Brii Biosciences Limited 騰盛博藥生物科技有限公司 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 2137 2025 中期報告 目 錄 | | 頁次 | | --- | --- | | 公司簡介 | 2 | | 公司資料 | 3 | | 管理層討論及分析 | 5 | | 企業管治及其他資料 | 19 | | 簡明合併財務報表審閱報告 | 44 | | 簡明合併損益及其他綜合收益表 | 45 | | 簡明合併財務狀況表 | 47 | | 簡明合併權益變動表 | 49 | | 簡明合併現金流量表 | 50 | | 簡明合併財務報表附註 | 51 | | 釋義 | 67 | 公司簡介 騰盛博藥生物科技有限公司是一家領先的生物技術公司，致力於為醫療需求高度未滿足的領域，特別是感染病， 開發創新療法。於2025年前六個月，本公司推進其核心乙肝功能性治癒項目，同時繼續通過外部合作和內部發現 來創造價值。隨著三項互補的2b期臨床研究現已全部完成受試者招募，本公司已為實現其研發慢性HBV有效功能 性治癒方法的目標奠定了重要基礎。 ENSURE、ENRICH及ENHANCE研究構成本公司HBV臨床 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of $XX million, representing a YY% growth compared to the previous period[9]. - Revenue for the six months ended June 30, 2025, was HK$27,391,000, a decrease of 54.3% compared to HK$59,785,000 in 2024[18]. - Gross profit for the same period was HK$17,882,000, down 54.8% from HK$39,490,000 in 2024[18]. - Profit before tax decreased to HK$4,609,000, a decline of 78.1% from HK$21,093,000 in 2024[18]. - Total comprehensive income attributable to equity holders for the period was HK$3,867,000, down 81.2% from HK$20,527,000 in 2024[19]. - Basic and diluted earnings per share were both 1.51 HK cents, compared to 6.93 HK cents in 2024, reflecting a decrease of 78.2%[19]. - The Group's revenue for the six months ended June 30, 2024, was HK$27,391,000, a decrease from HK$59,785,000 in the same period of 2023, representing a decline of approximately 54.3%[44]. - Profit attributable to equity holders for the first half of 2025 was HK$4,609,000, down from HK$21,093,000 in the same period of 2024, representing a decline of 78%[79]. Cash Flow and Assets - Net cash used in operating activities for the six months ended June 30, 2025, was HK$15,473,000, a significant increase from HK$151,000 in the same period of 2024[26]. - Cash and cash equivalents at the end of the period were HK$7,282,000, down from HK$22,702,000 at the beginning of the period, indicating a decrease of 67.9%[26]. - The company experienced a net decrease in cash and cash equivalents of HK$18,747,000 for the six months ended June 30, 2025, compared to a decrease of HK$316,000 in the same period of 2024[26]. - Non-current assets increased to HK$104,800,000 as of June 30, 2025, compared to HK$77,397,000 at the end of 2024[20]. - Current liabilities rose to HK$59,761,000, an increase from HK$58,869,000 at the end of 2024[21]. - Net assets increased to HK$29,064,000 as of June 30, 2025, compared to HK$25,197,000 at the end of 2024[21]. - Total group assets reached HK$157,903 as of June 30, 2025, compared to HK$135,709 as of December 31, 2024, reflecting a growth of 16.3%[57]. - Total group liabilities increased to HK$128,839 as of June 30, 2025, from HK$110,512 as of December 31, 2024, indicating a rise of 16.5%[57]. Strategic Outlook - The company provided an optimistic outlook for the next quarter, projecting revenue growth of BB% and an increase in user engagement metrics[9]. - New product launches are expected to contribute to revenue, with an estimated impact of CC million in the upcoming fiscal year[9]. - Market expansion plans include entering EE new regions, aiming to increase market share by FF% over the next two years[9]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the GG sector[9]. - The company aims to expand its business scope in the healthcare industry and reallocate resources to maintain its leading position in the sector[101]. Operational Efficiency - The company has reported a decrease in operational costs by II%, enhancing overall profitability margins[9]. - Employee benefit expenses for the six months ended June 30, 2025, were HK$6,297, down from HK$8,353 in the same period of 2024, representing a decrease of 24.6%[66]. - Total operating expenses for the six months ended June 30, 2025, amounted to approximately HK$17.59 million, a decrease of 20.44% compared to HK$22.11 million in the previous period[103]. Corporate Governance - The management emphasized the importance of maintaining compliance with GEM Listing Rules to ensure transparency and investor confidence[6]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended 30 June 2025[176]. - All Directors confirmed full compliance with the Required Standards of Dealings regarding securities transactions throughout the six months ended 30 June 2025[177]. - The Company has complied with all provisions of the Corporate Governance Code except for the separation of roles between the chairman and chief executive officer, which are held by Mr. Wang Chuang[173]. Shareholder Information - As of 30 June 2025, Wang Chuang held a beneficial interest of 73,875,530 shares, accounting for approximately 24.28% of the issued share capital[135]. - The Company has a total of 58,254,776 shares held by Mr. Dai and Mr. Li, representing approximately 19.18% of the issued share capital[140]. - The share incentive scheme was established on 14 September 2011 to recognize contributions of eligible participants[151]. - The share incentive scheme was terminated at the annual general meeting held on 27 June 2025, with no further options available for grant[152]. Market Conditions - The retail market in Hong Kong is facing challenges due to a shift in consumer behavior, with residents preferring to travel to Mainland China for entertainment[96]. - The Chinese economy in 2025 presents challenges that may affect the Group's business, impacting customers' purchasing power and willingness to consume[97]. - The Group aims to provide premium, high-quality medical aesthetic services to meet the needs of customers from Mainland China visiting Hong Kong[98].

