興業物聯服務集團有限公司 XINGYE WULIAN SERVICE GROUP CO. LTD. (incorporated in the Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） Stock Code 股份代號：9916 2025中期報告 INTERIM REPORT CONTENTS 目錄 | Corporate Information 公司資料 | 2 | | --- | --- | | Management Discussion and Analysis 管理層討論及分析 | 4 | | Other Information 其他資料 | 18 | | Interim Condensed Consolidated Statement of Profit or Loss and Other | 26 | | Comprehensive Income | | | 中期簡明綜合損益及其他全面收益表 | | | Interim Condensed Consolidated Statement of Financ ...

Important Notice [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD.%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%B3%E8%BF%B0%E7%9A%84%E9%A2%A8%E9%9A%AA%E8%81%B2%E6%98%8E) The report emphasizes that forward-looking statements do not constitute a substantive commitment to investors, who should fully recognize the differences between plans, forecasts, and commitments, and be aware of investment risks - Forward-looking statements regarding future operating plans in this report do not constitute a substantive commitment by the company to investors[2](index=2&type=chunk) - Investors and relevant parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments[2](index=2&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=2&type=section&id=%E4%B8%83.%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E9%97%9C%E8%81%AF%E6%96%B9%E9%9D%9E%E7%B6%93%E7%87%9F%E4%BD%94%E7%94%A8%E8%B3%87%E9%87%91%E6%83%85%E6%B3%81) The company confirms that there was no non-operating occupation of funds by the controlling shareholder or other related parties during the reporting period - The company confirms no non-operating fund occupation by the controlling shareholder or other related parties[2](index=2&type=chunk) [External Guarantees in Violation of Decision-Making Procedures](index=2&type=section&id=%E5%85%AB.%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E9%81%95%E5%8F%8D%E8%A6%8F%E5%AE%9A%E6%B1%BA%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%B0%8D%E5%A4%96%E6%8F%90%E4%BE%9B%E6%93%94%E4%BF%9D%E7%9A%84%E6%83%85%E6%B3%81) The company confirms that there were no external guarantees provided in violation of decision-making procedures during the reporting period - The company confirms no external guarantees provided in violation of decision-making procedures[2](index=2&type=chunk) [Inability of More Than Half of Directors to Guarantee Truthfulness, Accuracy, and Completeness of Semi-Annual Report](index=2&type=section&id=%E4%B9%9D.%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B8%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E7%84%A1%E6%B3%95%E4%BF%9D%E8%AD%89%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E5%A0%B1%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AF%A6%E6%80%A7%E3%80%81%E5%87%86%E7%A2%BA%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) The company confirms that during the reporting period, there was no situation where more than half of the directors were unable to guarantee the truthfulness, accuracy, and completeness of the semi-annual report - The company confirms no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the semi-annual report[2](index=2&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81.%20%E9%87%8D%E5%A4%A7%E9%A2%A8%E9%9A%AA%E6%8F%90%E7%A4%BA) The company warns of potential investment, project operation and management, debt capital, international operation, and safety risks, advising investors to refer to relevant sections for details - The major risks the Group may face include investment risk, project operation and management risk, debt capital risk, international operation risk, and safety risk[2](index=2&type=chunk) [Other Matters](index=2&type=section&id=%E5%8D%81%E4%B8%80.%20%E5%85%B6%E4%BB%96) The company's 2025 semi-annual financial report is prepared under Chinese accounting standards, reviewed by Ernst & Young Hua Ming LLP, and published in both Chinese and English, with the Chinese version prevailing in case of ambiguity - The company's 2025 semi-annual financial report is prepared in accordance with the "Accounting Standards for Business Enterprises" and related regulations issued by the Ministry of Finance of China (hereinafter referred to as Chinese Accounting Standards)[3](index=3&type=chunk) - The report has been reviewed by Ernst & Young Hua Ming LLP (Special General Partnership) and a review report has been issued[3](index=3&type=chunk) - This report is prepared in both Chinese and English, and in case of any discrepancy in interpretation between the Chinese and English texts, the Chinese text shall prevail[3](index=3&type=chunk) [Board of Directors and Senior Management Statement](index=2&type=section&id=%E4%B8%80.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E4%BF%9D%E8%AD%89%E5%8D%8A%E5%B9%B4%E5%BA%A6%E5%A0%B1%E5%91%8A%E5%85%A7%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AF%A6%E6%80%A7%E3%80%81%E5%87%86%E7%A2%BA%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility, with all directors attending the board meeting and the financial report remaining unaudited - The company's board of directors and directors, senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions, and assume legal responsibility[4](index=4&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) - Company负责人 Dai Hegen, Chief Accountant Zhu Hongbiao, and Head of Accounting Department Wang Lei declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[4](index=4&type=chunk) Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%A9%9E%E8%AA%9E%E9%87%8B%E7%BE%A9) This section defines common terms used in the report, clarifying the meaning of key terms such as "the Company," "the Group," "Controlling Shareholder," and the timeframes for the reporting period and prior year - The Company, Parent Company, Company refers to China Railway Construction Corporation Limited[6](index=6&type=chunk) - The Group, China Railway Construction refers to China Railway Construction Corporation Limited and its wholly-owned and controlled subsidiaries[6](index=6&type=chunk) - Controlling Shareholder refers to China Railway Construction Group Co, Ltd[6](index=6&type=chunk) - Reporting Period refers to January-June 2025[8](index=8&type=chunk) - End of Reporting Period refers to June 30, 2025[8](index=8&type=chunk) - Prior Year Period refers to January-June 2024[8](index=8&type=chunk) Company Profile and Key Financial Indicators [Company Information](index=6&type=section&id=%E4%B8%80.%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's Chinese name is China Railway Construction Corporation Limited, and its legal representative is Dai Hegen - The company's Chinese name is China Railway Construction Corporation Limited[9](index=9&type=chunk) - The company's legal representative is Dai Hegen[9](index=9&type=chunk) [Contact Person and Information](index=6&type=section&id=%E4%BA%8C.%20%E8%81%AF%E7%B9%AB%E4%BA%BA%E5%92%8C%E8%81%AF%E7%B9%AB%E6%96%B9%E5%BC%8F) The company's Board Secretary and Joint Company Secretary is Jing Jing, and the Securities Affairs Representative is Wang Junshan, both located at China Railway Construction Building, East Courtyard, No 40 Fuxing Road, Haidian District, Beijing Company Contact Information | | Board Secretary | Joint Company Secretary | Securities Affairs Representative | | :--- | :--- | :--- | :--- | | Name | Jing Jing | Jing Jing, Luo Zhenbiao | Wang Junshan | | Contact Address | China Railway Construction Building, East Courtyard, No 40 Fuxing Road, Haidian District, Beijing | China Railway Construction Building, East Courtyard, No 40 Fuxing Road, Haidian District, Beijing | China Railway Construction Building, East Courtyard, No 40 Fuxing Road, Haidian District, Beijing | | Phone | 010-52688600 | 010-52688600 | 010-52688600 | | Fax | 010-52688302 | 010-52688302 | 010-52688302 | | Email | ir@crcc.cn | ir@crcc.cn | ir@crcc.cn | [Overview of Changes in Basic Information](index=6&type=section&id=%E4%B8%89.%20%E5%9F%BA%E6%9C%AC%E6%83%85%E6%B3%81%E8%AE%8A%E6%9B%B4%E7%B0%A1%E4%BB%8B) The company's registered and office address is Beijing, Haidian District, Fuxing Road 40, East Courtyard, with no changes to its basic information during the reporting period - The company's registered address is Beijing, Haidian District, Fuxing Road 40, East Courtyard[10](index=10&type=chunk) - The company's office address is Beijing, Haidian District, Fuxing Road 40, East Courtyard[10](index=10&type=chunk) - No changes occurred in the company's basic information during the reporting period[10](index=10&type=chunk) [Overview of Changes in Information Disclosure and Document Custody Locations](index=7&type=section&id=%E5%9B%9B.%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%82%99%E7%BD%AE%E5%9C%B0%E9%BB%9E%E8%AE%8A%E6%9B%B4%E6%83%85%E6%B3%81%E7%B0%A1%E4%BB%8B) The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times; the websites for semi-annual reports are Shanghai Stock Exchange and Hong Kong Stock Exchange; and the document custody location is the company's Board Secretary Office, with no changes during the reporting period - The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[11](index=11&type=chunk) - The websites for publishing semi-annual reports are Shanghai Stock Exchange: www.sse.com.cn, and Hong Kong Stock Exchange: www.hkex.com.hk[11](index=11&type=chunk) - The company's semi-annual report is kept at the Board Secretary Office of China Railway Construction, East Courtyard, No 40 Fuxing Road, Haidian District, Beijing[11](index=11&type=chunk) - No changes occurred in the company's information disclosure and document custody locations during the reporting period[11](index=11&type=chunk) [Company Stock Overview](index=7&type=section&id=%E4%BA%94.%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%B0%A1%E6%B3%81) The company's A-shares are listed on the Shanghai Stock Exchange under the ticker "China Rail Cons" (601186), and its H-shares are listed on the Hong Kong Stock Exchange under "China Rail Cons" (1186) Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 中国铁建 | 601186 | Not applicable | | H-share | Hong Kong Stock Exchange | 中国铁建(China Rail Cons) | 1186 | Not applicable | [Other Relevant Information](index=7&type=section&id=%E5%85%AD.%20%E5%85%B6%E4%BB%96%E6%9C%89%E9%97%9C%E8%B3%87%E6%96%99) The company appointed Ernst & Young Hua Ming LLP as its accounting firm, Beijing Deheng Law Offices and Baker McKenzie as legal advisors, and listed the share registrars for its A-shares and H-shares - The company appointed Ernst & Young Hua Ming LLP (Special General Partnership) as its accounting firm[13](index=13&type=chunk) - The company appointed Beijing Deheng Law Offices (Chinese law) and Baker McKenzie (Hong Kong law) as legal advisors[14](index=14&type=chunk) - The company's A-share registrar is China Securities Depository and Clearing Corporation Limited, Shanghai Branch[15](index=15&type=chunk) - The company's H-share registrar is Hong Kong Registrars Limited[15](index=15&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%83.%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) In the first half of 2025, the company's operating revenue decreased by 5.22% year-on-year, while total profit and net profit attributable to shareholders decreased by 14.04% and 10.09% respectively; earnings per share and weighted average return on net assets also declined, but total assets and net assets attributable to shareholders grew by 7.72% and 3.93% respectively 2025 First Half Key Accounting Data (Unit: thousand yuan) | Indicator | Current Reporting Period (Jan–Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 489,199,045 | 516,136,718 | -5.22 | | Total Profit | 15,353,454 | 17,861,036 | -14.04 | | Net Profit Attributable to Shareholders of the Listed Company | 10,701,474 | 11,902,158 | -10.09 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 9,879,419 | 11,150,727 | -11.40 | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | Not applicable | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 341,139,978 | 328,251,080 | 3.93 | | Total Assets (End of Period) | 2,006,635,769 | 1,862,842,522 | 7.72 | 2025 First Half Key Financial Indicators | Indicator | Current Reporting Period (Jan–Jun) | Prior Year Period | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.70 | 0.79 | -11.39 | | Diluted Earnings Per Share (yuan/share) | 0.70 | 0.79 | -11.39 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.64 | 0.73 | -12.33 | | Weighted Average Return on Net Assets (%) | 3.55 | 4.19 | Decrease of 0.64 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.24 | 3.89 | Decrease of 0.65 percentage points | - When calculating basic and diluted earnings per share for the current reporting period, interest of **1,180,996 thousand yuan** to holders of other equity instruments has been deducted[18](index=18&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=%E4%B9%9D.%20%E9%9D%9E%E7%B6%93%E5%B8%B8%E6%80%A7%E6%90%8D%E7%9B%8A%E9%A0%85%E7%9B%AE%E5%92%8C%E9%87%91%E9%A1%8D) During the reporting period, the company's total non-recurring gains and losses amounted to **822,055 thousand yuan**, primarily from government subsidies, reversal of impairment provisions for receivables, other non-operating income, and debt restructuring gains and losses Non-Recurring Gains and Losses Items and Amounts (Unit: thousand yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the write-off portion of impairment provisions already made | 12,032 | | Government subsidies recognized in current profit and loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss | 252,075 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations | 177,011 | | Reversal of impairment provisions for receivables for which separate impairment tests were conducted | 226,917 | | Gains and losses from debt restructuring | 118,301 | | Other non-operating income and expenses apart from the above items | 253,861 | | Less: Income tax impact | 146,710 | | Impact on minority interests (after tax) | 71,432 | | **Total** | **822,055** | Management Discussion and Analysis (Board Report) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=11&type=section&id=%E4%B8%80.