for the same period increased from RMB 152.7 million to RMB 160.4 million, maintaining a net profit margin of 51.4%[25]. - Revenue from precision marketing and corporate solutions increased by 29.6% to RMB 292.4 million from RMB 225.6 million in the same period of 2024[28]. - Revenue from medical knowledge solutions increased by 9.2% to RMB 9.2 million from RMB 8.4 million in the same period of 2024[36]. - Revenue from intelligent patient management solutions increased by 11.5% to RMB 10.4 million for the six months ended June 30, 2025, compared to RMB 9.4 million in the same period of 2024[48]. AI and Technological Advancements - The company has launched AI-driven products such as MedSeeker, MedPaper, and MedAssister to assist physicians in clinical decision-making and enhance research efficiency[17]. - The self-developed AI-driven physician portrait engine and clinical decision support tools are designed to enhance academic education solutions for enterprise customers[16]. - The healthcare industry is experiencing a technological transformation, with AI technology reshaping its ecology and driving innovation[17]. - The company has established a high-end GPU computing power cluster to improve model inferencing efficiency while ensuring data security[17]. - The company has established a single-cell data zero-code analysis platform based on AI algorithms to support clinical physicians in research studies[23]. Market Position and Strategy - The company is a leader in digital pharmaceutical marketing services in China, utilizing AI technology to improve marketing efficiency for pharmaceutical and medical device enterprises[16]. - Medlive Technology Co., Ltd. is positioned to lead the integration of AI and healthcare, leveraging its extensive resources and technological capabilities[17]. - The company aims to enhance its specialized medical information and product tools on the Medlive platform, focusing on disease classification and expanding its business offerings[54]. - The Group plans to explore strategic partnerships and acquisitions to integrate industry resources and enhance its market position[67]. - The Group intends to continue pursuing strategic investments and acquisitions to enhance technological capabilities and expand its customer base, utilizing proceeds from the Global Offering for such acquisitions[127][132]. User Experience and Content Development - The Medlive platform now features 33,000 clinical guidelines, an increase of over 1,800 guidelines during the reporting period[39]. - The disease knowledge database expanded to 1,700 entries, integrating intelligent Q&A functionality for real-time clinical decision support[40]. - The cumulative number of recorded entries on drug instructions in Chinese exceeded 38,000, with over 3,200 new entries added[40]. - The company completed text translation for over 80,000 medical videos, achieving a text accuracy rate exceeding 98%[40]. - The company continues to enhance user experience on the platform through AI technology upgrades[39]. Operational Efficiency - The company added an automated content generation module, helping pharmaceutical representatives save 50% in labor costs[34]. - The AI content audit module reduced the medical content audit cycle from three days to two hours, enhancing efficiency[34]. - The average dosage and frequency of medication have significantly increased following the implementation of the physician-patient management solutions[49]. - The company has engaged in over 10 overseas conferences, enhancing its academic influence and providing timely access to authoritative medical information for clinical physicians[45]. - The Group's cost of sales increased by approximately 33.3% from approximately RMB 96.1 million to approximately RMB 128.1 million for the same period[78]. Cash Flow and Investments - The Group's cash and cash equivalents as of June 30, 2025, were approximately RMB 2,942.5 million, a decrease from approximately RMB 3,844.7 million as of December 31, 2024[111]. - The Group intends to finance its expansion and business operations using a combination of cash generated from operating activities and net proceeds from the Global Offering[105]. - The Group's total revenue from overseas markets was RMB 7,755,000 in 2025, up from RMB 5,642,000 in 2024, indicating an increase of about 37.4%[160]. - The net increase in cash and cash equivalents for the first half of 2025 was RMB 355,837,000, compared to RMB 157,153,000 in 2024, representing a growth of approximately 126.5%[150]. - The Group's unlisted investments increased significantly to RMB 1,474,731,000 as of June 30, 2025, compared to RMB 639,461,000 as of December 31, 2024, representing a growth of approximately 130%[187].

