[Company Overview and Financial Summary](index=1&type=section&id=I.%20Company%20Overview%20and%20Financial%20Summary) [Company Information](index=1&type=section&id=1.1%20Company%20Information) Austar Lifesciences Limited (6118) provides integrated engineering solutions and pharmaceutical equipment in China, incorporated in the Cayman Islands - Company Name: **Austar Lifesciences Limited (Stock Code: 6118)**[2](index=2&type=chunk) - Primary Business: Providing integrated engineering solutions, manufacturing, and distributing pharmaceutical equipment and consumables to pharmaceutical enterprises and research institutions in China[9](index=9&type=chunk) - Registered in the Cayman Islands, listed on the Main Board of the Hong Kong Stock Exchange since November 7, 2014[9](index=9&type=chunk) [Financial Summary](index=1&type=section&id=1.2%20Financial%20Summary) Revenue decreased by 5.6% to RMB661.9 million, but profit before tax and EPS significantly increased, with a slight rise in gross margin Group Financial Summary (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 661,905 | 700,919 | -5.6% | | Gross Profit | 139,143 | 145,417 | -4.3% | | Profit Before Income Tax | 30,303 | 9,186 | 230.0% | | Profit Attributable to Owners of the Company | 24,999 | 5,877 | 325.4% | | Gross Profit Margin | 21.0% | 20.7% | +0.3pp | | Basic Earnings Per Share | RMB0.05 | RMB0.01 | 400.0% | | Total Assets (Period-end) | 2,028,382 | 2,083,635 | -2.6% | | Net Assets (Period-end) | 810,367 | 793,468 | +2.1% | | Gearing Ratio (Period-end) | 30.9% | 33.9% | -3.0pp | [Financial Statements](index=2&type=section&id=II.%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue declined 5.6% to RMB661.9 million, yet operating profit and profit before tax significantly increased due to improved other net income and lower finance costs Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 661,905 | 700,919 | -5.6% | | Cost of Sales | (522,762) | (555,502) | -5.9% | | Gross Profit | 139,143 | 145,417 | -4.3% | | Selling and Marketing Expenses | (72,724) | (63,937) | +13.7% | | Administrative Expenses | (41,392) | (51,209) | -19.2% | | Research and Development Expenses | (16,480) | (23,468) | -29.8% | | Other Income / (Losses) – Net | 16,441 | (603) | N/A (Turned profitable) | | Operating Profit | 34,753 | 17,254 | +101.4% | | Finance Costs – Net | (5,904) | (7,749) | -23.8% | | Profit Before Income Tax | 30,303 | 9,186 | +230.0% | | Profit for the Period | 23,614 | 4,189 | +463.7% | | Profit Attributable to Owners of the Company for the Period | 24,999 | 5,877 | +325.4% | | Basic and Diluted Earnings Per Share | 0.05 | 0.01 | +400.0% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income for the period significantly increased to RMB16.9 million, driven by higher profit for the period despite exchange losses Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Profit for the Period | 23,614 | 4,189 | | Other Comprehensive (Expenses) / Income, Net of Tax | (6,715) | 718 | | Total Comprehensive Income for the Period | 16,899 | 4,907 | | Total Comprehensive Income Attributable to Owners of the Company | 17,943 | 6,708 | | Total Comprehensive Income / (Expenses) Attributable to Non-controlling Interests | (1,044) | (1,801) | - Exchange differences on translation from functional currency to presentation currency were **RMB(6,490) thousand**, compared to RMB3,148 thousand in the prior period, indicating a shift from exchange gain to expense[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly decreased to RMB2.03 billion, but net assets grew 2.1%, and the gearing ratio improved from 33.9% to 30.9% Key Data from Condensed Consolidated Statement of Financial Position (Period-end) | Indicator | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,028,382 | 2,083,635 | -2.6% | | Total Non-current Assets | 529,350 | 531,874 | -0.5% | | Total Current Assets | 1,499,032 | 1,551,761 | -3.4% | | Total Equity | 810,367 | 793,468 | +2.1% | | Total Liabilities | 1,218,015 | 1,290,167 | -5.6% | | Total Non-current Liabilities | 121,919 | 101,481 | +20.1% | | Total Current Liabilities | 1,096,096 | 1,188,686 | -7.7% | - The gearing ratio decreased from **33.9%** as of December 31, 2024, to **30.9%** as of June 30, 2025, indicating a reduction in leverage[3](index=3&type=chunk)[44](index=44&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) [General Information and Basis of Preparation](index=6&type=section&id=3.1%20General%20Information%20and%20Basis%20of%20Preparation) Unaudited interim financial data, prepared under IAS 34 and HKEX Listing Rules, with no significant impact from IFRS revisions - These condensed consolidated interim financial statements are **unaudited** and presented in **RMB thousands**[9](index=9&type=chunk)[10](index=10&type=chunk) - The basis of preparation follows **International Accounting Standard 34 'Interim Financial Reporting'** and the **HKEX Listing Rules**[11](index=11&type=chunk) - Application of amendments to IFRS accounting standards (e.g., IAS 21) had **no significant impact** on the financial position and performance for the current and prior periods[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.2%20Revenue%20and%20Segment%20Information) Revenue primarily from integrated engineering solutions, reported across three segments, with varied gross profit performance and increased international revenue share [Revenue Classification](index=7&type=section&id=3.2.1%20Revenue%20Classification) Integrated engineering solution contracts generated RMB449.5 million in revenue, representing 67.9% of total revenue, primarily recognized over time Revenue Classification from Contracts with Customers (For the six months ended June 30) | Type of Goods or Services | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from Integrated Engineering Solution Contracts | 449,537 | 486,146 | -7.5% | | Revenue from Sales of Goods | 168,715 | 201,727 | -16.4% | | Revenue from Provision of Services | 43,653 | 13,046 | +234.6% | | Total | 661,905 | 700,919 | -5.6% | | Timing of Revenue Recognition: Over time | 449,537 | 486,146 | -7.5% | | Timing of Revenue Recognition: At a point in time | 212,368 | 214,773 | -1.1% | [Segment Results](index=8&type=section&id=3.2.2%20Segment%20Results) Segment gross profits varied: Integrated Process and Packaging Equipment Systems declined 17.8%, while Consulting, Digitalization, and Construction grew 3.1% Segment Gross Profit (For the six months ended June 30) | Segment | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 34,756 | 42,298 | -17.8% | | Consulting, Digitalization, and Construction | 38,525 | 37,359 | +3.1% | | Life Science Equipment and Consumables | 65,862 | 65,760 | +0.2% | | Total Gross Profit for Reportable Segments | 139,143 | 145,417 | -4.3% | Total Segment Assets (Period-end) | Segment | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 1,107,958 | 1,143,870 | | Consulting, Digitalization, and Construction | 516,533 | 502,916 | | Life Science Equipment and Consumables | 219,006 | 218,154 | | Total Segment Assets | 1,843,497 | 1,864,940 | Total Segment Liabilities (Period-end) | Segment | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 440,443 | 471,044 | | Consulting, Digitalization, and Construction | 269,578 | 252,807 | | Life Science Equipment and Consumables | 77,329 | 96,529 | | Total Segment Liabilities | 787,350 | 820,380 | [Geographical Information](index=12&type=section&id=3.2.3%20Geographical%20Information) Mainland China remains the primary revenue source, but its share decreased as other regions' revenue grew 33.3%, indicating global expansion success Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 596,869 | 652,139 | -8.5% | | Other Regions | 65,036 | 48,780 | +33.3% | | Total | 661,905 | 700,919 | -5.6% | Non-current Assets by Geographical Region (Period-end) | Region | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Mainland China | 482,945 | 492,111 | | Other Regions | 28,790 | 24,594 | | Total | 511,735 | 516,705 | [Other Income and Expenses](index=13&type=section&id=3.3%20Other%20Income%20and%20Expenses) Net other income turned profitable due to exchange gains and early lease termination, while finance costs decreased and tax expense rose [Other Income / (Losses) – Net](index=13&type=section&id=3.3.1%20Other%20Income%20%2F%20(Losses)%20%E2%80%93%20Net) Net other income significantly improved to RMB16.4 million from a prior-year loss, driven by exchange gains and early lease termination gains Other Income / (Losses) – Net (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | (91) | (13) | | Loss on disposal of intangible assets | (300) | – | | Exchange gains / (losses), net | 11,433 | (2,544) | | Gain on early termination of lease contracts | 3,070 | – | | Others | 2,329 | 1,954 | | Total | 16,441 | (603) | [Finance Costs – Net](index=14&type=section&id=3.3.2%20Finance%20Costs%20%E2%80%93%20Net) Net finance costs decreased to RMB5.9 million from RMB7.7 million, mainly due to lower interest expenses from reduced borrowings Finance Costs – Net (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest expense – bank borrowings | (5,774) | (7,767) | | Interest expense – lease liabilities | (873) | (1,431) | | Interest expense – other financial liabilities | (96) | (96) | | Total finance costs | (6,743) | (9,294) | | Finance income – bank deposits | 839 | 1,545 | | Finance costs – net | (5,904) | (7,749) | [Income Tax Expense](index=14&type=section&id=3.3.3%20Income%20Tax%20Expense) Income tax expense increased to RMB6.7 million due to higher profit before tax; Chinese subsidiaries benefit from preferential tax rates Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Current income tax expense | 5,728 | 2,800 | | Deferred tax expense | 961 | 2,197 | | Total | 6,689 | 4,997 | - Shanghai Austar, Austar Shijiazhuang, and Austar Hengxun, as high-tech enterprises, enjoy a **preferential corporate income tax rate of 15%**[26](index=26&type=chunk) [Share of Net Profit / (Loss) of Investments Accounted for Using the Equity Method](index=41&type=section&id=3.3.4%20Share%20of%20Net%20Profit%20%2F%20(Loss)%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) Share of net profit from equity-accounted investments turned to a **RMB1.5 million gain** from a prior-year loss, driven by joint venture profits - Share of net profit from investments accounted for using the equity method shifted from a net loss of **RMB0.3 million** in H1 2024 to a net gain of **RMB1.5 million** in H1 2025[100](index=100&type=chunk) - Key contributions came from increased profits of joint ventures **ROTA Verpackungstechnik GmbH & Co. KG (ROTA KG)** and **Nozzle Fluid Technology (Shanghai) Co., Ltd.