香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 截至二零二五年六月三十日止六個月之中期業績公佈 北京汽車股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（合稱「本 集團」或「我們」）截至二零二五年六月三十日止六個月期間（「報告期」或「二零二五年上半年」）之未經審 計中期業績連同二零二四年同期的比較數字。該業績乃按照國際會計準則理事會公佈的《國際會計準 則》第34號《中期財務報告》以及《香港聯合交易所有限公司證券上市規則》（「上市規則」）披露要求而 編製。董事會審核委員會（「審核委員會」）及本集團外部核數師安永會計師事務所已審閱本未經審計 的簡明合併中期財務資料（「簡明財務資料」）。 1 中期簡明合併綜合收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 附註 | 二零二五年 | 二零二四年 | | | | （未經審計） | ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section outlines the composition of the company's Board of Directors, including executive, non-executive, and independent non-executive directors, detailing the members and chairpersons of its Audit, Remuneration, Nomination, and ESG Committees - The Board of Directors includes executive directors such as Mr. Hua Bingru (Chairman) and Mr. Chen Caixiong (CEO), and independent non-executive directors like Mr. Yu Kefei[4](index=4&type=chunk)[6](index=6&type=chunk) - The company has an Audit Committee (Chairman: Mr. Yu Kefei), a Remuneration Committee (Chairman: Mr. Shen Tianfeng), a Nomination Committee (Chairperson: Ms. Luo Yan), and an Environmental, Social and Governance Committee (Chairman: Dr. Liu Jiancheng)[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Details and Advisors](index=4&type=section&id=Company%20Details%20and%20Advisors) This section provides key corporate information including the company's principal bankers, registered office, China headquarters, Hong Kong principal place of business, auditor, Hong Kong legal counsel, share registrar, stock code, and website - Principal bankers include Bank of China (Hong Kong) Limited and China Merchants Bank Hangzhou Linping Branch[8](index=8&type=chunk)[9](index=9&type=chunk) - The auditor is PricewaterhouseCoopers[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's stock code is **2420**, and its official website is www.zbycorp.com[12](index=12&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview](index=6&type=section&id=Business%20Overview) Zibuyu Group aims to be a global fashion brand operating company, offering fashion apparel and footwear through third-party e-commerce platforms (e.g., Amazon, TikTok, Temu) and proprietary websites, achieving significant revenue and net profit growth in H1 2025 despite external challenges - The company provides fashion apparel and footwear products to global users through third-party e-commerce platforms like Amazon, TikTok, Temu, and its proprietary websites[14](index=14&type=chunk)[17](index=17&type=chunk) - H1 2025 Key Financial Data (YoY) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | | :--- | :-------------------------- | :-------------------------- | :--------- | | Total Revenue | 1,961.3 | 1,462.1 | 34.1% | | Net Profit Attributable to Shareholders | 105.9 | 91.4 | 15.9% | - In H1 2025, the company enhanced brand power across multiple dimensions, including brand-oriented departmental restructuring, core brand visual upgrades, original product design, and overseas social media content marketing[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - Non-Amazon channel revenue grew rapidly, with TikTok and Temu platform revenues increasing by **51.3%** and **79.3%** year-on-year, respectively; proprietary website revenue surged by nearly **9 times** year-on-year[36](index=36&type=chunk)[38](index=38&type=chunk) - The company achieved its first overseas production breakthrough, focusing on Vietnam supply chain layout and expanding production capacity in Southeast Asia, including Myanmar, Malaysia, and Cambodia[37](index=37&type=chunk)[38](index=38&type=chunk) - The company strengthened organizational capabilities by implementing a 4.5-day work week, enhancing employee benefits and work efficiency[40](index=40&type=chunk)[42](index=42&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This section reviews the Group's financial performance for H1 2025, covering revenue, cost of sales, gross profit, other income, net other gains, selling and distribution expenses, general and administrative expenses, finance costs, profit before income tax, income tax expense, and profit attributable to shareholders, alongside capital expenditure, liquidity, and gearing ratio analysis - H1 2025 Key Financial Indicators (YoY) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | | :--- | :-------------------------- | :-------------------------- | :--------- | | Revenue | 1,961.3 | 1,462.1 | 34.1% | | Cost of Sales | 487.4 | 381.2 | 27.9% | | Gross Profit | 1,474.0 | 1,080.9 | 36.4% | | Gross Margin | 75.2% | 73.9% | 1.3 percentage points | | Selling and Distribution Expenses | 1,322.2 | 941.7 | 40.4% | | General and Administrative Expenses | 52.9 | 57.8 | -8.5% | | Finance Costs | 2.8 | 4.4 | -35.9% | | Profit Before Income Tax | 107.7 | 93.3 | 15.4% | | Income Tax Expense | 1.8 | 2.0 | -6.5% | | Profit Attributable to Shareholders | 105.9 | 91.4 | 15.9% | | Basic and Diluted Earnings Per Share | 0.22 | 0.18 | 22.2% | - H1 2025 Revenue by Sales Channel (RMB thousand) | Sales Channel | H1 2025 | H1 2024 | | :------- | :----------- | :----------- | | Amazon | 1,815,946 | 1,376,857 | | Temu | 50,439 | 28,132 | | TikTok | 40,037 | 26,467 | | Other Third-Party E-commerce Platforms | 11,918 | 9,378 | | Proprietary Websites | 35,505 | 3,614 | | Others | 7,480 | 17,684 | | **Total** | **1,961,325** | **1,462,132** | - H1 2025 Revenue by Geographical Location (RMB thousand) | Geographical Location | H1 2025 | H1 2024 | | :------- | :----------- | :----------- | | North America | 1,926,558 | 1,396,891 | | Asia | 21,684 | 47,435 | | Europe | 6,203 | 9,488 | | Others | 6,880 | 8,318 | | **Total** | **1,961,325** | **1,462,132** | - Capital expenditure was approximately **RMB 3.3 million**, an increase of approximately **RMB 2.2 million** compared to the same period last year, primarily due to increased purchases of office equipment and smart information systems[85](index=85&type=chunk)[89](index=89&type=chunk) - The gearing ratio increased from approximately **44.4%** as of December 31, 2024, to approximately **48.7%** as of June 30, 2025, mainly due to increased trade payables and a decrease in equity from declared cash dividends[97](index=97&type=chunk)[99](index=99&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers the Group's significant investments, acquisitions, and disposals, future investment plans, asset pledges, foreign exchange risk management, employees and staff costs, and continuing connected transactions during the reporting period - There were no significant investments, acquisitions, or disposals, nor any material capital commitments or significant litigation during the reporting period[100](index=100&type=chunk)[105](index=105&type=chunk)[86](index=86&type=chunk)[90](index=90&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk) - As of June 30, 2025, the Group had **1,058** full-time employees, with total staff costs of approximately **RMB 121.6 million**, a year-on-year increase of **18.9%**[110](index=110&type=chunk) - The Group faces foreign exchange risk, but it was not significantly affected during the reporting period, currently has no foreign exchange hedging policy, but management will closely monitor it[103](index=103&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk) - Two continuing connected transactions were entered into with Hangzhou Shuzhi Technology Co., Ltd., involving smart advertising system construction and development services (RMB 2.70 million) and smart advertising subscription services (1.5%-2% of Amazon advertising spend)[117](index=117&type=chunk)[119](index=119&type=chunk) [Future Prospects](index=26&type=section&id=Future%20Prospects) The Group's outlook for H2 2025 involves adhering to its "Rooted in China, Global Reach" strategy, focusing on consumer demand, driving product innovation, enhancing organizational operational efficiency, and strengthening competitive advantages through brand building, integrated marketing, omnichannel expansion, global supply chain optimization, organizational development, and leveraging AI opportunities - Deepen brand building by continuously optimizing the top ten core brands and establishing a brand matrix covering high, mid, and low-end markets[122](index=122&type=chunk) - Implement integrated marketing strategies, expand media cooperation to increase brand exposure, build proprietary websites to cultivate private domain traffic, and prepare for offline events to promote localized marketing[122](index=122&type=chunk) - Continue to expand the omnichannel sales system, accelerate sales growth in non-Amazon channels, vigorously develop proprietary websites, and strategically plan for overseas offline channels[122](index=122&type=chunk) - Strengthen the global high-end supply chain layout, focusing on promoting Southeast Asian supply chain construction and increasing the proportion of international production capacity[122](index=122&type=chunk) - Enhance organizational capabilities, broaden talent structure, and build an international talent pipeline; seize AI development opportunities, continuously advance digital transformation, and empower various business processes with AI[122](index=122&type=chunk) [Corporate Governance and Other Information](index=27&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Interests and Short Positions of Directors and Chief Executive](index=27&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive) This section discloses the interests and short positions of the company's directors and chief executive in the company's shares as of the end of the reporting period, primarily long positions held through controlled corporations or discretionary trusts - Directors' and Chief Executive's Shareholdings (as of June 30, 2025) | Director/Chief Executive Name | Nature of Interest | Number of Shares (L) | Approximate Percentage of Shareholding | | :------------------- | :--------- | :----------- | :------------- | | Mr. Hua Bingru | Interest in controlled corporation/Founder of discretionary trust | 236,056,036 | 47.21% | | Mr. Wang Weiping | Interest in controlled corporation/Founder of discretionary trust | 22,608,772 | 4.52% | | Mr. Dong Zhenguo | Interest in controlled corporation/Founder of discretionary trust | 19,634,654 | 3.93% | [Interests and Short Positions of Substantial Shareholders](index=29&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders) This section lists the interests and short positions of substantial shareholders, other than directors and the chief executive, in the company's shares as of the end of the reporting period, including long positions held through controlled corporations or discretionary trusts - Substantial Shareholders' Shareholdings (as of June 30, 2025) | Substantial Shareholder Name/Entity | Nature of Interest | Number of Shares (L) | Approximate Percentage of Shareholding | | :---------------- | :--------- | :----------- | :------------- | | Hone Ru | Interest in controlled corporation | 236,056,036 | 47.21% | | Gfxtmyun | Interest in controlled corporation | 236,056,036 | 47.21% | | TMY ONE | Beneficial interest | 236,056,036 | 47.21% | | Ms. Yu Feng | Interest in controlled corporation/Founder of discretionary trust | 25,088,421 | 5.02% | | Wiloru Holdings | Interest in controlled corporation | 25,088,421 | 5.02% | | Hyufeng | Beneficial interest | 25,088,421 | 5.02% | | Mr. Wang Shijian | Founder of discretionary trust | 44,466,717 | 8.89% | | Ms. Rao Xingxing | Interest in controlled corporation/Spouse's interest/Founder of discretionary trust | 44,466,717 | 8.89% | | Chichiboy Holdings Limited | Interest in controlled corporation | 44,466,717 | 8.89% | | Xringirl | Beneficial interest | 44,466,717 | 8.89% | | TMY THREE | Beneficial interest | 27,751,508 | 5.55% | [Share Schemes](index=31&type=section&id=Share%20Schemes) The company adopted the Share Award Scheme (Existing Shares) and Share Award Scheme (New Shares) in 2023 to incentivize employees; no awards were granted during the reporting period, but the trustee repurchased some shares under the Existing Shares Scheme - The company adopted the Share Award Scheme (Existing Shares) and the Share Award Scheme (New Shares) on September 15, 2023, and December 1, 2023, respectively[136](index=136&type=chunk)[140](index=140&type=chunk) - During the reporting period, no awards were granted, cancelled, or lapsed under the Share Award Schemes[136](index=136&type=chunk)[140](index=140&type=chunk) - The maximum number of awards that can be granted under the Share Award Scheme (Existing Shares) and (New Shares) are **50,000,000** shares and **25,000,000** shares, respectively[137](index=137&type=chunk)[140](index=140&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, the trustee of the Share Award Scheme (Existing