（股份代號：383） （於百慕達註冊成立之有限公司） 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益表 | 4 | | 簡明綜合損益及其他全面收益表 | 6 | | 簡明綜合財務狀況報表 | 7 | | 簡明綜合權益變動表 | 10 | | 簡明綜合現金流量表 | 11 | | 簡明綜合財務報表附註 | 13 | | 中期簡明綜合財務報表審閱報告 | 43 | | 中期股息 | 45 | | 管理層討論及分析 | 45 | | 董事之權益 | 62 | | 主要股東及其他人士於股份及相關股份之權益 | 64 | | 企業管治及其他資料 | 67 | | 審核委員會之審閱 | 68 | | 購回、出售或贖回上市證券 | 68 | 1 二零二五年中期報告 公司資料 董事會 執行董事 江木賢先生 郭美保先生 周海英先生 夏曉寧博士 王永權博士 楊麗琛女士 曹 丹先生 審核委員會 王永權博士 （主席） 高兆元先生 夏曉寧博士 楊麗琛女士 曹 丹先生 提名委員會 王永權博士 （主席） 江木賢先生 夏曉寧博士 楊麗琛女士 曹 丹先生 薪酬委員會 夏曉寧博士 （主席） 江木 ...

中 期 報 告 2025 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 27 | | 有關2024年度報告的補充資料 | 38 | | 中期財務資料審閱報告 | 39 | | 中期簡明綜合全面收益表 | 40 | | 中期簡明綜合資產負債表 | 41 | | 中期簡明綜合權益變動表 | 43 | | 中期簡明綜合現金流量表 | 44 | | 中期簡明財務資料附註 | 45 | | 釋義 | 79 | 公司資料 董事 執行董事 章徵宇先生 （董事長） 辛潔先生 （首席執行官） 魏萍女士 （財務總監） 朱曉松先生 王愚先生 （首席技術官） （自2025年7月28日起辭任董事職位） 獨立非執行董事 Chun Chang先生 黃志堅先生 林蘭芬女士 監事 吳偉先生 宋靜芳女士 洪曉雪女士 審核委員會 黃志堅先生 （主席） Chun Chang先生 林蘭芬女士 薪酬與考核委員會 Chun Chang先生 （主席） 林蘭芬女士 章徵宇先生 提名委員會 林蘭芬女士 （主席） 黃志堅先生 朱曉松先生 合規與風控委員會 章徵宇先生 ...

（於開曼群島註冊成立的有限公司） 股份代號: 9 2 6 中期報告 2025 ( I n c orp o r ate d i n th e Cay m a n I sland s w i t h l imite d liab i l i t y ) Stoc k Code : 9 2 6 INTERIM REPORT Interim Report 2023 Besunyen Holdings Company Limited 2025 Interim Report 2025 Besunyen Holdings Company Limited 二零二五年中期報告 碧生源控股有限公 司 本集團的「碧生源及圖」商標於2013年由原中國國家工商行政管理總局商標局認定為「中國馳名商標」。碧 生源品牌連續五屆被中國保健協會評為中國保健品十大公信力品牌。本集團先後獲得北京市科學技術委 員會頒發的《高新技術企業證書》、北京市農業農村局頒發的《北京市龍頭企業》稱號、北京市經濟和信息 化局頒發的《北京市「創新型」中小企業》和《北京市「專精特新」中小企業》稱號。本集團擁有國家食品藥品 監督管理總局頒發的保健食品批文25項，擁有國家知 ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section details the Board of Directors' composition, including executive, non-executive, and independent directors, and lists key committee members - The Board of Directors includes **Ms. Wu Jing** (Co-Chairperson and Acting CEO) and **Mr. Cai Youshen** (Co-Chairperson) as executive directors, **Mr. Gu Zengcai** as a non-executive director, and **Ms. Long Yuequn**, **Mr. Xu Yi'an**, **Mr. Zhai Feiquan** as independent non-executive directors[3](index=3&type=chunk) - The Audit Committee is chaired by **Ms. Long Yuequn**, the Remuneration and Nomination Committees by **Mr. Xu Yi'an**, and the Investment Committee by **Ms. Wu Jing**[3](index=3&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=Company%20Contact%20and%20Registration%20Information) This section provides essential company contact and registration details, including registered office, principal business locations, auditor, and stock information - The company is registered in the **Cayman Islands**, with principal places of business in **Shanghai** and **Jiangxi**, China, and **Central, Hong Kong**[3](index=3&type=chunk) - The auditor is **RSM Hong Kong**, and the Hong Kong share registrar is **Hong Kong Central Share Registrar Limited**[3](index=3&type=chunk)[5](index=5&type=chunk) - The company's stock code is **3313**, and its website is **www.artgo.cn**[5](index=5&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, revenue grew by 10.4% to RMB30.7 million, but loss expanded to RMB26.9 million, driven by reduced other income and higher finance costs Interim 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) | | :--- | :--- | :--- | | Revenue | 30,709 | 27,805 | | Cost of sales | (22,918) | (20,259) | | Gross profit | 7,791 | 7,546 | | Other income and gains | 2,147 | 10,039 | | Selling and distribution expenses | (3,233) | (3,842) | | Administrative expenses | (21,450) | (26,935) | | Other expenses | (239) | (429) | | Expected credit losses on trade receivables | (2,669) | (2,454) | | Expected credit losses on other receivables | (280) | (265) | | Finance costs | (8,371) | (7,402) | | Share of results of associates | (498) | (460) | | Loss before tax | (26,802) | (24,202) | | Income tax expense | (143) | (341) | | Loss and total comprehensive loss for the period | (26,945) | (24,543) | | Attributable to: | | | | Owners of the Company | (26,945) | (24,526) | | Non-controlling interests | – | (17) | | Basic and diluted loss per share | (RMB0.023) | (RMB0.025) | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets less current liabilities were RMB827.0 million, with net assets of RMB573.8 million, a decrease from December 31, 2024, primarily due to increased non-current liabilities Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 404,259 | 409,431 | | Investment properties | 18,143 | 18,345 | | Right-of-use assets | 257,227 | 261,609 | | Intangible assets | 80,449 | 80,449 | | Investments in associates | 36,834 | 37,332 | | Prepayments, deposits and other receivables | 2,836 | 3,370 | | Deferred tax assets | 156 | 156 | | **Total non-current assets** | **799,904** | **810,692** | | **Current assets** | | | | Inventories | 29,279 | 23,558 | | Trade receivables | 16,070 | 19,073 | | Prepayments, deposits and other receivables | 136,857 | 129,626 | | Restricted deposits | 634 | 634 | | Cash and bank balances | 7,627 | 16,053 | | **Total current assets** | **190,467** | **188,944** | | **Current liabilities** | | | | Trade payables | 27,481 | 23,278 | | Contract liabilities | 14,372 | 11,945 | | Other payables and accrued expenses | 71,110 | 76,866 | | Tax payable | 23,600 | 26,153 | | Lease liabilities | 87 | 610 | | Interest-bearing bank and other borrowings | 26,694 | 24,730 | | **Total current liabilities** | **163,344** | **163,582** | | **Net current assets** | **27,123** | **25,362** | | **Total assets less current liabilities** | **827,027** | **836,054** | | **Non-current liabilities** | | | | Interest-bearing bank and other borrowings | 218,098 | 200,720 | | Deferred tax liabilities | 9,010 | 8,984 | | Deferred income | 3,694 | 3,799 | | Provision for reclamation | 22,466 | 21,847 | | **Total non-current liabilities** | **253,268** | **235,350** | | **Net assets** | **573,759** | **600,704** | | **Total equity** | **573,759** | **600,704** | Interim Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the company decreased to RMB480.2 million from RMB507.1 million as of January 1, 2025, primarily due to the loss for the period Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Item | As of January 1, 2024 (Audited) | Loss and total comprehensive loss for the period | Issue of new shares | Disposal of a subsidiary | As of June 30, 2024 (Unaudited) | As of January 1, 2025 (Audited) | Loss and total comprehensive loss for the period | As of June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Attributable to owners of the Company** | | | | | | | | | | Issued share capital (RMB'000) | 166,551 | – | 11,218 | – | 177,769 | 10,690 | – | 10,690 | | Reserves (RMB'000) | 540,003 | (24,526) | – | – | 515,477 | 496,431 | (26,945) | 469,486 | | **Subtotal** | **706,554** | **(24,526)** | **11,218** | **–** | **693,246** | **507,121** | **(26,945)** | **480,176** | | Non-controlling interests (RMB'000) | 93,053 | (17) | – | 548 | 93,584 | 93,583 | – | 93,583 | | **Total equity (RMB'000)** | **799,607** | **(24,543)** | **11,218** | **548** | **786,820** | **600,704** | **(26,945)** | **573,759** | Interim Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash used in operating activities was RMB(26.1) million, while net cash from financing activities was RMB18.8 million, resulting in a net decrease in cash and cash equivalents of RMB(8.4) million Interim Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash used in operating activities | (26,058) | (10,116) | | Net cash used in investing activities | (1,155) | (3,193) | | Net cash from/(used in)

2025中期 報告 目錄 | 管理層討論及分析 | 02 | | --- | --- | | 簡明綜合損益及其他全面收益表 | 05 | | 簡明綜合財務狀況表 | 06 | | 簡明綜合股本變動表 | 07 | | 簡明綜合現金流量表 | 08 | | 簡明綜合中期財務報表附註 | 09 | | 其他資料 | 23 | | 公司資料 | 27 | 管理層討論及分析 業務回顧 澳獅環球集團有限公司（「本公司」，連 同其附屬公司稱為「本集團」）為投資控 股公司，其附屬公司主要在澳洲提供印 刷解決方案及服務。 於二零二五年首六個月，儘管通脹回 落、勞動市場緊張及削減利率，惟基於 五月聯邦選舉的不明朗因素以及全球貿 易不明朗因素增加，本公司業務在低迷 的國內環境中營運。因此，悅讀書籍、 專業及教育以及政府市場方面的印刷產 品支出全部均有所下降。 截至二零二五年六月三十日止六個月， 我們的收益較上期間減少約8.0%至約 232,100,000港元。直接經營成本減少 約10.8%至約184,200,000港元。 截至二零二五年六月三十日止六個月， 除稅前溢利較上期間增加約13.0%至約 17,200,000港元，主要由 ...

Stock Code 股份代號 : 2302 中期報告 INTERIM REPORT 2025 香港 灣仔港灣道26號華潤大厦 29樓2906室 Unit 2906, 29th Floor, 26 Harbour Road, China Resources Building, Wanchai, Hong Kong CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion & Analysis | 3 | | 管理層討論及分析 | | | Condensed Consolidated Statement of Profit or Loss and | 16 | | Other Comprehensive Income | | | 簡明綜合損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 17 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statemen ...

Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Directors' Business Review and | 董事業務回顧與管理層討論及分析 | 5 | | Management Discussion and Analysis | | | | Condensed Consolidated Statement of | 簡明綜合損益及其他全面收益表 | 21 | | Profit or Loss and Other Comprehensive | | | | Income | | | | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | 23 | | Financial Position | | | | Condensed Consolidated Statement of | 簡明綜合權益變動表 | 25 | | Changes in Equity | | | | Condensed Cons ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's board members, the composition and chairs of its committees (Audit, Remuneration, Nomination, ESG), and joint company secretaries - The Board of Directors comprises Executive Directors Mr. Zou Xiaohong (Chairman) and Mr. Chen Ping, Non-executive Directors Mr. Gao Lei, Mr. Shen Yingming, Ms. Li Deye, and Independent Non-executive Directors Dr. Liu Zhongdong, Dr. Yuan Kang, and Mr. Liao Qiyu[6](index=6&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are all chaired by independent non-executive directors, ensuring the independence of corporate governance[6](index=6&type=chunk) [Company Information and Contact Details](index=3&type=section&id=Company%20Information%20and%20Contact%20Details) This section provides key information such as the company's registered office, headquarters, website, auditor, compliance advisor, legal counsel, share registrar, and stock code - The company's website is www.chinaorganic.com, its auditor is Ernst & Young, and its stock code is **2881**[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's headquarters and principal place of business are located in Wuhan, Hubei Province, China, with its principal place of business in Hong Kong at Lee Garden One, Causeway Bay[7](index=7&type=chunk) Financial Performance Summary [Key Financial Highlights](index=4&type=section&id=Key%20Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue, gross profit, profit for the period, and earnings per share all decreased compared to the same period last year, reflecting challenging market conditions Key Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,440,232 | 1,651,158 | (210,926) | -12.8% | | Gross Profit | 163,037 | 186,676 | (23,639) | -12.7% | | Profit for the Period | 38,730 | 48,049 | (9,319) | -19.4% | | Profit Attributable to Owners of the Parent | 38,730 | 48,049 | (9,319) | -19.4% | | Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (RMB per share) | 0.42 | 0.63 | (0.21) | -33.3% | - The decrease in revenue and gross profit was primarily due to a decline in the overall average selling price of products by approximately **RMB 1,341 per ton**, mainly affected by falling toluene prices and weak global chemical industry demand[14](index=14&type=chunk) Management Discussion and Analysis [Performance Review](index=5&type=section&id=Performance%20Review) The Group is a renowned supplier of toluene derivatives in China and global markets, primarily manufacturing toluene oxidation products and toluene chlorination products and their derivatives through organic synthesis processes, and engaging in toluene trading to supplement its core business - The company's main business involves manufacturing toluene oxidation products and toluene chlorination products and their derivatives, used in food preservatives, household chemicals, animal feed acidifiers, and synthetic intermediates for agricultural chemicals and pharmaceuticals[11](index=11&type=chunk) - Concurrently, the company also engages in product trading, primarily toluene trading, to supplement its main production business and sales[11](index=11&type=chunk) [Performance by Product Type](index=5&type=section&id=Performance%20by%20Product%20Type) The Group's revenue and gross profit were impacted by a decrease in average product selling prices, with a slight increase in gross margin for toluene oxidation products, while gross margins for toluene chlorination products and product trading declined Revenue and Gross Margin by Product Type (For the Six Months Ended June 30) | Product Type | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | Revenue Change (%) | 2025 Gross Margin (%) | 2024 Gross Margin (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toluene Oxidation Products and Their Derivatives | 894,653 | 1,025,415 | -12.8% | 12.9% | 11.6% | +1.3 | | Toluene Chlorination Products and Their Derivatives | 348,943 | 335,685 | +3.9% | 13.5% | 18.8% | -5.3 | | Product Trading | 196,636 | 290,058 | -32.2% | 0.4% | 1.4% | -1.0 | | **Total** | **1,440,232** | **1,651,158** | **-12.8%** | **11.3%** | **11.3%** | **0.0** | - The overall decrease in revenue and gross profit was primarily due to a decline in the overall average selling price of products by approximately **RMB 1,341 per ton**, mainly affected by falling toluene prices and weak global chemical industry demand[14](index=14&type=chunk) [Toluene Oxidation Products and Their Derivatives](index=7&type=section&id=Toluene%20Oxidation%20Products%20and%20Their%20Derivatives) Revenue from toluene oxidation products and their derivatives decreased by 12.8%, mainly due to lower raw material costs being passed on as reduced average product selling prices. Despite the revenue decline, the gross margin improved by 1.3 percentage points to 12.9% through differentiated operating strategies and high-value-added products - Revenue decreased by approximately **12.8%** to **RMB 894.7 million**, with the average unit selling price decreasing by **11.3%** to **RMB 7,198 per ton**[18](index=18&type=chunk) - Gross margin increased by approximately **1.3 percentage points** to **12.9%**, benefiting from differentiated operating strategies by region and product type, as well as increased gross margins for higher-value-added products like sodium benzoate and benzoguanamine[19](index=19&type=chunk) [Toluene Chlorination Products and Their Derivatives](index=7&type=section&id=Toluene%20Chlorination%20Products%20and%20Their%20Derivatives) Revenue from toluene chlorination products and their derivatives increased by 3.9%, primarily driven by a significant 46.5% increase in sales volume, but a 29.1% decrease in average unit selling price due to weak downstream markets and a quick-turnover operating strategy led to a 5.3 percentage point decline in gross margin to 13.5% - Revenue increased by approximately **3.9%** to **RMB 348.9 million**, with sales volume increasing by approximately **46.5%** to **62,046 tons**[20](index=20&type=chunk) - The average unit selling price decreased by approximately **29.1%** to **RMB 5,624 per ton**, and the gross margin decreased by approximately **5.3 percentage points** to **13.5%**[21](index=21&type=chunk) - The decline in gross margin was mainly due to persistent weak end-user demand, coupled with the company's quick-turnover operating strategy, which resulted in a greater decline in prices than in costs[21](index=21&type=chunk) [Product Trading](index=8&type=section&id=Product%20Trading) Product trading revenue decreased by 32.2%, and gross profit significantly declined to RMB 0.7 million, with the gross margin falling to 0.4%, primarily due to losses from toluene trading as spot prices sharply dropped, prompting the company to sell at lower prices to prevent further losses - Revenue decreased by approximately **32.2%** to **RMB 196.6 million**, and gross profit decreased to approximately **RMB 0.7 million**[22](index=22&type=chunk) - Gross margin decreased to approximately **0.4%**, mainly due to losses from toluene trading in the current period, which partially offset profits from other trading businesses[22](index=22&type=chunk) [Revenue by Customer Geographical Location](index=6&type=section&id=Revenue%20by%20Customer%20Geographical%20Location) During the reporting period, the Group's export revenue decreased by 21.5% year-on-year, and its proportion of total revenue also declined, primarily due to weak global chemical demand, US tariff policies, and a decrease in average product selling prices Revenue by Customer Geographical Location (For the Six Months Ended June 30) | Sales Type | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Domestic Sales | 1,100,924 | 1,219,025 | -9.7% | | Export Sales | 339,308 | 432,133 | -21.5% | | **Total** | **1,440,232** | **1,651,158** | **-12.8%** | - The proportion of export revenue to total revenue decreased from **26.2%** to **23.6%**, mainly due to lower selling prices resulting from reduced raw material costs, persistent weak global chemical industry demand, and the impact of US tariff policies[23](index=23&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) Facing weak global chemical industry demand and high competitive pressure, the Group will implement measures such as flexible production adjustments, optimized sales strategies, expanded global networks, enhanced R&D, and cost reduction initiatives, while continuing to invest in the