**[100](index=100&type=chunk) [Earnings Per Share and Dividends](index=15&type=section&id=3.4%20Earnings%20Per%20Share%20and%20Dividends) Basic and diluted EPS significantly increased to **RMB0.05** from RMB0.01; no dividends were paid, declared, or proposed Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for the Period (RMB'000) | 24,999 | 5,877 | | Weighted average number of ordinary shares in issue (thousands of shares) | 512,582 | 512,582 | | Basic and diluted earnings per share (RMB) | 0.05 | 0.01 | - Diluted earnings per share are the same as basic earnings per share as there are **no potential ordinary shares** for the period[30](index=30&type=chunk) - For the six months ended June 30, 2025, the Company **did not pay, declare, or propose any dividends**[31](index=31&type=chunk) [Trade and Other Receivables and Payables](index=16&type=section&id=3.5%20Trade%20and%20Other%20Receivables%20and%20Payables) Trade and bills receivable decreased to RMB351.8 million, driven by reduced short-term receivables; total payables also declined [Trade Receivables and Bills Receivable](index=16&type=section&id=3.5.1%20Trade%20Receivables%20and%20Bills%20Receivable) Total trade and bills receivable decreased **17.2%** to **RMB351.8 million**, with a **47.9% reduction** in receivables aged within 6 months Trade Receivables and Bills Receivable (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Trade receivables | 336,830 | 431,813 | | Bills receivable | 64,255 | 43,170 | | Less: Loss allowance | (49,297) | (50,449) | | Total | 351,788 | 424,534 | Ageing Analysis of Trade Receivables (Period-end) | Ageing | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Within 6 months | 139,010 | 266,333 | | 6 months to 1 year | 72,906 | 45,967 | | 1 to 2 years | 54,036 | 56,252 | | 2 to 3 years | 34,429 | 33,524 | | Over 3 years | 36,449 | 29,737 | | Total | 336,830 | 431,813 | [Trade and Other Payables](index=17&type=section&id=3.5.2%20Trade%20and%20Other%20Payables) Total trade and other payables decreased **5.9%** to **RMB601.8 million**, with trade payables increasing but other payables declining Trade and Other Payables (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Trade payables | 412,059 | 382,106 | | Payables for vendor project costs and construction fees | 73,918 | 108,252 | | Wages and welfare payables | 48,990 | 65,987 | | Accrued expenses | 30,283 | 37,081 | | After-sales service provision | 13,425 | 15,954 | | Indirect taxes payable | 1,207 | 5,525 | | Amounts due to employees | 1,124 | 2,681 | | Others | 20,792 | 21,685 | | Total | 601,798 | 639,271 | Ageing Analysis of Trade Payables (Period-end) | Ageing | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Within 6 months | 204,605 | 269,889 | | 6 months to 1 year | 103,004 | 47,041 | | 1 to 2 years | 79,567 | 41,792 | | 2 to 3 years | 15,626 | 8,235 | | Over 3 years | 9,257 | 15,149 | | Total | 412,059 | 382,106 | [Borrowings and Commitments](index=18&type=section&id=3.6%20Borrowings%20and%20Commitments) Long-term borrowings stable, short-term borrowings decreased, and capital commitments for property, plant, and equipment also reduced [Long-term Borrowings](index=18&type=section&id=3.6.1%20Long-term%20Borrowings) Total long-term borrowings stable at RMB124.4 million, with a shift from current to non-current portion; interest rates 2.65%-3.70% Long-term Borrowings (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Secured long-term bank borrowings | 17,066 | 35,869 | | Unsecured long-term bank borrowings | 107,370 | 88,157 | | Total | 124,436 | 124,026 | | Less: Long-term borrowings due within one year | (62,838) | (98,884) | | Amounts shown under non-current liabilities | 61,598 | 25,142 | - Secured long-term bank borrowings bear interest rates ranging from **3.10% to 3.65%**, while unsecured long-term bank borrowings range from **2.65% to 3.70%**[37](index=37&type=chunk) Long-term Borrowings Risk Exposure (Period-end) | Type | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Fixed-rate borrowings | 27,692 | 25,880 | | Floating-rate borrowings | 96,744 | 98,146 | | Total | 124,436 | 124,026 | [Short-term Borrowings](index=20&type=section&id=3.6.2%20Short-term%20Borrowings) Total short-term borrowings decreased to RMB206.0 million, with secured borrowings down and unsecured up; interest rates 1.20%-3.65% Short-term Borrowings (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Secured short-term bank borrowings | 41,959 | 72,579 | | Unsecured short-term bank borrowings | 164,086 | 157,171 | | Total | 206,045 | 229,750 | - Secured short-term bank borrowings bear interest rates ranging from **1.20% to 3.00%**, while unsecured short-term bank borrowings range from **2.70% to 3.65%**[43](index=43&type=chunk)[44](index=44&type=chunk) [Capital Commitments](index=21&type=section&id=3.6.3%20Capital%20Commitments) Capital commitments for property, plant, and equipment decreased to **RMB1.6 million** from RMB2.1 million at year-end Capital Commitments (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Property, plant and equipment | 1,584 | 2,093 | [Operating Review and Market Outlook](index=22&type=section&id=IV.%20Operating%20Review%20and%20Market%20Outlook) [Market Review](index=22&type=section&id=4.1%20Market%20Review) Global pharma faces challenges, but advanced therapies, cell/gene therapy, mRNA, and AI grow; China's innovative drug market thrives with policy support - The global pharmaceutical, life sciences, and biotechnology industries face economic pressures and tariff uncertainties, but strategic investments are recovering in specific areas, especially in **advanced therapy digital infrastructure**[46](index=46&type=chunk) - **Cell and gene therapy** and **mRNA vaccine technology** remain core to industry growth, with **AI and machine learning applications** flourishing[46](index=46&type=chunk) - China's innovative drug licensing transactions continue to grow, with strong national policy support accelerating industry transformation and upgrading[46](index=46&type=chunk) - The **GLP-1 peptide drug market** has significantly grown, synthetic biology shows broad application prospects in healthcare, and the **radiopharmaceutical sector** is accelerating with domestic breakthroughs[48](index=48&type=chunk) [Business Review](index=23&type=section&id=4.2%20Business%20Review) Despite 5.6% revenue decline, order intake grew 15.0%, net profit and operating cash flow increased, driven by strategic repositioning and global expansion - During the review period, the Group's revenue decreased by approximately **5.6%**, but order intake increased by approximately **15.0%**, with significant increases in net profit after tax and cash flows from operations[49](index=49&type=chunk) - Business positioning shifted from 'Pharmaceutical Engineering Solution Expert' to **'Leading Technology Serving Life Sciences'**, expanding the scope of business[49](index=49&type=chunk) - Signed a strategic cooperation agreement with Wenzhou Gaoge Machinery Technology Co., Ltd., establishing the **'Austar Gaoge' joint brand** to focus on R&D and production of core equipment like blister packaging machines[50](index=50&type=chunk) - Deepened expertise in complex API production processes (peptides and oligonucleotides), developing proprietary solutions such as **continuous flow reactors** and **high-pressure chromatography columns**[51](index=51&type=chunk) - Significant milestones achieved in global expansion strategy, with a substantial increase in international business inquiries and order intake[51](index=51&type=chunk) [Order Intake and Uncompleted Contracts](index=25&type=section&id=4.3%20Order%20Intake%20and%20Uncompleted%20Contracts) Total order intake grew **15.0%** to **RMB1.04 billion**, driven by Integrated Process and Packaging Equipment Systems; uncompleted contracts totaled RMB1.33 billion [Order Intake](index=25&type=section&id=4.3.1%20Order%20Intake) Total order intake grew **15.0%** to **RMB1.04 billion**, with Integrated Process and Packaging Systems up **32.3%** and Life Science Equipment down **8.4%** Order Intake by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 569,608 | 430,657 | +32.3% | | Consulting, Digitalization, and Construction | 302,710 | 290,495 | +4.2% | | Life Science Equipment and Consumables | 169,487 | 184,947 | -8.4% | | Total | 1,041,805 | 906,099 | +15.0% | - Order intake growth for Integrated Process and Packaging Equipment Systems benefited from a **moderate market rebound** and **increased capital expenditure by pharmaceutical companies**[56](index=56&type=chunk) - Order intake growth for Consulting, Digitalization, and Construction was primarily driven by **improved pharmaceutical regulatory standards** and demand for **energy-saving and efficiency-enhancing technologies**[58](index=58&type=chunk) - The decline in order intake for Life Science Equipment and Consumables was mainly affected by **Sino-US trade friction** and **domestic clients' cost reduction pressures**[59](index=59&type=chunk) [Uncompleted Contracts](index=27&type=section&id=4.3.2%20Uncompleted%20Contracts) Total uncompleted contracts valued **RMB1.33 billion** (1,614 contracts), with Integrated Process and Packaging Equipment Systems accounting for **53.4%** Uncompleted Contracts by Business Segment (Period-end) | Business Segment | Number of Contracts | Value at Period-end (RMB'000) | | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 572 | 708,632 | | Consulting, Digitalization, and Construction | 912 | 591,199 | | Life Science Equipment and Consumables | 130 | 27,812 | | Total | 1,614 | 1,327,643 | [Production, Execution, and Organization](index=28&type=section&id=4.4%20Production,%20Execution,%20and%20Organization) Austar operates five global manufacturing centers, enhancing production; Project Execution Center delivered over 130 projects using AI/IoT for smart manufacturing - Austar has **five manufacturing centers globally**, including AUSTAR UK, Shanghai, Shijiazhuang, Shijiazhuang Consumables Manufacturing Center, and the Cape Europe joint venture in France[61](index=61&type=chunk) - The Project Execution Center has executed over **220 projects** and delivered over **130 projects**, covering various fields such as traditional Chinese medicine injections, biopharmaceuticals, vaccines, and medical devices[62](index=62&type=chunk) - The Project Execution Center employs informatized project management, combining **AI and IoT technologies** to achieve smart production and sterile validation services[62](index=62&type=chunk)[63](index=63&type=chunk) [Sales and Marketing](index=29&type=section&id=4.5%20Sales%20and%20Marketing) Internal sales model in China, global expansion with increased orders in India/Southeast Asia, active exhibition participation, and new 'Austar Gaoge' brand launch - The internal sales collaboration model aims to provide tailored solutions to clients, supported by a **business intelligence information system**[64](index=64&type=chunk) - Under the global expansion strategy, European and Southeast Asian teams have been established, achieving **significant increases in order intake** in India and Southeast Asia[65](index=65&type=chunk) - Actively participated in international exhibitions (e.g., India Pharma Tech & Lab Tech Expo, CPHI & PMEC China) and published company news via social media, with a **23% year-on-year increase in click-through rates**[65](index=65&type=chunk)[66](index=66&type=chunk) - Launched the secondary packaging solution business brand **'Austar Gaoge'**, focusing on providing sustainable, efficient, and innovative secondary packaging solutions for pharmaceutical, food, and daily chemical industries[66](index=66&type=chunk) [Research and Development and Technological Innovation](index=31&type=section&id=4.6%20Research%20and%20Development%20and%20Technological%20Innovation) Continuous R&D investment resulted in **420 patents** (12 new), launching innovative products like ContiPI continuous granulation and pre-filled syringe lines - As of June 30, 2025, the Group holds **420 patents** and has obtained **12 new registered patents**[67](index=67&type=chunk) - Officially launched the **ContiPI continuous wet granulation and drying system**, combined with ContiFlex10, establishing an integrated process service platform to support continuous pharmaceutical manufacturing[67](index=67&type=chunk) - Successfully developed a **pre-filled syringe system filling line** with high-precision sterile filling capabilities, and launched a more compact and adaptable **visual inspection machine production line**[68](index=68&type=chunk) - Independently developed a series of **sterile contamination control consumables** (e.g., sterile disposable gloves, anti-bacterial goggles) and **sterile transfer and containment devices** (e.g., autoclavable disposable Beta bags) to comply with new EU GMP regulations[69](index=69&type=chunk) [Outlook](index=32&type=section&id=4.7%20Outlook) Group aims for global turnkey solutions via segment restructuring, focusing on global expansion, 'product-in-project' model, own-brand building, and portfolio expansion [Outlook for Consulting, Digitalization, and Construction Business](index=32&type=section&id=4.7.1%20Outlook%20for%20Consulting,%20Digitalization,%20and%20Construction%20Business) This segment will offer comprehensive solutions to life sciences, targeting multinational pharma in China, expanding globally, and developing digital consulting - This business segment will provide global clients with **forward-looking and flexible turnkey projects** covering the entire lifecycle[71](index=71&type=chunk) - Focusing on **multinational pharmaceutical companies in China**, leveraging engineering project experience in China to enter global markets[72](index=72&type=chunk) - Actively developing **digitalization consulting and system implementation services** to meet client demands for reduced operating costs[72](index=72&type=chunk) [Outlook for Integrated Process and Packaging Equipment Systems Business](index=33&type=section&id=4.7.2%20Outlook%20for%20Integrated%20Process%20and%20Packaging%20Equipment%20Systems%20Business) Segment to shift to in-house R&D and 'product-in-project' models, deepening expertise in advanced therapies, and entering medical aesthetics/devices - Strategic shift to **'product-in-project' and 'product+project' new business models**, with in-house R&D of core equipment expected to be a major future revenue source[74](index=74&type=chunk) - Deepening expertise in **peptides and oligonucleotides, antibody-drug conjugates, microneedle drug delivery systems, and GLP-1 weight-loss drugs**[74](index=74&type=chunk) - Entering related industrial fields such as **medical aesthetics and professional medical devices** to diversify and strengthen business revenue[74](index=74&type=chunk) [Outlook for Life Science Equipment and Consumables Business](index=34&type=section&id=4.7.3%20Outlook%20for%20Life%20Science%20Equipment%20and%20Consumables%20Business) Segment to build competitive own-brand products in sterile assurance and containment, leveraging European tech for localized, cost-effective solutions - Focusing on building a **sustainable and competitive own-brand product system**, specializing in key application areas such as **sterile assurance, aseptic transfer, containment isolation technology, and quality assurance**[75](index=75&type=chunk) - Leveraging technology acquired from European partner **CAPE Europe** to develop proprietary products and services, addressing changes in regulatory requirements[75](index=75&type=chunk) - Newly constructed consumables production facilities have progressively launched products, aligning with the trend of **localized production in the Chinese market**[76](index=76&type=chunk) [Product Portfolio Expansion Strategy](index=35&type=section&id=4.7.4%20Product%20Portfolio%20Expansion%20Strategy) Business model shifting to 'product and project' dominant, investing in R&D, market integration, and establishing new brands like C-True and Austar Gaoge - Business model adjusted to a **'product and project' dominant approach** to capture more business opportunities[77](index=77&type=chunk) - Expanding product portfolio through **proprietary R&D and market integration**, including **C-True visual inspection, Austar Gaoge secondary packaging, and biopharmaceutical disposable products**[77](index=77&type=chunk) [Global Expansion Strategy](index=35&type=section&id=4.7.5%20Global%20Expansion%20Strategy) To counter China's competition, the Group will advance global expansion, aiming for international orders to exceed China's, focusing on key regions - Continuing to advance the global expansion strategy, aiming for **international market order intake to surpass that of the Chinese market**[78](index=78&type=chunk) - Focusing on key regions and countries such as the **Middle East, North Africa, Southeast Asia, Europe, South America, and North America**[78](index=78&type=chunk) [Financial Performance Analysis](index=36&type=section&id=V.%20Financial%20Performance%20Analysis) [Revenue Analysis](index=36&type=section&id=5.1%20Revenue%20Analysis) Total revenue decreased **5.6%** to **RMB661.9 million**, with varied segment performance and **33.3% growth** in other regions' revenue Revenue by Business Group (For the six months ended June 30) | Business Group | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 318,110 | 309,273 | +2.9% | | Consulting, Digitalization, and Construction | 190,134 | 216,586 | -12.2% | | Life Science Equipment and Consumables | 153,661 | 175,060 | -12.2% | | Total | 661,905 | 700,919 | -5.6% | - Increased revenue from Integrated Process and Packaging Equipment Systems was primarily due to an **increase in uncompleted contracts at the beginning of the period**[80](index=80&type=chunk) - Decreased revenue from Consulting, Digitalization, and Construction and Life Science Equipment and Consumables was mainly due to a **reduction in uncompleted contracts and order intake at the beginning of the period**[81](index=81&type=chunk)[82](index=82&type=chunk) Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 596,869 | 652,139 | -8.5% | | Other Regions | 65,036 | 48,780 | +33.3% | | Total | 661,905 | 700,919 | -5.6% | [Cost of Sales, Gross Profit, and Gross Profit Margin Analysis](index=38&type=section&id=5.2%20Cost%20of%20Sales,%20Gross%20Profit,%20and%20Gross%20Profit%20Margin%20Analysis) Cost of sales decreased 5.9%, total gross profit declined 4.3%, but overall gross margin rose to **21.0%** due to improved segment margins - Cost of sales decreased by **5.9%** to **RMB522.8 million**, consistent with the revenue decline[86](index=86&type=chunk) Gross Profit and Gross Profit Margin by Business Group (For