目 錄 | 2 | 釋義 | | --- | --- | | 7 | 公司資料 | | 10 | 行業情況及市場回顧 | | 13 | 業務回顧 | | 17 | 前景與展望 | | 17 | 中期業績 | | 17 | 中期股息 | | 18 | 管理層對財務狀況和經營業績的討論及分析 | | 26 | 公司投資情況 | | 27 | 董事及高級管理人員 | | 31 | 僱員及退休金計劃 | | 33 | 股本結構、變動及股東情況 | | 34 | 持股5%或以上主要股東 | | 35 | 股份變動及批准情況 | | 36 | 報告期末股東總數 | | 37 | 前十名股東持股情況 | | 38 | 董事及最高行政人員所擁有的股份權益 | | 40 | 回購、出售和贖回本公司之股份 | | 40 | 集團資產抵押及質押 | | 41 | 擔保情況 | | 42 | 公司管治 | | 43 | 有關董事及有關僱員的證券交易的行為守則 | | 43 | 董事會及其下轄委員會、股東會 | | 52 | 重要事項 | | 69 | 中期財務資料的獨立審閱報告 | | 70 | 未經審計中期簡明合併財務資料 | 釋 ...

2025 中期報告 2025 Interim Report (A joint stock company incorporated in the People's Republic of China with limited liability) SICHUAN ENERGY INVESTMENT DEVELOPMENT CO., LTD. 四川能投發展股份有限公司 INTERIM REPORT 2025 英文名稱： Sichuan Energy Investment Development Co., Ltd.* 中期報 告 註冊地址： 目錄 中國四川省 成都市溫江區 人和路789號 | 一. | 公司資料 | 2 | | --- | --- | --- | | 二. | 中期財務摘要 | 4 | | 三. | 管理層討論與分析 | 5 | | 四. | 企業管治及其他資料 | 20 | | 五. | 合併資產負債表 | 26 | | 六. | 合併利潤表 | 29 | | 七. | 合併現金流量表 | 31 | | 八. | 合併股東權益變動表 | 33 | | 九. | 未經審核中期財務報表附註 | 35 ...

目錄 2 公司資料 4 財務摘要 5 管理層討論及分析 20 其他資料 26 獨立審閱報告 27 簡明綜合損益表 28 簡明綜合損益及其他全面收入表 29 簡明綜合財務狀況表 31 簡明綜合權益變動表 33 簡明綜合現金流量表 34 簡明綜合財務報表附註 董事會 獨立非執行董事 執行董事 田衛東先生 （董事會主席及行政總裁） 劉紅兵先生 （首席技術官） 麥漢佳先生 （首席運營官） 鄭鋼先生 （首席財務官） 非執行董事 湯明哲博士 許微女士 薛春博士 （自2025年6月1日起辭任） 林晨博士 （自2025年6月1日起獲委任） 董事委員會 審核委員會 黃梓良先生 許微女士 （主席） 湯明哲博士 薛春博士 （自2025年6月1日起辭任） 林晨博士 （自2025年6月1日起獲委任） 薪酬委員會 許微女士 （主席） 田衛東先生 湯明哲博士 提名委員會 田衛東先生 （主席） 湯明哲博士 許微女士 公司秘書 翟永文先生（香港會計師公會會員） 授權代表 鄭鋼先生 翟永文先生 註冊辦事處 Maples Corporate Services Limited PO Box 309 Ugland House Grand Cayman ...

目 錄 | 第一節 | 釋義 | 3 | | --- | --- | --- | | 第二節 | 公司簡介和主要財務指標 | 4 | | 第三節 | 管理層討論與分析 | 9 | | 第四節 | 公司治理、環境和社會 | 30 | | 第五節 | 重要事項 | 33 | | 第六節 | 股份變動及股東情況 | 48 | | 第七節 | 債券相關情況 | 55 | | 第八節 | 財務報告 | 56 | | | 載有公司法定代表人簽字和公司蓋章的半年報報告文本 載有公司法定代表人、主管會計工作負責人和會計機構負責人簽名並蓋章的半年 | | --- | --- | | 備查文件目錄 | 度財務會計報告 | | | 報告期內在中國證監會指定的信息披露媒體、上交所及港交所網站上公開披露過 | | | 的所有公司文件的正本及公告的原稿 | | | 其他相關文件 | 1 重慶鋼鐵股份有限公司 重要提示 無 六. 前瞻性陳述的風險聲明 ✓ 適用 不適用 本半年度報告涉及的未來計劃、發展戰略等前瞻性陳述因存在不確定性，不構成公司對投資者的實質 承諾，敬請廣大投資者注意投資風險。 七. 是否存在被控股股東及其他關聯方非經營性佔 ...

