Supplementary Announcement Details This section provides supplementary disclosures for the company's annual reports from 2008 to 2024, focusing on supervisors' remuneration [Purpose and Scope of Announcement](index=1&type=section&id=Purpose%20and%20Scope%20of%20Announcement) This announcement aims to supplement the disclosure of supervisors' remuneration information in Tianjin Binhai Teda Logistics Group Co., Ltd.'s annual reports from 2008 to 2024, ensuring information completeness - This is a supplementary announcement by Tianjin Binhai Teda Logistics Group Co., Ltd. regarding its 2008 to 2024 annual reports[3](index=3&type=chunk) - The supplementary disclosure primarily concerns "supervisors' remuneration for the relevant periods"[4](index=4&type=chunk) Detailed Supervisors' Remuneration by Year This section details the annual remuneration of supervisors from 2008 to 2024, highlighting key changes and individual compensation components [Supervisors' Remuneration for the Year Ended December 31, 2008](index=1&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202008) Total supervisors' remuneration for 2008 was **RMB 266.16 thousand**, primarily comprising bonuses, allowances, and retirement benefit plan contributions for Yu Ang and Tong Xin, while Xing Jihai, Tian Shuyong, Ren Gang, and Lu Xia mainly received emoluments 2008 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 60 | | Salaries and Allowances | 169.88 | | Bonuses and Gratuities | 57.16 | | Retirement Benefit Scheme Contributions | 29.12 | | **Total** | **266.16** | - Yu Ang received **RMB 118.88 thousand** in bonuses and gratuities and **RMB 41.16 thousand** in retirement benefit contributions; Tong Xin received **RMB 51 thousand** in bonuses and gratuities and **RMB 16 thousand** in retirement benefit contributions[6](index=6&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2009](index=2&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202009) Total supervisors' remuneration for 2009 was **RMB 201.64 thousand**, a decrease from the previous year, with Chen Fang appointed and Ren Gang resigned, while Yu Ang and Tong Xin's bonuses and retirement contributions remained key components 2009 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 60 | | Salaries and Allowances | 110.44 | | Bonuses and Gratuities | 15 | | Retirement Benefit Scheme Contributions | 21.2 | | **Total** | **201.64** | - Chen Fang was appointed on June 29, 2009, and Ren Gang resigned on the same day[8](index=8&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2010](index=2&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202010) Total supervisors' remuneration for 2010 was **RMB 342 thousand**, a significant increase, with He Hongsheng appointed and receiving substantial remuneration, while Tong Xin resigned and Yu Ang received no remuneration 2010 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 60 | | Salaries and Allowances | 159 | | Bonuses and Gratuities | 53 | | Retirement Benefit Scheme Contributions | 80 | | **Total** | **342** | - He Hongsheng was appointed on February 3, 2010, receiving **RMB 159 thousand** in salaries and allowances, **RMB 53 thousand** in bonuses and gratuities, and **RMB 80 thousand** in retirement benefit contributions, totaling **RMB 292 thousand**[9](index=9&type=chunk) - Tong Xin resigned on February 3, 2010, and Yu Ang received no remuneration for the year[9](index=9&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2011](index=3&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202011) Total supervisors' remuneration for 2011 was **RMB 481 thousand**, continuing to grow, with He Hongsheng as the primary recipient, Wang Rui appointed, and Chen Fang resigned 2011 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 130 | | Salaries and Allowances | 200 | | Bonuses and Gratuities | 54 | | Retirement Benefit Scheme Contributions | 102 | | **Total** | **486** | - He Hongsheng received **RMB 200 thousand** in salaries and allowances, **RMB 54 thousand** in bonuses and gratuities, and **RMB 102 thousand** in retirement benefit contributions, totaling **RMB 356 thousand**[12](index=12&type=chunk) - Wang Rui was appointed on June 23, 2011, and Chen Fang resigned on the same day[12](index=12&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2012](index=4&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202012) Total supervisors' remuneration for 2012 significantly increased to **RMB 831.5 thousand**, with He Hongsheng and Yu Ang as major recipients amidst frequent board changes including Xing Jihai and Tian Shuyong's resignations and Xu Jianxin and Chen Zhongyi's appointments 2012 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 127.5 | | Salaries and Allowances | 276 | | Bonuses and Gratuities | 260 | | Retirement Benefit Scheme Contributions | 208 | | **Total** | **871.5** | - He Hongsheng received **RMB 201 thousand** in salaries and allowances, **RMB 200 thousand** in bonuses and gratuities, and **RMB 116 thousand** in retirement benefit contributions, totaling **RMB 517 thousand**[14](index=14&type=chunk) - Xing Jihai resigned on August 13, 2012, and Xu Jianxin was appointed on the same day; Tian Shuyong resigned on December 20, 2012, and Chen Zhongyi was appointed on the same day[14](index=14&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2013](index=5&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202013) Total supervisors' remuneration for 2013 remained high at **RMB 871 thousand**, with He Hongsheng and Yu Ang continuing as primary recipients, while Chen Zhongyi resigned and Hai Tianmin was