香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1328） 截至二零二五年六月三十日止六個月 中期業績公告 摘要 – 1 – • 截至二零二五年六月三十日止六個月，投資管理（「IM」）服務收益總額約為11,642,000港元，較截至二 零二四年六月三十日止六個月的約11,242,000港元增加約400,000港元。 • 截至二零二五年六月三十日止六個月，本集團按公允價值計入損益的金融資產及負債之公允價值錄得來 自SDI分部項下之直接投資約23,538,000港元及SDI分部項下之策略投資利得淨額約5,902,000港元， 而截至二零二四年六月三十日止六個月則錄得來自SDI分部直接投資之公允值虧損淨額約為993,000港 元及來自SDI分部策略投資之公允值利得淨額約為32,924,000港元。截至二零二五年六月三十日止六個 月，S ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's key financial performance indicators for the period | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 514,657 | 537,178 | -4.2 | | Gross Profit | 341,236 | 388,290 | -12.1 | | Loss Attributable to Owners of the Parent | (131,116) | (139,254) | -5.8 | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's financial performance, including revenue, expenses, and net loss, for the interim period | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 514,657 | 537,178 | | Cost of Sales | (173,421) | (148,888) | | Gross Profit | 341,236 | 388,290 | | Other Income and Gains | 10,553 | 13,424 | | Selling and Distribution Expenses | (232,057) | (232,240) | | Administrative Expenses | (126,246) | (124,163) | | Research and Development Expenses | (106,962) | (170,110) | | Net Impairment Losses on Financial Assets | (7,644) | (3,857) | | Other Expenses | (2,072) | (656) | | Finance Costs | (28,465) | (29,998) | | Loss Before Tax | (151,657) | (159,310) | | Income Tax Credit | 15,663 | 14,046 | | Loss for the Period | (135,994) | (145,264) | | Loss Attributable to Owners of the Parent | (131,116) | (139,254) | | Loss Attributable to Non-controlling Interests | (6,010) | (4,878) | - Loss for the period narrowed by **6.4%** year-on-year to **RMB 135,994 thousands**[6](index=6&type=chunk)[7](index=7&type=chunk) - Research and development expenses significantly decreased by **37.1%** to **RMB 106,962 thousands**[6](index=6&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement outlines the company's assets, liabilities, and equity at a specific point in time, reflecting its financial health | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 4,973,797 | 4,926,924 | | Total Current Assets | 2,213,931 | 2,387,397 | | Total Current Liabilities | 3,026,219 | 3,090,268 | | Net Current Liabilities | (812,288) | (702,871) | | Total Non-current Liabilities | 617,264 | 612,945 | | Total Equity | 3,544,245 | 3,611,108 | - Net current liabilities expanded to **RMB 812,288 thousands**, an increase of **RMB 109,417 thousands** from the end of 2024[9](index=9&type=chunk) - Total non-current assets slightly increased, while total current assets decreased[8](index=8&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the company's equity components over the interim period, including profit/loss and share issuance | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Parent | 3,303,535 | 3,365,520 | | Non-controlling Interests | 240,710 | 245,588 | | Total Equity | 3,544,245 | 3,611,108 | - Total equity decreased from **RMB 3,611,108 thousands** at the end of 2024 to **RMB 3,544,245 thousands**[10](index=10&type=chunk) - Loss for the period of **RMB 135,994 thousands** was partially offset by proceeds from share issuance of **RMB 70,062 thousands**[10](index=10&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities during the interim period | Cash Flow Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows Used in Operating Activities | (96,839) | (97,158) | | Net Cash Flows Used in Investing Activities | (110,808) | (91,532) | | Net Cash Flows From Financing Activities | 2,668 | 130,445 | | Net Decrease in Cash and Cash Equivalents | (204,979) | (58,245) | | Cash and Cash Equivalents at End of Period | 289,507 | 525,343 | - Net cash flows used in operating activities amounted to an outflow of **RMB 96,839 thousands**, largely consistent with the prior year period[13](index=13&type=chunk) - Net cash flows used in investing activities increased to an outflow of **RMB 110,808 thousands**[14](index=14&type=chunk) - Net cash flows from financing activities shifted from an inflow of **RMB 130,445 thousands** in the prior year period to an inflow of **RMB 2,668 thousands**[14](index=14&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=9&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanations and additional information supporting the interim condensed consolidated financial statements [1. Company and Group Information](index=9&type=section&id=1.%20Company%20and%20Group%20Information) Aimei Vaccine Co., Ltd. was incorporated in China in 2011, listed on the HKEX in 2022, focusing on human vaccine R&D, production, and commercialization - The company was incorporated in China on November 9, 2011, and listed on the Main Board of the HKEX on October 6, 2022[15](index=15&type=chunk)[16](index=16&type=chunk) - The Group's principal business involves the research, development, production, and commercialization of human vaccine products in China[17](index=17&type=chunk) [2.1 Basis of Preparation](index=9&type=section&id=2.1%20Basis%20of%20Preparation) Interim financial information is prepared under IAS 34, should be read with 2024 annual statements, and despite net current liabilities, management deems the going concern assumption appropriate - The financial information is prepared in accordance with IAS 34 and should be read in conjunction with the annual financial statements[18](index=18&type=chunk) - As of June 30, 2025, the Group's net current liabilities amounted to **RMB 812,288 thousands**[19](index=19&type=chunk) - Management has renewed bank borrowings of **RMB 128,000 thousands** and has unutilized bank facilities of **RMB 566,000 thousands**, considering the going concern assumption appropriate[19](index=19&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=9&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies align with 2024 annual statements, with only new IFRS amendments adopted, specifically IAS 21 (lack of exchangeability) having no impact - Accounting policies are consistent with the 2024 annual financial statements, with only the initial adoption of amended IFRS accounting standards[20](index=20&type=chunk) - The amendments to IAS 21 regarding 'Lack of Exchangeability' had no impact on the Group's interim condensed consolidated financial information[22](index=22&type=chunk) [3. Operating Segment Information](index=10&type=section&id=3.%20Operating%20Segment%20Information) The Group's vaccine sales and R&D services are considered a single reportable segment, thus no segment analysis is presented - The Group's business (vaccine sales and R&D services) is considered a single reportable segment[23](index=23&type=chunk) [4. Revenue, Other Income and Gains](index=10&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, revenue from customer contracts was RMB 514,657 thousands, all from vaccine sales, down 4.2% year-on-year; other income and gains totaled RMB 10,553 thousands, down 21.4%, mainly due to reduced deposit interest income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue from Contracts with Customers (Vaccine Sales) | 514,657 | 537,178 | | Total Other Income and Gains | 10,553 | 13,424 | - Vaccine sales revenue decreased by **4.2%** year-on-year[24](index=24&type=chunk)[25](index=25&type=chunk) - Other income and gains decreased by **21.4%**, primarily due to reduced deposit interest income[26](index=26&type=chunk)[99](index=99&type=chunk) [5. Finance Costs](index=11&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs were RMB 28,465 thousands, down 5.1% year-on-year, mainly due to reduced bank loan interest expenses | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Bank Loans | 37,874 | 40,700 | | Interest on Lease Liabilities | 399 | 988 | | Less: Interest Capitalized | (9,808) | (11,690) | | Total Finance Costs | 28,465 | 29,998 | - Finance costs decreased by **5.1%** year-on-year, primarily due to reduced interest expenses on bank loans[27](index=27&type=chunk)[105](index=105&type=chunk) [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax narrowed to RMB 151,657 thousands from RMB 159,310 thousands, influenced by increased inventory write-downs and reduced interest income | Impact Factor | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold | 173,421 | 148,888 | | Net Exchange Differences | (625) | 154 | | Impairment Provision for Trade and Bills Receivables | 7,644 | 3,857 | | Write-down of Inventories to Net Realizable Value | 40,433 | 3,063 | | Loss on Disposal of Property, Plant and Equipment | 160 | 47 | | Interest Income | (2,314) | (4,356) | - Write-down of inventories to net realizable value significantly increased to **RMB 40,433 thousands** (2024: **RMB 3,063 thousands**)[28](index=28&type=chunk) [7. Income Tax Credit](index=12&type=section&id=7.