Shares) purchased 1,709,500 shares on the Stock Exchange for a total of HKD 8,616,045, with no other purchases, sales, or redemptions of listed securities by the company or its subsidiaries - The trustee of the Share Award Scheme (Existing Shares) purchased a total of **1,709,500** shares for a total of **HKD 8,616,045**[143](index=143&type=chunk)[147](index=147&type=chunk) - During the reporting period, there were no other purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries[144](index=144&type=chunk)[147](index=147&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the reporting period - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[145](index=145&type=chunk)[148](index=148&type=chunk) [Corporate Governance Compliance](index=33&type=section&id=Corporate%20Governance%20Compliance) The company is committed to maintaining high standards of corporate governance, has fully complied with the Corporate Governance Code, adopted the Model Code for securities transactions by directors, established an ESG Committee, and detailed the composition and responsibilities of the Audit Committee - The company established an Environmental, Social and Governance (ESG) Committee on March 27, 2025, to enhance its governance structure[149](index=149&type=chunk)[155](index=155&type=chunk) - During the reporting period and up to the date of this interim report, the company has fully complied with the code provisions set out in the Corporate Governance Code[151](index=151&type=chunk)[156](index=156&type=chunk) - All directors confirmed full compliance with the Model Code for Securities Transactions by Directors, which has been extended to designated employees[153](index=153&type=chunk)[158](index=158&type=chunk) - The Audit Committee comprises four independent non-executive directors, with Mr. Yu Kefei as Chairman, possessing appropriate accounting and financial management expertise[159](index=159&type=chunk)[162](index=162&type=chunk) [Use of Proceeds from Global Offering](index=35&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) This section details the use of net proceeds from the global offering (HKD 216.4 million), disclosing the Board's resolution to reallocate part of the unutilized funds from supply chain management systems to enhancing sales and brand promotion capabilities, with full utilization expected by December 31, 2025 - The net proceeds from the global offering amounted to **HKD 216.4 million**[164](index=164&type=chunk)[165](index=165&type=chunk) - The Board resolved to reallocate unutilized funds designated for improving supply chain management systems to enhancing the company's sales and brand promotion capabilities[164](index=164&type=chunk)[165](index=165&type=chunk) - Summary of Use of Proceeds from Global Offering (as of June 30, 2025, HKD million) | Use Category | Net Proceeds from Global Offering | Unutilized as of Dec 31, 2024 | Utilized During Reporting Period | Unutilized as of June 30, 2025 | | :------- | :----------------- | :------------------- | :------------- | :------------- | | Enhance sales and brand promotion capabilities | 81.2 | 3.7 | 3.6 | 0.1 | | Improve supply chain management system | 61.9 | 24.9 | 5.4 | 19.5 | | Establish large independent proprietary websites | 50.4 | 9.1 | 8.3 | 0.8 | | Enhance product R&D capabilities | 11.4 | 3.4 | 3.1 | 0.3 | | Upgrade and purchase IT infrastructure | 11.5 | 0.0 | 0.0 | 0.0 | | **Total** | **216.4** | **41.1** | **20.4** | **20.7** | - The company expects to fully utilize the unutilized net proceeds by December 31, 2025[168](index=168&type=chunk) [Subsequent Events and No Material Changes](index=37&type=section&id=Subsequent%20Events%20and%20No%20Material%20Changes) This section confirms that, apart from the disclosed changes in the use of global offering proceeds, there have been no material subsequent events or significant changes affecting the company's performance from the end of the reporting period up to the date of this report - Except for the changes in the use of global offering proceeds disclosed in this report, there have been no material subsequent events from the end of the reporting period up to the date of this report[170](index=170&type=chunk)[173](index=173&type=chunk) - There have been no material changes affecting the company's performance since the publication of the 2024 annual report up to the date of this report[171](index=171&type=chunk)[174](index=174&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Income](index=38&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of comprehensive income for the six months ended June 30, 2025, detailing revenue, cost of sales, gross profit, various expenses, operating profit, finance costs, income tax expense, and ultimately profit and total comprehensive income attributable to the company's shareholders, with comparative data for the same period in 2024 - Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30, 2025, RMB thousand) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Revenue | 1,961,325 | 1,462,132 | | Cost of Sales | (487,361) | (381,206) | | Gross Profit | 1,473,964 | 1,080,926 | | Selling and Distribution Expenses | (1,322,174) | (941,704) | | General and Administrative Expenses | (52,948) | (57,787) | | Net Impairment Losses on Financial Assets | (257) | (122) | | Other Income | 6,696 | 5,410 | | Other Gains, Net | 5,310 | 10,976 | | Operating Profit | 110,591 | 97,699 | | Finance Costs | (2,844) | (4,368) | | Profit Before Income Tax | 107,747 | 93,331 | | Income Tax Expense | (1,838) | (1,966) | | Profit and Total Comprehensive Income Attributable to Shareholders of the Company | 105,909 | 91,365 | | Basic and Diluted Earnings Per Share (RMB) | 0.22 | 0.18 | [Condensed Consolidated Interim Statement of Financial Position](index=39&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of financial position as of June 30, 2025, showing non-current assets, current assets, non-current liabilities, current liabilities, and total equity attributable to the company's shareholders, with comparative data as of December 31, 2024 - Condensed Consolidated Interim Statement of Financial Position (As of June 30, 2025, RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | **Assets** | | | | Total Non-Current Assets | 45,561 | 42,935 | | Total Current Assets | 1,209,397 | 1,036,652 | | **Total Assets** | **1,254,958** | **1,079,587** | | **Liabilities** | | | | Total Non-Current Liabilities | 15,860 | 10,177 | | Total Current Liabilities | 594,738 | 469,139 | | **Total Liabilities** | **610,598** | **479,316** | | **Equity** | | | | Total Equity Attributable to Shareholders of the Company | 644,360 | 600,271 | | **Total Equity and Liabilities** | **1,254,958** | **1,079,587** | - As of June 30, 2025, inventories increased to **RMB 599.3 million** (December 31, 2024: RMB 374.5 million)[178](index=178&type=chunk) - As of June 30, 2025, cash and cash equivalents decreased to **RMB 347.0 million** (December 31, 2024: RMB 446.8 million)[178](index=178&type=chunk) - As of June 30, 2025, trade and other payables increased to **RMB 409.3 million** (December 31, 2024: RMB 318.1 million), and borrowings increased to **RMB 168.7 million** (December 31, 2024: RMB 130.0 million)[181](index=181&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=41&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of changes in equity for the six months ended June 30, 2025, detailing the opening balances of share capital, share premium, shares held for employee share schemes, other reserves, and retained earnings, as well as the impact of profit for the period, dividend distribution, and share repurchases on total equity - Condensed Consolidated Interim Statement of Changes in Equity (For the six months ended June 30, 2025, RMB thousand) | Indicator | Balance as of Jan 1, 2025 | Profit for the Period | Dividend Distribution to Shareholders | Shares Acquired Under Employee Share Scheme | Balance as of June 30, 2025 | | :--- | :------------------- | :------- | :--------------- | :------------------- | :--------------- | | Share Capital | 174 | — | — | — | 174 | | Share Premium | 1,581,592 | — | (53,856) | — | 1,527,736 | | Shares Held for Employee Share Scheme | (50,155) | — | — | (7,964) | (58,119) | | Other Reserves | (1,267,510) | — | — | — | (1,267,510) | | Retained Earnings | 336,170 | 105,909 | — | — | 442,079 | | **Total** | **600,271** | **105,909** | **(53,856)** | **(7,964)** | **644,360** | - In H1 2025, profit attributable to shareholders of the company was **RMB 105.9 million**[184](index=184&type=chunk) - Dividends of **RMB 53.9 million** were distributed to shareholders, resulting in a reduction in share premium[184](index=184&type=chunk) - The acquisition of shares under the employee share scheme resulted in a reduction in equity of **RMB 8.0 million**[184](index=184&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=42&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of cash flows for the six months ended June 30, 2025, including net cash flows from operating, investing, and financing activities, as well as the impact of exchange rate changes on cash and cash equivalents, ultimately resulting in a net decrease in cash and cash equivalents at period-end - Condensed Consolidated Interim Statement of Cash Flows (For the six months ended June 30, 2025, RMB thousand) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Net Cash (Used in)/Generated from Operating Activities | (62,287) | 130,116 | | Net Cash Used in Investing Activities | (3,296) | (928) | | Net Cash Used in Financing Activities | (33,418) | (36,400) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (99,001) | 92,788 | | Cash and Cash Equivalents at Beginning of Period | 446,831 | 277,475 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | (876) | 1,441 | | Cash and Cash Equivalents at End of Period | 346,954 | 371,704 | - Cash flow from operating activities changed from a net inflow of **RMB 130.1 million** in H1 2024 to a net outflow of **RMB 62.3 million** in H1 2025[187](index=187&type=chunk) - Net cash outflow from investing activities was **RMB 3.3 million**, primarily for the purchase of property, plant and equipment, intangible assets, and financial assets[187](index=187&type=chunk) - Net cash outflow from financing activities was **RMB 33.4 million**, including repayment of bank borrowings, lease payments, and dividend payments to shareholders of **RMB 53.5 million**[188](index=188&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=44&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [General Information](index=44&type=section&id=General%20Information) This section provides fundamental information about Zibuyu Group, including its place of incorporation, principal business activities, product sourcing and sales markets, ultimate controlling shareholder, and listing status on the Hong Kong Stock Exchange - Zibuyu Group Limited was incorporated in the Cayman Islands on August 6, 2018[190](index=190&type=chunk) - The Group is primarily engaged in selling apparel, footwear, and other products, mainly sourced from China and sold to customers in the United States, Canada, Mexico, and other countries through third-party e-commerce platforms and proprietary websites[191](index=191&type=chunk) - The ultimate controlling shareholder is Mr. Hua Bingru, and the company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since November 11, 2022[192](index=192&type=chunk) [Basis of Preparation](index=45&type=section&id=Basis%20of%20Preparation) This section states that the condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024 - This condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[198](index=198&type=chunk) - It should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[198](index=198&type=chunk) [Accounting Policies Information](index=45&type=section&id=Accounting%20Policies%20Information) This section confirms that the accounting policies applied are consistent with those in the 2024 annual financial statements, lists new and amended standards first adopted by the Group (e.g., IAS 21 amendments), and notes new standards and interpretations not yet adopted but not expected to have a significant impact - Except as stated below, the accounting policies applied are consistent with those described in the annual financial statements for the year ended December 31, 2024[199](index=199&type=chunk)[201](index=201&type=chunk) - The Group first applied the amendments to IAS 21 "Lack of Exchangeability" for the annual reporting period beginning January 1, 2025, which is not expected to have a significant impact on the current or future periods[203](index=203&type=chunk)[204](index=204&type=chunk)[206](index=206&type=chunk) - Several new accounting standards and interpretations have not yet been