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises executive and independent non-executive directors, with audit, remuneration, and nomination committees; Mr. Chan Wai Keung resigned as executive director on May 18, 2025, and Ms. Xu Fenglan and Mr. Zhang Jianrong were appointed to the nomination committee on June 27, 2025 - Executive Director **Mr. Chan Wai Keung** resigned on **May 18, 2025**[3](index=3&type=chunk) - **Ms. Xu Fenglan** and **Mr. Zhang Jianrong** were appointed as members of the Nomination Committee on **June 27, 2025**[4](index=4&type=chunk) [Company Details and Contacts](index=3&type=section&id=Company%20Details%20and%20Contacts) The company is registered in the Cayman Islands, with principal places of business in Macau and Hong Kong; its auditor is Kin Dao Lin Shing CPA Limited, and main bankers include Bank of China Macau Branch and Bank of China (Hong Kong) Limited; the company's stock code is 1722 - The company's registered office is in the Cayman Islands, with its principal place of business in Hong Kong on Queen's Road Central and Macau headquarters in Alameda Dr. Carlos d'Assumpção[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's stock code is **1722**, and its official website is www.kinpang.com.mo[9](index=9&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved a profit of **427 thousand MOP**, a significant improvement from a loss of **11,248 thousand MOP** in the prior year, with revenue growing by **3.1%** and gross profit substantially increasing, turning operating loss into profit Key Income Statement Data (For the six months ended June 30) | Metric | 2025 (thousand MOP) | 2024 (thousand MOP) | 变化 (%) | | :--- | :--- | :--- | :--- | | Revenue | 348,671 | 338,279 | 3.1% | | Direct Costs | (333,333) | (333,755) | -0.1% | | Gross Profit | 15,338 | 4,524 | 239.0% | | Other Income and Gains/(Losses) | 1,097 | 1,340 | -18.1% | | Administrative Expenses | (13,538) | (16,200) | -16.4% | | Operating Profit/(Loss) | 3,018 | (9,458) | 131.9% | | Finance Costs | (2,136) | (1,807) | 18.2% | | Profit/(Loss) Before Income Tax | 882 | (11,265) | 107.8% | | Income Tax (Expense)/Credit | (455) | 17 | -2776.5% | | Profit/(Loss) and Total Comprehensive Income/(Loss) for the Period | 427 | (11,248) | 103.8% | | Basic and Diluted Earnings/(Loss) Per Share (Macau cents) | 0.04 | (1.02) | 103.9% | [Unaudited Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were **426,367 thousand MOP**, a decrease from **443,006 thousand MOP** at year-end 2024, with total liabilities and equity also decreasing, but total equity slightly increasing, indicating a stable financial structure Key Financial Position Data (As of June 30) | Metric | 2025年6月30日 (thousand MOP) | 2024年12月31日 (thousand MOP) | 变化 (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 123,326 | 125,895 | -2.0% | | Current Assets | 303,041 | 317,111 | -4.4% | | **Total Assets** | **426,367** | **443,006** | **-3.8%** | | **Equity** | | | | | Share Capital | 11,330 | 11,330 | 0.0% | | Reserves | 149,876 | 149,449 | 0.3% | | **Total Equity** | **161,206** | **160,779** | **0.3%** | | **Liabilities** | | | | | Non-current Liabilities | 1,163 | 532 | 118.6% | | Current Liabilities | 263,998 | 281,695 | -6.3% | | **Total Liabilities** | **265,161** | **282,227** | **-6.0%** | | **Total Equity and Liabilities** | **426,367** | **443,006** | **-3.8%** | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity increased from **160,779 thousand MOP** at the beginning of the period to **161,206 thousand MOP**, primarily due to profit contributions during the period Key Statement of Changes in Equity Data (For the six months ended June 30) | Metric | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Total Equity at Beginning of Period | 160,779 | 178,470 | | Profit/(Loss) and Total Comprehensive Income/(Loss) for the Period | 427 | (11,248) | | Total Equity at End of Period | 161,206 | 167,222 | [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow from operating activities significantly improved, turning from a net outflow to a net inflow of **24,417 thousand MOP**, while cash outflow from investing activities increased, and cash outflow from financing activities decreased, resulting in a slight decrease in cash and cash equivalents at period-end Key Cash Flow Statement Data (For the six months ended June 30) | Metric | 2025 (thousand MOP) | 2024 (thousand MOP) | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 