[Company Information](index=3&type=section&id=公司資料) This section provides an overview of Star Properties Commercial Management Co., Ltd.'s governance structure and fundamental corporate details [Board of Directors and Committees](index=3&type=section&id=董事會與委員會) This section lists the members of the Board of Directors, including executive, non-executive, and independent non-executive directors, along with the composition of its Audit, Remuneration, and Nomination Committees - Board members include **Huang Delin** (Chairman), **Chen Qunsheng** (CEO), **Ma Chaoqun** (Executive Director), **Liu Jun**, **Huang Dean** (Non-executive Directors), and **Zhang Jinghua**, **Guo Zengli**, **Wen Kailin** (Independent Non-executive Directors)[5](index=5&type=chunk) - The company has an Audit Committee (Wen Kailin as Chairman), a Remuneration Committee (Guo Zengli as Chairman), and a Nomination Committee (Huang Delin as Chairman)[5](index=5&type=chunk) [Company Basic Information](index=3&type=section&id=公司基本信息) This section provides essential company details such as its registered office, Hong Kong and China business locations, share registrar, principal bankers, legal counsel, and website - Company's registered office is in Cayman Islands, Hong Kong business location is in Wing On Centre, Sheung Wan, and main China business location is in Galaxy WORLD, Longgang District, Shenzhen[5](index=5&type=chunk) - Independent auditor is Deloitte Touche Tohmatsu, and principal bankers include Industrial and Commercial Bank of China, China Construction Bank, and Ping An Bank[5](index=5&type=chunk)[6](index=6&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=管理層討論與分析) This section provides a comprehensive review of the Group's business operations, financial performance, strategic plans, and key developments for the reporting period [Overview](index=4&type=section&id=概覽) Star Properties Commercial Management Co., Ltd. is a leading commercial property operation service provider in the Greater Bay Area, managing 52 projects across 21 cities with a total contracted GFA of approximately 2.65 million square meters, and received multiple industry honors in H1 2025 - As of June 30, 2025, the Group provided services to 52 commercial property projects, covering 21 cities in China, with a total contracted GFA of approximately **2.65 million square meters**[7](index=7&type=chunk) - Approximately **45.8%** of the contracted GFA is developed or owned by independent third parties, including 27 operational retail commercial properties with a total operational GFA of approximately **1.65 million square meters**[7](index=7&type=chunk) - In H1 2025, the Group received multiple industry honors, including "Top 10 Commercial Real Estate Operators in China 2025" from China Index Academy[8](index=8&type=chunk) [Business Review](index=4&type=section&id=業務回顧) The Group, as a commercial property operation service provider, offers services through entrusted management, brand and management output, and master lease models, managing 52 projects with a total contracted GFA of 2.647 million square meters, primarily in the Greater Bay Area, and achieving an average occupancy rate of 92.5% for operational retail commercial properties - The Group provides market positioning, design and construction consulting, tenant solicitation, operation management, property leasing, and value-added services[10](index=10&type=chunk) - Entrusted management model offers high autonomy for ideal performance; brand and management output model has higher gross profit margin for rapid regional expansion; master lease service model maximizes revenue but carries higher risks[12](index=12&type=chunk)[14](index=14&type=chunk)[18](index=18&type=chunk) Contracted GFA and Number of Properties by Operation Model (As of June 30, 2025) | Operation Model | Number of Properties | Contracted GFA (thousand sq.m.) | | :--- | :--- | :--- | | Entrusted Management Services | 12 | 886 | | Brand and Management Output Services | 33 | 1,345 | | Master Lease Services | 7 | 416 | | **Total** | **52** | **2,647** | Contracted GFA and Revenue by Geographical Location (For the six months ended June 30, 2025) | Region | Number of Properties | Contracted GFA (sq.m.) | Revenue (RMB thousand) | Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Greater Bay Area | 32 | 1,500,000 | 212,938 | 74.9 | | Yangtze River Delta | 9 | 422,000 | 42,499 | 15.0 | | Other Regions | 10 | 725,000 | 28,792 | 10.1 | | **Total** | **52** | **2,647,000** | **284,229** | **100.0** | Average Occupancy Rate and Operational GFA of Operational Retail Commercial Properties (As of June 30, 2025) | Product Type | Average Occupancy Rate (%) | Operational Shopping Mall GFA (thousand sq.m.) | | :--- | :--- | :--- | | COCO Park | 93.9 | 494 | | COCO City and iCO | 90.9 | 576 | | Others | 93.7 | 235 | | **Total** | **92.5** | **1,305** | [Star Properties Commercial H2 2025 Work Plan](index=9&type=section&id=星盛商業2025年下半年工作計劃) In H2 2025, Star Properties Commercial will focus on "Cost-Efficiency Year" and "Focus Strategy," with core work revolving around enhancing asset value, strengthening digital intelligence capabilities, reinforcing cost awareness, and deepening regional expansion - Core work for H2 2025 focuses on enhancing asset value, improving digital intelligence capabilities, strengthening cost awareness, and deepening regional expansion[28](index=28&type=chunk) [Enhance Asset Value, Solidify Benchmark Status](index=9&type=section&id=提升資產價值，夯實標桿地位) The Group plans to continuously advance key project adjustments and brand optimization to consolidate benchmark status, adopt diversified tenant attraction strategies, strengthen operational revenue generation, optimize service systems, and strictly control the timely and quality opening of new projects - Key projects like Shenzhen Futian Galaxy COCO Park will solidify benchmark status through apparel upgrades, F&B and trendy play renovations, and partial transformations[28](index=28&type=chunk) - Adopt diversified tenant attraction strategies such as "strategic co-development," "first-entry brands," and "innovative brands," and implement "one-store-one-policy" solutions to improve occupancy rates and rental income[30](index=30&type=chunk) - Expand diversified revenue channels, develop and utilize commercial advertising spaces, venue rentals, value-added services, and engage in external cooperation for commercial consulting and training[31](index=31&type=chunk) - Three new projects, Shenzhen Guangming Galaxy COCO City, Shenzhen Galaxy WORLD•COCO Park Phase II, and Nanjing Galaxy COCO City, are planned to open in H2, with strict control over construction and preparation phases[33](index=33&type=chunk) [Enhance Digital Intelligence Capabilities, Drive Business Growth](index=11&type=section&id=提升數智能力，驅動業務增長) The Group will continue to optimize its smart commercial system, upgrade the B-side "Star Butler" mini-program, integrate financial and tenant attraction systems to build a leasing settlement (ERP) system, strengthen C-side marketing platforms, refine data mid-platform management, and deploy IoT sensors to improve operational efficiency and energy saving - B-side "Star Butler" mini-program will be upgraded, adding modules for key renovation node management, knowledge platform, and store operation guidance, enabling online and paperless merchant services[34](index=34&type=chunk) - Integrate financial management system, tenant attraction management system, etc., to build a leasing settlement (ERP) system, achieving integrated financial and business operations[34](index=34&type=chunk) - Refine data mid-platform management standards, introduce AI algorithms to optimize data applications, promote iterative upgrades of the BI data platform, and deploy IoT temperature and humidity sensors to save energy[35](index=35&type=chunk) [Strengthen Cost Awareness, Optimize Resource Allocation](index=12&type=section&id=強化成本意識，優化資源配置) The Group will strengthen cost awareness, meticulously manage costs during new project preparation, focus on energy saving and consumption reduction for operational projects, and deeply advance the "Baichuan Plan" to refine parking lot revenue management, optimize charging strategies, and smart equipment applications - Strengthen cost awareness during new project preparation, precisely plan capital investment, optimize costs, and avoid ineffective expenditures[36](index=36&type=chunk) - Operational projects will reduce energy consumption through air conditioning energy-saving renovations, optimized operating logic, strengthened equipment maintenance, and implementation of variable frequency technology[36](index=36&type=chunk) - Advance the "Baichuan Plan," refine parking lot revenue structure management, optimize charging strategies and smart equipment applications, reduce labor costs, and increase revenue[37](index=37&type=chunk) [Deepen Regional Cultivation and Expansion, Innovate Business for Efficiency](index=12&type=section&id=區域精耕拓局，業務創新增效) The Group will continue to follow the "14th Five-Year Plan" strategic direction, deeply cultivate the Greater Bay Area market, opportunistically develop the Yangtze River Delta region, steadily develop its core business, continuously advance standardized asset-light business, and explore new opportunities in community and non-standard commercial projects - Continue "14th Five-Year Plan" strategic direction, deepen, densify, and strengthen the Greater Bay Area, opportunistically develop the Yangtze River Delta, and formulate targeted expansion strategies[38](index=38&type=chunk) - Continuously advance standardized asset-light business, explore new opportunities in community and non-standard commercial projects, and promote diversified development of integrated projects[39](index=39&type=chunk) - Explore innovative asset-light business models, expand non-listed commercial full-process consulting services, phased split specialized service projects, and enhance business competitiveness[39](index=39&type=chunk) [Events After Reporting Period](index=12&type=section&id=報告期後事項) As of June 30, 2025, and up to the date of this report, no significant events have occurred that would materially affect the Group's operations and financial performance - As of June 30, 2025, and up to the date of this report, no events have occurred that would materially affect the Group's operations and financial performance[40](index=40&type=chunk) [Financial Review](index=13&type=section&id=財務回顧) For the six months ended June 30, 2025, the Group's revenue decreased by 9.4% to RMB 284.2 million, with service costs down 10.8%, gross profit down 8.2% but margin up to 52.3%, and profit for the period slightly down 0.5% to RMB 86.1 million, while trade receivables increased and payables decreased, and global offering proceeds were primarily used for master lease property leasing and renovation Revenue Overview (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 284,229 | 313,780 | -9.4% | | Entrusted Management Service Revenue | 185,706 | 209,691 | -11.4% | | Brand and Management Output Service Revenue | 34,439 | 43,458 | -20.8% | | Master Lease Service Revenue | 64,084 | 60,631 | +5.7% | - Service costs decreased by **10.8%** year-on-year to **RMB 135.5 million**, primarily due to fewer entrusted management projects and refined operational cost reduction and efficiency improvement[43](index=43&type=chunk) Gross Profit and Gross Profit Margin (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 (RMB thousand) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Total Gross Profit | 148,681 | 52.3 | 161,880 | 51.6 | | Entrusted Management Service Gross Profit | 107,144 | 57.7 | 121,503 | 57.9 | | Brand and Management Output Service Gross Profit | 25,835 | 75.0 | 32,675 | 75.2 | | Master Lease Service Gross Profit | 15,702 | 24.5 | 7,702 | 12.7 | | **Overall Gross Profit Margin Change** | | **+0.7 percentage points** | | | - Profit for the period was approximately **RMB 86.1 million**, a year-on-year decrease of **0.5%**; profit attributable to owners of the Company was approximately **RMB 86.9 million**, a year-on-year decrease of **2.5%**[55](index=55&type=chunk) - Trade and other receivables increased by **7.5%** to **RMB 47.3 million**, mainly due to increased engineering investment in pre-opening projects and differences in management service fee settlement cycles[56](index=56&type=chunk) - Trade and other payables decreased by **22.0%** to **RMB 223.2 million**, mainly due to payment of year-end bonuses accrued in the previous year and various payables[57](index=57&type=chunk) - Net proceeds from the global offering were approximately **RMB 841.8 million**, of which **RMB 471.8 million** had been utilized as of June 30, 2025, primarily for retail commercial property leasing fees and renovation under the master lease service model[65](index=65&type=chunk) [Number of Employees and Remuneration Policy](index=19&type=section&id=僱員數目及薪酬政策) As of June 30, 2025, the Group's total number of employees was 840, a decrease from 954 at the end of 2024, with remuneration based on qualifications, experience, job nature, performance, and market compensation, including various benefits and share-based payment expenses of RMB 981,000 in H1 2025 Total Number of Employees | Date | Total Number of Employees | | :--- | :--- | | June 30, 2025 | 840 | | December 31, 2024 | 954 | - Remuneration is based on qualifications, experience, job nature, performance, and market compensation, including cash performance bonuses, medical plans, insurance, retirement plans, share option schemes, and restricted share unit awards[67](index=67&type=chunk) - In