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%AC%E8%A1%8C%E6%A5%AD%E5%8F%8A%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81%E8%AA%AA%E6%98%8E) This section outlines the development trends of China Railway Construction's various sub-sectors within the construction industry (engineering contracting, planning and design consulting, investment and operation, real estate development, industrial manufacturing, material logistics, green environmental protection, and industrial finance) in the first half of 2025, detailing the company's business models and strategic布局 in these areas - In the first half of 2025, China's construction industry achieved a total output value of **13,674.5 billion yuan**, a year-on-year increase of **0.2%**, and an added value of **3,821.1 billion yuan**, a year-on-year increase of **0.7%**[25](index=25&type=chunk) - National fixed asset investment (excluding rural households) reached **24,865.4 billion yuan**, a year-on-year increase of **2.8%**, with infrastructure investment growing by **4.6%** year-on-year[27](index=27&type=chunk) - In the first half of 2025, national real estate development investment was **4,665.8 billion yuan**, a year-on-year decrease of **11.2%**[29](index=29&type=chunk) - Engineering contracting is the Group's core and traditional industry, covering railway, highway, urban rail transit, water conservancy and hydropower, housing construction, municipal, bridge, tunnel, airport and port construction, and many other fields[34](index=34&type=chunk) - The Group actively deploys strategic emerging industries such as new infrastructure, new equipment, new materials, new energy, and new services, accelerating the improvement of multi-format comprehensive development and asset operation capabilities[36](index=36&type=chunk) - The Group's real estate development business adheres to the principle of convergence and focus, concentrating on project development in cities such as Beijing, Shanghai, Guangzhou, Chengdu, Xi'an, Hefei, and Hangzhou[37](index=37&type=chunk) [Company's New Contract Situation During the Reporting Period](index=17&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E6%96%B0%E7%B0%BD%E5%90%88%E5%90%8C%E6%83%85%E6%B3%81) In the first half of 2025, the company's total new contract value decreased by 4.04% year-on-year, with domestic business down 8.37% and overseas business up 57.43%; engineering contracting and green environmental protection were the main sources of new contracts, while urban rail engineering saw a significant decline - In the first half of 2025, the Group's total new contract value was **1,056.1696 billion yuan**, a year-on-year decrease of **4.04%**[42](index=42&type=chunk) - Domestic business new contract value was **942.0752 billion yuan**, a year-on-year decrease of **8.37%**; overseas business new contract value was **114.0944 billion yuan**, a year-on-year increase of **57.43%**[42](index=42&type=chunk) New Contract Value by Industry (Unit: billion yuan) | No | Industry Type | New Contract Value | Year-on-Year Change Rate (%) | | :--- | :--- | :--- | :--- | | 1 | Engineering Contracting | 7,884.259 | -7.27 | | 2 | Green Environmental Protection | 1,073.821 | 15.07 | | 3 | Planning and Design Consulting | 100.654 | -3.77 | | 4 | Industrial Manufacturing | 162.168 | 9.90 | | 5 | Real Estate Development | 367.834 | -11.20 | | 6 | Material Logistics | 854.054 | 6.14 | | 7 | Industrial Finance | 40.327 | -11.14 | | 8 | Emerging Industries | 78.579 | 44.45 | | **Total** | | **10,561.696** | **-4.04** | New Contract Value by Infrastructure Project Business (Unit: billion yuan) | No | Business Type | New Contract Value | Year-on-Year Change Rate (%) | | :--- | :--- | :--- | :--- | | 1 | Railway Engineering | 1,093.025 | 39.31 | | 2 | Highway Engineering | 800.268 | 10.73 | | 3 | Urban Rail Engineering | 158.462 | -64.75 | | 4 | Housing Construction Engineering | 4,014.308 | -5.83 | | 5 | Municipal Engineering | 902.558 | -14.55 | | 6 | Mining | 646.946 | -7.27 | | 7 | Water Conservancy and Water Transport Engineering | 424.776 | -22.24 | | 8 | Airport Engineering | 11.836 | -22.43 | | 9 | Power Engineering | 596.057 | 10.89 | | 10 | Other Engineering | 309.844 | -14.59 | | **Total** | | **8,958.080** | **-5.06** | - The significant year-on-year decrease in urban rail engineering is mainly due to a reduction in the total number of urban rail project tenders affected by market conditions[45](index=45&type=chunk) [Discussion and Analysis of Operating Performance](index=19&type=section&id=%E4%BA%8C.%20%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81%E7%9A%84%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) In the first half of 2025, China Railway Construction achieved positive results in market operations, cost reduction and efficiency improvement, technological innovation, and reform tasks, with robust market engagement, rapid overseas growth, effective cost control, enhanced innovation, and continuous improvement in corporate governance - The company actively aligns with central and local growth stabilization measures, focusing on key clients, regions, and major projects, maintaining overall stable market operations[47](index=47&type=chunk) - Overseas development accelerated across the board, with overseas new contract value increasing by **57.43%** year-on-year[47](index=47&type=chunk) - In the first half of the year, selling expenses decreased by **8.50%** year-on-year, and administrative expenses decreased by **9.73%** year-on-year[47](index=47&type=chunk) - The company's "1+9+N" scientific and technological innovation system continues to improve, with orderly progress and phased results in the construction of the Research Institute and 6 industrial technology research institutes[48](index=48&type=chunk) - The company accelerated the implementation of the state-owned enterprise reform deepening and upgrading action, promoting further optimization of its layout and structure[48](index=48&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=20&type=section&id=%E4%B8%89.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E6%A0%B8%E5%BF%83%E7%AB%B6%E7%88%AD%E5%8A%9B%E5%88%86%E6%9E%90) China Railway Construction's core competitiveness lies in its leading technological innovation, comprehensive industrial chain layout, increasingly refined management, continuously enhanced brand value, and strengthened cultural soft power - The Group's technical level in high-speed rail, plateau rail, high-cold rail, highway, and urban rail transit engineering design and construction continues to maintain an industry-leading position[50](index=50&type=chunk) - The Group is one of the largest and most powerful integrated construction industry groups in China and globally, possessing a complete industrial chain covering the upstream and downstream of the construction industry[51](index=51&type=chunk) - The Group regards refined management as an important symbol of its soft power, building a comprehensive refined management system covering the entire system, all links, all positions, and all fields[52](index=52&type=chunk) - The Group is a globally renowned construction engineering contractor, infrastructure operator, high-end equipment manufacturer, and strategic emerging industry developer, with business operations in **150 countries and regions worldwide**[53](index=53&type=chunk) - The Group inherits and carries forward the spirit of the Railway Corps, continuously promoting the "Top Ten Spirits of China Railway Construction," and constantly enhancing cultural cohesion and appeal[54](index=54&type=chunk) [Key Operating Performance During the Reporting Period](index=22&type=section&id=%E5%9B%9B.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E4%B8%BB%E8%A6%81%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) This section analyzes the company's key operating performance in the first half of 2025, including changes in financial statement items, and main business by segment and region, noting general declines in revenue and costs, a significant increase in financial expenses due to higher interest, a substantial drop in real estate performance, and growth in overseas business revenue Financial Statement Related Item Variation Analysis (Unit: thousand yuan) | Item | Current Period (Jan–Jun) | Prior Year Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 489,199,045 | 516,136,718 | -5.22 | Decrease in engineering contracting, planning and design consulting, real estate development, and material logistics businesses | | Operating Cost | 445,937,731 | 469,070,241 | -4.93 | Decrease in engineering contracting, planning and design consulting, real estate development, and material logistics businesses | | Selling Expenses | 2,712,168 | 2,964,103 | -8.50 | Cost reduction | | Administrative Expenses | 9,239,703 | 10,235,150 | -9.73 | Cost reduction | | Financial Expenses | 4,265,445 | 2,958,492 | 44.18 | Increase in interest expenses | | R&D Expenses | 7,516,476 | 8,610,730 | -12.71 | Decrease in R&D investment | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | Not applicable | Decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | -25,987,914 | -20,978,389 | Not applicable | Increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 101,480,589 | 95,331,937 | 6.45 | Increase in cash from borrowings | Main Business by Segment (Unit: thousand yuan) | Segment | Operating Revenue | Operating Cost | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Engineering Contracting Business | 434,599,557 | 402,322,250 | 7.43 | -3.77 | -3.63 | Decrease of 0.13 percentage points | | Planning and Design Consulting Business | 6,743,176 | 4,061,499 | 39.77 | -15.73 | -11.96 | Decrease of 2.58 percentage points | | Industrial Manufacturing Business | 11,826,033 | 9,321,945 | 21.17 | 5.27 | 5.11 | Increase of 0.12 percentage points | | Real Estate Development Business | 20,755,405 | 18,747,061 | 9.68 | -34.21 | -32.90 | Decrease of 1.76 percentage points | | Material Logistics and Other Businesses | 40,718,051 | 36,701,184 | 9.87 | -3.43 | -4.13 | Increase of 0.66 percentage points | | **Total** | **489,199,045** | **445,937,731** | **8.84** | **-5.22** | **-4.93** | **Decrease of 0.28 percentage points** | Main Business by Region (Unit: thousand yuan) | Region | Operating Revenue | Operating Cost | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 452,109,573 | 411,268,703 | 9.03 | -6.84 | -6.56 | Decrease of 0.27 percentage points | | Overseas | 37,089,472 | 34,669,028 | 6.53 | 20.29 | 19.93 | Increase of 0.29 percentage points | | **Total** | **489,199,045** | **445,937,731** | **8.84** | **-5.22** | **-4.93** | **Decrease of 0.28 percentage points** | - The changes in operating revenue, operating cost, gross profit, and total profit for the real estate development business are mainly due to the continuous adjustment of the real estate market and a decrease in the scale of delivered real estate projects during the reporting period[73](index=73&type=chunk) [Analysis of Assets and Liabilities](index=28&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A0%E5%82%B5%E6%83%85%E6%B3%81%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets increased by 7.72% year-on-year, and net assets attributable to shareholders increased by 3.93%; notes receivable and receivables financing decreased, while accounts receivable and contract assets increased; short-term borrowings significantly grew by 41.05%, and long-term borrowings by 19.27%, primarily to supplement working capital, leading to a leverage ratio increase to 74% Major Changes in Assets and Liabilities (Unit: thousand yuan) | Project Name | Current Period End Amount | Change from Prior Year End (%) | Explanation of Change | | :--- | :--- | :--- | :--- | | Notes Receivable | 1,823,056 | -43.48 | Decrease in the proportion of customers using commercial acceptance bills for settlement | | Short-term Borrowings | 211,770,913 | 41.05 | Mainly due to the Group's supplementary working capital during the reporting period | | Advances from Customers | 530,731 | 42.50 | Mainly due to an increase in advance rental fees from leasing business during the reporting period | - Overseas assets amounted to **93,725,588 thousand yuan**, accounting for **4.67%** of total assets[83](index=83&type=chunk) - As of the end of the reporting period and the end of the prior year, the Group's leverage ratios were **74%** and **71%** respectively[103](index=103&type=chunk) - As of the end of the reporting period, the Group's pledged and mortgaged assets amounted to **221.8572 billion yuan**, an increase of **3.5467 billion yuan** or **1.62%** from the end of the prior year, mainly due to an increase in intangible asset loan pledges during the reporting period[106](index=106&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E4%BE%86%E6%BA%90%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) During the reporting period, the company saw a decrease in net cash outflow from operating activities, an increase in net cash outflow from investing activities, and an increase in net cash inflow from financing activities; capital expenditure grew by 6.50%, while accounts receivable and accounts payable turnover days both increased, prepayments and other receivables rose, and other payables and accrued items decreased Group Cash Flow Situation (Unit: thousand yuan) | Item | Reporting Period | Prior Year Period | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | 2,219,025 | | Net Cash Flow from Investing Activities | -25,987,914 | -20,978,389 | -5,009,525 | | Net Cash Flow from Financing Activities | 101,480,589 | 95,331,937 | 6,148,652 | - During the reporting period, the Group's capital expenditure was **19.6509 billion yuan**, an increase of **1.1995 billion yuan** or **6.50%** compared to the prior year period[88](index=88&type=chunk) Accounts Receivable Aging Analysis (Unit: thousand yuan) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 198,411,040 | 162,675,624 | | 1 to 2 years | 32,154,615 | 30,501,327 | | 2 to 3 years | 16,650,112 | 15,896,386 | | Over 3 years | 16,379,008 | 16,130,548 | | Subtotal | 263,594,775 | 225,203,885 | | Less: Credit Loss Provision | 21,522,235 | 20,444,647 | | **Total** | **242,072,540** | **204,759,238** | Accounts Receivable and Accounts Payable Turnover Days | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Accounts Receivable Turnover Days | 90 | 68 | | Accounts Payable Turnover Days | 212 | 191 | - The Group's prepayments and other receivables increased from **88.9354 billion yuan** as of December 31, 2024, to **98.8441 billion yuan** as of June 30, 2025, an increase of **9.9086 billion yuan** or **11.14%**[97](index=97&type=chunk) - As of the end of the reporting period, the Group's commitments amounted to **51.2612 billion yuan**, a decrease of **4.9473 billion yuan** or **8.80%** compared to the end of the prior year, mainly due to a decrease in investment commitments during the reporting period[104](index=104&type=chunk) [Analysis of Investment Status](index=37&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%8A%95%E8%B3%87%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's long-term equity investments slightly decreased; financial assets measured at fair value totaled **19,219,200 thousand yuan**, with detailed disclosure of private equity fund investments - As of the end of the reporting period, the Group's book balance of long-term equity investments was **153.6609 billion yuan**, a decrease of **0.4380 billion yuan** or **0.28%** compared to the end of the prior year, mainly due to a decrease in investments in joint ventures and associates during the reporting period[109](index=109&type=chunk) Financial Assets Measured at Fair Value (Unit: thousand yuan) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for the Period | Cumulative Fair Value Changes Recognized in Equity | Amount Purchased During the Period | Amount Sold/Redeemed During the Period | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 2,333,671 | 58,710 | 883,943 | – | 91,193 | -116,187 | 2,185,001 | | Trust Products | 1,000 | – | – | – | – | – | 1,000 | | Private Equity Funds | 8,141,913 | – | – | 1,027,452 | 54,000 | – | 9,115,365 | | Others | 6,345,037 | 146 | 3,593 | 11,232,019 | 9,649,500 | -9,868 | 7,917,834 | | **Total** | **16,821,621** | **58,856** | **887,536** | **12,259,471** | **9,794,693** | **-126,055** | **19,219,200** | Private Equity Fund Investment Status (Unit: thousand yuan) | Name of Investee | Initial Investment Amount | Shareholding Ratio (%) | Book Value at Period End | Gains/Losses for the Reporting Period | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinan Jiayue Transportation Investment Development Partnership (Limited Partnership) | 3,538,790 | ╱ | 3,538,790 | 100,420 | Other non-current financial