[Financial Summary](index=1&type=section&id=Financial%20Summary) [Performance Summary](index=1&type=section&id=Performance%20Summary) For the six months ended June 30, 2025, revenue grew by 2.91% year-on-year, but profit before tax and profit attributable to equity holders declined, with basic and diluted earnings per share at RMB 24.05 cents Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,899.7 | 10,591.4 | +2.91 | | Profit Before Tax | 2,515.8 | 2,615.2 | -3.80 | | Profit Attributable to Equity Holders of the Company | 1,982.7 | 2,086.7 | -4.98 | | Basic and Diluted Earnings Per Share | 24.05 cents | 25.31 cents | -4.98 | [Unaudited Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) [Unaudited Consolidated Statement of Profit or Loss](index=2&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, revenue increased to RMB 10,899.7 million, but operating profit and profit for the period decreased year-on-year due to lower other income and a shift from other gains to losses Key Data from Unaudited Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 10,899,657 | 10,591,388 | | Other income | 149,231 | 222,153 | | Operating profit | 3,047,642 | 3,122,642 | | Profit before tax | 2,515,799 | 2,615,236 | | Profit for the period | 2,070,587 | 2,187,033 | | Profit for the period attributable to equity holders of the Company | 1,982,660 | 2,086,711 | [Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income was RMB 2,087.7 million, slightly below the prior year, positively impacted by a shift in foreign exchange differences but negatively affected by increased fair value losses on cash flow hedges Key Data from Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 2,070,587 | 2,187,033 | | Exchange differences on translation of foreign operations | 19,964 | (76,144) | | Cash flow hedges: fair value loss for the period | (4,073) | (14,836) | | Total comprehensive income for the period | 2,087,700 | 2,104,466 | | Total comprehensive income for the period attributable to equity holders of the Company | 1,988,428 | 2,004,144 | [Unaudited Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, both total assets and liabilities grew, with increases in property, plant and equipment, and significant rises in bank borrowings and short-term financing bills, leading to an improved net current liability position Key Data from Unaudited Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 77,538,221 | 76,988,205 | | Total current assets | 26,410,007 | 24,065,236 | | Total current liabilities | 29,929,891 | 28,114,771 | | Net current liabilities | (3,519,884) | (4,049,535) | | Net assets | 38,346,081 | 37,482,775 | | Total equity | 38,346,081 | 37,482,775 | [Notes to the Unaudited Interim Financial Report](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [General and Basis of Presentation](index=7&type=section&id=General%20and%20Basis%20of%20Presentation) This interim financial report is prepared on a going concern basis despite net current liabilities, as directors believe the Group can meet its obligations, and is presented in RMB in accordance with IAS 34 - As of June 30, 2025, the Group had **net current liabilities of RMB 3,519,884,000**, but the Board of Directors is confident in the Group's ability to continue as a going concern[11](index=11&type=chunk) - The interim financial report is presented in RMB and prepared in accordance with International Accounting Standard 34[11](index=11&type=chunk)[12](index=12&type=chunk) [Principal Accounting Policies](index=7&type=section&id=Principal%20Accounting%20Policies) The interim financial report is prepared primarily on a historical cost basis, with the first-time application of amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which had no material impact on financial performance - This interim financial report is primarily prepared on a historical cost basis, with certain financial instruments measured at fair value[13](index=13&type=chunk) - The Group applied the amendments to IAS 21 for the first time, which had **no material impact** on its financial performance and position[14](index=14&type=chunk) [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was RMB 10,899.7 million, primarily from contracts with customers, with sales of electricity and heat being the main components, recognized mostly at a point in time and dominated by the Mainland China market Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 10,874,248 | 10,563,318 | | Leases | 25,409 | 28,070 | | **Total Revenue** | **10,899,657** | **10,591,388** | Breakdown of Revenue from Contracts with Customers (H1 2025) | Type of Goods and Services | Gas-fired Power and Heat (RMB thousand) | Wind Power (RMB thousand) | Photovoltaic Power (RMB thousand) | Hydropower (RMB thousand) | Others (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sale of electricity | 5,306,485 | 2,683,464 | 1,535,364 | 70,922 | – | 9,596,235 | | Sale of heat | 1,274,656 | – | – | – | – | 1,274,656 | | Repair, maintenance and other services | – | – | – | – | 3,357 | 3,357 | | **Revenue from contracts with customers** | **6,581,141** | **2,683,464** | **1,535,364** | **70,922** | **3,357** | **10,874,248** | - Effective January 1, 2024, subsidies for gas-fired power generation have been reclassified to electricity sales revenue[20](index=20&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group is managed and reports based on its main business segments, including gas-fired power and heat, wind power, photovoltaic power, and hydropower, with all segments except hydropower showing revenue growth in H1 2025 Reportable Segment Revenue and Results (H1 2025) | Segment | Revenue from External Customers (RMB thousand) | Reportable Segment Results (RMB thousand) | | :--- | :--- | :--- | | Gas-fired power and heat | 6,581,141 | 996,227 | | Wind power | 2,683,464 | 1,498,942 | | Photovoltaic power | 1,535,364 | 822,988 | | Hydropower | 70,922 | (22,210) | | Others | 28,766 | (248,305) | | **Total** | **10,899,657** | **3,047,642** | Reportable Segment Revenue and Results (H1 2024) | Segment | Revenue from External Customers (RMB thousand) | Reportable Segment Results (RMB thousand) | | :--- | :--- | :--- | | Gas-fired power and heat | 6,449,227 | 899,699 | | Wind power | 2,457,115 | 1,384,663 | | Photovoltaic power | 1,513,994 | 720,457 | | Hydropower | 141,213 | 273,167 | | Others | 29,839 | (155,344) | | **Total** | **10,591,388** | **3,122,642** | [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income decreased by 32.85% year-on-year to RMB 149.2 million, primarily due to a significant drop in carbon emission rights income, despite an increase in VAT refunds or exemptions Other Income Composition (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants and subsidies for clean energy production | 12,813 | 12,179 | | Government grants and subsidies for asset construction | 10,672 | 9,997 | | Income from carbon emission rights | 13,150 | 72,864 | | VAT refund or exemption | 75,801 | 73,286 | | Others | 36,795 | 53,827 | | **Total** | **149,231** | **222,153** | - Income from carbon emission rights is mainly derived from the sale of carbon credits registered in regulated trading systems in Australia and China[29](index=29&type=chunk) - The Group benefits from a **50% VAT refund** on wind farm sales revenue and a full VAT exemption on residential heat sales revenue[29](index=29&type=chunk) [Other Gains and Losses](index=12&type=section&id=Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the company shifted from other gains of RMB 340.6 million in the prior year to other losses of RMB 11.0 million, mainly due to fair value losses from the declining share price of CGN Power and compensation received for a hydropower station shutdown in the prior year Other Gains and Losses Composition (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | (3,522) | (988) | | Net foreign exchange gain/(loss) | 26,156 | (11,217) | | (Loss)/gain arising on changes in fair value of financial assets at FVTPL | (18,747) | 177,376 | | Others | (14,840) | 175,379 | | **Total** | **(10,953)** | **340,550** | - In H1 2025, other losses were primarily due to **fair value losses from the decline in CGN Power's share price**[73](index=73&type=chunk) - In H1 2024, other gains mainly included compensation for a hydropower station shutdown and fair value gains from the rise in CGN Power's share price[73](index=73&type=chunk) [Interest Income / Finance Costs](index=12&type=section&id=Interest%20Income%20%2F%20Finance%20Costs) For the six months ended June 30, 2025, interest income decreased year-on-year while total finance costs slightly increased, mainly due to the expensing of interest as more project companies commenced operations Interest Income and Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 21,790 | 31,452 | | Interest expense | 654,753 | 684,344 | | Less: Amount capitalised in property, plant and equipment | (42,792) | (85,093) | | **Total finance costs** | **611,961** | **599,251** | - The increase in finance costs was mainly due to the expensing of interest expenses as more project companies commenced operations with increased installed capacity[80](index=80&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense increased by 3.97% year-on-year to RMB 445.2 million, calculated mainly at the 25% China EIT rate, with some enterprises in western regions benefiting from a preferential 15% rate and "three-free, three-half" policies Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax: China Enterprise Income Tax | 445,052 | 396,732 | | Deferred tax: Current period | 160 | 31,471 | | **Income tax expense** | **445,212** | **428,203** | - Enterprises in encouraged industries in Western China benefit from a **preferential 15% tax rate** and a "three-free, three-half" EIT holiday, which applies to some of the Group's wind and photovoltaic projects[31](index=31&type=chunk) - Australian profits tax is calculated at **30%** of the estimated assessable profit[33](index=33&type=chunk) [Profit for the Period](index=14&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, profit for the period was RMB 2,070.6 million, a year-on-year decrease of 5.32%, after deducting total depreciation and amortization of RMB 1,863.4 million Items Deducted from Profit for the Period (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 1,293 | 2,003 | | Operating lease payments for land and buildings | 31,754 | 24,094 | | Total depreciation and amortization | 1,863,422 | 2,034,760 | [Dividends](index=14&type=section&id=Dividends) The company approved a final ordinary dividend of RMB 14.30 cents per share for 2024, totaling RMB 1,178.964 million, on June 18, 2025, and the Board does not recommend an interim dividend for H1 2025 - A final ordinary dividend for 2024 of **RMB 14.30 cents per share** (tax inclusive), totaling RMB 1,178,964,000, was approved on June 18, 2025[37](index=37&type=chunk) - The Board of Directors **does not recommend** the payment of any interim dividend for the six months ended June 30, 2025[37](index=37&type=chunk) [Earnings Per Share](index=14&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were RMB 24.05 cents, down from RMB 25.31 cents in the prior year, based on the profit attributable to ordinary equity holders and the number of shares in issue Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 