%20Income%20Tax%20Credit) For the six months ended June 30, 2025, the company received an income tax credit of RMB 15,663 thousands, up 11.4% year-on-year, mainly due to certain subsidiaries enjoying a 15% high-tech enterprise preferential tax rate | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax | 4,719 | 6,586 | | Deferred | (20,382) | (20,632) | | Tax Credit for the Period | (15,663) | (14,046) | - Several subsidiaries, including Aimei Action, Aimei Chengxin, Aimei Rongyu, Aimei Jianchi, Aimei Tanxuezhe, and Zhuhai Lifanda, enjoy a **15%** preferential corporate income tax rate[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Income tax credit increased by **11.4%**, primarily due to an increase in loss before tax for a subsidiary[106](index=106&type=chunk) [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board did not recommend payment of any dividends for the six months ended June 30, 2025, consistent with the prior year period - For the six months ended June 30, 2025, the Board did not recommend the payment of any dividends (2024: nil)[33](index=33&type=chunk) [9. Loss Per Share Attributable to Owners of the Parent](index=13&type=section&id=9.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the parent were RMB 0.11, consistent with the prior year period | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.11) | (0.11) | | Diluted Loss Per Share | (0.11) | (0.11) | - The weighted average number of ordinary shares outstanding used to calculate basic and diluted loss per share increased from **1,211,062,599** in 2024 to **1,221,081,936** in 2025[34](index=34&type=chunk)[36](index=36&type=chunk) - Diluted loss per share is equal to basic loss per share as there were no potential ordinary shares outstanding during the period[36](index=36&type=chunk) [10. Property, Plant and Equipment](index=14&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's property, plant, and equipment had a net book value of approximately RMB 3,276,507 thousands, with some buildings mortgaged for bank loans and others lacking ownership certificates; asset acquisition costs for the period were RMB 55,276 thousands - As of June 30, 2025, buildings with a net book value of approximately **RMB 240,724 thousands** were pledged as collateral for bank borrowings[37](index=37&type=chunk) - As of June 30, 2025, buildings with a total net book value of approximately **RMB 283,288 thousands** had not yet obtained property ownership certificates[37](index=37&type=chunk) - The cost of assets acquired during the period was **RMB 55,276 thousands**, a year-on-year decrease of **16.5%**[37](index=37&type=chunk) [11. Trade and Bills Receivables](index=15&type=section&id=11.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were RMB 1,164,972 thousands, up 3.7% from year-end 2024, mainly due to lower collections in H1; trade receivables have a credit period of two to six months, with strict control over overdue balances | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 1,223,370 | 1,173,906 | | Bills Receivables | 399 | 1,000 | | Impairment | (58,797) | (51,153) | | Total | 1,164,972 | 1,123,753 | - Trade and bills receivables increased by **3.7%**, primarily due to lower collections in the first half compared to the second half[38](index=38&type=chunk)[111](index=111&type=chunk) - Trade receivables typically have a credit period of two to six months, and the Group maintains strict control over credit risk[38](index=38&type=chunk) [12. Trade and Bills Payables](index=16&type=section&id=12.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables were RMB 94,264 thousands, a significant 85.2% increase from year-end 2024, driven by trade payables and new bills payables; trade payables are typically settled within 30 to 90 days | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 64,264 | 50,894 | | Bills Payables | 30,000 | – | | Total | 94,264 | 50,894 | - Trade and bills payables significantly increased by **85.2%**, including new bills payables of **RMB 30,000 thousands**[41](index=41&type=chunk) - Trade payables are non-interest-bearing and typically settled within **30 to 90 days**[41](index=41&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, operational results, and future outlook [Business Overview and Outlook](index=17&type=section&id=Business%20Overview%20and%20Outlook) Aimei Vaccine is a leading Chinese vaccine company with a full R&D to commercialization value chain, five technology platforms, and four licensed manufacturers, commercializing 8 vaccines, developing 20, and expanding globally - The company possesses five human vaccine technology platforms: bacterial, viral, genetic engineering, combination vaccines, and mRNA[42](index=42&type=chunk) - It owns four licensed vaccine manufacturing enterprises (Aimei Rongyu, Aimei Jianchi, Aimei Action, Aimei Chengxin) and three vaccine research institutes[42](index=42&type=chunk) - Eight vaccine products targeting six diseases have been commercialized, with sales covering **31** provinces, municipalities, and autonomous regions in China, reaching over **2,000** county-level CDCs[42](index=42&type=chunk)[45](index=45&type=chunk) - The company has **20** vaccine products in development, covering **12** disease areas, with the **13-valent pneumococcal conjugate vaccine** and **serum-free rabies vaccine** having applied for marketing authorization[43](index=43&type=chunk)[44](index=44&type=chunk) - In the first half of 2025, the **quadrivalent meningococcal polysaccharide vaccine** entered the African market, and the **rabies vaccine** debuted in the Central American market[45](index=45&type=chunk) [Our Products and R&D Pipeline](index=19&type=section&id=Our%20Products%20and%20R%26D%20Pipeline) Aimei Vaccine is a key player in China's vaccine industry, with 8 commercialized and 20 pipeline vaccines across 12 disease areas, rapidly advancing core products to market registration or late-stage clinical trials, and actively developing innovative platforms like mRNA [Our Vaccine Products](index=20&type=section&id=Our%20Vaccine%20Products) This section highlights the company's commercialized vaccine portfolio, detailing key features and market positioning of each product - Recombinant Hepatitis B Vaccine (Hansenula polymorpha): The first and only domestic producer using Hansenula polymorpha for stable batch release, featuring patented technology; the **10μg** dose is the market's only yeast-derived HBV vaccine for all ages, and the **20μg** dose is the only **0.5ml** small-volume product in China[51](index=51&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - Freeze-dried