H1 2025, employee costs included share-based payment expenses of approximately **RMB 981,000**, an increase from **RMB 402,000** in the same period of 2024[67](index=67&type=chunk) [Future Plans for Material Investments and Capital Assets](index=19&type=section&id=重大投資及資本資產之未來計劃) For the six months ended June 30, 2025, the Group had no specific plans for other material investments or acquisitions of major capital assets or other businesses, apart from the expansion plans disclosed in the prospectus - Apart from the expansion plans in the prospectus, the Group has no specific plans for material investments or acquisitions of major capital assets or other businesses[68](index=68&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=19&type=section&id=重大投資、收購及出售附屬公司、聯營公司及合營企業) For the six months ended June 30, 2025, the Group did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures - For the six months ended June 30, 2025, the Group had no material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures[69](index=69&type=chunk) [Pledges of Assets](index=19&type=section&id=資產抵押) As of June 30, 2025, the Group had not pledged any assets - As of June 30, 2025, the Group had not pledged any assets[70](index=70&type=chunk) [Corporate Governance and Other Information](index=20&type=section&id=企業管治及其他資料) This section outlines the Company's adherence to corporate governance standards, directors' interests, share schemes, and dividend policies [Compliance with Corporate Governance Code and Listing Rules](index=20&type=section&id=遵守企業管治守則及上市規則) For the six months ended June 30, 2025, the Company's directors believe that good corporate governance principles have been applied, and the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules have been complied with - The Company has applied good corporate governance principles and complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[71](index=71&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=20&type=section&id=遵守董事進行證券交易的標準守則) The Company has adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance for the six months ended June 30, 2025, with no instances of non-compliance by relevant employees found - All directors confirmed compliance with the Model Code for the six months ended June 30, 2025[72](index=72&type=chunk) - The Company found no instances of non-compliance by relevant employees with the Model Code[72](index=72&type=chunk) [Changes in Directors' Information](index=20&type=section&id=董事資料變動) For the six months ended June 30, 2025, and up to the date of this report, there were no changes in the Company's directors' information requiring disclosure under Listing Rule 13.51B(1) - For the six months ended June 30, 2025, and up to the date of this report, no changes in directors' information required disclosure under Listing Rule 13.51B(1)[73](index=73&type=chunk) [Review of Interim Report](index=20&type=section&id=審閱中期報告) The unaudited interim financial information for the six months ended June 30, 2025, has been reviewed by Deloitte Touche Tohmatsu and jointly reviewed by the Audit Committee and management, discussing matters such as accounting principles, internal controls, risk management, and financial reporting - The interim financial information has been reviewed by Deloitte Touche Tohmatsu and jointly reviewed by the Audit Committee and management[74](index=74&type=chunk) [Share Capital](index=20&type=section&id=股本) As of June 30, 2025, the Company's total issued share capital was 1,014,516,000 ordinary shares - As of June 30, 2025, the Company's total issued share capital was **1,014,516,000** ordinary shares[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=購買、出售或贖回本公司上市證券) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[76](index=76&type=chunk) - As of June 30, 2025, and the date of this report, the Company held no treasury shares[77](index=77&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=21&type=section&id=董事於本公司或其任何相聯法團的股份、相關股份及債權證的權益及淡倉) As of June 30, 2025, the Company's directors and chief executive held interests in the Company's shares, with Mr. Huang Delin holding 14.66%, Mr. Huang Dean 0.18%, Mr. Chen Qunsheng 0.02%, Mr. Ma Chaoqun 0.01%, and Mr. Liu Jun 0.02% Directors' Interests in the Company's Shares (As of June 30, 2025) | Director's Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Huang Delin | Interest in controlled corporation/Settlor of discretionary trust/Beneficial owner | 148,682,000 (L) | 14.66% | | Mr. Huang Dean | Beneficial owner | 1,791,000 (L) | 0.18% | | Mr. Chen Qunsheng | Beneficial owner | 212,000 (L) | 0.02% | | Mr. Ma Chaoqun | Beneficial owner | 80,000 (L) | 0.01% | | Mr. Liu Jun | Beneficiary of trust | 200,000 (L) | 0.02% | [Interests and Short Positions of Persons Other Than Directors and Chief Executive in Shares and Underlying Shares](index=22&type=section&id=本公司董事及最高行政人員以外的人士於股份及相關股份的權益及淡倉) As of June 30, 2025, Mr. Huang Chulong and his controlled entities held significant interests in the Company's shares, with Mr. Huang Chulong holding a total of 73.89% and Gaoxing Investment Holdings Co., Ltd. holding 59.24% Interests of Persons Other Than Directors and Chief Executive in the Company's Shares (As of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Huang | Settlor of discretionary trust/Interest in controlled corporation | 749,596,000 (L) | 73.89% | | TMF (Cayman) Ltd | Trustee | 601,000,000 (L) | 59.24% | | Long Harmony Holding Limited | Interest in controlled corporation | 601,000,000 (L) | 59.24% | | Gaoxing Investment Holdings Co., Ltd. | Beneficial owner | 601,000,000 (L) | 59.24% | | Derui Investment | Beneficial owner/Trustee | 147,303,000 (L) | 14.52% | [Share Award Scheme](index=22&type=section&id=股份獎勵計劃) The Company's controlling shareholder, Mr. Huang Chulong, adopted a share award scheme on April 17, 2023, to incentivize and reward eligible participants, funded by entrusted shares held by Derui Investment, with 54,800,000 award shares granted and 5,220,000 remaining unexercised as of June 30, 2025 - The Share Award Scheme was adopted by controlling shareholder Mr. Huang Chulong on April 17, 2023, to incentivize and reward eligible participants who have contributed to the Group[84](index=84&type=chunk) - The scheme does not involve the issuance of new shares and is funded by entrusted shares held by Derui Investment[85](index=85&type=chunk) Changes in Awarded Shares under Share Award Scheme (As of June 30, 2025) | Status | Number of Awarded Shares | | :--- | :--- | | Unexercised as at January 1, 2024 | 12,495,000 | | Forfeited during the period | (2,450,000) | | Unexercised as at June 30, 2024 | 10,045,000 | | Forfeited during the period | (560,000) | | Unexercised as at December 31, 2024 | 9,485,000 | | Forfeited during the period | (350,000) | | Exercised during the period | (1,112,000) | | Lapsed during the period | (2,803,000) | | **Unexercised as at June 30, 2025** | **5,220,000** | [Share Option Scheme](index=23&type=section&id=購股權計劃) The Company adopted a share option scheme on December 21, 2020, to incentivize and reward eligible participants, but as of June 30, 2025, no share options had been granted or remained unexercised, with 100,000,000 shares available for grant - The Share Option Scheme was adopted on December 21, 2020, to incentivize and reward eligible participants who have contributed to the Group's business[87](index=87&type=chunk) - As of June 30, 2025, the Company had not granted any share options under the Share Option Scheme, and no share options remained unexercised on that date[87](index=87&type=chunk) - As of June 30, 2025, the total number of share options available for grant under the Share Option Scheme was **100,000,000** shares, representing approximately **9.86%** of the issued share capital[87](index=87&type=chunk) [Restricted Share Unit ("RSU") Scheme ("RSU Scheme")](index=23&type=section&id=受限制股份單位（「受限制股份單位」）計劃（「受限制股份單位計劃」）) The Company adopted a Restricted Share Unit Scheme on November 4, 2021, to recognize and reward contributors, having cumulatively purchased 1,937,000 shares for the scheme as of June 30, 2025, but without granting any restricted share units - The Restricted Share Unit Scheme was adopted on November 4, 2021, to recognize and reward eligible participants who have contributed to the Group[88](index=88&type=chunk) - As of June 30, 2025, the Company had cumulatively purchased **1,937,000** shares for the scheme[88](index=88&type=chunk) - As of June 30, 2025, no restricted share units had been granted under the Restricted Share Unit Scheme[89](index=89&type=chunk) [Interim Dividend and Closure of Register of Members](index=23&type=section&id=中期股息及暫停辦理股份過戶登記手續) The Board declared an interim dividend of HKD 5.0 cents per ordinary share for the six months ended June 30, 2025, with the register of members to be closed from November 28 to December 1, 2025, and payment expected around December 19, 2025 Interim Dividend | Period | Dividend per Ordinary Share | | :--- | :--- | | For the six months ended June 30, 2025 | HKD 5.0 cents | | For the six months ended June 30, 2024 | HKD 4.8 cents | - The register of members will be closed from **November 28, 2025, to December 1, 2025**[90](index=90&type=chunk) - The proposed interim dividend is expected to be paid on or about **December 19, 2025**, to shareholders whose names appear on the register of members at the close of business on **December 1, 2025**[90](index=90&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=24&type=section&id=簡明綜合財務報表審閱報告) This section presents the independent auditor's review report on the condensed consolidated financial statements, including the scope and conclusion of their work [Introduction](index=24&type=section&id=緒言) Deloitte Touche Tohmatsu has reviewed Star Properties Commercial Management Co., Ltd.'s condensed consolidated financial statements for the six months ended June 30, 2025, prepared in accordance with HKAS 34 and Listing Rules, with the Board responsible for preparation and the auditor for conclusion based on the review - Deloitte Touche Tohmatsu has reviewed the condensed consolidated financial statements for the six months ended June 30, 2025[91](index=91&type=chunk) - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[91](index=91&type=chunk) [Scope of Review](index=24&type=section&id=審閱範圍) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, primarily involving inquiries and analytical procedures, and as its scope is less than an audit, no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, primarily involving inquiries and analytical review procedures[92](index=92&type=chunk) - The scope of a review is less than an audit, therefore no audit opinion is expressed[92](index=92&type=chunk) [Conclusion](index=24&type=section&id=結論) Based on the review, the auditor found no matters that would lead them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34 - The auditor found no matters that would lead them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[93](index=93&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=25&type=section&id=簡明綜合損益及其他全面收益表) This section presents the Group's condensed consolidated statement of profit or loss and other comprehensive income for the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=25&type=section&id=簡明綜合損益及其他全面收益表) For the six months ended June 30, 2025, the Group's revenue was RMB 284,229 thousand, a 9.4% year-on-year decrease, with gross profit at RMB 148,681 thousand (down 8.2%), and profit and total comprehensive income for the period at RMB 86,053 thousand (down 0.5%), resulting in basic earnings per share of RMB 8.58 cents Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 284,229 | 313,780 | | Service costs | (135,548) | (151,900) | | Gross profit | 148,681 | 161,880 | | Other income | 15,585 | 18,745 | | Selling expenses | (6,676) | (14,688) | | Administrative expenses | (26,346) | (31,752) | | Finance costs | (18,451) | (18,144) | | Profit before tax | 110,955 | 113,870 | | Income tax expense | (24,902) | (27,374) | | Profit and total comprehensive income for the period | 86,053 | 86,496 | | Profit for the period attributable to owners of the Company | 86,896 | 89,100 | | Basic earnings per share (RMB cents) | 8.58 | 8.80 | [Condensed Consolidated Statement of Financial Position](index=26&type=section&id=簡明綜合財務狀況表) This section presents the Group's condensed consolidated statement of financial position as of the reporting date [Condensed Consolidated Statement of Financial Position](index=26&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, the Group's total assets less current liabilities were RMB 1,936,106 thousand, with non-current assets primarily investment properties, current assets showing increased short-term bank deposits and decreased cash, total equity at RMB 1,265,610 thousand, and non-current liabilities mainly lease liabilities Key Data from Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 869,095 | 860,974 | | Current assets | 1,425,297 | 1,417,359 | | Current liabilities | 358,286 | 359,562 | | Net current assets | 1,067,011 | 1,057,797 | | Total assets less current liabilities | 1,936,106 | 1,918,771 | | Total equity | 1,265,610 | 1,255,684 | | Non-current liabilities | 670,496 | 663,087 | - Short-term bank deposits increased from **RMB 655,905 thousand** at the end of 2024 to **RMB 870,808 thousand** as of June 30, 2025[96](index=96&type=chunk) - Cash and cash equivalents decreased from **RMB 710,599 thousand** at the end of 2024 to **RMB 497,609 thousand** as of June 30, 2025[96](index=96&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=27&type=section&id=簡明綜合權益變動表) This