Company Information [Board and Committee Members](index=4&type=section&id=Board%20and%20Committee%20Members) The company's board comprises four executive and three independent non-executive directors, with Mr. Tan Lizi and Ms. Liu Kejia appointed on February 1, 2025, and Mr. Zhou Jinrong chairs all key committees - Mr. Tan Lizi and Ms. Liu Kejia were appointed as executive directors on **February 1, 2025**[5](index=5&type=chunk)[119](index=119&type=chunk) - The Audit, Remuneration, and Nomination Committees are all chaired by independent non-executive director Mr. Zhou Jinrong[5](index=5&type=chunk) [Company Contact and Registration Information](index=4&type=section&id=Company%20Contact%20and%20Registration%20Information) The company is registered in the Cayman Islands, with its principal place of business in Wanzhou District, Chongqing, China, and a Hong Kong branch for share registration - The company's registered office is in the Cayman Islands, with its principal place of business in Wanzhou District, Chongqing, China, and a Hong Kong office in Mong Kok, Kowloon[5](index=5&type=chunk)[8](index=8&type=chunk) - The company's stock code is **837**, and its official website is www.ctans.com[8](index=8&type=chunk) Financial Highlights [Key Financial Performance](index=7&type=section&id=Key%20Financial%20Performance) For the six months ended June 30, 2025, revenue increased by 9.4% to RMB 288 million, profit for the period grew by 13.2% to RMB 109 million, and basic earnings per share were RMB 43.8 cents Key Financial Data for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 287,886 | 263,082 | 9.4% | | Cost of Sales | (110,089) | (100,837) | 9.2% | | Gross Profit | 177,797 | 162,245 | 9.6% | | Gross Profit Margin | 61.8% | 61.7% | 0.1 percentage points | | Profit Before Tax | 133,366 | 119,182 | 11.9% | | Profit for the Period | 109,046 | 96,288 | 13.2% | | Profit Attributable to Owners of the Company | 109,046 | 96,288 | 13.2% | | Basic Earnings Per Share (RMB cents) | 43.8 | 38.7 | 13.2% | [Liquidity and Gearing](index=7&type=section&id=Liquidity%20and%20Gearing) As of June 30, 2025, the company's current ratio was 5.42 and quick ratio was 1.97, with the gearing ratio not applicable due to no interest-bearing bank borrowings Liquidity and Gearing Ratios | Indicator | June 30, 2025 | December 31, 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Current Ratio | 5.42 | 5.48 | (1.2)% | | Quick Ratio | 1.97 | 2.50 | (21.2)% | | Gearing Ratio | Not Applicable | Not Applicable | Not Applicable | - As of June 30, 2025, and December 31, 2024, the Group had no interest-bearing bank borrowings, rendering the calculation of the gearing ratio meaningless[15](index=15&type=chunk) Chairman's Statement [First Half Operating Review](index=9&type=section&id=First%20Half%20Operating%20Review) Despite a weak macroeconomic environment, Tan Mujiang achieved double-digit retail performance growth through strategic adjustments, largely meeting its first-half targets, but significant customer service deficiencies require reflection - The macroeconomic environment in the first half of 2025 was challenging, with weak market demand and low consumer confidence[17](index=17&type=chunk) - The Group achieved double-digit net retail sales growth by adjusting strategies, such as opening larger stores, promoting customer experience services, and organizing brand events, largely meeting its first-half targets[17](index=17&type=chunk) - The company exhibited significant shortcomings in customer service, failing to uphold its "customer as family, honest and kind, dedicated service" philosophy, requiring heightened vigilance and thorough self-reflection[18](index=18&type=chunk) [Second Half Strategic Outlook](index=9&type=section&id=Second%20Half%20Strategic%20Outlook) In the second half, the company will continue store upgrades, open flagship stores in major Chinese cities and new international concept stores in Hong Kong and Singapore, and host brand promotion events - In the second half, the company will continue to transform counter and strip stores into independent concept stores, with plans to open flagship stores in Beijing, Shanghai, Guangzhou, and Shenzhen[18](index=18&type=chunk) - Plans include opening new international concept stores in Hong Kong and Singapore to expand domestic and international markets and enhance brand image[18](index=18&type=chunk) - The company will host the "Beauty of Combs and Ornaments" Design Competition 10th Anniversary Retrospective Exhibition, focusing on "Wood • Art + Humanity" for brand communication and promotion[18](index=18&type=chunk) Management Discussion and Analysis [Management Review](index=11&type=section&id=Management%20Review) In the first half, the company strictly executed operational goals, focused on domestic market upgrades and large independent stores, explored new overseas channels despite tariff impacts, advanced production technology, completed new factory construction, and maintained robust governance - In early 2025, the Group set clear operating performance targets, key work directions, and critical measures, which were strictly implemented[23](index=23&type=chunk) - The domestic market strategy focused on entering prime business districts, shopping malls, and locations, promoting the upgrade of counter and strip stores to independent stores, and planning to prioritize opening 200-300 square meter flagship concept stores in Beijing, Shanghai, or Guangzhou/Shenzhen[24](index=24&type=chunk) - Overseas market plans for a North American local warehouse were postponed due to US tariff trade disputes, but the company is exploring platforms like Sam's Club and Costco, and will open new concept stores in Hong Kong and Singapore[27](index=27&type=chunk) - Significant progress has been made in intelligent polishing of comb teeth and bodies, and automated one-time milling of comb blanks, with batch trial production underway[28](index=28&type=chunk) - Phase one of the new factory's northern district infrastructure is largely complete, with the logistics distribution center and raw material preparation workshop relocating to the new site in the second half to optimize production processes and enhance safety management[28](index=28&type=chunk) - Market rectification and rights protection efforts continued, resulting in strong retail performance and sales outbound growth in the first half, while overall group governance remained effective and healthy[29](index=29&type=chunk) [Business Review](index=12&type=section&id=Business%20Review) Tan Mujiang's offline POS sales grew 11.9% to RMB 437.5 million, online sales increased 12.65% to RMB 138 million, and overseas outbound sales rose 1.02%, driven by channel expansion, R&D, production improvements, and brand building, while also focusing on human resources and governance [Offline Business](index=12&type=section&id=Offline%20Business) For the six months ended June 30, 2025, offline POS sales reached RMB 437.5 million, an 11.9% year-on-year increase, achieving record high metrics across various business indicators - For the six months ended June 30, 2025, offline POS sales reached approximately **RMB 437.5 million**, a year-on-year increase of **11.9%**, with all business indicators reaching historical highs[30](index=30&type=chunk) - As of June 30, 2025, Tan Mujiang had **1,278 franchised stores** and **1 directly operated store** in mainland China, and **5 franchised stores** and **3 directly operated stores** in Hong Kong overseas, totaling **1,287 stores**, an increase of **33 stores** from the end of 2024[32](index=32&type=chunk) - **101 new stores** were opened, with shopping mall stores accounting for **93.07%** and an average area of **21.50㎡**; over a hundred stores were renovated, rapidly eliminating or upgrading some outlets[33](index=33&type=chunk) - Cumulative new members reached **171,917**, a **34.51%** increase compared to the same period in 2024, with total backend members exceeding **1.4 million**[34](index=34&type=chunk) - During the reporting period, three new product distributions were conducted, totaling **27 new products**, including intangible cultural heritage craft products, Mother's Day products, summer products, and Gua Sha comb products[34](index=34&type=chunk) - Key offline business initiatives for the second half include new retail business training, implementing store image design and display standards, building a loyal franchisee team, and addressing higher customer demands for products and services[38](index=38&type=chunk) [Online Business](index=16&type=section&id=Online%20Business) In the first half, online sales reached RMB 138 million, a 12.65% year-on-year increase, exceeding the semi-annual target, driven by new platform expansion, social media promotion, service optimization, and live streaming - For the six months ended June 30, 2025, online business achieved sales of **RMB 138 million**, completing **108%** of the semi-annual target, a year-on-year increase of **12.65%**[39](index=39&type=chunk) - Online business now covers **8 mainstream e-commerce platforms**, and a JBP strategic cooperation was signed with Tmall, utilizing "Follow-up Assistant" to recall non-member purchasers, generating **RMB 1.89 million** in payments[43](index=43&type=chunk) - Douyin channel promotion focused on brand culture, with Douyin keyword search index increasing by **80.26%** year-on-year in the first half, and total video views reaching **249 million**[43](index=43&type=chunk) - On-site and off-site content promotion generated sales of **RMB 3.083 million**, a year-on-year