assets | Own funds | | Guangxi Jiaotou Twenty-One Phase Transportation Construction Investment Fund Partnership (Limited Partnership) | 1,036,142 | 7 | 1,036,142 | – | Other non-current financial assets | Own funds | | Qingdao Metro Line 4 Investment Fund (Limited Partnership) | 917,000 | 25 | 894,000 | 37,201 | Other non-current financial assets | Own funds | | Hubei Chudao No 1 Infrastructure Investment Partnership (Limited Partnership) | 600,590 | ╱ | 600,590 | -475 | Other non-current financial assets | Own funds | | Gongying Infrastructure FOF Phase I Private Equity Fund | 384,180 | ╱ | 384,180 | – | Other non-current financial assets | Own funds | | Fujian Haisi Expressway Phase II Equity Investment Partnership (Limited Partnership) | 274,889 | ╱ | 274,889 | – | Other non-current financial assets | Own funds | | Chongqing Linghang Expressway No 7 Equity Investment Fund Partnership (Limited Partnership) | 226,035 | ╱ | 226,035 | – | Other non-current financial assets | Own funds | | Hubei Chudao No 4 Shiyi Equity Investment Partnership (Limited Partnership) | 212,000 | ╱ | 212,000 | – | Other non-current financial assets | Own funds | | Hubei Chudao No 3 Xiangyi Equity Investment Partnership (Limited Partnership) | 200,000 | ╱ | 200,000 | – | Other non-current financial assets | Own funds | | CRCC Gongying Infrastructure Investment Private Equity Fund No 8 | 180,000 | ╱ | 180,000 | – | Other non-current financial assets | Own funds | | CRCC Government-Enterprise Tianfu Private Equity Investment Fund | 173,860 | ╱ | 173,860 | 1,834 | Other non-current financial assets | Own funds | | Guangxi Pinglu Canal Venture Capital Fund Management Co, Ltd | 154,215 | ╱ | 154,215 | – | Other non-current financial assets | Own funds | | Shenzhen Shengao Infrastructure Private Equity Investment Fund Partnership (Limited Partnership) | 140,000 | ╱ | 140,000 | – | Other non-current financial assets | Own funds | | Shaanxi Yide Ruizhi Equity Investment Partnership (Limited Partnership) | 130,990 | ╱ | 130,990 | – | Other non-current financial assets | Own funds | | Tianjin CRCC No 1 Construction Investment Partnership (Limited Partnership) | 130,464 | ╱ | 130,464 | 9,127 | Other non-current financial assets | Own funds | | Guangde CRCC Lanhaifengtie Investment Center (Limited Partnership) | 127,300 | ╱ | 96,866 | – | Other non-current financial assets | Own funds | | **Total** | **9,168,799** | **╱** | **9,115,365** | **167,164** | **╱** | **╱** | [Analysis of Major Holding and Participating Companies](index=43&type=section&id=%EF%BC%88%E4%B8%83%EF%BC%89%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%83%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial indicators of the company's major subsidiaries, covering various industries such as construction, real estate development, planning and design consulting, logistics and trade, industrial manufacturing, project investment, and financial services Major Subsidiary Information (As of June 30, 2025, Unit: thousand yuan) | Company Name | Registered Capital | Total Assets | Net Assets | Net Profit | Main Business | Industry | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Civil Engineering Construction Corporation | 3,000,000 | 37,569,531 | 10,496,590 | 589,402 | Construction | Construction | | China Railway No 11 Bureau Group Co, Ltd | 6,162,382 | 102,093,955 | 18,769,946 | 1,027,268 | Construction | Construction | | China Railway Construction Real Estate Group Co, Ltd | 7,000,000 | 222,850,706 | 49,424,368 | 90,774 | Real estate development, operation | Real Estate | | China Railway First Survey and Design Institute Group Co, Ltd | 1,030,000 | 16,980,831 | 7,511,414 | 399,997 | Planning and design consulting | Consulting | | China Railway Construction Heavy Industry Group Co, Ltd | 5,333,497 | 27,055,426 | 17,861,184 | 735,498 | Industrial manufacturing | Industrial | | China Railway Construction Investment Group Co, Ltd | 12,067,086 | 219,705,084 | 38,683,625 | 434,619 | Project investment | Investment | | China Railway Construction Finance Co, Ltd | 9,000,000 | 120,854,494 | 14,454,863 | 536,264 | Financial services | Finance | - Specific information on major participating companies can be found in Note V, "15. Long-term Equity Investments" and Note VII, "2. Interests in Joint Ventures and Associates" of the financial report attached to this report[125](index=125&type=chunk) [Other Disclosure Matters](index=45&type=section&id=%E4%BA%94.%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A0%85) This section discloses no significant changes in the company's future development discussion and analysis, details potential investment, project operation and management, debt capital, international operation, and safety risks along with mitigation measures, and outlines progress on the "Quality Improvement, Efficiency Enhancement, and High Returns" action plan, including improving economic operation quality, strengthening market value management, enhancing investor relations, and perfecting corporate governance - There have been no significant changes in the discussion and analysis of the company's future development since the disclosure of the 2024 annual report[127](index=127&type=chunk) - The major risks the Group may face include: investment risk, project operation and management risk, debt capital risk, international operation risk, and safety risk[128](index=128&type=chunk) - Since the disclosure of its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan, the company has focused on high-quality development, diligently carried out special actions to "improve quality, increase efficiency, and deliver high returns," and implemented multiple measures to promote value creation and valuation enhancement[132](index=132&type=chunk) - The company established a market value management leadership group, clarified the working team, and formulated the "Market Value Management System" and "Valuation Enhancement Plan"[132](index=132&type=chunk) - The 2024 cash dividend ratio was **20.60%**, an increase of **0.42 percentage points** from the prior year[132](index=132&type=chunk) - The company continuously revised **21 corporate governance systems**, including the "Articles of Association," "Rules of Procedure for Shareholder Meetings," "Rules of Procedure for Board Meetings," and "Board Authorization Management System," to continuously improve its corporate governance structure, abolishing the supervisory board and transferring its functions under the "Company Law" to the Board's Audit and Risk Management Committee[132](index=132&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management During the Reporting Period](index=48&type=section&id=%E4%B8%80.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including the election of new independent non-executive directors and employee directors, as well as the departure of several directors, supervisors, and senior management members; the company also held an extraordinary general meeting and board meetings to elect the sixth board of directors and senior management, and approved the proposal to abolish the supervisory board Changes in Company Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position Held | Change | | :--- | :--- | :--- | | Wang Jun | Independent Non-Executive Director | Election | | Zhu Lin | Employee Director | Election | | Zhao Lixin | Independent Non-Executive Director | Resignation | | Zhao Wei | Chairman of the Supervisory Board | Resignation | | Liu Xuan | Supervisor | Resignation | | Kang Fuxiang | Employee Supervisor | Resignation | | Lei Shengxiang | Chief Engineer | Resignation | - On April 29, 2025, the company convened its first extraordinary general meeting in 2025 to elect shareholder representative directors for the sixth board of directors[134](index=134&type=chunk) - On June 20, 2025, the company convened its 2024 annual general meeting, which approved the "Proposal on Amending the Articles of Association of China Railway Construction Corporation Limited and Abolishing the Supervisory Board," leading to the abolition of the company's supervisory board[136](index=136&type=chunk) [Securities Trading Code for Directors and Supervisors During the Reporting Period](index=49&type=section&id=%E4%BA%8C.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E8%A1%8C%E7%82%BA%E5%AE%88%E5%88%99%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%88%99%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) The company has adopted a securities trading code for directors, supervisors, and relevant employees that is no less stringent than the Standard Securities Trading Code for Directors of Listed Issuers in Appendix C3 of the Hong Kong Stock Exchange Listing Rules, and confirms that all directors and supervisors complied with the code during the reporting period - The company has adopted a securities trading code for directors, supervisors, and relevant employees that is no less stringent than the standards stipulated in Appendix C3 "Standard Securities Trading Code for Directors of Listed Issuers" of the Hong Kong Stock Exchange Listing Rules[138](index=138&type=chunk) - After making inquiries to all directors and supervisors, the company confirms their compliance with the prescribed standards during the reporting period[138](index=138&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=50&type=section&id=%E4%B8%89.%20%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%88%96%E8%B3%87%E6%9C%AC%E5%85%AC%E7%A9%8D%E9%87%91%E8%BD%89%E5%A2%9E%E9%A0%90%E6%A1%88) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "No," meaning no distribution or conversion will occur Proposed Semi-Annual Profit Distribution Plan, Capital Reserve Conversion Plan | Whether to Distribute or Convert | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 0 | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | 0 | [Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=50&type=section&id=%E5%9B%9B.%20%E5%85%AC%E5%8F%B8%E8%82%A1%E6%AC%8A%E6%BF%80%E5%8B%B5%E8%A8%88%E5%8A%83%E3%80%81%E5%93%A1%E5%B7%A5%E6%8C%81%E8%82%A1%E8%A8%88%E5%8A%83%E6%88%96%E5%85%B6%E4%BB%96%E5%93%A1%E5%B7%A5%E6%BF%80%E5%8B%B5%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E6%B3%81%E5%8F%8A%E5%85%B6%E5%BD%B1%E9%9F%BF) The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[140](index=140&type=chunk) [Company Employee Situation, Compensation, and Training](index=51&type=section&id=%E4%BA%94.%20%E5%85%AC%E5%8F%B8%E5%93%A1%E5%B7%A5%E6%83%85%E6%B3%81%E5%8F%8A%E5%85%B6%E8%96%AA%E9%85%AC%E3%80%81%E5%9F%B9%E8%A8%93%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%88%99%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) During the reporting period, there were no significant changes in the Group's employee situation, compensation, and training since the disclosure of the 2024 annual report - During the reporting period, there were no significant changes in the Group's employee situation, compensation, and training since the disclosure of the 2024 annual report[143](index=143&type=chunk) [Compliance with the Corporate Governance Code](index=51&type=section&id=%E5%85%AD.%20%E5%85%AC%E5%8F%B8%E9%81%B5%E5%AE%88%E3%80%8A%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87%E3%80%8B%E6%83%85%E6%B3%81%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) During the reporting period, the company strictly complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Hong Kong Stock Exchange Listing Rules, along with relevant laws and regulations, and continuously improved its corporate governance structure - During the reporting period, the company strictly complied with the "Company Law," "Securities Law," relevant Hong Kong laws and regulations, and all code provisions of the "Corporate Governance Code" contained in Appendix C1 of the Hong Kong Stock Exchange Listing Rules[144](index=144&type=chunk) - The company conducted corporate governance activities and continuously improved its corporate governance structure in accordance with relevant regulations issued by regulatory authorities[144](index=144&type=chunk) [Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=51&type=section&id=%E5%85%AB.%20%E5%B7%A2%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B2%A7%E6%94%BB%E5%A0%85%E6%88%90%E6%9E%9C%E3%80%81%E9%84%89%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E9%AB%94%E6%83%85%E5%86%B5) China Railway Construction deeply implements the rural revitalization strategy, undertaking targeted poverty alleviation and counterpart support tasks in multiple regions, investing **52.11 million yuan** in gratuitous assistance in the first half of 2025, and introducing remunerated assistance funds and agricultural product purchases, thereby promoting economic development and livelihood improvement in assisted areas through industrial support, brand building, and multi-dimensional assistance - China Railway Construction undertakes targeted assistance tasks in Wanquan District and Shangyi County of Zhangjiakou City, Hebei Province, and Long'an County of Guangxi Zhuang Autonomous Region, as well as counterpart support tasks in Jiangda County of Changdu City, Tibet Autonomous Region[145](index=145&type=chunk) - In the first half of 2025, China Railway Construction invested a total of **52.11 million yuan** in gratuitous assistance funds to various targeted and counterpart assistance districts and counties[146](index=146&type=chunk) - Directly introduced **8.268 million yuan** in remunerated assistance funds, invested **1.4 million yuan** to consolidate the achievements of "two assurances and three guarantees," and purchased **8.17 million yuan** worth of agricultural products from assisted areas[146](index=146&type=chunk) - The company closely integrates assistance with the resource endowments and characteristic industries of each district and county, ensuring that over **70%** of gratuitous assistance funds are used for industrial assistance[146](index=146&type=chunk) - Created the "CRCC Xingnong" rural revitalization master brand, with each assisted district and county developing sub-brands such as "CRCC Sunshine - Rural Education," "CRCC Selection - Online E-commerce," and "Sifang Academy - Cultural Revitalization" based on local conditions[148](index=148&type=chunk) - In the first half of 2025, China Railway Construction purposefully mobilized grassroots forces across the entire system to carry out the "Hundred Belt Project" and "Runxin Project" to assist rural revitalization, establishing and improving a multi-dimensional assistance system with联动 between upper and lower levels, horizontal coordination, and multi-party participation[148](index=148&type=chunk) Significant Matters [Fulfillment of Commitments](index=54&type=section&id=%E4%B8%80.