section presents the Group's condensed consolidated statement of changes in equity for the reporting period [Condensed Consolidated Statement of Changes in Equity](index=27&type=section&id=簡明綜合權益變動表) For the six months ended June 30, 2025, equity attributable to owners of the Company increased from RMB 1,246,877 thousand to RMB 1,257,646 thousand, driven by RMB 86,896 thousand in profit for the period and RMB 981 thousand in share-based payment reserve, offset by RMB 77,108 thousand in dividend distribution Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | January 1, 2025 (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 1,246,877 | 1,257,646 | | Profit (loss) and total comprehensive income for the period | - | 86,896 | | Equity-settled share-based payments recognized | - | 981 | | Dividends distributed | - | (77,108) | - Statutory reserve increased from **RMB 109,880 thousand** at the beginning of the period to **RMB 117,228 thousand**[97](index=97&type=chunk) - Retained profits increased from **RMB 715,728 thousand** at the beginning of the period to **RMB 795,276 thousand**[97](index=97&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=簡明綜合現金流量表) This section presents the Group's condensed consolidated statement of cash flows for the reporting period [Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=簡明綜合現金流量表) For the six months ended June 30, 2025, the Group's net cash generated from operating activities significantly decreased to RMB 38,384 thousand, while net cash used in investing activities was RMB 239,732 thousand, and cash and cash equivalents at period-end were RMB 497,609 thousand, representing a decrease of RMB 212,990 thousand from the beginning of the period Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 38,384 | 71,887 | | Net cash used in investing activities | (239,732) | (271,893) | | Net cash used in financing activities | (11,642) | (14,093) | | Net decrease in cash and cash equivalents | (212,990) | (214,099) | | Cash and cash equivalents at end of period | 497,609 | 332,815 | - Cash generated from operations decreased from **RMB 110,002 thousand** in 2024 to **RMB 78,746 thousand** in 2025[99](index=99&type=chunk) - Placement of short-term bank deposits decreased from **RMB 560,420 thousand** in 2024 to **RMB 333,794 thousand** in 2025[100](index=100&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=30&type=section&id=簡明綜合財務報表附註) This section provides detailed explanatory notes to the condensed consolidated financial statements, covering accounting policies, revenue, expenses, and other financial disclosures [Basis of Preparation](index=30&type=section&id=編製基準) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Listing Rules[101](index=101&type=chunk) [Principal Accounting Policies](index=30&type=section&id=主要會計政策) The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with the 2024 annual consolidated financial statements, and amendments to HKFRS accounting standards applied in this interim period had no significant impact on financial position and performance - The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with the 2024 annual consolidated financial statements[102](index=102&type=chunk) - Amendments to Hong Kong Financial Reporting Standards accounting standards were first applied in this interim period but had no significant impact on financial position and performance[103](index=103&type=chunk) [Revenue and Segment Information](index=31&type=section&id=收入及分部資料) The Group's revenue primarily derives from commercial property operation services in China, provided through entrusted management, brand and management output, and master lease models, with total revenue of RMB 284,229 thousand for the six months ended June 30, 2025, and all business and non-current assets located in mainland China Revenue from Commercial Property Operation Services by Operation Model (For the six months ended June 30) | Operation Model | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Entrusted Management Services | 185,706 | 209,691 | | Brand and Management Output Services | 34,439 | 43,458 | | Master Lease Services | 64,084 | 60,631 | | **Total** | **284,229** | **313,780** | Analysis of Revenue from Customer Contracts (For the six months ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Market positioning, design and construction consulting and tenant solicitation services | 20,985 | 29,180 | | Operation management services | 182,235 | 198,323 | | Value-added services | 52,884 | 57,616 | | **Total** | **256,104** | **285,119** | - The Group has a single operating segment, with all business and non-current assets located in mainland China[110](index=110&type=chunk)[111](index=111&type=chunk) [Other Income](index=33&type=section&id=其他收入) For the six months ended June 30, 2025, the Group's other income was RMB 15,585 thousand, primarily including bank interest income, government subsidies, and compensation and penalties received from tenants Composition of Other Income (For the six months ended June 30) | Income Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 14,393 | 17,547 | | Government subsidies | 455 | 603 | | Compensation and penalties received from tenants | 737 | 595 | | **Total** | **15,585** | **18,745** | [Net Impairment Losses Recognized Under Expected Credit Loss Model](index=34&type=section&id=預期信貸虧損模式項下確認的減值虧損淨額) For the six months ended June 30, 2025, the Group recognized net impairment losses of RMB 707 thousand under the expected credit loss model, a decrease from RMB 1,295 thousand in the same period last year, mainly due to changes in estimates for future recovery of trade receivables Net Impairment Losses Recognized Under Expected Credit Loss Model (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net impairment losses on trade receivables | (707) | (1,295) | [Income Tax Expense](index=34&type=section&id=所得稅開支) For the six months ended June 30, 2025, the Group's income tax expense was RMB 24,902 thousand, a 9.0% year-on-year decrease, primarily due to reduced profit before tax, with mainland China entities subject to a 25% corporate income tax rate, and one entity in Qianhai enjoying a 15% preferential tax rate Composition of Income Tax Expense (For the six months ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax | 29,268 | 38,532 | | Deferred tax | (4,366) | (11,158) | | **Total** | **24,902** | **27,374** | - Mainland China entities are subject to a **25%** corporate income tax rate, while one entity in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone enjoys a **15%** preferential tax rate[118](index=118&type=chunk) [Profit for the Period](index=35&type=section&id=期內利潤) For the six months ended June 30, 2025, the Group's profit for the period was RMB 86,053 thousand, with total employee costs of RMB 89,719 thousand, including RMB 981 thousand in equity-settled share-based payments, and total depreciation expense of RMB 23,382 thousand Composition of Profit for the Period (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total employee costs | 89,719 | 99,022 | | Depreciation of property and equipment | 300 | 585 | | Depreciation of investment properties | 23,082 | 23,102 | | Total rental income from investment properties | (28,125) | (28,661) | | Direct operating expenses from investment properties | 27,405 | 27,615 | - Employee costs included equity-settled share-based payments of **RMB 981 thousand**, an increase from **RMB 402 thousand** in the same period last year[119](index=119&type=chunk) [Dividends](index=36&type=section&id=股息) The Board declared an interim dividend of HKD 5.0 cents per ordinary share for the six months ended June 30, 2025, totaling approximately HKD 50,726,000, following the payment of the 2024 final dividend of HKD 8.3 cents per ordinary share, totaling approximately RMB 77,108 thousand, on July 10, 2025 Dividends Recognized as Distributed (For the six months ended June 30) | Dividend Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 2024 final dividend (HKD 8.3 cents per share) | 77,108 | - | | 2023 final dividend (HKD 13.0 cents per share) | - | 120,066 | - The Board declared an interim dividend of **HKD 5.0 cents** per ordinary share for the six months ended June 30, 2025, totaling approximately **HKD 50,726,000**[120](index=120&type=chunk) [Earnings Per Share](index=37&type=section&id=每股盈利) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company were RMB 8.58 cents, lower than RMB 8.80 cents in the same period last year, calculated using a weighted average of 1,012,579 thousand ordinary shares Basic Earnings Per Share Calculation Data (For the six months ended June 30) | Metric | 2025 (RMB thousand/thousand shares) | 2024 (RMB thousand/thousand shares) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 86,896 | 89,100 | | Weighted average number of ordinary shares | 1,012,579 | 1,012,635 | | **Basic earnings per share (RMB cents)** | **8.58** | **8.80** | - Diluted earnings per share are not presented as there are no outstanding potential ordinary shares[123](index=123&type=chunk) [Investment Properties](index=37&type=section&id=投資物業) In this interim period, the Group incurred leasehold improvement expenses of RMB 26,169 thousand for right-of-use assets under the master lease service model, which were capitalized as part of the initial cost of investment properties - In this interim period, the Group incurred leasehold improvement expenses of **RMB 26,169 thousand** for right-of-use assets under the master lease service model[124](index=124&type=chunk) - These expenses have been capitalized as part of the initial cost of investment properties[124](index=124&type=chunk) [Trade and Other Receivables](index=38&type=section&id=貿易及其他應收款項) As of June 30, 2025, the Group's total trade and other receivables amounted to RMB 72,868 thousand, with trade receivables primarily from customer contracts and operating leases, typically with a 10 to 30-day credit period, and overdue trade receivables of RMB 886 thousand not considered in default Trade and Other Receivables (As of June 30, 2025) | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 25,985 | 23,961 | | Other receivables | 46,883 | 45,604 | | **Total** | **72,868** | **69,565** | Ageing Analysis of Trade Receivables (Net of allowance for credit losses, as of June 30, 2025) | Ageing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 10 days | 15,597 | 15,129 | | 11 to 30 days | 391 | 453 | | 31 to 60 days | 2,946 | 207 | | 61 to 90 days | 374 | 367 | | Over 90 days | 1,262 | 2,390 | | **Total** | **20,570** | **18,546** | - As of June 30, 2025, trade receivables overdue by **90 days or more** amounted to **RMB 886 thousand**, but were not considered in default after assessment[127](index=127&type=chunk) [Trade and Other Payables](index=41&type=section&id=貿易及其他應付款項) As of June 30, 2025, the Group's total trade and other payables amounted to RMB 223,171 thousand, a decrease from RMB 286,286 thousand at the end of 2024, with trade payables typically having a 30 to 90-day credit period, and other payables primarily including amounts collected on behalf of tenants, deposits received, and leasehold improvement payables Trade and Other Payables (As of June 30, 2025) | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 30,482 | 40,286 | | Other payables | 192,689 | 246,000 | | **Total** | **223,171** | **286,286** | Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 30,479 | 40,283 | | Over 90 days | 3 | 3 | | **Total** | **30,482** | **40,286** | - Other payables primarily include amounts collected on behalf of tenants (**RMB 56,231 thousand**), deposits received (**RMB 58,509 thousand**), and leasehold improvement payables (**RMB 57,666 thousand**)[133](index=133&type=chunk) [Share Capital](index=42&type=section&id=股本) The Company's authorized share capital is 2,000,000,000 ordinary shares of HKD 0.01 each, with 1,014,516,000 shares issued and fully paid as of June 30, 2025, amounting to RMB 8,487 thousand, following the repurchase and cancellation of 761,000 ordinary shares in January 2024 Share Capital Details (As of June 30, 2025) | Category | Number of Shares | Share Capital (HKD thousand) | Share Capital (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized share capital | 2,000,000,000 | 20,000 | 16,755 | | Issued and fully paid share capital (June 30, 2025) | 1,014,516,000 | 10,145 | 8,487 | | Issued and fully paid share capital (January 1, 2024) | 1,016,807,000 | 10,168 | 8,506 | | Ordinary shares repurchased and cancelled in January 2024 | (761,000) | (8) | (5) | [Share Award Scheme](index=43&type=section&id=股份獎勵計劃) This note details the Company's Share Option Scheme, Restricted Share Unit Scheme, and the Share Award Scheme adopted by controlling shareholder Mr. Huang Chulong, with no options or units granted under the first two schemes as of June 30, 2025, while the Share Award Scheme granted 54,800,000 shares, with 5,220,000 remaining unexercised, and the Group recognized expenses of RMB 981 thousand for it - The Share Option Scheme was adopted on December 21, 2020, to incentivize and reward eligible participants, but no share options had been granted as of June 30, 2025[138](index=138&type=chunk)[141](index=141&type=chunk) - The Restricted Share Unit Scheme was adopted on November 4, 2021, to recognize and reward contributors; as of June 30, 2025, **1,937,000** shares had been cumulatively repurchased for the scheme, but no restricted share units had been granted[142](index=142&type=chunk)[144](index=144&type=chunk) - The Share Award Scheme granted **54,800,000** award shares on April 17, 2023, with **5,220,000** remaining unexercised as of June 30, 