Human Rabies Vaccine (Vero cell): The second-largest market supplier, maintaining a **100%** batch release pass rate for **18 years**, with future plans for serum-free, high-titer human diploid, and mRNA rabies vaccine iterations[55](index=55&type=chunk)[56](index=56&type=chunk) - Inactivated Hepatitis A Vaccine (Human Diploid Cell): Two specifications developed, with pre-filled syringe production resumed in **2022** and GMP compliance inspection passed[57](index=57&type=chunk) - Meningococcal Polysaccharide Vaccine (Groups A, C, Y, and W135) (MPSV4): Launched in **2020**, exceeding national standards on key quality indicators, free of antibiotics or preservatives, with a **three-year** shelf life, and a quadrivalent conjugate meningococcal vaccine (MCV4) under development[58](index=58&type=chunk) [Our Pipeline Vaccines](index=22&type=section&id=Our%20Pipeline%20Vaccines) This section details the company's extensive R&D pipeline, showcasing various vaccine candidates across different technology platforms and clinical stages | Technology Platform | Indication | Pipeline Vaccine | Self-developed/Co-developed | Pre-clinical | CTA | Phase I | Phase II | Phase III | Drug Registration Certificate Application & Approval | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bacterial Vaccines | Pneumococcal Disease | 13-valent Pneumococcal Conjugate Vaccine (PCV13) | Self-developed | | | | | | Marketing Authorization Application Submitted | | | | 20-valent Pneumococcal Conjugate Vaccine (PCV20) | Self-developed | | | | | | Clinical Trial Application Submitted | | | | 24-valent Pneumococcal Conjugate Vaccine (PCV24) | Self-developed | CTA Submission Planned for 2026 | | | | | | | | | 23-valent Pneumococcal Polysaccharide Vaccine (PPSV23) | Self-developed | Pre-application for Marketing Authorization Planned for 2025 | | | | | | | | Meningococcal Disease | Quadrivalent Conjugate Meningococcal Vaccine (MCV4) | Self-developed | | | | Phase II Clinical Trial Ongoing | | | | | | Hexavalent Meningococcal Vaccine | Self-developed | Pre-clinical Research | | | | | | | | Group B Streptococcus Disease | Hexavalent Group B Streptococcus Polysaccharide Conjugate Vaccine | Self-developed | CTA Submission Planned for 2026 | | | | | | | | Tetanus | Adsorbed Tetanus Vaccine | Self-developed | | Clinical Approval Obtained | | | | | | | Hib Infection | Haemophilus influenzae type b (Hib) Conjugate Vaccine | Self-developed | | Clinical Approval Obtained | | | | | | | Hand-Foot-and-Mouth Disease | EV71-CA16 Bivalent Hand-Foot-and-Mouth Disease Vaccine (Human Diploid Cell) | Self-developed | | | Phase I Planned for 2025 | | | | | Viral Vaccines | Influenza | Quadrivalent MDCK Cell Influenza Virus Vaccine | Self-developed | | Clinical Approval Obtained | | | | | | | Rabies | Serum-free Iterative Rabies Vaccine | Self-developed | | | | | | Marketing Authorization Application Submitted | | | | Novel High-titer Human Diploid Rabies Vaccine | Self-developed | | | | | Phase III Clinical Trial Ongoing | | | | Rabies | mRNA Iterative Rabies Vaccine | Self-developed | Clinical Trial Application Under Review | | | | | | | | Shingles | mRNA Shingles Vaccine | Self-developed | | Clinical Approval Obtained (China & US) | | | | | | mRNA Vaccines | Respiratory Syncytial Virus Infection | mRNA Respiratory Syncytial Virus RSV Vaccine | Self-developed | | Clinical Approval Obtained (China & US) | | | | | | | Influenza | mRNA Influenza Vaccine | Self-developed | Pre-clinical Research | | | | | | | Combination Vaccines | DTP | Acellular Diphtheria, Tetanus, Pertussis, Haemophilus influenzae type b, Quadrivalent Meningococcal Conjugate (DTcP-Hib-Mcv4) Combination Vaccine | Self-developed | Pre-clinical Research | | | | | | | | | Adsorbed Acellular Diphtheria, Tetanus, Pertussis (Component) Combination Vaccine (DTcP) | Self-developed | CTA Submission Planned for 2026 | | | | | | | Genetic Engineering Vaccines | Meningococcal Disease | Recombinant Meningococcal Group B Vaccine | Self-developed | Pre-clinical Research | | | | | | - Iterative upgrade of pneumococcal vaccine products: **13-valent pneumococcal conjugate vaccine (PCV13)** has submitted a marketing authorization application and completed on-site verification; **23-valent pneumococcal polysaccharide vaccine** has completed Phase III clinical serological testing; **20-valent pneumococcal conjugate vaccine** has submitted a clinical trial application; and **24-valent pneumococcal conjugate vaccine** has completed pre-clinical research[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Iterative upgrade of rabies vaccine products: **Serum-free iterative rabies vaccine** has submitted a marketing authorization application; **novel high-titer human diploid rabies vaccine** is undergoing Phase III clinical trials; and **mRNA iterative rabies vaccine** is under development[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - Iterative upgrade of mRNA vaccine technology platform and products: **mRNA iterative rabies vaccine**, **mRNA RSV vaccine**, and **mRNA shingles vaccine** have all made significant progress, with **mRNA RSV** and **shingles vaccines** having obtained clinical trial approvals in both China and the US[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - Progress on other pipeline vaccine products: **Quadrivalent conjugate meningococcal vaccine (MCV4)** has completed full vaccination for all subjects in Phase II clinical trials, and the **EV71-CA16 bivalent hand-foot-and-mouth disease vaccine** has been approved for Phase I clinical trials[73](index=73&type=chunk)[74](index=74&type=chunk) - Vaccine development platform technologies and in-house R&D team: Possesses five validated human vaccine platform technologies, including innovative technologies like **mRNA** and **genetic engineering**, and is exploring **AI-assisted vaccine R&D**[75](index=75&type=chunk)[76](index=76&type=chunk) [Production](index=28&type=section&id=Production) All Aimei Vaccine products are self-produced by its four licensed factories, all GMP-certified by the NMPA, equipped with advanced machinery to ensure stable, high-quality vaccine supply - All vaccine products are self-produced by the company's four licensed factories and have passed NMPA's GMP inspections[77](index=77&type=chunk) Production Facilities | Name | Location | Building Area (sqm) | Production Capacity (million doses) | Responsible Products | Production Lines | | :--- | :--- | :--- | :--- | :--- | :--- | | Aimei Rongyu Licensed Factory | Ningbo, Zhejiang Province | 25,318 | 25.0 | Freeze-dried Human Rabies Vaccine (Vero cell) | Two | | Aimei Chengxin Licensed Factory | Dalian, Liaoning Province | 11,877 | 45.0 | Recombinant Hepatitis B Vaccine (Hansenula polymorpha) | One | | Aimei Action Licensed Factory | Taizhou, Jiangsu Province | 18,711 | 5.3 | Inactivated Hepatitis A Vaccine | One | | Aimei Jianchi Licensed Factory | Ningbo, Zhejiang Province | 72,313 | 16.0 | Inactivated Hemorrhagic Fever with Renal Syndrome Vaccine, Mumps Vaccine, and MPSV4 | Three | [Industry Overview](index=29&type=section&id=Industry%20Overview) China's vaccine market entered a new phase post-Vaccine Administration Law, reaching over RMB 101.77 billion (excluding COVID-19 vaccines) in 2024 with a 9.8% CAGR, facing economic downturns, anti-corruption, and declining birth rates, yet innovative vaccines offer significant advantages and pricing gaps with Western markets present strategic upgrade opportunities - China's vaccine market size (excluding COVID-19 vaccines) exceeded **RMB 101.77 billion** in 2024, with a compound annual growth rate of **9.8%**[78](index=78&type=chunk) - The