appointed 2013 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 140 | | Salaries and Allowances | 326 | | Bonuses and Gratuities | 172 | | Retirement Benefit Scheme Contributions | 243 | | **Total** | **881** | - He Hongsheng received **RMB 202 thousand** in salaries and allowances, **RMB 107 thousand** in bonuses and gratuities, and **RMB 129 thousand** in retirement benefit contributions, totaling **RMB 438 thousand**[16](index=16&type=chunk) - Chen Zhongyi resigned on May 15, 2013, and Hai Tianmin was appointed on the same day[16](index=16&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2014](index=6&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202014) Total supervisors' remuneration for 2014 slightly decreased to **RMB 802.5 thousand**, marked by several supervisors retiring or resigning, and Tang Zhizhong and Yuan Baolei being appointed and compensated 2014 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 102.5 | | Salaries and Allowances | 268 | | Bonuses and Gratuities | 209 | | Retirement Benefit Scheme Contributions | 215 | | **Total** | **794.5** | - Lu Xia resigned on November 10, 2014; Yu Ang and He Hongsheng retired on June 21, 2014[18](index=18&type=chunk) - Tang Zhizhong and Yuan Baolei were appointed on June 21, 2014, receiving **RMB 277 thousand** and **RMB 142 thousand** in remuneration, respectively[18](index=18&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2015](index=7&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202015) Total supervisors' remuneration for 2015 rebounded to **RMB 925 thousand**, with Tang Zhizhong and Yuan Baolei becoming the main recipients 2015 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 80 | | Salaries and Allowances | 416 | | Bonuses and Gratuities | 208 | | Retirement Benefit Scheme Contributions | 221 | | **Total** | **925** | - Tang Zhizhong received **RMB 267 thousand** in salaries and allowances, **RMB 151 thousand** in bonuses and gratuities, and **RMB 157 thousand** in retirement benefit contributions, totaling **RMB 575 thousand**[19](index=19&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2016](index=7&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202016) Total supervisors' remuneration for 2016 significantly decreased to **RMB 517 thousand**, with Wang Rui appointed and Tang Zhizhong resigned 2016 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 80 | | Salaries and Allowances | 268 | | Bonuses and Gratuities | 114 | | Retirement Benefit Scheme Contributions | 105 | | **Total** | **567** | - Wang Rui was appointed on January 12, 2016, receiving **RMB 92 thousand** in salaries and allowances, **RMB 47 thousand** in bonuses and gratuities, and **RMB 31 thousand** in retirement benefit contributions, totaling **RMB 170 thousand**[22](index=22&type=chunk) - Tang Zhizhong resigned on January 12, 2016[22](index=22&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2017](index=8&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202017) Total supervisors' remuneration for 2017 was **RMB 460 thousand**, stable year-on-year, amidst significant board changes including Hai Tianmin, Yuan Baolei, and Wang Rui's retirements, and Wang Yonggan, Wu Gang, Fan Shuyu, and Wang Linlin's appointments 2017 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 99 | | Salaries and Allowances | 217 | | Bonuses and Gratuities | 88 | | Retirement Benefit Scheme Contributions | 144 | | **Total** | **548** | - Hai Tianmin, Yuan Baolei, and Wang Rui retired on May 12, 2017[24](index=24&type=chunk) - Wang Yonggan, Wu Gang, Fan Shuyu, and Wang Linlin were appointed on May 12, 2017, with Fan Shuyu receiving **RMB 242 thousand** in remuneration and Wang Linlin receiving **RMB 86 thousand**[24](index=24&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2018](index=9&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202018) Total supervisors' remuneration for 2018 increased to **RMB 616 thousand**, with Fan Shuyu and Wang Linlin as primary recipients, and Wang Rui resigned while Han Wanjin was appointed 2018 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 110 | | Salaries and Allowances | 250 | | Bonuses and Gratuities | 76 | | Retirement Benefit Scheme Contributions | 180 | | **Total** | **616** | - Fan Shuyu received **RMB 151 thousand** in salaries and allowances, **RMB 45 thousand** in bonuses and gratuities, and **RMB 134 thousand** in retirement benefit contributions, totaling **RMB 330 thousand**[26](index=26&type=chunk) - Wang Rui resigned on November 12, 2018, and Han Wanjin was appointed on the same day[26](index=26&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2019](index=9&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202019) Total supervisors' remuneration for 2019 slightly decreased to **RMB 584 thousand**, with Fan Shuyu and Wang Linlin remaining the primary recipients 2019 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 110 | | Salaries and Allowances | 233 | | Bonuses and Gratuities | 37 | | Retirement Benefit Scheme Contributions | 204 | | **Total** | **584** | - Fan Shuyu received **RMB 130 thousand** in salaries and allowances, **RMB 6 thousand** in bonuses and gratuities, and **RMB 136 thousand** in retirement benefit contributions, totaling **RMB 272 thousand**[27](index=27&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2020](index=10&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202020) Total supervisors' remuneration for 2020 significantly increased to **RMB 800.08 thousand**, marked by frequent board changes including Xu Jianxin, Wang Yonggan, Wu Gang, and Fan