increase of **31.3%**, indicating good content conversion effectiveness[43](index=43&type=chunk) - The introduction of Leyan robots and Shizai Smart RPA robots enhanced reception service capabilities and refund processing efficiency, reducing manual response times[43](index=43&type=chunk) - "Hair Care Comb Cui Ping" and "Lacquer Art Comb Bear with Bamboo" emerged as potential best-selling products[44](index=44&type=chunk) - Tmall live streaming accumulated **179 sessions**, totaling **1,417.5 hours**, with "seed-to-sale" transaction value increasing by **19.4%** year-on-year, and member transactions contributing as high as **68%**[44](index=44&type=chunk) - Key online business initiatives for the second half include strengthening platform communication, providing personalized products, integrating online and offline channels, experimenting with AI digital human live streaming, and continuously optimizing private domain customer operations[46](index=46&type=chunk)[47](index=47&type=chunk) [Overseas Business](index=20&type=section&id=Overseas%20Business) In the first half, overseas offline outbound sales were RMB 1.812 million, cross-border e-commerce sales were RMB 0.453 million, and Hong Kong direct store sales were HKD 2.025 million, with plans for new stores in Hong Kong and Singapore Overseas Business Sales for the Six Months Ended June 30 | Indicator | 2025 (RMB/HKD) | 2024 (RMB/HKD) | Year-on-Year Growth/Decline | | :--- | :--- | :--- | :--- | | Overseas Offline Outbound Sales | RMB 1.812 million | - | 1.02% | | Cross-border E-commerce Platform Sales | RMB 0.453 million | - | 2.6% | | Hong Kong Direct Store Sales | HKD 2.025 million | - | (7.11)% | - Plans include opening **1 direct store** each in Hong Kong and Singapore, with the Hong Kong store featuring a new design image and the Singapore store using a mature image, expected to open by the end of October[51](index=51&type=chunk) - The original plan to establish overseas warehouse sites was postponed due to US-China tariff issues[51](index=51&type=chunk) - The company participated in the Las Vegas Consumer Goods and Gifts Show in the first half and will attend the 100th Tokyo International Gift Show in the second half[51](index=51&type=chunk) - The US official website tanmujiang.com is being rebuilt and upgraded, expected to launch in September, to unify overseas brand names and enhance recognition[51](index=51&type=chunk) [Creative R&D](index=20&type=section&id=Creative%20R%26D) The creative R&D team launched 23 new products in the first half, focusing on new structures, materials, and styles, and plans to integrate market feedback to develop best-selling products - The creative R&D team explored new structures, materials, and styles for product design and development, launching **23 new products** including inserted-tooth hair combs, inlaid-tooth combs, mixed-material accessories, and co-branded products[49](index=49&type=chunk)[53](index=53&type=chunk) - Co-branded "Family Series" and "Time Series" products and packaging designs were launched with Hong Kong illustrators Siu Kim Ying and Lee Chi Tat, totaling **13 new products**[53](index=53&type=chunk) - Products were specifically developed for overseas market demands, including Southeast Asian regional products and North American beard combs[53](index=53&type=chunk) - Future creative R&D will focus on "brand image enhancement," exploring new materials, processes, and structures, and integrating market feedback into the design and development process to create best-selling products[53](index=53&type=chunk) [Production Technology](index=22&type=section&id=Production%20Technology) In the first half, production orders remained stable despite increased complexity, with efficiency gains of 10.78%, and significant progress in automated comb blank milling, surface adhesion, and glue-free comb structures - In the first half, actual delivery volume was **2.8372 million pieces**, a decrease of approximately **50,000 pieces** year-on-year, while comprehensive production efficiency per capita working hour increased by **10.78%**[54](index=54&type=chunk) - The "Tan Mujiang Product Type Testing Database" was completed and put into use, and the prototype equipment for automated comb blank profiling technology was fabricated and functionally verified[55](index=55&type=chunk) - Significant improvements were achieved in product surface adhesion and the structural optimization of glue-free inserted-tooth combs, slated for production application in the second half[55](index=55&type=chunk) - The raw material precision processing project has passed acceptance, improving material yield and processing efficiency[55](index=55&type=chunk) - The natural plant dyeing process technology project for wooden combs completed extraction and dyeing trials with **10 natural herbal plant pigments**, significantly slowing down color fading[56](index=56&type=chunk) [Logistics Distribution and After-Sales Service](index=23&type=section&id=Logistics%20Distribution%20and%20After-Sales%20Service) In the first half, the logistics team shipped 3.0337 million items, a 9.79% increase, and completed 156,357 after-sales repairs, a 14.66% increase, continuously improving service quality - The logistics distribution team shipped a total of **3.0337 million items**, a year-on-year increase of **9.79%**[59](index=59&type=chunk) - A total of **156,357 product after-sales repairs** were completed, a year-on-year increase of **14.66%**[60](index=60&type=chunk) - Repair quality is continuously improved through source inspection, employee skill enhancement, increased post-repair checks, updated service forms, and standardized repair station management[61](index=61&type=chunk) [Brand Building](index=24&type=section&id=Brand%20Building) In the first half, Tan Mujiang successfully hosted the "Comb Garden" pop-up event, enhancing brand recognition, concluded its 9th design competition, and received multiple awards and recognitions - In March 2025, Tan Mujiang's "Comb Garden" themed event debuted with a new image in Changsha IFS, and toured Kunming and Guangzhou, enhancing brand awareness and reputation[63](index=63&type=chunk)[64](index=64&type=chunk) - The 9th "Beauty of Combs and Ornaments • Tan Mujiang Design Competition" successfully concluded, receiving **528 entries** (sets) and conducting university-themed lectures[64](index=64&type=chunk) - The brand received multiple honors, including an Excellence Award at the 11th "Zijin Award" Cultural and Creative Design Competition for the "Comb Rhyme Landscape" series of wooden combs, and a Silver Award at the China Tourism Commodity Competition for the "Customized Gift Box Chongqing Impression"[65](index=65&type=chunk)[67](index=67&type=chunk) - Chongqing Tan Mujiang Handicrafts Co., Ltd.'s Intangible Cultural Heritage Comb Industrial Design Center was recognized as a Chongqing Municipal Excellent Industrial Design Center and was selected for the "Yu Ban Li" Chongqing Elite TOP 10 list and the China Brand Value Evaluation list in the Independent Innovation category[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) [Human Resources and Comprehensive Governance](index=25&type=section&id=Human%20Resources%20and%20Comprehensive%20Governance) The company upholds its core values, promotes fair market expansion, addresses internal violations, encourages employee suggestions, continues market rectification, protects intellectual property, and prioritizes disabled employment and public welfare - The company adheres to its core values of "Honesty, Labor, Happiness" and ethical standards of "Kindness, Humility, Craftsmanship," promoting fair market expansion mechanisms and long-term brand philosophy, avoiding price wars[71](index=71&type=chunk) - In the first half, **10 instances** of internal cultural norm violations were investigated, and franchised stores with inadequate service were penalized with security deposit deductions and closures, while the franchise system management contract was improved[72](index=72&type=chunk) - A total of **443 rationalization and improvement suggestions** were received in the first half, with **151 adopted** and **94 implemented**[74](index=74&type=chunk) - Market rectification and rights protection efforts in the first half collected **23 cases** of violations, resulting in awarded compensation of **RMB 0.2685 million**, with continued efforts to combat online infringement[74](index=74&type=chunk) - As of June 30, 2025, the Group held **765 valid trademarks** (384 domestic, 128 in Hong Kong, Macau, Taiwan, and overseas) and **121 valid patents** (16 invention, 55 utility model, 50 design)[75](index=75&type=chunk)[76](index=76&type=chunk) - The company remains committed to promoting and safeguarding employment for people with disabilities, with a net increase of **10 disabled employees** in the first half, bringing the total to **357**, and improved accessibility facilities[79](index=79&type=chunk) - Public welfare activities continue, and improper public opinion handling issues are publicly reported to promote internal improvement and market standardization[80](index=80&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) For the six months ended June 30, 2025, revenue increased by 9.4% to RMB 288 million, driven by market recovery and sales mix, with gross margin slightly up to 61.8%, and profit for the period rising 13.2% to RMB 109 million [Revenue](index=28&type=section&id=Revenue) For the six months ended June 30, 2025, the company's revenue was approximately RMB 288 million, a 9.4% increase year-on-year, primarily due to market demand