adopted but are not expected to have a significant impact on the Group or its foreseeable future transactions in the current or future reporting periods[205](index=205&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) [Critical Accounting Estimates and Judgements](index=48&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) This section states that the critical judgments and key sources of estimation uncertainty made by management in preparing the condensed consolidated interim financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - The critical judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[211](index=211&type=chunk)[212](index=212&type=chunk) [Financial Risk Management](index=49&type=section&id=Financial%20Risk%20Management) This section outlines the financial risks faced by the Group, including foreign exchange risk, cash flow and fair value interest rate risk, credit risk, and liquidity risk, noting that risk management policies have not changed since December 31, 2024 - The Group's operations expose it to various financial risks: foreign exchange risk, cash flow and fair value interest rate risk, credit risk, and liquidity risk[213](index=213&type=chunk)[216](index=216&type=chunk) - Risk management policies and fair value estimates have not changed since December 31, 2024[214](index=214&type=chunk)[216](index=216&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk) [Segment Information](index=50&type=section&id=Segment%20Information) This section states that the Group has only one reportable operating segment, provides revenue breakdowns by geographical location and sales channel, discloses contract liabilities and unsatisfied performance obligations, and notes that no single customer's revenue exceeded 10% of total revenue - The Group has only one reportable operating segment[218](index=218&type=chunk)[219](index=219&type=chunk) - Revenue by Geographical Location (For the six months ended June 30, 2025, RMB thousand) | Geographical Location | 2025 | 2024 | | :------- | :----- | :----- | | North America | 1,926,558 | 1,396,891 | | Asia | 21,684 | 47,435 | | Europe | 6,203 | 9,488 | | Others | 6,880 | 8,318 | | **Total** | **1,961,325** | **1,462,132** | - Revenue by Sales Channel (For the six months ended June 30, 2025, RMB thousand) | Sales Channel | 2025 | 2024 | | :------- | :----- | :----- | | Amazon | 1,815,946 | 1,376,857 | | Temu | 50,439 | 28,132 | | TikTok | 40,037 | 26,467 | | Other Third-Party E-commerce Platforms | 11,918 | 9,378 | | Proprietary Websites | 35,505 | 3,614 | | Others | 7,480 | 17,684 | | **Total** | **1,961,325** | **1,462,132** | - As of June 30, 2025, the amount of unsatisfied performance obligations (customer orders placed but products not yet delivered) expected to be recognized within one year was **RMB 21,521 thousand**[234](index=234&type=chunk) - For the six months ended June 30, 2025, and 2024, no individual customer's revenue exceeded **10%** of the Group's total revenue[235](index=235&type=chunk)[237](index=237&type=chunk) [Other Income](index=55&type=section&id=Other%20Income) This section details the Group's other income, primarily comprising interest income and government grants, indicating an increase in total other income for H1 2025 - Other Income Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Interest Income | 5,235 | 4,803 | | Government Grants | 1,141 | 343 | | Others | 320 | 264 | | **Total** | **6,696** | **5,410** | - Government grants primarily involve financial subsidies received from local governments in China, with no unfulfilled conditions[240](index=240&type=chunk) [Other Gains, Net](index=56&type=section&id=Other%20Gains%2C%20Net) This section provides details of the Group's net other gains, primarily consisting of net exchange gains, indicating a decrease in net other gains for H1 2025 compared to the same period last year - Other Gains, Net Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Net Exchange Gains | 4,976 | 10,324 | | Net Gain on Disposal of Right-of-Use Assets | 435 | 957 | | Net Loss on Disposal of Property, Plant and Equipment | (210) | (281) | | Others | 109 | (24) | | **Total** | **5,310** | **10,976** | - The decrease in net other gains was primarily due to a reduction in net exchange gains resulting from exchange rate fluctuations[68](index=68&type=chunk) [Expenses by Nature](index=57&type=section&id=Expenses%20by%20Nature) This section details the Group's expenses by nature, including freight and insurance costs, cost of inventories sold, marketing and advertising expenses, e-commerce platform commissions, employee benefit expenses, and other items, indicating an increase in total expenses - Expenses by Nature (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Freight and Insurance Costs | 573,344 | 377,482 | | Cost of Inventories Sold | 373,581 | 272,254 | | Marketing and Advertising Expenses | 348,894 | 210,022 | | E-commerce Platform Commissions | 267,252 | 229,061 | | Employee Benefit Expenses | 121,642 | 102,307 | | Other Platform Fees | 84,425 | 66,391 | | Inventory Provision | 52,596 | 74,252 | | Outsourcing Service Expenses | 8,404 | 5,798 | | Depreciation of Right-of-Use Assets | 8,037 | 9,750 | | Office Expenses | 4,545 | 3,745 | | Legal and Professional Fees | 4,370 | 4,729 | | IT Server Fees | 2,686 | 2,720 | | Depreciation of Property, Plant and Equipment | 2,148 | 2,173 | | Amortization of Intangible Assets | 313 | 988 | | Other Expenses | 10,246 | 19,025 | | **Total** | **1,862,483** | **1,380,697** | - Total expenses related to the research and development of new IT systems amounted to **RMB 13,582 thousand** (H1 2024: RMB 17,652 thousand)[245](index=245&type=chunk)[247](index=247&type=chunk) [Finance Costs](index=58&type=section&id=Finance%20Costs) This section details the Group's finance costs, primarily comprising interest expenses on bank borrowings and lease liabilities, indicating a decrease in finance costs for H1 2025 compared to the same period last year - Finance Costs Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Interest Expense on Bank Borrowings | 2,211 | 3,447 | | Interest Expense on Lease Liabilities | 633 | 794 | | Others | — | 127 | | **Total** | **2,844** | **4,368** | - The decrease in finance costs was primarily due to a reduction in interest expense on bank borrowings[77](index=77&type=chunk) [Income Tax Expense](index=59&type=section&id=Income%20Tax%20Expense) This section details the Group's income tax expense, including current and deferred income tax, explains applicable tax rates and preferential tax policies in the Cayman Islands, British Virgin Islands, Hong Kong, and mainland China, and mentions the impact of the OECD Pillar Two legislative template - Income Tax Expense Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Current Income Tax | 1,149 | 1,334 | | Deferred Income Tax | 689 | 632 | | **Total** | **1,838** | **1,966** | - Chinese subsidiaries Zhejiang Zibuyu E-commerce Co., Ltd. and Hangzhou Xingzezhi Network Technology Co., Ltd. are recognized as high-tech enterprises, eligible for a reduced corporate income tax rate of **15%**[260](index=260&type=chunk)[262](index=262&type=chunk) - Chinese companies accrued dividend withholding tax of **RMB 689 thousand** (2024: RMB 632 thousand)[265](index=265&type=chunk)[267](index=267&type=chunk) - The OECD Pillar Two legislation was not effective as of June 30, 2025, and the Group applies an exception in recognizing and disclosing related deferred tax assets and liabilities[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[272](index=272&type=chunk) [Dividends](index=62&type=section&id=Dividends) This section reports the final dividend of HKD 0.12 per share (approximately RMB 0.11), totaling approximately RMB 53.9 million, for the year ended December 31, 2024, as recommended by the Board and approved by shareholders, which was paid in May 2025 - The Board recommended a final dividend of **HKD 0.12** per share (equivalent to approximately **RMB 0.11**), totaling approximately **RMB 53.9 million**, for the year ended December 31, 2024[271](index=271&type=chunk)[273](index=273&type=chunk) - This final dividend was paid in May 2025[271](index=271&type=chunk)[273](index=273&type=chunk) [Earnings Per Share](index=63&type=section&id=Earnings%20Per%20Share) This section explains the calculation methods for basic and diluted earnings per share, provides EPS data for H1 2025 and H1 2024, and notes that diluted EPS is the same as basic EPS due to the absence of potential dilutive ordinary shares - Basic Earnings Per Share (For the six months ended June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Profit Attributable to Shareholders of the Company (RMB thousand) | 105,909 | 91,365 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 486,503 | 494,510 | | Basic Earnings Per Share (RMB) | 0.22 | 0.18 | - Diluted earnings per share presented are the same as basic earnings per share because there are no outstanding potential dilutive ordinary shares[280](index=280&type=chunk)[281](index=281&type=chunk) [Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets](index=65&type=section&id=Property%2C%20Plant%20and%20Equipment%2C%20Intangible%20Assets%20and%20Right-of-Use%20Assets) This section provides the opening and closing net book values of property, plant and equipment, intangible assets, and right-of-use assets, along with additions, disposals, depreciation, and amortization during the period - Changes in Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets (For the six months ended June 30, 2025, RMB thousand) | Item | Property, Plant and Equipment | Intangible Assets | Right-of-Use Assets | Total | | :--- | :----------- | :------- | :------- | :--- | | Opening Net Book Value as of Jan 1, 2025 | 8,631 | 1,135 | 24,518 | 34,284 | | Additions | 1,361 | 613 | 17,099 | 19,073 | | Disposals | (243) | — | (6,586) | (6,829) | | Depreciation and Amortization | (2,148) | (313) | (8,037) | (10,498) | | Closing Net Book Value as of June 30, 2025 | 7,601 | 1,435 | 26,994 | 36,030 | [Inventories](index=66&type=section&id=Inventories) This section details the Group's inventory composition, primarily finished goods, and discloses inventory provisions, indicating an increase in both total inventory and provisions as of June 30, 2025 - Inventory Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Finished Goods | 697,648 | 446,578 | | Less: Provision | (98,373) | (72,089) | | **Total** | **599,275** | **374,489** | - For the six months ended June 30, 2025, the cost of inventories recognized as an expense and included in cost of sales was **RMB 373,581 thousand**, with an inventory provision of **RMB 52,596 thousand**[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [Trade Receivables](index=67&type=section&id=Trade%20Receivables) This section provides an aging analysis of trade receivables, showing an increase in total trade receivables as of June 30, 2025, with the majority being within 3 months - Trade Receivables Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Trade Receivables | 221,327 | 182,987 | | Less: Impairment Provision | (1,107) | (915) | | **Total** | **220,220** | **182,072** | - Aging Analysis of Trade Receivables (As of June 30, 2025, RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Within 3 months | 217,942 | 165,975 | | 3 to 6 months | 2,964 | 12,754 | | 6 to 12 months | 64 | 4,146 | | Over 1 year | 357 | 112 | | **Total** | **221,327** | **182,987** | [Prepayments and Other Receivables](index=68&type=section&id=Prepayments%20and%20Other%20Receivables) This section details the composition of prepayments and other receivables, including prepayments to suppliers and platforms, amounts due from payment platforms, and other items, indicating an increase in the total amount as of June 30, 2025 - Prepayments and Other Receivables Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Prepayments to Suppliers and Platforms | 17,660 | 6,344 | | Amounts Due from Payment Platforms | 15,210 | 18,414 | | Share Repurchase Deposits | 5,274 | 4,476 | | Deductible Input VAT | 1,279 | 614 | | Other Deposits | 997 | 892 | | Export Tax Refund Receivables | 218 | 107 | | Recoverable Income Tax | — | 34 | | Others | 1,792 | 1,047 | | **Total** | **42,430** | **31,928** | [Cash and Cash Equivalents and Restricted Cash](index=69&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) This section provides details of cash and cash equivalents and restricted cash, indicating a decrease in total cash and cash equivalents as of June 30, 2025, and a change in the composition of restricted cash - Cash and Cash Equivalents and Restricted Cash Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Bank Balances | 347,472 | 448,163 | | Less: Restricted Cash | (518) | (1,332) | | **Cash and Cash