Shuyu's retirements, and Li Chenjun, Yan Jun, Huang Fei, and Lan Lingyan's appointments 2020 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 94.08 | | Salaries and Allowances | 390 | | Bonuses and Gratuities | 185 | | Retirement Benefit Scheme Contributions | 211 | | **Total** | **880.08** | - Xu Jianxin, Wang Yonggan, Wu Gang, and Fan Shuyu retired on June 19, 2020[29](index=29&type=chunk) - Li Chenjun, Yan Jun, Huang Fei, and Lan Lingyan were appointed on June 19, 2020, with Huang Fei receiving **RMB 231 thousand** in remuneration and Lan Lingyan receiving **RMB 126 thousand**[29](index=29&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2021](index=11&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202021) Total supervisors' remuneration for 2021 continued to grow to **RMB 955 thousand**, with Huang Fei, Lan Lingyan, and Wang Linlin as major recipients, and Li Chenjun and Han Wanjin resigned while Wang Guanghua and Yang Zhengliang were appointed 2021 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 80 | | Salaries and Allowances | 425 | | Bonuses and Gratuities | 163 | | Retirement Benefit Scheme Contributions | 345 | | **Total** | **1013** | - Huang Fei received **RMB 179 thousand** in salaries and allowances, **RMB 64 thousand** in bonuses and gratuities, and **RMB 181 thousand** in retirement benefit contributions, totaling **RMB 424 thousand**[31](index=31&type=chunk) - Li Chenjun resigned on May 11, 2021, and Han Wanjin resigned on August 11, 2021; Wang Guanghua and Yang Zhengliang were appointed on August 11, 2021[31](index=31&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2022](index=12&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202022) Total supervisors' remuneration for 2022 continued to increase to **RMB 1121 thousand**, with Huang Fei, Lan Lingyan, and Wang Linlin remaining the primary recipients 2022 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 80 | | Salaries and Allowances | 471 | | Bonuses and Gratuities | 182 | | Retirement Benefit Scheme Contributions | 388 | | **Total** | **1121** | - Huang Fei received **RMB 180 thousand** in salaries and allowances, **RMB 70 thousand** in bonuses and gratuities, and **RMB 185 thousand** in retirement benefit contributions, totaling **RMB 435 thousand**[32](index=32&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2023](index=12&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202023) Total supervisors' remuneration for 2023 continued to grow to **RMB 1171 thousand**, with increased compensation for Huang Fei, Lan Lingyan, and Wang Linlin 2023 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 80 | | Salaries and Allowances | 488 | | Bonuses and Gratuities | 216 | | Retirement Benefit Scheme Contributions | 437 | | **Total** | **1221** | - Huang Fei received **RMB 189 thousand** in salaries and allowances, **RMB 93 thousand** in bonuses and gratuities, and **RMB 180 thousand** in retirement benefit contributions, totaling **RMB 462 thousand**[34](index=34&type=chunk) [Supervisors' Remuneration for the Year Ended December 31, 2024](index=13&type=section&id=Supervisors'%20Remuneration%20for%20the%20Year%20Ended%20December%2031%2C%202024) Total supervisors' remuneration for 2024 reached its highest level at **RMB 1250 thousand**, with further increases for Huang Fei, Lan Lingyan, and Wang Linlin, and Han Wanjin appointed while Yang Zhengliang resigned 2024 Supervisors' Remuneration Overview (RMB Thousand) | Remuneration Category | Amount (RMB Thousand) | | :-------------------- | :-------------------- | | Emoluments | 80 | | Salaries and Allowances | 535 | | Bonuses and Gratuities | 228 | | Retirement Benefit Scheme Contributions | 467 | | **Total** | **1310** | - Huang Fei received **RMB 225 thousand** in salaries and allowances, **RMB 92 thousand** in bonuses and gratuities, and **RMB 179 thousand** in retirement benefit contributions, totaling **RMB 496 thousand**[36](index=36&type=chunk) - Han Wanjin was appointed on June 19, 2024, and Yang Zhengliang resigned on the same day[36](index=36&type=chunk) Corporate Governance Structure Changes and Other Matters This section outlines significant changes in the company's corporate governance structure, including the dissolution of the Supervisory Committee and the composition of the Board of Directors [Dissolution of Supervisory Committee and Supervisors' Retirement](index=13&type=section&id=Dissolution%20of%20Supervisory%20Committee%20and%20Supervisors'%20Retirement) The company's Supervisory Committee was dissolved, and all supervisors retired from their positions effective June 20, 2025, following approval at the Annual General Meeting - The company no longer has a Supervisory Committee as of June 20, 2025[37](index=37&type=chunk) - All supervisors retired from their positions as of June 20, 2025[37](index=37&type=chunk) - This change was approved at the Annual General Meeting held on June 20, 2025[37](index=37&type=chunk) [Board of Directors Composition and Compliance Statement](index=13&type=section&id=Board%20of%20Directors%20Composition%20and%20Compliance%20Statement) This announcement lists the current Board of Directors and affirms that all directors collectively and individually bear full responsibility for the accuracy and completeness of its content, in compliance with GEM Listing Rules - The Board of Directors includes Executive Directors Mr. Yang Weihong and Ms. Ma Xin; Non-executive Directors Mr. Li Jian, Ms. Meng Jun, and Ms. Hu Shanshan; and Independent Non-executive Directors Professor Cheng Xinsheng, Mr. He Yongjun, Professor Luo Wenyu, and Mr. Peng Zuowen[40](index=40&type=chunk) - This announcement is published in compliance with the GEM Listing Rules, with directors jointly and individually assuming full responsibility, confirming the information is accurate, complete, and free from misleading or fraudulent content[40](index=40&type=chunk)