recovery Revenue Breakdown (For the Six Months Ended June 30) | Sales Category | 2025 (RMB thousands) | % Share | 2024 (RMB thousands) | % Share | | :--- | :--- | :--- | :--- | :--- | | Combs | 21,134 | 7.3% | 20,201 | 7.7% | | Mirrors | 230 | 0.1% | 267 | 0.1% | | Gift Sets | 264,014 | 91.7% | 240,437 | 91.3% | | Other Accessories* | 2,215 | 0.8% | 1,715 | 0.7% | | Franchise Fee Income | 293 | 0.1% | 462 | 0.2% | | **Total** | **287,886** | **100.0%** | **263,082** | **100.0%** | - The increase in revenue was primarily due to the gradual recovery of market demand during the reporting period compared to the six months ended June 30, 2024[81](index=81&type=chunk) [Cost of Sales](index=28&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales was approximately RMB 110 million, a 9.2% year-on-year increase, consistent with increased sales volume and changes in product mix - Cost of sales was approximately **RMB 110,089,000**, an increase of **9.2%** compared to the same period last year, primarily due to increased sales volume and changes in the sales product mix[82](index=82&type=chunk) [Gross Profit and Gross Profit Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) For the six months ended June 30, 2025, gross profit was approximately RMB 178 million, a 9.6% year-on-year increase, with gross profit margin slightly rising to 61.8% due to a shift towards higher-margin products - Gross profit was approximately **RMB 177,797,000**, an increase of **9.6%** compared to the same period last year[83](index=83&type=chunk) - Gross profit margin increased from **61.7%** in 2024 to **61.8%** in 2025, primarily due to a shift in sales mix towards higher-margin products[83](index=83&type=chunk) [Other Income](index=28&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income was approximately RMB 22.762 million, a 5.8% year-on-year increase, mainly from increased VAT preferential refunds and government subsidies - Other income was approximately **RMB 22,762,000**, an increase of **5.8%** compared to the same period last year, primarily from increased China VAT preferential refunds and government subsidies[83](index=83&type=chunk) [Selling and Distribution Expenses](index=29&type=section&id=Selling%20and%20Distribution%20Expenses) For the six months ended June 30, 2025, selling and distribution expenses were approximately RMB 46.012 million, a 6.1% year-on-year increase, mainly due to higher advertising, transportation, and staff costs - Selling and distribution expenses were approximately **RMB 46,012,000**, an increase of **6.1%** compared to the same period last year, primarily due to increased advertising expenses, transportation costs, and staff costs[86](index=86&type=chunk) [Administrative Expenses](index=29&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were approximately RMB 17.673 million, a 2.7% year-on-year decrease, mainly due to reduced consulting fees - Administrative expenses were approximately **RMB 17,673,000**, a decrease of **2.7%** compared to the same period last year, primarily due to reduced consulting fees[86](index=86&type=chunk) [Operating Profit](index=29&type=section&id=Operating%20Profit) For the six months ended June 30, 2025, operating profit was approximately RMB 134 million, an 11.9% year-on-year increase, primarily attributable to increased gross profit - Operating profit was approximately **RMB 133,654,000**, an increase of **11.9%** compared to the same period last year, primarily attributable to an increase in gross profit of approximately **RMB 15,552,000**[86](index=86&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs were approximately RMB 0.288 million, largely stable year-on-year, primarily from HKFRS 16, with no bank loan interest expenses - The Group had no bank loan interest expenses in the first half of 2025 and 2024[86](index=86&type=chunk) - Finance costs were approximately **RMB 288,000**, primarily arising from the adoption of HKFRS 16[86](index=86&type=chunk) [Profit Before Tax](index=29&type=section&id=Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was approximately RMB 133 million, an 11.9% year-on-year increase, primarily due to higher operating profit - Profit before tax was approximately **RMB 133,366,000**, an increase of **11.9%** compared to the same period last year, primarily attributable to an increase in operating profit of approximately **RMB 14,163,000**[86](index=86&type=chunk) [Income Tax Expense](index=29&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately RMB 24.32 million, a 6.2% year-on-year increase, with an effective tax rate of 18.2%, down 1.0 percentage point - Income tax expense was approximately **RMB 24,320,000**, an increase of **6.2%** compared to the same period last year, primarily due to increased profit before tax and deferred tax provision[86](index=86&type=chunk) - The effective tax rate for the reporting period was **18.2%**, a decrease of **1.0 percentage point** compared to **19.2%** in the same period last year[87](index=87&type=chunk) [Profit for the Period](index=29&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, profit for the period was approximately RMB 109 million, a 13.2% year-on-year increase, influenced by the combined effect of the aforementioned financial factors - Profit for the period was approximately **RMB 109,046,000**, an increase of **13.2%** compared to the same period last year[87](index=87&type=chunk) [Liquidity and Sources of Funds](index=30&type=section&id=Liquidity%20and%20Sources%20of%20Funds) The Group primarily uses cash generated from operations to meet funding needs, had no bank loans during the period, and saw cash and bank balances significantly increase to RMB 117 million as of June 30, 2025 - The Group primarily uses cash generated from operations to meet its working capital needs and had no bank loans during the reporting period[89](index=89&type=chunk) - As of June 30, 2025, cash and bank balances were **RMB 116,530,000**, a significant increase from **RMB 41,714,000** as of December 31, 2024[89](index=89&type=chunk) - The Directors believe the Group has sufficient working capital to meet its funding needs for the current period and at least the next twelve months from the reporting date[89](index=89&type=chunk) [Cash Flow](index=30&type=section&id=Cash%20Flow) During the reporting period, net cash and cash equivalents increased by approximately RMB 74.816 million, with net cash from operating activities at RMB 98.627 million, from investing activities at RMB 56.796 million, and used in financing activities at RMB 86.435 million - During the reporting period, cash and cash equivalents increased by approximately **RMB 74,816,000**[90](index=90&type=chunk) Major Components of Cash Flow (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | | :--- | :--- | | Net Cash from Operating Activities | 98,627 | | Net Cash from Investing Activities | 56,796 | | Net Cash Used in Financing Activities | (86,435) | | Net Positive Impact from Exchange Rate Changes | 5,828 | [Capital Structure](index=30&type=section&id=Capital%20Structure) As of June 30, 2025, the Group had no interest-bearing bank loans, rendering the gearing ratio inapplicable - As of June 30, 2025, and during the reporting period, the Group had no bank loans[91](index=91&type=chunk) - The calculation of the gearing ratio is meaningless due to the absence of interest-bearing bank loans[92](index=92&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no assets pledged to banks - As of June 30, 2025, the Group had no assets pledged to banks[93](index=93&type=chunk) [Capital Expenditure](index=30&type=section&id=Capital%20Expenditure) During the reporting period, capital expenditure was RMB 11.236 million, a decrease from RMB 22.32 million in the prior year - During the reporting period, the Group's capital expenditure was **RMB 11,236,000**, a decrease from **RMB 22,320,000** in the same period last year[94](index=94&type=chunk) [Exchange Rate Risk](index=30&type=section&id=Exchange%20Rate%20Risk) The Group's primary business operates with RMB and HKD as functional and operating currencies, posing no significant risk to other exchange rate fluctuations - The Group's primary business operates with RMB and HKD as functional and operating currencies, posing no significant risk to other exchange rate fluctuations[95](index=95&type=chunk) [Contingent Liabilities, Legal and Potential Proceedings](index=31&type=section&id=Contingent%20Liabilities,%20Legal%20and%20Potential%20Proceedings) As of June 30, 2025, the Group has a property in Jurong City, Jiangsu, with a carrying value of approximately RMB 22.735 million, for which ownership certificates are pending due to the developer's liquidation, but management expects no material adverse impact - The Group has a property in Jurong City, Jiangsu, with a carrying value of approximately **RMB 22,735,000**, for which ownership certificates have not yet been obtained, and the developer has entered liquidation proceedings[96](index=96&type=chunk) - Management assesses that the liquidator is highly likely to continue executing the sale and purchase agreement and complete the issuance of ownership certificates, thus having no material adverse impact on business operations and financial position[96](index=96&type=chunk) - As of June 30, 2025, other than the aforementioned disclosure, the Group had no other significant contingent liabilities, legal proceedings, or potential litigation[97](index=97&type=chunk) [Material Acquisitions and Disposals](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals[97](index=97&type=chunk) [Going