market faces multiple challenges, including macroeconomic downturns, anti-corruption in healthcare, and declining birth rates[78](index=78&type=chunk) - Innovative vaccine products hold significant advantages, and the pricing gap between China and Europe/US for innovative products presents strategic opportunities for product iteration and upgrades[79](index=79&type=chunk) - Hepatitis B vaccine immunization will shift towards the entire population, with the adult hepatitis B market expected to become a new growth opportunity[81](index=81&type=chunk) - mRNA technology, due to its rapid R&D, high efficacy, and safety advantages, has become a key focus for global vaccine manufacturers, with broad market prospects[82](index=82&type=chunk) - China's pneumococcal vaccine market is projected to reach **RMB 24 billion** by 2025, with high-valent PCV vaccines being the future development trend[83](index=83&type=chunk) - China's rabies vaccine market is expected to grow to **RMB 22 billion** by 2030, with serum-free and mRNA rabies vaccines driving market growth[84](index=84&type=chunk) - China's RSV vaccine market is projected to exceed **RMB 15.4 billion** by 2030, and the shingles vaccine market is expected to reach nearly **RMB 20 billion** by 2030[85](index=85&type=chunk)[86](index=86&type=chunk) [Prospects and Outlook](index=33&type=section&id=Prospects%20and%20Outlook) Aimei Vaccine's R&D pipeline aligns with national policies, with five validated technology platforms and rapid product advancement; the company has established an international business unit, expanding into African and Central American markets with MPSV4 and rabies vaccines, securing exclusive agency agreements, and plans to accelerate commercialization of key products, deepen Belt and Road cooperation, and leverage mRNA technology to overcome international vaccine R&D barriers - The R&D pipeline aligns with national policies, with five validated technology platforms and rapid advancement of related vaccine products[88](index=88&type=chunk) - An international business department has been established to accelerate global expansion, with vaccine products now entering the global market[89](index=89&type=chunk) - In the first half of 2025, the **quadrivalent meningococcal polysaccharide vaccine** entered the African market, and the **rabies vaccine** debuted in the Central American market[89](index=89&type=chunk) - International commercialization is being prepared for the upcoming **13-valent pneumococcal conjugate vaccine** and **serum-free iterative rabies vaccine**, with exclusive agency agreements reached with several countries in West Asia and Southeast Asia[90](index=90&type=chunk) - Pipeline products including the **13-valent pneumococcal conjugate vaccine**, **quadrivalent conjugate meningococcal vaccine**, **RSV vaccine**, and **shingles vaccine** are all high-priority WHO-certified or internationally scarce varieties[91](index=91&type=chunk) - GMP workshops for iterative pneumococcal and rabies vaccine series have been built and meet international standards, preparing for post-launch global market entry[93](index=93&type=chunk) - In the second half, the company will accelerate the commercialization of the **13-valent pneumococcal conjugate vaccine**, **serum-free iterative rabies vaccine**, and **23-valent pneumococcal polysaccharide vaccine**, deepen 'Belt and Road' cooperation, and leverage its proprietary **mRNA technology platform** to break through R&D barriers for internationally scarce vaccines[94](index=94&type=chunk) [Financial Review](index=35&type=section&id=Financial%20Review) This section provides a detailed analysis of the company's financial performance, including revenue, costs, and key financial ratios [Overview](index=35&type=section&id=Overview) This overview states that the financial review is based on the financial information and notes contained in this announcement and should be read in conjunction - The financial review is based on the financial information and its notes presented in other sections of this announcement[95](index=95&type=chunk) [Revenue](index=35&type=section&id=Revenue) For H1 2025, the company's main business revenue was RMB 514.7 million, down 4.2% year-on-year, primarily due to decreased rabies vaccine revenue, with Class II vaccine sales declining and Class I sales slightly increasing | Vaccine Product Sales Revenue | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Class I Vaccine Sales Revenue | 55,876 | 54,100 | | Class II Vaccine Sales Revenue | 458,781 | 483,078 | | Total | 514,657 | 537,178 | - Main business revenue decreased by **4.2%** year-on-year to **RMB 514.7 million**, primarily due to a decline in rabies vaccine revenue[96](index=96&type=chunk) [Cost of Sales](index=35&type=section&id=Cost%20of%20Sales) For H1 2025, cost of sales was RMB 173.4 million, up 16.5% year-on-year, mainly due to inventory impairment losses - Cost of sales increased by **16.5%** year-on-year to **RMB 173.4 million**[97](index=97&type=chunk) - The primary reason was the provision for inventory impairment losses in the first half of 2025[97](index=97&type=chunk) [Gross Profit and Gross Margin](index=36&type=section&id=Gross%20Profit%20and%20Gross%20Margin) For H1 2025, gross profit was RMB 341.2 million, down 12.1% year-on-year; gross margin was 66.3%, a 6.0 percentage point decrease, mainly due to inventory impairment losses - Gross profit decreased by **12.1%** year-on-year to **RMB 341.2 million**[98](index=98&type=chunk) - Gross margin decreased by **6.0** percentage points year-on-year to **66.3%**[98](index=98&type=chunk) - The main reason for the decline in gross margin was the provision for inventory impairment losses; excluding this factor, gross margin slightly increased[98](index=98&type=chunk) [Other Income and Gains](index=36&type=section&id=Other%20Income%20and%20Gains) For H1 2025, other income and gains were RMB 10.5 million, down 21.4% year-on-year, primarily due to reduced deposit interest income - Other income and gains decreased by **21.4%** year-on-year to **RMB 10.5 million**[99](index=99&type=chunk) - The primary reason was a decrease in deposit interest income in the first half of 2025[99](index=99&type=chunk) [Research and Development Expenses](index=36&type=section&id=Research%20and%20Development%20Expenses) For H1 2025, R&D expenses were RMB 107.0 million, a significant 37.1% year-on-year decrease, mainly due to the absence of overseas clinical trial expenses present in H1 2024 | Nature | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Staff Costs | 36,966 | 46,198 | | Research Material Costs | 28,994 | 20,886 | | Professional Service Fees | 9,972 | 64,131 | | Depreciation and Amortization | 16,531 | 18,145 | | Utilities Costs | 9,793 | 13,866 | | Others | 4,706 | 6,884 | | Total | 106,962 | 170,110 | - Research and development expenses significantly decreased by **37.1%** year-on-year to **RMB 107.0 million**[101](index=101&type=chunk) - The primary reason was the absence of overseas clinical trial-related expenses in the first half of 2025, which were present in the first half of 2024[101](index=101&type=chunk) [Selling and Distribution Expenses](index=37&type=section&id=Selling%20and%20Distribution%20Expenses) For H1 2025, selling and distribution expenses were RMB 232.1 million, largely flat year-on-year, with a slight decrease of 0.1% - Selling and distribution expenses decreased by **0.1%** year-on-year to **RMB 232.1 million**, largely consistent with the prior year period[102](index=102&type=chunk) [Administrative Expenses](index=38&type=section&id=Administrative%20Expenses) For H1 2025, administrative expenses were RMB 