Impairment Losses - For the fiscal year ending December 31, 2024, the company recognized impairment losses of approximately RMB 36.2 million for trade and other receivables, and RMB 21.4 million for loans receivable[4]. - The total impairment loss recognized for trade receivables was RMB 38.0 million, which includes RMB 25.2 million from receivables due from Dexin China and RMB 12.8 million from other trade receivables[6]. - The outstanding balance of trade receivables as of December 31, 2024, was approximately RMB 506.3 million, with an estimated total impairment loss of RMB 76.1 million, representing 15.0% of the outstanding balance[7]. - The outstanding balance of other receivables, excluding deposits, was approximately RMB 111.2 million, with an estimated total impairment loss of RMB 11.6 million, representing 10.5% of the outstanding balance[7]. - The impairment loss for loans receivable of RMB 21.4 million is related to a loan agreement with Hangzhou Ruiyang Supply Chain Management Co., with an outstanding loan amount of RMB 259.5 million[8]. - The total impairment losses for trade and other receivables and loans receivable amounted to RMB 57.6 million for the fiscal year ending December 31, 2024[5]. Credit Risk Assessment - The company has engaged an independent valuer to assess expected credit losses (ECL) in accordance with IFRS 9, which combines historical and forward-looking data to estimate potential losses[12]. - The independent valuer's assessment method involves grouping receivables based on aging and applying historical default rates adjusted for current and forward-looking macroeconomic conditions[13]. - The estimated default risk exposure (EAD) for trade receivables has significantly increased, primarily due to customers facing liquidity constraints, leading to extended payment cycles[19]. - The estimated probability of default (PD) for related parties and private third-party customers has risen substantially, reflecting the deteriorating financial conditions in affected industries[19]. - A more prudent credit risk assessment approach will be adopted before providing loans to any third parties, given the sufficient expected credit loss provisions[22]. Recovery and Collection Strategies - The company plans to continuously evaluate the financial risks and regulatory requirements associated with the recovery of deposits during the liquidation process[11]. - The company plans to follow up on long-term overdue trade receivables and may consider legal action for amounts overdue by more than one year[21]. - The company will seek to revise payment terms and credit periods with major customers to prevent further increases in overdue receivables[21]. - The company will establish a debt collection department starting in 2024 to implement internal debt collection policies and avoid bad debts, creating repayment plans based on specific customers' financial situations[23]. Financial Projections and Valuations - The expected credit loss (ECL) for the year is approximately RMB 14,393,000, which will not be carried forward to the fiscal year ending December 31, 2025[20]. - Recovery rates applied across methods range from 0.00% to 100%, depending on the specific circumstances of liquidation, litigation, collateral, and cash recovery[16]. - The forward-looking adjustment factor applied is 1.10, based on regression analysis using macroeconomic indicators such as industrial value added and purchasing manager index[17]. - The discount rate used for cash flow projections is 4.15%, reflecting the company's borrowing cost[18]. - The aging analysis shows transition rates for overdue receivables ranging from 14.27% to 88.82%[17]. Asset Valuation - The assessed value of additional assets, consisting of 783 underground parking spaces, is approximately RMB 99,040,000 as of December 31, 2024[24]. - The assessed value of mortgaged assets, which are parking spaces, totals approximately RMB 139,050,000 as of December 31, 2024[24]. - The company plans to provide a loan of no more than RMB 315 million to the borrower according to the loan agreement established on December 16, 2022[27].

Investment Plans - The company plans to utilize HKD 24,860,000 for the purchase of machinery to establish a baby care and women's care product production line by December 31, 2026[3]. - An investment of HKD 22,136,000 is allocated for machinery to set up a non-woven fabric production line, expected to be utilized by December 31, 2026[3]. - The company intends to enhance its brand, marketing, and promotional activities with an investment of HKD 14,558,000, to be utilized by December 31, 2026[3]. - An investment of HKD 15,069,000 is planned for upgrading the company's warehouse and IT infrastructure, expected to be utilized by December 31, 2026[3]. - The company has allocated HKD 8,514,000 for general working capital, to be utilized by December 31, 2026[3]. - The total expected utilization of unutilized listing proceeds amounts to HKD 85,137,000[3]. Corporate Governance - The company emphasizes that the additional information provided should be read in conjunction with the 2024 annual report, which remains unchanged[4]. - The chairman and executive director of the company is Yan Peikun, with a team of executive and non-executive directors listed[5].

