香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Well Link Securities Holdings Limited 立橋證券控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8350） 截 至2025年6月30日止六個月 中期業績公告 立 橋 證 券 控 股 有 限 公 司（「本公司」）之 董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司及其附屬公司截至2025年6月30日 止 六 個 月 之 未 經 審 計 業 績。本 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，乃 符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證券上市規則 （「 GEM上市規則」）中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。本 公 司 將 於 適當時候發送2025年 中 ...

GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在主板上 市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險， 並應經過審慎周詳的考慮後方作出投資決定。 CHINA HONGGUANG HOLDINGS LIMITED 中國宏光控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號: 8646 2025 中期報告 香港聯合交易所有限公司（「聯交所」）GEM之特色 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之 證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市 場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本報告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 本報告資料乃遵照聯交所GEM證券上巿規則（「GEM上市規則」）的規定而刊載，旨在 提供有關中國宏光控股有限公司（「本公司」連同附屬公司，統稱「本集團」）的資料； 本公司董事（統稱「董事」，各為一名「董事」）願就本報告共同及個別承擔全部責任。 各董事在作出一切合理查詢 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） 截至二零二五年六月三十日止六個月期間 中期業績公告 及 繼續停牌 凱 升 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（統稱「本集團」）截至二零二五年六月三十日止六個月期間之未經審核中期業績， 連同二零二四年同期之比較數字如下： 摘 要 於二零二五年六月三十日 – 1 – • 本集團於二零二五年上半年之總收益為港幣312,900,000元，較 二 零 二 四 年上半年港幣189,900,000元上升64.7%，主要是由於二零二五年上半年的 新貿易收益港幣100,100,000元帶動所致。 • 本集團於二零二五年上半年錄得經調整EBITDA港 幣67,800,000元，而 二 零二四年上半年則錄得港幣65,300, ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 C&N Holdings Limited 春能控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號：8430） 截 至2025年6月30日 止 六 個 月 之 中 期 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM的 定 位 是 為 投 資 風 險 可 能 較 主 板 其 他 上 市 公 司 為 高 的 中 小 型 公 司 而 設 的 市 場。有 意 投 資 者 應 瞭 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 須 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 通 常 為 中 小 型 公 司，在G ...

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's H1 2025 unaudited consolidated results show revenue decreased by 3.5% to RMB 33.1 million, gross profit increased by 18.2% to RMB 3.2 million, and net loss widened to RMB 66.0 million Financial Highlights for the Six Months Ended June 30 | Metric | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 33.1 | 34.3 | -3.5% | | Gross Profit | 3.2 | 2.7 | +18.2% | | Net Loss | (66.0) | (57.2) | +15.4% (Loss widened) | | Loss per Share (RMB cents) | (7.70) | (7.22) | +6.6% (Loss widened) | [Unaudited Condensed Consolidated Interim Results](index=2&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) This chapter presents the Group's unaudited condensed consolidated financial statements for H1 2025, including statements of profit or loss, financial position, and changes in equity, reflecting performance and structural changes [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For H1 2025, Group revenue decreased to RMB 33,061 thousand, and despite lower cost of sales, reduced other income and increased administrative expenses led to a widened loss of RMB 66,004 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 33,061 | 34,252 | | Cost of Sales | (29,847) | (31,534) | | Gross Profit | 3,214 | 2,718 | | Other Income and Gains | 351 | 6,785 | | Selling and Distribution Expenses | (1,437) | (1,595) | | Administrative and Other Expenses | (65,693) | (62,949) | | Provision for Expected Credit Losses | (176) | — | | Finance Costs | (2,263) | (2,164) | | Loss Before Income Tax Expense | (66,004) | (57,205) | | Income Tax Expense | — | — | | Loss for the Period | (66,004) | (57,205) | | Total Comprehensive Expense for the Period | (149,681) | (115,180) | Attribution of Loss and Total Comprehensive Expense for the Period (For the Six Months Ended June 30) | Attributable to | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Loss for the Period:** | | | | Owners of the Company | (59,293) | (54,246) | | Non-controlling Interests | (6,711) | (2,959) | | **Total Comprehensive Expense:** | | | | Owners of the Company | (142,970) | (112,025) | | Non-controlling Interests | (6,711) | (3,155) | Loss per Share (For the Six Months Ended June 30) | Metric | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and Diluted Loss per Share | (7.70) | (7.22) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total non-current assets decreased to RMB 301,140 thousand, while net current assets increased to RMB 236,861 thousand, mainly due to higher cash and cash equivalents Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 196,833 | 189,979 | | Intangible Assets | 338 | 448 | | Financial assets at fair value through other comprehensive income | 98,374 | 181,926 | | Prepayments and Deposits | 1,409 | 1,411 | | Deferred Tax Assets | 4,186 | 4,186 | | **Total Non-current Assets** | **301,140** | **377,950** | | **Current Assets** | | | | Inventories | 55,867 | 59,018 | | Trade and Bills Receivables | 75,690 | 67,242 | | Prepayments, Deposits and Other Receivables | 70,734 | 81,994 | | Financial assets at fair value through profit or loss | 32,124 | 34,631 | | Cash and Cash Equivalents | 45,782 | 8,779 | | **Total Current Assets** | **280,197** | **251,664** | | **Current Liabilities** | | | | Trade Payables | 15,088 | 19,347 | | Other Payables and Accruals | 15,147 | 15,824 | | Bank Borrowings | 10,000 | 10,000 | | Lease Liabilities | 3,101 | 3,036 | | **Total Current Liabilities** | **43,336** | **48,207** | | **Net Current Assets** | **236,861** | **203,457** | | **Non-current Liabilities** | | | | Lease Liabilities | 5,074 | 3,618 | | **Net Assets** | **532,927** | **577,789** | | **Total Equity** | **532,927** | **577,789** | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Equity attributable to owners decreased from RMB 540,837 thousand to RMB 502,686 thousand in H1 2025, primarily due to loss, fair value changes, and exchange differences, partially offset by new share proceeds Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Equity Item | January 1, 2025 (RMB thousand) | Loss for the Period (RMB thousand) | Total Comprehensive Income (RMB thousand) | Placement of New Shares (RMB thousand) | Share-based Payment Expenses (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity attributable to Owners of the Company | 540,837 | (59,293) | (142,970) | 84,028 | 20,791 | 502,686 | | Non-controlling Interests | 36,952 | (6,711) | (6,711) | — | — | 30,241 | | **Total Equity** | **577,789** | **(66,004)** | **(149,681)** | **84,028** | **20,791** | **532,927** | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This chapter details the basis of preparation, accounting policies, and specific changes in financial statement items, offering supplementary information for understanding the Group's financial position and operating results [1. General Information, Basis of Preparation and Accounting Policies](index=7&type=section&id=1.%20General%20Information%2C%20Basis%20of%20Preparation%20and%20Accounting%20Policies) Registered in the Cayman Islands and listed in Hong Kong, the Company primarily designs, develops, manufactures, and sells semiconductor products in China, with financial statements prepared under HKAS 34 and reviewed by the audit committee - The Company is incorporated in the Cayman Islands, with its shares listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 6908)[8](index=8&type=chunk) - The Group's principal business involves the design, development, manufacturing, subcontracting services, and sales of semiconductor products in China, including LED beads, GaN chips, GaN devices and related application products, and fast charging products[8](index=8&type=chunk) - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the HKICPA and comply with the applicable disclosure provisions of the Listing Rules[9](index=9&type=chunk) - The adoption of new and revised HKFRSs has no significant impact on the Group's results and financial position for the current or prior periods[9](index=9&type=chunk) - The condensed consolidated financial statements have not been audited by the Company's auditor but have been reviewed by the Company's audit committee[11](index=11&type=chunk) [2. Changes in Hong Kong Financial Reporting Standards](index=8&type=section&id=2.