Concern](index=31&type=section&id=Going%20Concern) Based on current financial conditions and available financing, the Group has sufficient financial resources to continue operations, thus financial reports are prepared on a going concern basis - The Group has sufficient financial resources to continue operations for the foreseeable future, and the financial reports are prepared on a going concern basis[97](index=97&type=chunk) [Significant Investments Held](index=31&type=section&id=Significant%20Investments%20Held) As of June 30, 2025, the Group's investment properties had a carrying value of approximately RMB 84.1 million, with no significant difference from fair value and no purchases or disposals during the period - As of June 30, 2025, the Group's investment properties had a carrying value of approximately **RMB 84,100,000**[97](index=97&type=chunk) - The Directors believe there is no material difference between the carrying amount of investment properties and their fair value as of December 31, 2024, with no fair value changes recognized, nor any purchases or disposals of investment properties during the period[97](index=97&type=chunk) [Future Outlook](index=32&type=section&id=Future%20Outlook) In the second half of 2025, the company plans to continue store upgrades, expand into prime commercial locations, open flagship stores in major Chinese cities and international concept stores in Hong Kong and Singapore, and advance brand activities and production improvements - In the second half, the company will continue to implement store upgrades, expand into prime commercial areas and shopping malls, and encourage the opening of larger stores in new first-tier cities[101](index=101&type=chunk) - Plans include opening Lee Wing Shing international concept stores in Hong Kong and Singapore, and designing and opening flagship concept stores with a "Wood • Art + Humanity • Modern Song Dynasty Aesthetics" style in Beijing, Shanghai, or Guangzhou/Shenzhen[101](index=101&type=chunk) - The company will continue to organize the "Comb Garden" brand pop-up events, host the 10th Design Competition and its 10th-anniversary retrospective exhibition, and resume wood art exhibitions[101](index=101&type=chunk) - The logistics distribution center and the Wanzhou factory's material preparation workshop will relocate to the new factory area, and progress will be made in the maturation and small-batch production of traditional handicraft techniques such as lacquerware, mother-of-pearl inlay, and cloisonné[101](index=101&type=chunk) - Technical improvements will be made to product spraying processes and working environments, accessibility facilities for disabled employees at the old factory will be continuously improved, and plans for a Tan Mujiang Museum will be conceptualized[101](index=101&type=chunk) [Human Resources and Training](index=32&type=section&id=Human%20Resources%20and%20Training) As of June 30, 2025, the Group employed 1,007 staff, committed to providing employment opportunities for people with disabilities and enhancing employee skills and corporate culture through various training programs - As of June 30, 2025, the Group employed a total of **1,007 staff** across mainland China, Hong Kong, and overseas regions[99](index=99&type=chunk) - The Group is committed to providing employment opportunities for people with disabilities and enhancing employee work skills, marketing strategies, and team spirit through various training programs[99](index=99&type=chunk) - For the six months ended June 30, 2025, the total remuneration paid to employees by the Group was approximately **RMB 54,939,000**, an increase from **RMB 51,346,000** in the same period of 2024[99](index=99&type=chunk) Other Information [Principal Business](index=33&type=section&id=Principal%20Business) The company primarily designs, manufactures, and distributes small wooden ornaments made from natural wood, including combs, mirrors, other wooden accessories, and gift sets, mainly sold under the "Tan Mujiang" brand - The Group primarily engages in the design, manufacturing, and distribution of small wooden ornaments made from natural wood, including wooden combs, mirrors, other wooden accessories, and gift sets[102](index=102&type=chunk) - Products are mainly sold under the "Tan Mujiang" brand through franchised stores, distribution networks, and directly operated stores[102](index=102&type=chunk) [Directors' and Major Shareholders' Interests](index=33&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As of June 30, 2025, Director Mr. Tan Chuanhua held 67.43% of the company's shares through a controlled entity, while Mr. Yang Tiannan beneficially owned 0.99%, with major shareholders Mr. Tan Chuanhua, Ms. Fan Chengqin, and Lingchang all holding 67.43% long positions Directors' Interests in the Company's Shares (As of June 30, 2025) | Director Name | Capacity/Nature of Interest | Number of Securities | Approximate Percentage | | :--- | :--- | :--- | :--- | | Tan Chuanhua | Interest in controlled corporation | 167,700,000 | 67.43% | | Yang Tiannan | Beneficial owner | 2,480,000 | 0.99% | Major Shareholders' Interests in the Company's Shares (As of June 30, 2025) | Name | Capacity/Nature of Interest | Number of Shares | Type | Approximate Percentage | | :--- | :--- | :--- | :--- | :--- | | Tan Chuanhua | Interest in controlled corporation | 167,700,000 | Long Position | 67.43% | | Fan Chengqin | Interest in controlled corporation | 167,700,000 | Long Position | 67.43% | | Lingchang | Beneficial owner | 167,700,000 | Long Position | 67.43% | [Capital Commitments and Public Float](index=35&type=section&id=Capital%20Commitments%20and%20Public%20Float) As of June 30, 2025, the Group had contracted but unprovided capital commitments of approximately RMB 20.588 million for property, plant, and equipment, maintaining a public float of at least 25% - As of June 30, 2025, the Group had contracted but unprovided capital commitments of approximately **RMB 20,588,000** for the acquisition of property, plant, and equipment[109](index=109&type=chunk) - From the reporting period to the date of this report, at least **25%** of the company's issued share capital was held by public shareholders[110](index=110&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[111](index=111&type=chunk) [Corporate Governance](index=36&type=section&id=Corporate%20Governance) The company is committed to complying with the Corporate Governance Code, has adopted the Model Code for directors' securities transactions, and its Nomination and Audit Committees are established and functioning, with the Audit Committee reviewing the interim financial information - The company has complied with the code provisions set out in the Corporate Governance Code throughout the reporting period[113](index=113&type=chunk) - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules[114](index=114&type=chunk) - Both the Nomination Committee and the Audit Committee have been established, and the Audit Committee has reviewed the financial information in this interim report and agreed with the accounting treatments adopted[115](index=115&type=chunk)[116](index=116&type=chunk) [Dividends and Directors' Appointments](index=37&type=section&id=Dividends%20and%20Directors'%20Appointments) The company paid a final dividend of HKD 36.63 cents per share for FY2024, totaling approximately HKD 91.104 million, but the board resolved not to declare any interim dividend for the first half of 2025, and Mr. Tan Lizi and Ms. Liu Kejia were appointed as executive directors on February 1, 2025 - The company paid a final dividend for FY2024 of **HKD 36.63 cents per share** on June 30, 2025, totaling approximately **HKD 91,104,000** (approximately **RMB 85,632,000**)[118](index=118&type=chunk) - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[118](index=118&type=chunk) - Mr. Tan Lizi and Ms. Liu Kejia were appointed as executive directors of the company on **February 1, 2025**[119](index=119&type=chunk) Condensed Consolidated Statement of Profit or Loss [Profit or Loss Overview](index=38&type=section&id=Profit%20or%20Loss%20Overview) For the six months ended June 30, 2025, the company reported revenue of RMB 288 million, gross profit of RMB 178 million, profit for the period of RMB 109 million, and basic earnings per share of RMB 43.8 cents Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 287,886 | 263,082 | | Cost of Sales | (110,089) | (100,837) | | Gross Profit | 177,797 | 162,245 | | Other Income | 22,762 | 21,520 | | Selling and Distribution Expenses | (46,012) | (43,386) | | Administrative Expenses | (17,673) | (18,170) | | Other Operating Expenses | (3,220) | (2,718) | | Operating Profit | 133,654 | 119,491 | | Finance Costs | (288) | (309) | | Profit Before Tax | 133,366 | 119,182 | | Income Tax | (24,320) | (22,894) | | Profit for the Period | 109,046 | 96,288 | | Basic Earnings Per Share | RMB 43.8 cents | RMB 38.7 cents | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Comprehensive Income Overview](index=39&type=section&id=Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, profit for the period was RMB 109 million, with net other comprehensive income of RMB 5.828 million, resulting in a total comprehensive income of RMB 115 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 109,046 | 96,288 | | Exchange differences on translation from functional currency to presentation currency | (3,530) | 5,787 | | Exchange differences arising from translation of overseas operations | 9,358 | (7,692) | | Other Comprehensive Income/(Loss) for the Period | 5,828 | (1,905) | | Total