24,417 | (7,628) | | Net Cash From/(Used In) Investing Activities | (12,870) | 3,635 | | Net Cash From/(Used In) Financing Activities | (11,729) | 13,506 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (182) | 9,513 | | Cash and Cash Equivalents at End of Period | 28,519 | 28,465 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1 General Information](index=11&type=section&id=1%20General%20Information) The company (Kin Pang Holdings Limited) is registered in the Cayman Islands, primarily providing civil engineering services in Macau and Hong Kong, with Mr. Kung Kin Yee and his spouse Ms. Xu Fenglan as the ultimate controlling parties - The company's principal business is civil engineering in **Macau and Hong Kong**[23](index=23&type=chunk)[25](index=25&type=chunk) - The ultimate controlling parties are **Mr. Kung Kin Yee** (Chairman and CEO) and his spouse **Ms. Xu Fenglan**[21](index=21&type=chunk)[24](index=24&type=chunk) [2 Basis of Preparation and Principal Accounting Policies](index=12&type=section&id=2%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The financial statements are prepared in accordance with HKAS 34 and the historical cost convention; the application of revised HKFRSs had no significant impact on the group's financial position and performance during the period - The financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 Interim Financial Reporting** issued by the Hong Kong Institute of Certified Public Accountants[27](index=27&type=chunk)[30](index=30&type=chunk) - The application of revised Hong Kong Financial Reporting Standards had **no significant impact** on the Group's financial position and performance during the period[29](index=29&type=chunk)[32](index=32&type=chunk) [3 Segment Information](index=13&type=section&id=3%20Segment%20Information) The Group's primary operating segment is the provision of construction and ancillary services; for the six months ended June 30, 2025, segment revenue was **34

[Company Information](index=3&type=section&id=Company%20Information) This section provides essential corporate details, including the composition of the Board of Directors, Supervisors, and senior management, as well as information on auditors, legal advisors, and key operational locations [Directors, Supervisors, and Senior Management](index=3&type=section&id=Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with a separate Supervisory Committee and defined audit, remuneration, and nomination committees - Executive Directors include **Dr. Liang Dongke** (Chairman) and **Mr. Lin Sen**[7](index=7&type=chunk) - Non-executive Directors include **Dr. Song Yuan**, **Mr. Wang Ruiqin**, **Ms. Chen Hongqin**, and **Mr. Zhang Hong**, who was appointed on **May 23, 2025**[7](index=7&type=chunk) - Independent Non-executive Directors are **Mr. Jian Xigao**, **Mr. Xu Hongqun**, and **Mr. Xu Congli**[7](index=7&type=chunk) - The Supervisory Committee Chairman is **Ms. Ma Huifang**, with members **Ms. Chen Jie** and **Mr. Shen Xiaoru**[7](index=7&type=chunk) [Auditors and Legal Advisors](index=3&type=section&id=Auditors%20and%20Legal%20Advisors) The company's international auditor is KPMG, with KPMG Huazhen LLP (Special General Partnership) serving as the domestic auditor, while legal counsel is provided by O'Melveny & Myers LLP for Hong Kong law and DeHeng Law Offices (Shanghai) for PRC law - The international auditor is **KPMG**[7](index=7&type=chunk) - The domestic auditor is **KPMG Huazhen LLP (Special General Partnership)**[7](index=7&type=chunk) - Hong Kong legal counsel is **O'Melveny & Myers LLP**, and PRC legal counsel is **DeHeng Law Offices (Shanghai)**[7](index=7&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company's PRC registered office and headquarters are located at Building 2, No. 925 Jinyuan 1st Road, Jiading District, Shanghai, with its principal place of business in Hong Kong at 31/F, Two Times Square, 1 Matheson Street, Causeway Bay - PRC Registered Office and Headquarters: Building 2, No. 925 Jinyuan 1st Road, Jiading District, Shanghai, China[8](index=8&type=chunk)[9](index=9&type=chunk) - Hong Kong Principal Place of Business: 31/F, Two Times Square, 1 Matheson Street, Causeway Bay, Hong Kong[9](index=9&type=chunk) [H Share Registrar and Principal Banks](index=4&type=section&id=H%20Share%20Registrar%20and%20Principal%20Banks) The company's H Share Registrar is Hong Kong