Hubei Xinhuanhong production base expansion, to improve profitability and promote business growth - The global chemical industry faces multiple challenges, including weak demand, high competitive pressure, insufficient macroeconomic recovery momentum, volatile international crude oil markets, and increased trade friction due to US tariff policies[25](index=25&type=chunk) - The Group will adopt several measures, including flexible arrangements for production facility maintenance, optimization of product sales strategies, expansion of global sales and marketing networks, enhancement of R&D capabilities to develop high-value products, and tapping into existing production capacity potential while reducing costs and increasing efficiency[26](index=26&type=chunk) - The Group will continue to invest in the second phase expansion of the Hubei Xinhuanhong production base, with construction expected to commence in the second half of 2025, and some capacity to be operational by 2026, with the remaining capacity phased in until 2029, to promote business growth[27](index=27&type=chunk) [Financial Review](index=10&type=section&id=Financial%20Review) This section provides a detailed review of the Group's financial performance during the reporting period, including revenue, gross profit, various expenses, finance costs, income tax expense, and profit for the period, along with an analysis of liquidity, capital structure, gearing ratio, and earnings per share [Revenue and Gross Profit](index=10&type=section&id=Revenue%20and%20Gross%20Profit) During the reporting period, the Group's revenue and gross profit both decreased by approximately 12.8% and 12.7% year-on-year, respectively, but the gross margin remained at 11.3%, consistent with the same period last year Revenue and Gross Profit (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,440,232 | 1,651,158 | -12.8% | | Gross Profit | 163,037 | 186,676 | -12.7% | | Gross Margin | 11.3% | 11.3% | 0.0% | [Other Income and Gains](index=10&type=section&id=Other%20Income%20and%20Gains) Other income and gains decreased by approximately RMB 2.3 million to RMB 28.4 million year-on-year, primarily due to a reduction in VAT super deduction, partially offset by government grants Other Income and Gains (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Income and Gains | 28,355 | 30,746 | -7.8% | - The decrease was mainly due to a reduction in VAT super deduction in the current period, partially offset by government grants received for foreign economic and trade development[29](index=29&type=chunk) [Selling and Distribution Expenses](index=10&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by approximately RMB 1.1 million to RMB 12.3 million year-on-year, primarily due to reduced staff remuneration resulting from lower sales volume Selling and Distribution Expenses (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 12,307 | 13,414 | -8.2% | - Selling and distribution expenses accounted for approximately **0.9%** of the Group's revenue (2024: 0.8%)[31](index=31&type=chunk) [Administrative Expenses](index=10&type=section&id=Administrative%20Expenses) Administrative expenses decreased by approximately RMB 10.1 million to RMB 50.1 million year-on-year, mainly due to the absence of listing expenses in the current period Administrative Expenses (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 50,146 | 60,205 | -16.7% | - Administrative expenses accounted for approximately **3.5%** of the Group's revenue (2024: 3.6%)[33](index=33&type=chunk) [Research and Development Expenses](index=10&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses increased by approximately RMB 13.8 million to RMB 72.7 million year-on-year, primarily due to increased material inputs as some new process R&D projects entered the verification and testing phase Research and Development Expenses (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 72,737 | 58,855 | +23.6% | - Research and development expenses accounted for approximately **5.1%** of the Group's revenue (2024: 3.6%)[35](index=35&type=chunk) [Finance Costs](index=10&type=section&id=Finance%20Costs) Finance costs decreased by approximately RMB 3.6 million to RMB 17.5 million year-on-year, primarily due to lower borrowing interest rates and the capitalization of interest for the Xinhuanhong project Finance Costs (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 17,487 | 21,134 | -17.3% | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by approximately RMB 6.6 million to RMB 8.8 million year-on-year, mainly due to lower profit before tax and a decrease in the effective tax rate from 24.2% to 18.5%, as there were no non-deductible listing expenses in the current period Income Tax Expense (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 8,762 | 15,375 | -43.0% | - The effective tax rate decreased from **24.2%** in the same period of 2024 to **18.5%** in the current reporting period, mainly due to the absence of non-deductible listing expenses in the current period[38](index=38&type=chunk) [Profit for the Period](index=11&type=section&id=Profit%20for%20the%20Period) The Group's net profit for the period decreased by 19.4% year-on-year to RMB 38.7 million, with the net profit margin declining from 2.9% to 2.7% Profit for the Period (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit | 38,730 | 48,049 | -19.4% | | Net Profit Margin | 2.7% | 2.9% | -0.2 percentage points | [Financial Policy](index=11&type=section&id=Financial%20Policy) The Group adopts a prudent financial management approach, closely monitoring its liquidity position to ensure that the liquidity structure of its assets, liabilities, and other commitments meets its funding needs - The Group maintains a sound liquidity position, with the Board closely monitoring liquidity to ensure funding needs are met[40](index=40&type=chunk) [Liquidity and Capital Structure](index=11&type=section&id=Liquidity%20and%20Capital%20Structure) The Group's cash and cash equivalents significantly increased to RMB 194.4 million, but interest-bearing bank and other borrowings also increased by 30.3% to RMB 1,202.7 million, primarily for daily operations and capacity expansion. The Group has RMB 650 million in unused bank credit facilities Liquidity and Capital Structure (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 194,413 | 73,680 | +163.9% | | Pledged Deposits | 81,245 | 125,397 | -35.2% | | Interest-Bearing Bank and Other Borrowings | 1,202,748 | 922,950 | +30.3% | - The increase in borrowings was mainly due to additional loan financing for daily business operations and capacity expansion[42](index=42&type=chunk) - The Group has unused bank credit facilities of **RMB 650 million**[42](index=42&type=chunk) [Gearing Ratio](index=11&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio increased to 140.5% from 108.4% as of December 31, 2024, primarily due to increased borrowings Gearing Ratio (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change (percentage points) | | :--- | :--- | :--- | :--- | | Gearing Ratio | 140.5% | 108.4% | +32.1 | - The increase in the ratio was mainly due to increased borrowings[44](index=44&type=chunk) [Basic and Diluted Earnings Per Share](index=12&type=section&id=Basic%20and%20Diluted%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent was RMB 0.42, a year-on-year decrease of 33.3% Basic and Diluted Earnings Per Share (For the Six Months Ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 0.42 | 0.63 | -33.3% | [Current Assets](index=12&type=section&id=Current%20Assets) As of June 30, 2025, the Group's total current assets increased to RMB 1,102.2 million, primarily comprising inventories, trade and bills receivables, prepayments and other receivables, and cash and cash equivalents Current Assets Composition (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Current Assets | 1,102,244 | 950,201 | +16.0% | | Inventories | 335,803 | 292,403 | +14.8% | | Trade and Bills Receivables | 335,780 | 311,415 | +7.8% | | Prepayments and Other Receivables | 155,003 | 147,306 | +5.2% | | Cash and Cash Equivalents | 194,413 | 73,680 | +163.9% | | Pledged Deposits | 81,245 | 125,397 | -35.2% | [Inventories](index=12&type=section&id=Inventories) Inventories increased by RMB 43.4 million to RMB 335.8 million, and inventory turnover days increased to 45 days, mainly due to weak downstream demand for chlorination products and lower-than-expected sales of newly launched products Inventory Situation (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Inventories | 335,803 | 292,403 | +14.8% | | Inventory Turnover Days | 45 days | 37 days | +8 days | - The increase in inventory balance