126.2 million, up 1.6% year-on-year, primarily due to a slight increase in depreciation and amortization expenses - Administrative expenses increased by **1.6%** year-on-year to **RMB 126.2 million**[103](index=103&type=chunk) - The primary reason was a slight increase in depreciation and amortization expenses in the first half of 2025[103](index=103&type=chunk) [Impairment Losses on Financial Assets](index=38&type=section&id=Impairment%20Losses%20on%20Financial%20Assets) For H1 2025, impairment losses on financial assets were RMB 7.6 million, an increase of RMB 3.7 million year-on-year, mainly due to increased bad debt provisions for accounts receivable - Impairment losses on financial assets increased by **RMB 3.7 million** year-on-year to **RMB 7.6 million**[104](index=104&type=chunk) - The primary reason was an increase in the provision for doubtful debts on accounts receivable[104](index=104&type=chunk) [Finance Costs](index=38&type=section&id=Finance%20Costs) For H1 2025, finance costs were RMB 28.5 million, down 5.1% year-on-year, primarily due to reduced bank loan interest expenses - Finance costs decreased by **5.1%** year-on-year to **RMB 28.5 million**[105](index=105&type=chunk) - The primary reason was a decrease in bank loan interest expenses in the first half of 2025[105](index=105&type=chunk) [Income Tax Expense](index=38&type=section&id=Income%20Tax%20Expense) For H1 2025, the company received an income tax credit of RMB 15.6 million, up 11.4% year-on-year, primarily due to an increased loss before tax for a subsidiary - Income tax credit increased by **11.4%** year-on-year to **RMB 15.6 million**[106](index=106&type=chunk) - The primary reason was an increase in loss before tax for a subsidiary[106](index=106&type=chunk) [Loss for the Period](index=38&type=section&id=Loss%20for%20the%20Period) For H1 2025, the company's loss was RMB 136.0 million, a 6.4% year-on-year reduction, primarily due to decreased R&D expenses - Loss for the period decreased by **6.4%** year-on-year to **RMB 136.0 million**[107](index=107&type=chunk) - The decrease in loss was primarily due to a year-on-year reduction in research and development expenses in the first half of 2025[107](index=107&type=chunk) [Cash and Cash Equivalents and Time Deposits](index=39&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Time%20Deposits) As of June 30, 2025, cash and cash equivalents plus time deposits totaled RMB 401.9 million, down 32.4% from year-end 2024, mainly due to lower H1 collections and funds used for R&D and industrialization project final payments - Total cash and cash equivalents and time deposits decreased by **32.4%** year-on-year to **RMB 401.9 million**[108](index=108&type=chunk) - Reasons for the decrease include lower collections in the first half compared to the second half, and funds being used for ongoing R&D investments and final payments for industrialization projects[108](index=108&type=chunk) [Net Current Liabilities](index=39&type=section&id=Net%20Current%20Liabilities) As of June 30, 2025, the company's net current liabilities were RMB 812.3 million, an increase of RMB 109.4 million from year-end 2024, mainly due to ongoing development expenditures and deferred development costs for multiple pipeline products; the company has secured sufficient working capital through renewed bank borrowings and unutilized bank facilities - Net current liabilities increased by **RMB 109.4 million** to **RMB 812.3 million**[109](index=109&type=chunk) - The primary reasons are ongoing development expenditures for multiple pipeline products, as well as continuous investment in deferred development costs for the **serum-free iterative rabies vaccine**, **13-valent pneumococcal conjugate vaccine**, and **23-valent pneumococcal polysaccharide vaccine**[109](index=109&type=chunk) - The company has renewed bank borrowings of **RMB 128,000 thousands** and has unutilized bank facilities of **RMB 566,000 thousands**, ensuring sufficient working capital[109](index=109&type=chunk) [Inventories](index=39&type=section&id=Inventories) As of June 30, 2025, inventory balance was RMB 433.9 million, down 6.2% from year-end 2024, primarily due to the company's inventory management efforts - Inventory balance decreased by **6.2%** year-on-year to **RMB 433.9 million**[110](index=110&type=chunk) - The primary reason was the company's inventory management, leading to a decrease in stock[110](index=110&type=chunk) [Trade Receivables](index=39&type=section&id=Trade%20Receivables) As of June 30, 2025, the book value of trade receivables was RMB 1,165.0 million, up 3.7% from year-end 2024, primarily due to lower collections in the first half compared to the second half - The book value of trade receivables increased by **3.7%** year-on-year to **RMB 1,165.0 million**[111](index=111&type=chunk) - The primary reason was lower collections in the first half compared to the second half, leading to an increase in accounts receivable mid-year[111](index=111&type=chunk) [Capital Expenditures](index=40&type=section&id=Capital%20Expenditures) For H1 2025, capital expenditures were RMB 102.5 million, down 14.2% year-on-year, primarily for upgrading production, R&D, and quality equipment, payments for vaccine industrialization projects, and deferred development costs for pipeline vaccines; the decrease is mainly due to the 13-valent pneumococcal conjugate vaccine and serum-free iterative rabies vaccine entering the marketing review stage, reducing related investments - Capital expenditures decreased by **14.2%** year-on-year to **RMB 102.5 million**[112](index=112&type=chunk) - Primarily used for upgrading production, R&D, and quality equipment, vaccine industrialization projects, and deferred development costs for pipeline vaccines[112](index=112&type=chunk) - The decrease is mainly due to the **13-valent pneumococcal conjugate vaccine** and **serum-free iterative rabies vaccine** having entered the marketing review stage, leading to reduced related investments[112](index=112&type=chunk) [Borrowings and Gearing Ratio](index=40&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, total financial liabilities were RMB 1,778.5 million, down 3.4% year-on-year, mainly due to reduced bank loan balances; the gearing ratio was 50.2%, a 0.8 percentage point decrease - Total financial liabilities decreased by **3.4%** year-on-year to **RMB 1,778.5 million**[113](index=113&type=chunk) - The gearing ratio decreased by **0.8** percentage points year-on-year to **50.2%**[113](index=113&type=chunk) - The primary reason was a decrease in bank loan balances in the first half of 2025[113](index=113&type=chunk) [Pledged Assets](index=40&type=section&id=Pledged%20Assets) As of June 30, 2025, some of the Group's bank loans are secured by pledges of buildings (net book value approximately RMB 240.7 million), leased land (net book value approximately RMB 69.9 million), and guarantees provided by the company and its subsidiaries - Some bank loans are secured by pledges of buildings (net book value approximately **RMB 240.7 million**) and leased land (net book value approximately **RMB 69.9 million**)抵押担保[114](index=114&type=chunk) - The company and its subsidiaries also provide guarantees[114](index=114&type=chunk) [Foreign Exchange Risk](index=40&type=section&id=Foreign%20Exchange%20Risk) The Group's vast majority of business and all bank loans are transacted in RMB, thus posing no significant foreign exchange fluctuation risk, and currently, there is no hedging policy - The Group's vast majority of business and all bank loans are transacted in RMB, posing no significant foreign exchange fluctuation