2025[146](index=146&type=chunk)[147](index=147&type=chunk) - The Group recognized expenses of **RMB 981 thousand** for the Share Award Scheme (2024: **RMB 402 thousand**)[150](index=150&type=chunk) [Capital Commitments](index=46&type=section&id=資本承擔) As of June 30, 2025, the Group's capital expenditure contracted but not provided for in the condensed consolidated financial statements for the purchase of property and equipment was RMB 32,178 thousand, a decrease from RMB 48,928 thousand at the end of 2024 Capital Expenditure (As of June 30, 2025) | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital expenditure contracted but not provided for the purchase of property and equipment | 32,178 | 48,928 | [Related Party Transactions](index=47&type=section&id=關聯方交易) The Group has significant related party transactions with fellow subsidiaries and joint ventures under the common control of the ultimate controlling shareholder, Mr. Huang Chulong, with revenue from related parties totaling RMB 69,679 thousand and expenses RMB 5,701 thousand for the six months ended June 30, 2025, and total key management personnel remuneration of RMB 4,854 thousand Amounts Due from Related Parties (As of June 30, 2025) | Nature of Related Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Fellow subsidiaries | 8,774 | 6,091 | Amounts Due to Related Parties (As of June 30, 2025) | Nature of Related Party | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Fellow subsidiaries | 907 | 5,591 | Related Party Transactions (For the six months ended June 30) | Transaction Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from related parties | 69,679 | 76,119 | | Expenses from related parties | 5,701 | 6,398 | | Revenue from joint ventures | 1,814 | 1,676 | Key Management Personnel Remuneration (For the six months ended June 30) | Remuneration Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Short-term benefits | 4,574 | 3,852 | | Equity-settled share-based payments | 121 | 63 | | Contributions to retirement benefit schemes | 159 | 109 | | **Total** | **4,854** | **4,024** |

Financial Performance - Revenue for the six months ended June 30, 2025, was $126,983,000, a decrease of 2.7% compared to $130,719,000 for the same period in 2024[4] - Gross profit for the same period was $30,842,000, down 4.8% from $32,386,000 in 2024[4] - Profit attributable to shareholders for the six months was $14,108,000, a decline of 25.3% from $18,858,000 in 2024[4] - Basic and diluted earnings per share were 1.26 cents, compared to 1.68 cents in the previous year, reflecting a decrease of 25%[5] - The company reported a total comprehensive income of $18,422,000 for the period, compared to $18,858,000 in the previous period[9] - The group's profit before tax for the six months ended June 30, 2025, was $14,108,000, a decrease from $18,858,000 for the same period in 2024, representing a decline of approximately 25%[28] - Other income and net gains totaled $2,415,000, a decrease of 11.8% from $2,739,000 in 2024[21] - The total tax expense for the period was $2,804,000, significantly higher than $925,000 in the previous year, indicating a substantial increase in tax liabilities[25] Assets and Liabilities - Total assets as of June 30, 2025, were $182,609,000, an increase from $180,148,000 at the end of 2024[6] - Current liabilities decreased to $41,763,000 from $46,945,000 at the end of 2024, indicating improved liquidity[7] - The net asset value increased to $175,807,000 from $170,908,000 at the end of 2024, showing a growth of 2.3%[7] - Trade receivables as of June 30, 2025, were $63,451,000, up from $55,828,000 at the end of 2024, indicating an increase of about 13.5%[30] - The group’s trade payables decreased to $10,728,000 as of June 30, 2025, from $23,710,000 at the end of 2024, reflecting a significant reduction of approximately 54.7%[33] Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2025, was $10,767,000, a decrease of 9.9% from $11,954,000 in 2024[10] - The cash and cash equivalents at the end of the period were $68,637,000, compared to $58,672,000 at the end of June 30, 2024[12] - As of June 30, 2025, the company has approximately $87.4 million in cash and cash equivalents, with no external borrowings, resulting in a debt-to-equity ratio of zero[47] Market Performance - Revenue from the United States market was $37,035,000, down 9.3% from $40,828,000 in 2024[20] - Revenue from Mainland China increased to $17,675,000, up 30.4% from $13,590,000 in 2024[20] - The outdoor and sports bag category accounted for 82.8% of total revenue, generating $105.1 million[45] Expenses and Cost Management - The cost of goods sold for the six months ended June 30, 2025, was $94,366,000, slightly lower than $96,483,000 in 2024, showing a decrease of about 2.2%[23] - Administrative expenses were approximately $8.9 million, remaining stable compared to the previous period[46] - Research and development expenses increased to $1,337,000 in 2025 from $1,142,000 in 2024, marking a rise of approximately 17.1%[23] - The financial costs decreased to $66,000 from $103,000 in the previous year, reflecting improved cost management[4] Dividends and Shareholder Returns - The group declared a final dividend of 7.0 HK cents per share, amounting to $9,988,000, compared to 5.0 HK cents per share, which was $7,171,000 in the previous year, reflecting a 39.5% increase in dividend payout[27] - The board has decided not to declare any interim dividends for the period[57] Corporate Governance and Compliance - The company continues to adhere to high standards of corporate governance and has complied with the corporate governance code throughout the period[55] - The audit committee consists of three independent non-executive directors and is responsible for reviewing financial reports and internal controls[70] - The audit committee has reviewed the interim financial results for the six months ending June 30, 2025, and found them compliant with applicable accounting standards[70] Future Outlook and Strategic Plans - The company plans to continue expanding its market presence, particularly in the Chinese market, which has shown significant growth[20] - The company expects the operating environment for the second half of 2025 to remain uncertain due to tariff issues and geopolitical tensions[43] - The company plans to further develop its site in Panyu, Guangdong, with careful planning and adherence to quality standards and regulations[44] Employee and Management Information - The company had approximately 7,900 employees as of June 30, 2025, with compensation and benefits aligned with market levels[51] - The total compensation for key management personnel was $717,000, slightly up from $712,000 in the previous year, indicating a marginal increase of about 0.7%[35] Shareholding Structure - Prosperous BVI holds 588,000,000 shares, representing 52.5% of the company[65] - Great Pacific Investments Limited owns 252,000,000 shares, accounting for 22.5% of the company[65] - Pou Hing Industrial Co., Limited also holds 252,000,000 shares, which is 22.5% of the company[65] Risks and Challenges - The company faces foreign exchange risk as procurement and operational costs are primarily denominated in RMB and VND, while most sales are in USD, with no current foreign exchange hedging policy in place[54]

中期報告 2025 2025 中期報告 | 目錄 | | --- | | 公司資料 | 02 | | --- | --- | | 財務概要 | 04 | | 管理層討論及分析 | 05 | | 其他資料 | 24 | | 獨立核數師報告 | 32 | | 簡明合併損益及其他綜合收益表 | 33 | | 簡明合併財務狀況表 | 34 | | 簡明合併權益變動表 | 36 | | 簡明合併現金流量表 | 37 | | 簡明合併財務報表附註 | 38 | | 釋義 | 63 | 02 康希諾生物股份公司 公司資料 董事會 執行董事 Xuefeng YU博 士 （董事長、首席執行官兼總經理） Shou Bai CHAO博 士 （首席運營官兼副總經理） 王靖女士 （首席商務官兼副總經理） 非執行董事 李志成先生 獨立非執行董事 桂水發先生 劉建忠先生 張耀樑先生 審計委員會 張耀樑先生 （主任委員） 桂水發先生 劉建忠先生 薪酬與考核委員會 桂水發先生 （主任委員） 張耀樑先生 Xuefeng YU博 士 提名委員會 劉建忠先生 （主任委員） 張耀樑先生 桂水發先生 李志成先生 Xuefeng YU 博 士 監 事 肖 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 21,198,384 thousand, a decrease of 7.0% compared to RMB 22,800,874 thousand in 2024[5] - Gross profit increased by 7.6% to RMB 553,697 thousand from RMB 514,473 thousand year-on-year[5] - Total comprehensive income for the period rose significantly by 141.6% to RMB 22,767 thousand from RMB 9,424 thousand in the previous year[5] - The company recorded a net profit of approximately RMB 22.8 million for the six months ended June 30, 2025, an increase of about 141.6% compared to RMB 9.4 million for the same period in 2024[43] - The company's profit attributable to equity holders for the six months ended June 30, 2025, was RMB 7,579 thousand, an increase of 71.5% compared to RMB 4,436 thousand in 2024[105] - Basic earnings per share for the six months ended June 30, 2025, were RMB 0.59, compared to RMB 0.35 in 2024, reflecting a growth of 68.6%[105] - The company reported a net profit before tax of RMB 33,567 thousand for the six months ended June 30, 2025, compared to RMB 14,091 thousand in 2024[98] Sales and Production - Stainless steel sales volume increased by 3.1% to 995,500 tons, while carbon steel sales volume rose by 0.4% to 2,390,742 tons[9] - Stainless steel processing sales volume increased by approximately 3.1% from about 965,000 tons in the six months ended June 30, 2024, to about 996,000 tons in the same period of 2025[43] - Carbon steel processing sales volume rose by approximately 0.4%, from about 2,383,000 tons in the six months ended June 30, 2024, to about 2,391,000 tons in the same period of 2025[43] - Total sales for the six months ended June 30, 2025, were RMB 21,198,384 thousand, a decrease of 7.0% from RMB 22,800,874 thousand in the same period of 2024[97] - Sales from Mainland China amounted to RMB 20,630,565 thousand, down 7.2% from RMB 22,229,800 thousand in 2024[97] Assets and Liabilities - The company’s total assets reached approximately RMB 171.16 billion as of June 30, 2025, with equity attributable to shareholders amounting to approximately RMB 25.35 billion[47] - The company recorded approximately RMB 12,531,345 in total liabilities as of June 30, 2025, compared to RMB 8,277,711 as of December 31, 2024[68] - The debt-to-equity ratio as of June 30, 2025, was 79.60%, up from 71.42% as of December 31, 2024, indicating a higher leverage position[64] - The company’s total borrowings increased to RMB 4,340,753,000 for the six months ended June 30, 2025, compared to RMB 2,907,206,000 in the same period of 2024[73] - The total borrowings increased to RMB 11,652,987,000 as of June 30, 2025, compared to RMB 7,312,234,000 as of December 31, 2024, representing a growth of approximately 59%[94] Operational Efficiency - The company set a new lifting record at its Yangtze River terminal, successfully handling an 800-ton precision container, showcasing its operational efficiency[37] - The company plans to improve operational performance and cash flow by increasing sales volume and enhancing inventory management[78] - The company’s cash and cash equivalents increased by RMB 233,468,000 during the six months ended June 30, 2025, compared to an increase of RMB 51,205,000 in the same period of 2024[73] Costs and Expenses - Distribution costs slightly increased from approximately RMB 228,302 to RMB 233,427, primarily due to rising transportation costs[56] - Administrative expenses rose from approximately RMB 176,368 to RMB 184,604, mainly due to increases in stamp duty, property tax, and other additional taxes[57] - Financing costs decreased from approximately RMB 143,834 to RMB 137,151, attributed to reduced bank borrowing interest expenses and increased interest income[58] - The total financing costs for the six months ended June 30, 2025, were RMB 110,455 thousand, a decrease of 9.7% from RMB 122,299 thousand in 2024[101] - The cost of raw materials consumed was RMB 19,902,014 thousand, down 7.4% from RMB 21,515,055 thousand in 2024[100] Projects and Initiatives - The company has initiated a high-end chemical tanker project in collaboration with a shipyard in Jiangxi, marking a significant breakthrough in the international high-tech shipbuilding sector[16] - The project involves a 135-meter stainless steel special vessel, which is expected to enhance the company's competitiveness in the European high-end ship market[20] - A major acetic acid project in Hubei has successfully commenced commercial production, with the company providing over 1,600 tons of stainless steel products for this project[29] - The company is actively expanding its high-end oil tank prefabrication project in Tianjin, aimed at overseas markets, demonstrating its capabilities in precision metal processing[33] Human Resources - The group employed 6,608 employees as of June 30, 2025, a decrease from 7,011 employees in the previous year, with production and technical staff making up 74.1%[117] Governance and Compliance - The company did not recommend any interim dividend for the six months ended June 30, 2025, consistent with the previous year[107] - The company has adopted the "Standard Code" for securities trading by directors, confirming compliance until June 30, 2025[110] - The company’s audit committee reviewed the unaudited interim results for the six months ending June 30, 2025, ensuring compliance with applicable accounting standards[114]

財務摘要 財務資料 電視廣播有限公司 二零二五年度中期報告 63 66 摘要及展望 68 電視廣播 70 內容創作 73 數字媒體 74 中國內地業務 75 國際業務 76 財務回顧 79 企業管治及其他資料 90 中期財務資料 123 中期財務資料的審閱報告 公司資料 | | | | | | | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 按營運分部劃分的對外客戶收入 | | | | | | 二零二五年 | 二零二四年 | | 變更 | | 二零二四年上半年的相關百分比以括號列示 | | | | | | | | | | | 電視廣播 | | | | | 表現 | | | | | | 55% (54%) | | | | | 每股虧損 | 港幣(0.23)元 | | 港幣(0.33)元 | 30% | | | | | | | 每股中期股息 | | – | – | 不適用 | | 數字媒體 | | | | | | 港幣百萬元 | | 港幣百萬元 | | | 12% (11%) | | | | ...