%20Changes%20in%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted HKAS 21 (Amendment) "Lack of Exchangeability," which had no significant impact on its interim condensed consolidated financial information - The Group has adopted HKAS 21 (Amendment) "Lack of Exchangeability"[12](index=12&type=chunk) - The new and revised standard has no significant impact on the Group's interim condensed consolidated financial information[13](index=13&type=chunk) [3. Segment Information](index=8&type=section&id=3.%20Segment%20Information) The Group operates in LED and GaN semiconductor segments in China, with H1 2025 revenues of RMB 24,930 thousand for LED and RMB 8,131 thousand for GaN - The Group has two reportable operating segments: (i) LED products segment and (ii) GaN and other semiconductor products segment[14](index=14&type=chunk) Segment Revenue and Results (For the Six Months Ended June 30) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Segment Revenue** | | | | LED Products | 24,930 | 33,220 | | GaN and Other Semiconductor Products | 8,131 | 1,032 | | **Total** | **33,061** | **34,252** | | **Segment Results** | | | | LED Products | (3,084) | (5,327) | | GaN and Other Semiconductor Products | (31,711) | (44,803) | | **Total** | **(34,795)** | **(50,130)** | | Other Unallocated (Loss before income tax) | (31,209) | (7,075) | | **Loss Before Income Tax** | **(66,004)** | **(57,205)** | [4. Revenue, Other Income and Gains](index=8&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Revenue primarily from LED and GaN products totaled RMB 33,061 thousand in H1 2025, with other income and gains significantly reduced to RMB 351 thousand due to lower government grants - The Group is principally engaged in the design, development, manufacturing, and sales of semiconductor products in China, including LED beads, GaN chips, GaN devices, and related application products[16](index=16&type=chunk) Analysis of Revenue, Other Income and Gains (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Revenue:** | | | | Sales of LED beads | 24,930 | 33,220 | | Sales of GaN and fast charging products | 8,131 | 1,032 | | **Total Revenue** | **33,061** | **34,252** | | **Other Income and Gains:** | | | | Bank interest income | 8 | 23 | | Government grants | 263 | 4,310 | | Other income | 80 | 2,452 | | **Total Other Income and Gains** | **351** | **6,785** | - A significant decrease in government grants was the primary reason for the decline in other income and gains[18](index=18&type=chunk) [5. Finance Costs](index=9&type=section&id=5.%20Finance%20Costs) Finance costs for H1 2025 slightly increased, primarily consisting of interest on bank borrowings and lease liabilities Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 1,935 | 1,797 | | Interest on lease liabilities | 328 | 367 | | **Total Finance Costs** | **2,263** | **2,164** | [6. Income Tax Expense](index=9&type=section&id=6.%20Income%20Tax%20Expense) The Group incurred no income tax expense, with its Chinese subsidiary, Zhuhai Hongguang Semiconductor, benefiting from a 15% preferential corporate income tax rate - For the six months ended June 30, 2025, the Group's income tax expense was **zero**[20](index=20&type=chunk)[21](index=21&type=chunk) - Zhuhai Hongguang Semiconductor Co., Ltd., as a high-tech enterprise, enjoys a preferential corporate income tax rate of **15%** and can continue to pay corporate income tax at this preferential rate until the end of 2025[21](index=21&type=chunk)[22](index=22&type=chunk) [7. Dividends](index=10&type=section&id=7.%20Dividends) The Company neither paid nor declared any dividends for the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries paid or declared any dividends during the six months ended June 30, 2025[23](index=23&type=chunk) [8. Loss per Share](index=11&type=section&id=8.%20Loss%20per%20Share) Basic and diluted loss per share for H1 2025 was RMB 7.70 cents, an increase from RMB 7.22 cents, primarily due to the widened loss for the period Loss per Share Calculation (For the Six Months Ended June 30) | Metric | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (59,293) | (54,246) | | Weighted average number of ordinary shares for basic loss per share calculation | 769,727,418 | 751,054,785 | | Basic and diluted loss per share (RMB cents) | (7.70) | (7.22) | - Potential ordinary shares related to share options were not included in the calculation of loss per share as their inclusion would be anti-dilutive[24](index=24&type=chunk) [9. Property, Plant and Equipment](index=11&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, property, plant and equipment increased, mainly due to right-of-use assets and acquisitions of approximately **RMB 15.0 million** - As of June 30, 2025, the Group's right-of-use assets primarily comprise property leases for offices in Hong Kong and factories in Xuzhou and Zhuhai[25](index=25&type=chunk) - The cost of property, plant and equipment acquired during the period was approximately **RMB 15.0 million** (prior period: approximately RMB 9.3 million)[26](index=26&type=chunk) [10. Intangible Assets](index=12&type=section&id=10.%20Intangible%20Assets) Intangible assets, mainly patent sub-licenses and software, totaled approximately **RMB 0.3 million** as of June 30, 2025, with amortization expenses of approximately **RMB 0.2 million** - The Group's intangible assets include patent sub-licenses and computer software[27](index=27&type=chunk) - For the six months ended June 30, 2025, the Group did not acquire or dispose of any intangible assets, and amortization expenses were approximately **RMB 0.2 million**[27](index=27&type=chunk) Carrying Amount of Intangible Assets | Date | Carrying Amount (RMB million) | | :--- | :--- | | June 30, 2025 | 0.3 | | December 31, 2024 | 0.4 | [11. Trade and Bills Receivables](index=12&type=section&id=11.%20Trade%20and%20Bills%20Receivables) Trade and bills receivables totaled **RMB 75,690 thousand** as of June 30, 2025, with the 0-30 day category being the largest and impairment provisions slightly increasing Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 60,670 | 54,267 | | Bills receivables | 15,020 | 12,975 | | **Total** | **75,690** | **67,242** | Aging Analysis of Trade and Bills Receivables (As of June 30) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 40,919 | 34,573 | | 31 to 60 days | 7,044 | 8,858 | | 61 to 90 days | 11,983 | 6,719 | | 91 to 120 days | 5,461 | 4,945 | | 121 to 365 days | 8,022 | 7,264 | | Over 1 year | 17,824 | 20,270 | | **Gross amount** | **91,253** | **82,629** | | Less: Impairment | (15,563) | (15,387) | | **Net amount** | **75,690** | **67,242** | [12. Prepayments, Deposits and Other Receivables](index=13&type=section&id=12.%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) Prepayments, deposits, and other receivables totaled **RMB 72,143 thousand** as of June 30, 2025, mainly comprising raw material prepayments to third-party suppliers Prepayments, Deposits and Other Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Other receivables | 32,692 | 36,490 | | Prepayments and deposits | 39,451 | 46,915 | | **Total** | **72,143** | **83,405** | | Less: Non-current portion | (1,409) | (1,411) | | **Current portion** | **70,734** | **81,994** | - Prepayments primarily include prepayments for raw materials to independent third-party suppliers of approximately **RMB 36.4 million** (December 31, 2024: approximately RMB 42.8 million)[29](index=29&type=chunk) [13. Financial Assets at Fair Value Through Profit or Loss](index=13&type=section&id=13.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss, primarily unlisted fund investments, totaled approximately **RMB 32.1 million** as of June 30, 2025, with a fair value loss of approximately **RMB 1.6 million** recognized - Financial assets at fair value through profit or loss refer to investments in unlisted funds[30](index=30&type=chunk) Financial Assets at Fair Value Through Profit or Loss | Date | Fair Value (RMB million) | | :--- | :--- | | June 30, 2025 | 32.1 | | December 31, 2024 | 34.6 | - For the six months ended June 30, 2025, a fair value loss of approximately **RMB 1.6 million** was recognized[30](index=30&type=chunk) [14. Financial Assets at Fair Value Through Other Comprehensive Income ("FVOCI")](index=13&type=section&id=14.