Registrars Limited, with principal banks including China Construction Bank Corporation Shanghai Jiangqiao Branch and Agricultural Bank of China Limited Shanghai Jiading Branch, and its stock code is 1501 - H Share Registrar: **Hong Kong Registrars Limited**[9](index=9&type=chunk) - Principal Banks: **China Construction Bank Corporation Shanghai Jiangqiao Branch**, **Agricultural Bank of China Limited Shanghai Jiading Branch**[9](index=9&type=chunk) - Stock Code: **1501**[9](index=9&type=chunk) [Interim Results Highlights](index=5&type=section&id=Interim%20Results%20Highlights) This section summarizes the group's financial performance for the six months ended June 30, 2025, detailing revenue growth, changes in gross margin and profit, and earnings per share [Financial Highlights](index=5&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 17.52% to RMB 461.08 million, driven by higher sales of interventional medical devices and agency business, while gross margin decreased to 58.70% and profit for the period grew by 3.29% to RMB 102.44 million, with no interim dividend declared Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 461,075 | 392,322 | 17.52% | | Gross Profit | 270,661 | 246,768 | 9.68% | | Profit for the Period | 102,436 | 99,178 | 3.29% | | Basic Earnings Per Share (RMB) | 0.57 | 0.58 | -1.72% | | Diluted Earnings Per Share (RMB) | 0.57 | 0.58 | -1.72% | - Revenue growth was primarily due to increased sales of interventional medical devices (**+13.57%** to **RMB 392.37 million**) and a significant increase in agency business sales (**+118.69%** to **RMB 32.41 million**)[11](index=11&type=chunk) - Gross margin decreased from **62.90%** to **58.70%**, mainly due to increased sales of lower-margin agency business[11](index=11&type=chunk) - The Board has resolved not to declare any interim dividend for the reporting period[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's business operations, strategic initiatives, financial performance, and future outlook, covering key developments and financial metrics [Business Overview](index=6&type=section&id=Business%20Overview) Shanghai Yingtai Medical Device Co., Ltd. is a leading Chinese manufacturer of interventional cardiology devices with a complete industry chain, benefiting from government healthcare reforms and leveraging its extensive product registrations, strong R&D capabilities, and broad distribution network for competitive advantage - The Group is a leading Chinese manufacturer of interventional cardiology devices, possessing a complete industry chain, with main products used in vascular interventional surgeries[12](index=12&type=chunk) - Chinese government policies, such as DRG/DIP payment reform and volume-based procurement for medical consumables, provide the company with a competitive advantage[13](index=13&type=chunk) - As of **June 30, 2025**, the company holds **43** NMPA Class III medical device registration certificates, **68** provincial/municipal Class II medical device registration certificates, **27** CE certifications, and **25** FDA approvals[15](index=15&type=chunk) - As of **June 30, 2025**, the company owns **657** registered patents, **281** pending patent applications, and **28** registered software copyrights[17](index=17&type=chunk) - The distribution network covers **3,735** hospitals across **23** provinces, **4** municipalities, and **5** autonomous regions in China, as well as **313** overseas customers in **91** countries and regions[18](index=18&type=chunk) [Review of Activities](index=7&type=section&id=Review%20of%20Activities) During the reporting period, the Group actively expanded its business footprint and investment portfolio by increasing the number of subsidiaries, establishing joint ventures and limited partnerships, and acquiring a controlling interest in Hangzhou Weiqiang Medical Technology Co., Ltd., while also optimizing corporate governance through the re-election and appointment of directors and supervisors [Subsidiaries](index=7&type=section&id=Subsidiaries) As of June 30, 2025, the Group's number of wholly-owned or controlled subsidiaries increased to 24 from 19 at the end of 2024, focusing on the design and development of interventional/implantable medical devices across various fields and medical device production equipment - As of **June 30, 2025**, the Group owns **24** wholly-owned or controlled subsidiaries, an increase from **19** as of **December 