Financial Performance - The company reported a revenue of RMB 500 million for the six months ended June 30, 2025, representing a 20% increase compared to the same period last year[6]. - Revenue for the six months ended June 30, 2025, was RMB 5,607,246, an increase of 29.4% from RMB 4,334,982 in 2024[17]. - Profit before tax decreased to RMB 143,640, down 59.0% from RMB 350,876 in 2024[17]. - Profit attributable to owners of the company for the period was RMB 107,872, a decline of 58.3% compared to RMB 258,880 in 2024[17]. - Revenue increased by 29.3% from RMB4,335.0 million for the six months ended June 30, 2024, to RMB5,607.2 million for the six months ended June 30, 2025, driven by expanded sales of goods and increased logistics solutions[58]. - Profit decreased from RMB283.9 million for the six months ended June 30, 2024, to RMB116.6 million for the six months ended June 30, 2025[61]. Revenue Breakdown - Sales of goods accounted for 69.9% of total revenue, while logistics solutions contributed 30.1% for the six months ended June 30, 2025[23]. - Revenue from logistics solutions surged by 86.4% from RMB904.0 million for the six months ended June 30, 2024, to RMB1,685.0 million for the six months ended June 30, 2025, due to expanded warehousing and strategic partnerships[72]. - Revenue from furniture, home furnishings, and home appliances increased by 13.6% from RMB2,883.9 million for the six months ended June 30, 2024, to RMB3,276.8 million for the six months ended June 30, 2025[69]. - Revenue from electric tools rose by 11.5% from RMB260.4 million for the six months ended June 30, 2024, to RMB290.3 million for the six months ended June 30, 2025[70]. - Revenue from other products increased by 23.8% from RMB286.7 million for the six months ended June 30, 2024, to RMB355.1 million for the six months ended June 30, 2025, attributed to the expansion of new sales channels[71]. Cost and Expenses - Operating expenses were reduced by 15%, amounting to RMB 100 million, through efficiency improvements[6]. - The company's cost of sales increased by 40.4% from RMB2,851.5 million for the six months ended 30 June 2024 to RMB4,004.9 million for the six months ended 30 June 2025, primarily due to rising ocean freight costs and increased operating costs from warehouse expansion[78]. - Selling expenses rose by 18.6% from RMB902.9 million for the six months ended June 30, 2024, to RMB1,071.0 million for the six months ended June 30, 2025, with the selling expenses ratio decreasing from 20.8% to 19.1%[89]. - Administrative expenses grew by 23.6% from RMB157.9 million for the six months ended June 30, 2024, to RMB195.2 million for the six months ended June 30, 2025, mainly due to higher employee and consultancy expenses[93]. Research and Development - Investment in R&D increased by 30%, totaling RMB 50 million, focusing on innovative technologies and product enhancements[6]. - The company continues to invest in R&D to strengthen product performance and quality, thereby consolidating its core competitiveness[35]. - Research and development expenses increased by 43.5% from RMB55.9 million for the six months ended June 30, 2024, to RMB80.1 million for the six months ended June 30, 2025, attributed to a rise in R&D personnel[94]. - The company submitted 79 new patent applications and received 17 international design awards during the reporting period[37]. Market Strategy and Expansion - The company provided a positive outlook, projecting a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion[6]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[6]. - A strategic acquisition of a local competitor is expected to be finalized by Q4 2025, which will enhance the company's distribution network[6]. - The company deepened its market penetration in non-American regions, particularly in Europe and Southeast Asia, to reduce reliance on a single market[35]. - The company is exploring partnerships with local e-commerce platforms to enhance its online sales channels[6]. Logistics and Supply Chain - The company provided efficient logistics solutions globally through its subsidiary, enhancing local logistics services[22]. - Revenue from logistics solutions increased significantly by 86.4% year-on-year, supported by the expansion of the overseas warehouse network, which added 924,000 square feet of warehouse space[38]. - The company is committed to enhancing supply chain stability and logistics efficiency in a complex global economic environment[34]. - The company plans to enhance its supply chain resilience and market competitiveness through a global supply network optimization strategy, focusing on localized procurement and strategic partnerships[52]. Employee and Governance - The total number of employees as of June 30, 2025, was 2,661, with the majority based in Shenzhen, China[128]. - Total employee compensation and benefit expenses for the six months ended June 30, 2025, amounted to RMB 336.4 million[134]. - The company is committed to providing competitive salaries and extensive insurance packages as part of its employee retention strategy[132]. - The company has implemented various recruitment methods, including campus recruitment and job fairs, to attract competent employees[131]. - The company has adopted the Corporate Governance Code as the basis for its corporate governance practices[137]. Financial Position and Cash Flow - The company's cash and cash equivalents stood at RMB1,307.0 million as of 30 June 2025, indicating sufficient working capital for current requirements[100]. - Net cash from operating activities for the first half of 2025 was RMB271.1 million, an increase of 13.5% compared to RMB239.7 million in the first half of 2024[106][103]. - Net cash used in investing activities for the first half of 2025 was RMB269.4 million, a decrease of 27.8% from RMB372.9 million in the first half of 2024[107][108]. - Cash and cash equivalents at the end of the period increased to RMB1,306.99 million as of June 30, 2025, up from RMB762.62 million as of June 30, 2024[104]. Shareholder Information - The company does not recommend the payment of any interim dividend for the six months ended June 30, 2025[145]. - The company converted 187,093,658 Domestic Unlisted Shares into H shares on a one-for-one basis, with the conversion completed on May 22, 2025, and trading commencing on May 23, 2025[154]. - The net proceeds from the global offering amounted to approximately HK$387.5 million, raised by issuing 29,894,700 new shares at an offer price of HK$15.60 per share[157]. - The business expansion project accounts for 80% of the planned use of proceeds, with HK$310 million allocated[159]. - The company has not purchased, sold, or redeemed any of its listed securities during the first half of 2025[153].

CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Condensed Consolidated Statement of Profit or Loss | 簡明綜合損益及其他全面收益表 | | | and Other Comprehensive Income | | 4 | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 6 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | 8 | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 9 | | Notes to the Condensed Consolidated Financial Statements | 簡明綜合財務報表附表 | 10 | | Management Discussion and Analy ...

股份代號：390 ( 於中華人民共和國註冊成立的股份有限公司 ) 2025 中期報 告 http://www.crec.cn 中國北京市海淀區復興路 69 號 中國中鐵廣場 A 座 郵編：100039 CHINA RAILWAY 2025 中期報告中國中鐵股份有限公司 目錄 | | | 3 公司簡介 4 財務摘要 6 股份變動及股東情況 12 董事、監事及高級管理人員 14 管理層討論與分析 31 重要事項 54 詞彙及技術術語表 55 公司信息 57 簡明綜合財務報表的審閱報告 58 簡明綜合財務報表 中報速覽 0 3,000 6,000 9,000 12,000 15,000 新簽訂單 同比增長 2.8% 億元 11,086.9 12,737.5 10,785.0 2023H1 2024H1 2025H1 2023H1 2024H1 2025H1 同比減少 5.9% 收入 億元 2023H1 2024H1 2025H1 0 2,000 4,000 6,000 8,000 5,125.0 5,907.7 5,445.2 0 2 4 6 8 10 同比減少 0.3 個百分點 8.3 8.6 8.6 毛利率 % ...