and turnover days was mainly due to the Group's strategy of full production and quick turnover to enhance operational efficiency in the current reporting period, but affected by changes in the external market environment, downstream demand for chlorination products was weak, and actual sales did not meet expected targets; concurrently, newly launched products from Xinhuanhong were still in the market expansion phase, and current sales also did not achieve expected results[47](index=47&type=chunk) [Trade Receivables and Bills Receivable](index=12&type=section&id=Trade%20Receivables%20and%20Bills%20Receivable) Trade and bills receivables increased by RMB 24.4 million to RMB 335.8 million, and turnover days increased to 41 days, primarily due to an increase in bills receivable that did not qualify for derecognition Trade and Bills Receivables Situation (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Bills Receivables | 335,780 | 311,415 | +7.8% | | Turnover Days | 41 days | 34 days | +7 days | - The increase in trade receivables balance and turnover days was mainly due to an increase in bills receivable received by the Group that did not qualify for derecognition[48](index=48&type=chunk) [Prepayments and Other Receivables](index=12&type=section&id=Prepayments%20and%20Other%20Receivables) Prepayments and other receivables increased by RMB 7.7 million to RMB 155.0 million, primarily due to an increase in prepayments for raw material purchases Prepayments and Other Receivables (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Prepayments and Other Receivables | 155,003 | 147,306 | +5.2% | - The increase was mainly due to increased prepayments for raw material purchases[49](index=49&type=chunk) [Current Liabilities](index=13&type=section&id=Current%20Liabilities) As of June 30, 2025, the Group's total current liabilities increased to RMB 1,641.8 million, primarily comprising trade and bills payables, other payables and accruals, contract liabilities, and interest-bearing bank and other borrowings Current Liabilities Composition (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Current Liabilities | 1,641,759 | 1,574,966 | +4.2% | | Trade and Bills Payables | 371,375 | 360,778 | +2.9% | | Other Payables, Accruals and Contract Liabilities | 263,096 | 286,028 | -8.0% | | Interest-Bearing Bank and Other Borrowings | 997,336 | 922,950 | +8.1% | [Trade Payables and Bills Payable](index=13&type=section&id=Trade%20Payables%20and%20Bills%20Payable) Trade and bills payables increased by RMB 10.6 million to RMB 371.4 million, and turnover days increased to 52 days, primarily due to more relaxed settlement policies offered by suppliers Trade and Bills Payables Situation (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Bills Payables | 371,375 | 360,778 | +2.9% | | Turnover Days | 52 days | 32 days | +20 days | - The increase in turnover days was mainly attributable to more relaxed settlement policies offered by suppliers compared to the end of last year[52](index=52&type=chunk) [Other Payables, Accruals and Contract Liabilities](index=13&type=section&id=Other%20Payables%2C%20Accruals%20and%20Contract%20Liabilities) Other payables, accruals, and contract liabilities decreased by RMB 22.9 million to RMB 263.1 million, primarily due to the settlement of project payments for the first phase of Xinhuanhong Other Payables, Accruals and Contract Liabilities (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total | 263,096 | 286,028 | -8.0% | - The decrease was mainly due to the settlement of project payments for the first phase of Xinhuanhong[53](index=53&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged property, plant and equipment, and leasehold land with a net book value of approximately RMB 246.2 million to secure bank and other borrowings and bank credit facilities - The Group pledged property, plant and equipment, and leasehold land with a net book value of approximately **RMB 246.2 million** to secure bank and other borrowings and bank credit facilities[54](index=54&type=chunk) [Material Acquisitions, Disposals and Significant Investments](index=13&type=section&id=Material%20Acquisitions%2C%20Disposals%20and%20Significant%20Investments) Other than the production expansion of the Hubei Xinhuanhong production base, the Group had no other material acquisitions, disposals, or significant investments during the reporting period - Other than the production expansion of the Hubei Xinhuanhong production base, the Group had no other material acquisitions, disposals, or significant investments during the reporting period[55](index=55&type=chunk) [Capital Expenditure and Capital Commitments](index=13&type=section&id=Capital%20Expenditure%20and%20Capital%20Commitments) During the reporting period, the Group's capital expenditure was RMB 166.1 million, primarily for the purchase of property, plant and equipment, and leasehold land. Contractual commitments at period-end amounted to RMB 38.9 million, mainly related to the Hubei Xinhuanhong production base Capital Expenditure and Capital Commitments (As of June 30) | Indicator | 2025 (RMB thousands) | | :--- | :--- | | Capital Expenditure | 166,100 | | Contractual Commitments | 38,900 | - Capital expenditure was mainly related to the purchase of property, plant and equipment and leasehold land, while contractual commitments were primarily related to the Hubei Xinhuanhong production base[56](index=56&type=chunk) [Future Plans for Material Investments or Capital Assets](index=13&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group's future plans include the production expansion of the Hubei Xinhuanhong production base and the construction of Kangxin Industrial Park, with funding sources considering internal resources, bank loans, or net proceeds from global offering - Future plans include the production expansion of the Hubei Xinhuanhong production base and the construction of Kangxin Industrial Park[57](index=57&type=chunk) - Funding will consider internal resources of the Group, bank loans, or net proceeds from the global offering[57](index=57&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[58](index=58&type=chunk) [Foreign Currency and Interest Rate Risks](index=14&type=section&id=Foreign%20Currency%20and%20Interest%20Rate%20Risks) The Group's principal business is denominated in RMB, facing no significant foreign exchange risk, and currently does not engage in foreign currency hedging. Interest rate risk is assessed as very low and controllable, with most bank loans bearing fixed interest rates - The Group's principal business is conducted in China and denominated in RMB, and management believes the business does not face any significant foreign exchange risk, with no foreign currency hedging policy currently in place[59](index=59&type=chunk)[60](index=60&type=chunk) - Interest rate risk is assessed as very low and controllable, as all bank loans and other borrowings are denominated in RMB and bear fixed interest rates, except for unsecured bank loans of **RMB 184.0 million** which bear floating interest rates[60](index=60&type=chunk) [Use of Proceeds from Global Offering](index=14&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company's net proceeds from the global offering in June 2024 were approximately HKD 25.9 million, of which HKD 10.0 million had been utilized as of June 30, 2025, primarily for constructing new production facilities, R&D activities, sales and marketing activities, and working capital Use of Proceeds from Global Offering (As of June 30, 2025) | Use of Proceeds | Percentage (%) | Net Proceeds (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Unutilized Amount as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Construction of new production facilities to increase capacity at Hubei Xinhuanhong production base | 82.0 | 21.2 | 6.4 | 14.8 | | Research and development activities | 3.0 | 0.8 | 0.2 | 0.6 | | Sales and marketing activities | 5.0 | 1.3 | 0.8 | 0.5 | | Working capital and general corporate purposes | 10.0 | 2.6 | 2.6 | — | | **Total** | **100** | **25.9** | **10.0** | **15.9** | - The expected timetable for unutilized proceeds is: new production facilities by or before December 2028, and R&D activities and sales and marketing activities by or before December 2026[62](index=62&type=chunk) [Employees and Remuneration Policy](index=15&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 631 employees, with total staff costs increasing to RMB 61.8 million, mainly due to salary adjustments, increased social security expenses, and employee bonuses from cost reduction and efficiency improvement measures Employee and Remuneration Situation (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 631 employees | 626 employees | | Total Staff Costs (RMB millions) | 61.8 | 51.1 | - The increase in staff costs was mainly due to the company's overall salary adjustments after achieving performance targets last year, increased employee social security expenses, and increased employee bonuses resulting from cost reduction and efficiency improvement measures[65](index=65&type=chunk) Other Information [Purchase, Sale or Redemption of the Company's Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed shares, and the company held no treasury shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed shares[67](index=67&type=chunk) - As of June 30, 2025, the company held no treasury shares[67](index=67&type=chunk) [Compliance with Corporate Governance Code](index=16&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the reporting period - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period[68](index=68&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=16&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) Following specific enquiries made to all directors, each director has confirmed compliance with the Model Code as set out in Appendix C3 to the Listing Rules throughout the reporting period - Each director has confirmed that they have complied with the standard requirements set out in the Model Code throughout the reporting period[69](index=69&type=chunk) [Audit Committee and Review of Financial Statements](index=16&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements and this interim report for the six months ended June 30, 2025, with an independent review performed by Ernst & Young - The Audit Committee comprises Mr. Liao Qiyu (Chairman), Dr. Liu Zhongdong, Dr. Yuan Kang, Mr. Gao Lei, and Mr. Shen Yingming[70](index=70&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements and this interim report for the six months ended June 30, 2025[70](index=70&type=chunk) - Independent auditor Ernst & Young performed an independent review of the interim condensed consolidated financial information[70](index=70&type=chunk) [Changes in Information of Directors and/or Senior Management](index=16&type=section&id=Changes%20in%20Information%20of%20Directors%20and%2For%20Senior%20Management) Effective June 26, 2025, Mr. Gao Lei ceased to be a member of the Nomination Committee, and Ms. Li Deye was appointed as a member, with other positions remaining unchanged - Mr. Gao Lei has ceased to be a member of the Nomination Committee, and Ms. Li Deye has been appointed as a member of the Nomination Committee[72](index=72&type=chunk) - The aforementioned changes took effect on **June 26, 2025**, with other directorships remaining unchanged[72](index=72&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=17&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Gao Lei and Mr. Shen Yingming held interests in 53.75% and 13.44% of the company's shares, respectively, through controlled corporations Directors' Interests in the Company's Shares and Underlying Shares (As of June 30, 2025) | Director Name | Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Gao Lei | Interest in controlled corporation | 50,150,842 (L) | 53.75% | | Mr. Shen Yingming | Interest in controlled corporation | 12,537,710 (L) | 13.44% | - Mr. Gao Lei's interest is held by Vastocean Capital Limited, which is wholly owned by him, and Mr. Shen Yingming's interest is held by SYM Holdings Limited, which is wholly owned by him[75](index=75&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=18&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the reporting period, neither the company nor its subsidiaries entered into any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate, and no such rights were granted to any director or their spouse or children under 18 - Neither the company nor its subsidiaries entered into any arrangements during the reporting period that would enable directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate[76](index=76&type=chunk) - No director, or their spouse or children under the age of 18, was granted any such rights to subscribe for equity or debt securities of the company or any other body corporate, nor had exercised any such rights[76](index=76&type=chunk) [Directors' Interests in Material Contracts](index=18&type=section&id=Directors%27%20Interests%20in%20Material%20Contracts) As of the end of the reporting period or at any time during the reporting period, neither the company nor any of its subsidiaries entered into any material contracts in which a director had a direct or indirect material interest - Neither the company nor any of its subsidiaries entered into any material contracts in which a director had a direct or indirect material interest[77](index=77&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=18&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Vastocean Capital Limited (wholly owned by Mr. Gao Lei) and SYM Holdings Limited (wholly owned by Mr. Shen Yingming) were the company's substantial shareholders, holding 53.75% and 13.44% of the shares, respectively. Custodian Capital Ltd. held 7.79% of the shares as nominee Substantial Shareholders' Interests in Shares and Underlying Shares (As of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Vastocean Capital Limited | Beneficial owner | 50,150,842 (L) | 53.75% | | Mr. Gao Lei | Interest in controlled corporation | 50,150,842 (L) | 53.75% | | SYM Holdings Limited | Beneficial owner | 12,537,710 (L) | 13.44% | | Mr. Shen Yingming | Interest in controlled corporation | 12,537,710 (L) | 13.44% | | Custodian Capital Ltd. | Nominee interest | 7,271,448 (L) | 7.79% | - Vastocean Capital Limited is wholly owned by Mr. Gao Lei, and SYM Holdings Limited is wholly owned by Mr. Shen Yingming[80](index=80&type=chunk) [Pre-emptive Rights](index=19&type=section&id=Pre-emptive%20Rights) There are no pre-emptive rights provisions under the Articles of Association or the laws of the Cayman Islands that would require the company to offer new shares to existing shareholders on a pro-rata basis - There are no pre-emptive rights provisions under the Articles of Association or the laws of the Cayman Islands that would require the company to offer new shares to existing shareholders on a pro-rata basis[81](index=81&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period (for the six months ended June 30, 2024: nil)[82](index=82&type=chunk) [Events After the Reporting Period](index=19&type=section&id=Events%20After%20the%20Reporting%20Period) On July 8, 2025, Hubei Kangxin Chemical Trading Co., Ltd., an indirect wholly-owned subsidiary of the company, entered into a construction contract with Hubei Tongsheng Construction Engineering Co., Ltd. for the construction of Kangxin Industrial Park, with a maximum total consideration of RMB 75 million - On **July 8, 2025**, Hubei Kangxin Chemical Trading Co., Ltd. entered into a construction contract with Hubei Tongsheng Construction Engineering Co., Ltd. for the construction of Kangxin Industrial Park[83](index=83&type=chunk) - The maximum total consideration is **RMB 75 million** (inclusive of tax)[155](index=155&type=chunk) Independent Review Report [Conclusion on Review](index=20&type=section&id=Conclusion%20on%20Review) Ernst & Young conducted a review of the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410 and found no matters that would lead them to believe the accompanying interim financial information is not prepared in all material respects in accordance with HKAS 34 - Independent auditor Ernst & Young conducted a review of the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410, issued by the Hong Kong Institute of Certified Public Accountants[87](index=87&type=chunk) - Based on the review, nothing has come to the auditor's attention that causes them to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with HKAS 34[88](index=88&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss [Profit or Loss Statement Overview](index=21&type=section&id=Profit%20or%20Loss%20Statement%20Overview) This statement presents the Group's revenue, cost of sales, gross profit, various expenses, finance costs, share of profits of joint ventures and associates, profit before tax, income tax expense, and profit for the period for the six months ended June 30, 2025, with comparative data for 2024 Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 1,440,232 | 1,651,158 | | Cost of Sales | (1,277,195) | (1,464,482) | | Gross Profit | 163,037 | 186,676 | | Other Income and Gains | 28,355 | 30,746 | | Selling and Distribution Expenses | (12,307) | (13,414) | | Administrative Expenses | (50,146) | (60,205) | | Research