risk[115](index=115&type=chunk) - Currently, there is no hedging policy, and no hedging transactions have been undertaken[115](index=115&type=chunk) [Contingent Liabilities](index=41&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities with a material impact on its financial position or operating results - As of June 30, 2025, the Group had no material contingent liabilities[116](index=116&type=chunk) [Corporate Governance and Other Information](index=41&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's governance practices, compliance with codes, and other relevant corporate disclosures [Dissolution of Supervisory Committee and Retirement of Supervisors](index=41&type=section&id=Dissolution%20of%20Supervisory%20Committee%20and%20Retirement%20of%20Supervisors) The Supervisory Committee was dissolved on May 20, 2025, with all supervisors retiring from that date - The Supervisory Committee was dissolved, and all supervisors retired on May 20, 2025[117](index=117&type=chunk) [Standard Code for Securities Transactions by Directors](index=41&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has established a code of conduct for directors' securities dealings, and all directors confirmed compliance during the reporting period - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance[118](index=118&type=chunk) [Corporate Governance Code](index=41&type=section&id=Corporate%20Governance%20Code) The company complied with the Corporate Governance Code during the period, but the Chairman and CEO roles are combined, an arrangement the Board believes aids strategy execution and information flow, subject to timely review - The company complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are held by Mr. Zhou Yan, which does not comply with code provision C.2.1[119](index=119&type=chunk)[120](index=120&type=chunk) - The Board believes this arrangement facilitates strategic execution and information flow between management and the Board, and will review it at an appropriate time[120](index=120&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[121](index=121&type=chunk) - As of June 30, 2025, the company held no treasury shares[121](index=121&type=chunk) [Employees and Remuneration Policy](index=42&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had approximately 1,493 employees, with total employee benefit expenses of RMB 166.9 million; remuneration policy is based on performance, skills, qualifications, experience, and industry practice, including an employee share incentive scheme - As of June 30, 2025, the company had approximately **1,493** employees (2024: **1,557** employees)[122](index=122&type=chunk) - Total employee benefit expenses for the first half of 2025 were **RMB 166.9 million** (2024: **RMB 180.4 million**)[122](index=122&type=chunk) - The remuneration policy is based on employee performance, skills, qualifications, experience, and industry practice, and includes an employee share incentive scheme[122](index=122&type=chunk)[123](index=123&type=chunk) [Material Investments, Acquisitions and Disposals](index=42&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the company had no material investments, significant acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the company had no material investments, significant acquisitions, or disposals[124](index=124&type=chunk) [Future Plans for Material Investments and Capital Assets](index=42&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the date of this announcement, the Group has no future plans involving material investments or capital assets - As of the date of this announcement, the Group has no future plans for material investments or capital assets[125](index=125&type=chunk) [Placement of New H Shares Under General Mandate and Use of Net Proceeds from Placement](index=43&type=section&id=Placement%20of%20New%20H%20Shares%20Under%20General%20Mandate%20and%20Use%20of%20Net%20Proceeds%20from%20Placement) The company completed an H-share placement in February 2025, issuing 15,500,000 shares with net proceeds of approximately HKD 75.0 million, primarily allocated to R&D (60%), new product marketing (20%), and working capital (20%), with all remaining funds expected to be utilized by June 30, 2026 - On February 28, 2025, the company entered into an agreement with placing agents to place **15,500,000 H shares**, with the placement completed on March 6, 2025[126](index=126&type=chunk) - The net proceeds from the placement were approximately **HKD 75.0 million** (approximately **RMB 71,638 thousands**)[127](index=127&type=chunk) Use of Net Proceeds from Placement | Intended Use | Approximate Percentage of Total Net Proceeds | Net Proceeds (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Amount Unutilized as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Accelerate R&D of Product Pipeline | 60.0% | 45.0 | 26.0 | 19.0 | | Marketing and Commercialization of New Products | 20.0% | 15.0 | 6.7 | 8.3 | | Working Capital and Other Corporate Purposes | 20.0% | 15.0 | 14.6 | 0.4 | | **Total** | **100%** | **75.0** | **47.3** | **27.7** | - All remaining unutilized net proceeds are expected to be fully utilized by June 30, 2026[128](index=128&type=chunk) [Interim Dividend](index=44&type=section&id=Interim%20Dividend) The Board did not declare any interim dividend for the six months ended June 30, 2025 - The Board did not declare any interim dividend for the six months ended June 30, 2025[129](index=129&type=chunk) [Audit Committee](index=44&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Professor Ker Wei PEI as Chairman, and has reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025 - The Audit Committee consists of three independent non-executive directors, with Professor Ker Wei PEI serving as Chairman[130](index=130&type=chunk) - The Committee has reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025[130](index=130&type=chunk) [Material Events After Reporting Period](index=44&type=section&id=Material%20Events%20After%20Reporting%20Period) As of the date of this announcement, no material events have occurred after the reporting period - As of the date of this announcement, no material events have occurred after the reporting period[131](index=131&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=44&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX and company websites, and the interim report will be published and dispatched to shareholders in due course - The results announcement has been published on the HKEX website and the company's website[132](index=132&type=chunk) - The interim report will be published and dispatched to shareholders in due course[132](index=132&type=chunk) [Definitions](index=45&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report to ensure accurate understanding - This section provides definitions for key terms and abbreviations used throughout the report to ensure accurate understanding of its content[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED | | | | | | | | | | | | | | | 截 | | 至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 註 | 附 | | 2025年 人民幣千元 | | 2024年 人民幣千元 | | | | | | | | | | | | | | | | | （未 經 | 審 核） | （未 | 經 審 | ...

| | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 附註 | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收入 | 3 | 1,818,056 | 1,728,693 | | 銷售成本 | | (1,462,113) | (1,407,643) | | 毛利 | | 355,943 | 321,050 | | 其他收入 | | 9,273 | 12,066 | | 銷售及分銷成本 | | (91,162) | (85,551) | | 行政費用 | | (115,727) | (100,772) | | 根據預期信貸損失（「預期信貸損失」）模式的 | | | | | 減值虧損，扣除撥回凈額 | 4 | (11,674) | (14,221) | | 其他收益及虧損 | 5 | (1,560) | 652 | | 其他費用 | | (23,876) | (24,997) | | 財務費用 | | (12,294) | (19,140) | | －銀行借貸利息 | | (7,796) | ...