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income%20%28%22FVOCI%22%29) Financial assets at FVOCI, mainly unlisted equity, totaled approximately **RMB 98.4 million** as of June 30, 2025, with a **RMB 78.4 million** fair value loss recognized, primarily from the Vis IC investment Financial Assets at Fair Value Through Other Comprehensive Income | Date | Fair Value (RMB thousand) | | :--- | :--- | | June 30, 2025 | 98,374 | | December 31, 2024 | 181,926 | - The 10% ordinary share investment in a Chinese company (China Company Investment) had a fair value of **zero** as of June 30, 2025[32](index=32&type=chunk) - The investment in Israeli company Vis IC had a fair value of approximately **USD 13.7 million** (approximately **RMB 98.4 million**), a significant decrease from USD 24.9 million (approximately RMB 181.9 million) at the end of 2024[33](index=33&type=chunk) - For the six months ended June 30, 2025, a fair value loss of approximately **RMB 78.4 million** was recognized[34](index=34&type=chunk) [15. Cash and Cash Equivalents](index=14&type=section&id=15.%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents significantly increased to **RMB 45,782 thousand** as of June 30, 2025, primarily in RMB and HKD, with RMB balances subject to Chinese government exchange restrictions Cash and Cash Equivalents (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank balances and cash | 45,782 | 8,779 | | Denominated in RMB | 24,541 | 7,473 | | Denominated in HKD | 20,777 | 1,166 | | Denominated in USD | 464 | 141 | - Bank balances and cash denominated in RMB are not freely convertible, and the remittance of such funds out of China is subject to exchange restrictions imposed by the Chinese government[35](index=35&type=chunk) [16. Trade Payables](index=14&type=section&id=16.%20Trade%20Payables) Trade payables decreased to **RMB 15,088 thousand** as of June 30, 2025, with most amounts due within 90 days Trade Payables (As of June 30) | Date | Amount (RMB thousand) | | :--- | :--- | | June 30, 2025 | 15,088 | | December 31, 2024 | 19,347 | Aging Analysis of Trade Payables (As of June 30) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 5,139 | 7,364 | | 31 to 60 days | 3,332 | 4,273 | | 61 to 90 days | 2,677 | 2,852 | | 91 to 120 days | 1,604 | 1,283 | | 121 to 365 days | 1,340 | 1,718 | | Over 1 year | 996 | 1,857 | | **Total** | **15,088** | **19,347** | [17. Bank Borrowings](index=15&type=section&id=17.%20Bank%20Borrowings) Total bank borrowings were **RMB 10.0 million** as of June 30, 2025, comprising unsecured interest-bearing loans at an effective annual rate of **3.35%**, with no covenant breaches Bank Borrowings (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank loans—unsecured | 10,000 | 10,000 | - The effective interest rate for unsecured interest-bearing bank borrowings was **3.35%** per annum[37](index=37&type=chunk) - No breaches of covenants relating to the facilities drawn were noted at each reporting period end[37](index=37&type=chunk) [18. Related Party Transactions](index=16&type=section&id=18.%20Related%20Party%20Transactions) Related party transactions with Zhuhai Special Economic Zone Lijia Electronic Development Co., Ltd. totaled **RMB 875 thousand** for H1 2025, covering public utility and lease expenses Related Party Transactions (For the Six Months Ended June 30) | Related Party Name | Nature of Transaction | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Zhuhai Special Economic Zone Lijia Electronic Development Co., Ltd. | Public utility expenses | 689 | 813 | | Zhuhai Special Economic Zone Lijia Electronic Development Co., Ltd. | Lease expenses | 186 | 186 | | **Total** | **875** | **999** | - This related party is beneficially owned by Mr. Zhao Yiwen, a director of the Company[38](index=38&type=chunk) [19. Share-based Payment Transactions](index=16&type=section&id=19.%20Share-based%20Payment%20Transactions) The Group offers incentives via share option, share award, and employee share award schemes, recognizing approximately **RMB 20.8 million** in share-based payment expenses for H1 2025 [Share Option Scheme](index=16&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The share option scheme rewards contributors, with some 2021 and 2023 options unexercised and approximately **RMB 2.9 million** in related expenses recognized for the period - The Share Option Scheme aims to provide incentives and/or rewards to eligible participants for their services and/or contributions to the successful operation of the Group[39](index=39&type=chunk) - For the six months ended June 30, 2025, the Company recognized expenses of approximately **RMB 2.9 million** (prior period: approximately RMB 3.0 million) for services provided during the vesting period under the Share Option Scheme[43](index=43&type=chunk) Details of 2021 Share Option Movements (As of June 30, 2025) | Grant Date | Subscription Price (HKD) | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | Vested and Exercisable as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | June 17, 2021 | 7.50 | 9,037,500 | 6,537,500 | 3,537,500 | Details of 2023 Share Option Movements (As of June 30, 2025) | Grant Date | Subscription Price (HKD) | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | Vested and Exercisable as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | July 28, 2023 | 1.40 | 4,152,500 | 2,057,500 | 2,057,500 | [Share Award Scheme](index=18&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) The Company adopted a share award scheme to recognize and retain employees, recognizing approximately **RMB 17.9 million** in expenses for H1 2025 from first and second tranches - The Share Award Scheme aims to recognize and reward the contributions of eligible participants and attract suitable talent[44](index=44&type=chunk) - For the six months ended June 30, 2025, the Company recognized expenses of approximately **RMB 0.3 million** (prior period: approximately RMB 2.0 million) under the first tranche of share awards[48](index=48&type=chunk) - For the six months ended June 30, 2025, the Company recognized expenses of approximately **RMB 17.6 million** (prior period: nil) under the second tranche of share awards[50](index=50&type=chunk) Details of First Tranche Share Awards (As of June 30, 2025) | Grant Date | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | Vested and Exercisable as of June 30, 2025 | | :--- | :--- | :--- | :--- | | January 31, 2024 | 7,330,000 | 6,360,000 | 6,360,000 | Details of Second Tranche Share Awards (As of June 30, 2025) | Grant Date | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | Vested and Exercisable as of June 30, 2025 | | :--- | :--- | :--- | :--- | | December 4, 2024 | 66,815,478 | 66,780,000 | — | [Employee Share Award Scheme](index=20&type=section&id=%E5%83%B1%E5%93%A1%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) The employee share award scheme allows indirect investment in Jiangsu GaN Semiconductor, but no expenses were recognized for H1 2025 - The Employee Share Award Scheme aims to provide grantees with opportunities to indirectly invest in Jiangsu GaN Semiconductor Co., Ltd. and share in its future growth and achievements[51](index=51&type=chunk) - As of June 30, 2024, the fair value of approximately **19.10%** equity interest in Shenzhen GaN Semiconductor Co., Ltd. held by the employee shareholding platform was approximately **RMB 50.3 million**[51](index=51&type=chunk) - For the six months ended June 30, 2025, the Company recognized **nil** expenses under the Employee Share Award Scheme (prior period: RMB 24.8 million)[52](index=52&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This chapter outlines the Group's H1 2025 business development, industry environment, and strategic outlook, focusing on its transition to GaN products and IDM enterprise goals to capture new market opportunities [Introduction](index=21&type=section&id=%E7%B7%92%E8%A8%80) The Company primarily designs, develops, manufactures, and sells semiconductor products in China, transitioning to third-generation GaN products with the goal of becoming a full-产业链 IDM enterprise - The Group is principally engaged in the design, development, manufacturing, subcontracting, and sales of semiconductor products in China, including LED beads, new generation gallium nitride (GaN) chips, and GaN device-related application products[53](index=53&type=chunk) - The Group has been committed in recent years to developing applications for third-generation GaN semiconductor products and gradually achieving business transformation[53](index=53&type=chunk) - The goal is to become a full-产业链 semiconductor Integrated Device Manufacturer (IDM) enterprise covering R&D, manufacturing, packaging and testing, and sales, with a