Financial Performance - The unaudited consolidated loss attributable to equity holders for the six months ended June 30, 2025, was approximately HK$1,732 million, with a basic and diluted loss per share of HK$0.46[10][12] - For the first half of 2025, the Group recorded a turnover of RMB 5,946 million (HK$6,471 million), a decrease of 53% compared to RMB 12,559 million (HK$13,809 million) in the same period of 2024[82] - The Group's loss before taxation for the period was HK$1,307,777,000, with a total loss for the period amounting to HK$1,722,523,000[161] - The company reported a loss attributable to equity holders of HK$1,732,167,000 for the six months ended June 30, 2025, compared to a profit of HK$1,072,878,000 for the same period in 2024[197] - The company reported a fair value loss on investment properties of HK$382,046,000 in 2025, compared to a gain of HK$524,931,000 in 2024[183] Revenue Breakdown - Revenue from the commercial segment was approximately HK$2,215 million as of June 30, 2025, reflecting the brand's growing influence in the industry[38] - Property development contributed HK$2,794 million to the group's revenue, accounting for 43% of total sales[103] - Revenue from property development for the six months ended June 30, 2025, was HK$2,793,813, a decrease of 71.7% compared to HK$9,889,808 in 2024[171] - Revenue from commercial properties investment was HK$2,214,539, slightly down by 1.7% from HK$2,251,973 in the previous year[171] - Property management income increased to HK$709,368, up 8.3% from HK$654,965 in 2024[171] Sales and Market Conditions - Contracted sales for the Group reached RMB7,928 million, with regional sales of RMB3,809 million in the Yangtze River Delta, RMB1,925 million in the Guangdong-Hong Kong-Macao Greater Bay Area, and RMB2,194 million in the Bohai Rim Economic Zone[16][18] - The average selling price of contracted property sales was RMB25,070 per square meter, indicating strong demand for high-end improvement products[16][18] - In the first half of 2025, commercial housing transactions showed signs of improvement, with the year-on-year decline in sales narrowing, particularly in the secondary market[30] - The overall decline in market prices has narrowed, with some cities experiencing price increases, indicating a stabilization in the real estate market[31] - The year-on-year decline in funds received by real estate development enterprises decreased by 16.4 percentage points compared to the same period last year, with domestic loans increasing by 0.6% year-on-year[34] Asset Management and Investments - The Group's land bank as of June 30, 2025, was 26.56 million square meters, sufficient for future development needs[19][21] - The commercial segment's land bank totaled approximately 7.10 million sq.m., with 6.74 million sq.m. located in first-tier cities, accounting for 95% of the total[45] - The Group's investment segment focuses on equity investments in high-and-new technology, targeting medium-to-long term capital returns[65] - The Group's financial assets at fair value through other comprehensive income reached HK$1,902 million, while financial assets at fair value through profit or loss amounted to HK$937 million in the first half of 2025[66] - The Group plans to utilize structured notes and share options to balance investment income and market risks effectively[73] Operational Efficiency - The Group's strategy includes actively cooperating with the government on urban redevelopment to avoid high land premiums[19][21] - The Group is committed to enhancing its operational management of commercial assets through technology and smart solutions, aiming for sustainable development of heavy asset projects[47] - The Group's strategy includes enhancing internal management efficiency and cost control to maintain core competitiveness[64] - The Group plans to shift from traditional tenant management to incubation, focusing on establishing large-scale pan-entertainment product lines in rural regions[44] - The Group's focus on high-end improvement products and strong sales of rigid demand products contributed to overall sales performance[16][18] Financial Position - As of June 30, 2025, total assets amounted to HK$256,677 million and total liabilities were HK$157,697 million, remaining largely unchanged from December 31, 2024[108] - The current ratio as of June 30, 2025, was 1.60, slightly down from 1.61 as of December 31, 2024[108] - The Group's liability-to-asset ratio was 61% as of June 30, 2025, compared to 62% as of December 31, 2024[109] - Cash and bank balances decreased to HK$8,425 million as of June 30, 2025, from HK$11,398 million as of December 31, 2024[110] - Total borrowings from banks and financial institutions decreased by 6% to HK$69,812 million as of June 30, 2025, compared to December 31, 