Share Issuance and Options - The total number of shares issued by the company as of the adoption of the plan was 800,000,000 shares, with an authorized limit for options set at 10% of the total shares, allowing for a total of 80,000,000 options to be granted[6] - As of December 31, 2024, the total number of shares issued increased to 126,000,000 shares, but the total number of options available for grant remains unchanged at 80,000,000[6] - The total number of shares available for issuance under the plan is 80,000,000 shares, which represents approximately 6.34% of the total shares issued by the company (126,000,000 shares) as of the announcement date[8] Options Balance - The beginning balance of options available for grant as of January 1, 2024, was 80,000,000, with no options granted, exercised, canceled, or expired during the reporting period, resulting in an ending balance of 80,000,000 options[7]

Financial Performance - The Group's revenue decreased by approximately HK$38.4 million or approximately 10.9%, from approximately HK$352.9 million for the year ended 30 June 2024 to approximately HK$314.5 million for the year ended 30 June 2025[11]. - The net loss for the year amounted to approximately HK$0.5 million, compared to a net profit of approximately HK$35.8 million for the previous year[11]. - The Group's total revenue for the year ended 30 June 2025 was approximately HK$314.4 million, a decrease of about 10.8% from HK$352.7 million in the previous year[44]. - Gross profit decreased significantly by approximately 59.0% to HK$26.1 million for the year, down from HK$63.6 million in the previous year[47]. - The gross profit margin fell from approximately 18.0% in the previous year to approximately 8.3% for the year, primarily due to increased subcontractor fees and lower margins on new projects[48]. - Other income decreased by approximately 29.2% to HK$1.7 million, down from HK$2.4 million in the previous year, mainly due to reduced interest income[49]. - Administrative expenses increased by approximately 7.2% to HK$22.3 million, up from HK$20.8 million in the previous year, driven by higher staff and professional costs[55]. - Impairment losses and write-offs rose from approximately HK$2.1 million to HK$5.5 million, attributed to aging trade receivables and a significant write-off of HK$2.0 million due to a customer winding up[56]. - The Group reported a loss before taxation of approximately HK$0.1 million, primarily due to decreased gross profit and increased expenses[57]. - The income tax expense decreased significantly from approximately HK$7.2 million to HK$0.4 million, reflecting the shift from profit to loss before taxation[58]. Market Conditions - The average annual capital works expenditure in the construction industry is expected to increase from HK$90 billion to approximately HK$120 billion during the period from 2025-26 to 2029-30[12]. - The Group is facing increasing operational costs, particularly in direct labor and subcontracting charges, alongside intensified price competition[12]. - Revenue from public sector projects declined due to the completion of several large-scale projects, including a passenger terminal at Hong Kong airport and a sports park at Kai Tak[38]. - Revenue from private sector projects increased from approximately HK$54.7 million to approximately HK$61.4 million, representing an increase of 12.1%[42]. - The Group is facing increased competition in the market, leading to a gradual decline in profit margins[31]. - The economic outlook for the Hong Kong construction industry has become uncertain, with fewer projects being launched and increased price sensitivity among customers[31]. Strategic Focus - The Group will continue to prioritize specialized passive fire protection services while exploring prefabrication opportunities in this field[12]. - The Group aims to strengthen its competitive edge in the construction industry by closely monitoring project costs to enhance shareholder returns[12]. - The Group is actively seeking new business elements to broaden its revenue sources and drive innovative business segments[36]. - The Group provides passive fire protection information services to address issues related to the use of inappropriate materials during project initiation[33]. Financial Position - As of 30 June 2025, the Group is in a steady financial position with no outstanding debt[13]. - The total original contract sum of the Group's outstanding contracts as of June 30, 2025, amounted to approximately HK$687.0 million, compared to HK$670.7 million in FY2024[30]. - The current ratio improved from approximately 12.5 times to 15.0 times, mainly due to a decrease in current liabilities[68]. - As of June 30, 2025, the Group had total bank balances and cash of approximately HK$59.4 million, down from approximately HK$158.0 million as of June 30, 2024[78]. - The Group's gearing ratio was approximately 0.6% as of June 30, 2025, compared to 1.0% as of June 30, 2024[79]. - The net proceeds from the listing on May 9, 2023, amounted to approximately HK$89.1 million, with HK$3.8 million utilized by June 30, 2025[88]. - The Group maintains sufficient retained earnings to support its capital management objectives, with no material changes in capital structure during the year[81]. Corporate Governance - The company is committed to achieving high standards of corporate governance and has complied with the Corporate Governance Code for the year[107][108]. - The Board consists of five Directors, including three executive Directors and three independent non-executive Directors[112]. - The Board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee, to oversee specific aspects of the company's affairs[126]. - The Company has adopted a Board Diversity Policy on April 12, 2023, to enhance the effectiveness of the Board through diversity in talent, skill, and experience[136]. - The Nomination Committee will review the Board Diversity Policy annually to ensure its continued effectiveness[144]. - The Board recognizes the importance of gender diversity and aims to continue identifying female candidates for Board positions[142]. - The Company has three independent non-executive Directors, representing over half of the Board, ensuring a balance of power and authority[135]. Risk Management - The Board is responsible for maintaining effective risk management and internal control systems to safeguard the Group's assets and investments[187]. - The Group engaged BT Corporate Governance Limited as an independent consultant to review the effectiveness of its risk management and internal control system for the year ended June 30, 2025[188]. - The consultant conducted an independent review under the COSO 2013 framework, concluding that no significant areas of concern affecting financial, operational, compliance control, and risk management were identified[191]. - The Board conducted a review of the effectiveness of risk management and internal control systems through the Audit Committee's efforts[187]. Employee and Director Matters - The company employed a total of 62 full-time employees, an increase from 57 full-time employees as of June 30, 2024[99]. - The total staff cost incurred by the company for the year was approximately HK$21.6 million, compared to approximately HK$21.7 million for the previous year, indicating a slight decrease[99]. - The Board has recommended a final dividend of HK$0.05 per share for the year, down from HK$0.172 per share in the previous year[101]. - There was no change in Directors for the year ended June 30, 2025, except for the appointment of Mr. Wang Jun as an executive Director effective August 4, 2025[100][102]. - The company did not declare an interim dividend for the six months ended December 31, 2024[101]. - The Board will consider factors such as operating results, retained earnings, profitability, and liquidity when proposing dividends[155].