%20%E6%89%BF%E8%AB%BE%E4%BA%8B%E9%A0%85%E5%B1%A5%E8%A1%8C%E6%83%85%E6%B3%81) This section details the company's fulfillment of commitments during or continuing into the reporting period, including those from the controlling shareholder and the company's directors and senior management, primarily concerning land title defects, share lock-ups, share price stability, truthfulness of information disclosure, avoidance of horizontal competition, and confirms that all commitments have been strictly and timely fulfilled - The controlling shareholder, China Railway Construction Group Co, Ltd, committed that if China Railway Construction and investors suffer losses due to undisclosed idle land or other illegal activities, they will bear civil liability for compensation in accordance with the law[149](index=149&type=chunk) - The company's directors and senior management committed that if China Railway Construction and investors suffer losses due to undisclosed idle land or other illegal activities, they will bear civil liability for compensation in accordance with the law[151](index=151&type=chunk) - The controlling shareholder, China Railway Construction Group Co, Ltd, committed to processing land certificates and property certificates, bearing the costs of processing, and compensating for any losses incurred thereby[151](index=151&type=chunk) - The controlling shareholder and the company made commitments regarding share lock-ups, share price stability, truthfulness, accuracy, and completeness of information disclosure, compensation for diluted immediate returns, reduction and standardization of related party transactions, and avoidance of horizontal competition related to the spin-off listing of CRCC Heavy Industry on the STAR Market, and these commitments have been strictly and timely fulfilled[153](index=153&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=59&type=section&id=%E4%BA%8C.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E6%8E%A7%E8%82%A1%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E9%97%9C%E8%81%AF%E6%96%B9%E9%9D%9E%E7%B6%93%E7%87%9F%E4%BD%94%E7%94%A8%E8%B3%87%E9%87%91%E6%83%85%E6%B3%81) The company confirms that there was no non-operating occupation of funds by the controlling shareholder or other related parties during the reporting period - The company confirms no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[159](index=159&type=chunk) [Irregular Guarantees](index=59&type=section&id=%E4%B8%89.%20%E9%81%95%E8%A6%8F%E6%93%94%E4%BF%9D%E6%83%85%E6%B3%81) The company confirms that there were no irregular guarantees during the reporting period - The company confirms no irregular guarantees during the reporting period[159](index=159&type=chunk) [Semi-Annual Report Audit Status](index=59&type=section&id=%E5%9B%9B.%20%E5%8D%8A%E5%B9%B4%E5%A0%B1%E5%AF%A9%E8%A8%88%E6%83%85%E6%B3%81) The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[159](index=159&type=chunk) [Appointment and Dismissal of Accounting Firms](index=60&type=section&id=%E4%BA%94.%20%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E6%9C%83%E8%A8%88%E5%B8%AB%E4%BA%8B%E5%8B%99%E6%89%80%E6%83%85%E6%B3%81) The company decided to change its accounting firm, appointing Ernst & Young Hua Ming LLP (Special General Partnership) as its audit intermediary service provider for 2025 with an audit fee of **25 million yuan**, to better ensure the independence and objectivity of the audit work - Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) has served as the company's financial statement audit and internal control audit firm for **8 years**, and to better ensure the independence and objectivity of the audit work, the company decided to change its accounting firm this year[160](index=160&type=chunk) - On June 20, 2025, the company convened its 2024 annual general meeting, which approved the "Proposal on the Company's Appointment of Audit Intermediary Service Provider for 2025," agreeing to appoint Ernst & Young Hua Ming LLP (Special General Partnership) as the company's audit intermediary service provider for 2025[160](index=160&type=chunk) - The audit fee is **25 million yuan** (of which, the audit and interim review fees for domestic and overseas financial statements for 2025 are **23.3 million yuan**, and the internal control audit fee is **1.7 million yuan**)[160](index=160&type=chunk) [Audit and Risk Management Committee's Review of Semi-Annual Report](index=60&type=section&id=%E5%85%AD.%20%E5%AF%A9%E8%A8%88%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E5%8D%8A%E5%B9%B4%E5%A0%B1%E6%83%85%E5%86%B5) The company's Board Audit and Risk Management Committee reviewed the Group's interim financial statements for the six months ended June 30, 2025, which were reviewed by Ernst & Young Hua Ming LLP, and discussed accounting policies and internal controls with management - The company's Board Audit and Risk Management Committee has reviewed the Group's interim financial statements for the six months ended June 30, 2025, which were reviewed by Ernst & Young Hua Ming LLP (Special General Partnership)[161](index=161&type=chunk) - The committee also discussed the accounting policies and practices, as well as internal controls, with the company's management[161](index=161&type=chunk) [Major Litigation and Arbitration Matters](index=61&type=section&id=%E4%B9%9D.%20%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) The company confirms no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[164](index=164&type=chunk) [Significant Related Party Transactions](index=62&type=section&id=%E5%8D%81%E4%BA%8C.%20%E9%87%8D%E5%A4%A7%E9%97%9C%E8%81%AF%E4%BA%A4%E6%98%93) This section discloses the company's daily related party transactions with its controlling shareholder and related parties in areas such as property leasing, service provision, financial services, and equipment purchase, sale, and leasing services, and lists related party creditor and debtor balances and financial business between the company's controlled finance company and related parties - The company renewed the "Property Lease Framework Agreement" with its controlling shareholder, setting the upper limit for continuous related party transactions for 2025[165](index=165&type=chunk) - The company renewed the "Service Provision Framework Agreement" with its controlling shareholder, stipulating that the annual transaction amount for 2025–2027 shall not exceed **1 billion yuan** each year[168](index=168&type=chunk) - The controlling subsidiary, China Railway Construction Finance Co, Ltd, renewed the "Financial Services Agreement" with the controlling shareholder and provides deposit, loan, settlement, and other financial services to the controlling shareholder and its subsidiaries in accordance with the agreement[172](index=172&type=chunk) - The company signed the "Equipment Purchase, Sale, and Leasing Service Agreement" with CRCC Financial Leasing, agreeing to equipment sales, equipment procurement, and leasing services between the company and CRCC Financial Leasing[172](index=172&type=chunk) Daily Operating Related Party Transactions Between the Group and its Controlling Shareholder (Unit: thousand yuan) | Related Party | Related Party Transaction Type | Related Party Transaction Content | Transaction Amount | | :--- | :--- | :--- | :--- | | Shaanxi Railway Engineering Survey Co, Ltd and 12 other entities | Acceptance of labor services | Planning and design consulting | 236,835 | | Controlling shareholder and contacts | Property lease expenses | Property leasing | 29,905 | | CRCC Financial Leasing Co, Ltd | Machinery and equipment lease expenses | Machinery and equipment leasing | 1,179,252 | | CRCC Financial Leasing Co, Ltd | Equipment sales revenue | Equipment sales | 251,958 | | CRCC Financial Leasing Co, Ltd | Equipment procurement expenses | Equipment procurement | 147,155 | Related Party Creditor and Debtor Balances (Unit: thousand yuan) | Related Party | Relationship | Ending Balance (Funds provided by listed company to related party) | Ending Balance (Funds provided by related party to listed company) | | :--- | :--- | :--- | :--- | | China Railway Construction Group Co, Ltd | Controlling shareholder | 1,683,000 | 1,836,876 | | China Railway Construction Group Co, Ltd | Controlling shareholder | – | 302,980 | | CRCC Jinli Asset Management Co, Ltd | Wholly-owned subsidiary of controlling shareholder | – | 462,085 | | Xi'an Tianchuang Investment Development Co, Ltd | Wholly-owned subsidiary of controlling shareholder | – | 3,001 | | CRCC Financial Leasing Co, Ltd | Controlled subsidiary of controlling shareholder | – | 11,525 | | **Total** | | **1,683,000** | **2,616,467** | [Significant Contracts and Their Fulfillment](index=71&type=section&id=%E5%8D%81%E4%B8%89.%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses that the company had no托管,承包, or租赁 matters during the reporting period, and details the company's external guarantees and significant domestic and overseas operating contracts signed during the reporting period - The company had no托管,承包, or租赁 matters during the reporting period[193](index=193&type=chunk) Company External Guarantees (Excluding Guarantees to Subsidiaries, Unit: thousand yuan) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Is it a Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | The Company | ECUACORRIENTE S.A. | 204,332 | August 10, 2020 | July 9, 2025 | Joint and several liability guarantee | No | | China Railway Construction Real Estate Group Co, Ltd | Wuhan Zhaorui Real Estate Co, Ltd | 268,030 | August 17, 2022 | December 30, 2027 | Joint and several liability guarantee | Yes (Associate) | | China Railway No 20 Bureau Group Co, Ltd | Guizhou Wengma Railway Co, Ltd | 598,903 | March 31, 2016 | March 31, 2039 | Joint and several liability guarantee | Yes (Associate) | | China Railway No 16 Bureau Group Co, Ltd | Dongfang Anzhen (Beijing) Hospital Management Co, Ltd | 66,183 | May 25, 2021 | December 14, 2039 | Joint and several liability guarantee | No | | China Civil Engineering Construction Corporation | Jiangxi Copper Corporation Limited | 78,575 | May 31, 2021 | June 22, 2028 | Joint and several liability guarantee | No | | China Railway Construction International Investment Co, Ltd | Jiangxi Copper Corporation Limited | 157,150 | May 31, 2021 | June 22, 2028 | Joint and several liability guarantee | No | | CRCC Construction Group Real Estate Co, Ltd | Perennial Cloud Gate (Hangzhou) Real Estate Co, Ltd | 535,815 | June 14, 2022 | December 21, 2031 | Joint and several liability guarantee | Yes (Associate) | | CRCC International Investment Co, Ltd | Shandong Gold Mining Co, Ltd | 21,476 | May 31, 2025 | May 31, 2026 | Joint and several liability guarantee | No | | **Total Guarantee Balance at Period End (A)** | | **1,930,464** | | | | | - The total guarantee balance for the company's subsidiaries (B) is **77,752,389 thousand yuan**[197](index=197&type=chunk) - The total guarantee amount (A+B) is **79,682,853 thousand yuan**, accounting for **23.36%** of the company's net assets[198](index=198&type=chunk) - The company has no overdue guarantees, and all external guarantees have strictly followed the decision-making procedures and information disclosure obligations as stipulated by relevant normative documents and corporate governance systems[200](index=200&type=chunk) Domestic Operating Contracts (Partial, Unit: billion yuan) | No | Signing Date | Project Name | Contract Amount | Company Signing Entity | Performance Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | January 2025 | Hainan Changhua River Water Resources Allocation Project Section 3 EPC | 15.78 | China Railway No 18 Bureau Group Co, Ltd | 1,730 calendar days | | 2 | February 2025 | New Yichang to Fuling High-Speed Railway (Hubei Section) Station Front Engineering YFHBZQ-4 Bid Section, etc | 207.97 | China Railway No 14 Bureau Group Co, Ltd, etc | 72 months | | 5 | April 2025 | New Shanghai to Nanjing to Hefei High-Speed Railway Shanghai Baoshan Station Building and Related Engineering EPC BSZF-1 Bid Section, BSZF-2 Bid Section | 54.38 | China Railway No 14 Bureau Group Co, Ltd, China Railway Construction Group Co, Ltd | 28 months | | 9 | June 2025 | Nanjing Shangyuanmen River Crossing Channel, New Shanghai to Nanjing to Hefei High-Speed Railway Nanjing Hub (Jiangbei Area) Remaining Engineering and Nanjing North Station Local Supporting Synchronous Implementation Engineering EPC SYMZQ-02SG Bid Section, SYMZQ03SG Bid Section | 49.30 | China Railway No 24 Bureau Group Co, Ltd, China Railway No 16 Bureau Group Co, Ltd | 2,191 calendar days | Overseas Operating Contracts (Unit: billion yuan) | No | Signing Date | Project Name | Contract Amount | Company Signing Entity | Performance Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | April 2025 | Saudi King Abdullah University Infrastructure and Supporting Facilities Relocation Project | 81.12 | China Railway Construction Corporation Limited and China Railway Construction Group Co, Ltd Consortium | 1,000 calendar days | | 2 | May 2025 | China-Kyrgyzstan-Uzbekistan Railway Early Start Section (Kyrgyzstan Section Key Control Engineering) Three Tunnel Engineering ZJWZQ-2 Bid Section EPC Project | 14.16 | China Railway No 11 Bureau Group Co, Ltd | 2,191 calendar days | | 4 | June 2025 | China-Kyrgyzstan-Uzbekistan Railway Project (Kyrgyzstan Section) Full Line Station Front Engineering ZJWZQ-6 Bid Section EPC Project (excluding early start section) | 15.68 | China Railway No 19 Bureau Group Co, Ltd | 2,190 calendar days | Share Changes and Shareholder Information [Share Capital Changes](index=78&type=section&id=%E4%B8%80.%20%E8%82%A1%E6%9C%AC%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) During the reporting period, the company's total share capital and share capital structure remained unchanged, and neither the company nor its subsidiaries repurchased, sold, or redeemed any of its securities - During the reporting period, the company's total share capital and share capital structure remained unchanged[209](index=209&type=chunk) - During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's securities (including treasury shares)[214](index=214&type=chunk) [Shareholder Information](index=79&type=section&id=%E4%BA%8C.%20%E8%82%A1%E6%9D%B1%E6%83%85%E6%B3%81) As of June 30, 2025, the company's total share capital was **13,579,541,500 shares**, with the controlling shareholder, China Railway Construction Group Co, Ltd, holding **51.23%**; the company had a total of **230,727 shareholders**, and HKSCC Nominees Limited was the second largest shareholder Share Capital Structure (As of June 30, 2025) | Shareholder Name | Share Class | Number of