and Development Expenses | (72,737) | (58,855) | | Finance Costs | (17,487) | (21,134) | | Profit Before Tax | 47,492 | 63,424 | | Income Tax Expense | (8,762) | (15,375) | | Profit for the Period | 38,730 | 48,049 | | Profit Attributable to Owners of the Parent | 38,730 | 48,049 | | Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (RMB per share) | 0.42 | 0.63 | Interim Condensed Consolidated Statement of Comprehensive Income [Comprehensive Income Overview](index=22&type=section&id=Comprehensive%20Income%20Overview) This statement presents the Group's profit for the period and other comprehensive income, including exchange differences on translation of foreign operations, resulting in the total comprehensive income for the six months ended June 30, 2025 Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 38,730 | 48,049 | | Exchange Differences on Translation of Foreign Operations | (51) | 26 | | Other Comprehensive Income for the Period (Net of Tax) | (51) | 26 | | Total Comprehensive Income for the Period | 38,679 | 48,075 | | Attributable to Owners of the Parent | 38,679 | 48,075 | Interim Condensed Consolidated Statement of Financial Position [Financial Position Overview](index=23&type=section&id=Financial%20Position%20Overview) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, including non-current assets, current assets, current liabilities, non-current liabilities, and total equity, with comparative data for December 31, 2024 Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-Current Assets | 1,507,752 | 1,401,521 | | Total Current Assets | 1,102,244 | 950,201 | | Total Current Liabilities | 1,641,759 | 1,574,966 | | Net Current Liabilities | (539,515) | (624,765) | | Total Non-Current Liabilities | 300,722 | 103,131 | | Net Assets | 667,515 | 673,625 | | Total Equity | 667,515 | 673,625 | Interim Condensed Consolidated Statement of Changes in Equity [Changes in Equity Overview](index=25&type=section&id=Changes%20in%20Equity%20Overview) This statement details the changes in the Group's equity components for the six months ended June 30, 2025, including opening balance, profit for the period, other comprehensive income, dividends declared, and share-based payments, with comparative data for 2024 Interim Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | As at January 1 (Audited) | 673,625 | 529,617 | | Total Comprehensive Income for the Period | 38,679 | 48,075 | | Final Dividend Declared for 2024 | (44,999) | — | | Equity-Settled Share-Based Payments | 210 | 210 | | Issue of New Shares | — | 91,687 | | Share Issue Expenses | — | (26,263) | | As at June 30 (Unaudited) | 667,515 | 643,326 | Interim Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=27&type=section&id=Cash%20Flow%20Overview) This statement presents the Group's net cash flows from operating, investing, and financing activities, as well as the closing balance of cash and cash equivalents, for the six months ended June 30, 2025 Interim Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 2,501 | 126,124 | | Net Cash Flows Used in Investing Activities | (128,048) | (28,097) | | Net Cash Flows from Financing Activities | 246,331 | 43,525 | | Net Increase in Cash and Cash Equivalents | 120,784 | 141,552 | | Cash and Cash Equivalents at End of Period | 194,413 | 207,011 | Notes to Interim Condensed Consolidated Financial Information [Company and Group Information](index=29&type=section&id=Company%20and%20Group%20Information) Wuhan Organic Holdings Company Limited is an investment holding company incorporated in the Cayman Islands, whose shares have been listed on the Main Board of the Hong Kong Stock Exchange since June 18, 2024. Its principal subsidiaries are engaged in the manufacturing and sale of toluene oxidation products, toluene chlorination products, and their derivatives in China - The company was incorporated in the Cayman Islands as an exempted company with limited liability on **September 23, 2016**, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on **June 18, 2024**[106](index=106&type=chunk)[107](index=107&type=chunk) - The company's principal subsidiaries are primarily engaged in the manufacturing and sale of toluene oxidation products, toluene chlorination products, and their derivatives in China[106](index=106&type=chunk) [Basis of Preparation](index=29&type=section&id=Basis%20of%20Preparation) The interim condensed consolidated financial information has been prepared in accordance with HKAS 34 and presented on a going concern basis. Despite net current liabilities, the Board believes the Group has sufficient funds to continue operations - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[108](index=108&type=chunk) - Despite the Group having net current liabilities of approximately **RMB 540 million** as of June 30, 2025, the Board believes the Group will have sufficient available funds to operate as a going concern[109](index=109&type=chunk) [Changes in Accounting Policies](index=29&type=section&id=Changes%20in%20Accounting%20Policies) The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those of the previous year, with the only new adoption being HKFRS 21 Amendments "Lack of Exchangeability," which had no impact on the financial information as the Group's transaction currencies are exchangeable - The accounting policies are consistent with those adopted in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the first-time adoption of HKFRS 21 Amendments "Lack of Exchangeability" in the current period's financial information[110](index=110&type=chunk) - As the currencies in which the Group conducts transactions and the functional currencies of the Group entities translated into the Group's presentation currency are all exchangeable, these amendments had no impact on the interim condensed consolidated financial information[111](index=111&type=chunk) [Operating Segment Information](index=30&type=section&id=Operating%20Segment%20Information) The Group does not present separate operating segment financial information as the Board reviews the Group's overall financial performance. All non-current assets are located in mainland China, and no single external customer accounts for 10% or more of total revenue - The directors review the Group's overall financial performance, and therefore no further information on operating segments is presented[112](index=112&type=chunk) - All of the Group's non-current assets are located in mainland China[114](index=114&type=chunk) - No revenue from transactions with a single external customer accounted for **10% or more** of the Group's total revenue[115](index=115&type=chunk) [Revenue](index=30&type=section&id=Revenue) This section provides a detailed analysis of the Group's revenue composition for the six months ended June 30, 2025, categorized by type of goods or services and geographical market, with all revenue recognized at a point in time when goods are transferred Disaggregated Revenue Information from Contracts with Customers (For the Six Months Ended June 30) | Type of Goods or Services | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Toluene Oxidation Products | 894,653 | 1,025,415 | | Toluene Chlorination Products | 348,943 | 335,685 | | Product Trading | 196,636 | 290,058 | | **Total** | **1,440,232** | **1,651,158** | | Geographical Market | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 1,100,924 | 1,219,025 | | Asia (excluding Mainland China) | 158,832 | 171,413 | | European Union | 107,574 | 135,583 | | Americas | 64,930 | 111,118 | | Other Countries/Regions | 7,972 | 14,019 | | **Total** | **1,440,232** | **1,651,158** | - All revenue is recognized at a point in time when goods are transferred[118](index=118&type=chunk) [Profit Before Tax](index=32&type=section&id=Profit%20Before%20Tax) This section details the various adjustments to the Group's profit before tax, including cost of inventories sold, R&D costs, depreciation and amortization, listing expenses (none in current period), government grants, and employee benefit expenses Profit Before Tax Adjustments (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold | 1,277,195 | 1,464,482 | | Research and Development Costs | 72,737 | 58,855 | | Depreciation of Property, Plant and Equipment | 65,131 | 58,757 | | Depreciation of Right-of-Use Assets | 7,658 | 9,999 | | Listing Expenses | — | 9,481 | | Total Employee Benefit Expenses | 61,803 | 51,123 | - There were no listing expenses in the current period, compared to **RMB 9,481 thousands** in the same period last year[119](index=119&type=chunk) - Employee benefit expenses increased, mainly comprising salaries, allowances and benefits in kind, share award scheme