24.05 | 25.31 | - The decrease in basic earnings per share was mainly due to the decline in profit attributable to ordinary equity holders from RMB 2,086,711,000 to **RMB 1,982,660,000**, while the number of shares in issue remained unchanged[36](index=36&type=chunk) - There is **no difference between basic and diluted earnings per share** as there were no potential dilutive shares outstanding[36](index=36&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased to RMB 15,971.8 million from year-end 2024, driven by receivables for clean energy tariff surcharges, with major customers being state-owned grid companies in China and an average credit period of 60 days Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables - goods and services | 2,422,714 | 2,857,184 | | Trade receivables - clean energy tariff surcharge | 13,590,316 | 11,197,931 | | Bills receivable | 1,450 | 4,481 | | Less: Allowance for credit losses | (42,690) | (42,690) | | **Total** | **15,971,790** | **14,016,906** | Aging Analysis of Trade and Bills Receivables (As of June 30) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 60 days | 3,722,086 | 2,957,793 | | 61 to 365 days | 3,128,547 | 2,506,582 | | 1 to 2 years | 3,322,067 | 3,211,951 | | 2 to 3 years | 2,351,135 | 2,396,370 | | Over 3 years | 3,447,955 | 2,944,210 | | **Total** | **15,971,790** | **14,016,906** | [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased to RMB 6,528.2 million from year-end 2024, with a notable reduction in payables for the acquisition of property, plant and equipment, while trade payables and retention money payable increased Trade and Other Payables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 2,644,666 | 2,467,597 | | Payables for acquisition of property, plant and equipment | 2,228,166 | 3,206,406 | | Retention money payable | 730,658 | 312,321 | | Bills payable | 60,000 | 50,000 | | Salaries and employee benefits | 122,360 | 122,671 | | Non-income taxes payable | 143,380 | 270,529 | | Others | 598,936 | 354,593 | | **Total** | **6,528,166** | **6,784,117** | Aging Analysis of Trade and Bills Payables (As of June 30) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 789,502 | 1,792,715 | | 31 to 365 days | 1,364,215 | 322,290 | | 1 to 2 years | 469,716 | 380,124 | | 2 to 3 years | 60,738 | 22,298 | | Over 3 years | 20,495 | 170 | | **Total** | **2,704,666** | **2,517,597** | [Power Industry Overview](index=17&type=section&id=Power%20Industry%20Overview) [Power Industry Overview](index=17&type=section&id=Power%20Industry%20Overview) In H1 2025, China's power system operated stably with a 3.7% rise in electricity consumption, while non-fossil fuel generation capacity reached 60.9% of the total, though equipment utilization hours generally declined due to the rapid expansion of wind and solar capacity - In H1 2025, China's total electricity consumption was **4.8 trillion kWh**, a year-on-year increase of 3.7%[42](index=42&type=chunk) - As of H1 2025, national power generation installed capacity reached **3.65 billion kW**, up 18.7% YoY, with non-fossil fuel capacity at 2.22 billion kW, accounting for **60.9%** of the total[42](index=42&type=chunk) - Wind and photovoltaic power accounted for **89.9%** of the total new installed capacity, with a combined addition of 260 million kW[42](index=42&type=chunk) - The average utilization hours of power generation equipment of 6,000 kW and above **decreased by 100 hours** YoY, with declines in gas, wind, and solar, linked to rapid capacity growth[43](index=43&type=chunk) [Business Review](index=18&type=section&id=2025%20H1%20Business%20Review) [Operating scale steadily increased, with resilience in the gas-fired power generation segment](index=18&type=section&id=Operating%20scale%20steadily%20increased%2C%20with%20resilience%20in%20the%20gas-fired%20power%20generation%20segment) In H1 2025, the Group's total assets grew by 2.9% to RMB 103.95 billion and total operating revenue increased by 2.9% to RMB 10.90 billion, with the gas-fired power and heat segment demonstrating stable performance and utilization hours above the national average - As of June 30, 2025, total assets reached **RMB 103.95 billion**, a 2.9% increase from the beginning of the year[45](index=45&type=chunk) - Total operating revenue was **RMB 10.90 billion**, a year-on-year increase of 2.9%[45](index=45&type=chunk) - The gas-fired power and heat segment generated **9.72 billion kWh**, up 2.3% YoY, with equipment utilization of approximately **2,036 hours**, exceeding the national average[45](index=45&type=chunk) - Beijing Jingneng Gaoantun Gas-fired Cogeneration Co, Ltd's power generation **grew by 19%**, and Beijing Shangzhuang Gas-fired Cogeneration Co, Ltd's profit **increased by 26.9%**[45](index=45&type=chunk) [Installed capacity continued to expand, power generation grew steadily, and unit operating efficiency was continuously optimized](index=19&type=section&id=Installed%20capacity%20continued%20to%20expand%2C%20power%20generation%20grew%20steadily%2C%20and%20unit%20operating%20efficiency%20was%20continuously%20optimized) As of June 30, 2025, the Group's total installed capacity rose by 21.4% to 17.914 million kW, with non-fossil fuels accounting for 73.3%, while total power generation grew by 8.8% to 21.87 billion kWh, driven by significant growth in wind and solar power whose utilization hours surpassed national averages - As of June 30, 2025, total installed capacity increased to **17.914 million kW**, a 21.4% year-on-year growth[46](index=46&type=chunk) - Non-fossil fuel installed capacity reached **13.139 million kW**, accounting for **73.3%** of the total[46](index=46&type=chunk) - Total power generation in H1 was **21.87 billion kWh**, an 8.8% increase year-on-year[46](index=46&type=chunk) - The wind power segment generated **8.49 billion kWh**, up 18.9%, with utilization hours of **1,240**, which is 153 hours above the national average[46](index=46&type=chunk) - The photovoltaic power segment generated **3.36 billion kWh**, up 17.4%, with utilization hours of **680**, which is 120 hours above the national average[46](index=46&type=chunk) [New progress in strategic emerging projects, with steady advancement in project development](index=19&type=section&id=New%20progress%20in%20strategic%20emerging%20projects%2C%20with%20steady%20advancement%20in%20project%20development) The Group actively responded to new energy market reforms, securing 540,000 kW of new approvals or development quotas in H1 and maintaining a project pipeline exceeding 10 million kW, while achieving substantial progress on key strategic projects - In the reporting period, the Group secured **540,000 kW** of new approvals or renewable energy development quotas, with a project pipeline exceeding **10 million kW**[47](index=47&type=chunk) - Construction began on the first 1.5 million kW phase of the **4.9 million kW Xilingol League windbreak and sand fixation project**, with 100,000 kW fully connected to the grid in H1[48](index=48&type=chunk) - The **Shantou offshore wind power project's** submarine cable route plan was approved, and resource surveys for the **Chengde green power to Beijing project** were completed[48](index=48&type=chunk) - The Group received approval for the layout optimization of the **Mentougou pumped storage project** and signed a cooperation agreement for the **Hulunbuir-Xing'an League green power to Beijing project**[48](index=48&type=chunk) [Digital and intelligent empowerment drives innovation, building new quality productive forces in green energy](index=21&type=section&id=Digital%20and%20intelligent%20empowerment%20drives%20innovation%2C%20building%20new%20quality%20productive%20forces%20in%20green%20energy) The Group enhanced production and management efficiency through technological innovation, such as optimizing unit control strategies and introducing drone inspections, and digital transformation, centered on a "Smart Energy Management Platform" - Unit generation capacity and reliability were improved through refined power curve verification, blade extensions, and preventive generator replacements[50](index=50&type=chunk) - The innovative introduction of a **drone intelligent inspection system** enhanced equipment monitoring efficiency and reduced unplanned downtime[50](index=50&type=chunk) - A comprehensive digital ecosystem was built around the **"Smart Energy Management Platform,"** covering intelligent waste heat utilization, power marketing control, distributed PV O&M, and AI-enabled safety production[51](index=51&type=chunk) - The Jingqiao Thermal Power waste heat project **reduced heat network losses by 6%**, and the distributed PV intelligent O&M platform **shortened fault location time by 80%**[51](index=51&type=chunk) [In-depth research on marketing strategies to actively respond to power market reforms](index=22&type=section&id=In-depth%20research%20on%20marketing%20strategies%20to%20actively%20respond%20to%20power%20market%20reforms) The Group closely monitored power market reforms, developed a sensitivity analysis model to enhance price-volume analysis, actively pursued high-value transactions like inter-provincial trading, and pioneered new transaction models such as "green electricity direct connection" - A **market marketing data sensitivity analysis model** for existing assets was established to strengthen price-volume analysis[52](index=52&type=chunk) - **250 million kWh** of green electricity was transmitted to Beijing from the Xilingol League Phase II project through multi-year green power transactions[52](index=52&type=chunk) - The first transaction in Beijing to replace reduced gas-fired generation with new energy was completed, totaling **460 million kWh** and yielding favorable economic returns[52](index=52&type=chunk) - The Group explored direct transaction models with electricity consumers under the **"green electricity direct connection"** policy to enhance local consumption[52](index=52&type=chunk) [Multi-dimensional measures to boost market confidence and proactively create value](index=22&type=section&id=Multi-dimensional%20measures%20to%20boost%20market%20confidence%20and%20proactively%20create%20value) The Group actively managed its market capitalization through investor roadshows, set a strategic goal for inclusion in the Hang Seng Index and Stock Connect, and announced a three-year dividend plan to drive a stable recovery in market value - Completed roadshows in **Hong Kong, Singapore, Beijing, and Shanghai**, and hosted multiple investor visits, covering nearly 50 institutions[53](index=53&type=chunk) - Set the strategic goal of **"inclusion in the Hang Seng Index and Stock Connect"** to increase liquid market capitalization[53](index=53&type=chunk) - Released a **three-year shareholder dividend plan** and is actively exploring diversified market value management tools such as share buybacks[53](index=53&type=chunk) - A combination of **"strategic upgrade + profit growth + dividend enhancement"** is being used to promote a stable recovery in market value[53](index=53&type=chunk) [Performance Outlook](index=23&type=section&id=2025%20H2%20Performance%20Outlook) [Strengthening the safety line of defense and consolidating the foundation of energy