2024[111] Challenges and Future Outlook - Despite a slowdown in consumer spending, the Group's sales volume, customer traffic, and occupancy rate remained stable during the economic downturn[40] - The Group is actively negotiating with lenders for debt restructuring plans and renewal of certain borrowings[151] - The directors believe that, with the planned measures, the Group will have sufficient working capital to meet its financial obligations within the next twelve months[147] - The Group's cash flow projections cover a period of not less than twelve months from June 30, 2025[147] - The favorable conditions for China's economic development are expected to outweigh the unfavorable factors, maintaining a trend of stable and improving growth[35]

Revenue and Profitability - The total revenue for the six months ended June 30, 2025, was HKD 40,500,000, an increase of approximately HKD 6,000,000 or 17.4% compared to HKD 34,500,000 for the same period in 2024[7]. - Revenue from mobile phone and electronic product trading for the six months ended June 30, 2025, was HKD 40,500,000, with contributions from Hong Kong and China being HKD 30,100,000 and HKD 10,400,000, respectively, accounting for 74.3% and 25.7% of total revenue[7]. - Gross profit for the six months ended June 30, 2025, was HKD 1,100,000, with a gross profit margin of 2.7%, compared to HKD 95,000 and 0.3% for the same period in 2024[9]. - Other income for the six months ended June 30, 2025, was approximately HKD 500,000, up from HKD 100,000 for the same period in 2024[11]. - The company recorded a loss attributable to owners of HKD 6,600,000 for the six months ended June 30, 2025, compared to a loss of HKD 6,800,000 for the same period in 2024[17]. - Basic loss per share for the six months ended June 30, 2025, was HKD 0.0261, compared to HKD 0.0313 for the same period in 2024[18]. - The net loss for the six months ended June 30, 2025, was HKD 7,455,000, a decrease in loss compared to HKD 8,771,000 for the same period in 2024, indicating a 14.9% improvement[75]. - For the six months ended June 30, 2025, the company reported a loss attributable to owners of approximately HKD 6,560,000, compared to a loss of HKD 6,753,000 for the same period in 2024, indicating a decrease of about 2.86% in losses year-over-year[88]. Financial Position - Inventory as of June 30, 2025, was HKD 3,300,000, an increase from HKD 600,000 as of December 31, 2024, primarily due to undelivered mobile phones and electronic products[21]. - Cash and cash equivalents increased from approximately HKD 7,200,000 on December 31, 2024, to about HKD 7,900,000 on June 30, 2025, mainly due to a new share subscription completed in January 2025, amounting to approximately HKD 4,100,000[23]. - Total assets as of June 30, 2025, were HKD 59,255,000, slightly up from HKD 59,188,000 as of December 31, 2024[78]. - Current liabilities increased to HKD 78,165,000 as of June 30, 2025, compared to HKD 74,733,000 as of December 31, 2024[78]. - The company's equity attributable to owners decreased to HKD (13,464,000) as of June 30, 2025, from HKD (11,721,000) as of December 31, 2024[80]. - The company’s total equity attributable to owners decreased to HKD 26,790,000 as of June 30, 2025, from HKD 28,041,000 as of January 1, 2024, reflecting a decline of approximately 4.48%[81]. - The company’s current liabilities exceeded its current assets by approximately HKD 18,910,000 as of June 30, 2025, compared to HKD 15,545,000 as of December 31, 2024, indicating a worsening liquidity position[88]. Expenses and Costs - Financing costs for the six months ended June 30, 2025, were approximately HKD 1,000,000, compared to HKD 49,000 for the same period in 2024, mainly due to interest on short-term borrowings[15]. - Administrative expenses decreased by HKD 700,000 or 8.0% to approximately HKD 8,000,000 for the six months ended June 30, 2025, primarily due to reductions in salaries and legal fees[14]. - The company incurred employee costs totaling HKD 4,321,000 for the six months ended June 30, 2025, slightly up from HKD 4,174,000 in the same period of 2024[115]. Share Capital and Financing - The company has conditionally agreed to issue a total of 16,000,000 shares at a subscription price of HKD 0.26 per share, raising approximately HKD 4,160,000[53]. - The net proceeds from the share subscription completed on January 22, 2025, were approximately HKD 4,120,000, intended for general working capital[36]. - The company issued 16,000,000 new shares at a subscription price of HKD 0.26 per share, raising approximately HKD 4,160,000[120]. - The company plans to continue seeking alternative financing and bank loans to meet existing financial obligations and future operational and capital expenditures[92]. Market and Business Strategy - The company adopted a supply chain