particular focus on semiconductor design and manufacturing[53](index=53&type=chunk) [Industry Review](index=21&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) H1 2025 saw challenges in LED lighting but strong growth in semiconductors, particularly in China, driven by government support and demand from new energy, automotive electronics, and AI, with GaN showing robust demand - In H1 2025, the LED lighting industry faced continuous negative impacts, primarily due to a sluggish real estate market, weak consumer electronics spending, and intensified industry competition[54](index=54&type=chunk) - China is the world's second-largest semiconductor market, with demand showing strong growth momentum in areas such as technological innovation, power devices, automotive electronics, artificial intelligence, and the Internet of Things[54](index=54&type=chunk) - WSTS forecasts the global semiconductor market to grow by **11.2%** to **USD 700.9 billion** in 2025, with the H1 2025 global semiconductor market reaching **USD 346.0 billion**, a year-on-year increase of **18.9%**[55](index=55&type=chunk) - The US-China tech war and export control measures have prompted China to increase investment in semiconductor R&D, accelerating domestic substitution and independent innovation, thereby driving rapid industrial development[56](index=56&type=chunk) - GaN, as a third-generation semiconductor, is experiencing surging demand in the new energy and new energy vehicle sectors, with China's new energy vehicle market developing rapidly and maintaining strong demand for third-generation semiconductor power devices[57](index=57&type=chunk) - The Chinese government advocates accelerating the industrialization of new materials and technologies for third-generation semiconductors in the "14th Five-Year Plan and Long-Range Objectives Through 2035"[58](index=58&type=chunk) [Business Review](index=23&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Group advanced its GaN semiconductor strategy, completing key equipment installations; despite a **3.5%** revenue decrease to **RMB 33.1 million**, gross profit increased by **18.2%** to **RMB 3.2 million**, with GaN revenue reaching **25%** of total - While maintaining its LED bead business, the Group continued to fully develop the third-generation semiconductor industry chain, completing the production debugging of GaN epitaxy equipment and the procurement and installation of core equipment for the chip production line[59](index=59&type=chunk) - Revenue for the period was approximately **RMB 33.1 million**, a decrease of approximately **3.5%** from the prior period (prior period: approximately RMB 34.3 million), but gross profit increased by approximately **18.2%** to approximately **RMB 3.2 million**[59](index=59&type=chunk) - Revenue for the period comprised **75%** from LED bead business and **25%** from GaN business, indicating a significant increase in the proportion of GaN business[59](index=59&type=chunk) - Loss for the period attributable to owners of the Company was approximately **RMB 59.3 million**[59](index=59&type=chunk) [Outlook](index=23&type=section&id=%E5%B1%95%E6%9C%9B) The Group anticipates high growth in the GaN power device market, driven by new energy and green energy, and will invest in R&D, capacity, and partnerships to become a full-产业链 GaN IDM enterprise - The GaN power device market is projected to grow from **USD 46 million** in 2020 to **USD 1.1 billion** in 2026, with a CAGR of **70%**, primarily driven by green energy generation, electric vehicles, charging piles, and energy storage demand[60](index=60&type=chunk) - New energy vehicles are the main driver of growth in the GaN power product market, with local Chinese brands accounting for over **80%** of the electric vehicle market share[61](index=61&type=chunk) - The Group will continue to intensify efforts to improve the third-generation GaN semiconductor industry chain, accelerate R&D and expand applications for GaN-related products, and actively seek strategic partners[61](index=61&type=chunk) - The goal is to become a full-产业链 GaN IDM enterprise integrating R&D, manufacturing, packaging, testing, and sales[61](index=61&type=chunk) - The Chinese government has elevated self-reliance and control in the chip industry to a key national strategic level, providing long-term and strong support for the semiconductor sector[62](index=62&type=chunk) [Financial Performance Analysis](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) This chapter analyzes the Group's H1 2025 financial performance, covering revenue, costs, margins, other income, and expenses, and identifies key reasons for the widened loss [Revenue](index=25&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue for the period was **RMB 33.1 million**, a **3.5%** decrease, mainly due to lower LED sales, while GaN product revenue significantly increased to **RMB 8.1 million**, reaching **24.6%** of total revenue - Total revenue for the period was approximately **RMB 33.1 million**, a decrease of approximately **3.5%** from the prior period (prior period: approximately RMB 34.3 million), primarily due to reduced sales revenue from LED products[63](index=63&type=chunk) Revenue Breakdown by Segment (For the Six Months Ended June 30) | Segment | 2025 (RMB thousand) | 2025 (%) | 2024 (RMB thousand) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | LED Products | 24,930 | 75.4 | 33,220 | 97.0 | | GaN and Other Semiconductor Products | 8,131 | 24.6 | 1,032 | 3.0 | | **Total** | **33,061** | **100.0** | **34,252** | **100.0** | - Revenue from GaN and other semiconductor products was approximately **RMB 8.1 million** (prior period: approximately RMB 1.0 million), accounting for approximately **24.6%** of total revenue (prior period: approximately 3.0%)[64](index=64&type=chunk) [Cost of Sales](index=25&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales decreased by **5.4%** to **RMB 29.8 million**, primarily due to lower material costs resulting from reduced LED product sales volume - Cost of sales decreased by approximately **5.4%** from approximately **RMB 31.5 million** in the prior period to approximately **RMB 29.8 million** in the current period[65](index=65&type=chunk) - The decrease was mainly due to a reduction in LED product sales volume, leading to lower material costs incurred[65](index=65&type=chunk) [Gross Profit and Gross Profit Margin](index=26&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased from **RMB 2.7 million** to **RMB 3.2 million**, with gross profit margin rising from **7.9%** to **9.7%**, driven by significant improvement in GaN product margins despite a slight decline in LED margins - Gross profit increased from approximately **RMB 2.7 million** in the prior period to approximately **RMB 3.2 million** in the current period, with the gross profit margin rising from approximately **7.9%** to approximately **9.7%**[66](index=66&type=chunk) Gross Profit and Gross Profit Margin Breakdown by Segment (For the Six Months Ended June 30) | Segment | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | LED Products | 2,359 | 9.7 | 3,495 | 10.5 | | GaN and Other Semiconductor Products | 855 | 10.5 | (777) | -75.3 | | **Total Gross Profit/Gross Profit Margin** | **3,214** | **9.7** | **2,718** | **7.9** | - The gross profit margin for LED beads decreased from approximately **10.5%** in the prior period to approximately **9.7%** in the current period, mainly due to a decrease in the average selling price of LED beads[66](index=66&type=chunk) [Other Income and Gains](index=26&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains significantly decreased by **94.1%** to **RMB 0.4 million**, primarily due to reduced government grants from the Chinese government - Other income and gains decreased by approximately **94.1%** from approximately **RMB 6.8 million** in the prior period to approximately **RMB 0.4 million** in the current period[67](index=67&type=chunk) - The decrease was mainly due to a reduction in government grants from the Chinese government during the current period[67](index=67&type=chunk) [Selling and Distribution Expenses](index=26&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses decreased by **12.5%** to **RMB 1.4 million**, mainly due to reduced staff, travel, and entertainment costs - Selling and distribution expenses decreased by approximately **12.5%** from approximately **RMB 1.6 million** in the