supply](index=23&type=section&id=Strengthening%20the%20safety%20line%20of%20defense%20and%20consolidating%20the%20foundation%20of%20energy%20supply) In H2, the Group will deepen its safety production responsibility system and enhance equipment lifecycle management, while leveraging AI large models to optimize operational parameters for gas-fired units and improve safety monitoring at other power plants - The Group will continue to deepen the **full-staff safety production responsibility system** and strengthen equipment lifecycle management[55](index=55&type=chunk) - Gas-fired power plants in Beijing will optimize load distribution, enhance peak-shaving capabilities, and develop an **AI large model for gas-fired units** to achieve automatic optimization of operating parameters[55](index=55&type=chunk) - Power plants outside Beijing will develop a **multi-modal large model-based safety management platform** to enhance intelligent equipment status perception and personnel behavior recognition[55](index=55&type=chunk) [Enhancing market-oriented marketing capabilities and optimizing trading strategies](index=24&type=section&id=Enhancing%20market-oriented%20marketing%20capabilities%20and%20optimizing%20trading%20strategies) The Group will develop a wind and solar power forecasting platform using advanced weather models to maximize returns, while implementing differentiated pricing and focusing on securing green electricity premiums to reduce subsidy dependence - A **wind and solar power forecasting and market load forecasting platform** will be developed using cutting-edge weather large models to provide high-precision forecast data[56](index=56&type=chunk) - The Group will secure high-priced transactions through **settlement data analysis and bilateral negotiations**[56](index=56&type=chunk) - A **differentiated pricing mechanism** will be implemented to create customized power allocation and trading strategies, with a focus on securing green electricity transaction premiums[56](index=56&type=chunk) [Focusing on green power transmission to Beijing and large-scale base projects, reserving incremental projects for the 15th Five-Year Plan](index=24&type=section&id=Focusing%20on%20green%20power%20transmission%20to%20Beijing%20and%20large-scale%20base%20projects%2C%20reserving%20incremental%20projects%20for%20the%2015th%20Five-Year%20Plan) The Group will prioritize green power transmission to Beijing and large-scale base projects, focusing on resource planning for three key transmission channels, while advancing pumped storage and wind power projects in the Beijing-Tianjin-Hebei region - The Group will focus on resource surveys and planning for three major transmission channels to Beijing: **Chengde, Hulunbuir-Xing'an League, and Ningxia**[57](index=57&type=chunk) - In the Beijing-Tianjin-Hebei region, the Group will advance the preliminary planning of the **Mentougou pumped storage project**, the Zhuwo project, the "Guanting replacement" project, and the Huainan Phase II wind power project[57](index=57&type=chunk) - The implementation progress of the **Xilingol League windbreak and sand fixation project** and the **Shantou offshore wind power project** will be closely monitored to achieve major milestones in H2[57](index=57&type=chunk) [Proactively maintaining company market value and striving for early inclusion in the Stock Connect](index=25&type=section&id=Proactively%20maintaining%20company%20market%20value%20and%20striving%20for%20early%20inclusion%20in%20the%20Stock%20Connect) In H2, the Group will continue to actively manage its market value through enhanced investor communication and transparency, while exploring special dividends and share buybacks to boost market confidence and aim for early inclusion in the Stock Connect - The Group will continue to **proactively maintain and enhance its market value**, communicate with investors, and improve information disclosure transparency[58](index=58&type=chunk) - **Special dividend and share buyback plans** will be studied to enhance market confidence and align the Group's interests with those of its shareholders[58](index=58&type=chunk) - Efforts will be made to increase the liquid market capitalization and gain shareholder support to achieve **early inclusion in the "Stock Connect"**[58](index=58&type=chunk) [Operating Performance and Analysis](index=25&type=section&id=Operating%20Performance%20and%20Analysis) [Overview](index=25&type=section&id=Overview) In H1 2025, the company's profit for the period and profit attributable to equity holders decreased by 5.32% and 4.98% year-on-year, respectively Profit for the Period Overview (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 2,070.6 | 2,187.0 | -5.32 | | Profit attributable to equity holders | 1,982.7 | 2,086.7 | -4.98 | [Operating Revenue](index=25&type=section&id=Operating%20Revenue) In H1 2025, total operating revenue increased by 2.91% to RMB 10,899.7 million, primarily driven by higher electricity sales from the wind and photovoltaic power segments, while the hydropower segment's revenue declined significantly due to a station shutdown - Total operating revenue increased by **2.91%** from RMB 10,591.4 million in H1 2024 to **RMB 10,899.7 million** in H1 2025, mainly due to increased electricity sales from wind and photovoltaic power projects[60](index=60&type=chunk) Segment Operating Revenue Change (For the six months ended June 30) | Segment | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gas-fired power and heat | 6,581.1 | 6,449.2 | +2.05 | | Wind power | 2,683.5 | 2,457.1 | +9.21 | | Photovoltaic power | 1,535.4 | 1,514.0 | +1.41 | | Hydropower | 70.9 | 141.2 | -49.79 | | Others | 28.8 | 29.8 | -4.01 | [Other Income](index=26&type=section&id=Other%20Income) In H1 2025, other income decreased by 32.85% to RMB 149.2 million, primarily due to the expiration of a power purchase agreement in Australia and a sharp decline in green certificate market prices, which reduced carbon emission revenue Other Income Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other income | 149.2 | 222.2 | -32.85 | - The decrease in other income was mainly due to the expiration of an Australian power purchase agreement and a sharp fall in green certificate market prices, leading to a **year-on-year reduction in carbon emission revenue**[66](index=66&type=chunk) [Operating Expenses](index=27&type=section&id=Operating%20Expenses) In H1 2025, operating expenses rose by 4.03% to RMB 8,001.2 million, driven by higher gas consumption, staff costs, and maintenance expenses, although this was partially offset by lower depreciation and other expenses due to policy adjustments and cost-saving measures Operating Expenses Change (For the six months ended June 30) | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating expenses | 8,001.2 | 7,690.9 | +4.03 | | Gas consumption | 4,902.4 | 4,743.5 | +3.35 | | Depreciation and amortization expenses | 1,863.4 | 2,034.8 | -8.42 | | Staff costs | 557.1 | 535.4 | +4.05 | | Repair and maintenance | 189.2 | 174.7 | +8.30 | | Other expenses | 478.2 | 543.0 | -11.93 | | Other losses and gains | -11.0 | 340.6 | N/A (Gain to Loss) | - The decrease in depreciation and amortization expenses was mainly due to **adjustments in the depreciation policy for fixed assets**[69](index=69&type=chunk) - The reduction in other expenses was primarily due to the **significant results of the Group's cost reduction and efficiency enhancement initiatives**[72](index=72&type=chunk) [Operating Profit](index=28&type=section&id=Operating%20Profit) In H1 2025, operating profit decreased by 2.40% to RMB 3,047.6 million, as profit growth in the wind, gas, and solar segments was offset by the hydropower segment swinging to a loss and wider losses in the "others" segment due to the decline in CGN Power's share price Segment Operating Profit Change (For the six months ended June 30) | Segment | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating profit | 3,047.6 | 3,122.6 | -2.40 | | Wind power | 1,498.9 | 1,384.7 | +8.25 | | Gas-fired power and heat | 996.2 | 899.7 | +10.73 | | Photovoltaic power | 823.0 | 720.5 | +14.23 | | Hydropower | -22.2 | 273.2 | N/A (Profit to Loss) | | Others | -248.3 | -155.5 | N/A (Loss Widened) | - The operating loss in the hydropower segment was mainly due to a **significant year-on-year decrease in electricity sales** following a power station shutdown in H1 2024[78](index=78&type=chunk) - The increased loss in the "others" segment was primarily due to the **decline in the share price of CGN Power** held by the Group[79](index=79&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) In H1 2025, finance costs increased by 2.12% to RMB 612.0 million, mainly due to the expensing of interest expenses as more project companies commenced operations Finance Costs Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 612.0 | 599.3 | +2.12 | [Share of results of associates and a joint venture](index=29&type=section&id=Share%20of%20results%20of%20associates%20and%20a%20joint%20venture) In H1 2025, the share of results from associates and a joint venture decreased year-on-year to RMB 58.3 million Share of Results of Associates and a Joint Venture Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Share of results of associates and a joint venture | 58.3 | 60.4 | [Profit Before Tax](index=29&type=section&id=Profit%20Before%20Tax) In H1 2025, profit before tax decreased by 3.80% year-on-year to RMB 2,515.8 million Profit Before Tax Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit before tax | 2,515.8 | 2,615.2 | -3.80 | [Income Tax Expense](index=30&type=section&id=Income%20Tax%20Expense) In H1 2025, income tax expense increased by 3.97% year-on-year to RMB 445.2 million Income Tax Expense Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 445.2 | 428.2 | +3.97 | [Profit for the Period](index=30&type=section&id=Profit%20for%20the%20Period) In H1 2025, profit for the period decreased by 5.32% year-on-year to RMB 2,070.6 million Profit for the Period Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 2,070.6 | 2,187.0 | -5.32 | [Profit for the period attributable to equity holders of the Company](index=30&type=section&id=Profit%20for%20the%20period%20attributable%20to%20equity%20holders%20of%20the%20Company) In H1 2025, profit for the period attributable to equity holders of the Company decreased by 4.98% year-on-year to RMB 1,982.7 million Profit for the Period Attributable to Equity Holders of the Company Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period attributable to equity holders of the Company | 1,982.7 | 2,086.7 | -4.98 | [Financial Position Analysis](index=30&type=section&id=Financial%20Position) [Overview](index=30&type=section&id=Overview) As of June 30, 2025, the Group's total assets were RMB 103,948.2 million, total liabilities were RMB 65,602.1 million, and total equity was RMB 38,346.1 million Financial Position Overview (As of June 30) | Indicator | June 30, 2025 (RMB million) | | :--- | :--- | | Total assets | 103,948.2 | | Total liabilities | 65,602.1 | | Total equity | 38,346.1 | | Equity attributable to equity holders | 33,969.2 | [Assets and Liabilities](index=30&type=section&id=Assets%20and%20Liabilities) As of June 30, 2025, total assets grew by 2.86% to RMB 103,948.2 million and total liabilities increased by 3.20% to RMB 65,602.1 million, primarily due to new project