the six months ended June 30) | Business Group | 2025 Gross Profit (RMB'000) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB'000) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 34,756 | 10.9% | 42,298 | 13.7% | | Consulting, Digitalization, and Construction | 38,525 | 20.3% | 37,359 | 17.2% | | Life Science Equipment and Consumables | 65,862 | 42.9% | 65,760 | 37.6% | | Total | 139,143 | 21.0% | 145,417 | 20.7% | - Gross profit margin for Integrated Process and Packaging Equipment Systems decreased, mainly due to **intensified market competition** and **client price pressure**[90](index=90&type=chunk) - Gross profit margin for Consulting, Digitalization, and Construction increased, primarily due to **product standardization, optimized business structure, and strengthened supply chain management**[91](index=91&type=chunk) - Gross profit margin for Life Science Equipment and Consumables increased, mainly benefiting from **product portfolio optimization** to enhance the proportion of high-margin consumables revenue and **economies of scale** from increased sales of self-produced products[93](index=93&type=chunk) [Operating Expense Analysis](index=40&type=section&id=5.3%20Operating%20Expense%20Analysis) Selling and marketing expenses rose 13.7%, while administrative and R&D expenses decreased by 19.2% and 29.8% respectively; other income declined 26.3% - Selling and marketing expenses increased by **13.7%** to **RMB72.7 million**, primarily due to increased staff costs for sales and marketing personnel[94](index=94&type=chunk) - Administrative expenses decreased by **19.2%** to **RMB41.4 million**, mainly due to reduced staff costs for administrative personnel, depreciation, and technical service fees[95](index=95&type=chunk) - Research and development expenses decreased by **29.8%** to **RMB16.5 million**, primarily due to reduced staff costs for R&D personnel and raw material expenses[96](index=96&type=chunk) - Other income decreased by **26.3%** to **RMB6.5 million**, primarily due to a **reduction in subsidies granted by local government authorities in China**[97](index=97&type=chunk) [Profit Before Tax and Profit for the Period](index=41&type=section&id=5.4%20Profit%20Before%20Tax%20and%20Profit%20for%20the%20Period) Profit before tax surged **230.0%** to **RMB30.3 million**, and profit for the period grew **463.7%** to **RMB23.6 million**, driven by improved net other income and lower finance costs - Profit before income tax was approximately **RMB30.3 million**, a significant increase from **RMB9.2 million** in the prior period[101](index=101&type=chunk) - Profit for the period was approximately **RMB23.6 million**, a significant increase from **RMB4.2 million** in the prior period[103](index=103&type=chunk) - Income tax expense increased to **RMB6.7 million**, primarily due to higher profit before income tax[102](index=102&type=chunk) [Liquidity and Financial Resources](index=42&type=section&id=VI.%20Liquidity%20and%20Financial%20Resources) [Cash Flows](index=42&type=section&id=6.1%20Cash%20Flows) Net cash from operations significantly increased to **RMB39.0 million**; cash and cash equivalents totaled **RMB164.7 million** at period-end Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash from operating activities | 38,966 | 19,539 | | Net cash (used in) / from investing activities | (2,757) | 12,350 | | Net cash used in financing activities | (38,205) | (56,007) | | Net decrease in cash and cash equivalents | (1,996) | (24,118) | - The increase in net cash from operating activities was primarily due to **higher profit before income tax** and a **decrease in trade and other receivables**[104](index=104&type=chunk)[105](index=105&type=chunk) - Net cash used in financing activities decreased, mainly because **repayment of borrowings was partially offset by proceeds from bank borrowings**[105](index=105&type=chunk) - As of June 30, 2025, cash and cash equivalents were approximately **RMB164.7 million**, primarily denominated in RMB and USD[105](index=105&type=chunk) [Net Current Assets and Gearing Ratio](index=43&type=section&id=6.2%20Net%20Current%20Assets%20and%20Gearing%20Ratio) Net current assets increased to **RMB402.9 million**, and the gearing ratio decreased to **30.9%**, reflecting reduced financial risk - Net current assets increased by approximately **RMB39.8 million** to **RMB402.9 million**[107](index=107&type=chunk) - Total current assets decreased by approximately **RMB52.8 million**, mainly due to reductions in trade and bills receivable, prepayments and other receivables, and inventories, partially offset by an increase in contract assets[107](index=107&type=chunk)[108](index=108&type=chunk) - Total current liabilities decreased by approximately **RMB92.6 million**, primarily due to reductions in other payables, short-term borrowings, and the current portion of long-term borrowings[108](index=108&type=chunk)[110](index=110&type=chunk) - The gearing ratio decreased from **33.9%** as of December 31, 2024, to **30.9%** as of June 30, 2025[44](index=44&type=chunk) [Pledged Assets and Contingent Liabilities](index=44&type=section&id=6.3%20Pledged%20Assets%20and%20Contingent%20Liabilities) Buildings, right-of-use assets, and bank deposits are pledged; irrevocable L/C guarantee for ROTA KG recovered, reducing contingent liability - As of June 30, 2025, the Group had pledged buildings with a total carrying amount of approximately **RMB80.9 million**, right-of-use assets of **RMB46.6 million**, and pledged bank deposits of **RMB43.2 million**[109](index=109&type=chunk) - For the six months ended June 30, 2025, an irrevocable letter of credit guarantee totaling **EUR600,000** utilized by the Group for **ROTA KG** was recovered[113](index=113&type=chunk) [Other Significant Information](index=45&type=section&id=VII.%20Other%20Significant%20Information) [Dividends and Capital Structure](index=45&type=section&id=7.1%20Dividends%20and%20Capital%20Structure) No interim dividends declared; shareholders' equity approximately **RMB810.4 million** with **512,582,000 shares** issued at HKD0.01 par value - The Directors **did not declare any interim dividends** for the six months ended June 30, 2025[111](index=111&type=chunk) - As of June 30, 2025, the Group had shareholders' equity of approximately **RMB810.4 million**[112](index=112&type=chunk) - Issued share capital comprised **512,582,000 shares** with a par value of **HKD0.01** each[112](index=112&type=chunk) [Human Resources](index=45&type=section&id=7.2%20Human%20Resources) Group had **1,446 full-time employees**; total staff costs increased **2.9%** to **RMB178.0 million** due to strategic investments and comprehensive HR policies - As of June 30, 2025, the Group had **1,446 full-time employees**, a slight increase from 1,445 as of December 31, 2024[114](index=114&type=chunk) - Total staff costs were approximately **RMB178.0 million**, a **2.9% year-on-year increase**, primarily due to strategic investments in enhancing capabilities and quality of key positions[114](index=114&type=chunk) - The Group has established various **welfare programs** (e.g., basic medical insurance, unemployment insurance) and **training systems**, covering onboarding, overseas, management, professional skills, and corporate culture training[115](index=115&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=46&type=section&id=7.3%20Significant%20Investments,%20Acquisitions,%20and%20Disposals) No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the period - The Group **did not undertake any significant investment, acquisition, or disposal of subsidiaries, associates, or joint ventures** during the review period[117](index=117&type=chunk) [Foreign Exchange Risk](index=46&type=section&id=7.4%20Foreign%20Exchange%20Risk) Operating mainly in China, the Group faces foreign exchange risk from EUR, GBP, USD, and HKD, but considers it not significant for hedging - The Group faces foreign exchange risk from currencies such as **EUR, GBP, USD, and HKD**[118](index=118&type=chunk) - The Directors consider the foreign exchange rate risk **not significant**, and therefore **no financial instruments were used to hedge the risk**[118](index=118&type=chunk) [Events After the Reporting Period](index=46&type=section&id=7.5%20Events%20After%20the%20Reporting%20Period) No significant subsequent events occurred after June 30, 2025, up to the date of this announcement - No significant subsequent events occurred after **June 30, 2025**, and up to the date of this announcement[119](index=119&type=chunk) [Corporate Governance and Compliance](index=47&type=section&id=7.6%20Corporate%20Governance%20and%20Compliance) Company adheres to Corporate Governance Code, with combined Chairman/CEO roles; Directors comply with Model Code; Audit Committee reviewed interim financials - The Company has adopted and is committed to implementing the **Corporate Governance Code** set out in Appendix C1 Part 2 of the HKEX Listing Rules[121](index=121&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by **Mr. He Guoqiang**, an arrangement the Board believes ensures consistent leadership for the Group[122](index=122&type=chunk) - All Directors have confirmed compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** during the review period[123](index=123&type=chunk) - The Audit Committee has reviewed the Group's **unaudited condensed consolidated interim financial information**, which was also reviewed by independent auditors **UHY Certified Public Accountants Limited**[125](index=125&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。 有線寬頻通訊有限公司 （於香港註冊成立的有限公司） （股份代號：1097） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 財 務 摘 要 | | | | | | | | | | | | | | （未 | 經 | 審 | | 核） | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 截 | 至 | | 六 | 月 ...