Comprehensive Income for the Period | 114,874 | 94,383 | Condensed Consolidated Statement of Financial Position [Assets and Liabilities Overview](index=40&type=section&id=Assets%20and%20Liabilities%20Overview) As of June 30, 2025, the Group's total non-current assets were RMB 566 million, total current assets were RMB 466 million, and net assets increased to RMB 913 million from RMB 884 million at the end of 2024 Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 139,903 | 132,355 | | Right-of-use Assets | 34,400 | 36,233 | | Investment Properties | 84,100 | 84,100 | | Unpledged Fixed Bank Deposits | 306,000 | 218,000 | | Other Receivables, Deposits and Prepayments | 1,137 | 624 | | **Total Non-current Assets** | **565,540** | **471,312** | | **Current Assets** | | | | Inventories | 296,535 | 292,498 | | Trade Receivables | 10,540 | 7,153 | | Other Receivables, Deposits and Prepayments | 12,006 | 10,656 | | Financial Assets at Fair Value Through Profit or Loss | 10,000 | 80,791 | | Unpledged Fixed Bank Deposits (maturing in >3 months but <1 year) | 20,000 | 105,000 | | Cash and Cash Equivalents | 116,530 | 41,714 | | **Total Current Assets** | **465,611** | **537,812** | | **Current Liabilities** | | | | Trade Payables | 7,738 | 9,507 | | Other Payables and Accruals | 46,353 | 47,798 | | Income Tax Payable | 29,642 | 38,595 | | Lease Liabilities | 2,175 | 2,161 | | **Total Current Liabilities** | **(85,908)** | **(98,061)** | | **Net Current Assets** | **379,703** | **439,751** | | **Total Assets Less Current Liabilities** | **945,243** | **911,063** | | **Non-current Liabilities** | | | | Deferred Tax Liabilities | 22,197 | 16,654 | | Deferred Income | 487 | 497 | | Lease Liabilities | 9,358 | 9,953 | | **Total Non-current Liabilities** | **(32,042)** | **(27,104)** | | **Net Assets** | **913,201** | **883,959** | | **Total Equity** | **913,201** | **883,959** | Condensed Consolidated Statement of Changes in Equity - Unaudited [Equity Movement Overview](index=41&type=section&id=Equity%20Movement%20Overview) As of June 30, 2025, total equity attributable to owners of the company increased to RMB 913 million from RMB 884 million on January 1, 2025, driven by profit for the period and foreign currency translation differences, net of dividend payments Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Equity at January 1 | 883,959 | 808,484 | | Profit for the Period | 109,046 | 96,288 | | Exchange differences on translation from functional currency to presentation currency | (3,530) | 5,787 | | Exchange differences arising from translation of overseas operations | 9,358 | (7,692) | | Total Comprehensive Income for the Period | 114,874 | 94,383 | | Dividends | (85,632) | (87,000) | | Acquisition of additional interests in a subsidiary | - | (4,444) | | Total Equity at June 30 | 913,201 | 811,423 | Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=42&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash and cash equivalents increased by RMB 68.988 million, with net cash from operating activities at RMB 98.627 million, from investing activities at RMB 56.796 million, and used in financing activities at RMB 86.435 million Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 98,627 | 53,530 | | Net Cash from Investing Activities | 56,796 | 77,719 | | Net Cash Used in Financing Activities | (86,435) | (92,418) | | Net Increase in Cash and Cash Equivalents | 68,988 | 38,831 | | Cash and Cash Equivalents at January 1 | 41,714 | 67,381 | | Net Effect of Exchange Rate Changes | 5,828 | (1,908) | | Cash and Cash Equivalents at June 30 | 116,530 | 104,304 | Notes to the Unaudited Interim Financial Report [General Information and Basis of Preparation](index=43&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The company, incorporated in the Cayman Islands and listed on the HKEX, prepared its interim financial report under HKAS 34 and Listing Rules, measured at historical cost, and reviewed by the Audit Committee, with no material impact from new HKFRS amendments - The company was incorporated in the Cayman Islands and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[136](index=136&type=chunk) - The unaudited interim financial report has been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[137](index=137&type=chunk) - The condensed consolidated interim financial statements are prepared on the historical cost basis, except for investment properties and financial assets at fair value through profit or loss, which are measured at fair value, and have been reviewed by the Audit Committee[137](index=137&type=chunk) - The application of the revised Hong Kong Financial Reporting Standards during the period had no material impact on the Group's financial position and performance during the period and prior periods, and/or the disclosures contained in these condensed consolidated interim financial statements[139](index=139&type=chunk) [Accounting Judgments and Segment Reporting](index=45&type=section&id=Accounting%20Judgments%20and%20Segment%20Reporting) Management's significant judgments and estimation uncertainties in preparing financial statements remain consistent with the prior year, and no segment information is presented as over 90% of the Group's revenue, results, and assets derive from a single segment of wooden crafts and accessories - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those described in the consolidated financial statements for the previous year[141](index=141&type=chunk) - Over **90%** of the Group's revenue, results, and assets are derived from a single segment of manufacturing and selling wooden crafts and accessories, thus no segment information is presented[141](index=141&type=chunk) - The Group's sales generally fluctuate due to seasonality, with higher sales in March to April and September to December, primarily due to increased purchases before holidays[142](index=142&type=chunk) [Revenue and Other Income Details](index=46&type=section&id=Revenue%20and%20Other%20Income%20Details) The Group's principal business is designing, manufacturing, and distributing "Tan Mujiang" brand small wooden crafts and accessories, generating RMB 288 million in goods sales and RMB 0.293 million in franchise fees for the six months ended June 30, 2025 - The Group's principal business is the design, manufacturing, and distribution of "Tan Mujiang" brand small wooden crafts and accessories, and operating franchised and distribution networks[143](index=143&type=chunk) Revenue Breakdown (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of Goods | 287,593 | 262,620 | | Franchise Fee Income | 293 | 462 | | **Total** | **287,886** | **263,082** | Other Income Breakdown (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Subsidies | 2,459 | - | | Interest Income from Financial Assets | 1,450 | 5,336 | | Gain on Fair Value Change of Financial Assets at FVTPL | 225 | 25 | | China VAT Preferential Refunds | 16,412 | 12,298 | | Rental Income from Investment Properties | 1,095 | 2,267 | | Net Exchange Gain | 15 | 52 | | Reversal of Loss Provision for Other Receivables | 10 | - | | Others | 1,096 | 1,542 | | **Total** | **22,762** | **21,520** | [Profit Before Tax and Income Tax](index=47&type=section&id=Profit%20Before%20Tax%20and%20Income%20Tax) For the six months ended June 30, 2025, profit before tax was RMB 133 million, with income tax expense of RMB 24.32 million and an effective tax rate of 18.2%, benefiting from preferential tax rates and deductions for employing disabled individuals Components of Profit Before Tax (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying amount of inventories sold | 111,087 | 101,430 | | Inventories (reversal of write-down)/write-down | (998) | (593) | | Cost of Inventories | 110,089 | 100,837 | | Depreciation - Property, Plant and Equipment | 3,665 | 2,515 | | Depreciation - Right-of-use Assets | 1,769 | 1,847 | | Staff Costs (including Directors' emoluments) | 54,939 | 51,346 | | Net Rental Income | (723) | (1,940) | Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax - China Corporate Income Tax | 18,678 | 19,135 | | Deferred Tax - Provision for the Period | 5,642 | 3,759 | | **Total** | **24,320** | **22,894** | - Chongqing Tan Mujiang Handicrafts Co., Ltd. enjoys a preferential corporate income tax rate of **15%**[148](index=148&type=chunk) - Tan Mujiang, a wholly-owned subsidiary of the Group, is entitled to a double income tax deduction for salaries paid to its disabled employees and VAT refunds[149](index=149&type=chunk) [Earnings Per Share](index=49&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were RMB 43.8 cents, calculated using a profit of RMB 109 million and a weighted average of 248,714 thousand ordinary shares, with no diluted earnings presented due to the absence of potential ordinary shares - The profit used for calculating basic earnings per share was **RMB 109,046,000**[151](index=151&type=chunk) - The weighted average number of ordinary shares outstanding was **248,714 thousand shares**[153](index=153&type=chunk) - No diluted earnings per share are presented as there were no potential ordinary shares outstanding during the period[153](index=153&type=chunk) [Fixed Assets and Trade Receivables](index=50&type=section&id=Fixed%20Assets%20and%20Trade%20Receivables) For the six months ended June 30, 2025, the Group's property, plant, and equipment acquisitions totaled RMB 11.236 million, investment property carrying values were not materially different from fair value, and trade receivables amounted to RMB 10.54 million, with RMB 8.551 million aged 0-30 days - For the six months ended June 30, 