investments and related financing needs, while equity grew from retained earnings Assets, Liabilities and Equity Change (As of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 103,948.2 | 101,053.4 | +2.86 | | Total liabilities | 65,602.1 | 63,570.6 | +3.20 | | Total equity | 38,346.1 | 37,482.8 | +2.30 | | Equity attributable to equity holders of the Company | 33,969.2 | 33,161.1 | +2.44 | - The increase in total assets was mainly due to **investments in new projects**[87](index=87&type=chunk) - The increase in total liabilities was primarily due to **increased debt to fund project construction**[87](index=87&type=chunk) [Liquidity](index=31&type=section&id=Liquidity) As of June 30, 2025, current assets stood at RMB 26,410.0 million, while current liabilities were RMB 29,929.9 million, resulting in a 13.08% reduction in net current liabilities to RMB 3,519.9 million, indicating improved liquidity Key Liquidity Data (As of June 30) | Item | June 30, 2025 (RMB million) | | :--- | :--- | | Current assets | 26,410.0 | | Cash and cash equivalents | 7,975.6 | | Trade and bills receivables | 15,971.8 | | Current liabilities | 29,929.9 | | Short-term borrowings | 14,729.3 | | Short-term financing bills | 7,040.1 | | Net current liabilities | -3,519.9 | - Net current liabilities **decreased by 13.08%** from RMB 4,049.5 million on December 31, 2024 to **RMB 3,519.9 million** on June 30, 2025[88](index=88&type=chunk) [Net Gearing Ratio](index=31&type=section&id=Net%20Gearing%20Ratio) As of June 30, 2025, the net gearing ratio slightly decreased by 0.02 percentage points to 55.51%, as a 7.76% increase in cash and bank deposits offset a 2.97% rise in total borrowings Net Gearing Ratio and Related Indicators Change (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net gearing ratio | 55.51% | 55.53% | -0.02 p.p. | | Total long-term and short-term borrowings (RMB million) | 55,824.5 | 54,216 | +2.97% | | Bank deposits and cash (RMB million) | 7,975.6 | 7,401.6 | +7.76% | [Other Significant Events](index=32&type=section&id=Other%20Significant%20Events) [Fundraising](index=32&type=section&id=Fundraising) In H1 2025, the Group successfully issued multiple tranches of super short-term commercial papers and medium-term notes, raising a total of RMB 6.0 billion at interest rates ranging from 1.67% to 1.98% - On March 21, 2025, the Group issued **RMB 2.0 billion** of 238-day super short-term commercial papers at a rate of **1.87%**[90](index=90&type=chunk) - On April 8, 2025, the Group issued **RMB 1.5 billion** of 121-day super short-term commercial papers at a rate of **1.67%**[90](index=90&type=chunk) - On April 18, 2025, the Group issued **RMB 1.5 billion** of 180-day super short-term commercial papers at a rate of **1.68%**[90](index=90&type=chunk) - On June 26, 2025, the Group issued **RMB 1.0 billion** of 3+N year medium-term notes at a rate of **1.98%**[90](index=90&type=chunk) [Capital Expenditure](index=32&type=section&id=Capital%20Expenditure) In H1 2025, the Group's total capital expenditure amounted to RMB 3,013.6 million, primarily allocated to wind and photovoltaic power projects Capital Expenditure Composition (H1 2025) | Segment | Capital Expenditure (RMB million) | | :--- | :--- | | Gas-fired power and heat | 60.5 | | Wind power | 1,605.5 | | Photovoltaic power | 1,347.6 | | **Total** | **3,013.6** | [Acquisition and Establishment of Subsidiaries](index=32&type=section&id=Acquisition%20and%20Establishment%20of%20Subsidiaries) The Group did not acquire or establish any subsidiaries during the first half of 2025 - The Group did not acquire or establish any subsidiaries in H1 2025[92](index=92&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had **no contingent liabilities**[93](index=93&type=chunk) [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had pledged bank deposits, accounts receivable, fixed assets, and the entire equity of certain subsidiaries as security for bank borrowings - Bank deposits of **RMB 72.2 million** and accounts receivable of **RMB 3,243.2 million** were pledged as security for bank borrowings[94](index=94&type=chunk) - Fixed assets with a value of **RMB 1,953.9 million** were pledged as security for bank borrowings[94](index=94&type=chunk) - The entire equity of Gullen Range Wind Farm Holding Pty Ltd, Gullen Solar Pty Ltd, Ningxia Boyang New Energy Co, Ltd, and Ningxia Kaiyang New Energy Co, Ltd was pledged to banks as security for borrowings[94](index=94&type=chunk) [Significant Events After the Reporting Period](index=33&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the Group entered into a trust contract to issue asset-backed commercial papers totaling RMB 981,717,888.43, with the book-building process completed on July 7, 2025 - On April 24, 2025, the Group entered into a trust contract with CR SZITIC Trust Co, Ltd to issue **asset-backed commercial papers totaling RMB 981,717,888.43**[95](index=95&type=chunk) - The book-building process for these asset-backed commercial papers was completed on **July 7, 2025**[95](index=95&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, the Company had not implemented any share option scheme - As of June 30, 2025, the Company had **not implemented any share option scheme**[97](index=97&type=chunk) [Foreign Exchange and Currency Risk](index=33&type=section&id=Foreign%20Exchange%20and%20Currency%20Risk) The Group's operations are primarily conducted in Mainland China and denominated in RMB, but it faces currency risk from overseas investments and foreign currency loans, which it will continue to monitor and manage - The majority of the Group's business is conducted in Mainland China, with most revenue and expenses denominated in **RMB**[98](index=98&type=chunk) - The Group is exposed to currency risk from a small number of overseas investments and foreign currency loans (AUD, HKD, USD, EUR), where RMB fluctuations could result in exchange gains or losses[98](index=98&type=chunk) - The Group will continue to monitor foreign exchange rates and strengthen currency risk management through various measures[98](index=98&type=chunk) [Corporate Governance and Other Information](index=34&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**[99](index=99&type=chunk) - As of June 30, 2025, the Company **did not hold any treasury shares**[99](index=99&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board of Directors has not proposed any interim dividend for the six months ended June 30, 2025 - The Board of Directors has **not proposed any interim dividend** for the six months ended June 30, 2025[100](index=100&type=chunk) [Compliance with the Corporate Governance Code](index=34&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited - The Company has complied with all code provisions of the **Corporate Governance Code** in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[101](index=101&type=chunk) [Compliance with the Model Code for Securities Transactions](index=34&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors and supervisors have confirmed their strict compliance during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[102](index=102&type=chunk) - All directors and supervisors have confirmed their **strict compliance** with the required standards set out in the Model Code during the reporting period[102](index=102&type=chunk) [Audit Committee's Review of Interim Results](index=34&type=section&id=Audit%20Committee's%20Review%20of%20Interim%20Results) The Company's Audit Committee has reviewed the Group's interim results for 2025 and the unaudited interim financial report for the six months ended June 30, 2025, prepared in accordance with IAS 34 - The Company's Audit Committee has reviewed the Group's interim results for 2025 and the unaudited interim financial report for the six months ended June 30, 2025, prepared in accordance with **International Accounting Standard 34**[103](index=103&type=chunk) [Publication of Interim Results and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This results announcement is published on the websites of the Stock Exchange and the Company, and the 2025 interim report will be published in due course - This results announcement is published on the **"HKEXnews" website** of the Stock Exchange and the Company's website[104](index=104&type=chunk) - The Company will publish the **2025 interim report**, containing all information required by the Listing Rules, on the Company's and the Stock Exchange's websites in due course[104](index=104&type=chunk)

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於開曼群島註冊成立的有限責任公司） （股份代號：1515） 截 至2025年6月30日 止 六 個 月 之 中 期 業 績 公 告 華 潤 醫 療 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司（「本 集 團」）截 至2025年6月30日 止 六 個 月（「報 告 期」）之 未 經 審 核 綜 合 業 績，如 下： 中 期 簡 明 綜 合 損 益 及 其 他 全 面 收 益 報 表 截 至2025年6月30日 止 六 個 月－未 經 審 核 截 至6月30日 止 六 個 月 2025年 2024年 | | | | | | | | | | | | 幣 ...

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。 Seacon Shipping Group Holdings Limited 洲際船務集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2409） 截至2025年6月30日止六個月 中期業績 洲際船務集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「本期間」或「期內」）未經審計簡 明合併中期業績，連同截至2024年6月30日止六個月的比較數字。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 – 1 – 簡明合併損益表 截至2025年6月30日止六個月 | | | 未經審計 | | | --- | --- | --- | --- | | | | 截至6月30日止六個月 | | | | 附註 | 2025年 | 2024年 | | | | 千美元 | 千美元 | | 收入 | 4 | ...

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佈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。 （於開曼群島註冊成立的有限公司 ） （股份代 號：8112） 截至2025年6月30日止六個月 中期業績公佈 基石金融控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其附屬 公司截至2025年6月30日止六個月的未經審核業績。本公佈載有本公司截至2025年6月30日止 六個月的中期報告（「 2025年中期報告」）全文，並遵守香港聯合交易所有限公司（「聯交所」） GEM證券上市規則（「 GEM上市規則」）有關中期業績初步公佈附載資料的相關規定。根據 GEM上市規則的相關規定，2025年中期報告將於本公司網站(www.cs8112.com)及聯交所網站 (www.hkexnews.hk)刊載，而其印刷本亦將於適當時候寄發予以書面提出有關要求的本公司股 東。 承董事會命 基石金融控股有限公司 主席兼執行董事 凡彥迪 香港，2025年8月26日 於本公佈日期，董事會成員如下：凡彥迪女士（ ...

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。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01918） 2 未經審核 截 至 2025 年 6 月 30 日止六個月之中期業績公告 業績摘要 截至2025年6月30日止六個月： 1 • 本集團連同其合營公司及聯營公司的合同銷售金額約為人民幣235.5億元； • 於2025年6月30日， 本集團連同其合營公司及聯營公司的權益土地儲備約 8,624萬平方米，其中未售權益土地儲備約6,306萬平方米； • 本集團收入約為人民幣199.9億元，較去年同期減少約41.7%； • 本集團毛虧約為人民幣20.8億元，虧損較去年同期增加約14.9%； • 本公司擁有人應佔虧損約為人民幣128.1億元，虧損較去年同期減少約14.4%； • 於2025年6月30日，本集團權益總額約為人民幣448.8億元，其中本公司擁 有人應佔權益約為人民幣 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 2025年中期業績公佈 青島啤酒股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公告本公司及其附屬公 司（「本集團」）根據中國企業會計準則編製的截至2025年6月30日止六個月（「報告期」）的未 經審核的中期業績。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 （股份編號：168） 一、中期財務資料 （除特別註明外，金額單位為人民幣元） 合併資產負債表 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | 資產 | 附註 | 6月30日 | 12月31日 | | | | （未經審計） | | | 流動資產 | | | | | 貨幣資金 | | 16,842,451,076 | 17,978,772,896 | | 交易性金融資產 | | 5,179,128,769 | 2,021 ...

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文件的內容概不 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 文 件 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。 FUJIAN HOLDINGS LIMITED 閩 港 控 股 有 限 公 司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：00181） 截至二零二五年六月三十日止期間之 中期業績之公告 | | 財務摘要 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 截 至 | | 截 至 | | | | | | | | | | | | | | 二零二五年 | 二零二四年 | | | | | | | | | | | | | | | 六月三十日 | 六月三十日 | | | | | | | | | | ...