[Corporate Information](index=2&type=section&id=CORPORATE%20INFORMATION) This section provides an overview of the company's governance structure, including its board of directors, committees, and other essential corporate details [Board of Directors Composition](index=3&type=section&id=BOARD%20OF%20DIRECTORS) The company's board comprises executive, non-executive, and independent non-executive directors, with Zhao Tianyang as Chairman and Li Hao as Vice Chairman - The Board of Directors includes executive directors Zhao Tianyang (Chairman), Li Hao (Vice Chairman), Xu Huajie, Liu Jingwei; non-executive directors Peng Jihai, He Zhiheng; and independent non-executive directors Wang Xin, Zhang Quanling, Zhuge Wenjing, Zhang Jianwei, Xie Qirun[4](index=4&type=chunk)[5](index=5&type=chunk) [Committee Composition](index=3&type=section&id=COMMITTEES) The company has an Audit Committee, Nomination Committee, and Remuneration Committee, each chaired by specific directors to ensure effective corporate governance - The Audit Committee is chaired by Wang Xin, with members He Zhiheng, Zhang Quanling, Zhuge Wenjing[4](index=4&type=chunk)[5](index=5&type=chunk) - The Nomination Committee is chaired by Zhao Tianyang, with members Li Hao, Wang Xin, Zhang Quanling, Zhuge Wenjing[4](index=4&type=chunk)[5](index=5&type=chunk) - The Remuneration Committee is chaired by Zhang Quanling, with members Peng Jihai, Wang Xin, Zhang Jianwei[7](index=7&type=chunk) [Other Corporate Details](index=4&type=section&id=OTHER%20CORPORATE%20DETAILS) This section outlines key administrative and financial details, including the company secretary, auditor, share registrar, and stock code - Company Secretary: Chen Yongmei[7](index=7&type=chunk)[8](index=8&type=chunk) - Auditor: PricewaterhouseCoopers[7](index=7&type=chunk)[8](index=8&type=chunk) - Stock Code: **697**[7](index=7&type=chunk)[8](index=8&type=chunk) [Review Report on Interim Financial Information](index=4&type=section&id=REPORT%20ON%20REVIEW%20OF%20INTERIM%20FINANCIAL%20INFORMATION) This report details the auditor's review of the interim financial information for the six months ended June 30, 2025 [Introduction](index=5&type=section&id=INTRODUCTION) The auditor has reviewed the interim financial information for the six months ended June 30, 2025, prepared in accordance with HKAS 34, for which the Board is responsible - The auditor has reviewed the condensed consolidated interim financial information (pages 6 to 40) for the six months ended June 30, 2025[9](index=9&type=chunk)[10](index=10&type=chunk) - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk)[10](index=10&type=chunk) [Scope of Review](index=6&type=section&id=SCOPE%20OF%20REVIEW) The review was conducted in accordance with HKSRS 2410, which is less extensive than an audit, thus no audit opinion is expressed, only a review conclusion - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[12](index=12&type=chunk)[14](index=14&type=chunk) - A review is substantially less in scope than an audit, and consequently, no audit opinion is expressed[12](index=12&type=chunk)[14](index=14&type=chunk) [Conclusion](index=6&type=section&id=CONCLUSION) Based on the review, the auditor found no matters suggesting that the Group's interim financial information was not prepared in all material respects in accordance with HKAS 34 - The auditor has not found any matter that causes them to believe that the Group's interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[13](index=13&type=chunk)[15](index=15&type=chunk) [Condensed Consolidated Interim Financial Statements](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20STATEMENTS) This section presents the company's condensed consolidated interim financial statements, including comprehensive income, financial position, changes in equity, and cash flows [Condensed Consolidated Interim Statement of Comprehensive Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, the company's revenue grew significantly by 36% to HK$731.16 million, profit for the period increased by 40% to HK$341.52 million, with basic and diluted earnings per share at 4.77 HK cents Condensed Consolidated Interim Statement of Comprehensive Income Key Data (For the six months ended June 30, 2025) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 731,158 | 535,843 | | Cost of sales | (436,519) | (302,387) | | Gross profit | 294,639 | 233,456 | | Other income | 119,543 | 210,314 | | Other gains, net | 187,366 | 30,890 | | Administrative expenses | (146,698) | (122,094) | | Operating profit | 454,850 | 352,566 | | Finance costs | (60,620) | (57,651) | | Profit before income tax | 390,646 | 293,299 | | Income tax expense | (49,126) | (49,350) | | Profit for the period | 341,520 | 243,949 | | Profit attributable to owners of the Company | 339,026 | 260,551 | | Non-controlling interests | 2,494 | (16,602) | | Basic earnings per share (HK cents) | 4.77 | 3.65 | | Diluted earnings per share (HK cents) | 4.77 | 3.65 | - Revenue increased by **36%** year-on-year to **HK$731,158 thousand** (2024: HK$535,843 thousand)[17](index=17&type=chunk) - Profit for the period increased by **40%** year-on-year to **HK$341,520 thousand** (2024: HK$243,949 thousand)[17](index=17&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the company's total assets increased to HK$14.35 billion, with growth in both non-current and current assets, while total equity slightly decreased and total liabilities increased Condensed Consolidated Interim Statement of Financial Position Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 7,801,719 | 7,312,200 | | Total current assets | 6,546,065 | 6,516,883 | | **Total assets** | **14,347,784** | **13,829,083** | | **EQUITY** | | | | Share capital and reserves attributable to owners of the Company | 9,173,554 | 9,420,688 | | Non-controlling interests | 90,326 | 95,156 | | **Total equity** | **9,263,880** | **9,515,844** | | **LIABILITIES** | | | | Total non-current liabilities | 3,402,156 | 3,333,305 | | Total current liabilities | 1,681,748 | 979,934 | | **Total liabilities** | **5,083,904** | **4,313,239** | | **Total equity and liabilities** | **14,347,784** | **13,829,083** | - Total assets increased from **HK$13.83 billion** as of December 31, 2024, to **HK$14.35 billion** as of June 30, 2025[22](index=22&type=chunk)[25](index=25&type=chunk) - Total current liabilities increased from **HK$980 million** as of December 31, 2024, to **HK$1.68 billion** as of June 30, 2025, primarily due to an increase in dividends payable[25](index=25&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) For the six months ended June 30, 2025, total equity attributable to owners of the company decreased from HK$9.42 billion at the beginning of the year to HK$9.17 billion, mainly due to dividend payments and share repurchases Condensed Consolidated Interim Statement of Changes in Equity Key Data (For the six months ended June 30, 2025) | Indicator | June 30, 2025 (HK$ thousand) | January 1, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Share capital and reserves attributable to owners of the Company | 9,173,554 | 9,923,352 | | Non-controlling interests | 90,326 | 117,383 | | Total equity | 9,263,880 | 10,040,735 | | Profit for the period | 341,520 | 243,949 | | Total comprehensive income for the period | 608,964 | 318,959 | | Share repurchases | (533) | (46,463) | | Dividends | (881,689) | (160,539) | - Share capital and reserves attributable to owners of the Company decreased from **HK$9.42 billion** as of January 1, 2025, to **HK$9.17 billion** as of June 30, 2025[27](index=27&type=chunk)[31](index=31&type=chunk) - Total dividends distributed during the period amounted to **HK$882 million**, including final dividends and special dividends[31](index=31&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=13&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash from operating activities significantly increased, net cash from investing activities substantially decreased, and net cash from financing activities turned into an outflow, resulting in a net decrease in cash and cash equivalents Condensed Consolidated Interim Statement of Cash Flows Key Data (For the six months ended June 30, 2025) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash from operating activities | 276,683 | 82,715 | | Net cash from investing activities | 192,251 | 374,901 | | Net cash (used in)/from financing activities | (475,027) | 29,403 | | Net (decrease)/increase in cash and cash equivalents | (6,093) | 487,019 | | Cash and cash equivalents at end of period | 2,702,463 | 2,706,917 | - Net cash from operating activities increased by **234%** year-on-year to **HK$277 million**[32](index=32&type=chunk) - Net cash from investing activities decreased by **48.7%** year-on-year to **HK$192 million**, primarily due to increased proceeds from disposal of financial assets at fair value through other comprehensive income and a significant increase in placement of time deposits[32](index=32&type=chunk) - Net cash from financing activities turned from an inflow of **HK$29.4 million** in the same period of 2024 to a net outflow of **HK$475 million** in the same period of 2025, mainly due to repayment of borrowings and dividend payments[35](index=35&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=15&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) This section provides detailed notes explaining the basis of preparation, accounting policies, fair value measurements, and other specific financial items [1 General Information](index=15&type=section&id=1%20GENERAL%20INFORMATION) Shoucheng Holdings Limited is an investment holding company incorporated in Hong Kong, primarily engaged in infrastructure asset management, with its shares listed on the Hong Kong Stock Exchange - The Company is an investment holding company, and together with its subsidiaries, its principal business is infrastructure asset management[37](index=37&type=chunk)[39](index=39&type=chunk) - The Company's shares are listed on The Stock Exchange of Hong Kong Limited[37](index=37&type=chunk)[39](index=39&type=chunk) [2 Basis of Preparation](index=16&type=section&id=2%20BASIS%20OF%20PREPARATION) This condensed consolidated interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the annual financial statements for the year ended December 31, 2024 - This condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[40](index=40&type=chunk)[44](index=44&type=chunk) - This report should be read in conjunction with the annual financial statements prepared in accordance with Hong Kong Financial Reporting Standards for the year ended December 31, 2024, and any public announcements made by the Company for the six months ended June 30, 2025[41](index=41&type=chunk)[44](index=44&type=chunk) [3 Accounting Policies and Accounting Estimates and Judgements](index=17&type=section&id=3%20ACCOUNTING%20POLICIES%20AND%20ACCOUNTING%20ESTIMATES%20AND%20JUDGEMENTS) Except for income tax accounting, the accounting policies adopted in this period are consistent with the 2024 annual financial statements, and significant judgments and estimates made by management remain unchanged - Except for income tax accounting, the accounting policies adopted are consistent with those followed in the annual financial statements for the year ended December 31, 2024[46](index=46&type=chunk)[52](index=52&type=chunk) - Income tax for the interim period is accrued using the tax rate that would be applicable to the expected total annual earnings[47](index=47&type=chunk)[53](index=53&type=chunk) - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty in preparing the condensed consolidated interim financial information are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024[51](index=51&type=chunk)[56](index=56&type=chunk) [4 Fair Value Measurements of Financial Instruments](index=18&type=section&id=4%20FAIR%20VALUE%20MEASUREMENTS%20OF%20FINANCIAL%20INSTRUMENTS) The fair value measurement of the Group's financial instruments is categorized into three levels, with reconciliation of Level 3 financial assets and liabilities, and detailed valuation techniques and inputs disclosed Fair Value Hierarchy of Financial Assets (As of June 30, 2025) | Indicator | Level 1 (HK$ thousand) | Level 2 (HK$ thousand) | Level 3 (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss - Equity securities | 106,225 | – | – | 106,225 | | Financial assets at fair value through profit or loss - Investment funds | – | – | 998,078 | 998,078 | | Financial assets at fair value through other comprehensive income - Other securities | 1,141,524 | – | 38,739 | 1,180,263 | | Financial assets at fair value through other comprehensive income - Equity securities | 479,953 | – | – | 479,953 | | **Total financial assets** | **1,727,702** | **–** | **1,036,817** | **2,764,519** | | Financial liabilities - Interests held by third parties in consolidated funds of the Group | – | – | 222,922 | 222,922 | | **Total financial liabilities** | **–** | **–** | **222,922** | **222,922** | - During the six months ended June 30, 2025, other securities totaling approximately **HK$59,050,000** were transferred from Level 3 to Level 1 due to the end of the lock-up period[64](index=64&type=chunk)[66](index=66&type=chunk) - The valuation of Level 3 financial assets is primarily determined by reference to the fair value or market price of the underlying assets, adjusted for a discount for lack of marketability[78](index=78&type=chunk)[81](index=81&type=chunk) [5 Revenue and Segment Information](index=25&type=section&id=5%20REVENUE%20AND%20SEGMENT%20INFORMATION) For the six months ended June 30, 2025, the company's total revenue was HK$731 million, with operating services revenue being the largest contributor, and investment gains from financial assets at fair value through profit or loss significantly contributing Revenue Recognition Details (For the six months ended June 30, 2025) | Revenue Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Operating services income | 475,803 | 370,277 | | Service concession arrangement income | 9,902 | 11,492 | | Fund management services income | 90,854 | 95,206 | | Excess returns from investment funds | - | 97,491 | | Rental income | 25,424 | 24,003 | | Investment gains/(losses) from financial assets at fair value through profit or loss | 129,175 | (62,626) | | **Total revenue** | **731,158** | **535,843** | - Total revenue increased by **36%** year-on-year to **HK$731 million**[92](index=92&type=chunk) - Investment gains from financial assets at fair value through profit or loss turned from a loss of **HK$62.63 million** in the same period of 2024 to a gain of **HK$129.18 million** in the same period of 2025[92](index=92&type=chunk) [6 Other Income and Other Gains, Net](index=26&type=section&id=6%20OTHER%20INCOME%20AND%20OTHER%20GAINS,%20NET) For the six months ended June 30, 2025, other income decreased, but other gains, net, significantly increased, primarily due to investment gains from the disposal of Shougang Resources shares Other Income and Other Gains, Net (For the six months ended June 30, 2025) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Other income** | | | | Dividend income | 39,587 | 144,156 | | Government grants | 966 | 396 | | Interest income from bank deposits | 78,240 | 65,039 | | Others | 750 | 723 | | **Total other income** | **119,543** | **210,314** | | **Other gains, net** | | | | Net exchange gains | 32,694 | 10,148 | | Fair value gains on financial assets at fair value through profit or loss | - | 1,876 | | Fair value gains on investment properties | 7,112 | 18,222 | | Investment gains from disposal of Shougang Resources shares | 145,663 | - | | Others | 1,897 | 644 | | **Total other gains, net** | **187,366** | **30,890** | - Other income decreased by **43%** year-on-year to **HK$119 million**, mainly due to a decrease in dividend income[96](index=96&type=chunk) - Other gains, net, significantly increased by **506%** year-on-year to **HK$187 million**, primarily from **HK$146 million** investment gains from the disposal of Shougang Resources shares[96](index=96&type=chunk)[98](index=98&type=chunk) [7 Operating Profit](index=27&type=section&id=7%20OPERATING%20PROFIT) For the six months ended June 30, 2025, the company's operating profit was HK$455 million, primarily influenced by employee benefit expenses, depreciation of right-of-use assets, and minimum lease payments Operating Profit Deductions (For the six months ended June 30, 2025) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Employee benefit expenses (including directors' emoluments) | 118,407 | 84,993 | | Amortisation of other non-current assets | 15,899 | 13,763 | | Depreciation of property, plant and equipment | 13,604 | 10,895 | | Depreciation of right-of-use assets | 114,648 | 97,783 | | Legal and professional fees | 4,960 | 5,704 | | Minimum lease payments under short-term leases for land and buildings | 87,599 | 31,050 | | Research and development