2025, the total cost of property, plant, and equipment acquired by the Group was **RMB 11,236,000**[155](index=155&type=chunk) - The Directors believe that the carrying amount of the Group's investment properties does not materially differ from their fair value as estimated on December 31, 2024[155](index=155&type=chunk) Ageing Analysis of Trade Receivables (Net of Loss Provision) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 8,551 | 5,617 | | 31 to 60 days | 744 | 799 | | 61 to 90 days | 201 | 315 | | 91 to 180 days | 290 | 52 | | 181 to 365 days | 163 | 655 | | Over 1 year | 99 | 207 | | **Total** | **10,540** | **7,153** | [Financial Assets and Trade Payables](index=51&type=section&id=Financial%20Assets%20and%20Trade%20Payables) As of June 30, 2025, principal-protected wealth management products at fair value through profit or loss amounted to RMB 10 million, with an expected annual return rate of 1.40% to 2.18%, and total trade payables were RMB 7.738 million, with RMB 6.292 million aged 0-30 days - As of June 30, 2025, principal-protected wealth management products at fair value through profit or loss amounted to **RMB 10,000,000**, with an expected annual return rate of **1.40% to 2.18%**[159](index=159&type=chunk) Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 6,292 | 5,209 | | 31 to 60 days | 869 | 3,211 | | 61 to 90 days | 49 | 777 | | 91 to 180 days | 333 | 104 | | 181 to 365 days | 81 | 95 | | Over 1 year | 114 | 111 | | **Total** | **7,738** | **9,507** | [Dividends and Share Capital](index=52&type=section&id=Dividends%20and%20Share%20Capital) The board resolved not to declare an interim dividend for the first half of 2025, while a final dividend of RMB 85.632 million for FY2024 was paid, and as of June 30, 2025, the company had 248,714 thousand issued and fully paid shares at HKD 0.01 par value - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[162](index=162&type=chunk) - The final dividend for FY2024, approved and paid during the interim period, amounted to **RMB 85,632,000**[162](index=162&type=chunk) - As of June 30, 2025, the issued and fully paid share capital consisted of **248,714,000 shares** with a par value of **HKD 0.01 per share**[161](index=161&type=chunk) [Fair Value Measurement of Financial Instruments](index=53&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's financial instruments measured at fair value on a recurring basis primarily consist of Level 3 principal-protected wealth management products, totaling RMB 10 million as of June 30, 2025, with fair value measurements using expected returns as a significant unobservable input - The Group's financial instruments measured at fair value on a recurring basis at the end of the reporting period primarily consist of Level 3 principal-protected wealth management products[164](index=164&type=chunk)[165](index=165&type=chunk) - As of June 30, 2025, the fair value of financial assets at fair value through profit or loss (principal-protected wealth management products) was **RMB 10,000,000**[164](index=164&type=chunk) - Fair value measurement is positively correlated with expected returns, and the discount rate used is derived from expected returns, serving as a significant unobservable input[168](index=168&type=chunk) - As of June 30, 2025, and December 31, 2024, there were no material differences between the carrying amounts and fair values of the Group's financial instruments accounted for at amortized cost[170](index=170&type=chunk) [Acquisition of Additional Interests in a Subsidiary and Contingent Liabilities](index=55&type=section&id=Acquisition%20of%20Additional%20Interests%20in%20a%20Subsidiary%20and%20Contingent%20Liabilities) For the six months ended June 30, 2024, the Group acquired an additional 5% equity in Jiangsu Mujianggu Tourism Development Co., Ltd. for RMB 4.444 million, increasing its stake to 100%, and as of June 30, 2025, the Group had no significant contingent liabilities - For the six months ended June 30, 2024, the Group acquired an additional **5% equity interest** in Jiangsu Mujianggu Tourism Development Co., Ltd. for a cash consideration of **RMB 4,444,000**, increasing its equity interest to **100%**[171](index=171&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities[171](index=171&type=chunk) [Capital Commitments and Related Party Transactions](index=55&type=section&id=Capital%20Commitments%20and%20Related%20Party%20Transactions) As of June 30, 2025, the Group had contracted but unprovided capital commitments of approximately RMB 20.558 million for property, plant, and equipment, and total key management personnel remuneration for the period was RMB 2.859 million - As of June 30, 2025, the Group had contracted but unprovided capital commitments of approximately **RMB 20,558,000** for the acquisition of property, plant, and equipment[171](index=171&type=chunk) - The total remuneration for the Group's key management personnel (including amounts paid to the company's directors) for the period was **RMB 2,859,000**[174](index=174&type=chunk) [Accounting Standards Amendments Not Yet Effective](index=56&type=section&id=Accounting%20Standards%20Amendments%20Not%20Yet%20Effective) The HKICPA has issued several amendments not yet effective, which the Group is evaluating, with preliminary conclusions indicating no material impact on the condensed consolidated financial statements - The Hong Kong Institute of Certified Public Accountants has issued several amendments that are not yet effective for the six months ended June 30, 2025, and have not been adopted in these interim financial statements[174](index=174&type=chunk) - The Group is assessing the expected impact of these developments upon initial application, and the conclusion to date is that the adoption of these developments is unlikely to have a material impact on the condensed consolidated financial statements[175](index=175&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 UMP HEALTHCARE HOLDINGS LIMITED 噛⠡桂⛪涐⭒㯡洒軴⠑ 荵㪇 汇㯒啯ㅤ躳▌踁偽逓㯡洒軴 ⠑荶 荵嚎⋚⊿屽莇722荶 截至2025年6月30日止年度之 附註b： 經非經常性一次性商譽及投資項目減值及來自溢利保證的收益調整後的未計利息、稅項、 折舊及攤銷前的利潤。 2 聯合醫務集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至2025年6月30日止年度的綜合業績，連同截至 2024年6月30日止年度的比較數字如下： 綜合損益表 截至2025年6月30日止年度 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收入 | 5 | 726,949 | 748,489 | | 其他收入及收益 | 6 | 14,181 | 35,895 | ...

[2024 Annual Report Supplemental Announcement](index=1&type=section&id=2024%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E8%A1%A5%E5%85%85%E5%85%AC%E5%91%8A) This announcement supplements Vedan International (Holdings) Limited's 2024 annual report, clarifying connected transaction disclosures and updating board composition [Background and Purpose of the Announcement](index=1&type=section&id=Background%20and%20Purpose%20of%20the%20Announcement) This announcement supplements Vedan International (Holdings) Limited's 2024 annual report, clarifying connected transaction disclosure details - This announcement supplements Vedan International (Holdings) Limited's 2024 annual report[3](index=3&type=chunk) - The 2024 annual report was published on **April 23, 2025**[3](index=3&type=chunk) [Disclosure of Connected Transactions](index=1&type=section&id=Disclosure%20of%20Connected%20Transactions) All related party transactions in Note 33 of the 2024 annual report are continuing connected transactions, disclosed under Listing Rule 14A.72, with a **US$2,000** commission from Vedan Taiwan fully exempt from disclosure - All related party transactions disclosed in Note 33 of the 2024 annual report's consolidated financial statements are continuing connected transactions[4](index=4&type=chunk) - Disclosure complies with Rule 14A.72 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[4](index=4&type=chunk) - Approximately **US$2,000** in agency commission income received from Vedan Taiwan, though a continuing connected transaction, is fully exempt from annual review and all disclosure requirements under Listing Rule Chapter 14A[4](index=4&type=chunk) [Listing Rules Compliance Statement](index=2&type=section&id=Listing%20Rules%20Compliance%20Statement) Vedan International (Holdings) Limited confirms compliance with Chapter 14A of the Listing Rules of The Stock Exchange of Hong Kong Limited - The company confirms compliance with the relevant provisions of Listing Rule Chapter 14A[5](index=5&type=chunk) [Board of Directors Composition](index=2&type=section&id=Board%20of%20Directors%20Composition) The announcement details the latest composition of the company's Board of Directors as of **September 17, 2025**, including executive, non-executive, and independent non-executive directors Board of Directors Members (As of September 17, 2025) | Director Category | Name | | :--- | :--- | | **Executive Directors** | Mr. Yang Tou-Hsiung | | | Mr. Yang Cheng | | | Mr. Yang Kun-Hsiang | | | Mr. Yang Chen-Wen | | | Mr. Yang Kun-Chou | | **Non-Executive Directors** | Mr. Huang Ching-Jung | | | Mr. Chou Szu-Cheng | | **Independent Non-Executive Directors** | Mr. Chao Pei-Hung | | | Mr. Ko Chun-Chen | | | Mr. Huang Chung-Feng | | | Ms. Lee Pei-Fen |

2025 2025 中期報告 中國國際航空股份有限公司 股份代號: 00753 香港 601111 上海 AIRC 倫敦 Air China Limited 中國國際航空股份有限公 司 Interim Report 2025 二零二五年中期報告 Stock code: 00753 Hong Kong 601111 Shanghai AIRC London Air China Limited INTERIM REPORT 中國國際航空股份有限公司簡稱中國國航，英文名稱為Air China Limited ，簡稱Air China ，是中國唯一載國旗飛行的航空公司。 「鳳凰者，仁鳥也」「見則天下寧」。中國國航的企業標識由一隻藝術化的鳳凰和中國改革 開放的總設計師鄧小平同志書寫的「中國國際航空公司」以及英文「AIR CHINA」構成。鳳凰是 中華民族遠古傳說中的祥瑞之鳥，為百鳥之王。鳳凰「出於東方君子之國，翱翔四海之外」， 擷英咀華，志存高遠。中國國航推崇的鳳凰精神的核心內涵是「傳遞吉祥，引領群倫，超越自 我」。中國國航具有深厚的歷史積澱，身為中國民航業發展的踐行者、推動者和引領者，秉承 鳳凰精神，致力於打造完美航 ...