[Financial Statements](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group experienced significant declines in revenue and gross profit, shifting from profit to a substantially widened operating and period loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,570 | 36,584 | -35.6% | | Cost of sales | (21,168) | (31,315) | -32.4% | | Gross profit | 2,402 | 5,269 | -54.5% | | Operating loss | (7,176) | (1,584) | +353.0% | | Loss for the period | (7,802) | (2,542) | +206.9% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total comprehensive loss for the period significantly increased, driven by an expanded period loss and a shift from foreign exchange gains to losses on overseas operations | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (7,802) | (2,542) | +206.9% | | Exchange differences on translation of overseas operations | (76) | 1,013 | -107.5% | | Total comprehensive loss for the period | (7,878) | (1,529) | +415.2% | | Loss attributable to owners of the Company | (7,852) | (2,760) | +184.5% | | Basic loss per share (RMB) | (0.013) | (0.005) | +160.0% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total and net assets significantly declined, net current liabilities increased, total equity substantially decreased, and the gearing ratio rose sharply | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 75,797 | 79,140 | -4.2% | | Current assets | 168,956 | 187,424 | -9.8% | | Current liabilities | 234,295 | 246,788 | -5.1% | | Net current liabilities | (65,339) | (59,364) | +10.1% | | Net assets | 1,777 | 9,655 | -81.6% | | Total equity | 1,777 | 9,655 | -81.6% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. General Information](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) China New Energy Limited, registered in Jersey and listed on the HKEX, primarily provides integrated technical services for ethanol production systems in China's ethanol fuel and alcoholic beverage sectors - The Company was incorporated in Jersey on May 2, 2006, with shares listed on the Hong Kong Stock Exchange since July 15, 2020[9](index=9&type=chunk) - The principal business involves providing integrated technical services for ethanol production systems in the ethanol fuel and alcoholic beverage industries within the People's Republic of China[9](index=9&type=chunk) - The condensed consolidated interim financial statements are presented in RMB and were approved for issue by the Board of Directors on August 26, 2025[9](index=9&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These condensed consolidated financial statements are prepared under IAS 34, emphasizing significant going concern uncertainties despite board measures and major shareholder support - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[10](index=10&type=chunk) - As of June 30, 2025, the Group recorded a net loss of approximately **RMB 7,802,000**, and net current liabilities exceeding current assets by approximately **RMB 65,339,000**, indicating a material uncertainty regarding going concern[11](index=11&type=chunk) - The Board has taken measures to mitigate liquidity pressure, including financial support from a major shareholder, negotiating loan extensions with lenders, reducing expenses and capital expenditures, and anticipating positive cash flows in the future[12](index=12&type=chunk)[14](index=14&type=chunk) [3. Principal Accounting Policies](index=8&type=section&id=3.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared using the historical cost convention, with the first-time application of IAS 21 (Amendment) 'Lack of Exchangeability' having no material impact - The condensed consolidated financial statements are prepared on the historical cost basis, except for certain financial instruments measured at fair value[15](index=15&type=chunk) - The first-time application of IAS 21 (Amendment) "Lack of Exchangeability" during this interim period had no significant impact on the Group's financial position and performance[16](index=16&type=chunk) [4. Segment Information](index=8&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Management reviews the Group's business as a single segment, providing integrated technical services for ethanol production systems in various sectors, with all non-current assets located in China - Management reviews the operating results of the business as one segment, considering there is only one segment for making strategic decisions[17](index=17&type=chunk) - The Group primarily provides integrated technical services for ethanol production systems in the ethanol fuel and alcoholic beverage industries, and for medical and industrial ethyl acetate related projects[17](index=17&type=chunk) - As of December 31, 2024, and June 30, 2025, all non-current assets were located in the People's Republic of China[18](index=18&type=chunk) [5. Revenue, Contract Assets and Contract Liabilities](index=9&type=section&id=5.%20%E7%87%9F%E6%A5%AD%E9%A1%8D%E2%88%95%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2%E5%8F%8A%E5%90%88%E5%90%8C%E8%B2%A0%E5%82%B5) In H1 2025, revenue decreased by 35.6% year-on-year, primarily from ethanol fuel, alcoholic beverage, and ethyl acetate projects, with China contributing most revenue, while net contract assets and liabilities declined Revenue by Source | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Ethanol fuel industry | 12,709 | 24,825 | -48.8% | | Alcoholic beverage industry | 3,066 | 9,638 | -68.2% | | Others (Ethyl acetate related) | 7,795 | 2,121 | +267.5% | | **Total** | **23,570** | **36,584** | **-35.6%** | Revenue by Geographical Market | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | China | 23,480 | 35,812 | -34.4% | | Other countries | 90 | 772 | -88.3% | | **Total** | **23,570** | **36,584** | **-35.6%** | Contract Assets and Liabilities | Customer Contract Related Assets and Liabilities | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Contract assets - net | 134,327 | 148,905 | -9.8% | | Contract liabilities | 33,832 | 36,190 | -6.5% | [6. Income Tax Credit](index=11&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) In H1 2025, a deferred income tax credit of RMB 89 thousand was recognized, mainly from leases, with no tax provision for Hong Kong and Jersey, and a 15% preferential rate for the main PRC subsidiary Income Tax Credit Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred income tax credit | 89 | – | | **Total income tax credit** | **89** | **–** | - Guangdong Zhongke Tianyuan New Energy Technology Co., Ltd., a principal subsidiary, was certified as a "High-tech Enterprise" in 2022, enjoying a preferential income tax rate of **15%**[25](index=25&type=chunk) - The Company's income tax rate in Jersey is zero percent, and no provision for Hong Kong tax has been made as no income was generated in Hong Kong[24](index=24&type=chunk)[26](index=26&type=chunk) [7. Loss Per Share](index=12&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share for H1 2025 widened to RMB 0.013 from RMB 0.005 in the prior period, primarily due to an increased loss attributable to owners of the Company Basic Loss Per Share | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss attributable to owners of the Company | (7,852) | (2,760) | | Weighted average number of ordinary shares in issue (thousands of shares) | 589,759 | 589,759 | | **Basic loss per share (RMB)** | **(0.013)** | **(0.005)** | - Diluted loss per share is not presented as there were no outstanding potential ordinary shares in either period[29](index=29&type=chunk) [8. Dividends](index=12&type=section&id=8.%20%E8%82%A1%E6%81%AF) During the reporting period, the Company neither declared nor paid any dividends - For the periods ended June 30, 2024, and 2025, the Company neither declared nor paid any dividends[30](index=30&type=chunk) [9. Trade and Bills Receivables](index=13&type=section&id=9.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, net trade and bills receivables decreased by 31.6% year-on-year, with most balances aged within one year Trade and Bills Receivables Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net trade and bills receivables | 9,202 | 13,448 | -31.6% | Ageing Analysis of Trade and Bills Receivables (June 30, 2025) | Ageing Analysis (June 30, 2025) | Amount (RMB thousands) | | :--- | :--- | | Within 1 year | 9,088 | | 1 to 2 years | 114 | | 2 to 3 years | – | | **Total** | **9,202** | [10. Trade and Other Payables](index=14&type=section&id=10.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade payables decreased by 10.4% year-on-year, with the largest portion aged over three years, while total other payables remained stable Trade and Other Payables Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 55,853 | 62,260 | -10.4% | | Other payables and accrued expenses | 30,518 | 28,352 | +7.6% | | Amounts due to directors | 1,438 | 615 | +133.8% | | Accrued salaries | 5,667 | 6,211 | -8.7% | | VAT payable | 40,819 | 36,889 | +10.6% | | **Total** | **134,295** | **134,327** | **0.0%** | Ageing Analysis of Trade Payables (June 30, 2025) | Trade Payables Ageing (June 30, 2025) | Amount (RMB thousands) | | :--- | :--- | | Within 1 year | 23,910 | | 1 to 2 years | 4,183 | | 2 to 3 years | 2,342 | | Over 3 years | 25,418 | | **Total** | **55,853** | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As a leading ethanol system producer, the Company faced challenges in H1 2025 from declining domestic fuel ethanol consumption, intensified competition, and slow international project progress, leading to reduced revenue and profit, while actively adjusting strategies and increasing R&D - The Company is a leading ethanol system producer in China, primarily providing integrated core system services for ethanol production in the ethanol fuel and alcoholic beverage industries[34](index=34&type=chunk) - In H1 2025, domestic fuel ethanol consumption declined, supply exceeded demand, production enterprises faced cost pressure, and industry competition intensified; international potential projects progressed slowly due to geopolitical and tariff impacts[35](index=35&type=chunk)[36](index=36&type=chunk) - The Company actively recalibrated its marketing strategy, explored new markets such as baijiu concentration and impurity removal, and xanthan gum light alcohol recovery projects, and participated in coal-to-ethanol production line design, equipment installation, commissioning, and after-sales services[37](index=37&type=chunk) - During the reporting period, the Company signed **9 new contracts** with a total contract value (excluding VAT) of **RMB 31.86 million**, consistent with the same period last year[38](index=38&type=chunk) - R&D expenses amounted to **RMB 2.07 million** (H1 2024: RMB 1.44 million), primarily focused on biomass fuel projects and small-scale hydrogen production units[39](index=39&type=chunk) - The five largest ongoing projects generated revenue of **RMB 15.77 million**, accounting for **66.9%** of the Group's total revenue during the reporting period[40](index=40&type=chunk) [Future Outlook](index=17&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Company plans to capitalize on biofuel opportunities under 'dual carbon' goals, consolidate domestic markets, expand overseas, and increase revenue by strengthening marketing, exploring related industry investments, and boosting R&D in advanced ethanol, hydrogen, and higher alcohol production technologies - China's "14th Five-Year Plan" explicitly proposes expanding biofuel applications, with a target fuel ethanol consumption of **12 million tons by 2025**, indicating significant long-term growth potential for the biofuel industry[41](index=41&type=chunk) - The Company will strengthen its marketing team, maintain existing clients, expand its new client portfolio, actively explore investment opportunities in related industries, and expand revenue from manufacturing and technical services for other chemical production equipment[41](index=41&type=chunk) - The Company will increase R&D investment in leading **1.5 and 2nd generation cellulosic ethanol production technologies**, hydrogen energy production technologies, ethanol deep processing for higher alcohol production processes, and related equipment manufacturing[43](index=43&type=chunk) - As of the end of the reporting period, the Company and its subsidiaries held a total of **35 valid registered patents**, including **19 invention patents**[43](index=43&type=chunk) [Financial Review](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Company's revenue, gross profit, and gross margin significantly decreased, associate performance turned to loss, leading to a substantial