diversification strategy, expanding its trading and distribution network to more regions, contributing to the revenue increase from China[8]. - The group aims to leverage the growing demand for internet services in China, with fixed broadband users reaching 654 million as of June 2025[43]. - The mobile phone market in China is expected to face challenges due to ongoing trade tensions, but the large domestic market continues to provide growth momentum[47]. - The group is focused on technological advancements and market diversification to strengthen its competitive advantage and ensure robust growth in the coming years[48]. - The group plans to monitor changes in the Hong Kong and ASEAN trade markets closely to identify new opportunities[47]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations, with some deviations noted[68]. - There were no significant events after the reporting period up to the date of this report[67]. - The company has not granted any stock options under its stock option plan since its adoption in May 2014 until its expiration in May 2024[59]. - No arrangements have been made for directors to benefit from purchasing shares or bonds of the company during the reporting period[60]. - The company has no other disclosures regarding interests or positions held by directors or major shareholders as of June 30, 2025[64]. Segment Information - The group has two reportable segments: mobile phone and electronic products business, and mining business, although the mining business has been terminated[100]. - The reported loss from the mobile phone and electronic products business was HKD 1,145,000, while the terminated mining business incurred a loss of HKD 413,000, resulting in a total loss of HKD 1,558,000[105]. Fair Value and Financial Instruments - The fair value of financial assets measured at fair value as of June 30, 2025, includes HKD 529,000 in listed equity investments and HKD 106,000 in unlisted equity investments[128]. - The fair value of level 3 financial instruments increased from HKD 102,000 as of December 31, 2024, to HKD 106,000 as of June 30, 2025[131]. - The company reported a fair value change of HKD 4,000 for level 3 financial instruments during the period[131]. - The company’s non-listed equity investments are valued based on the fair value of the related assets and liabilities[132].

2025 INTERIM REPORT 中期報告 Contents目錄 | 2 | | | | --- | --- | --- | | Corporate Information | 公司資料 | | | 4 | | | | Financial Highlights | 財務摘要 | | | 6 | | | | Corporate Profile | 公司簡介 | | | 7 | | | | Management Discussion and Analysis | 管理層討論及分析 | | | 23 | | | | Other Information | 其他資料 | | | 32 | | | | Independent Review Report | 獨立審閱報告 | | | Interim Condensed Consolidated Statement of Profit or Loss and | 34 | Other Comprehensive Income | | 中期簡明綜合損益及其他全面收益表 | | | | 35 | | | | Interim Condensed Consolidated ...

Revenue and Profit Growth - For the six months ended June 30, 2025, the Group's revenue increased by approximately 27.4% to RMB1,600.9 million from RMB1,256.9 million for the same period in 2024[17]. - Net profit for the same period rose by approximately 25.0% to RMB11.5 million compared to RMB9.2 million in the prior year[17]. - Total revenue increased by approximately 27.4% to RMB1,600.9 million for the six months ended June 30, 2025, from RMB1,256.9 million for the same period in 2024[29]. - Earnings per share increased to RMB1.12 for the six months ended June 30, 2025, compared to RMB0.99 in the same period of 2024[19]. - The Group recorded a net profit of RMB 11.5 million for the six months ended June 30, 2025, compared to RMB 9.2 million for the same period in 2024[56]. - The total comprehensive income for the period was RMB 11.6 million, compared to RMB 9.3 million in 2024, representing a 25.0% increase[96]. - Profit for the period attributable to owners of the Company increased to RMB 11,209,000 in 2025 from RMB 9,856,000 in 2024, a growth of 14%[149]. Market Performance - Revenue from the Chinese and Indian markets increased by 27.8% to RMB1,483.1 million, up from RMB1,160.4 million in the previous year[14]. - Revenue from smartphones rose by 14.7% to RMB917.5 million for the six months ended June 30, 2025, compared to RMB799.6 million for the same period in 2024, driven by increased sales in the PRC and India[29]. - Revenue from IoT related products surged by 61.1% to RMB584.7 million for the six months ended June 30, 2025, up from RMB362.9 million for the same period in 2024, primarily due to increased tablet orders from major customers in the PRC[31]. - Revenue from India skyrocketed by 102.3% to RMB371.8 million for the six months ended June 30, 2025, compared to RMB183.8 million for the same period in 2024, driven by increased demand for smartphones[36]. - Revenue from the United States increased by 151.2% to