prior period to approximately **RMB 1.4 million** in the current period[68](index=68&type=chunk) - The decrease was mainly due to a reduction in staff costs for sales and marketing, travel expenses, and entertainment expenses[68](index=68&type=chunk) [Administrative and Other Expenses](index=26&type=section&id=%E8%A1%8C%E6%94%BF%E5%8F%8A%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Administrative and other expenses increased by **4.5%** to **RMB 65.7 million**, primarily driven by a significant increase in research and development costs - Administrative and other expenses increased by approximately **4.5%** from approximately **RMB 62.9 million** in the prior period to approximately **RMB 65.7 million** in the current period[69](index=69&type=chunk) - The increase in administrative and other expenses was mainly due to an increase in research and development costs[69](index=69&type=chunk) - During the current period, the Group's research and development costs were approximately **RMB 23.5 million** (prior period: approximately RMB 11.4 million)[70](index=70&type=chunk) [Finance Costs](index=27&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs for the period were approximately **RMB 2.3 million**, a slight increase from **RMB 2.2 million** in the prior period Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Finance Costs | 2.3 | 2.2 | [Income Tax Expense](index=27&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group's income tax expense for the current period remained **zero**, consistent with the prior period - For the current period, the Group's income tax expense was **nil** (prior period: nil)[72](index=72&type=chunk) [Loss for the Period](index=27&type=section&id=%E6%9C%AC%E6%9C%9F%E9%96%93%E8%99%A7%E6%90%8D) Loss for the period increased to approximately **RMB 66.0 million** from **RMB 57.2 million**, mainly due to higher administrative and other expenses Loss for the Period (For the Six Months Ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Loss for the Period | 66.0 | 57.2 | - The increase in loss for the period was mainly due to an increase in administrative and other expenses during the current period[73](index=73&type=chunk) [Net Profit Margin](index=27&type=section&id=%E7%B4%94%E5%88%A9%E7%8E%87) The Group recorded a negative net profit margin of approximately **199.6%**, up from **167.0%** in the prior period, primarily due to widened loss from increased administrative expenses Net Profit Margin (For the Six Months Ended June 30) | Item | 2025 (%) | 2024 (%) | | :--- | :--- | :--- | | Negative Net Profit Margin | 199.6 | 167.0 | - The increase in negative net profit margin during the current period was mainly due to an increase in administrative and other expenses[74](index=74&type=chunk) [Dividends](index=27&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for the current period, aligning with the Group's future business development - To align with the Group's future business development, the Directors do not recommend the payment of an interim dividend for the current period (prior period: nil)[75](index=75&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, net current assets and current ratio increased due to higher bank balances from the 2024 rights issue, while total bank facilities remained stable and the gearing ratio slightly rose Liquidity and Financial Resources (As of June 30) | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Net Current Assets | 236.9 | 203.5 | | Current Ratio | 6.5 | 5.2 | | Total Cash and Bank Balances | 45.8 | 8.8 | | Total Available Bank Facilities | 10.0 | 10.0 | | Total Bank Facilities Utilized | 10.0 | 10.0 | | Equity Attributable to Owners of the Company | 502.7 | 540.8 | - The increase in current ratio was mainly due to an increase in bank balances[76](index=76&type=chunk) - The increase in total cash and bank balances was mainly due to the proceeds received from the Company's rights issue in February 2025[76](index=76&type=chunk) Gearing Ratio (As of June 30) | Date | Gearing Ratio (%) | | :--- | :--- | | June 30, 2025 | 1.9 | | December 31, 2024 | 1.7 | [Material Investments, Significant Investments and Future Plans for Capital Assets](index=28&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group holds material investments in Vis IC, Beijing Hongzhi, and HighTec SP2 Fund; Vis IC, a strategic investment, and HighTec SP2 Fund both recognized fair value losses, though the latter has promising prospects [Vis IC Technologies Limited](index=28&type=section&id=Vis%20IC%20Technologies%20Limited) In 2021, the Group acquired Vis IC Series E preferred shares for approximately **USD 25 million**; as of June 30, 2025, its fair value was approximately **RMB 98.4 million**, with a fair value loss of approximately **RMB 78.3 million** recognized - Fast Semi Holding Limited, a wholly-owned subsidiary of the Company, acquired 1,749,961 Series E preferred shares of Vis IC in 2021 for approximately **USD 25 million**, representing approximately **12.87%** of its enlarged issued share capital[79](index=79&type=chunk) Fair Value of Vis IC Investment | Date | Fair Value (RMB million) | | :--- | :--- | | June 30, 2025 | 98.4 | | December 31, 2024 | 181.9 | - A fair value loss of approximately **RMB 78.3 million** was recognized through other comprehensive income during the current period[79](index=79&type=chunk) - The Group plans to hold its stake in Vis IC as a long-term investment, as it is one of the leading enterprises in the third-generation GaN device sector[79](index=79&type=chunk) [Beijing Hongzhi Diantong Technology Co., Ltd.](index=28&type=section&id=%E5%8C%97%E4%BA%AC%E9%B4%BB%E6%99%BA%E9%9B%BB%E9%80%9A%E7%A7%91%E6%8A%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) In 2021, the Group invested **RMB 15 million** for a **10%** ordinary share stake in Beijing Hongzhi, whose fair value was **zero** as of June 30, 2025 - Xuzhou Jinshajiang Semiconductor Co., Ltd., a wholly-owned subsidiary of the Company, invested **RMB 15 million** in 2021 for a **10%** ordinary share stake in Beijing Hongzhi[80](index=80&type=chunk) - The fair value of this investment was **zero** as of June 30, 2025[80](index=80&type=chunk) [HighTec SP2 Fund](index=29&type=section&id=HighTec%20SP2%20Fund) The Group subscribed for approximately **USD 5 million** in HighTec SP2 Fund shares in 2021-2022; as of June 30, 2025, its fair value was approximately **RMB 32.1 million**, with a **RMB 1.6 million** fair value loss recognized - Fast Semi collectively subscribed for approximately **USD 5 million** in shares of HighTec SP2 Fund in December 2021 and January 2022[81](index=81&type=chunk)[82](index=82&type=chunk) - The fund's investment strategy primarily involves investing directly or through other investment vehicles in equity securities of world-leading semiconductor design and manufacturing companies[81](index=81&type=chunk) Fair Value of HighTec SP2 Fund Investment | Date | Fair Value (RMB million) | | :--- | :--- | | June 30, 2025 | 32.1 | - During the current period, a fair value loss of approximately **RMB 1.6 million** was recognized through profit or loss[82](index=82&type=chunk) [Material Acquisitions and Disposals](index=29&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) This chapter discloses the termination of a capital increase agreement for Shenzhen GaN Semiconductor due to an investor's failure to pay, leading to an adjustment of registered capital [Termination of Capital Increase Agreement](index=29&type=section&id=%E7%B5%82%E6%AD%A2%E5%A2%9E%E8%B3%87%E5%8D%94%E8%AD%B0) The capital increase agreement for Shenzhen GaN Semiconductor was terminated on January 1, 2025, as an investor failed to pay the **RMB 45 million** second installment, leading to registered capital adjustment based on the **RMB 55 million** initial payment - The investor (Taizhou Huirong Jianeng Youchuang Equity Investment Partnership (Limited Partnership)) failed to complete the payment of the second capital contribution of **RMB 45 million** to Shenzhen GaN Semiconductor Co., Ltd. within the extended period[85](index=85&type=chunk) - The capital increase agreement, together with its appendices and extension memorandum, was terminated on **January 1, 2025**, and the investor is no longer required to pay the second capital contribution[86](index=86&type=chunk) - Shenzhen GaN's registered capital after the capital increase will be calculated and adjusted based on the actual