increase in loss attributable to owners, while administrative expenses and finance costs decreased, and income tax credit increased - Revenue decreased by **35.6%** from approximately **RMB 36.58 million** in H1 2024 to approximately **RMB 23.57 million** in H1 2025, primarily due to fewer sales contracts and slower progress on existing contract projects[44](index=44&type=chunk) - Gross profit decreased by **54.5%** from approximately **RMB 5.27 million** in H1 2024 to approximately **RMB 2.40 million** in H1 2025, with the overall gross margin decreasing from **14.4% to 10.2%**, mainly affected by market fluctuations[45](index=45&type=chunk) - Selling and marketing expenses decreased by **18.9%** to approximately **RMB 1.80 million**, and administrative expenses decreased by **12.6%** to approximately **RMB 7.59 million**, primarily due to cost control measures[46](index=46&type=chunk)[47](index=47&type=chunk) - Share of results of associates turned from a profit of approximately **RMB 0.99 million** in H1 2024 to a loss of approximately **RMB 1.25 million** in H1 2025, a decrease of **225.8%**, mainly due to the decline in operating performance of associates[48](index=48&type=chunk) - Net finance costs decreased by **25.4%** to approximately **RMB 0.72 million**, primarily referring to interest on bank borrowings and lease liabilities[50](index=50&type=chunk) - Income tax credit increased from **RMB 0** in H1 2024 to approximately **RMB 89,000** in 2025, due to deferred income tax credit arising from leases[51](index=51&type=chunk) - Loss attributable to owners of the Company expanded to approximately **RMB 7.85 million** (H1 2024: approximately RMB 2.76 million), mainly due to decreased revenue, lower gross margin, and reduced share of results of associates[52](index=52&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=20&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of June 30, 2025, the Group's cash and cash equivalents significantly decreased, bank borrowings declined, but net current liabilities increased, total equity substantially reduced, leading to a sharp rise in the gearing ratio to 136.73% Liquidity and Capital Structure Summary | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 1.09 | 4.17 | -73.9% | | Bank borrowings | 21.34 | 32.23 | -33.8% | | Total equity | 1.78 | 9.66 | -81.6% | | Net current liabilities | 65.34 | 59.36 | +10.1% | | Current ratio | 0.72 times | Largely unchanged | - | | Gearing ratio | 136.73% | 26.60% | +413.9% | [Other Financial Information](index=20&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E4%BF%A1%E6%81%AF) During the reporting period, the Group reported no significant changes in capital expenditure, major acquisitions, disposals, investments, contingent liabilities, or capital commitments, with certain assets pledged for financing, insignificant foreign exchange risk, and no speculative derivative transactions - The Group's capital expenditure primarily includes intangible assets and expenses for acquiring property, plant, and equipment related to operations, with no significant changes during the reporting period[55](index=55&type=chunk) - In H1 2025, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any significant investments held outside its subsidiaries[56](index=56&type=chunk)[57](index=57&type=chunk) - As of June 30, 2025, the Group had no contingent liabilities or capital commitments[60](index=60&type=chunk)[62](index=62&type=chunk) - The right-of-use assets and buildings of the Company's subsidiaries have been pledged to banks as security for bank facilities granted to the Group[61](index=61&type=chunk) - The functional currency of the Group's operations, assets, and liabilities is RMB, and it does not face significant foreign exchange risk, nor does it use any financial instruments for hedging purposes[63](index=63&type=chunk) - The Group's treasury policy prohibits entering into derivative transactions for speculative purposes[64](index=64&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 84 full-time employees, whose skills are enhanced through customized training, with remuneration comprising salaries and bonuses determined by qualifications, position, and performance - As of June 30, 2025, the Group had **84 full-time employees** (December 31, 2024: 82 employees)[65](index=65&type=chunk) - The Group provides tailored training programs to employees aimed at enhancing their skills and knowledge[65](index=65&type=chunk) - Remuneration for employees generally includes salaries and bonuses, determined based on each employee's qualifications, position, and performance[65](index=65&type=chunk) [Other Information](index=22&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Corporate Governance Practices](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company is committed to maintaining high corporate governance standards and confirmed compliance with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the HKEX Listing Rules during the reporting period - The Company is committed to achieving and maintaining a high level of corporate governance to protect shareholders' interests and create long-term value[66](index=66&type=chunk) - The Directors believe that for the six months ended June 30, 2025, the Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[66](index=66&type=chunk) [Standard Code for Securities Transactions](index=22&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules and confirmed directors' compliance with its requirements during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its own code of conduct[67](index=67&type=chunk) - Following specific enquiry, the Company confirmed that the Directors have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[67](index=67&type=chunk) [Interim Dividends](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[68](index=68&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%8B%B8) During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[69](index=69&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[69](index=69&type=chunk) [Review and Publication](index=23&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Group's interim results for the six months ended June 30, 2025, have been reviewed by the Company's Audit Committee and will be published on the HKEX and Company websites - The Group's interim results for the six months ended June 30, 2025, have been reviewed by the Company's Audit Committee, which comprises three independent non-executive directors[70](index=70&type=chunk) - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.zkty.com.cn)[71](index=71&type=chunk)

[Financial Summary and Interim Results Announcement](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%E4%B8%8E%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) This section presents Vedan International's H1 2025 unaudited financial performance, showing declines in key profit metrics and EPS, with an increased interim dividend [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides a concise overview of Vedan International's H1 2025 financial performance, detailing key metrics and their year-on-year changes Financial Highlights Summary | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | | Gross Profit | 31,809 | 32,903 | -1,094 | | Profit for the Period | 7,610 | 8,344 | -734 | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | -733 | | Basic Earnings Per Share | 0.50 US cents | 0.55 US cents | | | Diluted Earnings Per Share | 0.50 US cents | 0.55 US cents | | | Proposed Interim Dividend Per Share | 0.300 US cents | 0.273 US cents | | | Total Dividends Paid and Proposed Per Share | 0.300 US cents | 0.273 US cents | | [Interim Condensed Consolidated Statement of Financial Position](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly increased, with non-current assets decreasing and current assets increasing, while total equity slightly decreased and total liabilities increased, maintaining a stable financial structure Consolidated Statement of Financial Position | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 126,523 | 134,297 | | Total Current Assets | 244,930 | 234,394 | | **Total Assets** | **371,453** | **368,691** | | **Equity** | | | | Total Equity | 301,643 | 302,416 | | **Liabilities** | | | | Total Non-current Liabilities | 3,975 | 4,836 | | Total Current Liabilities | 65,835 | 61,439 | | **Total Liabilities** | **69,810** | **66,275** | | **Total Equity and Liabilities** | **371,453** | **368,691** | [Interim Condensed Consolidated Statement of Profit or Loss](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue, gross profit, operating profit, and profit for the period all decreased year-on-year, with finance income turning positive and EPS also declining Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | | Cost of Sales | (152,458) | (152,252) | | Gross Profit | 31,809 | 32,903 | | Other Income - Net | 1,194 | 1,354 | | Selling and Distribution Expenses | (9,780) | (9,768) | | Administrative Expenses | (12,216) | (12,118) | | Operating Profit | 11,007 | 12,371 | | Finance Income / (Expenses) - Net | 123 | (418) | | Profit Before Income Tax | 10,755 | 11,491 | | Income Tax Expense | (3,145) | (3,147) | | Profit for the Period | 7,610 | 8,344 | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | | Basic and Diluted Earnings Per Share (US cents) | 0.50 | 0.55 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's profit for the period and total comprehensive income both decreased year-on-year, but exchange differences turned from loss to gain Consolidated Statement of Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Profit for the Period | 7,610 | 8,344 | | Other Comprehensive Income / (Loss) | | | | Exchange Differences | 297 | (395) | | Total Comprehensive Income for the Period | 7,907 | 7,949 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 7,895 | 7,936 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes on the basis of preparation, accounting policies, segment information, and other financial details for the interim period [Basis of Preparation and Accounting Policies](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The interim condensed consolidated financial information is prepared under HKAS 34, with consistent accounting policies, and new standards effective in 2025 had no material impact - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) - The accounting policies applied are consistent with those described in the annual financial statements for the year ended December 31, 2024, except for specific amendments[11](index=11&type=chunk) - New and amended accounting standards, including HKFRS 9, 18, and 19, issued but not yet effective for the financial year beginning January 1, 2025, have not been early adopted by the Group[12](index=12&type=chunk)[13](index=13&type=chunk) [Segment Information](index=8&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates a single business segment, manufacturing and selling fermented food additives, biochemical products, and tapioca starch industrial products, with revenue geographically segmented - The Group operates a single business segment, which is the manufacturing and sale of fermented food additives, biochemical products, and tapioca starch industrial products[14](index=14&type=chunk) [Segment Revenue](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, total Group revenue was USD 184,267 thousand, slightly lower year-on-year, with declines in Vietnam and Japan, but significant growth in China and the US Segment Revenue by Region | Region | Jan-Jun 2025 (USD thousands) | Jan-Jun 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 79,505 | -6,155 | -7.7% | | Japan | 32,131 | 35,218 | -3,087 | -8.8% | | China | 34,851 | 29,126 | 5,726 | 19.7% | | United States | 17,573 | 13,011 | 4,562 | 35.1% | | Taiwan | 7,464 | 6,384 | 1,080 | 16.9% | | ASEAN Member States (excluding Vietnam) | 13,573 | 14,813 | -1,240 | -8.4% | | Other Regions | 5,325 | 7,098 | -1,773 | -25.0% | | **Total Revenue** | **184,267** | **185,155** | **-888** | **-0.5%** | [Geographical Location of Non-current Assets](index=9&type=section&id=%E9%9D%9E%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E6%89%80%E5%9C%A8%E5%9C%B0) As of June 30, 2025, the majority of the Group's non-current assets are located in Vietnam, followed by China, with the total value decreasing from year-end 2024 Non-current Assets by Region | Region | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Vietnam | 117,316 | 124,689 | | China | 8,113 | 8,105 | | Other | 1 | 2 | | **Total** | **125,430** | **132,796** | [Trade