expenses | 4,665 | 7,693 | - Employee benefit expenses increased by **39.3%** year-on-year to **HK$118 million**[101](index=101&type=chunk) - Depreciation of right-of-use assets increased by **17.2%** year-on-year to **HK$115 million**[101](index=101&type=chunk) [8 Income Tax Expense](index=27&type=section&id=8%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, income tax expense was approximately HK$49.13 million, largely consistent with the prior year, mainly comprising Hong Kong profits tax (16.5%) and PRC corporate income tax (25%) - Hong Kong profits tax is calculated at a rate of **16.5%** on the estimated assessable profit[102](index=102&type=chunk)[104](index=104&type=chunk) - The corporate income tax rate for PRC subsidiaries is primarily **25%**[103](index=103&type=chunk)[105](index=105&type=chunk) - Income tax expense for the first half of 2025 was **HK$49.13 million**, largely consistent with **HK$49.35 million** in the same period of 2024[17](index=17&type=chunk) [9 Earnings Per Share](index=28&type=section&id=9%20EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, both basic and diluted earnings per share were 4.77 HK cents, an increase from the prior year, reflecting improved profitability Earnings Per Share (For the six months ended June 30, 2025) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic earnings per share | 4.77 | 3.65 | | Diluted earnings per share | 4.77 | 3.65 | - Profit attributable to owners of the Company used for calculating basic and diluted earnings per share was **HK$339 million** (2024: HK$261 million)[112](index=112&type=chunk) - The weighted average number of ordinary shares used as the denominator was **7,114,104 thousand** shares (2024: 7,132,972 thousand shares)[112](index=112&type=chunk) [10 Property, Plant and Equipment, Right-of-Use Assets and Other Non-Current Assets](index=30&type=section&id=10%20PROPERTY,%20PLANT%20AND%20EQUIPMENT,%20RIGHT-OF-USE%20ASSETS%20AND%20OTHER%20NON-CURRENT%20ASSETS) For the six months ended June 30, 2025, the company incurred total additions of approximately HK$209.5 million in property, plant and equipment, right-of-use assets, and other non-current assets Non-Current Asset Additions (For the six months ended June 30, 2025) | Asset Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property, plant and equipment | 31,698 | 10,278 | | Right-of-use assets | 171,144 | 602,951 | | Other non-current assets | 6,660 | 67,889 | | **Total** | **209,502** | **681,118** | - Additions to right-of-use assets significantly decreased from **HK$603 million** in the same period of 2024 to **HK$171 million** in the same period of 2025[114](index=114&type=chunk)[116](index=116&type=chunk) [11 Trade Receivables](index=30&type=section&id=11%20TRADE%20RECEIVABLES) As of June 30, 2025, the company's net trade receivables amounted to HK$224 million, an increase from the end of 2024, with receivables over 180 days old accounting for the largest proportion Trade Receivables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 60 days | 37,778 | 50,391 | | 61 to 90 days | 12,106 | 8,073 | | 91 to 180 days | 23,207 | 29,560 | | Over 180 days | 151,281 | 115,068 | | **Total** | **224,372** | **203,092** | - Total trade receivables (net of impairment allowance) increased from **HK$203 million** as of December 31, 2024, to **HK$224 million** as of June 30, 2025[119](index=119&type=chunk) - Trade receivables aged over 180 days increased from **HK$115 million** as of December 31, 2024, to **HK$151 million** as of June 30, 2025[119](index=119&type=chunk) [12 Share Capital](index=31&type=section&id=12%20SHARE%20CAPITAL) As of June 30, 2025, the company had 7,284,455 thousand issued and fully paid ordinary shares, with share capital of HK$12,994,847 thousand, and repurchased and cancelled 1,560 thousand ordinary shares during the period Issued and Fully Paid Ordinary Shares (As of June 30, 2025) | Date | Approximate Number of Shares (thousand shares) | Share Capital (HK$ thousand) | | :--- | :--- | :--- | | As at January 1, 2024 | 7,369,975 | 12,994,847 | | Share repurchases | (83,960) | – | | As at December 31, 2024 and January 1, 2025 | 7,286,015 | 12,994,847 | | Share repurchases | (1,560) | – | | As at June 30, 2025 | 7,284,455 | 12,994,847 | - For the six months ended June 30, 2025, the company repurchased **400,000** ordinary shares for a total consideration of approximately **HK$533,000**, and cancelled **1,560,000** ordinary shares (including 1,160,000 shares repurchased in December 2024)[121](index=121&type=chunk)[122](index=122&type=chunk) [13 Trade Payables](index=32&type=section&id=13%20TRADE%20PAYABLES) As of June 30, 2025, the company's total trade payables amounted to HK$517 million, an increase from the end of 2024, with payables over 365 days old accounting for the largest proportion Trade Payables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 90 days | 80,734 | 112,051 | | 91 to 180 days | 65,656 | 48,009 | | 181 to 365 days | 81,833 | 59,030 | | Over 365 days | 288,448 | 233,660 | | **Total** | **516,671** | **452,750** | - Total trade payables increased from **HK$453 million** as of December 31, 2024, to **HK$517 million** as of June 30, 2025[125](index=125&type=chunk) - Trade payables aged over 365 days increased from **HK$234 million** as of December 31, 2024, to **HK$288 million** as of June 30, 2025[125](index=125&type=chunk) [14 Borrowings](index=33&type=section&id=14%20BORROWINGS) As of June 30, 2025, the company had repaid all bank term loans, reducing total borrowings to zero, compared to HK$397 million at the end of 2024 Total Borrowings (As of June 30, 2025) | Borrowing Type | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Repayable within one year and classified under current liabilities (secured) | – | 38,160 | | Non-current liabilities (secured) | – | 358,662 | | **Total borrowings** | **–** | **396,822** | - As of June 30, 2025, the Group had repaid all bank term loans, and total borrowings were **zero**[127](index=127&type=chunk)[214](index=214&type=chunk) [15 Bond Payables](index=34&type=section&id=15%20BOND%20PAYABLES) As of June 30, 2025, the company's total bond payables amounted to HK$1.14 billion, primarily comprising REITs-like structured asset-backed securities and medium-term notes, with most being non-current liabilities Total Bond Payables (As of June 30, 2025) | Bond Type | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Repayable within one year and classified under current liabilities - REITs-like structured asset-backed securities | 3,948 | 3,816 | | Non-current liabilities - REITs-like structured asset-backed securities | 584,553 | 564,993 | | Non-current liabilities - Medium-term notes | 548,400 | 530,050 | | **Total bond payables** | **1,136,901** | **1,098,859** | - Total bond payables increased from **HK$1.10 billion** as of December 31, 2024, to **HK$1.14 billion** as of June 30, 2025[130](index=130&type=chunk) - The majority of bond payables are non-current liabilities, with repayment periods between **2 to 5 years**[130](index=130&type=chunk) [16 Dividends](index=35&type=section&id=16%20DIVIDENDS) For the six months ended June 30, 2025, the company recognized total dividends of HK$882 million, including final and special dividends, and the Board declared an interim dividend of HK$271 million Dividends Recognized (For the six months ended June 30, 2025) | Dividend Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Final dividend | 120,068 | 160,539 | | Special dividend | 761,621 | – | | **Total** | **881,689** | **160,539** | - The Board recommended a final dividend of **HK$120 million** for the year ended December 31, 2024, on March 26, 2025, payable on August 7, 2025[133](index=133&type=chunk)[136](index=136&type=chunk) - The Board declared a special dividend totaling **HK$768 million** on March 26, 2025, payable in three installments, with the second and third installments recognized as liabilities on June 30, 2025[134](index=134&type=chunk)[136](index=136&type=chunk) - The Board declared an interim dividend of **HK$271 million** (3.43 HK cents per share) for the six months ended June 30, 2025, expected to be distributed on November 17, 2025[139](index=139&type=chunk)[140](index=140&type=chunk) [17 Related Party Disclosures](index=37&type=section&id=17%20RELATED%20PARTY%20DISCLOSURES) The Group engaged in various related party transactions with its largest shareholder, Shougang Group Co., Ltd., and its associates, including management fee expenses, purchases, and provision of services, with key management personnel compensation also disclosed Transactions with Related Parties (For the six months ended June 30, 2025) | Transaction Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Management fee expenses | 760 | 2,269 | | Other income of the Group | 1,068 | 1,002 | | Purchases by the Group | 8,536 | 8,434 | | Services provided by the Group | 106,755 | 195,858 | - The Group provides fund management services to Shougang Group and/or its associates[144](index=144&type=chunk) Key Management Personnel Compensation (For the six months ended June 30, 2025) | Compensation Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Short-term employee benefits | 1,154 | 1,680 | | Retirement benefits | 6 | 9 | | **Total** | **1,160** | **1,689** | [18 Statement of Financial Position of the Company](index=39&type=section&id=18%20STATEMENT%20OF%20FINANCIAL%20POSITION%20OF%20THE%20COMPANY) As of June 30, 2025, the company's total assets were HK$15.28 billion, total liabilities were HK$1.18 billion, and total equity was HK$14.10 billion, with loans to subsidiaries and time deposits being significant components of current assets Company's Statement of Financial Position Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current assets | 255,356 | 238,577 | | Current assets | 15,026,092 | 15,109,756 | | **Total assets** | **15,281,448** | **15,348,333** | | **LIABILITIES** | | | | Non-current liabilities | 548,400 | 530,050 | | Current liabilities | 635,892 | 13,259 | | **Total liabilities** | **1,184,292** | **543,309** | | **EQUITY** | | | | Share capital | 12,994,847 | 12,994,847 | | Reserves | 1,102,309 | 1,810,177 | | **Total equity** | **14,097,156** | **14,805,024** | - Current liabilities significantly increased from **HK$13.26 million** as of December 31, 2024, to **HK$636 million** as of June 30, 2025, mainly due to an increase in other payables and accrued liabilities[152](index=152&type=chunk) - Loans to subsidiaries amounted to **HK$11.01 billion**, and time deposits maturing in more than three months amounted to **HK$3.06 billion**[150](index=150&type=chunk) [19 Subsequent Events](index=41&type=section&id=19%20SUBSEQUENT%20EVENTS) Subsequent to the reporting period, the company completed the issuance of US$180 million 0.75% convertible bonds due 2026 on July 9, 2025, which were listed on the Stock Exchange on July 10, 2025 - The Company entered into a subscription agreement after trading hours on June 30, 2025, for the issuance of **US$180 million** 0.75% convertible bonds due 2026[153](index=153&type=chunk)[154](index=154&type=chunk) - The issuance of the convertible bonds was completed on July 9, 2025, and they were listed on The Stock Exchange of Hong Kong Limited on July 10, 2025[153](index=153&type=chunk)[154](index=154&type=chunk) [Management Discussion and Analysis](index=42&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides management's perspective on the company's performance, financial condition, and future outlook [Company Overview](index=42&type=section&id=COMPANY%20OVERVIEW) The Group, as a leading intelligent infrastructure asset service provider in China, focuses on "asset operation + asset financing" (FIME), covering parking asset management, industrial space management, REITs investment, and equity investment, with a forward-looking strategy in the robotics industry, achieving 36% revenue growth and 30% profit growth for owners in H1 2025 - The Group focuses on two core directions: "asset operation + asset financing" (FIME), with businesses covering parking asset management, industrial space management, REITs investment, and equity investment[156](index=156&type=chunk)[159](index=159&type=chunk) - The Group has a forward-looking strategy in the robotics industry, having invested in several leading enterprises through the Beijing Robotics Industry Development Investment Fund and its industrial funds[157](index=157&type=chunk)[159](index=159&type=chunk) H1 2025 Financial Performance | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | Approx. HK$731 million | Approx. HK$536 million | | Revenue growth | Approx. **36%** | - | | Profit attributable to owners of the Company | Approx. HK$339 million | Approx. HK$261 million | | Profit growth | Approx. **30%** | - | | Debt-to-capital ratio | Approx. **12.4%** | - | [Key Performance Indicators Review](index=43&type=section&id=KEY%20PERFORMANCE%20INDICATORS%20REVIEW) In H1 2025, the company achieved significant growth in revenue and profit, with adjusted EBITDA increasing by 22%, while maintaining healthy asset-liability and debt-to-capital ratios Key Financial Indicators (As of June 30, 2025) | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 731 | 536 | | Of which: Asset operation income | 511 | 406 | | Of which: Asset financing income | 220 | 130 | | Adjusted EBITDA | 587 | 482 | | Operating profit | 455 | 353 | | Profit attributable to owners of the Company | 339 | 261 | | Basic and diluted earnings per share (HK cents) | 4.77 | 3.65 | | Total assets | 14,348 | 13,829 | | Net assets | 9,264 | 9,516 | | Asset-liability ratio | **35.4%** | 31.2% | | Debt-to-capital ratio | **12.4%** | 15.9% | - Adjusted EBITDA increased by **22%** year-on-year to **HK$587 million**[162](index=162&type=chunk) - The asset-liability ratio was **35.4%**, an increase of **4.2 percentage points** from the end of 2024[162](index=162&type=chunk) - The debt-to-capital ratio was **12.4%**, a decrease of **3.5 percentage points** from the end of 2024[162](index=162&type=chunk) [Financial Review](index=45&type=section&id=FINANCIAL%20REVIEW) In H1 2025, the company's revenue and gross profit both grew, finance costs slightly increased, and income tax expense remained stable, with adjusted EBITDA showing significant growth, reflecting improved cash profitability of core businesses Financial Review Key Data (For the six months ended June 30, 2025) | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 731 | 536 | | Asset operation income | 511 | 406 | | Asset financing income | 220 | 130 | | Gross profit | 295 | 233 | | Finance costs | 61 | 58 | | Income tax provision | 49 | 49 | | Adjusted EBITDA | 587 | 482 | - Revenue increased by **36%** year-on-year to **HK$731 million**, with asset operation income growing by **26%** and asset financing income by **69%**[170](index=170&type=chunk)[173](index=173&type=chunk) - Gross profit increased by **26%** year-on-year to **HK$295 million**[170](index=170&type=chunk)[173](index=173&type=chunk) - Adjusted EBITDA increased by **22%** year-on-year to **HK$587 million**[179](index=179&type=chunk)[181](index=181&type=chunk) [Review of Operations](index=47&type=section&id=REVIEW%20OF%20OPERATIONS) The Group achieved steady growth in asset management scale and operational efficiency, particularly in traffic hub parking resources and "parking + charging" business expansion, while actively promoting digital intelligent operation