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之內容概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 Crypto Flow Technology Limited 加幂科技有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8198） 截至二零二五年六月三十日止六個月期間之中期業績 本 公 告 載 有 本 公 司 二 零 二 五 年 中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證 券 上 市 規 則（「GEM上市規則」）有 關 中 期 業 績 初 步 公 告 隨 附 資 料 的 相關規定。 承董事會命 加幂科技有限公司 主 席 李紅斌 香港，二零二五年八月二十六日 於 本 公 告 日 期，執 行 董 事 為 李 紅 斌 先 生（主 席）、黃 亦 斌 先 生 及 熊 佳 彥 女 士； 及獨立非執行董事為孫宇強先生、朱賀華先生及唐儀先生。 本公告的資料乃遵照GEM上 市 規 則 而 刊 載，旨 在 提 供 有 關 ...

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。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （ 於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 截至2025年6月30日止六個月之中期業績公告 本公司董事會欣然公佈本集團截至2025年6月30日止六個月之未經審核中期業績。 – 1 – 財務摘要 中期簡明綜合損益表 截至2025年6月30日止六個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | | 人民幣千元 | 人民幣千元 | | | 附註 | （未經審核） | （ 未經審核） | | 收入 | 3 | 19,425,533 | 20,383,158 | | 銷售成本 | | (10,123,465) | (10,463 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Zhejiang Shibao Company Limited* 浙 江 世 寶 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限責任公司） （股份代號： 1057 ） | | 2025 年 | 1-6 | 月 | | 2024 年 1-6 月 | | | 同比增減 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 人民幣 | | | | 人民幣 | | | | | | (未經審計) | | | | (未經審計) | | | | | 營業收入 | 1,524,160,127.15 | | | | 1,126,360,975.88 | | | 35.32% | | 歸屬於上市公司股東的淨利潤 | 93,034,442.81 | | | | 66,887,755.99 | | | 39.09% | | 歸屬 ...

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布的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公布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。 （股份代號：41） 2025 年中期業績公布 鷹君集團有限公司（「本公司）」）董事會（「董事會」）宣布，本公司及其附屬公司（統稱「本 集團」）」截至2025年6月30日止六個月未經審核之綜合財務業績如下： | | 截至 6 月 | 30 | 日止六個月 | | | --- | --- | --- | --- | --- | | | 年 2025 | | 年 2024 | | | | 百萬港元 | | 百萬港元 | 變動 | | 收益表之主要財務數據 | | | | | | 1 按核心業務計 | | | | | | 核心業務收益 | 4,000.0 | | 3,791.0 | 5.5% | | 權益持有人應佔除稅後核心溢利 | 597.3 | | 735.8 | -18.8% | | 權益持有人應佔除稅後核心溢利（每股） | 0.80 港元 | | 0.98 港元 | | | 2 按法定會計準則計 | | ...

Report Overview [Financial Highlights](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, Jinli Group's revenue slightly increased by 1.05% to HKD 159.2 million, but loss attributable to equity holders expanded to HKD 3.16 million, primarily due to a 5.07 percentage point decrease in gross profit margin to 19.60% | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 159,200 | 157,550 | +1.05% | | Loss attributable to equity holders | (3,160) | (2,870) | +10.10% (Loss widened) | | Gross profit margin | 19.60% | 24.67% | -5.07 percentage points | | Basic loss per share (HK cents) | (11.37) | (10.61) | -7.16% (Loss widened) | - The decrease in gross profit margin was primarily due to increased raw material costs from global commodity price fluctuations and higher production costs from the appreciation of RMB against HKD [2](index=2&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 [2](index=2&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, Group revenue slightly increased to HKD 159.2 million, but cost of sales significantly rose, leading to a 19.69% year-on-year decrease in gross profit, with loss for the period expanding to HKD 3.255 million. | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 159,200 | 157,548 | +1.05% | | Cost of sales | (127,992) | (118,687) | +7.84% | | Gross profit | 31,208 | 38,861 | -19.69% | | Other income | 3,352 | 2,066 | +62.25% | | Other gains (losses) — net | 3,724 | (3,035) | N/A (Turned from loss to gain) | | Selling expenses | (9,607) | (9,564) | +0.45% | | General and administrative expenses | (26,958) | (25,161) | +7.14% | | Finance costs | (5,365) | (6,298) | -14.81% | | Loss before income tax | (3,646) | (3,131) | +16.45% (Loss widened) | | Income tax credit | 391 | 266 | +46.99% | | Loss for the period | (3,255) | (2,865) | +13.61% (Loss widened) | | Loss for the period attributable to equity holders of the Company | (3,155) | (2,865) | +10.12% (Loss widened) | - Total comprehensive loss for the period narrowed from HKD 4.097 million in H1 2024 to HKD 1.369 million in H1 2025, primarily due to exchange differences [6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&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 assets slightly increased, non-current assets rose, and net current liabilities narrowed, with total equity increasing by 1.16% to HKD 290.2 million. | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 498,853 | 490,802 | +1.64% | | Current assets | 176,249 | 165,263 | +6.65% | | Current liabilities | 319,449 | 346,930 | -7.89% | | Net current liabilities | (143,200) | (181,667) | -21.28% (Narrowed) | | Net assets | 290,195 | 286,849 | +1.16% | | Total equity | 290,195 | 286,849 | +1.16% | - Trade and bills receivables increased by **33.79%** from HKD 44.391 million as of December 31, 2024, to HKD 59.384 million as of June 30, 2025 [7](index=7&type=chunk) - Cash and bank balances decreased by **57.59%** from HKD 31.493 million as of December 31, 2024, to HKD 13.353 million as of June 30, 2025 [7](index=7&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's operating activities shifted from net cash inflow to a net cash outflow of HKD 6.021 million, with cash and cash equivalents significantly decreasing by 42.87% to HKD 13.353 million. | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (6,021) | 21,761 | Shifted from inflow to outflow | | Net cash used in investing activities | (7,741) | (5,898) | Outflow increased | | Net cash used in financing activities | (2,115) | (15,326) | Outflow decreased | | Net (decrease) increase in cash and cash equivalents | (15,877) | 537 | Shifted from increase to decrease | | Cash and cash equivalents at end of period | 13,353 | 23,374 | -42.87% | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, the Company's share capital increased by HKD 1.08 million due to new share issuance, and share premium rose by HKD 3.655 million, leading to a slight increase in total equity attributable to equity holders. | Metric | June 30, 2025 (HKD thousands) | January 1, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Share capital | 6,480 | 5,400 | +1,080 | | Share premium | 144,908 | 141,253 | +3,655 | | Exchange fluctuation reserve | (4,192) | (4,140) | Slightly improved | | Retained profits | 55,369 | 64,896 | -9,527 | | Total equity attributable to equity holders of the Company | 289,995 | 294,839 | -1.64% | - Share issuance during the period resulted in an increase of **HKD 1,080 thousand** in share capital and **HKD 3,655 thousand** in share premium [11](index=11&type=chunk) Notes to the Financial Statements [General Information](index=9&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Jinli Group Holdings Limited, incorporated in the Cayman Islands, primarily manufactures and sells various batteries (disposable, rechargeable, and related products) to China, Hong Kong, and international markets, actively developing mercury-free, cadmium-free, and lead-free batteries. - The Company was listed on GEM of the Stock Exchange of Hong Kong on June 5, 2015, and transferred to the Main Board on November 10, 2017 [12](index=12&type=chunk) - Principal activities include manufacturing and selling "Jinli" brand and OEM batteries, categorized into disposable batteries (cylindrical, miniature button cells) and rechargeable batteries and other related products (chargers, battery packs, electric fans) [12](index=12&type=chunk) - The Group actively responds to the global trend towards batteries free of harmful substances, having developed the "Origin.Nature" series of mercury-free, cadmium-free, and lead-free batteries [13](index=13&type=chunk) [Basis of Preparation of Financial Statements](index=10&type=section&id=2.%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules on a going concern basis, which the Board deems appropriate despite a net loss and net current liabilities, citing unused bank facilities and borrowing renewal capabilities. - The financial statements are prepared on a going concern basis, despite a net loss of approximately **HKD 3.3 million** and net current liabilities of **HKD 143.20 million** for the six months ended June 30, 2025 [15](index=15&type=chunk) - The Board considers the going concern basis appropriate due to **HKD 21.77 million** in unutilized bank facilities, successful renewal of approximately **HKD 39.30 million** in bank borrowings, expected future borrowing renewals, and potential adjustments to investment strategies to enhance cash flow [15](index=15&type=chunk) [Significant Accounting Estimates and Judgements](index=12&type=section&id=3.