expenses, performance bonuses, and retirement benefit scheme contributions[119](index=119&type=chunk) [Income Tax Expense](index=33&type=section&id=Income%20Tax%20Expense) The Group's income tax expense is calculated based on the tax laws of each jurisdiction, with Hong Kong profits tax at 16.5% (some entities enjoy an 8.25% preferential rate) and mainland China corporate income tax at 25% (high-tech enterprises enjoy a 15% preferential rate) Income Tax Expense (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current — Hong Kong | 38 | 92 | | Current — Mainland China | 12,132 | 6,371 | | Deferred Income Tax | (3,408) | 8,912 | | **Total Tax Expense for the Period** | **8,762** | **15,375** | - Hong Kong profits tax is provided at **16.5%**, with certain qualifying entities subject to a tax rate of **8.25%** on the first **HKD 2,000,000** of assessable profits[124](index=124&type=chunk) - The statutory corporate income tax rate in mainland China is **25%**, while Wuhan Organic Industrial Co., Ltd. and Qianjiang Xinyihong Organic Chemical Co., Ltd., as high-tech enterprises, enjoy a preferential income tax rate of **15%**[125](index=125&type=chunk) [Dividends](index=33&type=section&id=Dividends) The company declared and paid a final dividend of RMB 0.4823 per ordinary share for 2024 on May 15, 2025, totaling approximately RMB 44.999 million. No interim dividend was declared for the current reporting period Dividend Declared and Paid (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Final Dividend Declared and Paid — RMB 0.4823 per ordinary share | 44,999 | — | - On **May 15, 2025**, shareholders approved and declared a final dividend for 2024, totaling approximately **RMB 44,999,000**[127](index=127&type=chunk) [Earnings Per Share Attributable to Owners of the Parent](index=34&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic earnings per share attributable to ordinary equity holders of the parent was RMB 0.42, a decrease from RMB 0.63 in the same period last year. The company had no potential dilutive share options or other financial instruments Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Parent (RMB thousands) | 38,730 | 48,049 | | Weighted Average Number of Ordinary Shares Outstanding During the Period | 93,300,000 | 76,307,143 | | Earnings Per Share (Basic, RMB per share) | 0.42 | 0.63 | - As of June 30, 2025 and 2024, the company had no potential dilutive share options or other financial instruments related to issued ordinary shares[129](index=129&type=chunk) [Property, Plant and Equipment](index=34&type=section&id=Property%2C%20Plant%20and%20Equipment) During the reporting period, the Group acquired assets at a cost of RMB 151.7 million, disposed of assets with a net book value of RMB 0.654 million, generating a net gain of RMB 0.027 million. Certain buildings have been pledged to secure bank loans Property, Plant and Equipment Movements (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Assets Acquired | 151,745 | 90,654 | | Net Book Value of Assets Disposed | 654 | 49 | | Net Gain on Disposal | 27 | — | - As of June 30, 2025, certain buildings with a total book value of **RMB 133,337,000** were pledged by the Group to secure bank loans and other borrowings[132](index=132&type=chunk) [Trade Receivables and Bills Receivable](index=35&type=section&id=Trade%20Receivables%20and%20Bills%20Receivable) This section provides an aging analysis and maturity analysis of the Group's trade and bills receivables, showing an increase in the total amount of trade receivables and bills receivable Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 4 months | 127,556 | 133,608 | | Over 4 months but within 6 months | 20,084 | 13,839 | | Over 6 months but within 12 months | 3,137 | 5,188 | | **Total** | **150,777** | **152,634** | Maturity Analysis of Bills Receivable (As of June 30) | Maturity | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 85,624 | 101,203 | | Over 3 months but within 6 months | 99,379 | 57,578 | | **Total** | **185,003** | **158,781** | [Cash and Cash Equivalents and Pledged Deposits](index=36&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) The Group's cash and bank balances increased to RMB 275.7 million, while pledged deposits decreased to RMB 81.2 million. Previously restricted bank deposits due to legal proceedings and foreign exchange controls have been unrestricted Cash and Cash Equivalents and Pledged Deposits (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 275,658 | 199,077 | | Pledged Time Deposits | 81,245 | 125,397 | | Cash and Cash Equivalents | 194,413 | 73,680 | - As of June 30, 2025, bank deposits previously frozen due to legal proceedings and restricted bank deposits related to remittances to mainland China have all been unrestricted[134](index=134&type=chunk) [Trade Payables and Bills Payable](index=36&type=section&id=Trade%20Payables%20and%20Bills%20Payable) This section provides an aging analysis of the Group's trade and bills payables, showing a total increase to RMB 371.4 million, primarily concentrated within 1 year Aging Analysis of Trade Payables and Bills Payable (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 371,354 | 360,695 | | 1 to 2 years | — | 61 | | Over 2 years | 21 | 22 | | **Total** | **371,375** | **360,778** | [Interest-Bearing Bank and Other Borrowings](index=38&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) The Group's total interest-bearing bank and other borrowings increased to RMB 1,202.7 million, including secured and unsecured current and non-current loans, mostly bearing fixed interest rates. Borrowings are secured by property, plant and equipment and leasehold land Interest-Bearing Bank and Other Borrowings (As of June 30) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Bank Loans — Secured | 288,500 | 98,500 | | Current Bank Loans — Unsecured | 668,408 | 709,950 | | Current Portion of Long-Term Bank Loans — Secured | 10,428 | 42,000 | | Current Portion of Long-Term Bank Loans — Unsecured | — | 23,500 | | Other Borrowings — Unsecured | 30,000 | 49,000 | | **Total Current** | **997,336** | **922,950** | | Non-Current Bank Loans — Secured | 157,412 | — | | Non-Current Bank Loans — Unsecured | 48,000 | — | | **Total Non-Current** | **205,412** | **—** | | **Total** | **1,202,748** | **922,950** | - The Group's bank loans and other borrowings are secured by mortgages over its plant, equipment, and buildings, as well as leasehold land located in mainland China[138](index=138&type=chunk) - All bank loans and other borrowings are denominated in RMB and bear fixed interest rates, except for secured bank loans of **RMB 184.0 million** which bear floating interest rates[138](index=138&type=chunk) [Share Capital](index=38&type=section&id=Share%20Capital) The company's issued and fully paid share capital consists of 93,300,000 ordinary shares with a par value of USD 0.0001 each Share Capital (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 61 | 61 | - The share capital consists of **93,300,000** ordinary shares of **USD 0.0001** each[138](index=138&type=chunk) [Commitments](index=39&type=section&id=Commitments) As of the end of the reporting period, the Group's contractual commitments amounted to RMB 38.9 million, primarily related to plant and machinery Contractual Commitments (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted but not provided for: Plant and Machinery | 38,911 | 27,794 | [Related Party Transactions](index=39&type=section&id=Related%20Party%20Transactions) This section discloses the Group's significant transactions and outstanding balances with related parties during the reporting period, including purchases of goods or services, purchases of machinery, sales of goods, provision of services, and loans, and lists key management personnel compensation Significant Related Party Transactions (For the Six Months Ended June 30) | Transaction Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Purchase of Goods or Services | 87,925 | 77,150 | | Purchase of Machinery | 23,292 | 14,849 | | Sale of Goods | 14,841 | 20,526 | | Provision of Services | 2,670 | 2,999 | | Loans to Related Parties | — | 8,489 | | Settlement of Loans from Related Parties | 291 | 53,572 | Key Management Personnel Compensation (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 3,496 | 2,581 | | Equity-Settled Share Award Scheme Expenses | 51 | 51 | | Retirement Benefit Scheme Contributions | 217 | 150 | | **Total** | **3,764** | **2,782** | - The terms of transactions between the Group and related parties are the same as those between the Group and independent third parties[143](index=143&type=chunk) [Fair Value and Fair Value Hierarchy of Financial