Equivalents** | **346,954** | **446,831** | - Restricted Cash Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | For Salary Payments Only | — | 1,000 | | Others | 518 | 332 | | **Total** | **518** | **1,332** | [Share Capital and Share Premium](index=70&type=section&id=Share%20Capital%20and%20Share%20Premium) This section lists the number of authorized and issued ordinary shares of the Group, as well as changes in share capital and share premium, primarily reflecting the impact of dividend distribution on share premium - As of June 30, 2025, the Group's total issued share capital comprised **500,000,000** ordinary shares with a par value of **USD 0.00005** each[297](index=297&type=chunk)[298](index=298&type=chunk) - Share premium decreased by **RMB 53,856 thousand** due to dividend distribution[297](index=297&type=chunk) [Shares Held for Employee Share Scheme](index=71&type=section&id=Shares%20Held%20for%20Employee%20Share%20Scheme) This section details the Group's two share award schemes (Existing Shares and New Shares) and reports on share repurchases through the trustee in H1 2025, noting that no shares were granted - The Group has adopted the Share Award Scheme (Existing Shares) and the Share Award Scheme (New Shares) to reward eligible individuals for their contributions and attract talent[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk) - For the six months ended June 30, 2025, the company repurchased **1,709,500** shares through its trustee for a consideration of approximately **RMB 7,964 thousand**[303](index=303&type=chunk)[304](index=304&type=chunk) - For the six months ended June 30, 2025, no shares were granted[303](index=303&type=chunk)[305](index=305&type=chunk) [Trade and Other Payables](index=73&type=section&id=Trade%20and%20Other%20Payables) This section provides detailed breakdowns and an aging analysis of trade and other payables, indicating a significant increase in trade payables as of June 30, 2025, with most being within 3 months - Trade and Other Payables Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Trade Payables | 181,031 | 116,638 | | Accrued Liabilities | 94,259 | 71,167 | | Amounts Payable to Third-Party E-commerce Platforms | 72,186 | 63,806 | | Accrued Wages and Social Security Contributions | 54,590 | 56,188 | | Other Taxes Payable | 1,617 | 1,518 | | Interest Payable | 333 | 94 | | Other Payables | 5,299 | 8,711 | | **Total** | **409,315** | **318,122** | - Aging Analysis of Trade Payables (As of June 30, 2025, RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Within 3 months | 165,171 | 114,140 | | 3 months to 1 year | 15,082 | 2,495 | | 1 to 2 years | 778 | 3 | | **Total** | **181,031** | **116,638** | [Borrowings](index=75&type=section&id=Borrowings) This section lists the Group's current unsecured bank borrowings, indicating an increase in total borrowings as of June 30, 2025 - Borrowings Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Bank Borrowings — Unsecured | 168,700 | 130,000 | [Commitments](index=75&type=section&id=Commitments) This section confirms that the Group had no significant capital commitments as of June 30, 2025, and December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had no significant capital commitments[311](index=311&type=chunk) [Related Party Transactions](index=76&type=section&id=Related%20Party%20Transactions) This section discloses the Group's transactions and balances with related parties, primarily Hangzhou Shuzhi Technology Co., Ltd., an associate of Mr. Hua Bingru, and key management compensation - Hangzhou Shuzhi Technology Co., Ltd. is an associate of Mr. Hua Bingru[314](index=314&type=chunk) - Transactions with Related Parties (For the six months ended June 30, 2025, RMB thousand) | Transaction Type | Related Party | 2025 | 2024 | | :------- | :----- | :----- | :----- | | Purchase of Smart Advertising Subscription Services | Hangzhou Shuzhi | 166 | — | | Purchase of IT Services | Hangzhou Shuzhi | — | 6,000 | - Balances with Related Parties (As of June 30, 2025, RMB thousand) | Item | Related Party | June 30, 2025 | December 31, 2024 | | :--- | :----- | :----------- | :------------- | | Prepayments and Other Receivables | Hangzhou Shuzhi | 1,330 | — | | Trade and Other Payables | Hangzhou Shuzhi | — | 1,000 | - Key Management Compensation (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Wages, Salaries and Bonuses | 4,719 | 3,677 | | Contributions to Pension Schemes, Housing Provident Fund, Medical Insurance and Other Social Welfare | 614 | 360 | | **Total** | **5,333** | **4,037** | [Subsequent Events](index=79&type=section&id=Subsequent%20Events) This section confirms that, except as disclosed elsewhere in this report, there have been no material subsequent events from June 30, 2025, up to the date of this report - Except as disclosed elsewhere in this report, there have been no material subsequent events from June 30, 2025, up to the date of this report[326](index=326&type=chunk) [Definitions](index=80&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report, ensuring readers have a clear and consistent understanding of company-specific terminology and regulatory vocabulary - This section defines key terms used in the report, such as "Alitti," "Also Jun," "Audit Committee," "Board," "BVI," "Chief Executive Officer," "China," "Company," "Controlling Shareholder," "Corporate Governance Code," "Directors," "Gfxtmyun," "Global Offering," "Group," "HK$," "Hone Ru," "Hong Kong," "Hong Kong Share Registrar," "Hyufeng," "Independent Third Party," "Listing," "Listing Rules," "Main Board," "Model Code," "Mr. Hua," "Nomination Committee," "Prospectus," "Remuneration Committee," "Reporting Period," "RMB," "SFO," "Share Award Scheme (Existing Shares)," "Share Award Scheme (New Shares)," "Shares," "Shareholder(s)," "Stock Exchange," "Subsidiary(ies)," "Substantial Shareholder(s)," "TMY ONE," "TMY THREE," "US," "US$," "Wiloru Holdings," "Xringirl," "Zhejiang Zibuyu," and "%"[327](index=327&type=chunk)[328](index=328&type=chunk)[330](index=330&type=chunk)[331](index=331&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk)

截至 2025 年 6 月 30 日止 6 個月未經審計之中期業績公告 截至2025年6月30日止6個月，本集團實現營業收入人民幣1,677.11億元，同比增長11.50%（上年同 期：人民幣1,504.17億元）。 截至2025年6月30日止6個月，本集團實現利潤總額人民幣344.97億元，同比增長59.80%（上年同期： 人民幣215.88億元）。 截至2025年6月30日止6個月，本集團歸屬於上市公司股東的淨利潤為人民幣232.92億元，同比增長 54.41%（上年同期：人民幣150.84億元）。 於2025年6月30日，本集團總資產為人民幣4,397.43億元，較年初增長10.88%（年初：人民幣3,966.11 億元）。 於2025年6月30日，本集團歸屬於上市公司股東的淨資產為人民幣1,420.74億元，較年初增長1.64% （年初：人民幣1,397.86億元）。 董事會審議通過的2025年半年度利潤分配方案為：以實施權益分派股權登記日登記的總股本為基 數，向全體股東每10股派發現金紅利人民幣2.2元（含稅）。 紫金礦業集團股份有限公司（「本公司」╱「公司」）董事會（「董事會」）欣然宣佈本公司及其 ...

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佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 | 財務表現摘要 | | | | --- | --- | --- | | 收入 | 6,936 | 百萬港元 | | 本公司擁有人應佔虧損 | 3,145 | 百萬港元 | | 每股基本虧損 | | 3.96 港元 | | 本公司擁有人應佔每股權益 | | 2.11 港元 | 1 業績 惠記集團有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司 （「本集團」）截至二零二五年六月三十日止六個月之未經審核業績如下： WAI KEE HOLDINGS LIMITED 惠記集團有限公司 （於百慕達註冊成立之有限公司） （股份代號: 610） 截至二零二五年六月三十日止六個月 中期業績公佈 2 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 二零二五年 | | 二零二四年 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 X.J. ELECTRICS (HU BEI) CO., LTD 湖北香江電器股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2619） 截 至2025年6月30日止六個月之中期業績公告 財務摘要 湖 北 香 江 電 器 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」或「我 們」）董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 集 團 截 至2025年6月30日 止 六 個 月（「報 告期間」）之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 截 至2024年6月30日止六個月之 比 較 數 字，該 等 數 字 已 由 董 事 會 審 核 委 員 會（「審核委員會」）審 閱。 – 1 – • 收益由截至2024年6月30日止六個月的人民幣614,400千元減少11.7%至 截 ...

PACIFIC MILLENNIUM PACKAGING GROUP CORPORATION 國 際 濟 豐 包 裝 集 團 （ 於開曼群島註冊成立的有限公司） （股份代號：1820） 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 截至2025年6月30日止六個月 的未經審核中期業績公告 業績摘要 – 1 – . 本期間錄得營業收入約人民幣993.9百萬元（ 同期：約人民幣997.2百萬元 ），較同期減 少約0.3%。 . 本期間本公 司擁有人 應佔淨虧 損約人民 幣24.5 百萬元（ 同期： 淨虧損約 人民幣15.3 百 萬元），較同期淨虧損增加約60.0%。 . 董事會已議決本期間不宣派任何中期股息。 國際濟豐包裝集團（「本公司」，連同其附屬公司「本集團」）董事（「董事」）會（「董事會」）謹此 公佈本集團截至2025年6月30日止六個月（「本期間」）的未經審核簡明綜合業績連同2024年同 期（「同期」）的比較數字如下： 簡明綜合全面 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 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。 Feiyang International Holdings Group Limited 飛揚國際控股（集團）有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1901） 截 至2025年6月30日 止 六 個 月 的 中 期 業 績 公 告 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company's H1 2025 financial performance shows a net loss, though basic earnings per share improved from the prior year - | Indicator | Amount (RMB million) | | :--- | :--- | | Operating Revenue | 48,599 | | Total Profit | -1,069 | | Net Profit Attributable to Shareholders of the Company | -1,144 | | Basic Earnings Per Share | -0.122 Yuan | - The company achieved **operating revenue of RMB 48,599 million** in H1 2025, with a **total loss of RMB 1,069 million**, and a **net loss attributable to shareholders of RMB 1,144 million**. **Basic earnings per share were RMB -0.122**, representing a reduced loss compared to **RMB -0.287** in the prior period[5](index=5&type=chunk) [Definitions](index=2&type=section&id=Definitions) This section provides key term definitions used in the report, ensuring accurate interpretation - This section provides detailed explanations of key terms used in the report, including Company, Group, Anshan Iron and Steel, Angang, Angang Finance Company, and various framework agreements (e.g., "Commodity Supply Framework Agreement", "Service Supply Framework Agreement", "Financial Services Agreement"), ensuring accurate report interpretation[6](index=6&type=chunk)[7](index=7&type=chunk) [I. Key Accounting Data and Financial Indicators](index=4&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the Group's key accounting data and financial indicators, highlighting year-on-year changes and period-end balances Key Accounting Data and Financial Indicators (H1 2025 vs Prior Period) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 48,599 | 55,449 | -12.35 | | Net Profit Attributable to Shareholders of Listed Company | -1,144 | -2,689 | 57.46 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -1,231 | -2,670 | 53.90 | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | | Basic Earnings Per Share (Yuan/share) | -0.122 | -0.287 | 57.49 | | Diluted Earnings Per Share (Yuan/share) | -0.122 | -0.287 | 57.49 | | Weighted Average Return on Net Assets (%) | -2.43 | -5.03 | Increased by 2.60 percentage points | Key Accounting Data and Financial Indicators (End of Current Period vs End of Prior Year) | Item | End of Current Period (RMB million) | End of Prior Year (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 98,421 | 100,578 | -2.14 | | Owners' Equity Attributable to Shareholders of Listed Company | 46,610 | 47,679 | -2.24 | Non-Recurring Gains and Losses (H1 2025) | Item | Amount (RMB million) | | :--- | :--- | | Disposal and Scrapping Gains/Losses of Non-Current Assets | 2 | | Government Grants Included in Current Profit/Loss | 101 | | Fair Value Changes of Trading Financial Assets | 1 | | Fair Value Changes of Other Non-Current Financial Assets | 16 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 1 | | Other Non-Operating Income and Expenses Apart from the Above | 15 | | **Subtotal** | **136** | | Less: Income Tax Impact | 26 | | Impact on Minority Shareholders' Equity (After Tax) | 23 | | **Total** | **87** | [II. Board Report](index=6&type=section&id=II.