amount paid by the investor (first capital contribution of **RMB 55 million**)[87](index=87&type=chunk) [Other Significant Information](index=31&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BF%A1%E6%81%AF) This chapter covers capital commitments, pledged assets, contingent liabilities, exchange risk, employee policies, listed securities transactions, 2024 rights issue, directors' dealings, and corporate governance [Capital Commitments](index=31&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, contracted capital commitments for property, plant and equipment acquisitions totaled approximately **RMB 14.4 million** Capital Commitments (As of June 30) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Capital commitments for acquisition of property, plant and equipment | 14.4 | 18.0 | [Pledged Assets of the Group](index=31&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) The Group had **no pledged assets** as of June 30, 2025, and December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had **no pledged assets**[89](index=89&type=chunk) [Contingent Liabilities](index=31&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group had **no material contingent liabilities** as of June 30, 2025 - As of June 30, 2025, the Group had **no material contingent liabilities**[90](index=90&type=chunk) [Exchange Rate Risk](index=31&type=section&id=%E5%BD%99%E5%85%8C%E9%A2%A8%E9%9A%AA) Operating primarily in China with RMB-settled transactions, the Group's exchange rate risk is considered immaterial, and no hedging occurred during the period - The Group primarily operates in China, with most of its transactions settled in RMB[91](index=91&type=chunk) - The Directors consider the exchange rate risk faced by the Group to be immaterial. During the current period, the Group did not hedge any exchange rate risk[91](index=91&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed **158** staff, with employee costs of approximately **RMB 37.1 million**, including **RMB 20.8 million** in share-based payments, aligning remuneration with industry and performance Number of Employees and Costs | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 158 | 161 | | Employee Costs (RMB million) | 37.1 | 44.2 | | Of which: Share-based Payment Expenses (RMB million) | 20.8 | 29.8 | - Employee remuneration levels are aligned with industry practices and prevailing market conditions, and determined based on the Company's performance and employee contributions[92](index=92&type=chunk) [Acquisition, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=%E6%94%B6%E8%B3%BC%E3%80%81%E9%8A%B7%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries acquired, sold, or redeemed any of the Company's listed securities during the period - During the current period, neither the Company nor any of its subsidiaries acquired, sold, or redeemed any of the Company's listed securities[93](index=93&type=chunk) [2024 Rights Issue](index=32&type=section&id=2024%20Rights%20Issue) The 2024 rights issue, completed in February 2025, raised approximately **HKD 87.8 million** net, primarily for R&D and working capital, with **HKD 59.5 million** utilized by June 30, 2025 - The Company completed its 2024 rights issue in February 2025, involving the issue and allotment of a total of **187,763,696** new ordinary shares, generating net proceeds of approximately **HKD 87.8 million**[94](index=94&type=chunk) - The purpose of the rights issue was to strengthen the Group's R&D capabilities and provide general working capital to meet its business development plans[94](index=94&type=chunk) Use of Proceeds from 2024 Rights Issue (As of June 30, 2025) | Purpose | Net Proceeds (HKD million) | Utilized (HKD million) | Unutilized (HKD million) | Expected Timeline for Utilization of Unutilized Proceeds | | :--- | :--- | :--- | :--- | :--- | | Enhance R&D capabilities | 52.7 | 24.4 | 28.3 | On or before December 31, 2025 | | Provide general working capital | 35.1 | 35.1 | — | — | | **Total** | **87.8** | **59.5** | **28.3** | | [Directors' Securities Dealings](index=32&type=section&id=Directors%27%20Securities%20Dealings) The Company adopted the Model Code for Directors' Securities Transactions and confirms **no breaches** during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[95](index=95&type=chunk) - The Company is not aware of any non-compliance with the required standards for directors' securities dealings during the current period[95](index=95&type=chunk) [Corporate Governance and Compliance with the Corporate Governance Code](index=33&type=section&id=Corporate%20Governance%20and%20Compliance%20with%20the%20Corporate%20Governance%20Code) The Company adopted and complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the period - The Company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules as its own corporate governance code[96](index=96&type=chunk) - The Board is satisfied that the Company has complied with the Corporate Governance Code during the current period[96](index=96&type=chunk) [Audit Committee and Review of Accounts](index=33&type=section&id=Audit%20Committee%20and%20Review%20of%20Accounts) The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the period, deeming them compliant, and is chaired by Mr. Zou Haiyan, comprising three independent non-executive directors - The Company's Audit Committee has discussed and reviewed the Group's unaudited condensed consolidated financial statements for the current period with the Group's management[97](index=97&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Zou Haiyan (Chairman), Mr. Xiao Miaowen, and Ms. Liu Wanwen[97](index=97&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 中 遠 海 運 發 展 股 份 有 限 公 司 COSCO SHIPPING Development Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：02866） 截至二零二五年六月三十日止六個月之未經審核中期業績公告 業績摘要（按 香 港 財 務 報 告 準 則） 中遠海運發展股份有限公司（「本公司」、「公 司」或「中遠海發」）董事會（「董事會」）公 佈本公司及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月（「本 期」、 「本期間」）按香港會計準則第34號「中 期 財 務 報 告」編製的未經審核簡明綜合中期財 務 資 料，此 中 期 財 務 資 料 已 經 由 本 公 司 審 核 委 員 會（「審核委員會 ...

Company Information [Board of Directors and Committees](index=5&type=section&id=執行董事及獨立非執行董事) This section outlines the composition of the company's board, including executive and independent non-executive directors, and changes in audit, remuneration, and nomination committee members - Executive Directors: Mr. Wei Jiakun (CEO), Ms. Lin Weishan (Chairperson), Ms. Li Wanna[11](index=11&type=chunk) - Independent Non-Executive Directors: Ms. Mao Shue (appointed on March 25, 2025), Mr. Jia Xiaogang, Mr. Wu Yong[11](index=11&type=chunk) - Audit Committee Chairman: Ms. Mao Shue (appointed on March 25, 2025), Ms. Chen Xiuyan resigned[11](index=11&type=chunk) [Company Contact and Registration Information](index=5&type=section&id=公司聯絡及註冊信息) This section provides detailed contact and registration information for the company, including its registered office, principal place of business, joint company secretaries, authorized representatives, compliance officer, auditor, share registrar, and principal bankers - Registered Office: Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands[11](index=11&type=chunk) - Principal Place of Business in Hong Kong: Units 1202, 1204–06, 12th Floor, Chinese Bank Building, 61 Des Voeux Road Central, Hong Kong[12](index=12&type=chunk) - Auditor: Zhongzheng Tianheng Certified Public Accountants Limited[11](index=11&type=chunk) - Stock Code: 8646[13](index=13&type=chunk) Interim Unaudited Results [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=簡明綜合損益及其他全面收益表) This statement reports the unaudited condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing significant profit growth but increased other comprehensive loss during the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 72,230 | 82,846 | (10,616) | -12.81% | | Cost of Sales | (49,416) | (62,686) | 13,270 | -21.17% | | Gross Profit | 22,814 | 20,160 | 2,654 | 13.16% | | Other Net Income | 16,583 | 737 | 15,846 | 2149.93% | | Operating Profit | 33,293 | 13,284 | 20,009 | 150.62% | | Profit Before Tax | 31,407 | 11,081 | 20,326 | 183.43% | | Income Tax Expense | (2,378) | (1,696) | (682) | 40.21% | | Profit for the Period | 29,029 | 9,385 | 19,644 | 209.31% | | Basic and Diluted Earnings Per Share (RMB cents) | 6.32 | 2.04 | 4.28 | 209.80% | | Total Comprehensive Income for the Period | 28,308 | 8,905 | 19,403 | 217.89% | [Condensed Consolidated Statement of Financial