Financial Performance - For the six months ended June 30, 2025, the company's revenue was RMB 875.3 million, representing a 5.9% increase compared to RMB 826.8 million in the same period of 2024[10] - Gross profit for the same period was RMB 673.9 million, also up by 5.9% from RMB 636.3 million year-over-year[10] - The company reported a profit attributable to shareholders of RMB 24.2 million, a significant recovery from a loss of RMB 7.2 million in the previous year[10] - Restaurant business revenue recorded approximately RMB 849,095,000, representing a 7.2% increase from RMB 792,194,000 in the previous year, accounting for about 97.0% of total revenue[16] - Operating profit for the same period was RMB 31,131 thousand, significantly up from RMB 11,121 thousand in 2024, representing an increase of 179.5%[51] - Net profit for the period was RMB 25,546 thousand, compared to a loss of RMB 4,261 thousand in 2024, marking a turnaround in profitability[53] - Profit before tax for the six months ended June 30, 2025, was approximately RMB 36,845,000, compared to a loss of RMB 15,566,000 for the same period in 2024[32] - The company reported a net profit of RMB 24,232,000 for the six months ended June 30, 2025, compared to a loss of RMB 7,157,000 in the same period of 2024, indicating a significant turnaround[57] Operational Highlights - The number of restaurants operated by the company reached 608 across 123 cities in China, with a strong presence in Shanghai (109 restaurants) and Guangdong (88 restaurants)[5] - The group expanded its restaurant network by 33 locations, reaching a total of 608 restaurants as of June 30, 2025[17] - The company is focusing on digital transformation and improving online and offline operational integration to create a competitive advantage[13] - The company aims to enhance product and service quality while strengthening internal management and cost control to navigate the challenges in the restaurant industry[13] Economic Environment - The overall economic environment in China showed a GDP growth of 5.3% in the first half of 2025, indicating a stable economic backdrop for the company's operations[11] - The overall restaurant industry in China saw a revenue increase of 4.3% year-over-year, but the growth rate has slowed down compared to the previous year[11] - The consumer market is expected to see renewed growth in the second half of 2025 due to seasonal demand during summer and major holidays[13] Cost and Expenses - Employee costs increased by approximately 6.7% to RMB 239,662,000, with the employee cost ratio slightly rising to 27.4% from 27.2% in the previous year[22] - Other operating expenses decreased by approximately 3.0% to RMB 236,493,000, despite an increase in the number of stores[25] - Depreciation expenses increased by approximately 6.2% to RMB 166,610,000, driven by the opening of new restaurants[24] - Inventory costs rose by approximately 5.7% to RMB 201,440,000, maintaining a ratio of 23.0% of revenue, indicating effective cost control measures[20] Cash Flow and Liquidity - As of June 30, 2025, the group maintained a strong liquidity position with cash and bank balances of approximately RMB 1,690,084,000, compared to RMB 1,655,833,000 as of December 31, 2024[34] - Net cash inflow from operating activities for the six months ended June 30, 2025, was approximately RMB 194,116,000, while profit before tax was RMB 36,845,000[40] - The company incurred a net cash outflow from investing activities of RMB 66,043,000, a decrease in outflow compared to RMB 353,993,000 in the previous year[59] - Cash and cash equivalents totaled RMB 846,606,000 as of June 30, 2025, compared to RMB 840,960,000 as of December 31, 2024[96] Shareholder Information - The group declared a final dividend of RMB 0.06 per share for 2024, down from RMB 0.08 per share for 2023, resulting in total dividends of RMB 65,492,000 for 2024[80] - The company’s equity attributable to shareholders was RMB 2,863,873 thousand, down from RMB 2,911,271 thousand as of December 31, 2024[56] - The total number of issued and fully paid shares as of June 30, 2025, is 1,091,538,820, with a total share capital of RMB 108,404,000[106] Employee and Management - The total employee compensation for the six months ending June 30, 2025, was approximately RMB 239,662,000, compared to RMB 224,511,000 for the same period in 2024, reflecting an increase of about 6.1%[154] - As of June 30, 2025, the group had 8,055 employees, an increase from 7,790 employees on June 30, 2024, indicating a growth of approximately 3.4% in workforce size[153] - Short-term employee benefits for directors and key management personnel totaled RMB 3,265,000 for the six months ended June 30, 2025, compared to RMB 3,098,000 for the same period in 2024, representing a growth of 5.4%[121] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code, except for a deviation from rule C.2.1, where the roles of Chairman and CEO are not separated[124] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the company's accounting standards and discussed audit, risk management, and internal control matters[127] - The company has established written guidelines for employees regarding insider trading, which are at least as stringent as the standard code[126]

Capital Structure and Financial Performance - The registered capital of Shandong International Trust Co., Ltd. increased to RMB 4.65885 billion in 2019, enhancing its capital strength[16]. - Total assets as of June 30, 2025, reached RMB 14,084 million, a slight increase from RMB 13,700 million in the previous year[23]. - Total operating income for the first half of 2025 was RMB 634 million, compared to RMB 588 million in the same period last year, reflecting an increase of 7.8%[23]. - Total profit amounted to RMB 230.4 million, while net profit was RMB 167.4 million, reflecting a year-on-year decrease of 1.8% due to reduced net commission income and increased credit impairment losses[30]. - The company reported a net profit of RMB 167.4 million for the first half of 2025, a decrease of 1.8% compared to RMB 170.5 million in the same period of 2024[67]. - Total assets of the group decreased from RMB 14,279.3 million as of December 31, 2024, to RMB 14,084.4 million as of June 30, 2025[89]. - The company's net capital as of June 30, 2025, is approximately RMB 9.401 billion, exceeding the minimum requirement of RMB 200 million[149]. - Total risk capital is approximately RMB 2.889 billion, with a net capital to total risk capital ratio of 325.48%, well above the required 100%[149]. - The net capital to net assets ratio stands at 82.72%, significantly higher than the minimum requirement of 40%[149]. Business Segments and Growth - Shandong International Trust has established three major business divisions: capital markets, wealth management, and family trusts, focusing on asset service trusts, asset management trusts, and charitable trusts[18]. - Family trust business maintained steady growth, with the total scale reaching RMB 61.93 billion, a 19.3% increase from the beginning of the year[27]. - The cumulative amount delivered for charitable trusts reached RMB 189 million, marking a 16.7% increase year-to-date[27]. - The scale of green trusts reached RMB 4.229 billion, growing by 22.4% year-on-year, supporting enterprises in their green and intelligent upgrades[28]. - The company managed a total of 3,183 trust accounts with an asset scale of RMB 174.7 billion as of June 30, 2025, compared to 2,912 accounts and RMB 213.8 billion as of December 31, 2024[35]. - The company has established approximately 5,800 family trusts, family service trusts, and insurance trusts, with a total scale of about RMB 62 billion[41]. - The company has a total scale of RMB 3.57 billion in asset management product service trusts as of June 30, 2025[43]. - The company has launched the "Anxin Payment Series Trust" to address regulatory challenges related to prepaid funds, covering three major industries: retail, catering, and residential services[45]. Risk Management and Compliance - The company is enhancing risk management processes, focusing on comprehensive risk control and anti-money laundering measures[29]. - The company has established a comprehensive risk management system to ensure stable business operations and effective risk identification and management[117]. - Strict adherence to credit risk management guidelines has been maintained, focusing on enhancing risk control in key areas to mitigate credit risk[133]. - The company employs comprehensive due diligence and internal approval processes to manage default risks in its trust business, including obtaining third-party guarantees and collateral[134]. - Compliance risk is monitored by a dedicated legal compliance department, which tracks legal developments and organizes training for employees on relevant laws and regulations[138]. - The company has established a customer identification system to ensure compliance with anti-money laundering regulations, requiring employees to verify and update customer identity information continuously[146]. - A suspicious transaction reporting system has been implemented, mandating immediate reporting of any identified suspicious transactions to the anti-money laundering office[147]. Strategic Initiatives and Market Position - The company aims to create greater value for stakeholders by adhering to its mission of supporting the real economy and serving public welfare[19]. - The company has a market expansion strategy that includes establishing business teams in major cities across the country, aiming for a national and international presence[18]. - The company is focusing on digital transformation, utilizing artificial intelligence to enhance customer service and provide data-driven wealth management solutions[30]. - The company is committed to developing innovative trust products and investment channels to meet evolving customer needs[33]. - The company is enhancing its risk control measures across various trust services to ensure comprehensive management of projects, assets, and client relationships[49]. - The company is actively responding to national macro policies by supporting long-term rental housing and affordable housing construction to meet residents' housing needs[50]. - The company aims to enhance support for small and medium-sized enterprises, technological innovation, and green development through its industrial trust services[51]. - The company is focusing on new infrastructure investments, particularly in 5G networks, artificial intelligence, and industrial internet[52]. Corporate Governance and Management - The company has established a comprehensive corporate governance structure in compliance with listing rules[171]. - The company adopted the Corporate Governance Code as per the listing rules and has adhered to all provisions during the reporting period[172]. - The board of directors consists of seven members, including one executive director and three independent non-executive directors[174]. - The company held three board meetings during the reporting period, discussing a total of 47 proposals[174]. - The supervisory board consists of nine members, with at least one-third elected by employee representatives[175]. - The supervisory board held two meetings during the reporting period, reviewing 11 proposals including the annual work report for 2024[176]. - The company has established a comprehensive internal control system to ensure compliance, asset security, and accurate financial reporting[180]. - The internal audit system is led by the board and includes an audit committee and internal audit department, ensuring independent and effective auditing[182]. Employee and Labor Relations - As of June 30, 2025, the company has a total of 277 employees, a decrease from 307 employees as of June 30, 2024, representing a reduction of approximately 9.8%[152]. - The trust business employees accounted for 41.51% of the workforce in 2025, compared to 39.74% in 2024, indicating an increase in this segment[152]. - Employees aged 30 to 39 years made up 52.34% of the workforce in 2025, down from 56.35% in 2024, showing a shift in age demographics[153]. - The company maintains a gender distribution of 54.15% male and 45.85% female employees as of June 30, 2025, compared to 55.37% male and 44.63% female in 2024[154]. - The employee compensation details are available in the consolidated financial statements, reflecting the company's commitment to employee welfare[151]. Economic and Market Environment - The contribution rate of domestic demand to GDP growth was 68.8%, indicating strong internal economic momentum[24]. - The trust asset scale is expected to approach RMB 30 trillion by the end of 2024, with a continuous optimization of business structure[25]. - China's economy is transitioning to a high-quality development phase, which poses challenges such as regulatory impacts on the real estate sector and potential reductions in investment activities from clients during economic slowdowns[124]. - The company’s operations are significantly influenced by the overall economic and financial market conditions in China, where most of its revenue is generated[123]. - Future economic outlook indicates that China will implement proactive macro policies to stimulate domestic demand and promote technological innovation, aiming for stable growth[155]. Shareholder and Ownership Structure - The company has a significant shareholder, Shandong Lixin Investment Holding Group Co., Ltd., holding 64.17% of the domestic shares, equating to approximately 48.13% of the total share capital[159]. - Shandong Provincial Finance Department holds 70.61% of the domestic shares, representing approximately 52.96% of the total share capital[161]. - China Petroleum Group Capital Co., Ltd. and its subsidiaries collectively hold 25.00% of the domestic shares, equating to approximately 18.75% of the total share capital[161]. - Jinan Financial Holding Group Co., Ltd. holds 21.70% of H shares, which is about 5.43% of the total share capital[161].