31, 2024**[19](index=19&type=chunk) - The business scope of subsidiaries covers the design and development of interventional/implantable medical devices in cardiovascular, neurological, peripheral, ENT, and urological fields, as well as medical device production equipment and molds[19](index=19&type=chunk) [Establishment of Joint Ventures](index=7&type=section&id=Establishment%20of%20Joint%20Ventures) On November 28, 2024, the company entered into investment agreements with related parties Mr. Lin Sen, Dr. Song Yuan, and Mr. Wang Ruiqin to establish Shanghai Yingtai Investment Management Co., Ltd. (for investment management) and Shanghai Yingtai Shenghuo Trading Co., Ltd. (for sales of cosmetics, health products, and disposable medical products), with these transactions constituting connected transactions but exempted from certain Listing Rules requirements - Established Shanghai Yingtai Investment Management Co., Ltd., primarily engaged in investment management[20](index=20&type=chunk) - Established Shanghai Yingtai Shenghuo Trading Co., Ltd., primarily engaged in sales of cosmetics, health products, and disposable medical products[20](index=20&type=chunk) - Related transactions involved connected persons, constituting connected transactions, but were exempted from certain Listing Rules requirements due to applicable percentage ratios being below **5.0%**[20](index=20&type=chunk) [Establishment of Limited Partnerships](index=8&type=section&id=Establishment%20of%20Limited%20Partnerships) On February 27, 2025, the company entered into a partnership agreement with several partners to establish Shanghai Chenyao Xinchen Private Investment Fund Partnership (Limited Partnership) ("Chenyao Xinchen Fund"), committing RMB 100.0 million, which constitutes a discloseable transaction but is exempted from shareholder approval requirements - The company, as a limited partner, invested **RMB 100.0 million** to establish Shanghai Chenyao Xinchen Private Investment Fund Partnership (Limited Partnership)[21](index=21&type=chunk) - This investment constitutes a discloseable transaction but is exempted from shareholder approval requirements as the applicable percentage ratios are below **25%**[21](index=21&type=chunk) [Re-election and Appointment of Directors and Supervisors](index=8&type=

2025 中期報告 關於安樂工程集團有限公司 (股份代號: 1977) 業務涵蓋不同專業，計有： 屋宇裝備（包括為屋宇、數 據中心及基建提供一站式機 電工程服務） 環境工程 資訊、通訊及屋宇科技 (ICBT) 升降機及自動梯 本集團製造及向全球銷售升降機及自動梯 成立於1977年，安樂工程集團有限公司及其 附屬公司（統稱「本集團」）為領先的機電工程 與智慧城市的資訊及通訊科技服務供應商， 總部設於香港，業務遍及澳門、中國內地、 美國及英國。 逾47年營運歷史，擁有龐大客戶網路 追求技術卓越和研發創新， 擁有 61項國際專利和設計 與Transel Elevator & Electric Inc. (TEI) 達成夥伴關係 聯營公司南京佳力圖機房環境技術股份 有限公司專門製造精密空調設備 持續佔據市場領先地位 1 安樂工程集團有限公司 | 財務概要 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 5 | | 簡明綜合財務報表審閱報告 | 20 | | 簡明綜合損益及其他全面收益表 | 21 | | 簡明綜合財務狀況表 | 22 | | 簡明綜合權益變動表 | 24 | ...

Financial Performance - For the six months ended June 30, 2025, the group achieved total revenue of approximately RMB 466.1 million, representing a year-on-year increase of 84.96%[9] - The group recorded a net loss of approximately RMB 13.9 million, an improvement from a net loss of RMB 29.7 million in the same period last year[9] - The income tax expense for the reporting period was approximately RMB 0.33 million, a decrease of about 70.36% compared to RMB 1.11 million in the same period last year, primarily due to reduced tax provisions[18] - The company reported a basic and diluted loss per share of RMB 0.32 for continuing operations, compared to earnings of RMB 0.04 in the same period of 2024[61] - The company recorded a total comprehensive loss of RMB 1,137,000 for the six months ended June 30, 2025, compared to a loss of RMB 1,394,000 in the previous period[67] - The company reported a pre-tax loss of RMB 1,138,000 for the six months ended June 30, 2025, compared to a loss of RMB 7,463,000 in the same period of 2024, showing an improvement in financial performance[86] Revenue Breakdown - Revenue for the six months ended June 30, 2025, was RMB 46,613,000, a 84.8% increase from RMB 25,202,000 in the same period of 2024[61] - The total revenue from external customers for the financial and consulting segment was RMB 6,816,000, a decrease of 41.5% from RMB 11,699,000 in 2024[74] - The total revenue from the trading business was RMB 14,066,000, an increase of 12.9% from RMB 12,453,000 in 2024[74] - The energy storage business generated revenue of RMB 25,731,000, significantly