Position](index=9&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, the company's net assets and total equity increased, with a significant improvement in net current assets, reflecting a robust financial position Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current Assets | 62,093 | 65,315 | (3,222) | -4.93% | | Current Assets | 470,257 | 403,376 | 66,881 | 16.58% | | Current Liabilities | 155,868 | 122,641 | 33,227 | 27.09% | | Net Current Assets | 314,389 | 280,735 | 33,654 | 11.99% | | Total Assets Less Current Liabilities | 376,482 | 346,050 | 30,432 | 8.79% | | Non-current Liabilities | 6,383 | 4,259 | 2,124 | 49.87% | | Net Assets | 370,049 | 341,791 | 28,258 | 8.27% | | Total Equity | 370,099 | 341,791 | 28,308 | 8.28% | [Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=簡明綜合權益變動表) For the six months ended June 30, 2025, the company's total equity increased from RMB 341,791 thousand at the beginning of the period to RMB 370,099 thousand at the end, primarily due to profit for the period of RMB 29,029 thousand, despite other comprehensive losses - Profit for the period: **RMB 29,029 thousand** (2024: RMB 9,385 thousand)[22](index=22&type=chunk) - Other comprehensive loss: **RMB (721) thousand** (2024: RMB (480) thousand)[22](index=22&type=chunk) - Total comprehensive income for the period: **RMB 28,308 thousand** (2024: RMB 8,905 thousand)[22](index=22&type=chunk) - Total equity as of June 30, 2025: **RMB 370,099 thousand** (December 31, 2024: RMB 341,791 thousand)[22](index=22&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=簡明綜合現金流量表) For the six months ended June 30, 2025, net cash from operating activities significantly increased, but the net increase in cash and cash equivalents turned into a net decrease, resulting in a lower cash balance at period-end Condensed Consolidated Statement of Cash Flows Summary | Indicator | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Cash (Used In) / From Operating Activities | 45,303 | 851 | 44,452 | 5223.50% | | Net Cash From Investing Activities | – | 1 | (1) | -100.00% | | Net Cash From Financing Activities | 44,183 | 833 | 43,350 | 5204.08% | | Net Increase (Decrease) in Cash and Cash Equivalents | (1,120) | 1,685 | (2,805) | -166.47% | | Cash and Cash Equivalents at End of Period | 1,408 | 2,852 | (1,444) | -50.63% | [Notes to the Condensed Consolidated Interim Financial Information](index=13&type=section&id=未經審核簡明綜合業績附註) This section provides supplementary information for the interim results, including detailed accounting policies, revenue breakdown, expense composition, taxation, earnings per share, balance sheet item changes, and share capital information [General Information and Accounting Policies](index=13&type=section&id=一般資料及會計政策) This section describes the company's registration details and primary business (manufacturing and selling architectural glass products), confirming that the interim report is prepared in accordance with IFRS and the Hong Kong Companies Ordinance on a historical cost basis - The company was incorporated in the Cayman Islands on May 25, 2017, and its shares have been listed on the GEM of the Hong Kong Stock Exchange since January 13, 2020[26](index=26&type=chunk) - Principal business: Manufacturing and selling architectural glass products in China[26](index=26&type=chunk) - Financial statements prepared in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance, and in compliance with the GEM Listing Rules[27](index=27&type=chunk) [Revenue and Segment Reporting](index=15&type=section&id=收益及分部報告) This section discloses that the company's revenue primarily derives from selling glass products in China, broken down by product line, showing energy-saving and safety glass products as the main revenue source, but with significant growth in smart glass products revenue; the company operates in a single operating segment Revenue from Contracts with Customers by Major Product Line | Product Line | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of energy-saving and safety glass products | 67,721 | 81,690 | (13,969) | -17.10% | | Sales of smart glass products | 4,509 |

華 檢 醫 療 控 股 有 限 公 司（「本公司」）董 事（「董 事」，各 自 為「董 事」）會（「董事會」） 謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（此 後 統 稱「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「報告期間」）的 未 經 審 核 綜 合 中 期 業 績，其 已 經 本 公 司 審 核 委 員 會（「審核委員會」）審 閱 及 已 經 董 事 會 於 二 零 二 五 年 八 月 二 十 九 日 核 准。本 集 團 於 報 告 期 間 的 財 務 摘 要 連 同 二 零 二 四 年 同 期 的 比 較 數 字 載 列 如 下： 截至六月三十日止六個月 | | | | | | | | | | | | 二零二五年 | | 二零二四年 | | 變 動 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 人民幣千元 | | 人民幣千元 | | | | | | | | | | ...

[Company Information and Report Overview](index=1&type=section&id=Company%20Information%20and%20Report%20Overview) This section provides an overview of the company, its business and financial highlights for the six months ended June 30, 2025 [Company Profile and Report Statement](index=1&type=section&id=1.1%20Company%20Profile%20and%20Report%20Statement) This announcement presents the unaudited condensed consolidated interim results of Jacobio Pharmaceuticals Group Co., Ltd. for the six months ended June 30, 2025 - This announcement presents the unaudited condensed consolidated interim results of Jacobio Pharmaceuticals Group Co., Ltd. (Stock Code: 1167) for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Business Highlights](index=1&type=section&id=1.2%20Business%20Highlights) During the reporting period, the company achieved significant progress in its drug pipeline and operations, with core product Glecirasib approved and successfully prescribed - Core product Glecirasib (KRAS G12C inhibitor) was approved by the NMPA in May 2025 for the treatment of NSCLC patients with KRAS G12C mutation who have previously received at least one systemic therapy, and was successfully prescribed to the first patient in the same month[4](index=4&type=chunk) - Translational research results for Sitneprotafib (SHP2 inhibitor) were published in Clinical Cancer Research in May 2025, demonstrating significant synergistic effects with various therapies, and discussions are ongoing with the US FDA regarding global Phase III trial design[5](index=5&type=chunk) - Phase I dose-escalation trials for JAB-23E73 (pan-KRAS inhibitor) are ongoing in China and the US, with the China trial reaching an effective range, showing acceptable safety and encouraging preliminary anti-tumor activity[8](index=8&type=chunk) - The clinical candidate JAB-BX467 for HER2-STING iADC was nominated in the second half of 2024, with an IND application planned for submission in 2026, and preclinical studies showing good in vitro stability and strong immune memory effects[12](index=12&type=chunk) [Financial Highlights](index=3&type=section&id=1.3%20Financial%20Highlights) During the reporting period, the company's revenue significantly increased, and losses narrowed substantially, primarily due to milestone payments from the Allist Pharmaceuticals licensing agreement Financial Highlights (For the six months ended June 30) | Indicator | For the six months ended June 30, 2025 (RMB million) | For the six months ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 45.7 | 0 | 100.0% | | R&D Expenses | 93.2 | 176.8 | -47.3% | | Administrative Expenses | 18.6 | 21.2 | -12.4% | | Loss for the Period | 59.0 | 169.1 | -65.1% | - Revenue growth was primarily attributable to milestone payments from the Allist Pharmaceuticals licensing agreement[13](index=13&type=chunk) - The decrease in R&D expenses was mainly due to the absence of large-scale pivotal clinical trial costs during the reporting period, and the pivotal trials for Glecirasib and Sitneprotafib being fully funded by Allist Pharmaceuticals, reducing the company's financial burden[14](index=14&type=chunk) [Business Overview and Product Pipeline](index=4&type=section&id=Business%20Overview%20and%20Product%20Pipeline) This section details the company's strategic focus on innovative oncology therapies, its extensive product pipeline, and significant progress in clinical development [Company Background and Strategy](index=4&type=section&id=2.1%20Company%20Background%20and%20Strategy) The company is a clinical-stage pharmaceutical company focused on the in-house discovery and development of innovative oncology therapies, particularly targeting "undruggable" targets - Founded in July 2015, the company focuses on discovering and developing clinical-stage small molecule