[**Financial Highlights**](index=4&type=section&id=Financial%20Highlights) Revenue and profit declined due to intensified market competition and weak demand, with basic EPS decreasing while the interim dividend increased 2025 H1 Key Financial Data Comparison (Unaudited) | Indicator | 2025 H1 (thousand USD) | 2024 H1 (thousand USD) | Change (thousand USD) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | -0.5% | | Gross Profit | 31,809 | 32,903 | -1,094 | -3.3% | | Profit for the Period | 7,610 | 8,344 | -734 | -8.8% | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | -733 | -8.8% | | Basic Earnings Per Share (US cents) | 0.50 | 0.55 | -0.05 | -9.1% | | Proposed Interim Dividend Per Share (US cents) | 0.300 | 0.273 | 0.027 | 9.9% | - By product category, MSG and seasonings accounted for **54.1%** of revenue, modified starch, natural starch, and maltose for **17.0%**, and coffee beans for **10.6%**[9](index=9&type=chunk) - By region, Vietnam accounted for **39.8%** of revenue, China for **18.9%**, and Japan for **17.4%**[13](index=13&type=chunk) [**Corporate Information**](index=5&type=section&id=Corporate%20Information) Key corporate governance and operational details are provided, including board members, legal representatives, auditor, and principal places of business - Chairman of the Board is Yang Tou-Hsiung, and CEO is Yang Kun-Hsiang[15](index=15&type=chunk) - The company's auditor is PricewaterhouseCoopers, and legal counsel is Deacons[16](index=16&type=chunk)[17](index=17&type=chunk) - The company's stock code is Hong Kong Stock Exchange: **02317**[19](index=19&type=chunk)[20](index=20&type=chunk) - Principal places of business include Vietnam, Shanghai China, Xiamen China, Taiwan, Cambodia, and Hong Kong[19](index=19&type=chunk) [**Chairman's Statement**](index=7&type=section&id=Chairman's%20Statement) The Chairman's report details H1 2025 performance decline due to global economic slowdown, intense competition, and conservative consumer sentiment, with future growth planned through product development and strategic alliances - In H1 2025, global economic growth momentum slowed, affected by changes in US trade and tariff policies, international geopolitical tensions, extreme climate disasters, and increased energy supply uncertainty[21](index=21&type=chunk)[24](index=24&type=chunk) 2025 H1 Group Financial Performance Overview | Indicator | 2025 H1 (approx) | 2024 H1 (approx) | Change (approx) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Revenue | US$180,000,000 | US$180,890,000 | -US$890,000 | -0.5% | | Gross Profit | US$31,810,000 | US$32,903,000 | -US$1,093,000 | -3.4% | | Gross Profit Margin | 17.3% | 17.8% | -0.5% | - | | Net Profit | US$7,610,000 | US$8,344,000 | -US$734,000 | -8.8% | | Net Profit Margin | 4.1% | 4.5% | -0.4% | - | - Vietnam market revenue decreased by approximately **7.7%**, China market revenue increased by approximately **19.7%**, Japan market revenue declined by approximately **8.8%**, ASEAN market revenue declined by **8.4%**, and US market performance surged by approximately **35.1%**[23](index=23&type=chunk)[26](index=26&type=chunk) - MSG and seasonings product revenue decreased by approximately **5.6%**, modified starch and starch sugar revenue declined by approximately **6.2%**, specialty chemical product revenue reduced by **5.3%**, fertilizer and feed product sales fell by approximately **9.0%**, while agency product (e.g., coffee beans) performance significantly increased by approximately **46.0%**[27](index=27&type=chunk)[28](index=28&type=chunk) - The group expects to strengthen daily operational efficiency, accelerate new product development, enhance technical capabilities, evaluate sales channel transformation, actively seize investment opportunities, deepen strategic alliances, and accelerate the evaluation of online and e-commerce sales channels in the second half of the year[29](index=29&type=chunk)[30](index=30&type=chunk) [**Management Discussion and Analysis**](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section details H1 2025 economic impacts, sales performance by market and product, raw material overview, financial review, and H2 outlook with strategic initiatives [**I. Business Overview**](index=11&type=section&id=I.%20Business%20Overview) H1 2025 saw global economic challenges, strong Vietnamese growth, and the group's slight revenue decline with reduced margins due to competition and weak demand - In H1 2025, the global economy faced severe recovery pressure due to US reciprocal tariffs, geopolitical risks, and a high interest rate environment, leading to increased market uncertainty[34](index=34&type=chunk)[35](index=35&type=chunk)[40](index=40&type=chunk) - Vietnam's GDP annual growth rate reached **7.52%**, a 15-year high; FDI registered capital exceeded **21.5 billion USD**, a year-on-year increase of over **32.6%**; CPI annual increase rate of **3.27%**, below the government's control target[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - China's GDP annual increase rate of **5.3%**, but exports were impacted by tariffs, and domestic demand was pressured by high youth unemployment and a sluggish real estate market, with CPI annual decrease of **0.1%**[39](index=39&type=chunk)[41](index=41&type=chunk) 2025 H1 Group Overall Financial Performance | Indicator | 2025 H1 (thousand USD) | 2024 H1 (thousand USD) | Change (thousand USD) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | -0.5% | | Gross Profit Margin | 17.3% | 17.8% | -0.5% | - | | Gross Profit | 31,809 | 32,903 | -1,094 | -3.3% | | Net Profit Margin | 4.1% | 4.5% | -0.4% | - | | Net Profit | 7,610 | 8,344 | -734 | -8.8% | - MSG product sales price and revenue decreased; modified starch sales volume and revenue reduced due to China's excess capacity outflow and increased Thai production capacity, but raw material costs decreased, leading to increased gross profit; specialty chemical product demand was weak, with slightly reduced revenue; fertilizer and feed products actively developed other items; coffee and bulk ingredient revenue increased[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [**II. Business Analysis**](index=13&type=section&id=II.%20Business%20Analysis) This section analyzes H1 2025 sales by market and product, noting overall revenue decline due to weak demand and competition, offset by strong growth in China and coffee beans [**II. (1) Sales Analysis by Market**](index=13&type=section&id=II.%20%281%29%20Sales%20Analysis%20by%20Market) H1 2025 market sales varied, with declines in Vietnam, Japan, and ASEAN, but significant growth in China from new business and a surge in the US due to tariff-driven early purchases 2025 H1 Sales Performance by Market | Market | Jan-Jun 2025 Cumulative (thousand USD) | Share (%) | Jan-Jun 2024 Cumulative (thousand USD) | Share (%) | Difference (thousand USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 39.8% | 79,505 | 42.9% | -6,155 | -7.7% | | Japan | 32,131 | 17.4% | 35,218 | 19.0% | -3,087 | -8.8% | | China | 34,851 | 18.9% | 29,125 | 15.7% | 5,726 | 19.7% | | ASEAN Countries | 13,573 | 7.4% | 14,813 | 8.0% | -1,240 | -8.4% | | United States | 17,573 | 9.5% | 13,011 | 7.0% | 4,562 | 35.1% | | Others | 12,789 | 7.0% | 13,483 | 7.4% | -694 | -5.1% | | **Total** | **184,267** | **100

(Incorporated in Bermuda with Limited Liability) Stock Code: 603 INTERIM REPORT 2025 中期報告 C M Y CM MY CY CMY K ai17575524225_China Oil and Gas IR2025 Cover V02A OP.pdf 1 11/9/2025 上午9:00 Contents 目錄 Page 頁次 | Enterprise Culture | 企業文化 | 2 | | --- | --- | --- | | Natural Gas Distribution Business in China | 中國天然氣分銷業務 | 3 | | Oil and Gas Production Business in Canada | 加拿大油氣生產業務 | 4 | | Corporate Information | 公司資料 | 5 | | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收益表 | 7 | | Condensed ...

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