%20Board%20Report) The Board Report details the company's operational performance, financial changes, and strategic initiatives for the reporting period [(I) Overview](index=6&type=section&id=%28I%29%20Overview) In H1 2025, the company navigated a complex market, improving overall production and operations through "Five-Type" enterprise construction, despite a revenue decline - The company adheres to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing important speeches and continuously deepening the construction of "Five-Type" enterprises, leading to overall improvement in production and operations[14](index=14&type=chunk) H1 2025 Key Operating Data | Indicator | Amount/Quantity | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | RMB 48,599 million | -12.35 | | Net Profit Attributable to Shareholders of Listed Company | RMB -1,144 million | Reduced loss by 57.46 | | Pig Iron Production | 12.1643 million tons | +0.30 | | Steel Production | 12.7908 million tons | -0.53 | | Rolled Steel Production | 12.0353 million tons | -0.52 | | Steel Sales | 12.0211 million tons | +0.08 | | Steel Product Sales Ratio | 99.88% | - | - The company deepened the construction of "Model-Type" enterprises, strengthening political leadership and talent team building, increasing the proportion of young cadres, and making progress in scientific and technological talent cultivation. It also strictly governed the party and actively carried out "I Do Practical Things for the Masses" activities[15](index=15&type=chunk) - The company deepened the construction of "Vibrant-Type" enterprises, promoting market-oriented reforms, deepening Chaoyang Steel Reform 3.0, reshaping the organizational management model, establishing a material procurement center, and building a "2+3+1" performance appraisal system to stimulate micro-entity vitality[16](index=16&type=chunk)[17](index=17&type=chunk) - The company deepened the construction of "Innovative-Type" enterprises, actively serving national strategies, high-standard preparation of the "2030 New Materials Major Project" task guide, accelerating achievement transformation, with high-end product sales increasing by **2.3%** year-on-year. It also strengthened AI+ technology integration applications, established the "Steel Process AI Application Innovation Center", and launched the "Ancloud Zhidin" AI large model platform[18](index=18&type=chunk) - The company deepened the construction of "Brand-Type" enterprises, strengthening domestic and international channel construction, with sales in the Northeast region increasing by **9.5%**, export shipments increasing by **3.9%**, and major project sales growing by **22.3%**. It actively visited customers to enhance service advantages and built a green brand by promoting ultra-low emission transformation projects[19](index=19&type=chunk)[20](index=20&type=chunk) - The company deepened the construction of "Operational-Type" enterprises, vigorously adjusting product mix for efficiency, with the product adjustment index increasing by **7.5%**. It deepened systematic cost reduction, with external energy cost per ton of steel decreasing by **15.2%** year-on-year, Anshan headquarters logistics cost decreasing by **8.8%** year-on-year, and quality cost per ton of steel decreasing by **7.2%**. It strengthened procurement management, with pulverized coal and imported iron ore procurement prices outperforming the market. It also strengthened risk prevention and improved capital efficiency, reducing "two funds" occupation by **RMB 1.829 billion** from the beginning of the year[21](index=21&type=chunk) [1. Year-on-Year Changes in Key Financial Data](index=10&type=section&id=1.%20Year-on-Year%20Changes%20in%20Key%20Financial%20Data) This section details the year-on-year changes and reasons for the company's key financial data in H1 2025, showing decreased revenue but significantly narrowed net loss, increased financial and R&D expenses, and decreased net cash flow Key Financial Data Year-on-Year Changes (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 48,599 | 55,449 | -12.35 | – | | Operating Cost | 48,283 | 56,533 | -14.59 | – | | Selling Expenses | 231 | 267 | -13.48 | – | | Administrative Expenses | 486 | 648 | -25.00 | – | | Financial Expenses | 170 | 120 | 41.67 | Impacted by reasonable increase in interest-bearing debt to cover operating losses and investment expenditure gaps | | Income Tax Expense | 45 | 50 | -10.00 | – | | Research and Development Expenses | 259 | 191 | 35.60 | Impacted by increased investment in external cooperative R&D projects and national scientific research topics | | Total Profit | -1,069 | -2,623 | 59.25 | Improved steel industry situation, company's increased efforts in cost reduction, efficiency improvement, market expansion, and product mix adjustment | | Net Profit Attributable to Shareholders of Listed Company | -1,144 | -2,689 | 57.46 | Same as above, reduced loss by RMB 1,545 million | Cash Flow Year-on-Year Changes (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | – | | Net Cash Flow from Investing Activities | -1,936 | -1,212 | -59.74 | Increased other investment expenditures due to expanded use of bills, and increased equity investment expenditures | | Net Cash Flow from Financing Activities | 121 | 376 | -67.82 | Decreased capital contributions year-on-year, decreased net increase in bank borrowings year-on-year, and increased interest expenses | | Net Increase in Cash and Cash Equivalents | -1,410 | -264 | -434.09 | Net cash flows from operating, investing, and financing activities all decreased year-on-year | [2. Significant Changes in Profit Composition or Sources During the Reporting Period](index=13&type=section&id=2.%20Significant%20Changes%20in%20Profit%20Composition%20or%20Sources%20During%20the%20Reporting%20Period) The company's profit composition or sources did not undergo significant changes during the reporting period - The company's profit composition or sources did not undergo significant changes during the reporting period[27](index=27&type=chunk) [3. Composition of Operating Revenue](index=14&type=section&id=3.%20Composition%20of%20Operating%20Revenue) This section analyzes the company's operating revenue composition by industry, product, and region, including year-on-year changes in gross profit margin, with steel rolling and processing remaining the primary revenue source Operating Revenue Composition (H1 2025) | Item | Amount (RMB million) | Proportion of Operating Revenue (%) | Prior Period Amount (RMB million) | Prior Period Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **48,599** | **100** | **55,449** | **100** | **-12.35** | | **By Industry** | | | | | | | Steel Rolling and Processing Industry | 48,391 | 99.57 | 55,351 | 99.82 | -12.57 | | Other | 208 | 0.43 | 98 | 0.18 | 112.24 | | **By Product** | | | | | | | Steel Products | 43,189 | 88.87 | 48,554 | 87.57 | -11.05 | | Other | 5,410 | 11.13 | 6,895 | 12.43 | -21.54 | | **By Region** | | | | | | | Mainland China | 45,158 | 92.92 | 51,767 | 93.36 | -12.77 | | Exports | 3,441 | 7.08 | 3,682 | 6.64 | -6.55 | Gross Profit Margin Analysis of Main Business (H1 2025) | Item | Operating Revenue (RMB million) | Operating Cost (RMB million) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Gross Profit Margin Year-on-Year Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Steel Rolling and Processing Industry | 48,391 | 48,096 | 0.61 | -12.57 | -14.79 | 2.59 | | **By Product** | | | | | | | | Hot Rolled Sheet Series Products | 15,085 | 15,384 | -1.98 | -13.26 | -14.62 | 1.63 | | Cold Rolled Sheet Series Products | 16,468 | 16,022 | 2.71 | -10.18 | -13.39 | 3.60 | | Medium and Heavy Plates | 8,509 | 8,024 | 5.70 | -7.20 | -13.25 | 6.58 | | **By Region** | | | | | | | | Mainland China | 44,950 | 44,518 | 0.96 | -13.00 | -15.41 | 2.82 | | Exports | 3,441 | 3,578 | -3.98 | -6.55 | -6.26 | -0.31 | [4. Liquidity and Financial Resources](index=16&type=section&id=4.%20Liquidity%20and%20Financial%20Resources) The company maintains good liquidity, with ample credit resources and smooth financing channels to meet debt obligations, and discloses period-end capital commitments [(1) Borrowings and Credit Facilities](index=16&type=section&id=%281%29%20Borrowings%20and%20Credit%20Facilities) As of June 30, 2025, the Group's long-term borrowings totaled RMB 3,880 million with an average interest rate of 2.33%, supported by excellent credit standing and ample financing channels - As of **June 30, 2025**, the Group's long-term borrowings (excluding current portion) amounted to **RMB 3,880 million**, with an average borrowing interest rate of **2.33%**[32](index=32&type=chunk) - The company maintains an "AAA" long-term credit rating, possesses ample credit resources from over ten financial institutions, and has smooth financing channels, enabling it to repay maturing debts[32](index=32&type=chunk) [(2) Capital Commitments](index=16&type=section&id=%282%29%20Capital%20Commitments) As of June 30, 2025, the Group's total capital commitments were RMB 2,502 million, primarily for construction and renovation contracts and external investment contracts Capital Commitments Composition (June 30, 2025) | Item | Amount (RMB million) | | :--- | :--- | | Construction and Renovation Contracts Signed but Not Yet Performed or Fully Performed | 2,488 | | External Investment Contracts Signed but Not Yet Performed or Fully Performed | 14 | | **Total** | **2,502** | [5. Foreign Exchange Risk](index=16&type=section&id=5.%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk primarily arises from import and export agency transactions conducted through Angang International Trade Company, where exchange rate fluctuations can impact sales and procurement costs - The Group's foreign currency transactions are entirely conducted through Angang International Trade Company for import and export agency, with foreign currency risk primarily reflected in the impact of exchange rate fluctuations on sales and procurement costs during agency settlement[33](index=33&type=chunk) [Analysis of Other Income and Profit/Loss Items](index=17&type=section&id=Analysis%20of%20Other%20Income%20and%20Profit%2FLoss%20Items) This section analyzes the amounts, causes, and sustainability of non-recurring profit and loss items, including investment income, fair value changes, asset impairment losses, other income, and non-operating income/expenses Other Income and Profit/Loss Items (H1 2025) | Item | Amount (RMB million) | Proportion of Total Profit (%) | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 218 | Not Applicable | Primarily long-term equity investment income accounted for using the equity method | Yes | | Fair Value Change Gains/Losses | -12 | Not Applicable | Primarily fair value changes of derivative financial instruments and other non-current financial assets | Yes | | Asset Impairment Losses | -81 | Not Applicable | Provision for inventory depreciation | No | | Other Income | 146 | Not Applicable | Primarily government grants and tax incentives | No | | Non-Operating Income | 21 | Not Applicable | Primarily gains from disposal of non-current assets and income from unpayable accounts | No | | Non-Operating Expenses | 4 | Not Applicable | Primarily losses from disposal of non-current assets | No | [1. Significant Changes in Asset Composition](index=18&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) This section lists the period-end balances, proportion of total assets, and changes compared to the prior year-end for key balance sheet items, showing a significant increase in short-term borrowings and a significant decrease in long-term borrowings Significant Changes in Asset Composition (June 30, 2025 vs End of Prior Year) | Item | End of Current Period Amount (RMB million) | Proportion of Total Assets (%) | End of Prior Year Amount (RMB million) | Prior Year-End Proportion of Total Assets (%) | Change in Proportion (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 3,134 | 3.18 | 4,544 | 4.52 | -1.34 | | Inventories | 13,853 | 14.08 | 14,769 | 14.68 | -0.60 | | Fixed Assets | 52,714 | 53.56 | 51,842 | 51.54 | 2.02 | | Construction in Progress | 4,806 | 4.88 | 5,802 | 5.77 | -0.89 | | Short-Term Borrowings | 7,749 | 7.87 | 1,174 | 1.17 | 6.70 | | Contract Liabilities | 4,917 | 5.00 | 4,557 | 4.53 | 0.47 | | Long-Term Borrowings | 3,880 | 3.94 | 10,991 | 10.93 | -6.99 | [2. Major Overseas Assets](index=18&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[38](index=38&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=19&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This section discloses the company's financial assets and liabilities measured at fair value, including trading financial assets, derivative financial assets, other equity instrument investments, other non-current financial assets, and derivative financial liabilities Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Beginning Balance (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Cumulative Fair Value Changes Included in Equity (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | Trading Financial Assets (Excluding Derivative Financial Assets) | 15 | 1 | | 16 | | Derivative Financial Assets | | 4 | | 4 | | Other Equity Instrument Investments | 690 | | 258 | 696 | | Other Non-Current Financial Assets | 104 | 16 | | 120 | | **Subtotal of Financial Assets** | **809** | **21** | **258** | **836** | | **Financial Liabilities** | 1 | 21 | | 22 | - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[40](index=40&type=chunk) [4. Capital-to-Debt Ratio](index=20&type=section&id=4.%20Capital-to-Debt%20Ratio) As of June 30, 2025, the Group's shareholder equity to debt ratio was 0.94 times, consistent with December 31, 2024 - As of **June 30, 2025**, the Group's shareholder equity to debt ratio was **0.94 times**, consistent with the end of the prior year[41](index=41&type=chunk) [5. Restricted Assets at the End of the Reporting Period](index=20&type=section&id=5.%20Restricted%20Assets%20at%20the%20End%20of%20the%20Reporting%20Period) As of June 30, 2025, the Group's restricted assets consisted of pledged time deposits of RMB 216 million listed under other current assets - As of **June 30, 2025**, the Group's restricted assets consisted of pledged time deposits of **RMB 216 million**[42](index=42&type=chunk) [6. Contingent Liabilities](index=20&type=section&id=6.