[Company Information and Financial Highlights](index=1&type=section&id=Company%20Information%20and%20Financial%20Highlights) This section provides an overview of the company and its key financial highlights [Company Overview](index=1&type=section&id=Company%20Overview) China Qinfa Group Limited (00866) announced H1 2025 interim results, with no interim dividend recommended - Company Name: CHINA QINFA GROUP LIMITED, Stock Code: **00866**[2](index=2&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025**[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) H1 2025 saw significant revenue growth from continuing operations, but overall net loss widened due to discontinued operations, while profitability of continuing operations improved with basic earnings per share turning positive Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 1,089 | 493 | Increase 596 | | Net loss/(profit) | (162.7) | 60.8 | Loss widened | | - Profit from continuing operations | 31.0 | (43.0) | Turnaround to profit | | - Loss/(profit) from discontinued operations | (193.7) | 103.8 | Loss widened | | Profit from continuing operations attributable to equity holders of the Company | 24 | (43) | Increase 67 | | Basic earnings/(loss) per share from continuing operations | RMB **0.85** cents | RMB (**1.83**) cents | Turnaround to profit | | EBITDA from continuing operations | 165 | 29 | Increase 136 | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue from continuing operations significantly increased, leading to higher gross profit, but overall net loss for the period was driven by losses from discontinued operations, with foreign currency translation differences also negatively impacting comprehensive income Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Revenue from continuing operations | 1,089,414 | 493,413 | | Cost of sales | (852,258) | (354,225) | | Gross profit | 237,156 | 139,188 | | Operating profit/(loss) | 76,855 | (5,195) | | Net finance (costs)/income | (34,461) | 6,011 | | Profit before tax | 42,394 | 816 | | Income tax expense | (11,412) | (43,839) | | Profit/(loss) for the period from continuing operations | 30,982 | (43,023) | | Loss/(profit) for the period from discontinued operations | (193,734) | 103,830 | | Loss/(profit) for the period | (162,752) | 60,807 | | Exchange differences arising from translation of foreign operations | (30,993) | 16,898 | | Total comprehensive loss/(income) for the period | (193,745) | 77,705 | | Loss/(profit) for the period attributable to equity holders of the Company | (126,076) | 43,022 | | Loss/(profit) for the period attributable to non-controlling interests | (36,676) | 17,785 | Basic and Diluted Earnings/(Loss) Per Share | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Basic (loss)/earnings per share (continuing and discontinued) | RMB (**5.08**) cents | RMB **1.62** cents | | Diluted (loss)/earnings per share (continuing and discontinued) | RMB (**5.08**) cents | RMB **1.62** cents | | Basic earnings/(loss) per share (continuing operations) | RMB **0.85** cents | RMB (**1.83**) cents | | Diluted earnings/(loss) per share (continuing operations) | RMB **0.85** cents | RMB (**1.83**) cents | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, both non-current assets and current liabilities decreased, net current assets turned positive from negative, and net assets slightly decreased, with assets and liabilities of discontinued operations separately presented Key Data from Condensed Consolidated Statement of Financial Position | Metric (RMB thousand) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current assets | 3,711,709 | 6,553,745 | | Current assets | 5,789,135 | 2,075,584 | | Assets classified as held for sale | 3,525,856 | – | | Current liabilities | (4,969,273) | (4,170,532) | | Liabilities directly associated with assets classified as held for sale | (3,612,242) | – | | Net current assets/(liabilities) | 819,862 | (2,094,948) | | Total assets less current liabilities | 4,531,571 | 4,458,797 | | Non-current liabilities | (1,286,270) | (972,552) | | Net assets | 3,245,301 | 3,486,245 | | Total equity attributable to equity holders of the Company | 1,766,218 | 1,971,799 | | Non-controlling interests | 1,479,083 | 1,514,446 | | Total equity | 3,245,301 | 3,486,245 | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the financial statements, covering accounting policies, estimates, segment reporting, and specific financial line items [Company Background and Basis of Preparation](index=7&type=section&id=Company%20Background%20and%20Basis%20of%20Preparation) China Qinfa Group Limited, incorporated in the Cayman Islands, primarily engages in coal mining and trading in China and Indonesia, with its condensed consolidated financial statements prepared under IAS 34 and Listing Rules on a going concern basis - The Company was incorporated in the Cayman Islands on **March 4, 2008**, and listed on the Main Board of the Hong Kong Stock Exchange on **July 3, 2009**[11](index=11&type=chunk) - The Group's principal business activities include coal mining, coal trading, coal washing, coal storage, and coal blending in China and Indonesia[11](index=11&type=chunk) - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard **34** and the Listing Rules of the Stock Exchange, and on a going concern basis[13](index=13&type=chunk)[16](index=16&type=chunk) [Changes in Accounting Policies](index=8&type=section&id=Changes%20in%20Accounting%20Policies) During this interim period, the Group first adopted the revised IAS 21 "Lack of Exchangeability," which had no significant impact on its financial position or performance - The Group first adopted the revised International Accounting Standard **21** 'Lack of Exchangeability,' which became effective for annual periods beginning on or after **January 1, 2025**[17](index=17&type=chunk) - The application of the revised International Financial Reporting Standards had no significant impact on the Group's financial position and performance during the current and prior periods[17](index=17&type=chunk) [Estimates](index=8&type=section&id=Estimates) The preparation of condensed consolidated financial statements involves management judgments, estimates, and assumptions, which are consistent with those used in the consolidated financial statements for the year ended December 31, 2024 - The preparation of condensed consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of accounting policies, assets and liabilities, and income and expenses[18](index=18&type=chunk) - The significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty are the same as those applied to the consolidated financial statements for the year ended **December 31, 2024**[18](index=18&type=chunk) [Segment Reporting](index=8&type=section&id=Segment%20Reporting) The Group has only one reportable segment, the coal business, operating primarily in China and Indonesia, with a coal mining business segment in mainland China classified as a discontinued operation in H1 2025 - The Group has only one reportable segment (coal business), primarily operating in China and Indonesia, and derives the vast majority of its revenue from external customers in China and Indonesia[19](index=19&type=chunk) - During the period, a coal mining business segment operating in mainland China was classified as a discontinued operation[21](index=21&type=chunk) [Segment