Compliance and Disclosure - The company confirmed compliance with the disclosure requirements of Listing Rule Chapter 14A[6] - There were no related party transactions that required disclosure under Listing Rule Chapter 14A for the fiscal years ending December 31, 2022, and December 31, 2023[5] - The announcement serves as supplementary information to the annual reports for the years mentioned, without affecting other contents of those reports[6] - The announcement was made by the chairperson and CEO, indicating leadership involvement in compliance matters[7] Related Party Transactions - The board of directors has not approved any transactions that exceed the annual limits set by the company[4] - The company has not engaged in any related party transactions during the specified periods[5] - The company has not conducted any related party transactions that deviate from its pricing policy[4] Financial Oversight - The board of directors includes both executive and independent non-executive members, ensuring diverse oversight[8] - The financial statements for the fiscal years mentioned are included in the annual reports[5] - The company has confirmed that all transactions were conducted under fair and reasonable terms[4]

Financial Performance - The company's operating revenue for the first nine months of 2025 reached RMB 12,429,805,077.03, a significant increase of 53.5% compared to RMB 8,085,655,612.48 in the same period of 2024[12]. - Net profit attributable to the parent company's shareholders for the first nine months of 2025 was RMB 2,117,325,631.98, up 140.4% from RMB 880,640,882.68 in the first nine months of 2024[12]. - The operating profit for the first nine months of 2025 was RMB 3,603,460,346.56, which is a 117.9% increase from RMB 1,658,939,261.16 in the same period of 2024[12]. - The company reported a total comprehensive income of RMB 2,784,663,890.77 for the first nine months of 2025, compared to RMB 1,228,931,313.69 in the same period of 2024, marking a growth of 126.3%[12]. - The basic earnings per share for the first nine months of 2025 was RMB 0.55, compared to RMB 0.26 in the same period of 2024, representing a growth of 111.5%[12]. Asset and Liability Management - As of September 30, 2025, the total assets of Zhaojin Mining Industry Company Limited increased to RMB 58.24 billion, up from RMB 53.43 billion as of December 31, 2024, representing an increase of approximately 8.5%[6]. - Current assets rose from RMB 13.89 billion to RMB 17.31 billion, reflecting a growth of about 24.4%[6]. - The company's inventory also saw an increase from RMB 6.25 billion to RMB 6.70 billion, which is an increase of about 7.3%[6]. - Total liabilities decreased from CNY 29.66 billion to CNY 28.33 billion, a reduction of approximately 4.5%[7]. - The total liabilities increased from RMB 18,783,200,754.12 as of December 31, 2024, to RMB 19,345,143,820.14 as of September 30, 2025, reflecting a growth of 3.0%[10]. - The company's total equity attributable to shareholders rose from RMB 24,592,417,561.94 at the end of 2024 to RMB 26,439,047,226.76 by September 30, 2025, indicating an increase of 7.5%[10]. Cash Flow Analysis - For the period from January to September 2025, the net cash flow from operating activities was CNY 3,800,329,931.98, an increase of 145.0% compared to CNY 1,544,790,680.06 in the same period of 2024[16]. - Total cash inflow from operating activities reached CNY 33,503,055,059.21, up from CNY 28,416,130,852.39 in the previous year, reflecting a growth of 18.5%[16]. - The cash outflow for purchasing goods and services was CNY 5,622,730,252.64, which increased from CNY 3,994,661,679.03, indicating a rise of 40.7%[16]. - The net cash flow from investing activities was negative at CNY -2,910,475,749.86, compared to CNY -5,500,974,305.73 in the same period of 2024, showing an improvement of 47.2%[17]. - Cash inflow from financing activities totaled CNY 59,000,524,905.09, a decrease of 51.5% from CNY 121,588,256,264.04 in the previous year[17]. Investment and R&D - The company issued its fifth phase of technology innovation bonds on September 25, 2025, indicating a focus on financing for technological advancements[3]. - Research and development expenses for the first nine months of 2025 amounted to RMB 214,362,674.22, which is an increase of 8.6% from RMB 197,657,687.57 in the previous year[12]. - The company’s long-term equity investments decreased from RMB 412.17 million to RMB 335.67 million, indicating a potential shift in investment strategy[6]. - Long-term equity investments increased from CNY 15.88 billion to CNY 17.77 billion, representing a growth of about 11.9%[9]. Compliance and Transparency - The company continues to comply with the Hong Kong Stock Exchange listing rules, ensuring adherence to regulatory requirements[3]. - The company is required to publish its unaudited quarterly performance on the China Money website and Shanghai Clearing House during the bond's duration, ensuring transparency[3].

Proceeds Utilization - As of the announcement date, HKD 8.6 million of the net proceeds from the listing for organic development remains unused, with plans to utilize it by December 31, 2025[5]. - As of the announcement date, HKD 7.6 million of the net proceeds from the rights issue for medical beauty equipment registration remains unused, with plans to utilize it by March 31, 2026[6]. - The delay in utilizing the remaining proceeds is primarily due to the inability to identify suitable medical beauty institutions in Shanghai during the COVID-19 period from 2021 to 2024[5]. - The company aims to establish a medical beauty hospital in Shanghai to enhance customer confidence and brand influence[5]. - The company will continue to report the progress of the use of the proceeds to its shareholders and investors[6]. Share Options - The share options granted on August 23, 2021, had a closing price of HKD 0.485 and a fair value of HKD 0.080[7]. - The share options granted on August 29, 2022, had a closing price of HKD 0.167 and a fair value of HKD 0.076[7]. - The share options granted on January 26, 2024, had a closing price of HKD 0.112 and a fair value of HKD 0.079[7]. - The share options granted on February 23, 2024, had a closing price of HKD 0.122 and a fair value of HKD 0.082[7]. Supplementary Information - The supplementary information does not affect any other information contained in the 2024 annual report[8].