RMB52.5 million for the six months ended June 30, 2025, from RMB20.9 million for the same period in 2024, resulting from strategic marketing initiatives[39]. - Revenue in Algeria surged by 255.6% to RMB12.8 million for the six months ended June 30, 2025, from RMB3.6 million for the same period in 2024, primarily driven by increased smartphone demand[41]. Strategic Initiatives and Market Position - The Group maintained a strong market position by leveraging a differentiated product portfolio and competitive pricing strategies[13]. - The Group aims to strengthen its market-leading position through strategic initiatives focused on sustaining growth and long-term success[23]. - The Company anticipates both challenges and opportunities in China's ODM mobile phone market moving forward[23]. - The Group's product portfolio includes smartphones, feature phones, PCBAs for mobile phones, and IoT related products, with a focus on enhancing research and development capabilities and diversifying geographical locations[26]. - The integration of artificial intelligence and the rapid deployment of 5G networks are expected to significantly boost demand for smartphones and IoT products[24]. Expenses and Financial Management - Selling expenses increased by 27.5% to RMB 32.0 million for the six months ended June 30, 2025, from RMB 25.1 million for the same period in 2024, attributed to higher transportation costs and marketing expenses[44]. - Research and development expenses increased by 16.6% to RMB 70.2 million for the six months ended June 30, 2025, from RMB 60.2 million for the same period in 2024, driven by higher staff costs and moulding expenses[49]. - Finance costs decreased by 23.6% to RMB 15.9 million for the six months ended June 30, 2025, from RMB 20.8 million for the same period in 2024, primarily due to a reduction in interest on discounted bills[50]. - Income tax expenses rose by 42.5% to RMB 5.7 million for the six months ended June 30, 2025, from RMB 4.0 million for the same period in 2024, reflecting an increase in tax assessable profits[51]. Assets and Liabilities - As of June 30, 2025, trade and bills receivables amounted to RMB 827.7 million, up from RMB 587.4 million as of December 31, 2024, primarily due to increased sales[59]. - As of June 30, 2025, the Group's prepayments and other receivables increased to RMB156.9 million from RMB128.0 million as of December 31, 2024, primarily due to higher prepayments to suppliers in response to growing customer demand[66]. - The Group's trade and bills payables decreased to RMB2,641.0 million as of June 30, 2025, from RMB2,708.5 million as of December 31, 2024, attributed to settlements made to suppliers[67]. - As of June 30, 2025, the Group had net current assets of RMB301.9 million, cash and cash equivalents of RMB113.1 million, and borrowings of RMB154.2 million, indicating a stable liquidity position[72]. - The Group's current ratio remained stable at 1.1 times as of June 30, 2025, with a gearing ratio of 0.4, indicating a balanced capital structure[72]. Changes in Corporate Structure - The Company completed a name change from "Sprocomm Intelligence Limited" to "Future Machine Limited" in July 2025, reflecting its future business direction[20]. - The new name is expected to enhance the Company's corporate image and identity, supporting future business development[22]. Cash Flow and Government Support - The net cash used in operating activities for the first half of 2025 was RMB 93,324,000, compared to RMB 65,747,000 in the same period of 2024, indicating a decline in cash flow from operations[110]. - The company generated net cash from investing activities of RMB 309,875,000 in the first half of 2025, down from RMB 606,758,000 in the same period of 2024, showing a decrease of approximately 48.9%[110]. - The company received government subsidies amounting to RMB 13,465,000 in the first half of 2025, compared to RMB 8,005,000 in the same period of 2024, representing an increase of approximately 68.3%[110]. Trade Receivables and Credit Management - The aging analysis of trade receivables shows that receivables within 30 days increased to RMB 516,914,000 from RMB 276,611,000, representing an increase of 86.9%[163]. - The estimated loss allowance for low-risk receivables as of June 30, 2025, is RMB 5,119,000, with an average expected loss rate of 0.70%[167]. - High-risk receivables have a loss allowance of RMB 6,360,000 as of June 30, 2025, with an average expected loss rate of 20.88%[167]. - The total impairment loss allowance for trade and bills receivables as of June 30, 2025, is RMB 11,479,000, down from RMB 14,280,000 as of December 31, 2024[171]. - The Group applies internal credit rating for customers, categorizing them into low, medium, and high-risk groups based on credit risk characteristics[165].