up from RMB 1,050,000 in 2024, marking a substantial growth[74] - The total revenue recognized from customer contracts was RMB 39,797,000, a significant rise from RMB 13,503,000 in the previous year, marking an increase of 194.5%[77] Expenses and Costs - Sales costs for the reporting period were approximately RMB 337.1 million, an increase of 169.24% compared to RMB 125.2 million in the previous year, primarily due to increased sales costs in the energy storage and cross-border e-commerce businesses[13] - Operating expenses increased by approximately 36.64% to RMB 35.9 million, compared to RMB 26.3 million in the previous year, primarily due to increased promotional and logistics costs in the cross-border e-commerce business[15] - Administrative expenses decreased by approximately 31.70% to RMB 93.8 million, down from RMB 137.4 million in the previous year, mainly due to cost control measures implemented[16] - The company incurred a total cost of sales of RMB 33,712,000 for the six months ended June 30, 2025, compared to RMB 12,521,000 in 2024, indicating a significant increase in costs associated with sales[80] Assets and Liabilities - As of June 30, 2025, the total assets of the group were approximately RMB 559.64 million, reflecting a growth of about 0.38% from December 31, 2024[19] - The total liabilities of the group were approximately RMB 118.79 million, an increase of about 3.04% from December 31, 2024, resulting in a debt-to-asset ratio of approximately 21.23%[19] - The total accounts receivable as of June 30, 2025, reached RMB 333,329,000, an increase from RMB 313,951,000 as of December 31, 2024, reflecting a growth of about 6.2%[94] - The company maintained a strong cash position with cash and cash equivalents of RMB 27,690,000 as of June 30, 2025, compared to RMB 26,077,000 at the end of 2024[63] Employee and Management - As of June 30, 2025, the group had a total of 64 full-time employees, down from 86 employees a year earlier, leading to a reduction in employee benefit expenses by approximately 44.60%[25] - The total compensation for key management personnel rose to RMB 1,274 thousand for the six months ended June 30, 2025, up from RMB 910 thousand in 2024, an increase of 40%[125] Investments and Acquisitions - The group entered into asset transfer agreements to sell 18 and 105 base stations to Zhejiang New Exhibition Technology Co., Ltd. for a total consideration of RMB 1.41 million and RMB 8.75 million, respectively[30] - The group has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[32] - The group’s investment strategy includes indirect participation in rapidly developing industries, aiming for investment returns and business cooperation opportunities[33] - As of June 30, 2025, the group holds significant investments in associates, including a 20.81% stake in Shanghai Kuaiyiming Business Cloud Technology Co., with an investment cost of RMB 50,000,000[34] Shareholder Information - Major shareholders include Beijing Dayuan Tiandi Real Estate Development Co., holding 80,000,000 shares, representing 66.67% of the relevant shares and 22.26% of the total share capital[43] - Shenzhen Zhonglian Jin控投资发展有限公司 holds 70,445,200 shares, accounting for 47.12% of the relevant shares and 19.60% of the total share capital[43] - Beijing Youke Yu Technology Development Co., Ltd. owns 46,714,200 shares, which is 31.25% of the relevant shares and 13.00% of the total share capital[44] - The company has issued a total of 359,340,000 shares, including 120,000,000 domestic shares, 89,840,000 H shares, and 149,500,000 non-listed foreign shares[44] Compliance and Governance - All directors and supervisors confirmed compliance with the trading standards and code of conduct as of June 30, 2025[51] - There are no known interests or potential conflicts of interest among directors, major shareholders, and their close associates in any competing business[50] - No interim dividend is recommended for the reporting period[48]

(A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） Stock Code 股份代號 : 9989 Interim Report 中期報告 2025 | 管理層討論與分析 | | | --- | --- | | Corporate Governance and Other Information Disclosed | 22 | | 企業管治及其他披露資料 | | | Interim Condensed Consolidated Statements of Profit or Loss | 36 | | 中期簡明綜合損益表 | | | Interim Condensed Consolidated Statements of Comprehensive Income | 37 | | 中期簡明綜合全面收益表 | | | Interim Condensed Consolidated Statements of Financial Posi ...