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of **June 30, 2025**, the Group had no contingent liabilities[43](index=43&type=chunk) [(V) Second Half Operating Plan](index=20&type=section&id=%28V%29%20Second%20Half%20Operating%20Plan) The company's H2 plan focuses on high-end, intelligent, and green development, deepening reforms, and enhancing quality, cost reduction, and efficiency to achieve annual targets - The company's second half operating plan focuses on high-end, intelligent, and green development, and the construction of "Five-Type" enterprises[44](index=44&type=chunk) - Key strategies include strict party governance, deepening reforms, strengthening technological innovation, enhancing brand building, and focusing on quality improvement and efficiency enhancement[44](index=44&type=chunk) [External Investments](index=21&type=section&id=External%20Investments) This section discloses the company's external investments during the reporting period, including total investment, securities investments, and derivative investments, with detailed explanations of hedging purposes, risk analysis, and control measures for derivatives [1. Overall Situation](index=21&type=section&id=1.%20Overall%20Situation) During the reporting period, the company's external investment amounted to RMB 271 million, a 160.58% increase year-on-year External Investment Situation (H1 2025) | Indicator | Amount (RMB million) | | :--- | :--- | | Investment Amount for the Reporting Period | 271 | | Investment Amount for the Prior Period | 104 | | Change Magnitude (%) | 160.58 | [2. Significant Equity Investments Acquired During the Reporting Period](index=21&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[46](index=46&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=21&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[46](index=46&type=chunk) [4. Financial Asset Investments](index=22&type=section&id=4.%20Financial%20Asset%20Investments) During the reporting period, the company engaged in securities and derivative investments, with derivative investments primarily for hedging purposes to mitigate commodity price fluctuation risks [(1) Securities Investments](index=22&type=section&id=%281%29%20Securities%20Investments) The company holds shares in Zhuye Group and Qianli Technology, both measured at fair value, with period-end book values of RMB 52 million and RMB 16 million, respectively Securities Investment Situation (June 30, 2025) | Security Type | Security Code | Security Abbreviation | Beginning Book Value (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Ending Book Value (RMB million) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock | 600961 | Zhuye Group | 36 | 16 | 52 | Trading Financial Assets | Own Funds | | Stock | 601777 | Qianli Technology | 15 | 1 | 16 | Trading Financial Assets | Debt Restructuring | [(2) Derivative Investments](index=22&type=section&id=%282%29%20Derivative%20Investments) During the reporting period, the company engaged in futures hedging derivative investments for hedging purposes, with a period-end investment amount of RMB 362 million, representing 0.76% of net assets, effectively managing market fluctuation risks [1) Derivative Investments for Hedging Purposes During the Reporting Period](index=22&type=section&id=1%EF%BC%89%20Derivative%20Investments%20for%20Hedging%20Purposes%20During%20the%20Reporting%20Period) The company conducted futures hedging, with a period-end investment of RMB 362 million, representing 0.76% of net assets, effectively offsetting commodity price risks through spot-futures linkage and robust risk management Derivative Investment Situation (H1 2025) | Derivative Investment Type | Beginning Balance (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Ending Balance (RMB million) | Proportion of Ending Investment Amount to Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Futures Hedging | 244 | -29 | 362 | 0.76 | - The company's financial derivative activities are all based on hedging principles, with all derivative operations corresponding to actual commodity businesses, achieving good overall hedging effectiveness through spot-futures linkage, where financial derivative gains/losses can effectively offset actual commodity gains/losses[52](index=52&type=chunk) - The company effectively prevents market risk, liquidity risk, credit risk, operational risk, and legal risk by formulating and improving the "Hedging Business Management Measures", strengthening personnel training, and designing specific operating procedures[53](index=53&type=chunk) [2) Derivative Investments for Speculative Purposes During the Reporting Period](index=25&type=section&id=2%EF%BC%89%20Derivative%20Investments%20for%20Speculative%20Purposes%20During%20the%20Reporting%20Period) The company did not engage in derivative investments for speculative purposes during the reporting period - The company did not engage in derivative investments for speculative purposes during the reporting period[54](index=54&type=chunk) [5. Use of Raised Funds](index=25&type=section&id=5.%20Use%20of%20Raised%20Funds) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[54](index=54&type=chunk) [(VII) Significant Asset and Equity Disposals](index=25&type=section&id=%28VII%29%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not undertake any significant asset disposals during the reporting period[54](index=54&type=chunk) - The company did not undertake any significant equity disposals during the reporting period[54](index=54&type=chunk) [(VIII) Analysis of Major Subsidiaries and Associates](index=26&type=section&id=%28VIII%29%20Analysis%20of%20Major%20Subsidiaries%20and%20Associates) This section lists the company's major subsidiaries and associates with a net profit impact exceeding 10%, including financial data for Chaoyang Steel and Angang ThyssenKrupp Automotive Steel Co., Ltd Major Subsidiaries and Associates (H1 2025) | Company Name | Company Type | Main Business | Registered Capital | Total Assets (RMB million) | Net Assets (RMB million) | Operating Revenue (RMB million) | Operating Profit (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chaoyang Steel | Production Enterprise | Steel Rolling and Processing | 8,000 | 6,468 | 3,522 | 3,660 | -204 | -203 | | Angang ThyssenKrupp Automotive Steel Co., Ltd | Production Enterprise | Metal Products | USD 132 million | 3,878 | 1,424 | 2,616 | 384 | 320 | - The company neither acquired nor disposed of subsidiaries during the reporting period[57](index=57&type=chunk) [(IX) Structured Entities Controlled by the Company](index=26&type=section&id=%28IX%29%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[58](index=58&type=chunk) [(X) Purchase, Sale or Redemption of the Company's Listed Shares](index=26&type=section&id=%28X%29%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Shares) On February 28, 2025, the company completed the repurchase and cancellation of 14,180,048 restricted shares held by 183 incentive recipients; no other securities were purchased, sold, or redeemed - On **February 28, 2025**, the company completed the repurchase and cancellation of **14,180,048 restricted shares** held by **183 incentive recipients**[59](index=59&type=chunk) - Apart from the aforementioned, the company and its subsidiaries did not purchase, sell, or redeem any securities during the reporting period[59](index=59&type=chunk) [(XI) Directors' Securities Transactions](index=27&type=section&id=%28XI%29%20Directors%27%20Securities%20Transactions) The company's Board of Directors has adopted a code for directors' securities transactions and supervises employee transactions with sensitive information, with all board members confirming compliance - The company's Board of Directors has adopted a code for directors' securities transactions and imposes supervision on securities transactions by employees who may possess sensitive information[60](index=60&type=chunk) - Board members confirmed compliance with the standards stipulated in Appendix C3 of the Hong Kong Stock Exchange Listing Rules[60](index=60&type=chunk) [(XII) Independent Non-Executive Directors](index=27&type=section&id=%28XII%29%20Independent%20Non-Executive%20Directors) During the reporting period, the company's Board of Directors complied with the Hong Kong Stock Exchange Listing Rules regarding the number and professional qualifications of independent non-executive directors - The company's Board of Directors complies with Rule 3.10(1) of the Hong Kong Stock Exchange Listing Rules regarding a minimum of three independent non-executive directors[61](index=61&type=chunk) - The company's Board of Directors complies with Rule 3.10(2) of the Hong Kong Stock Exchange Listing Rules regarding one independent non-executive director possessing professional qualifications or expertise in accounting/relevant financial management[61](index=61&type=chunk) [(XIII) Audit Committee](index=27&type=section&id=%28XIII%29%20Audit%20Committee) The company has established an Audit Committee, which has reviewed the adopted accounting standards, principles, and methods, as well as the unaudited semi-annual financial report for the six months ended June 30, 2025 - The company has established an Audit Committee in compliance with Rule 3.21 of the Hong Kong Stock Exchange Listing Rules[62](index=62&type=chunk) - The Audit Committee has reviewed the company's accounting standards, principles, and methods, and considered auditing, internal controls, and the semi-annual financial report[62](index=62&type=chunk) [III. Significant Matters](index=28&type=section&id=III.%20Significant%20Matters) This section covers significant matters including profit distribution, related party transactions, major contracts, and corporate governance [(I) Profit Distribution and Capital Reserve to Share Capital Conversion Plan for the Current Period](index=28&type=section&id=%28I%29%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20Plan%20for%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[63](index=63&type=chunk) [(II) Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=28&type=section&id=%28II%29%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company[64](index=64&type=chunk) [(III) Significant Related Party Transactions](index=28&type=section&id=%28III%29%20Significant%20Related%20Party%20Transactions) This section details the company's significant related party transactions during the reporting period, including procurement, services, sales, and financial services with related financial companies, all priced at market rates and within approved limits [1. Related Party Transactions Related to Ordinary Course of Business](index=28&type=section&id=1.%20Related%20Party%20Transactions%20Related%20to%20Ordinary%20Course%20of%20Business) The company engaged in various ordinary course related party transactions with Angang Group and its subsidiaries, including procurement, services, sales, and financial services, all at market prices and within approved limits Ordinary Course Related Party Procurement of Goods/Acceptance of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Group Mining Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 7,929 | 12.75 | | | Angang Green Gold Industry Development Co., Ltd. | Contact person of controlling shareholder | Procurement of Goods/Acceptance of Services | 1,538 | 2.47 | | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 1,203 | 1.93 | | | Shanxi Wuchan International Energy Co., Ltd. | Contact person of controlling shareholder | Procurement of Goods/Acceptance of Services | 497 | 0.80 | | | Angang Group Zhongyuan Industry Development Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 478 | 0.77 | | | Anshan Iron and Steel Metallurgical Furnace Material Technology Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 400 | 0.64 | | | Anshan Iron and Steel Group Refractory Material Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 399 | 0.64 | | | Benxi Steel Group Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 324 | 0.52 | | | Angang Casting Steel Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 262 | 0.42 | | | Lingyuan Iron and Steel Group Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 259 | 0.42 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 510 | 0.82 | | | **Subtotal** | | **Procurement of Goods** | **13,799** | **22.18** | **50,598** | Ordinary Course Related Party Acceptance of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Services | 1,295 | 18.49 | | | Angang Group Engineering Technology Development Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Services | 502 | 7.17 | | | Anshan Iron and Steel Group Co., Ltd. | Controlling Shareholder | Acceptance of Services | 336 | 4.80 | | | Angang Group Engineering Technology Co., Ltd. | Contact person of controlling shareholder | Acceptance of Services | 334 | 4.77 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Acceptance of Services | 799 | 11.41 | | | **Subtotal** | | **Acceptance of Services** | **3,266** | **46.64** | **12,346** | Ordinary Course Related Party Sales of Products/Provision of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 2,425 | 3.68 | | | Angang Cold Rolled Steel Plate (Putian) Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 957 | 1.45 | | | Benxi Steel Group Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 573 | 0.87 | | | Angang Group International Economic and Trade Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 377 | 0.57 | | | Angang Group Zhongyuan Industry Development Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 277 | 0.42 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 424 | 0.64 | | | **Subtotal** | | **Sales of Products** | **5,033** | **7.63** | **23,260** | | Angang Group | Under control of the same controlling shareholder | Provision of Services | 210 | 23.57 | | | **Subtotal** | | **Provision of Services** | **210** | **23.57** | **544** | Ordinary Course Related Party Acceptance of Financial Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Settlement Fund Deposit Interest | 18 | 69.23 | 100 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Maximum Daily Deposit Balance | 4,781 | – | 5,000 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Credit Business Interest | 1 | 0.57 | 250 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Entrusted Loan Interest | – | – | 100 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Commercial Factoring | – | – | 1,000 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Commercial Factoring Interest | – | – | 50 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Provide Commercial Factoring for Company's Suppliers | 29 | 16.86 | 3,000 | - During the reporting period, the total amount of the company's ordinary course related party transactions did not exceed the upper limit approved by the shareholders' meeting and the estimated amount at the beginning of the year[70](index=70&type=chunk) - The rationality of related party transactions lies in Angang Group being part of the company's supply chain, providing raw materials, auxiliary materials, energy, and technical services, while the company also sells products and services to Angang Group[71](index=71&type=chunk) [2. Related Party Transactions Involving Asset or Equity Acquisitions/Disposals](index=32&type=section&id=2.%20Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%2FDisposals) The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[72](index=72&type=chunk) [3. Related Party Transactions Involving Joint External Investments](index=33&type=section&id=3.%20Related%20Party%20Transactions%20Involving%20Joint%20External%20Investments) The company jointly invested with related parties in Green Gold (Benxi) Renewable Resources Co., Ltd. and Angang Energy Technology Co., Ltd., focusing on renewable resource processing and energy technology businesses Related Party Transactions Involving Joint External Investments (H1 2025) | Joint Investor | Relationship | Invested Enterprise Name | Main Business | Registered Capital (RMB million) | Total Assets (RMB million) | Net Assets (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Green Gold Industry Development Co., Ltd., Benxi Steel Plate Co., Ltd. | Under control of the same controlling shareholder | Green Gold (Benxi) Renewable Resources Co., Ltd. | Renewable resource processing, sales, recycling | 60 | 142 | 61 | 1 | | Angang Steel Co., Ltd., Angang Group Engineering Technology Development Co., Ltd. | Under control of the same controlling shareholder | Angang Energy Technology Co., Ltd. | Wholesale and retail of compressed and liquefied gases; urban civil, public, industrial centralized heating and heat supply, etc. | 201 | 477 | 370 | 21 | [4. Related Party Debt and Credit Transactions](index=33&type=section&id=4.%20Related%20Party%20Debt%20and%20Credit%20Transactions) The company had no non-operating related party debt and credit transactions during the reporting period - The company had no non-operating related party debt and credit transactions during the reporting period[74](index=74&type=chunk) [5. Transactions with Related Financial Companies](index=34&type=section&id=5.%20Transactions%20with%20Related%20Financial%20Companies) The company has deposit and loan business dealings with Angang Finance Company, with period-end deposit balances of RMB 2,941 million and loan balances of RMB 315 million Deposit Business Transactions with Angang Finance Company (H1 2025) | Related Party | Relationship | Maximum Daily Deposit Limit (RMB million) | Deposit Interest Rate Range (%) | Beginning Balance (RMB million) | Total Deposits for the Period (RMB million) | Total Withdrawals for the Period (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | 5,000 | 0.2-0.65 | 4,006 | 175,134 | 176,199 | 2,941 | Loan Business Transactions with Angang Finance Company (H1 2025) | Related Party | Relationship | Loan Limit (RMB million) | Loan Interest Rate Range (%) | Beginning Balance (RMB million) | Total Loans for the Period (RMB million) | Total Repayments for the Period (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | 1,500 | 2.11 | – | 315 | – | 315 | [6. Transactions of Financial Companies Controlled by the Company with Related Parties](index=35&type=section&id=6.%20Transactions%20of%20Financial%20Companies%20Controlled%20by%20the%20Company%20with%20Related%20Parties) The company had no transactions of controlled financial companies with related parties during the reporting period - The company had no transactions of controlled financial companies with related parties during the reporting period[78](index=78&type=chunk) [7. Other Significant Related Party Transactions](index=35&type=section&id=7.%20Other%20Significant%20Related%20Party%20Transactions) The company had no other significant related party transactions during the reporting period - The company had no other significant related party transactions during the reporting period[79](index=79&type=chunk) [(IV) Significant Contracts and Their Performance](index=35&type=section&id=%28IV%29%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant contract performance during the reporting period, primarily involving asset and business entrustment management service agreements and land leases with Anshan Iron and Steel, with no major guarantees, wealth management, or other significant contracts [1. Entrustment, Contracting, and Leasing Matters](index=35&type=section&id=1.%20Entrustment%2C%20Contracting%2C%20and%20Leasing%20Matters) The company signed asset and business entrustment management service agreements with Anshan Iron and Steel and leased some of its land assets for production and operations, paying RMB 32 million in rent during H1 [(1) Entrustment Situation](index=35&type=section&id=%281%29%20Entrustment%20Situation) The company signed an "Asset and Business Entrustment Management Service Agreement" with Anshan Iron and Steel, entrusting the management of its unlisted units' assets, businesses, and future new assets and expanded businesses; no entrusted project's profit/loss reached 10% of the company's total profit during the reporting period - The company signed an "Asset and Business Entrustment Management Service Agreement" with Anshan Iron and Steel, entrusting the management of its unlisted units' assets, businesses, and future new assets and expanded businesses[81](index=81&type=chunk) - During the reporting period, no entrusted project's profit or loss reached **10%** or more of the company's total profit for the reporting period[81](index=81&type=chunk) [(2) Contracting Situation](index=35&type=section&id=%282%29%20Contracting%20Situation) The company had no contracting situations during the reporting period - The company had no contracting situations during the reporting period[82](index=82&type=chunk) [(3) Leasing Situation](index=36&type=section&id=%283%29%20Leasing%20Situation) The company leased some land assets from Anshan Iron and Steel and its subsidiaries for production and operations, paying RMB 32 million in rent in H1 2025, with no leasing matters' profit/loss reaching 10% of total profit - The company uses some land assets from Anshan Iron and Steel and its subsidiaries for its production and operations, paying a total of **RMB 32 million** in rent in H1 2025[84](index=84&type=chunk) - During the reporting period, no leasing matter's profit or loss reached **10%** or more of the company's total profit for the reporting period[84](index=84&type=chunk) [2. Significant Guarantees](index=36&type=section&id=2.%20Significant%20Guarantees) The company had no significant guarantees during the reporting period - The company had no significant guarantees during the reporting period[85](index=85&type=chunk) [3. Wealth Management](index=36&type=section&id=3.%20Wealth%20Management) The company had no wealth management activities during the reporting period - The company had no wealth management activities during the reporting period[86](index=86&type=chunk) [4. Other Significant Contracts](index=37&type=section&id=4.%20Other%20Significant%20Contracts) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[87](index=87&type=chunk) [IV. Corporate Governance](index=37&type=section&id=IV.%20Corporate%20Governance) The company adheres to corporate governance regulations, establishing a sound system and effective internal controls, and consistently reviews and improves its governance practices - The company strictly complies with the "Company Law", "Securities Law", and the requirements of the China Securities Regulatory Commission and Hong Kong Stock Exchange Listing Rules, establishing a sound corporate governance system and effective internal control system[88](index=88&type=chunk) - The company is committed to improving its corporate governance level, regularly reviewing corporate governance practices, and has largely complied with the Corporate Governance Code for the six months ended June 30, 2025[89](index=89&type=chunk) [V. Financial Information](index=38&type=section&id=V.%20Financial%20Information) This section provides detailed financial information, including the consolidated balance sheet, consolidated income statement, and comprehensive notes to the financial statements [Consolidated Balance Sheet](index=38&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were RMB 98,421 million, slightly down from the prior year-end, with total current liabilities of RMB 45,436 million, non-current liabilities of RMB 5,340 million, and equity attributable to parent company shareholders of RMB 46,610 million Consolidated Balance Sheet Key Data (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | **Total Current Assets** | **26,600** | **28,250** | | Cash and Bank Balances | 3,134 | 4,544 | | Trading Financial Assets | 16 | 15 | | Derivative Financial Assets | 4 | | | Notes Receivable | 235 | 55 | | Accounts Receivable | 2,711 | 2,952 | | Accounts Receivable Financing | 1,809 | 918 | | Inventories | 13,853 | 14,769 | | **Total Non-Current Assets** | **71,821** | **72,328** | | Long-Term Equity Investments | 3,804 | 3,840 | | Fixed Assets | 52,714 | 51,842 | | Construction in Progress | 4,806 | 5,802 | | **Total Assets** | **98,421** | **100,578** | | **Total Current Liabilities** | **45,436** | **39,439** | | Short-Term Borrowings | 7,749 | 1,174 | | Derivative Financial Liabilities | 22 | 1 | | Notes Payable | 17,609 | 17,957 | | Accounts Payable | 6,904 | 8,281 | | Contract Liabilities | 4,917 | 4,557 | | Non-Current Liabilities Due Within One Year | 1,574 | 700 | | **Total Non-Current Liabilities** | **5,340** | **12,468** | | Long-Term Borrowings | 3,880 | 10,991 | | **Total Liabilities** | **50,776** | **51,907** | | **Total Equity Attributable to Parent Company Shareholders** | **46,610** | **47,679** | | **Total Shareholders' Equity** | **47,645** | **48,671** | [Consolidated Income Statement](index=42&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company reported total operating revenue of RMB 48,599 million, total operating costs of RMB 49,956 million, a net loss of RMB 1,114 million, and a net loss attributable to parent company owners of RMB 1,144 million, with basic earnings per share of RMB -0.122 Consolidated Income Statement Key Data (H1 2025 vs Prior Period) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **48,599** | **55,449** | | Operating Revenue | 48,599 | 55,449 | | **II. Total Operating Costs** | **49,956** | **58,177** | | Operating Cost | 48,283 | 56,533 | | Selling Expenses | 231 | 267 | | Administrative Expenses | 486 | 648 | | Research and Development Expenses | 259 | 191 | | Financial Expenses | 170 | 120 | | Add: Other Income | 146 | 65 | | Investment Income | 218 | 253 | | Fair Value Change Gains/Losses | -12 | 34 | | Asset Impairment Losses | -81 | -205 | | **III. Operating Profit** | **-1,086** | **-2,549** | | Add: Non-Operating Income | 21 | 7 | | Less: Non-Operating Expenses | 4 | 81 | | **IV. Total Profit** | **-1,069** | **-2,623** | | Less: Income Tax Expense | 45 | 50 | | **V. Net Profit** | **-1,114** | **-2,673** | | Net Profit Attributable to Parent Company Owners | -1,144 | -2,689 | | Minority Shareholders' Profit/Loss | 30 | 16 | | **VII. Total Comprehensive Income** | **-1,106** | **-2,657** | | Total Comprehensive Income Attributable to Parent Company Shareholders | -1,136 | -2,673 | | **VIII. Earnings Per Share** | | | | Basic Earnings Per Share (Yuan/share) | -0.122 | -0.287 | | Diluted Earnings Per Share (Yuan/share) | -0.122 | -0.287 | [Notes to Financial Statements](index=45&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes to the financial statements, covering basis of preparation, accounts receivable, accounts payable, retained earnings, operating revenue and cost, taxes and surcharges, depreciation and amortization, financial expenses, income tax expense, return on net assets and earnings per share, segment information, commitments, events after the balance sheet date, net current assets, and total assets less current liabilities [1. Basis of Preparation of Financial Statements](index=45&type=section&id=1.