Receivables](index=9&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE) As of June 30, 2025, net trade receivables were USD 32,319 thousand, a decrease from year-end 2024, with credit terms typically 30 to 90 days and reduced loss allowance Trade Receivables Summary | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Trade receivables from third parties | 32,508 | 34,053 | | Less: Loss allowance | (189) | (477) | | **Trade receivables - Net** | **32,319** | **33,576** | Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 30,518 | 32,918 | | 31 to 90 days | 1,501 | 520 | | 91 to 180 days | 219 | 163 | | 181 to 365 days | 151 | – | | Over 365 days | 119 | 452 | | **Total** | **32,508** | **34,053** | Loss Allowance for Trade Receivables | Loss allowance | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Loss allowance at January 1 | 477 | 350 | | Decrease in loss allowance recognized in the interim condensed consolidated statement of profit or loss | (288) | (43) | | **Loss allowance at June 30** | **189** | **307** | [Trade Payables](index=11&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade payables were USD 15,573 thousand, a significant 38.4% increase from year-end 2024, primarily due within 0-30 days Trade Payables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 11,960 | 9,795 | | 31 to 90 days | 3,080 | 1,459 | | Over 90 days | 533 | – | | **Total** | **15,573** | **11,254** | - Total trade payables increased by **USD 4,319 thousand**, or approximately **38.4%**, compared to the end of 2024[56](index=56&type=chunk) [Other Income - Net](index=11&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, net other income was USD 1,194 thousand, a decrease from the prior year, mainly due to a significant drop in net exchange gains Other Income - Net Breakdown | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Net exchange gains | 448 | 1,443 | | Loss on disposal of property, plant and equipment | (7) | (24) | | Sale of scrap materials | 193 | 199 | | Government grants | 72 | 13 | | Fair value gain on structured bank deposits | – | 4 | | Impairment of goodwill | – | (491) | | Rental income | 79 | 33 | | Others | 409 | 177 | | **Other income - Net** | **1,194** | **1,354** | [Expenses by Nature](index=12&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%88%86%E9%A1%9E%E4%B9%8B%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total cost of sales, selling and distribution expenses, and administrative expenses slightly increased, driven by changes in inventories, employee benefits, and write-offs Expenses by Nature Summary | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Changes in inventories of finished goods and work in progress and consumables used | 124,012 | 121,448 | | Amortisation of intangible assets | 36 | 35 | | Amortisation of right-of-use assets | 296 | 284 | | Auditor's remuneration - audit services | 129 | 129 | | Depreciation of property, plant and equipment | 10,502 | 10,992 | | Employee benefit expenses | 21,510 | 20,745 | | Reversal of loss allowance for trade receivables | (288) | (43) | | Reversal of provision for inventories | (313) | (299) | | Write-off of property, plant and equipment | 550 | – | | Short-term lease payments | 79 | 145 | | Technical support fees | 1,575 | 1,569 | | Travel expenses | 787 | 821 | | Transportation expenses | 3,181 | 3,057 | | Advertising expenses | 928 | 1,153 | | Repair and maintenance expenses | 7,600 | 8,969 | | Other expenses | 3,870 | 5,133 | | **Total cost of sales, selling and distribution expenses and administrative expenses** | **174,454** | **174,138** | [Finance Income / (Expenses) - Net](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%EF%BC%8F%EF%BC%88%E6%94%AF%E5%87%BA%EF%BC%89%EF%BC%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, the Group's net finance income turned positive at USD 123 thousand from an expense in the prior year, mainly due to a significant reduction in interest expense on bank borrowings Finance Income / (Expenses) - Net Breakdown | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Interest income from short-term bank deposits | 672 | 452 | | Interest income from an associate | 5 | 2 | | Interest expense on bank borrowings | (511) | (833) | | Interest expense on lease liabilities | (43) | (39) | | **Finance income / (expenses) - Net** | **123** | **(418)** | [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total income tax expense was USD 3,145 thousand, largely consistent with the prior year, with varying corporate income tax rates across regions Income Tax Expense Summary | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Corporate income tax | 2,718 | 3,440 | | Deferred income tax | 427 | (293) | | **Total** | **3,145** | **3,147** | - The corporate income tax rate for principal operations in Vietnam is **15%**, while non-principal operations are subject to **20%**[29](index=29&type=chunk) - Business operations in China are subject to a corporate income tax rate of **25%**, and those in Taiwan are subject to **20%**[30](index=30&type=chunk)[32](index=32&type=chunk) [Earnings Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share were 0.50 US cents, a decrease from 0.55 US cents in the prior year - Basic earnings per share are calculated by dividing profit attributable to owners of the Company of **USD 7,598,000** by the weighted average number of **1,522,742,000** ordinary shares outstanding during the period[33](index=33&type=chunk) - Basic and diluted earnings per share were **0.50 US cents** (2024: **0.55 US cents**)[33](index=33&type=chunk) [Dividends](index=14&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of 0.300 US cents per share, an increase from the prior year, with the 2024 final dividend paid in June 2025 - The Board has resolved to declare an interim dividend of **0.300 US cents** per share (2024: **0.273 US cents**)[34](index=34&type=chunk) - The final dividend of **0.570 US cents** per share for the year ended December 31, 2024, was paid on June 17, 2025[34](index=34&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the Group's business performance, operating results, financial position, and future outlook, considering global and regional economic factors [Business Overview](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E7%B8%BD%E8%A6%BD) H1 2025 saw global economic challenges, strong Vietnamese growth, and pressured Chinese recovery, while the Group's revenue slightly declined with reduced gross and net margins [Global and Regional Economic Environment](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%8F%8A%E5%8D%80%E5%9F%9F%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces recovery pressures from tariffs, high interest rates, and geopolitical risks, while Vietnam's GDP growth hit a 15-year high, and China's recovery remains challenged - The global economy continues to face numerous challenges, with US reciprocal tariffs severely impacting cross-border trade, free trade agreements shifting towards protectionism, and high interest rates creating significant pressure on global economic recovery[35](index=35&type=chunk) - Vietnam's annualized GDP growth rate reached **7.52%**, a 15-year high, with FDI registration exceeding **USD 21.5 billion**, an increase of over **32.6%** year-on-year[35](index=35&type=chunk)[36](index=36&type=chunk) - China's GDP grew by **5.3%** year-on-year, but export momentum was significantly impacted by reciprocal tariffs, and domestic demand remained under pressure due to high youth unemployment and a sluggish real estate market[36](index=36&type=chunk) [Overall Group Performance](index=16&type=section&id=%E9%9B%86%E5%9C%98%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E8%A1%A8%E7%8F%BE) The Group's H1 2025 revenue decreased by 0.5% to USD 184,267 thousand, with gross margin falling to 17.3% and net margin to 4.1%, primarily due to market competition and product demand shifts - The Group's revenue for the period reached approximately **USD 184,267,000**, a decrease of **0.5%** or **USD 888,000** compared to the same period last year[37](index=37&type=chunk) - The overall gross profit margin decreased from **17.8%** in H1 2024 to **17.3%**, with gross profit at **USD 31,809,000**, a decrease of **USD 1,094,000** from the prior year[38](index=38&type=chunk) - The net profit margin decreased from **4.5%** in H1 2024 to **4.1%**, with net profit at **USD 7,610,000**, a decrease of **USD 734,000** from the prior year[38](index=38&type=chunk) [Operating Analysis](index=17&type=section&id=%E7%87%9F%E6%A5%AD%E5%88%86%E6%9E%90) The Group's total revenue slightly declined in H1, mainly due to reduced sales in Vietnam, Japan, and ASEAN, offset by strong growth in China and the US, with varied product performance [Market Sales Analysis](index=17&type=section&id=%E5%B8%82%E5%A0%B4%E9%8A%B7%E5%94%AE%E5%88%86%E6%9E%90) Vietnam remains the largest market but saw a 7.7% revenue decrease, while Japan and ASEAN also declined; China's revenue grew 19.7%, and the US surged 35.1% due to early shipments Market Sales by Country | Country | Jan-Jun 2025 Cumulative (USD thousands) | Jan-Jun 2024 Cumulative (USD thousands) | Difference (USD thousands) | Difference (%) | | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 79,505 | -6,155 | -7.7% | | Japan | 32,131 | 35,218 | -3,087 | -8.8% | | China | 34,851 | 29,125 | 5,726 | 19.7% | | ASEAN Countries | 13,573 | 14,813 | -1,240 | -8.4% | | United States | 17,573 | 13,011 | 4,562 | 35.1% | | Other | 12,789 | 13,483 | -694 | -5.1% | | **Total** | **184,267** | **185,155** | **-888** | **-0.5%** | - Vietnam market revenue decreased by **7.7%**, primarily due to slower market recovery and reduced demand for MSG, fertilizer & feed, and specialty chemical products, coupled with low-price competition from imported MSG products[40](index=40&type=chunk) - US market revenue increased by **35.1%**, mainly due to the uncertainty of reciprocal tariffs, leading US customers to expedite shipments, thus boosting regional revenue[44](index=44&type=chunk) [Product Sales Analysis](index=19&type=section&id=%E7%94%A2%E5%93%81%E9%8A%B7%E5%94%AE%E5%88%86%E6%9E%90) MSG and seasonings, modified starch, specialty chemicals, and fertilizer & feed revenues declined, while coffee beans surged 124.2% and other products grew 46.0%, driven by increased sales in China Product Sales by Category | Item | Jan-Jun 2025 Cumulative (USD thousands) | Jan-Jun 2024 Cumulative (USD thousands) | Difference (USD thousands) | Difference (%) | | :--- | :--- | :--- | :--- | :--- | | MSG and Seasonings | 99,745 | 105,611 | -5,866 | -5.6% | | Modified Starch, Native Starch, and Starch Sugar | 31,369 | 33,446 | -2,077 | -6.2% | | Specialty Chemicals | 9,433 | 9,963 | -530 | -5.3% | | Fertilizer and Feed | 14,931 | 16,414 | -1,483 | -9.0% | | Coffee Beans | 19,558 | 8,723 | 10,835 | 124.2% | | Other | 9,231 | 10,998 | -1,767 | -16.1% | | **Total** | **184,267** | **185,155** | **-888** | **-0.5%** | - Increased sales of coffee beans and bulk raw materials drove other product revenue up by approximately **USD 9,068,000** or **46.0%** year-on-year[51](index=51&type=chunk) - Revenue from MSG and seasonings decreased, primarily due to unrecovered demand and low-price market competition in Vietnam, Japan, China, and ASEAN markets[47](index=47&type=chunk) [Key Raw Materials / Energy Overview](index=22&type=section&id=%E4%B8%BB%E8%A6%81%E5%8E%9F%E6%96%99%EF%BC%8F%E8%83%BD%E6%BA%90%E6%A6%82%E6%B3%81) Cassava and molasses prices fell due to increased supply, while international crude oil and coal markets remained soft; Vietnam's energy policy shifts towards renewables, with the Group evaluating green energy solutions [Cassava / Starch](index=22&type=section&id=%E6%9C%A8%E8%96%AF%EF%BC%8F%E6%B7%80%E7%B2%89) Cassava/starch prices declined due to increased production in major regions and weak market demand, with the Group securing most of its 2025 raw material needs to control costs - Prices for the entire season declined due to increased production in major regions like Thailand, Vietnam, and Cambodia, while market demand remained weak[52](index=52&type=chunk) - The Group has secured most of its raw material requirements for 2025 during the harvest season, controlling production costs and enhancing profitability[52](index=52&type=chunk) [Molasses](index=22&type=section&id=%E7%B3%96%E8%9C%9C) Molasses prices decreased due to a slight increase in total production in Vietnam and internationally, leading to a slightly looser overall supply, prompting the Group to monitor market dynamics - Vietnam's total molasses production slightly increased this season, and international molasses production also