金山軟件有限公司 二零二五年中期報告 金山軟件有限公司二零二五年中期報告 2025 INTERIM REPORT 2025 INTERIM REPORT 劍俠情緣網絡版叁 新劍俠情緣手游 目 錄 二零二五年中期報告 金山軟件有限公司 | 公司資料 | 2 | | --- | --- | | 營運摘要 | 4 | | 財務摘要 | 5 | | 業務回顧及前景 | 7 | | 管理層討論及分析 | 8 | | 其他資料 | 13 | | 中期簡明合併損益表 | 28 | | 中期簡明合併綜合收益表 | 29 | | 中期簡明合併財務狀況表 | 30 | | 中期簡明合併權益變動表 | 32 | | 中期簡明合併現金流量表 | 33 | | 中期簡明合併財務報表附註 | 36 | | 術語及詞彙 | 64 | 公司資料 公司法定名稱 金山軟件有限公司 股票代碼 03888 上市日期 二零零七年十月九日 北京主要營業地址 中國 北京 海淀區 西二旗中路33號 小米科技園 D棟 郵編：100085 香港主要經營地址 香港 九龍尖沙咀 海港城港威大廈 第5座32樓3208室 註冊辦事處 P. O. Box 309 Ugl ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors, led by Chairman Dr. Liu Jiren and CEO Ms. Zong Wenhong, includes executive, non-executive, and independent non-executive directors, supported by audit, remuneration, nomination, and strategy committees for governance - The Board is chaired by Dr. Liu Jiren as Chairman and Non-executive Director, with Ms. Zong Wenhong as Executive Director and CEO, and includes Audit, Remuneration, Nomination, and Strategy Committees[5](index=5&type=chunk) [Company Contact Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%AF%E7%B5%A1%E4%BF%A1%E6%81%AF) The company's registered office is in the Cayman Islands, with its principal place of business in Ningbo, Zhejiang, China, and its main Hong Kong office on Queen's Road East, Wan Chai - The company's registered office is in the Cayman Islands, with its principal place of business in Ningbo, Zhejiang, China, and its main Hong Kong office on Queen's Road East, Wan Chai[5](index=5&type=chunk)[6](index=6&type=chunk) [Professional Advisors](index=4&type=section&id=%E5%B0%88%E6%A5%AD%E9%A1%A7%E5%95%8F) Ernst & Young serves as the company's auditor, with Industrial Bank and China Merchants Bank as primary bankers, and legal counsel provided by Linklaters, Tian Yuan Law Firm, and Maples and Calder (Hong Kong) LLP for Hong Kong, China, and Cayman Islands law - Ernst & Young is the company's auditor, with Industrial Bank and China Merchants Bank as primary bankers, and legal counsel covering Hong Kong, China, and Cayman Islands law[7](index=7&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 178,605 | 179,214 | (609) | -0.34% | | Gross Profit | 39,313 | 42,556 | (3,243) | -7.62% | | Gross Margin | 22.0% | 23.7% | (1.7%) | -7.17% | | Loss for the Period | (49,975) | (60,484) | 10,509 | 17.37% | | Add: Share-based Payment Expenses | 11,571 | 9,182 | 2,389 | 26.02% | | Adjusted Net Loss for the Period | (38,404) | (51,302) | 12,898 | 25.14% | [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the company maintained its 'City Cloud Hospital Platform' model, focusing on government collaboration and AI-driven growth, achieving scaled platform networks and core business expansion, particularly in 'Internet+Nursing Services,' while optimizing low-profit medical services [Core Business Model](index=6&type=section&id=%E6%A0%B8%E5%BF%83%E5%95%86%E6%A5%AD%E6%A8%A1%E5%BC%8F) - Adhering to the 'City Cloud Hospital Platform' model, leveraging government support to rapidly acquire urban medical resources and provide professional, convenient medical and nursing services[9](index=9&type=chunk) - The core business model involves government cooperation, city-wide batch access, and AI technology, building a 'smart matching – precise service – continuous optimization' digital healthcare service closed-loop[10](index=10&type=chunk) [Platform Network Development](index=7&type=section&id=%E5%B9%B3%E5%8F%B0%E7%B6%B2%E7%B5%A1%E7%99%BC%E5%B1%95) - As of June 30, 2025, over **36,000 medical institutions** were connected to the platform network, including **3,303 hospitals**, a **24.5% year-on-year increase**[12](index=12&type=chunk) - Resident doctors reached **147,000**, an **8.0% year-on-year increase**; resident nurses reached **145,000**, a **34.1% year-on-year increase**[12](index=12&type=chunk) [Core Business Focus](index=7&type=section&id=%E6%A0%B8%E5%BF%83%E6%A5%AD%E5%8B%99%E8%81%9A%E7%84%A6) - Home nursing service volume exceeded **218,000 person-times**, a **53.1% year-on-year increase**[13](index=13&type=chunk) - Nursing consultation service volume exceeded **166,000 person-times**, a **12.9% year-on-year increase**[13](index=13&type=chunk) [Platform Ecosystem and Specialized Operations](index=7&type=section&id=%E5%B9%B3%E5%8F%B0%E7%94%9F%E6%85%8B%E8%88%87%E5%B0%88%E7%A7%91%E5%8C%96%E9%81%8B%E7%87%9F) - During the reporting period, the company achieved significant business value growth, improved operational efficiency, and optimized financial structure through continuous urban network expansion and service product matrix innovation[15](index=15&type=chunk) [Segment Revenue](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%A5%AD%E5%8B%99%E6%94%B6%E5%85%A5) [Medical Services](index=8&type=section&id=%E9%86%AB%E7%99%82%E6%9C%8D%E5%8B%99) Medical Services Revenue | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 69,827 | 87,615 | -20.3% | [Nursing Services](index=8&type=section&id=%E8%AD%B7%E7%90%86%E6%9C%8D%E5%8B%99) Nursing Services Revenue | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 34,624 | 24,478 | 41.4% | [Health Management Services](index=8&type=section&id=%E5%81%A5%E5%BA%B7%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) Health Management Services Revenue | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 74,154 | 67,121 | 10.5% | [Business Outlook](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%89%8D%E6%99%AF) Addressing aging and declining birth rates, the company will focus on 'AI+full-course disease management' and 'universal home healthcare,' leveraging technological innovation and model optimization to build a nationwide 'at-home medical and nursing service' network, aiming to be a key driver of new healthcare infrastructure - Focusing on 'AI+full-course disease management' and 'universal home healthcare' core trends, accelerating the construction of a nationwide 'at-home medical and nursing service' network and ecosystem[33](index=33&type=chunk)[35](index=35&type=chunk) - Deeply integrating AI and big data technologies, comprehensively upgrading the service system, promoting a shift in medical models from passive treatment to proactive health, and extending from hospitals to out-of-hospital and home settings[35](index=35&type=chunk) - Committed to breaking the time and space boundaries of traditional medical services, building a one-stop healthcare service platform, integrating resources from government, medical institutions, commercial insurance, and pharmaceutical supply chains[36](index=36&type=chunk) [Financial Review](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, total revenue slightly decreased, but the company significantly narrowed its loss for the period and adjusted net loss by optimizing business structure and enhancing operational efficiency; sales, distribution, R&D, and administrative expenses declined, while other income fell sharply due to reduced government grants and wealth management product returns [Revenue Analysis](index=13&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Revenue from Contracts with Customers | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 178,605 | 179,214 | (609) | -0.3% | - Medical services revenue decreased by **20.3%**, primarily due to structural optimization of low-profit businesses and intensified market competition[38](index=38&type=chunk) - Nursing services revenue increased by **41.4%**, benefited from market promotion, professional operations, and AI empowerment[39](index=39&type=chunk) - Health management services revenue increased by **10.5%**, primarily due to increased service volume[40](index=40&type=chunk) [Costs and Gross Profit](index=14&type=section&id=%E6%88%90%E6%9C%AC%E8%88%87%E6%AF%9B%E5%88%A9) Cost of Sales and Services and Gross Profit | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of Sales and Services | 139,292 | 136,658 | 2,634 | 1.9% | | Gross Profit | 39,313 | 42,556 | (3,243) | -7.6% | | Gross Margin | 22.0% | 23.7% | (1.7%) | -7.17% | - Medical services gross margin was **13.3%** (2024: 17.7%), nursing services gross margin was **19.1%** (2024: 26.6%), and health management services gross margin was **31.6%** (2024: 30.5%)[42](index=42&type=chunk) [Operating Expenses](index=14&type=section&id=%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) Operating Expenses | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 31,008 | 37,345 | (6,337) | -17.0% | | Research and Development Expenses | 19,570 | 21,270 | (1,700) | -8.0% | | Administrative Expenses | 43,268 | 43,727 | (459) | -1.0% | [Other Financial Items](index=14&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E9%A0%85%E7%9B%AE) Other Income and Gains | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other Income | 3,293 | 12,831 | (9,538) | -74.3% | | Net Other Gains | 4,921 | 417 | 4,504 | 1080.1% | | Net Finance Costs | 6,218 | 5,543 | 675 | 12.2% | | Share of Loss of Associates | (4,670) | (4,927) | 257 | 5.2% | [Loss for the Period and Adjusted Net Loss](index=15&type=section&id=%E6%9C%9F%E5%85%A7%E8%99%A7%E6%90%8D%E8%88%87%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E8%99%A7%E6%90%8D) Loss for the Period and Adjusted Net Loss | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss for the Period | (49,975) | (60,484) | 10,509 | 17.4% | | Adjusted Net Loss for the Period | (38,404) | (51,302) | 12,898 | 25.1% | - Adjusted net loss decreased primarily due to economies of scale in nursing services, improved organizational efficiency and resource allocation, reduced expenditure from AI-enabled operational efficiency, and decreased net impairment losses on financial assets due to trade receivables recovery[54](index=54&type=chunk) [Capital and Liquidity](index=16&type=section&id=%E8%B3%87%E6%9C%AC%E8%88%87%E6%B5%81%E5%8B%95%E6%80%A7) The company had no significant contingent liabilities during the reporting period, with capital expenditures primarily for property and equipment; liquidity stemmed from bank borrowings and equity financing, cash and cash equivalents decreased but remained sufficient, and total borrowings declined while unused bank facilities increased [Contingent Liabilities and Capital Expenditures](index=16&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5%E8%88%87%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) - As of June 30, 2025, the company had **no significant contingent liabilities**[56](index=56&type=chunk) Capital Expenditures | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Capital Expenditures | 4,100 | 4,400 | [Liquidity and Capital Resources](index=16&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) Cash Flow Summary | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows used in operating activities | (49,961) | (64,306) | | Net cash flows used in investing activities | (147,517) | (6,519) | | Net cash flows used in financing activities | (70,843) | (33,783) | | Net decrease in cash and cash equivalents | (268,321) | (104,608) | | Cash and cash equivalents at beginning of period | 760,857 | 676,794 | | Cash and cash equivalents at end of period | 490,789 | 575,930 | - Net cash used in investing activities significantly increased, primarily due to higher subscriptions for wealth management products, partially offset by redemptions[63](index=63&type=chunk) [Borrowings](index=17&type=section&id=%E5%80%9F%E6%AC%BE%E6%83%85%E6%B3%81) Principal Balance of Borrowings | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Principal Balance of Borrowings | 463,100 | 509,900 | (46,800) | -9.18% | | Unused Bank Facilities | 30,700 | 100 | 30,600 | 30600.0% | [Significant Investments and Transactions](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%88%87%E4%BA%A4%E6%98%93) The company holds a significant investment in Neusoft Management Consulting (Shanghai) Co., Ltd., reclassifying part of its equity as fair value through OCI; during the period, it also partially divested and increased capital in Dalian Yunshe, reducing its shareholding [Significant Investments Held](index=18&type=section&id=%E6%8C%81%E6%9C%89%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) Overview of Significant Investments | Investee Company | Principal Business | Investment Cost (RMB thousands) | Shareholding Percentage | Carrying Amount (RMB thousands) | Percentage of Group's Total Assets | Share of Loss of Associates for Six Months Ended June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Neusoft Management Consulting (Shanghai) Co., Ltd. | Enterprise consulting services, including medical equipment | 96,436 | 49.00% | 85,330 | 7.68% | (1,190) | - As of June 30, 2025, the company held wealth management products totaling **USD 20.1 million**, with a fair value of **USD 20.2 million**, accounting for **13.0% of total assets**[67](index=67&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=19&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E8%B3%87%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) - Xikang Health Technology sold approximately **4.23%** equity in Dalian Yunshe for **RMB 30 million**, reducing the company's shareholding to **7.15%** post-transaction[70](index=70&type=chunk) [Risk Management](index=19&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The company primarily operates in China, with most transactions settled in RMB, and management perceives no significant foreign exchange risk; capital is monitored via the capital-to-debt ratio, which stood at 9.3% as of June 30, 2025 - The company primarily operates in China, with most transactions settled in RMB, and management believes there is **no significant foreign exchange risk**[73](index=73&type=chunk) Capital-to-Debt Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital-to-Debt Ratio | 9.3% | Not applicable (net cash position) | [Other Information](index=20&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Dividends and Securities