%20%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) The significant management judgements and sources of estimation uncertainty applied in preparing the interim financial statements are consistent with those used for the consolidated financial statements for the year ended December 31, 2024. - The significant accounting estimates and judgements used in preparing the interim financial statements are the same as those applied in the 2024 annual consolidated financial statements [17](index=17&type=chunk) [Segment Information](index=12&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's reportable segments are categorized by product type: cylindrical batteries, miniature button cells, and rechargeable batteries and other related products, with cylindrical battery revenue increasing but overall gross profit decreasing by 19.69% in H1 2025. | Segment | H1 2025 Revenue (HKD thousands) | H1 2024 Revenue (HKD thousands) | Change (%) | H1 2025 Gross Profit (HKD thousands) | H1 2024 Gross Profit (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cylindrical batteries | 111,144 | 105,891 | +4.96% | 11,273 | 15,347 | -26.54% | | Miniature button cells | 46,490 | 49,606 | -6.30% | 19,215 | 22,799 | -15.72% | | Rechargeable batteries and other related products | 1,566 | 2,051 | -23.65% | 720 | 715 | +0.70% | | **Total** | **159,200** | **157,548** | **+1.05%** | **31,208** | **38,861** | **-19.69%** | - The increase in sales revenue from cylindrical batteries was mainly due to increased sales in China and the Americas [19](index=19&type=chunk) - The decrease in sales revenue from miniature button cells and rechargeable batteries and other related products was mainly due to decreased sales in the Americas [19](index=19&type=chunk) [Revenue](index=13&type=section&id=5.%20%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's total revenue slightly increased by 1.05%, driven by significant growth in China and North America, while South America and Eastern Europe experienced declines. | Region | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 13,954 | 13,242 | +5.38% | | Asia (excluding China and Hong Kong) | 29,383 | 31,350 | -6.30% | | Australia | 4,464 | 4,325 | +3.21% | | China | 46,850 | 44,471 | +5.35% | | Europe (excluding Eastern Europe) | 31,305 | 30,980 | +1.05% | | Eastern Europe | 9,879 | 13,058 | -24.35% | | Middle East | 321 | 275 | +16.73% | | North America | 21,167 | 15,017 | +40.95% | | South America | 1,864 | 4,830 | -61.41% | | Africa | 13 | — | N/A | | **Total** | **159,200** | **157,548** | **+1.05%** | [Loss Before Income Tax](index=13&type=section&id=6.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, the Group's loss before income tax expanded to HKD 3.646 million, with total finance costs decreasing by 14.81% due to lower bank loan interest, while depreciation of property, plant and equipment and inventory costs increased. | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank loans | 3,772 | 5,285 | -28.62% | | Interest on import loans | 1,445 | 865 | +67.05% | | Interest on lease liabilities | 80 | 125 | -35.99% | | Interest on bank overdrafts | 68 | 23 | +195.65% | | **Total interest expenses** | **5,365** | **6,298** | **-14.81%** | | Depreciation of property, plant and equipment | 7,325 | 6,106 | +19.96% | | Depreciation of right-of-use assets | 1,650 | 1,891 | -12.74% | | Cost of inventories recognized as expense | 127,992 | 118,687 | +7.84% | [Income Tax Credit](index=14&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) For the six months ended June 30, 2025, the Group recorded an income tax credit of HKD 391 thousand, with increased Hong Kong profits tax provision, a shift from credit to provision for PRC corporate income tax, and a significant increase in deferred tax credit. | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Provision for Hong Kong profits tax for the period | 850 | 447 | +90.16% | | Provision for PRC corporate income tax for the period | 292 | (653) | Shifted from credit to provision | | Deferred tax | (1,533) | (60) | Credit significantly increased | | **Income tax credit** | **(391)** | **(266)** | Credit increased | - Hong Kong subsidiaries are subject to a two-tiered profits tax regime, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%** [25](index=25&type=chunk) - Jiangmen Jinli Power Products Co., Ltd. and Dongguan Shengli Battery Industrial Co., Ltd., as High and New Technology Enterprises, enjoy a preferential corporate income tax rate of **15%** [25](index=25&type=chunk) [Loss Per Share](index=15&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, basic loss per share was 11.37 HK cents, widening from 10.61 HK cents (restated) in the prior year, with diluted loss per share not applicable due to the absence of dilutive potential ordinary shares. | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Loss for the period attributable to equity holders of the Company (HKD thousands) | (3,155) | (2,865) | Loss widened | | Weighted average number of ordinary shares for basic loss per share (thousands) | 27,746 | 27,000 | Increased | | Basic loss per share (HK cents) | 11.37 | 10.61 | Loss widened | - The weighted average number of ordinary shares used for calculating basic loss per share has been adjusted to reflect the effects of share consolidation and share issuance [27](index=27&type=chunk) [Dividends](index=15&type=section&id=9.%20%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 [28](index=28&type=chunk) [Property, Plant and Equipment](index=15&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group acquired approximately HKD 2.09 million in plant and machinery, a significant 68.24% decrease from the prior year, yet still aimed at expanding capacity and enhancing production efficiency. | Item | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Acquisition of plant and machinery | 2.09 | 6.58 | -68.24% | - The acquisition of plant and machinery aims to expand production capacity and enhance production efficiency [29](index=29&type=chunk) [Trade and Bills Receivables](index=16&type=section&id=11.%20%E8%B2%A3%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, trade and bills receivables totaled HKD 59.384 million, a 33.79% increase from year-end 2024, with receivables aged 0-30 days showing an 87.29% increase, and management assessing credit risk as low. | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 37,131 | 19,825 | +87.29% | | 31 to 60 days | 12,911 | 17,394 | -25.77% | | 61 to 90 days | 5,549 | 4,098 | +35.41% | | 91 to 120 days | 2,179 | 1,246 | +74.88% | | Over 120 days | 1,614 | 1,828 | -11.71% | | **Total** | **59,384** | **44,391** | **+33.79%** | - The Group generally grants credit periods of **30 to 120 days** to customers with stable relationships and regularly reviews overdue balances [30](index=30&type=chunk) - Management believes there is no significant credit risk inherent in the outstanding balances of receivables, indicating low credit risk [31](index=31&type=chunk) [Trade Payables](index=17&type=section&id=12.%20%E8%B2%A3%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade payables totaled HKD 148.982 million, a 14.61% increase from year-end 2024, with significant increases in payables aged 31-90 days and over 180 days. | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 38,851 | 37,016 | +4.96% | | 31 to 90 days | 42,670 | 29,943 | +42.51% | | 91 to 180 days | 40,309 | 43,784 | -7.94% | | Over 180 days | 27,152 | 19,251 | +41.04% | | **Total** | **148,982** | **129,994** | **+14.61%** | [Related Party Transactions](index=17&type=section&id=13.%20%E9%97%9C%E9%80%A3%E6%96%B9%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, total key management personnel compensation was HKD 7.790 million, an increase of 13.0% from the prior year, primarily driven by growth in salaries, allowances, and discretionary bonuses. | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries, allowances and other benefits in kind | 6,737 | 5,954 | +13.15% | | Discretionary bonuses | 987 | 872 | +13.19% | | Contributions to defined contribution plans | 66 | 69 | -4.35% | | **Total** | **7,790** | **6,895** | **+13.00%** | [Share Capital](index=18&type=section&id=14.%20%E8%82%A1%E6%9C%AC) During the period, the Company's share capital changed due to a share consolidation (20 shares into 1) and the issuance of 5,400,000 subscription shares to an independent third party, increasing the total nominal value by HKD 1,080,000 and the enlarged issued share capital by approximately 16.67%. - The Company effected a share consolidation on May 9, 2025, consolidating every **20 shares** of HKD 0.01 each into **1 consolidated share** of HKD 0.2 each [35](index=35&type=chunk) - A subscription of **5,400,000 subscription shares** to an independent third party was completed on June 5, 2025, raising approximately **HKD 4.86 million** (before expenses) [35](index=35&type=chunk) - Following the issuance of subscription shares, the Company's issued share capital increased to **32,400,000 shares**, with the subscription shares representing approximately **16.67%** of the enlarged issued share capital [35](index=35&type=chunk) Management Discussion and Analysis [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A7%80) Jinli Group primarily manufactures and sells batteries, with cylindrical battery sales increasing but overall gross profit margin declining due to rising raw material costs and RMB appreciation, leading to an expanded loss attributable to equity holders, while the Group actively develops new batteries for healthcare and new energy markets. - Cylindrical battery sales revenue increased by approximately **4.96%** year-on-year, mainly due to