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The Group's financial statements are prepared under the going concern assumption, in accordance with Accounting Standards for Business Enterprises and disclosure requirements of the CSRC and HKEX Listing Rules, using accrual basis and historical cost - The Group assessed its ability to continue as a going concern for the 12 months from **June 30, 2025**, and found no significant doubts[99](index=99&type=chunk) - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and applicable disclosure provisions of the China Securities Regulatory Commission and the Hong Kong Stock Exchange Listing Rules, on an accrual basis, and measured at historical cost, except for certain financial instruments[100](index=100&type=chunk) [2. Accounts Receivable](index=46&type=section&id=2.%20Accounts%20Receivable) As of June 30, 2025, the company's accounts receivable had a book value of RMB 2,711 million, with total bad debt provisions of RMB 402 million, primarily comprising receivables within one year and a high concentration among the top five debtors Accounts Receivable Classification Disclosure (June 30, 2025) | Category | Book Balance (RMB million) | Proportion (%) | Bad Debt Provision (RMB million) | Provision Rate (%) | Book Value (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable for which Bad Debt Provision is Made Individually | 453 | 14.55 | 398 | 87.86 | 55 | | Accounts Receivable for which Bad Debt Provision is Made by Portfolio | 2,660 | 85.45 | 4 | 0.15 | 2,656 | | Of which: Risk-Free Portfolio | 1,444 | 46.39 | | | 1,444 | | Aging Risk Matrix Portfolio | 1,216 | 39.06 | 4 | 0.33 | 1,212 | | **Total** | **3,113** | **100.00** | **402** | **12.91** | **2,711** | Accounts Receivable by Aging (June 30, 2025) | Aging | June 30, 2025 (RMB million) | | :--- | :--- | | Within 1 year | 2,588 | | 1-2 years | 72 | | 2-3 years | 2 | | 3-4 years | 2 | | Over 5 years | 449 | | **Total** | **3,113** | - The aggregated amount of the top five accounts receivable by debtor as of **June 30, 2025**, was **RMB 1,863 million**, accounting for **59.85%** of the total accounts receivable balance[106](index=106&type=chunk) - During the current period, accounts receivable of **RMB 985 million** were transferred without recourse, incurring related derecognition expenses of **RMB 4 million**[107](index=107&type=chunk) [3. Accounts Payable](index=49&type=section&id=3.%20Accounts%20Payable) As of June 30, 2025, the company's total accounts payable were RMB 6,904 million, with 98.99% due within one year, and a significant amount of RMB 5 million owed to Angang Construction Group Co., Ltd. for over one year Accounts Payable by Aging (June 30, 2025) | Item | Amount (RMB million) | Proportion (%) | | :--- | :--- | :--- | | Within 1 year | 6,834 | 98.99 | | 1-2 years | 27 | 0.39 | | 2-3 years | 7 | 0.10 | | Over 3 years | 36 | 0.52 | | **Total** | **6,904** | **100.00** | - Significant accounts payable with an aging of over 1 year include **RMB 5 million** to Angang Construction Group Co., Ltd[109](index=109&type=chunk) [4. Retained Earnings](index=50&type=section&id=4.%20Retained%20Earnings) As of June 30, 2025, the company's retained earnings were RMB -1,465 million, primarily influenced by the net loss transferred in the current period Retained Earnings Changes (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | December 31, 2024 | -321 | | January 1, 2025 | -321 | | Increase for the Period | -1,144 | | Of which: Net Profit Transferred for the Period | -1,144 | | **June 30, 2025** | **-1,465** | [5. Operating Revenue and Operating Cost](index=50&type=section&id=5.%20Operating%20Revenue%20and%20Operating%20Cost) In H1 2025, the company's operating revenue was RMB 48,599 million and operating cost was RMB 48,283 million, with the main business being steel product production and sales, primarily from Mainland China Operating Revenue and Operating Cost by Product Content (H1 2025) | Item | Revenue (RMB million) | Cost (RMB million) | | :--- | :--- | :--- | | Main Business | 48,391 | 48,096 | | Other Businesses | 208 | 187 | | **Total** | **48,599** | **48,283** | Operating Revenue by Region (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | External Transaction Revenue from Mainland China | 45,158 | | External Transaction Revenue from Overseas | 3,441 | | **Total** | **48,599** | - The Group is divided into one operating segment based on business type: production and sales of steel products[112](index=112&type=chunk) [6. Taxes and Surcharges](index=51&type=section&id=6.%20Taxes%20and%20Surcharges) In H1 2025, the company's total taxes and surcharges amounted to RMB 527 million, primarily comprising land use tax, environmental protection tax, and property tax Taxes and Surcharges Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Land Use Tax | 219 | 220 | | Environmental Protection Tax | 112 | 35 | | Property Tax | 91 | 86 | | Stamp Duty | 53 | 59 | | Urban Maintenance and Construction Tax | 18 | 9 | | Resource Tax | 15 | 1 | | Education Surcharge | 13 | 7 | | Consumption Tax | 5 | | | Other | 1 | 1 | | **Total** | **527** | **418** | [7. Depreciation and Amortization](index=52&type=section&id=7.%20Depreciation%20and%20Amortization) In H1 2025, the company's total depreciation and amortization amounted to RMB 2,164 million, with fixed asset depreciation constituting the major portion Depreciation and Amortization Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Fixed Asset Depreciation | 1,907 | 1,802 | | Intangible Asset Amortization | 225 | 203 | | Right-of-Use Asset Depreciation | 32 | 31 | | **Total** | **2,164** | **2,036** | [8. Financial Expenses](index=52&type=section&id=8.%20Financial%20Expenses) In H1 2025, the company's total financial expenses were RMB 170 million, primarily driven by interest expenses, with a significant increase in interest expenses for long-term borrowings and bonds Financial Expenses Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Interest Expense | 185 | 136 | | Of which: Interest Expense on Long-Term Borrowings and Bonds | 145 | 69 | | Interest Expense on Short-Term Borrowings and Letters of Credit | 33 | 38 | | Other Interest Expenses | 7 | 29 | | Less: Interest Income | 26 | 26 | | Less: Capitalized Interest Amount | 3 | 9 | | Other | 14 | 19 | | **Total** | **170** | **120** | [9. Income Tax Expense](index=52&type=section&id=9.%20Income%20Tax%20Expense) In H1 2025, the company's income tax expense was RMB 45 million, mainly composed of current income tax expense and deferred income tax adjustments Income Tax Expense Table (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Current Income Tax Expense | 38 | 34 | | Deferred Income Tax Adjustment | 7 | 16 | | **Total** | **45** | **50** | Reconciliation of Accounting Profit to Income Tax Expense (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | Total Profit | -1,069 | | Income Tax Expense Calculated at Statutory/Applicable Tax Rate | -160 | | Impact of Different Tax Rates Applicable to Subsidiaries | -3 | | Impact of Deductible Temporary Differences or Deductible Losses for which Deferred Income Tax Assets were Not Recognized in the Current Period | 208 | | **Income Tax Expense** | **45** | [10. Return on Net Assets and Earnings Per Share](index=53&type=section&id=10.%20Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) In H1 2025, the company's weighted average return on net assets attributable to ordinary shareholders was -2.43%, with basic and diluted earnings per share both at -0.122 Yuan/share Return on Net Assets and Earnings Per Share (H1 2025) | Item | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB Yuan/share) - Basic | Earnings Per Share (RMB Yuan/share) - Diluted | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -2.43 | -0.122 | -0.122 | | Net Profit Attributable to Ordinary Shareholders Excluding Non-Recurring Gains and Losses | -2.61 | -0.131 | -0.131 | [11. Segment Information](index=53&type=section&id=11.%20Segment%20Information) The Group is divided into one operating segment based on business type: production and sales of steel products - The Group is divided into one operating segment based on business type: production and sales of steel products[117](index=117&type=chunk) [12. Commitments](index=54&type=section&id=12.%20Commitments) As of June 30, 2025, the company's total commitments amounted to RMB 2,502 million, primarily for construction and renovation contracts signed but not yet performed or fully performed Commitments (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | External Investment Contracts Signed but Not Yet Performed or Fully Performed | 14 | 126 | | Construction and Renovation Contracts Signed but Not Yet Performed or Fully Performed | 2,488 | 2,439 | | **Total** | **2,502** | **2,565** | [13. Events After the Balance Sheet Date](index=54&type=section&id=13.%20Events%20After%20the%20Balance%20Sheet%20Date) As of June 30, 2025, the Group had no events after the balance sheet date requiring disclosure - As of **June 30, 2025**, the Group had no events after the balance sheet date requiring disclosure[120](index=120&type=chunk) [14. Net Current Assets](index=54&type=section&id=14.%20Net%20Current%20Assets) As of June 30, 2025, the company's net current assets were RMB -18,836 million, a further deterioration from RMB -11,189 million at the end of the prior year Net Current Assets (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Current Assets | 26,600 | 28,250 | | Less: Current Liabilities | 45,436 | 39,439 | | **Net Current Assets/(Liabilities)** | **-18,836** | **-11,189** | [15. Total Assets Less Current Liabilities](index=55&type=section&id=15.%20Total%20Assets%20Less%20Current%20Liabilities) As of June 30, 2025, the company's total assets less current liabilities amounted to RMB 52,985 million, a decrease from RMB 61,139 million at the end of the prior year Total Assets Less Current Liabilities (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 98,421 | 100,578 | | Less: Current Liabilities | 45,436 | 39,439 | | **Total Assets Less Current Liabilities** | **52,985** | **61,139** |

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 AI X Tech Inc. 車市科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1490） 截至2025年6月30日止六個月的中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審計中期簡明綜合業 績，連同2024年同期的比較數字載列如下： 財務摘要 截至2025年6月30日止六個月 2025年 2024年 變動 人民幣千元 人民幣千元 % 收入 66,360 66,974 -0.9 毛利 43,709 42,316 3.3 期內（虧損）╱利潤 (1,769) 4,328 -140.9 經調整（淨虧損）╱純利(1) (1,769) 4,328 -140.9 (1) 經調整純利被界定為通過加回以股份為基礎的酬金開支（為首次公開發售後受限制股份 單位計劃開支）予以調整之期內利潤。截至2025年6月30日止六個月以股份為基礎的酬 金開支為零（截至2024年6月30日止六個月：少 ...

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，且明確表示概不就因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 PURAPHARM CORPORATION LIMITED 培力農本方有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1498） 截至二零二五年六月三十日止六個月之 中期業績公告 | 財務摘要 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | | | 二零二五年 | | 二零二四年 | | | | | | 收入 | 佔總額 | 收入 | 佔總額 | 變動 | | | | 千港元 | 百分比 | 千港元 | 百分比 | 千港元 | % | | 香港及海外濃縮中藥配方顆粒 | 92,103 | 53.5% | 107,643 | 51.8% | (15,540) | (14.4%) | | 中國濃縮中藥配方顆粒 | 966 | 0.6% | 20,675 | 10.0% | (1 ...