Transactions](index=20&type=section&id=%E8%82%A1%E6%81%AF%E8%88%87%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025; during the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities on the Stock Exchange - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[75](index=75&type=chunk) - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[76](index=76&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the company had 834 full-time employees, with 40.9% in health management; staff costs were RMB 74.9 million, and employees are incentivized through performance reviews, share option schemes, and various benefits Number of Employees by Function (As of June 30, 2025) | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Management and Administration | 138 | 16.5% | | Sales, Marketing and Operations Support | 204 | 24.5% | | Research and Development | 151 | 18.1% | | Health Management | 341 | 40.9% | | Total | 834 | 100.0% | - As of June 30, 2025, staff costs paid by the company were **RMB 74.9 million**, a decrease compared to **RMB 86.6 million** in the prior year[77](index=77&type=chunk) [Equity Disclosure](index=21&type=section&id=%E8%82%A1%E6%AC%8A%E6%8A%AB%E9%9C%B2) Disclosed interests and short positions of directors, chief executives, and major shareholders in the company's shares as of June 30, 2025, including Dr. Liu Jiren, Ms. Zong Wenhong, Dr. Wang Nan, Neusoft (Hong Kong), PICC Property and Casualty, and other key shareholders' holdings [Directors' and Chief Executive's Interests](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%AC%8A%E7%9B%8A) Directors' and Chief Executive's Interests in the Company's Shares (As of June 30, 2025) | Director Name | Nature of Interest | Number and Class of Securities | Approximate % of Company's Interest | | :--- | :--- | :--- | :--- | | Dr. Liu Jiren | Interest in controlled corporation | 193,252,305 ordinary shares(L) | 22.95% | | Ms. Zong Wenhong | Interest in controlled corporation | 21,004,500 ordinary shares(L) | 2.49% | | | Beneficial owner | 14,500,000 ordinary shares(L) | 1.72% | | Dr. Wang Nan | Interest in controlled corporation | 21,004,500 ordinary shares(L) | 2.49% | [Major Shareholders' Interests](index=22&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) Major Shareholders' Interests in the Company's Shares (As of June 30, 2025) | Shareholder Name/Entity | Nature of Interest | Number of Shares Held | Approximate % of Company's Interest | | :--- | :--- | :--- | :--- | | Neusoft (Hong Kong) | Beneficial interest | 206,206,710(L) | 24.49% | | Smartway | Beneficial interest | 81,364,000(L) | 9.66% | | Neusoft Holdings International V | Beneficial interest | 68,384,305(L) | 8.12% | | PICC Property and Casualty | Beneficial interest | 101,653,000(L) | 12.07% | | Jingjian Venture Capital | Beneficial interest | 86,700,000(L) | 10.30% | | First Care | Beneficial interest | 64,728,790(L) | 7.69% | | Syn Invest | Beneficial interest | 42,500,000(L) | 5.05% | [Share Option Schemes](index=24&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company has Pre-IPO and Post-IPO Share Option Schemes to incentivize employees; as of the reporting period, 63,140,000 Pre-IPO options remained unexercised, and 25,473,000 Post-IPO options were unvested and unexercised [Pre-IPO Share Option Scheme](index=24&type=section&id=%E9%A6%96%E6%AC%A1%E5%85%AC%E9%96%8B%E7%99%BC%E5%94%AE%E5%89%8D%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) - The Pre-IPO Share Option Scheme's total shares shall not exceed **81,600,000 shares**, approximately **9.69%** of the issued share capital at period-end[95](index=95&type=chunk) - As of June 30, 2025, **63,140,000 share options** were granted, all unexercised, with an exercise price of **USD 0.588 per share**[109](index=109&type=chunk)[110](index=110&type=chunk) [Post-IPO Share Option Scheme](index=27&type=section&id=%E9%A6%96%E6%AC%A1%E5%85%AC%E9%96%8B%E7%99%BC%E5%94%AE%E5%BE%8C%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) - The Post-IPO Share Option Scheme's total limit shall not exceed approximately **10%** (**84,187,680 shares**) of the issued shares[119](index=119&type=chunk) - As of June 30, 2025, **25,473,000 share options** were granted, all unvested and unexercised[125](index=125&type=chunk)[128](index=128&type=chunk) - Ms. Zong Wenhong was granted **4,000,000 share options**, with an exercise price of **HKD 1.14**[128](index=128&type=chunk) [Use of Proceeds from Global Offering](index=31&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Disclosed the specific use of net proceeds from the global offering, approximately HKD 554.5 million, and actual usage as of June 30, 2025, primarily for expanding the cloud hospital platform, enriching products, R&D, potential M&A, and working capital; idle funds were also used for wealth management products Use of Proceeds from Global Offering and Usage (As of June 30, 2025) | Use of Proceeds | Percentage of Proceeds | Net Proceeds (HKD millions) | Unused Amount as of Jan 1, 2025 (HKD millions) | Amount Used for Six Months Ended June 30, 2025 (HKD millions) | Unused Amount as of June 30, 2025 (HKD millions) | Expected Full Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expand City Cloud Hospital Platform | 30% | 166.3 | 150.1 | 13.9 | 136.2 | As of December 31, 2028 | | Enrich Industry Value Chain Products | 25% | 138.6 | 128.5 | 6.4 | 122.1 | As of December 31, 2028 | | R&D for Technology Infrastructure and Data Capabilities | 25% | 138.6 | 117.7 | 19.7 | 98.0 | As of December 31, 2028 | | Potential M&A Opportunities | 10% | 55.5 | 55.5 | 0.0 | 55.5 | As of December 31, 2028 | | Working Capital and Other General Corporate Purposes | 10% | 55.5 | 44.7 | 7.7 | 37.0 | As of December 31, 2028 | - The company resolved to use no more than **USD 40 million** of idle proceeds to purchase highly secure and liquid wealth management products for cash management[134](index=134&type=chunk) [Corporate Governance and Compliance](index=32&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E8%88%87%E5%90%88%E8%A6%8F) During the reporting period, the company had no material litigation or arbitration and fully complied with the Model Code for Securities Transactions by Directors and the Corporate Governance Code in Appendix C3 of the Listing Rules; board changes included Dr. Chen Lianyong's resignation as non-executive director and Dr. Qi Guoxian's appointment to the Audit Committee, with the M&A and Articles of Association revised to comply with Listing Rules - During the reporting period, the company had **no material litigation or arbitration**[135](index=135&type=chunk) - The company fully complied with the Model Code for Securities Transactions by Directors and the Corporate Governance Code contained in Appendix C3 of the Listing Rules[136](index=136&type=chunk)[138](index=138&type=chunk) - Dr. Chen Lianyong resigned as a Non-executive Director and from related committee positions, and Dr. Qi Guoxian was appointed as a member of the Audit Committee[139](index=139&type=chunk) - The company revised and restated its Memorandum and Articles of Association to comply with the Listing Rules' amendments related to the paperless listing mechanism[141](index=141&type=chunk) [Events After Reporting Period](index=33&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, on July 21, 2025, the company granted a total of 28,990,000 share options under the Post-IPO Share Option Scheme to 236 eligible participants, including Executive Director and CEO Ms. Zong Wenhong, at an exercise price of HKD 0.904 per share - On July 21, 2025, the company granted **28,990,000 share options** to 236 eligible participants, with an exercise price of **HKD 0.904 per share**[142](index=142&type=chunk) - Ms. Zong Wenhong was granted **5,000,000 share options**[142](index=142&type=chunk) [Review and Acknowledgements](index=33&type=section&id=%E5%AF%A9%E9%96%B1%E8%88%87%E8%87%B4%E8%AC%9D) The company's Audit Committee reviewed and approved this interim report; the interim financial information was reviewed by Ernst & Young in accordance with Hong Kong Review Engagements Standards; the company maintains sufficient public float and extends gratitude to all employees, management, shareholders, customers, and business partners - The Audit Committee reviewed and approved this interim report[144](index=144&type=chunk) - The interim financial information was reviewed by Ernst & Young in accordance with Hong Kong Standard on Review Engagements 2410[145](index=145&type=chunk) - The company maintains sufficient public float and extends gratitude to all stakeholders[146](index=146&type=chunk)[147](index=147&type=chunk) [Independent Review Report](index=33&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) - Ernst & Young has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[149](index=149&type=chunk) - The review concluded that nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[150](index=150&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=35&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30, 2025) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 178,605 | 179,214 | | Cost of Sales | (139,292) | (136,658) | | Gross Profit | 39,313 | 42,556 | | Selling and Distribution Expenses | (31,008) | (37,345) | | Research and Development Expenses | (19,570) | (21,270) | | Administrative Expenses | (43,268) | (43,727) | | Net Reversal of Impairment Losses on Financial and Contract Assets | 7,781 | (3,619) | | Other Income | 3,293 | 12,831 | | Other Expenses | (866) | – | | Net Other Gains | 4,921 | 417 | | Finance Income | 5,715 | 8,498 | | Finance Costs | (11,933) | (14,041) | | Share of Loss of Associates | (4,670) | (4,927) | | Loss Before Tax | (50,292) | (60,627) | | Income Tax Credit | 317 | 143 | | Loss for the Period | (49,975) | (60,484) | | Total Comprehensive Loss for the Period | (52,551) | (56,348) | | Loss Per Share Attributable to Ordinary Equity Holders of the Parent (RMB) | (0.06) | (0.07) | [Condensed Consolidated Statement of Financial Position](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 28,218 | 31,684 | | Right-of-use assets | 53,430 | 60,689 | | Investments in associates | 85,330 | 169,559 | | Total non-current assets | 238,175 | 280,525 | | **Current Assets** | | | | Trade receivables | 87,799 | 101,974 | | Financial assets at fair value through profit or loss | 181,167 | 36,842 | | Cash and cash equivalents | 490,789 | 760,857 | | Total current assets | 872,477 | 979,909 | | **Current Liabilities** | | | | Trade payables | 162,721 | 201,137 | | Interest-bearing bank borrowings | 463,606 | 510,305 | | Total current liabilities | 731,160 | 831,430 | | **Equity** | | | | Total equity | 324,892 | 368,122 | [Condensed Consolidated Statement of Changes in Equity](index=39&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30, 2025) | Metric | Share Capital (RMB thousands) | Share Premium (RMB thousands) | Reserves (RMB thousands) | Accumulated Losses (RMB thousands) | Total Attributable to Owners of Parent (RMB thousands) | Non-controlling Interests (RMB thousands) | Total Equity (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | December 31, 2024 (Audited) | 1,125 | 2,543,431 | 359,083 | (2,540,330) | 363,309 | 4,813 | 368,122 | | Loss for the period | – | – | – | (48,886) | (48,886) | (1,089) | (49,975) | | Other comprehensive loss for the period (Exchange differences) | – | – | (2,576) | – | (2,576) | – | (2,576) | | Acquisition of non-controlling interests | – | – | (1,038) | – | (1,038) | (1,212) | (2,250) | | Share-based payments | – | – | 11,566 | – | 11,566 | 5 | 11,571 | | June 30, 2025 (Unaudited) | 1,125 | 2,543,431 | 367,035 | (2,589,216) | 322,375 | 2,517 | 324,892 | [Condensed Consolidated Statement of Cash Flows](index=40&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30, 2025) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows used in operating activities | (49,961) | (64,306) | | Net cash flows used in investing activities | (147,517) | (6,519) | | Net cash flows used in financing activities | (70,843) | (33,783) | | Net decrease in cash and cash equivalents | (268,321) | (104,608) | | Cash and cash equivalents at beginning of period | 760,857 | 676,794 | | Cash and cash equivalents at end of period | 490,789 | 575,930 | [Notes to the Condensed Consolidated Financial Information](index=41&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [General Information and Accounting Policies](index=41&type=section&id=%E4%B8%80%E8%88%AC%E4%BF%A1%E6%81%AF%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section outlines the company's registration, primary business scope (medical, nursing, health management services), and confirms that the interim financial information is prepared under HKAS 34, with consistent accounting policies, and HKAS 21 (Revised) had no material impact - The company primarily engages in medical services, nursing services, and health management services in China[162](index=162&type=chunk) - The interim financial information is prepared under HKAS 34, with consistent accounting policies, and the newly revised HKAS 21 had no impact on the Group[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [Operating Segment Information](index=42&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) Operating segment information for the six months ended June 30, 2025, and 2024, is provided, segmented by medical, nursing, and health management services, including external customer sales, cost of sales, segment gross profit, and reconciliation to loss before tax Operating Segment Information (For the Six Months Ended June 30, 2025) | Segment | Medical Services (RMB thousands) | Nursing Services (RMB thousands) | Health Management Services (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Sales to external customers | 69,827 | 34,624 | 74,154 | 178,605 | | Cost of sales | (60,521) | (28,023) | (50,748) | (139,292) | | Segment