13 Castle Street St Helier Jersey JE1 1ES Channel Islands 目錄 02 公司資料 03 財務摘要 04 管理層討論與分析 22 權益披露 27 企業管治及其他資料 29 簡明綜合財務報表審閱報告 30 簡明綜合損益及其他全面收益表 31 簡明綜合財務狀況表 33 簡明綜合權益變動表 35 簡明綜合現金流量表 36 簡明綜合財務報表附註 公司 資料 總部及中國主要營業地點 中國陝西省西安市 長安區 航天基地 神舟四路336號 堯柏研發培訓中心 註冊辦事處 香港主要營業地點 香港 尖沙咀 廣東道9號海港城 港威大廈第6座37樓3705室 公司網站 www.westchinacement.com 董事會 執行董事 張繼民 （主席） 曹建順 （總裁） 楚宇峰 （首席財務官） 王蕊 非執行董事 馬朝陽 凡展（辭任於二零二五年五月二十七日起生效） 汪志新 汪滿波（委任於二零二五年五月二十七日起生效） 獨立非執行董事 李港衛 （首席獨立非執行董事） 朱東 譚競正 馮濤 摟家強（委任於二零二五年三月二十四日起生效） 公司秘書 陳兢修 HKICPA 法定代表 曹建順 陳兢 ...

Company Information [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) This section details the Company's name, share listing location, stock code, and ticker symbol, and introduces the composition of the Board of Directors, company secretary, authorized representatives, and various committees - Company Name: **CECV Holdings Company Limited**[5](index=5&type=chunk) - Shares listed on **The Stock Exchange of Hong Kong Limited**, Stock Code: **798**, Stock Short Name: **CECV**[5](index=5&type=chunk) - Board members include Chairperson Ms. Liu Bo, President Mr. Huang Liping, and other non-executive, independent non-executive, and executive directors[5](index=5&type=chunk) [Registered Office and Principal Places of Business](index=4&type=section&id=Registered%20Office%20and%20Principal%20Places%20of%20Business) This section clarifies the Company's registered office in the Cayman Islands, its China headquarters in Wuhan, and its Hong Kong principal place of business in Sheung Wan, also listing key partners - Registered Office: Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands[5](index=5&type=chunk) - China Headquarters and Principal Place of Business: Building 1, Creative World High-rise, No. 16 Yezhihu West Road, Hongshan District, Wuhan, Hubei Province[6](index=6&type=chunk) - Auditor: Daxin Certified Public Accountants (HK) Co. Ltd.[6](index=6&type=chunk) - Principal Bankers: Industrial and Commercial Bank of China, Bank of Communications, Industrial Bank[7](index=7&type=chunk) Financial Highlights [Financial Highlights for the Six Months Ended June 30, 2025](index=5&type=section&id=Financial%20Highlights%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) The Group's unaudited interim results for the six months ended June 30, 2025, show a slight increase of 0.8% in revenue from continuing operations to RMB1,470.7 million, gross profit increased by 1.1%; however, profit attributable to owners of the Company significantly decreased by 89.9% to RMB1.771 million, profit for the period decreased by 34.1%; regarding assets and liabilities, net current assets significantly increased by 71.0%, and total assets less current liabilities increased by 15.1% Performance Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 1,470,685 | 1,459,162 | 0.8% | | Gross profit | 367,123 | 363,097 | 1.1% | | Profit before income tax | 72,239 | 35,348 | 104.4% | | Profit attributable to owners of the Company | 1,771 | 17,614 | -89.9% | | Profit for the period | 2,109 | 3,202 | -34.1% | Assets and Liabilities Summary as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 10,778,218 | 10,701,911 | 0.7% | | Current assets | 12,276,743 | 12,640,016 | -2.9% | | Current liabilities | 7,567,003 | 9,885,835 | -23.5% | | Net current assets | 4,709,740 | 2,754,181 | 71.0% | | Total equity | 8,880,694 | 8,871,725 | 0.1% | | Non-current liabilities | 6,607,264 | 4,584,367 | 44.1% | Chairman's Report [Operating Review for the First Half of 2025](index=6&type=section&id=Operating%20Review%20for%20the%20First%20Half%20of%202025) The Chairman's report highlights 2025 as a critical year for CECV's deep transformation, with improved operational resilience and breakthrough innovation in the first half; the Company achieved operating revenue of RMB1,470.7 million, with park operation services revenue accounting for 70.6% of total revenue, becoming a new growth driver; concurrently, the Company actively integrates into the national cybersecurity industry strategic layout, promotes organizational reform to enhance operational quality and management efficiency, and builds a comprehensive risk management system, shifting from passive response to proactive prevention - In the first half of 2025, the Company's operating revenue reached **RMB1,470.7 million**, an increase of **RMB11.5 million** compared to the same period last year[10](index=10&type=chunk) - Park operation services revenue reached **RMB1,038.2 million**, accounting for **70.6%** of total revenue, becoming a new growth driver for the Company's development[10](index=10&type=chunk) - The Company implemented a 'General Manager First Responsibility System' to streamline management layers and established an 'Integrated Operations Talent Pool' mechanism to enhance