increased sales in China and the Americas [38](index=38&type=chunk) - Miniature button cell and rechargeable battery and other related product sales revenue decreased by approximately **6.97%** year-on-year, mainly due to decreased sales in the Americas [38](index=38&type=chunk) | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 31.21 | 38.86 | -19.69% | | Gross profit margin | 19.60% | 24.67% | -5.07 percentage points | | Loss attributable to equity holders | 3.16 | 2.87 | +10.10% (Loss widened) | - The decrease in gross profit margin was primarily due to increased raw material costs from global commodity price fluctuations and higher production costs from the appreciation of RMB against HKD [39](index=39&type=chunk) - The Group is allocating resources to develop new batteries for the healthcare and medical facilities market and accelerating the launch of products for medical devices, remote medical monitoring, energy storage systems, and other new energy systems to enhance financial performance [41](index=41&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, revenue slightly increased by 1.05% to HKD 159.2 million, driven by restocking demand in China and the Americas, but gross profit decreased by 19.69% due to rising costs, leading to a 10.10% expansion in loss attributable to equity holders to HKD 3.16 million. - The increase in revenue was mainly due to customers resuming more orders for restocking, leading to increased sales in China and the Americas [42](index=42&type=chunk) - The decrease in gross profit was mainly due to increased raw material costs and production costs offsetting the revenue growth [43](index=43&type=chunk) | Item | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling expenses | 9.61 | 9.56 | +0.45% | | General and administrative expenses | 26.96 | 25.16 | +7.15% | - The increase in general and administrative expenses was primarily due to increased staff salaries and professional expenses during the period [44](index=44&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's total borrowings were approximately HKD 202.63 million, primarily denominated in HKD and RMB at floating interest rates, with the gearing ratio slightly rising to 0.57 and cash and cash equivalents decreasing to HKD 13.35 million. | Borrowing Term | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 143,521 | 186,805 | -23.17% | | Over 1 year but within 2 years | 6,202 | 9,647 | -35.71% | | Over 2 years but within 5 years | 52,539 | 5,905 | +789.74% | | Over 5 years | 369 | — | N/A | | **Total** | **202,631** | **202,357** | **+0.14%** | - As of June 30, 2025, the Group's gearing ratio (total liabilities divided by total assets) was approximately **0.57**, slightly higher than **0.56** at year-end 2024 [48](index=48&type=chunk) - Cash and cash equivalents decreased from **HKD 27.36 million** at year-end 2024 to **HKD 13.35 million** as of June 30, 2025 [48](index=48&type=chunk) [Capital Structure](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) During the period, the Company's capital structure changed due to a share consolidation and subscription, leading to an increase in issued share capital and a slight increase in total equity to approximately HKD 290.2 million as of June 30, 2025. - Capital structure changes included a share consolidation (every **20 shares** consolidated into **1 share**) and the issuance of **5,400,000 shares** to an independent investor [49](index=49&type=chunk) - As of June 30, 2025, the Company's total equity was approximately **HKD 290.20 million**, a slight increase from **HKD 286.85 million** at year-end 2024 [49](index=49&type=chunk) [Gearing Ratio](index=24&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio (total debt as a percentage of total equity) was approximately 0.78, a slight decrease from 0.80 at year-end 2024. | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing ratio | 0.78 | 0.80 | -0.02 | [Pledge of Assets](index=24&type=section&id=%E8%B3%87%E7%94%A2%E8%B3%AA%E6%8A%BC) As of June 30, 2025, the Group's bank borrowing facilities were primarily secured by property, plant and machinery, investment properties, prepaid lease payments for land, pledged deposits, and pledged time deposits, with a carrying value of approximately HKD 116.48 million, a decrease from year-end 2024. - As of June 30, 2025, the carrying value of pledged assets was approximately **HKD 116.48 million**, a decrease from **HKD 132.39 million** at year-end 2024 [51](index=51&type=chunk) [Contingent Liabilities](index=24&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities. - As of June 30, 2025, the Group had no significant contingent liabilities [52](index=52&type=chunk) [Material Investments Held](index=24&type=section&id=%E6%89%80%E6%8C%81%E6%9C%89%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group held investment properties in Hong Kong with a fair value of approximately HKD 87.00 million, representing about 12.89% of total assets, generating HKD 1.05 million in rental income for the period, as part of a strategy to expand fixed assets for stable returns. - The Group holds investment properties in Hong Kong, including Units 20B and 20D, Tai Ping Industrial Centre, and a shop at Cheong Wan Centre [53](index=53&type=chunk) | Metric | June 30, 2025 | | :--- | :--- | | Fair value of investment properties | HKD 87.00 million | | Percentage of total assets | 12.89% | | Rental income for the period | HKD 1.05 million | - The investment strategy aims to expand the fixed asset base to achieve positive and stable returns, thereby diversifying income sources [54](index=54&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=25&type=section&id=%E6%9C%89%E9%97%9C%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) During the period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures. - During the period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures [55](index=55&type=chunk) [Future Plans for Material Investments and Capital Assets](index=25&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in this report, as of June 30, 2025, the Group had no future plans for material investments or capital assets. - Except as disclosed in this report, the Group had no plans for material investments or capital assets as of June 30, 2025 [56](index=56&type=chunk) [Employees and Remuneration Policy](index=25&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 400 employees, with staff costs totaling approximately HKD 23.04 million, an increase of 10.39% year-on-year, and remuneration policies are based on individual performance, experience, and market levels. | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of employees | 400 | 407 | -1.72% | | Staff costs (HKD millions) | 23.04 | 20.87 | +10.39% | - Remuneration packages are determined with reference to individual performance, work experience, and prevailing market salary levels, including basic salary, Mandatory Provident Fund, medical insurance schemes, and share options [57](index=57&type=chunk) [Principal Risks and Uncertainties](index=26&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces several principal risks, including international trade policy changes impacting global consumption and logistics costs, reliance on major customers, shifts in consumer preferences due to technological advancements and environmental awareness, and inventory risks from inaccurate sales forecasts. - Changes in US government administration and new international trade policies may lead to fluctuations in tariffs, interest rates, and international currency exchange rates, suppressing global consumer demand and increasing logistics costs [59](index=59&type=chunk) - The Group does not have long-term sales contracts with most major customers, and a reduction in purchases or termination of business relationships by key customers would adversely affect its business [59](index=59&type=chunk) - Technological advancements and environmental awareness may shift consumer demand from disposable batteries to rechargeable batteries or battery-free electronic products [59](index=59&type=chunk) - Inaccurate sales forecasts could result in manufactured products not being accepted by other customers, impacting business, operating results, and financial position [62](index=62&type=chunk) [Foreign Currency Risk](index=27&type=section&id=%E5%A4%96%E5%B9%A3%E9%A2%A8%E9%9A%AA) The Group faces transactional currency risk as its primary functional currencies are RMB and HKD, with overseas sales mainly denominated in USD, and fluctuations in RMB against HKD and other currencies, as well as JPY against USD, pose risks, which the Group mitigates through spot foreign currency transactions or forward contracts. - The Group's primary functional currencies are RMB and HKD, with overseas sales revenue mainly denominated in USD, exposing it to exchange rate fluctuation risks [61](index=61&type=chunk) - Fluctuations in the value of RMB against HKD and other currencies are influenced by China's political and economic conditions [62](index=62&type=chunk) - The Group has entered into forward contracts valued at approximately **JPY 20 million** to