gross profit | 9,306 | 6,601 | 23,406 | 39,313 | [Revenue and Other Income](index=43&type=section&id=%E6%94%B6%E5%85%A5%E8%88%87%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Detailed analysis of customer contract revenue composition, segmented by geographic market (Mainland China) and revenue recognition timing (at a point in time or over time), along with other income sources like government grants and wealth management product returns Disaggregation of Revenue from Contracts with Customers (For the Six Months Ended June 30, 2025) | Timing of revenue recognition | Medical Services (RMB thousands) | Nursing Services (RMB thousands) | Health Management Services (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | At a point in time | 67,210 | 34,500 | 74,009 | 175,719 | | Over time | 2,617 | 124 | 145 | 2,886 | Other Income Analysis | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 1,620 | 7,732 | | Investment return from wealth management products | 1,568 | 4,872 | | Total | 3,293 | 12,831 | [Components of Loss Before Tax](index=44&type=section&id=%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D%E6%A7%8B%E6%88%90) Detailed adjustments leading to loss before tax are presented, including depreciation and amortization, share-based payments, employee benefit expenses, and net reversal of impairment losses on financial and contract assets, reflecting operating costs and non-cash expenses Adjustments to Loss Before Tax (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss Before Tax | (50,292) | (60,627) | | Depreciation and amortization | 14,977 | 15,214 | | Share-based payments | 11,571 | 9,182 | | Total employee benefit expenses | 86,439 | 95,763 | | Net reversal of impairment losses on financial and contract assets | (7,781) | 3,619 | [Finance Income and Costs](index=46&type=section&id=%E8%9E%8D%E8%B3%87%E6%94%B6%E5%85%A5%E8%88%87%E6%88%90%E6%9C%AC) Finance income and costs for the six months ended June 30, 2025, are disclosed, with interest income of RMB 5.715 million and total finance costs of RMB 11.933 million, primarily from bank borrowings and lease liabilities Finance Income and Costs (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance income (Interest income) | 5,715 | 8,498 | | Finance costs (Interest on bank borrowings) | (10,506) | (11,945) | | Finance costs (Interest on lease liabilities) | (1,427) | (2,080) | | Total finance costs | (11,933) | (14,041) | [Income Tax](index=46&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) During the reporting period, the company had no Hong Kong profits tax provision; Mainland China corporate income tax is 25%, with a high-tech subsidiary enjoying a 15% preferential rate, resulting in a total income tax credit of RMB 317 thousand - Mainland China corporate income tax is **25%**, with a high-tech subsidiary enjoying a **15%** preferential tax rate[174](index=174&type=chunk) Income Tax Credit Analysis (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current - Mainland China | 1,028 | 306 | | Deferred | (1,606) | (465) | | Total income tax credit | (317) | (143) | [Loss Per Share](index=47&type=section&id=%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share attributable to ordinary equity holders of the parent was RMB 0.06, an improvement from RMB 0.07 in the prior year Loss Per Share (For the Six Months Ended June 30, 2025) | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic and diluted loss per share | (0.06) | (0.07) | - Issued share options had an anti-dilutive effect on basic loss per share, thus no dilutive adjustment was made[176](index=176&type=chunk) [Asset Details](index=47&type=section&id=%E8%B3%87%E7%94%A2%E8%A9%B3%E6%83%85) Detailed disclosure of the company's asset balances and changes during the period, including property, plant and equipment, right-of-use assets, investments in associates, equity investments at fair value, long-term trade receivables, other receivables, trade receivables, other current assets, and financial assets at fair value through profit or loss [Property, Plant and Equipment](index=47&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) - For the six months ended June 30, 2025, the company's total cost of asset acquisitions was **RMB 1.201 million**, and the total book value of assets disposed was **RMB 0.593 million**[178](index=178&type=chunk) [Right-of-Use Assets](index=48&type=section&id=%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) - For the six months ended June 30, 2025, the company's total cost of right-of-use asset acquisitions was **RMB 5.426 million**, and the net gain from termination of assets was **RMB 0.103 million**[179](index=179&type=chunk) [Investments in Associates](index=48&type=section&id=%E6%8A%95%E8%B3%87%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8) Changes in Investments in Associates | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning balance | 169,559 | 186,993 | | Disposal of partial equity interest in an associate | (79,559) | – | | Ending balance | 85,330 | 169,559 | - The company disposed of a portion of Dalian Yunshe's equity, reducing its shareholding from approximately **11.83%** to **7.15%**, losing significant influence, and reclassifying it as an equity investment at fair value[180](index=180&type=chunk) [Equity Investments Designated at Fair Value Through Other Comprehensive Income](index=49&type=section&id=%E6%8C%87%E5%AE%9A%E7%82%BA%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%9A%84%E8%82%A1%E6%AC%8A%E6%8A%95%E8%B3%87) Equity Investments Designated at Fair Value | Investee Company | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Dalian Yunshe | 54,018 | – | [Long-Term Trade Receivables](index=49&type=section&id=%E9%95%B7%E6%9C%9F%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Net Carrying Amount of Long-Term Trade Receivables | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net carrying amount | 3,314 | 5,860 | [Other Receivables](index=50&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Other Receivables (Current) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Receivable for equity transfer | 45,310 | 15,310 | | Total | 65,608 | 35,309 | [Trade Receivables](index=51&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Net Carrying Amount of Trade Receivables | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net carrying amount | 87,799 | 101,974 | Changes in Impairment Loss Provision for Trade Receivables | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Impairment loss (reversal) / recognized | (11,144) | 6,892 | [Other Current Assets](index=52&type=section&id=%E5%85%B6%E4%BB%96%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) Other Current Assets | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Deductible input VAT | 3,205 | 219 | | Long-term trade receivables due within one year | 3,342 | 7,654 | | Total | 6,547 | 7,873 | [Financial Assets at Fair Value Through Profit or Loss](index=53&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E7%95%B6%E6%9C%9F%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) Financial Assets at Fair Value | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Investment in wealth management products | 181,167 | 36,842 | - Wealth management product investment return was **RMB 1.568 million**, and net fair value gain was **RMB 0.592 million**[193](index=193&type=chunk) [Liability Details](index=53&type=section&id=%E8%B2%A0%E5%82%B5%E8%A9%B3%E6%83%85) Detailed disclosure of the company's liability balances and composition, including trade payables and interest-bearing bank borrowings; trade payables decreased, total interest-bearing bank borrowings slightly reduced, but fixed-rate borrowings increased as a proportion [Trade Payables](index=53&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Aging Analysis of Trade Payables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 56,054 | 99,535 | | Total | 162,721 | 201,137 | [Interest-Bearing Bank Borrowings](index=54&type=section&id=%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) Interest-Bearing Bank Borrowings (As of June 30, 2025) | Interest rate type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Fixed rate | 344,361 | 180,187 | | Variable rate | 119,245 | 330,118 | | Total | 463,606 | 510,305 | - Approximately **RMB 390 million** of secured bank loans were guaranteed by the company's shareholders, Dalian Neusoft Holdings Co., Ltd. and Xikang Technology[196](index=196&type=chunk) [Notes to the Consolidated Cash Flow Statement](index=55&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%99%84%E8%A8%BB) Detailed reconciliation from loss before tax to cash used in operating activities, including non-cash items like depreciation and amortization, share-based payments, and reversal of impairment on financial and contract assets, as well as working capital changes Adjustments to Cash Flow from Operating Activities (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss Before Tax | (50,292) | (60,627) | | Depreciation and amortization | 14,977 | 15,214 | | Share-based payments | 11,571 | 9,182 | | Financial and contract assets (reversal of provision) / provision | (7,781) | 3,619 | | Cash used in operations | (52,376) | (66,726) | [Related Party Transactions](index=56&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) Disclosed related party transactions during the reporting period, including purchases and provision of services, lease contracts, bank loan guarantees, equity transfers, and key management personnel remuneration, along with outstanding related party balances at period-end [Transactions During the Period](index=56&type=section&id=%E6%9C%9F%E5%85%A7%E4%BA%A4%E6%98%93) Related Party Transactions During the Period (For the Six Months Ended June 30, 2025) | Transaction type | Related party | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Purchase of technical, maintenance and other services | Neusoft Corporation and its subsidiaries | 905 | 967 | | Provision of health management services | Neusoft Corporation, its subsidiaries and associates | 1,650 | 1,456 | | Provision of health management services | Neusoft Holdings | 191 | 131 | | Provision of health management services | PICC Property and Casualty and its subsidiaries | 31 | 32 | [Other Transactions](index=57&type=section&id=%E5%85%B6%E4%BB%96%E4%BA%A4%E6%98%93) - The Group's shareholders provided guarantees for certain bank loan principals obtained by the Group, not exceeding **RMB 390 million**[203](index=203&type=chunk) - The company sold a portion of its associate Dalian Yunshe's equity to a related party and acquired a **10%** equity interest in Dandong Xikang Fenghuang Clinic Co., Ltd[203](index=203&type=chunk) [Outstanding Balances](index=57&type=section&id=%E6%9C%AA%E5%84%9F%E4%BB%98%E7%B5%90%E9%A4%98) Outstanding Balances with Related Parties (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 5,429 | 5,970 | | Other receivables | 30,901 | 1,024 | | Trade payables | 17,988 | 19,650 | | Lease liabilities | 10,702 | 14,720 | [Key Management Personnel Remuneration](index=59&type=section&id=%E4%B8%BB%E8%A6%81%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%96%AA%E9%85%AC) Key Management Personnel Remuneration (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, wages and bonuses | 1,544 | 1,421 | | Share-based payments | 2,470 | 5,274 | | Total remuneration paid to key management personnel | 4,205 | 6,788 | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=59&type=section&id=%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%8F%8A%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%B1%A4%E7%B4%9A) Disclosed the carrying amounts and fair values of the company's financial instruments, detailing fair value measurement methods and hierarchy (primarily Level 3), and changes in Level 3 fair value measurements during the period Carrying Amounts and Fair Values of Financial Assets (As of June 30, 2025) | Item | Carrying Amount as of June 30, 2025 (RMB thousands) | Fair Value as of June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Equity investments designated at fair value | 54,018 | 54,018 | | Financial assets at fair value through profit or loss | 181,167 | 181,167 | | Total | 244,823 | 244,704 | - Fair value measurement of financial instruments primarily uses recent transaction methods and discounted cash flow valuation models, with most classified as **Level 3**[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) [Events After the Reporting Period](index=62&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, on July 21, 2025, the company granted 28,990,000 share options to 236 employees under the employee incentive scheme, with an exercise price of HKD 0.904 per share, subject to service and performance conditions for vesting - On July 21, 2025, the company granted **28,990,000 share options** to 236 employees, with an exercise price of **HKD 0.904 per share**[213](index=213&type=chunk) [Approval of Financial Statements](index=62&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E6%89%B9%E5%87%86) The condensed consolidated interim financial information was approved and authorized for issue by the Board of Directors on August 27, 2025 - The condensed consolidated interim financial information was approved and authorized for issue by the Board of Directors on August 27, 2025[214](index=214&type=chunk) [Definitions](index=63&type=section&id=%E9%87%8B%E7%BE%A9) Provides definitions for key terms and abbreviations used in the report, such as '2016 Restricted Share Unit Scheme,' 'the Company,' 'the Group,' and 'Pre-IPO Share Option Scheme' - Provides definitions for key terms and abbreviations used in the report, such as '2016 Restricted Share Unit Scheme,' 'the Company,' 'the Group,' and 'Pre-IPO Share Option Scheme'[216](index=216&type=chunk)[217](index=217&type=chunk)[219](index=219&type=chunk)