Share Option Scheme - The total number of shares available for issuance under the share option scheme as of December 31, 2024, is 80,000,000 shares, representing 10% of the issued shares excluding treasury shares[5] Related Party Transactions - The company has conducted related party transactions as disclosed in notes 37(b), 37(c), and 37(d) of the consolidated financial statements for the year ended December 31, 2024[4] Governance Structure - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[8]

Financial Performance - Revenue for the year ended June 30, 2025, was HKD 6,253 million, representing a 1% increase from HKD 6,221 million in 2024[11] - Profit attributable to shareholders increased by 2% to HKD 479 million, compared to HKD 470 million in the previous year[11] - Basic earnings per share rose by 2% to HKD 0.44 from HKD 0.43[11] - Total assets as of June 30, 2025, were HKD 11,308 million, a 1% increase from HKD 11,179 million in 2024[11] - The company maintained a stable dividend per share of HKD 0.32 for both 2025 and 2024[11] - Operating cash inflow for the year was HKD 2,133 million, a slight decrease of 1% from HKD 2,162 million[11] - SmarTone's shareholder profit for the fiscal year 2024-25 was HK$478 million, representing a 2% year-on-year growth, excluding one-time items[35] - Total revenue for the group was HK$6,253 million, up 1% from HK$6,221 million last year, with stable service revenue and growth in mobile and accessory sales[50] - The cost of services provided decreased by HK$15 million or 4% to HK$395 million, attributed to improved gross margins in the enterprise application solutions business[50] - The group maintained stable employee costs at HK$715 million, with salary increases offset by a reduction in headcount[51] - Other operating expenses decreased by 7% to HK$897 million due to strict cost control measures[51] - The group’s cash and bank balances amounted to HK$2,028 million as of June 30, 2025, an increase from HK$1,577 million the previous year[54] - The group’s total equity increased to HK$5,305 million as of June 30, 2025, from HK$5,186 million the previous year[54] Operational Developments - SmarTone has secured exclusive 850MHz spectrum and newly acquired 6/7GHz spectrum to enhance network performance[14] - The company is focusing on digital transformation for enterprises through advanced 5G, AI, and IoT technologies[18] - SmarTone Solutions has supported SIERRA SEA in becoming Hong Kong's first residential project to achieve WiredScore Platinum pre-certification[18] - The company operates over 30 retail stores and five major sub-brands to meet diverse market needs[5] - The EBITDA for the 5G home broadband service grew by 18% year-on-year, while consumer roaming data business increased by 5.5%[35] - Operating expenses decreased by 4% year-on-year, and core capital expenditures reduced by 10%, reflecting the company's commitment to financial discipline[35] - SmarTone launched a plug-and-play 5G home broadband service, becoming the number one choice for consumers in Hong Kong[24] - The company is the only telecom provider in Hong Kong to offer a Disney+ service bundle, enhancing its entertainment offerings[25] - SmarTone secured exclusive access to the 850MHz and 6/7GHz frequency bands, reinforcing its position in the 5G network market[36] - The company has implemented AI-driven network optimization tools to enhance resource allocation and improve service quality[39] Corporate Governance - The board consists of three executive directors, five non-executive directors, and six independent non-executive directors as of June 30, 2025[72] - The company is committed to high standards of corporate governance and has adhered to the relevant rules and codes, with a focus on continuous improvement[65] - All directors must retire at least once every three years and are subject to re-election by shareholders at the annual general meeting[78] - The company held four board meetings and one annual general meeting during the year ending June 30, 2025, with all executive directors attending all meetings[83] - The remuneration committee reviewed the compensation of senior management, including performance bonuses, and approved two written resolutions regarding these matters during the year[90] - The company ensures that the roles of chairman and CEO are held by different individuals to enhance independence and accountability[80] - The board of directors meets at least four times a year to discuss overall strategy, operational and financial performance, and significant acquisitions or disposals[81] - All directors are required to participate in ongoing professional development to ensure they remain informed and capable of contributing effectively[85] - The company provides new directors with introductory materials to ensure they understand the business operations and governance policies[85] - The remuneration policy links the compensation of executive directors and senior management to their performance against company objectives[91] - The supervisory committee regularly meets to review and monitor the execution of overall strategy and the group's business and financial performance[89] - Independent non-executive directors who have served for more than nine years must be re-elected by shareholders through an independent resolution[78] - The Audit Committee held two meetings during the year ending June 30, 2025, to review significant internal controls and financial matters[100] - The total audit fees paid to PwC for the year ending June 30, 2025, amounted to HKD 1,948,000, with additional non-audit services costing HKD 784,000[106] - The company’s risk management and internal control systems are designed to ensure compliance with laws and regulations, safeguard assets, and provide reliable financial information[111] - The Nomination Committee reviewed the board's size, structure, and composition, making recommendations for the re-election of directors at the upcoming 2025 Annual General Meeting[95] - The Audit Committee confirmed that the accounting policies and methods used by the group are appropriate and consistent with industry standards[100] - The company’s external auditor, PwC, was recommended for reappointment at the upcoming 2025 Annual General Meeting based on their independence and effectiveness[106] - The Nomination Policy ensures a balanced mix of skills, experience, and diversity among the board members to achieve the group's corporate goals[96] - The Audit Committee's review included the independence of external auditors and compliance with relevant regulations[100] - The company has established a risk management committee at the management level to oversee overall risk management functions[111] - The Audit Committee expressed satisfaction with the financial statements and did not find any omissions of significant items[100] - The group has established an independent internal audit team consisting of six qualified professionals, reporting directly to the audit committee