rose in H1 2025 due to stable climate in major producing countries, leading to a slightly looser overall supply and price declines[53](index=53&type=chunk) - In addition to securing domestic molasses supply in Vietnam, the Group will continue to monitor international molasses market dynamics, place orders as appropriate, and actively develop new supply sources[53](index=53&type=chunk) [Energy](index=23&type=section&id=%E8%83%BD%E6%BA%90) International crude oil and coal markets are soft due to oversupply and weak demand; Vietnam's energy policy is shifting towards renewables, and the Group is evaluating green energy solutions for net-zero carbon emissions - The international crude oil market shows an oversupply trend, with relatively soft prices, and WTI oil prices remaining between **USD 62** and **USD 75** per barrel[54](index=54&type=chunk) - The international coal market faces downward pressure, primarily due to ample supply and weak demand, leading to a slight price decrease[55](index=55&type=chunk) - 2025 is a critical year for Vietnam's power energy policy transformation, with new regulations and plans vigorously promoting low-carbon energy, primarily renewables and nuclear power[55](index=55&type=chunk) - The Group utilizes a cogeneration power system in Vietnam to ensure stable electricity supply and is actively evaluating various green energy solutions to meet net-zero carbon emission targets[55](index=55&type=chunk) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group experienced reduced liquidity, increased borrowings, decreased trade receivables, increased inventories, and significantly higher trade payables, with a stable financial structure despite a lower current ratio [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) Total liquidity decreased by 7.3% to USD 61,655 thousand, borrowings increased by 9.8%, trade receivables decreased by 3.7%, inventories increased by 4.6%, and trade payables surged by 38.4%, while the current ratio slightly declined to 3.72 - The Group's cash and cash equivalents, short-term bank deposits, restricted deposits, and structured bank deposits totaled **USD 61,655,000**, a decrease of **USD 4,862,000** or **7.3%** from the end of 2024[56](index=56&type=chunk) - Total borrowings amounted to **USD 27,809,000**, an increase of **USD 2,490,000** or approximately **9.8%** from the end of 2024[56](index=56&type=chunk) - Trade payables were **USD 15,573,000**, an increase of **USD 4,319,000** or approximately **38.4%** from the end of 2024; the current ratio decreased from **3.82** at the end of 2024 to **3.72**, yet the Group's financial structure remains stable[56](index=56&type=chunk) - Capital expenditure for the period totaled **USD 4,122,000**, an increase of **45.4%** from **USD 2,835,000** in the prior year, primarily for equipment replacement and upgrades at the Vietnam subsidiary[57](index=57&type=chunk) [Exchange Rates](index=25&type=section&id=%E5%BD%99%E7%8E%87) The Vietnamese Dong depreciated approximately 2.7% against the US dollar in H1 due to interest rate differentials, while the Renminbi also saw a slight depreciation against the US dollar - In H1 2025, the Vietnamese Dong depreciated by approximately **2.7%** against the US dollar, with the exchange rate falling from around **25,080** at the beginning of the year to approximately **26,095** by mid-year[58](index=58&type=chunk) - The average exchange rate for Renminbi against the US dollar in H1 2025 was **7.18**, a slight depreciation compared to **7.11** in H1 2024[60](index=60&type=chunk) [Earnings Per Share and Dividends](index=26&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9%E5%8F%8A%E8%82%A1%E6%81%AF) Basic earnings per share for the period were 0.50 US cents, and the Board declared an interim dividend of 0.300 US cents per share, resulting in a 60.0% earnings payout ratio - Basic earnings per share for the period were **0.50 US cents**[61](index=61&type=chunk) - The Board decided to declare an interim dividend of **0.300 US cents** per share[61](index=61&type=chunk) - The earnings payout ratio for the first half of the year was **60.0%**[61](index=61&type=chunk) [Outlook](index=26&type=section&id=%E5%B1%95%E6%9C%9B) The Group maintains cautious optimism for H2 2025 amidst global uncertainties, focusing on product expansion, market diversification, technological advancement, and sustainability to drive growth [Macroeconomic Outlook](index=26&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E5%B1%95%E6%9C%9B) H2 2025 global economy faces uncertainties from US-China tensions, inflation, and geopolitical conflicts, while Vietnam shows strong growth and controlled inflation, and China's recovery remains constrained - Looking ahead to H2 2025, the global economic situation remains uncertain due to ongoing US-China economic rivalry, inflation and exchange rate fluctuations, unresolved regional conflicts, and supply chain restructuring caused by tariff wars[65](index=65&type=chunk) - Vietnam's H1 2025 GDP growth rate reached **7.52%**, slightly higher than the prior year, with average CPI inflation at **3.7%**, remaining below the government's **4.5%** target[62](index=62&type=chunk) - China's H1 2025 economic growth rate was approximately **4.6%**, with persistent structural pressures in manufacturing and real estate, high youth unemployment, weak consumer confidence, and limited domestic demand recovery[63](index=63&type=chunk) [Group Strategies and Key Initiatives](index=27&type=section&id=%E9%9B%86%E5%9C%98%E7%AD%96%E7%95%A5%E8%88%87%E9%87%8D%E9%BB%9E%E5%B7%A5%E4%BD%9C) The Group plans to expand product lines, develop high-value products, explore new markets and e-commerce, enhance production technology, optimize procurement, strengthen regional cooperation, and invest in automation, AI, and carbon reduction - Expand product lines and optimize product portfolio, gradually developing value-added products and increasing the proportion of functional and high-value product development[63](index=63&type=chunk) - Actively expand into new channels and markets, adjust product positioning and sales methods, seek partnerships to enlarge market scale, and invest in and develop e-commerce sales channels[63](index=63&type=chunk) - Continuously refine production technology and enhance efficiency, master key technologies to boost core competitiveness, and revitalize idle equipment utilization[64](index=64&type=chunk) - Monitor trends in bulk raw material market prices, actively seek alternative raw material solutions, and flexibly execute procurement strategies to ensure stable raw material supply[64](index=64&type=chunk) - Leverage Vietnam's production base to continuously develop markets with Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP) signed with Vietnam[64](index=64&type=chunk) - Enhance equipment automation, accelerate administrative process digitalization, and develop AI enterprise applications to improve decision-making management efficiency[64](index=64&type=chunk) - Intensify efforts in evaluating energy-saving solutions and promoting various energy-saving and consumption reduction initiatives, striving towards carbon reduction[64](index=64&type=chunk) [Conclusion](index=29&type=section&id=%E7%B8%BD%E7%B5%90) Despite global economic uncertainties, the Group remains cautiously optimistic, committed to its established strategies, market penetration, and new operational ventures to achieve synergistic growth - The Group maintains a cautious yet optimistic outlook, continuing to deepen its market presence in line with established operating strategies and sales networks[65](index=65&type=chunk) - Actively explore new operational areas for new products and businesses, including through strategic alliances[65](index=65&type=chunk) - The Group remains confident in leveraging operational synergies to drive overall business growth and development[65](index=65&type=chunk) [Other Information](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers interim dividend details, share transactions, compliance with director's securities trading code and corporate governance code, audit committee review, and board composition [Interim Dividend and Closure of Register of Members](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) The Board declared an interim dividend of 0.300 US cents per share, payable in HKD on October 13, 2025, with the share register closed from September 22 to September 25, 2025, for eligibility - The Board resolved to declare an interim dividend of **0.300 US cents** per share for the six months ended June 30, 2025, payable in HKD on October 13, 2025[66](index=66&type=chunk) - The Company's register of members will be closed from Monday, September 22, 2025, to Thursday, September 25, 2025 (both dates inclusive)[67](index=67&type=chunk) - The record date will be Thursday, September 25, 2025[67](index=67&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=30&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the six months ended June 30, 2025[68](index=68&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=30&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules for the reporting period ended June 30, 2025 - Following specific enquiries with all Directors, it is confirmed that they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules for the reporting period ended June 30, 2025[69](index=69&type=chunk) [Compliance with Appendix C1 of the HKEX Listing Rules](index=30&type=section&id=%E9%81%B5%E5%AE%88%E9%A6%99%E6%B8%AF%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E9%99%84%E9%8C%84C1) The Company complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for the period ended June 30, 2025, with one exception regarding the Chairman's attendance at the AGM - The Company has complied with the provisions of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules for the reporting period ended June 30, 2025[70](index=70&type=chunk) - Mr. Yang Tou Hsiung, the Chairman of the Board, was unable to attend the Company's Annual General Meeting held on May 27, 2025, due to business commitments, which constitutes an exception to Code Provision F.2.2 of the Corporate Governance Code[70](index=70&type=chunk) [Audit Committee](index=31&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting, including the unaudited interim condensed consolidated financial information for H1 2025, which was reviewed by PwC - The Audit Committee, together with management, has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters[71](index=71&type=chunk) - The unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, has been reviewed by the Group's auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA[71](index=71&type=chunk) [Publication of Interim Report](index=31&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company will dispatch its interim report for the six months ended June 30, 2025, to shareholders and publish it on the HKEX and Company websites in due course - The Company will dispatch its interim report for the six months ended June 30, 2025, to shareholders in due course, and it will also be published on the websites of Hong Kong Exchanges and Clearing Limited and the Company[72](index=72&type=chunk) [Acknowledgements and Board Composition](index=32&type=section&id=%E8%87%B4%E8%AC%9D%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E7%B5%84%E6%88%90) The Board expresses gratitude to shareholders and employees for their support and dedication, and details its composition of executive, non-executive, and independent non-executive directors - The Board takes this opportunity to sincerely thank the Company's shareholders for their support and the Company's employees for their dedication and diligence during the period[73](index=73&type=chunk) - The Board comprises executive directors Mr. Yang Tou Hsiung, Mr. Yang Cheng, Mr. Yang Kun Hsiang, Mr. Yang Chen Wen, Mr. Yang Kun Chou; non-executive directors Mr. Huang Ching Jung, Mr. Chou Szu Cheng; and independent non-executive directors Mr. Chao Pei Hung, Mr. Ko Chun Cheng, Mr. Huang Chung Feng, and Ms. Lee Pei Fen[75](index=75&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 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。 Bayzed Health Group Inc 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） （股份代號：02609） 截 至2025年6月30日止六個月的中期業績公告 佰 澤 醫 療 集 團（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）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」）的 未經審計 綜 合 中 期 業 績，連 同 截 至2024年6月30日止六個月的比較數字如 下。 財務摘要 – 1 – ‧ 截 至2025年6月30日止六個月的收入為約人民幣574.7百 萬 元，較2024 年同期增加約0.7%。 ‧ 截 至2025年6月30日止六個月的毛利為約人民幣106.3百 萬 元，較2024 年同期增加約8.3%。 ‧ 截 至2025年6 ...