organizational efficiency[11](index=11&type=chunk) - A comprehensive risk management system was built, achieving a shift from post-event to pre-event risk identification through multi-dimensional risk early warning and overall control mechanisms[11](index=11&type=chunk) [Future Outlook](index=7&type=section&id=Future%20Outlook) Looking ahead, CECV will maintain strategic focus, systematically address development bottlenecks, and build a new business ecosystem of 'asset-heavy specialization and asset-light scaling'; the Company will comprehensively forge core competitive advantages and promote steady development through innovative business integration models and value creation mechanisms - The Company will anchor its development goals and systematically resolve key bottlenecks in building a new development pattern[13](index=13&type=chunk) - Building a new business ecosystem of 'asset-heavy specialization and asset-light scaling'[13](index=13&type=chunk) - Comprehensively forging core competitive advantages through innovative business integration models and value creation mechanisms[13](index=13&type=chunk) Management Discussion and Analysis [Review of Financial Information](index=8&type=section&id=Review%20of%20Financial%20Information) The Company's independent auditor, Daxin Certified Public Accountants (HK) Co. Ltd., has reviewed the unaudited interim financial information for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410 - The independent auditor has reviewed the Group's unaudited interim financial information in accordance with International Standard on Review Engagements 2410[15](index=15&type=chunk) [Summary for the First Half of 2025](index=8&type=section&id=Summary%20for%20the%20First%20Half%20of%202025) In the first half of 2025, the Group's new contracted amount was RMB1,538.9 million, a year-on-year increase of 8%, with integrated operation business contracted amount growing by 31%; sales proceeds collected were RMB2,324.9 million, a year-on-year increase of 34%; total revenue was RMB1,470.7 million, profit for the period was RMB2.1 million; park operation services revenue accounted for 70.6% of the total, highlighting its primary strategic position; as of the end of the period, the Group held approximately **5.32 million square meters** of high-quality industrial park land reserves - New contracted amount of **RMB1,538.9 million**, a year-on-year increase of **8%**; integrated operation business contracted amount increased by **31%**[16](index=16&type=chunk) - Sales proceeds collected of **RMB2,324.9 million**, a year-on-year increase of **34%**[16](index=16&type=chunk) - Revenue of **RMB1,470.7 million**, profit for the period of **RMB2.1 million**[17](index=17&type=chunk) - Park operation services revenue accounted for **70.6%** of the total, with high-quality industrial park land reserves of approximately **5.32 million square meters**[17](index=17&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) The Group's business structure is 'one body, two wings,' with park operation services as the core, park development as support, and industrial investment as the engine; the revenue structure and profit composition reflect the effectiveness of the transformation strategy - The Group's business structure is 'one body, two wings': park operation services as the core, park development as support, and industrial investment as the engine[18](index=18&type=chunk) - The revenue structure and profit composition reflect, to some extent, the effectiveness of the transformation strategy[18](index=18&type=chunk) [Revenue by Operating Segment](index=9&type=section&id=Revenue%20by%20Operating%20Segment) The Group's total revenue for the first half of 2025 was RMB1,470.7 million, of which park operation services revenue accounted for 70.6% and park development services revenue accounted for 29.4%; park operation services revenue decreased year-on-year, while park development services revenue increased year-on-year Revenue by Operating Segment (RMB thousands) | Segment | 2025 Revenue | % of Total | 2024 Revenue | % of Total | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services | 1,038,192 | 70.6% | 1,106,955 | 75.9% | | Design and Construction Services | 372,343 | 25.3% | 487,841 |

目錄 | | | 3 主席報告書 6 管理層討論及分析 公司 資料 財務年曆表 截至六個月止期間： 二零二五年六月三十日 中期業績公佈： 二零二五年八月二十七日 財務資料 | 27 | 未經審核綜合收益表 | | --- | --- | | 28 | 未經審核綜合全面收益表 | | 29 | 未經審核綜合財務狀況表 | | 30 | 未經審核綜合權益變動表 | | 31 | 未經審核簡明綜合現金流量表 | | 32 | 財務報表附註 | | 49 | 獨立審閱報告 | | 50 | 其他資料 | 獨立非執行董事 上市 香港科技探索有限公司（「本公司」）普通股在香港聯合交易所有限公司 上市。此外，本公司之美國預託股份，每股相當於二十股普通股。於二 零一五年十二月八日，本公司向美國證券交易委員會（「SEC」）提交表格 25，以實行美國預託股份的退市。於二零一六年十二月二十九日，本 公司向SEC提交表格15F，以撤銷註冊及終止其在美國證券交易法下的 申報責任。自二零一五年十二月二十一日起，本公司之美國預託股份合 資格於美國場外交易（「場外交易」）市場買賣。 執行董事 張子建先生3、 （ 5 主席） 王維基先生3、 ...