Results, Assets and Liabilities](index=9&type=section&id=Segment%20Results,%20Assets%20and%20Liabilities) The coal business segment saw significant growth in external customer revenue and profit before tax in H1 2025, but segment assets and liabilities decreased Coal Business Segment Performance | Metric (RMB thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue from external customers | 1,089,414 | 493,413 | | Reportable segment profit before tax | 87,751 | 389 | Coal Business Segment Assets and Liabilities | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Reportable segment assets | 5,948,704 | 8,531,314 | | Reportable segment liabilities | (5,665,088) | (7,332,228) | [Reconciliation of Reportable Segment Revenue, Profit Before Tax, Assets and Liabilities](index=10&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Revenue,%20Profit%20Before%20Tax,%20Assets%20and%20Liabilities) The reconciliation shows that unallocated head office and corporate expenses and net finance costs significantly impacted consolidated profit before tax, while the classification of assets and liabilities related to discontinued operations also affected consolidated totals Reconciliation of Profit Before Tax | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Reportable segment profit before tax | 87,751 | 389 | | Unallocated head office and corporate expenses | (10,896) | (5,584) | | Net finance (costs)/income | (34,461) | 6,011 | | Consolidated profit before tax | 42,394 | 816 | Reconciliation of Assets | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total reportable segment assets | 5,948,704 | 8,531,314 | | Assets related to discontinued operations | 3,525,856 | – | | Total consolidated assets | 9,500,844 | 8,629,329 | Reconciliation of Liabilities | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total reportable segment liabilities | 5,665,088 | 7,332,228 | | Liabilities related to discontinued operations | 3,612,242 | – | | Total consolidated liabilities | 6,255,543 | 5,143,084 | [Geographical Information](index=11&type=section&id=Geographical%20Information) All of the Group's external customer revenue is derived from China and Indonesia, with the geographical location of non-current assets showing a significant increase in Indonesia and a notable decrease in China (including Hong Kong) - All of the Group's external customer revenue is derived from the countries where the Group's entities are located (i.e., China and Indonesia)[28](index=28&type=chunk) Geographical Location of Non-current Assets | Region (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China (including Hong Kong) | 190,800 | 4,241,743 | | Indonesia | 3,520,909 | 2,312,002 | | Consolidated non-current assets | 3,711,709 | 6,553,745 | [Revenue](index=12&type=section&id=Revenue) Revenue from the sale of goods for continuing operations is recognized when control of the goods is transferred upon delivery, completing the performance obligation - Revenue from the sale of goods for continuing operations is recognized when control of the goods is transferred at a point in time, and the performance obligation is satisfied upon delivery of the goods[31](index=31&type=chunk) [Other Income, Gains and Losses](index=12&type=section&id=Other%20Income,%20Gains%20and%20Losses) Other income, gains, and losses from continuing operations primarily consist of net exchange losses and government grants, with net exchange losses decreasing in H1 2025 Other Income, Gains and Losses from Continuing Operations | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Net exchange losses | 70,821 | 74,013 | | Government grants | (1,502) | (1,579) | | Others | (3,651) | (72) | | Total | 65,668 | 72,345 | - Government grants are primarily financial subsidies received under government grant programs for business development, conditional on the entity maintaining its principal place of business within a designated area for **ten** years[32](index=32&type=chunk) [Profit Before Tax](index=13&type=section&id=Profit%20Before%20Tax) Profit before tax from continuing operations is stated after deducting depreciation and amortization expenses, with a significant increase in depreciation of property, plant, and equipment Deductions from Profit Before Tax | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 83,024 | 29,644 | | Depreciation of right-of-use assets | 3,473 | 3,030 | | Amortization of coal mining rights | 1,242 | – | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) Income tax expense from continuing operations primarily includes China corporate income tax, Indonesia withholding income tax, and Indonesia final income tax, with a significant decrease in H1 2025 Income Tax Expense from Continuing Operations | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | China corporate income tax | 555 | 51,688 | | Indonesia withholding income tax | 8,994 | – | | Indonesia final income

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。 Readboy Education Holding Company Limited COMPANY PROFILE 公司簡介 Readboy Education Holding Company Limited ("Readboy" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2385) has been listed on the Stock Exchange since 12 July 2022. The Group's primary business involves the design, development, manufacturing and selling of intelligent learning devices, as well as the provision of c ...

（於開曼群島註冊成立的有限公司） （股份代號：9955） (1) 截至2025年6月30日止六個月中期業績公告； (2) 終止須予披露交易； (3) 須予披露交易；及 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 (4) 提名委員會組成變動 本公司董事欣然宣佈本集團報告期內的未經審核綜合中期業績，連同2024年同 期的比較數字。該等中期業績已經本公司審核委員會審閱。 於本公告內，「我們」及「我們的」指本公司，倘文義另有所指，則指本集團。本 公告所載若干金額及百分比數字經過約整，或者四捨五入至小數點後一位或 兩位。任何表格、圖表或其他地方列出的總數及金額總和之間的任何差異均由 約整造成。 – 1 – 財務摘要 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動(%) | | | 人民幣千元 | 人民幣千元 | | | | （未經審核）（未經審核） | | | | ...

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份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 業務回顧 本人謹代表董事會，欣然提呈上半年度的中期報告。期內，經濟狀況仍然持續充滿挑戰。全球營商 環境受到廣泛實施的新貿易關稅政策嚴重影響，不僅增添了不確定性，亦使全球經濟前景面臨重重 困難。貿易戰終止無期、政治衝突僵持不下，以及多個地區的武裝衝突持續升級，令該等挑戰進一 步加劇。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二五年中期業績公告 廣州富力地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截 至二零二五年六月三十日止六個月之未經審核簡明綜合業績。附錄於本公告後面部份的簡明綜合中 期財務資料為本公告不可分割部份。中期業績已由本公司審核委員會審閱。 1 尤其是，美國推行全面關稅改革，對所有國家的進口貨物徵收巨額進出口關稅。此舉預計將影響全 球達美元1.2兆的貿易量，並導致國際貿易與製造業產出陷入停滯。根據世界貿易組織的資料，上 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部分內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 HOSPITAL CORPORATION 弘和仁愛醫療集團有限公司 Hospital Corporation of China Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：3869） 截至二零二五年六月三十日止六個月中期業績公告 弘和仁愛醫療集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」、「我們」或「我們的」）截至二零二五年六月三十日止六個月（「本 期」）的未經審核綜合財務業績，連同截至二零二四年六月三十日止六個月（「去年同期」） 的比較數據。 財務摘要 截至六月三十日止六個月 | | 二零二五年 | 二零二四年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | | | （經重列） | | 收入 | 743,044 | ...

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 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 北 京 迪 信 通 商 貿 股 份 有 限 公 司 Beijing Digital Telecom Co., Ltd. （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：6188） 截至2025年6月30日止六個月之中期業績公告 財務摘要 就截至2025年6月30日止六個月： 本集團的收入為人民幣8,219,463千元，較去年同期的本集團收入人民幣9,535,821 千元減少13.80%。 本公司母公司擁有人應佔本期淨虧損為人民幣76,644千元，與去年同期本公司母 公司擁有人應佔淨虧損人民幣29,267千元比較，虧損增幅161.88%。 每股基本虧損為人民幣0.09元╱股，與去年同期每股基本虧損人民幣0.03元╱股 比較，每股基本虧損增加0.06元╱股。 北京迪信通商貿股份有限公司（「本公司」或「迪信通」）董事（「董事」）會（「董事 會」）欣然公佈本 ...