upgrades and accelerating robotics industry layout through an "investment + operation + ecosystem" strategy, and deepening full-lifecycle asset management capabilities through a partnership with China Life for an infrastructure REITs fund - The Xi'an Xianyang International Airport T5 Terminal parking lot project commenced operations in February 2025, with over **5,200** parking spaces, completing the national "east, south, west, north, central" traffic hub network layout[182](index=182&type=chunk)[185](index=185&type=chunk) - The Group is accelerating its layout in the charging pile business, extending from "parking asset management" to "parking + charging" business, enhancing the potential of infrastructure asset management[182](index=182&type=chunk)[185](index=185&type=chunk) - In H1 2025, the Group officially launched AI smart customer service and Q&A functions based on DeepSeek V3 and Alibaba Tongyi Qianwen models, reducing manual customer service workload by over **50%**[183](index=183&type=chunk)[185](index=185&type=chunk) - The Group has invested in several core robotics industry chain companies, including Unitree Robotics, Galaxy Universal, Star Map, and Songyan Power, through its managed industrial funds, covering humanoid robots, medical robots, industrial robots, low-altitude economy, and household robots[188](index=188&type=chunk)[190](index=190&type=chunk) - The Group, in collaboration with China Life Insurance Company Limited, established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund Partnership (Limited Partnership) with a fund size of **RMB5.237 billion**, and has completed strategic placement investments in multiple REITs[195](index=195&type=chunk)[197](index=197&type=chunk) [Principal Risks and Uncertainties](index=51&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces market risks (including currency risk, interest rate risk, and price risk), credit risk, and liquidity risk, which are managed through internal collaboration and Board guidance - The Group's activities are exposed to several financial risks: market risk (including currency risk, interest rate risk, and price risk), credit risk, and liquidity risk[198](index=198&type=chunk)[203](index=203&type=chunk) - The Group's business is primarily concentrated in mainland China and Hong Kong, and is exposed to exchange rate fluctuations of HKD, USD, and RMB[199](index=199&type=chunk)[204](index=204&type=chunk) - The Group is primarily exposed to cash flow interest rate risk related to bank balances and borrowings with floating interest rates[200](index=200&type=chunk)[205](index=205&type=chunk) [Capital Structure](index=51&type=section&id=CAPITAL%20STRUCTURE) The Group's capital structure includes borrowings, bond payables, and equity attributable to owners of the company, with the management objective of ensuring continuous operation and maximizing shareholder returns, reviewed semi-annually - The Group's capital structure comprises borrowings, bond payables, and equity attributable to owners of the Company (including issued share capital and reserves)[201](index=201&type=chunk)[206](index=206&type=chunk) - The Group's capital management objective is to ensure continuous operation while maximizing shareholder returns through an appropriate balance of debt and capital structure[201](index=201&type=chunk)[206](index=206&type=chunk) - The Board reviews the capital structure semi-annually and balances the overall capital structure through dividend payments, new share issues, share repurchases, and issuing new debt or redeeming existing debt[202](index=202&type=chunk)[206](index=206&type=chunk) [Liquidity and Financial Resources](index=52&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group had ample highly liquid assets, an asset-liability ratio of 35.4%, and a debt-to-capital ratio of 12.4%, indicating a sound financial position Highly Liquid Assets (As of June 30, 2025) | Item | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Bank balances and cash | 2,702 | 2,622 | | Wealth management products and fixed-income financial assets | 3,198 | 1,746 | - The asset-liability ratio was **35.4%**, an increase of approximately **4.2 percentage points** from December 31, 2024, mainly due to the provision for two installments of special dividends[210](index=210&type=chunk)[212](index=212&type=chunk) - The debt-to-capital ratio was **12.4%**, a decrease of approximately **3.5 percentage points** from December 31, 2024[213](index=213&type=chunk)[214](index=214&type=chunk) [Significant Investments Held](index=54&type=section&id=SIGNIFICANT%20INVESTMENT%20HELD) The Group holds significant investments in CICC GLP REIT Fund and Shougang Resources, with CICC GLP REIT Fund contributing substantial unrealized fair value gains and dividend income Significant Investments Overview (As of June 30, 2025) | Strategic Investment Name | Investment Cost (RMB/HK$) | Fair Value (RMB/HK$) | Fair Value as % of Total Assets | Unrealized Fair Value Change Profit/(Loss) (RMB/HK$) | Dividends Received (RMB/HK$) | | :--- | :--- | :--- | :--- | :--- | :--- | | CICC GLP REIT Fund | 583,500,000 (RMB) | 571,650,000 (RMB) | 4.37% | 71,400,000 (RMB) | 7,425,000 (RMB) | | Shougang Resources | 1,834,347,000 (HK$) | 1,944,606,000 (HK$) | 14.06% | (286,655,000) (HK$) | 209,181,000 (HK$) | - CICC GLP REIT Fund primarily invests in warehousing and logistics infrastructure projects, and its fund units are listed on the Shanghai Stock Exchange[219](index=219&type=chunk)[222](index=222&type=chunk) - The Group completed the disposal of part of its shares in Shougang Resources on February 3, 2025[220](index=220&type=chunk)[223](index=223&type=chunk) [Material Acquisitions & Disposals](index=55&type=section&id=MATERIAL%20ACQUISITIONS%20%26%20DISPOSALS) On February 3, 2025, the Group completed the disposal of approximately 11.92% of Shougang Resources shares to Shougang Holdings for a consideration of HK$1.457 billion - On December 18, 2024, Fine Power Group Limited, a wholly-owned subsidiary of the Company, entered into an agreement with related party Shougang Holdings to dispose of **606,927,640** shares of Shougang Resources, representing approximately **11.92%** of the issued shares[225](index=225&type=chunk)[227](index=227&type=chunk) - The transaction was completed on February 3, 2025, with a consideration of **HK$1,456,626,336**[96](index=96&type=chunk)[98](index=98&type=chunk)[225](index=225&type=chunk)[227](index=227&type=chunk) [Events Occurring After the Reporting Period](index=55&type=section&id=EVENTS%20OCCURRING%20AFTER%20THE%20REPORTING%20PERIOD) Subsequent to the reporting period, the company completed the issuance of US$180 million 0.75% convertible bonds due 2026 on July 9, 2025, which were listed on the Stock Exchange on July 10, 2025 - The Company entered into a subscription agreement after trading hours on June 30, 2025, for the issuance of **US$180 million** 0.75% convertible bonds due 2026[226](index=226&type=chunk)[228](index=228&type=chunk) - The issuance of the convertible bonds was completed on July 9, 2025, and they were listed on The Stock Exchange of Hong Kong Limited on July 10, 2025[226](index=226&type=chunk)[228](index=228&type=chunk) [Employee Relationships](index=56&type=section&id=EMPLOYEES%20RELATIONSHIP) As of June 30, 2025, the Group had 442 employees and is committed to providing an equal, diverse, and non-discriminatory work environment, attracting and retaining talent through competitive compensation and diverse incentive measures - As of June 30, 2025, the Group had a total of **442** employees[229](index=229&type=chunk)[234](index=234&type=chunk) - The Group's remuneration policy is guided by "external competitiveness and internal fairness," establishing a compensation and incentive system based on job value, capabilities, and performance contributions[230](index=230&type=chunk)[234](index=234&type=chunk) - The remuneration package for Hong Kong employees includes salaries, discretionary bonuses, project bonuses, medical allowances, hospitalization plans, and equity incentive schemes; for mainland China employees, it includes salaries, discretionary bonuses, project bonuses, medical allowances, equity incentive schemes, and social insurance benefits (five insurances and one housing fund)[231](index=231&type=chunk)[232](index=232&type=chunk)[235](index=235&type=chunk) [Prospects](index=57&type=section&id=PROSPECTS) Looking ahead, the Group will continue to increase investment in core regions, focused industries, and assets, leveraging full industry chain synergy to drive efficient revitalization and value enhancement of infrastructure assets, while deeply laying out the robotics industry through an "investment, production, service" ecosystem to improve digital intelligent asset management and create long-term shareholder returns - The Group will further increase its investment layout in core regions, focused industries, and focused assets, relying on full industry chain synergy to inject stronger impetus into the efficient revitalization and value enhancement of China's infrastructure assets[236](index=236&type=chunk)[237](index=237&type=chunk) - The Group will continue to deeply lay out the robotics industry, building a complete robotics industry ecosystem through "investment, production, and service" to assist robotics enterprises in product upgrades and iterations[236](index=236&type=chunk)[237](index=237&type=chunk) - The goal is to enhance the digital intelligent management level of the Group's managed assets and create long-term returns for shareholders[236](index=236&type=chunk)[237](index=237&type=chunk) [Other Information](index=58&type=section&id=OTHER%20INFORMATION) This section covers additional disclosures, including interim dividends, share transfer registration, securities transactions, convertible bonds, and directors' and major shareholders' interests [Interim Dividend](index=58&type=section&id=INTERIM%20DIVIDEND) The Board declared a total interim dividend of HK$271 million (3.43 HK cents per share) for the six months ended June 30, 2025, expected to be distributed on November 17, 2025 - The Board declared an interim dividend totaling **HK$271 million** (equivalent to **3.43 HK cents** per share) for the six months ended June 30, 2025[239](index=239&type=chunk)[241](index=241&type=chunk) - The interim dividend is expected to be distributed on Monday, November 17, 2025[239](index=239&type=chunk)[241](index=241&type=chunk) [Closure of Register of Members](index=58&type=section&id=CLOSURE%20OF%20REGISTER%20OF%20MEMBERS) To determine eligibility for the interim dividend, the company will close its register of members on September 30, 2025, with all transfer documents to be submitted by 4:30 p.m. on September 29, 2025 - The Company will close its register of members on Tuesday, September 30, 2025, to determine the entitlement of shareholders to the interim dividend[240](index=240&type=chunk)[242](index=242&type=chunk) - All transfer documents, together with the relevant share certificates, must be lodged with the Company's share registrar by 4:30 p.m. on Monday, September 29, 2025[240](index=240&type=chunk)[242](index=242&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=59&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, the company repurchased 400,000 shares on the Stock Exchange for a total consideration of approximately HK$533,000, and all repurchased shares were cancelled Share Repurchase Details (For the six months ended June 30, 2025) | Month | Number of Shares Repurchased | Highest Price Paid Per Share (HK$) | Lowest Price Paid Per Share (HK$) | Total Consideration (HK$) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 400,000 | 1.38 | 1.28 | 532,949.60 | | **Total** | **400,000** | | | **532,949.60** | - All repurchased shares were subsequently cancelled[243](index=243&type=chunk) [Convertible Bonds](index=59&type=section&id=CONVERTIBLE%20BONDS) The company issued US$180 million 0.75% convertible bonds due 2026 on July 9, 2025, which were listed on the Stock Exchange on July 10, 2025, with the conversion price adjusted to HK$1.61 per share - The Company issued **US$180 million** 0.75% convertible bonds due 2026, with the issuance completed on July 9, 2025, and listed on July 10, 2025[247](index=247&type=chunk)[251](index=251&type=chunk) - The initial conversion price of **HK$1.632** per share was adjusted to **HK$1.61** per share due to the final dividend, convertible into **877,617,391** shares[247](index=247&type=chunk)[248](index=248&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk) - The net proceeds are intended to be used for investing in certain key assets and for general corporate purposes[247](index=247&type=chunk)[251](index=251&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=60&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, several directors held long positions in the company's shares and share options, with Liu Jingwei holding the highest percentage, and no directors or chief executive exercised subscription rights during the reporting period Directors' and Chief Executive's Long Positions in Shares and Underlying Shares of the Company (As of June 30, 2025) | Director's Name | Capacity in which Interests are Held | Number of Shares and Underlying Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Zhao Tianyang | Beneficial owner | Shares: 1,000,000 | 0.0137% | | | | Share options: 2,380,000 | 0.0327% | | Xu Huajie | Beneficial owner | Shares: 1,300,000 | 0.0178% | | Liu Jingwei | Beneficial owner | Shares: 4,293,200 | 0.0589% | | Wang Xin | Beneficial owner | Shares: 290,000 | 0.0040% | | | Spouse's interest | Shares: 200,000 | 0.0027% | - As of June 30, 2025, the total number of issued shares of the Company was **7,284,455,440** shares[261](index=261&type=chunk) - During the six months ended June 30, 2025, no rights to subscribe for equity or debt securities of the Company were granted to any director or chief executive of the Company, nor were any such rights exercised by them[258](index=258&type=chunk)[260](index=260&type=chunk) [Interests and Short Positions of Substantial Shareholders Under the SFO](index=61&type=section&id=INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20SUBSTANTIAL%20SHAREHOLDERS%20UNDER%20THE%20SFO) As of June 30, 2025, Shougang Group, ORIX Corporation, Cheng Yu Tung Family (Holdings II) Limited, and others were substantial shareholders holding long positions in the company's shares Substantial Shareholders' Long Positions in Shares of the Company (As of June 30, 2025) | Shareholder Name | Capacity in which Interests are Held | Number of Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Shougang Group Co., Ltd. | Interest of controlled corporation | 1,817,411,917 | 24.9492% | | ORIX Corporation | Interest of controlled corporation | 1,044,081,679 | 14.3330% | | Cheng Yu Tung Family (Holdings II) Limited | Interest of controlled corporation | 835,485,105 | 11.4694% | | Cheng Yu Tung Family (Holdings) Limited | Interest of controlled corporation | 835,485,105 | 11.4694% | | Rocket Parade Limited | Beneficial owner | 835,485,105 | 11.4694% | | Beijing State-owned Capital Operation and Management Co., Ltd. | Interest of controlled corporation | 728,035,520 | 9.9944% | | Sunshine Insurance Group Co., Ltd. | Interest of controlled corporation | 586,944,246 | 8.0575% | - Shougang Group Co., Ltd. is the largest shareholder of the