and the CEO[114] - The board has conducted an annual review of the effectiveness of the group's risk management and internal control systems, confirming their appropriateness and effectiveness for the fiscal year ending June 30, 2025[115] - The group has implemented whistleblowing and anti-fraud policies to protect the company, clients, and partners from fraudulent activities, promoting a culture of integrity[116] Employee Relations and Development - The group has a workforce composition of 60% male and 40% female employees, reflecting a common trend in the technology sector[121] - The board diversity policy emphasizes the importance of diverse backgrounds, including gender, age, culture, and professional experience, in enhancing company performance[120] - The company emphasizes a competitive compensation and comprehensive benefits plan to attract high-quality talent, regularly reviewing its compensation structure for attractiveness and fairness[173] - Employee engagement surveys are conducted annually to gather insights on satisfaction and participation, informing policy and planning decisions[181] - The company has implemented a performance management system to recognize and reward outstanding performance, aligning individual goals with corporate strategy[187] - The company promotes a diverse, equitable, and inclusive work environment, ensuring recruitment practices reflect the diversity of its customer base[190] - The company prioritizes employee safety by adhering to strict safety standards and conducting regular safety drills and training[193] - The company offers an Employee Assistance Program (EAP) to support mental health, providing confidential counseling services and resources[194] - The company invests in employee skill enhancement through various training programs, including onboarding, technical skills, and leadership development[177] - The company has implemented a flexible work policy to accommodate diverse employee needs, offering remote work and flexible working hours options[195] - Various health promotion activities have been launched, including comprehensive medical insurance plans and wellness activities, aimed at enhancing employee well-being and morale[196] - The company is integrating artificial intelligence and automation training to prepare employees for future challenges, currently in phases of applying Microsoft Copilot internally[197] - Collaborations with universities and technology institutions are in place to attract and nurture top talent, including partnerships with renowned local universities[198] - The internship and graduate program hires over 13 interns and graduates annually, providing valuable career starting points for young professionals[199] Sustainability and ESG Initiatives - The company aims to reduce carbon emissions by 10% year-on-year, with an estimated reduction of 5,120 tons[136] - The company has established a risk management framework to address ESG-related risks, with the board responsible for overall risk management and internal control systems[139] - The ESG working group, chaired by an executive director, coordinates all ESG-related activities and regularly reviews sustainability policies[139] - Key ESG issues identified include cybersecurity, customer data privacy, and service reliability, which are prioritized based on their impact on stakeholders[141] - The company emphasizes the integration of ESG principles into core business strategies to enhance long-term value for stakeholders[134] - SmarTone has identified key sustainability issues relevant to stakeholders and business, focusing on areas that can create long-term value[143] - The company emphasizes customer service and satisfaction, receiving multiple awards for its ESG performance and brand management, including recognition as Hong Kong's top communication brand[152][153] - SmarTone's sustainability framework aligns with the United Nations Sustainable Development Goals (UNSDG), focusing on environmental, governance, and social pillars[150] - The company has established a comprehensive importance matrix to prioritize key sustainability issues based on stakeholder significance and business impact[147] - SmarTone's commitment to cybersecurity includes initiatives like the "Building Employee Firewall" recognition program, highlighting its focus on data privacy and network security[153] - The company actively collects customer feedback through various channels, ensuring timely and professional handling of inquiries and complaints[155] - SmarTone's sustainability strategy includes responsible advertising and communication, aiming to enhance customer interaction and understanding[146] - The company has set clear goals for climate resilience and waste management, reflecting its commitment to environmental sustainability[146] - SmarTone's employee relations focus on development, well-being, and fair compensation, contributing to a positive workplace culture[146] - The company has received accolades for its commitment to community investment and human rights, reinforcing its dedication to social responsibility[152][153] - SmarTone achieved a 25% improvement in energy efficiency by modernizing its base stations with the latest hardware and software[159] - The overall energy efficiency of the network increased by 36%, resulting in a reduction of approximately 5,120 tons of CO2 equivalent emissions[159] - The energy efficiency per unit of electricity transmitted improved from 6.12 GByte/kWh for the year ending June 30, 2024, to 6.76 GByte/kWh for the year ending June 30, 2025[159] - SmarTone replaced traditional chillers with oil-free variable-speed chillers, achieving efficiency improvements of 30% to 50%[160] - The introduction of a new carbon film coating technology on chillers improved the coefficient of performance (COP) by 6.15% and reduced electricity consumption by 6%[160] - SmarTone has successfully recycled over 80 kilograms of electronic products through its recycling initiative, reflecting strong public support for environmental efforts[165] - The company has implemented various energy-saving measures, including the use of LED lighting and smart air conditioning systems, to further reduce energy consumption[167] - SmarTone collaborates with HKBR to recycle all discarded lead-acid batteries, ensuring over 90% of these hazardous wastes are reused[163] - The company has not faced any significant legal issues related to emissions or waste management compliance during the review period[164] - SmarTone's commitment to sustainable practices includes encouraging employees to adopt energy-saving behaviors and utilizing digital solutions to minimize paper usage[167] - The company is committed to enhancing operational resilience and advancing sustainability efforts in response to climate change risks, including conducting initial climate scenario analysis and risk assessments[169] - The company aims to disclose significant Scope 3 emissions data in the coming year after gathering sufficient data[169]