hedge payments denominated in JPY and due within the year [63](index=63&type=chunk) [Subscription Shares and Use of Proceeds](index=28&type=section&id=%E8%AA%8D%E8%B3%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The Company completed the issuance of 5,400,000 subscription shares to an independent third party on June 5, 2025, raising net proceeds of approximately HKD 4.74 million at a discount to market price, which were fully utilized for bank loan repayment (HKD 4.2 million) and general working capital (HKD 0.5 million). - The Company issued **5,400,000 subscription shares** at a subscription price of **HKD 0.90 per share**, raising net proceeds of approximately **HKD 4.74 million** [64](index=64&type=chunk)[65](index=65&type=chunk) | Use of Proceeds | Planned Use (HKD millions) | Actual Use (HKD millions) | | :--- | :--- | :--- | | Repayment of bank loans | 4.2 | 4.2 | | General working capital | 0.5 | 0.5 | | **Total** | **4.7** | **4.7** | - The subscription price represented a discount of approximately **11.8%** to the closing price on the date of the subscription agreement and approximately **9.3%** to the average closing price of the preceding five days [64](index=64&type=chunk) Other Information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Chu King Ting, Chairman and Executive Director, held 42.15% of the Company's shares through a controlled corporation, while Ms. Chu Shuk Ching, Executive Director and Chief Executive Officer, held a combined 5.64% through a controlled corporation and beneficial ownership. | Name | Nature of Interest | Total Number of Shares Held (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Chu King Ting (Chairman and Executive Director) | Interest in controlled corporation | 13,657,500 shares | 42.15% | | Chu Shuk Ching (Executive Director and Chief Executive Officer) | Interest in controlled corporation | 1,600,000 shares | 4.94% | | | Beneficial owner | 228,000 shares | 0.70% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=31&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Golden Villa Ltd. (wholly owned by Mr. Chu King Ting) held 42.15% of the shares, with Ms. Wu Yuk Ling (Mr. Chu King Ting's spouse) deemed to have the same interest, and Lofty Islet Holdings Limited (wholly owned by Mr. Yeung Ho Po) held 16.67% of the shares. | Name / Company Name | Nature of Interest | Total Number of Shares Held (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Golden Villa Ltd. | Beneficial owner | 13,657,500 shares | 42.15% | | Ms. Wu Yuk Ling | Interest of spouse | 13,657,500 shares | 42.15% | | Triumph Treasure | Beneficial owner | 1,600,000 shares | 4.94% | | Lofty Islet Holdings Limited | Beneficial owner | 5,400,000 shares | 16.67% | | Mr. Yeung Ho Po | Interest in controlled corporation | 5,400,000 shares | 16.67% | [Post Balance Sheet Events](index=33&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Except as disclosed in this report, no significant events occurred after the end of the period and up to the date of this report. - Except as disclosed in this report, no significant events occurred after the end of the period and up to the date of this report [72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities. - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities [73](index=73&type=chunk) [Share Option Scheme](index=33&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company adopted a share option scheme on June 24, 2025, with an authorized limit of 3,240,000 share options, representing 10% of the issued shares, and no options have been granted, exercised, cancelled, or lapsed since its adoption. - The share option scheme was adopted by shareholders on June 24, 2025, with an authorized limit of **3,240,000 share options**, representing **10%** of the issued shares [74](index=74&type=chunk) - No share options have been granted, agreed to be granted, exercised, cancelled, or lapsed under the scheme since its adoption date and up to the date of this report [74](index=74&type=chunk) [Standard of Conduct for Securities Transactions by Directors](index=34&type=section&id=%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) The Company has adopted the Standard of Conduct for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with the code during the period and up to the date of this report. - The Company has adopted the Standard of Conduct for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance [75](index=75&type=chunk) [Corporate Governance Code](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and is committed to high standards of corporate governance and transparency, with the Board believing that applicable code provisions have been complied with during the period. - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and believes that applicable code provisions have been complied with during the period [76](index=76&type=chunk) [Directors' Material Interests in Contracts](index=34&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E5%90%88%E7%B4%84%E4%B8%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%AC%8A%E7%9B%8A) Except as disclosed in this report, no Director had any material interest in any contract significant to the Group's business during the period. - During the period, no Director had any material interest in any contract significant to the Group's business [77](index=77&type=chunk) [Competing Business](index=34&type=section&id=%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99) During the period, the Directors were unaware of any business or interest of the Company's Directors, controlling shareholders, and their close associates that competes or may compete with the Group's business, or any other conflicts of interest. - The Directors were unaware of any business or interest of the Company's Directors, controlling shareholders, and their close associates that competes with the Group's business [78](index=78&type=chunk) [Audit Committee](index=34&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, ensures the effectiveness of the Group's accounting and financial controls, oversees internal control systems and financial reporting processes, and has reviewed the interim results, deeming them compliant with applicable accounting standards, Listing Rules, and legal requirements. - The Audit Committee comprises three independent non-executive directors: Mr. Wong Ka Chun (Chairman), Mr. Kan Man Kim, and Ms. Tang Sze Ning [79](index=79&type=chunk) - The Audit Committee's primary responsibilities include ensuring effective accounting and financial controls, overseeing internal control systems and financial reporting processes, monitoring the integrity of financial statements, and assessing the independence of external auditors [80](index=80&type=chunk) - These interim results have not been audited by the Company's auditors but have been reviewed by the Audit Committee, which considers them to be in compliance with applicable accounting standards, the Listing Rules, and legal requirements [80](index=80&type=chunk) [Board Composition](index=35&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) As of the date of this report, the Board of Directors comprises four executive directors (Mr. Chu King Ting, Ms. Chu Shuk Ching, Mr. Tang Chi Him, Mr. Chu Ho Wah) and three independent non-executive directors (Ms. Tang Sze Ning, Mr. Kan Man Kim, Mr. Wong Ka Chun). - As of the date of this report, the executive directors are Mr. Chu King Ting, Ms. Chu Shuk Ching, Mr. Tang Chi Him, and Mr. Chu Ho Wah [81](index=81&type=chunk) - The independent non-executive directors are Ms. Tang Sze Ning, Mr. Kan Man Kim, and Mr. Wong Ka Chun [81](index=81&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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GRAND POWER LOGISTICS GROUP LIMITED 裕 程 物 流 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 8489） 截至二零二五年六月三十日止六個月中期業績公告 裕程物流集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬 公司截至二零二五年六月三十日止六個月的未經審核綜合業績。本公告列載本公司截至 二零二五年六月三十日止六個月的中期報告全文，並符合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告附載資料的相關規定 會刊載於聯交所網站www.hkexnews.hk 及本公司網站 www.grandpowerexpress.com 供閱覽。 承董事會命 裕程物流集團有限公司 主席、首席執行官兼執行董事 趙彤 香港，二零二五年八月二十六日 於本公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 ENM HOLDINGS LIMITED 安 寧 控 股 有 限 公 司 （於香港成立之有限公司） （股份代號： 00128） 截至二零 二 五 年六月三十日止六個月 中期業績公佈 安寧控股有限公司（「本公司」）董事會（「董事會」）謹此呈報本公司及 其附屬公司（統 稱「 本集 團」）截 至 二零 二五 年六月三十日止六個月之未經 審核簡明綜合中期業績，連同二零二 四年同期之未經審核比較數字。 本公佈下文所載 之 財務資料乃從截至二零 二 五 年六月三十日止六個月的簡 明綜合財務報表中摘錄。該簡明綜合財務報表並未經審核，惟經本公司外 聘核數師 羅申美 會計師事務所按照香港會計師公會頒佈 之 香港審閱工作準 則 第 2410 號「 實體的獨立核數師對中期財務 資料 之 審閱」進行審閱，其未 經修訂 之 審閱報告將刊載於即將寄發予股東 之 中期報告內。此外，截至二 零 二 五 年六月三十日止六個月 之 簡明綜合財 ...

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。 CR Construction Group Holdings Limited 華營建築集團控股有限公司 （股份代號：1582） （於開曼群島註冊成立的有限公司） 截至二零二五年六月三十日止六個月之 中期業績公告 財務摘要 本集團截至二零二五年六月三十日止六個月的總收益增加至約3,570.9百萬港元， 而截至二零二四年六月三十日止六個月則約為2,773.2百萬港元。 本集團截至二零二五年六月三十日止六個月的毛利總額增加至約295.4百萬港元， 而截至二零二四年六月三十日止六個月則約為188.1百萬港元。 截至二零二五年六月三十日止六個月的本公司擁有人應佔溢利約為24.3百萬港元， 而截至二零二四年六月三十日止六個月則約為35.8百萬港元。 董事會已決議不宣派截至二零二五年六月三十日止六個月的中期股息。 1 華營建築集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本 公司及其附屬公司（統 ...