Group[142](index=142&type=chunk)[143](index=143&type=chunk) - As of June 30, 2025, the total number of issued shares was **7,284,455,440** shares[261](index=261&type=chunk)[270](index=270&type=chunk) [Review of Interim Financial Information](index=63&type=section&id=REVIEW%20OF%20INTERIM%20FINANCIAL%20INFORMATION) The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and the auditor, PricewaterhouseCoopers, has also completed its review - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[267](index=267&type=chunk)[269](index=269&type=chunk) - The auditor, PricewaterhouseCoopers, has reviewed the Group's unaudited interim financial information for this period in accordance with Hong Kong Standard on Review Engagements 2410[267](index=267&type=chunk)[269](index=269&type=chunk) [Compliance with Corporate Governance Code](index=64&type=section&id=COMPLIANCE%20WITH%20CORPORATE%20GOVERNANCE%20CODE) The company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025 - The Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[272](index=272&type=chunk)[275](index=275&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=64&type=section&id=COMPLIANCE%20WITH%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The company has adopted the Model Code as its code of conduct for directors' securities transactions, and all directors have complied with it during the reporting period - The Company has adopted the Model Code as its code of conduct for directors' securities transactions[273](index=273&type=chunk)[276](index=276&type=chunk) - All directors have complied with the standards set out in the Model Code for their securities transactions during the six months ended June 30, 2025[273](index=273&type=chunk)[276](index=276&type=chunk) [Disclosure of Directors' Information Under Rule 13.51B(1) of the Listing Rules](index=64&type=section&id=DISCLOSURE%20OF%20DIRECTORS'%20INFORMATION%20UNDER%20RULE%2013.51B(1)%20OF%20THE%20LISTING%20RULES) Subsequent to the reporting period, Executive Director Liu Jingwei was appointed as an independent non-executive director of Beijing Energy International Holding Co., Ltd., and Non-executive Director He Zhiheng resigned as Vice Chairman of the China Committee of the Hong Kong General Chamber of Commerce - Executive Director Mr. Liu Jingwei was appointed as an independent non-executive director of Beijing Energy International Holding Co., Ltd. with effect from July 11, 2025[278](index=278&type=chunk) - Non-executive Director Mr. He Zhiheng resigned as Vice Chairman of the China Committee of the Hong Kong General Chamber of Commerce with effect from July 11, 2025[278](index=278&type=chunk) [Appreciation](index=65&type=section&id=APPRECIATION) The Board expresses sincere gratitude to shareholders and potential investors for their trust and support, especially the strong backing from strategic shareholders, and will continue to leverage its core competitive advantages to promote intelligent manufacturing industry upgrades and create sustainable shareholder value returns - The Board expresses its sincere gratitude to all shareholders and potential investors for their trust and assistance to the Group, especially the strong support from strategic shareholders such as Shougang Group Co., Ltd., ORIX Corporation, Chow Tai Fook Enterprises Limited, Beijing State-owned Capital Operation and Management Co., Ltd., and Sunshine Insurance Group Co., Ltd.[279](index=279&type=chunk)[280](index=280&type=chunk) - The Group will continue to leverage its core competitive advantages in asset operation and management, capital synergy and integration, and scenario-based empowerment and innovation to continuously promote the upgrade of China's intelligent manufacturing industry and create sustainable value returns for shareholders[279](index=279&type=chunk)[280](index=280&type=chunk)

[Management Review](index=4&type=section&id=Management%20Review) [Performance Overview](index=4&type=section&id=Performance%20Overview) The Group achieved significant financial improvement in H1 2025, with increased profit after tax, EBITDA, and operating margin, driven by stringent cost control and operational efficiency Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,510,000 | 6,590,000 | -1% | | Profit After Tax | 107,700 | 28,000 | +285% | | EBITDA | 673,600 | 583,500 | +15% | | Operating Profit | 329,800 | 242,700 | +36% | | Operating Profit Margin | 5.1% | 3.7% | +1.4pp | | Administrative Expenses (excl. ZERO/ETHOZ) | Decreased 11% | - | - | | Distribution Costs (excl. ZERO/ETHOZ) | Decreased 29% | - | - | | Net Gearing Ratio (as of Jun 30, 2025) | 49.3% | - | - | | Return on Capital Employed (ROCE) | 1.9% | 1.5% | +0.4pp | | Net Asset Per Share (as of Jun 30, 2025) | HKD 6.37 | HKD 6.04 (Dec 31, 2024) | +5.5% | | Interim Dividend (per share) | HK cents 2 | HK cents 2 | 0% | - The Group achieved an **11% reduction in administrative expenses** and a **29% decrease in distribution costs** (excluding ZERO Group and ETHOZ Group) through stringent cost control and operational efficiency optimization[7](index=7&type=chunk) - The automotive division anticipates robust development in H2 2025, with strong orders for new **Subaru hybrid models** and **Nissan's expansion into commercial and passenger vehicle segments**, extending growth into early 2026[8](index=8&type=chunk) [Significant Investments](index=5&type=section&id=Significant%20Investments) As of June 30, 2025, the Group's FVOCI investments totaled HKD 1.61 billion, primarily in Tokyo-listed equities, recording an unrealized loss of HKD 37 million Overview of Significant Investments | Indicator | Jun 30, 2025 (HKD) | Prior Year (HKD) | | :--- | :--- | :--- | | Total Fair Value Investments | 1,610,000,000 | - | | Unrealized Loss/Gain | (37,000,000) | 262,000,000 (Gain) | - Most investments are in **equity securities listed on the Tokyo Stock Exchange**, representing long-term strategic holdings[12](index=12&type=chunk) - Unrealized fair value losses are **not reclassified to the consolidated income statement**[12](index=12&type=chunk) [Regional Business Overview](index=5&type=section&id=Regional%20Business%20Overview) This section reviews the Group's automotive distribution and other business performance in key Asian markets, outlining H2 strategies and new product launches [Singapore Market](index=5&type=section&id=Singapore%20Market) Singapore's TIV grew 28%; Nissan sales declined due to reduced incentives but improved in Q2, while Subaru achieved significant 181% growth and will pursue electrification Singapore Market Performance (H1 2025) | Indicator | Change (YoY) | | :--- | :--- | | Total Industry Volume (TIV) | +28% | | Passenger Car TIV | +29% | | Commercial Vehicle TIV | +22% | | Nissan Passenger Car Sales | -26% | | Nissan Commercial Vehicle Sales | -8% | | Subaru Business Growth | +181% | - Nissan passenger vehicle sales declined primarily due to reduced incentives for A2 category passenger vehicles under the Vehicle Emissions Scheme (VES) effective January 1, 2025, though Q2 sales increased by **50%** compared to Q1[14](index=14&type=chunk) - Nissan commercial vehicle sales slowed due to the cancellation of B-class light commercial vehicle incentives under the Commercial Vehicle Emissions Scheme (CVES) and the termination of the Early Turnover Scheme (ETS) from April 1, 2025[14](index=14&type=chunk) - Subaru's business achieved significant results through process optimization and cost-saving measures, with the new **Forester E-Boxer hybrid model** expected to launch in H2 2025[18](index=18&type=chunk) [ETHOZ Group](index=6&type=section&id=ETHOZ%20Group) ETHOZ Group's H1 2025 revenue declined 2.4% due to reduced leasing/sales, but net profit grew 10% due to interest income; its potential listing is deferred ETHOZ Group Performance in H1 2025 | Indicator | H1 2025 (HKD thousands) | Prior Year (HKD thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | 445,400 | 456,400 | -2.4% | | Net Profit | Increased 10% | - | +10% | | Potential Standalone Listing Plan | Deferred | - | - | - The revenue decline was primarily due to reduced vehicle leasing income and vehicle sales, partially offset by an **increase in interest income**[19](index=19&type=chunk) - The Group remains confident in ETHOZ Group's strong fundamentals and long-term growth potential, and will re-evaluate strategic options when market conditions are more favorable[40](index=40&type=chunk) [China Market](index=6&type=section&id=China%20Market) Hong Kong Subaru sales fell 13% but gained market share; Mainland China sales dropped 43% amid competition, with H2 optimism for the new Forester E-Boxer Subaru Business Performance in China Market (H1 2025) | Region | Subaru Sales Change (YoY) | Total Industry Volume (TIV) Change (YoY) | | :--- | :--- | :--- | | Hong Kong | -13% | -23% | | Mainland China | -43% | - | - Hong Kong Subaru business successfully **increased market share** and remains optimistic about the launch of the new **Forester E-Boxer hybrid model**[20](index=20&type=chunk) - The China market continues to face intense inter-brand competition, and the Group will enhance operational performance through **innovative dealership models**[20](index=20&type=chunk) [Taiwan and Philippines Markets](index=7&type=section&id=Taiwan%20and%20Philippines%20Markets) Taiwan Subaru sales fell 36% due to trade uncertainties and aging models; Philippines sales dropped 64% due to NEV incentives, with both expecting H2 improvement from the new Forester E-Boxer Subaru Business Performance in Taiwan and Philippines (H1 2025) | Region | Subaru Sales Change (YoY) | | :--- | :--- | | Taiwan | -36% | | Philippines | -64% | - Taiwan market sales decline was primarily attributed to **uncertain US trade tariff situations**, decreased economic confidence, and an **aging model lineup**[21](index=21&type=chunk) - The Philippines market was impacted by **NEV tax incentives attracting new brands**, and the Group will collaborate with the government to promote NEV market development[21](index=21&type=chunk) - The Group is committed to continuously improving and expanding its dealership network, opening a **Subaru Pampanga dealership in Angeles City, Luzon, in June 2025**[21](index=21&type=chunk) [Malaysia, Thailand, Vietnam, and Cambodia Markets](index=7&type=section&id=Malaysia%2C%20Thailand%2C%20Vietnam%20and%20Cambodia%20Markets) The Group is transitioning to CBU models in Malaysia, Thailand, Vietnam, and Cambodia; sales varied, with Thailand up 100% and others declining or flat, all anticipating the new Forester - The Group is driving the transition from **CKD to CBU models** in markets such as Malaysia, Thailand, Vietnam, and Cambodia[22](index=22&type=chunk) Subaru Business Performance in Southeast Asian Markets (H1 2025) | Region | Subaru Sales Change (YoY) | Total Industry Volume (TIV) Change (YoY) | | :--- | :--- | :--- | | Malaysia | -37% | Expected to normalize, weak market | | Thailand | +100% | Recovery affected by high household debt | | Vietnam | -40% | - | | Cambodia | 0% | -20% | - With strong government support for **NEV tax incentives in Thailand**, the Group's Subaru business recorded a **100% year-on-year sales growth**[22](index=22&type=chunk) - Despite zero sales growth, Subaru in Cambodia successfully **increased its market share**, reflecting enhanced brand appeal[23](index=23&type=chunk) [Japan Market](index=8&type=section&id=Japan%20Market) ZERO Group's H1 2025 revenue grew 8% to HKD 4.2 billion, with net profit after tax up 36%, driven by business expansion, compensation, and used car exports ZERO Group Performance in H1 2025 | Indicator | H1 2025 (HKD) | Change (YoY) | | :--- | :--- | :--- | | Revenue | 4,200,000,000 | +8% | | Net Profit After Tax | Increased 36% | +36% | - Revenue growth was primarily driven by the expansion of **domestic automotive-related businesses and human resources services**[25](index=25&type=chunk) - Profit growth mainly stemmed from a **one-off compensation** received for the Kawasaki Integrated Logistics Center fire and **improved profitability in used car export business**[25](index=25&type=chunk) - ZERO Group will maintain profitability by **restructuring operational frameworks**, promoting gross profit-focused sales activities, and **streamlining processes**[25](index=25&type=chunk) [Hire Purchase and Financing Business](index=8&type=

股票代碼：00598HK 601598SH 創造價值 成就客戶 中 期 報 告 2 0 2 5 2025 中期報告 2025年中期報告 1 重要提示 經董事會批准，本公司將以實施權益分派股權登記日登記的總股本（扣除公司回購專用賬戶中的股份） 為基數派發2025年中期股息，每股派發現金紅利0.145元（含稅）。截至本報告披露之日，公司總股本為 7,272,197,875股，扣除公司回購專用賬戶中的94,714,181股，預計派發中期現金紅利1,040,735,135.63 元（含稅）。 六、 前瞻性陳述的風險聲明 ✔適用 □不適用 本報告中所涉及的未來計劃、發展戰略等前瞻性陳述，不構成公司對投資者的實質承諾，敬請投資者注意 投資風險。 七、 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八、 是否存在違反規定決策程序對外提供擔保的情況 否 否 十、 重大風險提示 公司已在本報告中詳細描述可能存在的相關風險，敬請查閱本報告「第三節管理層討論與分析」中「五、其他 披露事項」中的「（一）可能面對的風險」。 十一、其他 ✔適用 □不適用 公司2025年中期財務報告按中國財政部頒布的《企業會計準則》及相關規定編 ...

目錄 | 業績概覽 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 簡明綜合損益表 | 9 | | 簡明綜合全面收益表 | 10 | | 簡明綜合財務狀況表 | 11 | | 簡明綜合權益變動表 | 12 | | 簡明綜合現金流量表 | 13 | | 簡明綜合財務報表附註 | 14 | | 董事及最高行政人員之證券權益 | 24 | | 其他人士於股份及相關股份之權益 | 26 | | 企業管治及其他資料 | 28 | 1 新傳企劃有限公司 2025中期報告 業績概覽 新傳企劃有限公司（「本公司」）董事會（「董事會」或「董事」）提呈本公司及其附屬公司（統 稱「本集團」）於截至2025年6月30日止六個月（「本期間」）之未經審核簡明綜合業績。 截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | （未經審核） | （未經審核） | | | 千港元 | 千港元 | | 總收入 | 91,265 | 102,618 | | 數碼廣告 | 88,236 | 99,013 | | 印刷廣告及發行 | 3,029 | 3,605 | ...

中期業績報告 INTERIM REPORT 2025 2025 2025 | 摘要 | | --- | 2 北京同仁堂科技發展股份有限公司 二零二五年中期報告 • 截至二零二五年六月三十日止六個月，本集團銷售收入較二零二四年同期下 降約7.69%。 • 截至二零二五年六月三十日止六個月，歸屬於本公司所有者之利潤較二零 二四年同期下降約21.01%。 • 截至二零二五年六月三十日止六個月，歸屬於本公司所有者之每股收益為人 民幣0.26元。 • 董事會決議不派發截至二零二五年六月三十日止六個月之中期股息。 中期業績（未經審核） 北京同仁堂科技發展股份有限公司（「本公司」或「公司」）之董事會（「董事會」）欣然宣 佈本公司及其子公司（以下合稱「本集團」）截至二零二五年六月三十日止六個月（「報 告期」）未經審核之業績： 簡明合併利潤表（未經審核） | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | （未經審核） | （未經審核） | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 6 | 3,738,50 ...

目錄 | 2 | 公司資料 | | --- | --- | | | 未經審核簡明綜合財務報表 | | 3 | 收益表 | | 4 | 全面收益表 | | 5 | 財務狀況表 | | 7 | 權益變動表 | | 9 | 現金流量表 | | 10 | 簡明綜合財務報表附註 | | 25 | 管理層討論及分析 | | 36 | 其他資料 | | 43 | 獨立審閱報告 | 公司資料 董 事 及 董 事 委 員 會 董 事 執行董事 岳明珠（主席 ） 鄭 碧 浩 （ 行 政 總 裁 ） 鄭 傳 全 鹿 群 獨立非執行董事 陳志安 劉紹基 李均雄 李天生 董事委員會 審核委員會 劉紹基（主席） 陳志安 李天生 薪酬委員會 李均雄（主席） 鄭碧浩 劉紹基 李天生 提名委員會 李天生（主席） 鄭碧浩 劉紹基 李均雄 合規主任 鍾景揚 公司秘書 蘇嘉敏 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1 - 1 1 1 1 C a y m a n I s l a n d s 總 辦 事 處 及 主 要 營 業 地 點 香 港 新 界 葵 涌 大 ...

INTERIM REPORT 2025 中期報告 中期報告 Interim Report 2025 Contents 目錄 | Definition | 2 | | --- | --- | | 釋義 | | | Corporate Information | 6 | | 公司資料 | | | Management Discussion and Analysis | 9 | | 管理層討論與分析 | | | Other Information | 39 | | 其他資料 | | | Report on Review of Condensed Consolidated Financial Statements | 51 | | 簡明綜合財務報表審閱報告 | | | Condensed Consolidated Statement of Profit or Loss and | 53 | | Other Comprehensive Income | | | 簡明綜合損益及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 54 ...

www.hdpi.com.cn 中期報告 2025 僅供識別 1 華電國際電力股份有限公司 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司（「本 集團」）按《企業會計準則》編製的截至二零二五年六月三十日止六個月期間（「本報告期內」）未 經審計的中期合併財務報表。同時，本公司的審計委員會（「審計委員會」）亦已審閱本集團二零 二五年中期報告及其相關財務資料。 業務回顧 本報告期內，本集團取得營業收入約為人民幣599.53億元，同比下降約8.98%。實現歸屬於本 公司股東的淨利潤約為人民幣39.04億元，同比上漲約13.15%。基本每股收益約為人民幣0.33 元，同比上漲約22.22%。 中期股息 本公司第十屆董事會第二十五次會議建議二零二五年半年度派發股息每股人民幣0.09元（含 稅），以總股本11,611,774,184股為基數，合計派發股息約為人民幣1,045,059.68千元（含 稅）。二零二五年中期股息預計將在二零二五年十二月三十一日或之前派發給合資格的H股股 東。本次現金分紅尚需提交股東大會審議，本公司將適時披露有關本次現金分紅的進一步信 息。 本集團主要現有資產 ...