Instruments](index=44&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Management assesses that the fair values of most financial instruments are approximate to their carrying amounts. This section provides the fair value hierarchy for financial instruments, with bills receivable classified as Level 2 fair value measurements - Management assesses that the fair values of financial assets such as cash and cash equivalents, pledged deposits, trade receivables, and financial liabilities are approximate to their carrying amounts, primarily because these instruments are short-term in nature[150](index=150&type=chunk) Assets Measured at Fair Value (As of June 30, 2025) | Indicator | Quoted Prices in Active Markets (Level 1) (RMB thousands) | Significant Observable Inputs (Level 2) (RMB thousands) | Significant Unobservable Inputs (Level 3) (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Bills Receivable | — | 185,003 | — | 185,003 | - During the reporting period, there were no transfers of fair value measurements between Level 1 and Level 2, nor any transfers into or out of Level 3, for financial assets[153](index=153&type=chunk) [Events After the Reporting Period](index=45&type=section&id=Events%20After%20the%20Reporting%20Period) This section reiterates the event of Hubei Kangxin Chemical Trading Co., Ltd. signing a construction contract with Hubei Tongsheng Construction Engineering Co., Ltd. on July 8, 2025, for the construction of Kangxin Industrial Park - On **July 8, 2025**, Hubei Kangxin Chemical Trading Co., Ltd., an indirect wholly-owned subsidiary of the company, entered into a construction contract with Hubei Tongsheng Construction Engineering Co., Ltd. for the construction of Kangxin Industrial Park, wholly owned by Hubei Kangxin[155](index=155&type=chunk) [Approval of Interim Condensed Consolidated Financial Information](index=45&type=section&id=Approval%20of%20Interim%20Condensed%20Consolidated%20Financial%20Information) The interim condensed consolidated financial information was approved by the Board of Directors and authorized for issue on August 22, 2025 - The interim condensed consolidated financial information was approved by the Board of Directors and authorized for issue on **August 22, 2025**[157](index=157&type=chunk) Definitions [Definitions of Terms](index=45&type=section&id=Definitions%20of%20Terms) This section provides definitions for key terms and abbreviations used in this interim report to ensure clear understanding of the report content - This section contains definitions for all key terms and abbreviations used in this interim report, such as "Articles," "Board," "China," "Company," "Controlling Shareholder," "Listing Rules," etc[158](index=158&type=chunk)[159](index=159&type=chunk)

Financial Performance - Revenue increased from RMB 2,170.9 million in H1 2024 to RMB 2,472.2 million in H1 2025, representing a growth of approximately 13.9%[10] - Gross profit decreased from RMB 1,156.2 million in H1 2024 to RMB 936.5 million in H1 2025, a decline of about 19%[10] - Net profit for H1 2025 was RMB 178.5 million, down from RMB 284.8 million in H1 2024, reflecting a decrease of approximately 37.2%[10] - Adjusted EBITDA for H1 2025 was RMB 333.0 million, compared to RMB 489.7 million in H1 2024, indicating a decline of around 32%[10] - Operating profit fell from RMB 406.9 million in H1 2024 to RMB 261.1 million in H1 2025[48] - Net financial income decreased from RMB 48.9 million in H1 2024 to RMB 31.5 million in H1 2025 due to lower deposit rates[49] - Income tax expense reduced from RMB 166.6 million in H1 2024 to RMB 112.1 million in H1 2025, primarily due to lower operating profit[51] - Adjusted net profit for the same period was RMB 235.0 million, down 33.3% from RMB 351.8 million in 2024[53] - EBITDA for the six months ended June 30, 2025, was RMB 320.9 million, a decline of 31.3% compared to RMB 467.1 million in 2024[55] - Total comprehensive income attributable to equity holders for the period was RMB 134,993 thousand, down from RMB 177,598 thousand in the previous year, reflecting a decline of 24.0%[121] Box Office and Film Performance - The total box office for the first half of 2025 reached RMB 29.231 billion, with a year-on-year growth of 22.91%[11] - The company participated in the release of 29 domestic films and 9 imported films during the reporting period, achieving a historical high[13] - The company’s films released during the Spring Festival achieved a box office of RMB 3.612 billion, ranking second in the Spring Festival box office[14] - Several summer films, including "The Longan's Lychee" and "The Little Black War 2," are expected to contribute positively to profits in the second half of 2025[15] - Upcoming films include "Assassination Novelist 2" and "Panda Project 2," both scheduled for release on October 1, 2025[17] Strategic Initiatives - The company continues to adjust its strategies to respond to market changes and enhance its promotional capabilities[14] - The company is committed to enhancing its IP derivative business, having developed proprietary IPs such as "Panda Plan" and "Son of Time," and is expanding into various IP categories[24] - The company is actively exploring AI and big data infrastructure investments, collaborating with multiple AI firms to apply technology in animation production and visual storytelling[26] - The company plans to continue investing in live performance business and improve participation and competitiveness in the offline performance market[27] - The company aims to strengthen its leading position in the film sector by providing high-quality content and ticketing services[27] Financial Position and Assets - Total assets increased from RMB 12,505.6 million as of December 31, 2024, to RMB 12,986.4 million as of June 30, 2025[56] - Total liabilities rose from RMB 3,457.3 million as of December 31, 2024, to RMB 4,125.1 million as of June 30, 2025[56] - The debt-to-asset ratio increased from 27.6% to 31.8% during the same period[56] - The company holds a 5.7% stake in the Happy Media Group as of June 30, 2025[63] - The company has 926 full-time employees, primarily located in Beijing, with others in Shanghai and various cities in mainland China[65] Shareholder Information - The board resolved not to declare an interim dividend for the six months ended June 30, 2025[71] - Major shareholders include Vibrant Wide Limited with 277,979,625 shares (24.14%) and Hong Kong Film International Limited with 193,486,220 shares (16.81%) as of June 30, 2025[89] - The employee stock option plan was established to reward contributions to the company's growth and development, succeeding the 2016 ESOP[92] - The company granted a total of 9,262,143 stock options under the pre-IPO stock option plan during the reporting period, with 3,000 options exercised and 10,135 options expired[95] Risk Management - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, which are detailed in the annual consolidated financial statements[151] - The group manages credit risk by only transacting with reputable financial institutions in Hong Kong, Macau, Singapore, and mainland China, which have no recent default records[154] - The group has established monitoring procedures to ensure timely follow-up on overdue debts and reviews the recoverability of trade and other receivables at each reporting period[154] - The company maintains a prudent liquidity risk management strategy, ensuring sufficient cash and bank balances to meet financial commitments[179] Fair Value Measurements - The fair value of financial assets measured at fair value through profit or loss was RMB 1,144,917,000 as of June 30, 2025, with investments in financial products and entertainment activities[182] - The company utilizes various valuation techniques for Level 3 financial instruments, including discounted cash flow and market approaches, to determine fair value[189] - The total fair value of financial assets measured at fair value through profit or loss amounts to RMB 175,320,000, which includes RMB 145,246,000 from entertainment investments and RMB 30,074,000 from non-listed company investments[185]

新威國際控股有限公司 （於百慕達註冊成立之有限公司） 股份代號：00058 2025 中 期 報 告 INTERIM REPORT 2025 SUNWAY INTERNATIONAL HOLDINGS LIMITED INTERIM REPORT 2025 中 期 報 告 C M Y CM MY CY CMY K Sunway IR2025 Cover V01_OP.pdf 1 8/9/2025 上午10:06 目錄 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益表 | 5 | | 簡明綜合損益及其他全面收入表 | 7 | | 簡明綜合財務狀況表 | 8 | | 簡明綜合權益變動表 | 10 | | 簡明綜合現金流量表 | 11 | | 簡明綜合財務報表附註 | 12 | | 管理層討論及分析 | 29 | | 其他資料之披露 | 41 | 公司資料 董事 執行董事： 羅進財 非執行董事： 余瑞生 （於二零二五年一月十五日獲調任） 林柏森 （於二零二五年一月十五日辭任） 獨立非執行董事： 蔡本立 王裕鈞 曾傲嫣 余瑞生 （於二零二五年一月十五日 獲調任為非執行董事） 公司秘書 羅進財 ...