drug candidates by targeting allosteric sites to address 'undruggable' targets[17](index=17&type=chunk) - The company is developing an innovative pipeline of candidates, including small molecules, monoclonal antibodies, and iADCs, and actively seeks strategic and collaborative partnerships with leading multinational companies to maximize the clinical and commercial value of its drug candidates[17](index=17&type=chunk) [Overall Product Pipeline Overview](index=4&type=section&id=2.2%20Overall%20Product%20Pipeline%20Overview) The company boasts a rich pipeline of innovative drug candidates, including seven clinical-stage assets, three IND-approved assets, and several IND-enabling assets, primarily targeting undruggable targets - The company has discovered and developed an innovative pipeline of drug candidates, including seven clinical-stage assets, three assets in the IND-approved stage, and several other assets in the IND-enabling stage[19](index=19&type=chunk) - These drug candidates target undruggable targets, with a particular focus on the RAS signaling pathway, demonstrating broad applicability across various tumor types and potential for combination therapies[19](index=19&type=chunk) Product Pipeline Overview as of the Date of this Announcement | Asset | Indication | IND/Clinical Stage | Key Milestones | | :--- | :--- | :--- | :--- | | **Clinical Stage Products** | | | | | Glecirasib (KRAS G12C) | ≥2L NSCLC | NDA Approved for Launch | NDA application approved in May 2025, granted priority review in May 2024 | | Glecirasib (KRAS G12C) + SHP2i (JAB-3312) | 1L NSCLC | China Phase III Pivotal Trial | Discussions ongoing with US FDA on pivotal trial design | | Glecirasib (KRAS G12C) + EGFR mAb | ≥3L CRC | China Phase III Pivotal Trial | Approved in May 2024 | | JAB-3312 (SHP2) | NSCLC, PDAC, CRC & other solid tumors | Global Trials | Translational research results published in 2025 | | JAB-23E73 (Pan-KRAS) | NSCLC, PDAC, CRC & other solid tumors | Global Trials | US FDA and CDE IND approval in Sep 2024, FPI in China and US in Nov 2024 and June 2025 | | JAB-8263 (BET) | Solid tumors, Myelofibrosis | US/China Trials | Preliminary efficacy results for MF presented at ASH 2024, MF expansion trial ongoing | | JAB-2485 (Aurora A) | Solid tumors | Global Phase I/IIa Trial | RP2D to be determined in H2 2025 | | JAB-30355 (P53 Y220C) | Solid tumors | Global Phase I Trial | Dose escalation ongoing in China and US, positive efficacy signals observed | | JAB-BX102 (CD73 mAb) | Solid tumors | China Phase I/IIa Trial | RP2D dose determined | | JAB-26766 (PARP 7) | Solid tumors | China Phase I/IIa Trial | CDE IND approval in 2023 | | JAB-BX300 (LIF) | Solid tumors | China Phase I/IIa Trial | CDE IND approval in 2023 | | JAB-24114 (Glutamine utilizing enzyme) | Solid tumors | China Phase I/IIa Trial | CDE IND approval in 2023 | | **IND-Enabling Products** | | | | | JAB-BX467 (iADC) | Solid tumors | IND-Enabling | IND submission in 2026 | | JAB-BX600 (tADC) | Solid tumors | IND-Enabling | IND submission in 2026 | | JAB-BX700 (tADC) | Solid tumors | IND-Enabling | - | [Clinical Stage Product Progress](index=6&type=section&id=2.3%20Clinical%20Stage%20Product%20Progress) The company made significant clinical development progress in H1 2025, with core product Glecirasib approved for launch, and other candidates advancing positively in safety, efficacy, and regulatory approvals - The company's leading asset, Glecirasib, was approved by the NMPA and launched in May 2025[22](index=22&type=chunk) [Glecirasib (KRAS G12C Inhibitor)](index=6&type=section&id=2.3.1%20Glecirasib%20(KRAS%20G12C%20Inhibitor)) Glecirasib, a highly active and selective oral KRAS G12C inhibitor, achieved significant progress in NSCLC, pan-cancer, and CRC treatments, notably approved for ≥2L NSCLC with strong efficacy and safety - Glecirasib's first indication in ≥2L NSCLC was approved in May 2025, based on a China pivotal Phase II clinical trial with an **ORR of 49.6%**, a **DCR of 86.3%**, a **median PFS of 8.2 months**, a **median OS of 14.5 months**, and a **median DOR of 14.5 months**[24](index=24&type=chunk) - Glecirasib's Phase II single-arm pivotal trial in pan-cancer (including pancreatic cancer, biliary tract cancer, gastric cancer, etc.) was approved by the CDE, and it received US FDA pancreatic cancer ODD and EMA designation, with pancreatic cancer also receiving CDE Breakthrough Therapy Designation[26](index=26&type=chunk) - In CRC, Glecirasib monotherapy showed an **ORR of 22.7%**, while combination therapy with Cetuximab achieved an **ORR of 50%**, demonstrating superior efficacy with good safety[28](index=28&type=chunk) - On August 30, 2024, the company entered into a licensing agreement with Allist Pharmaceuticals, granting Allist Pharmaceuticals commercialization and further clinical development rights for Glecirasib and Sitneprotafib in Greater China, resulting in a **milestone payment of RMB 50 million**[31](index=31&type=chunk) [Sitneprotafib (SHP2 Inhibitor)](index=8&type=section&id=2.3.2%20Sitneprotafib%20(SHP2%20Inhibitor)) Sitneprotafib, a second-generation oral allosteric SHP2 inhibitor, demonstrated potent inhibitory activity and significant synergistic effects with various therapies in preclinical studies, especially with KRAS G12C inhibitors - Sitneprotafib is a second-generation SHP2 inhibitor, showing potent inhibitory activity in preclinical studies with **IC50 values of 0.7-3.0 nM** for cell proliferation inhibition[33](index=33&type=chunk) - Its translational research results were published in Clinical Cancer Research in May 2025, demonstrating significant synergistic anti-tumor activity with various therapies, particularly with the KRAS G12C inhibitor Glecirasib[33](index=33&type=chunk) - The company is discussing global Phase III trial design with the US FDA and has licensed commercialization and further clinical development rights in Greater China to Allist Pharmaceuticals[33](index=33&type=chunk)[36](index=36&type=chunk) [JAB-23E73 (Pan-KRAS Inhibitor)](index=9&type=section&id=2.3.3%20JAB-23E73%20(Pan-KRAS%20Inhibitor)) JAB-23E73, a novel first-in-class oral pan-KRAS inhibitor, effectively inhibits various KRAS mutations, with ongoing Phase I dose-escalation trials in China and the US showing acceptable safety and preliminary efficacy signals in China - JAB-23E73 is a novel first-in-class oral bioactive pan-KRAS inhibitor that effectively inhibits various KRAS mutations, including G12X, G13D, and Q61H, with high selectivity for HRAS and NRAS[37](index=37&type=chunk) - Phase I dose-escalation trials are ongoing in China and the US, with the China trial reaching high doses, observing acceptable safety and preliminary efficacy signals, and Phase I study results are expected to be announced in H1 2026[38](index=38&type=chunk) [JAB-30355 (p53 Y220C Activator)](index=10&type=section&id=2.3.4%20JAB-30355%20(p53%20Y220C%20Activator)) JAB-30355, a potent oral p53 Y220C activator, shows high binding affinity to p53 Y220C mutant protein and achieved tumor regression in preclinical models, with ongoing dose-escalation trials in China and the US - JAB-30355 is a potent oral bioactive small molecule p53 activator for the treatment of patients with locally advanced or metastatic solid tumors carrying p53 Y220C mutations[39](index=39&type=chunk) - Its IND applications were approved by the US FDA in March 2024 and the CDE in June 2024, respectively, with dose escalation ongoing in China and the US, and positive efficacy signals observed[39](index=39&type=chunk) [JAB-8263 (BET Inhibitor)](index=11&type=section&id=2.3.5%20JAB-8263%20(BET%20Inhibitor)) JAB-8263, an innovative, selective, and highly active small molecule BET family protein inhibitor, has completed dose escalation in solid and hematological tumors, with RP2D determined, and an MF dose expansion trial ongoing - JAB-8263 is the most potent clinical-stage BET inhibitor globally, having completed dose escalation in solid and hematological tumors, with RP2D determined[41](index=41&type=chunk) - Given the preliminary safety and efficacy results in myelofibrosis, dose expansion for JAB-8263 in MF is currently underway[41](index=41&type=chunk) [JAB-2485 (Aurora A Kinase Inhibitor)](index=11&type=section&id=2.3.6%20JAB-2485%20(Aurora%20A%20Kinase%20Inhibitor)) JAB-2485, a highly selective Aurora A kinase inhibitor, is undergoing global Phase I/IIa trials in China and the US, with dose escalation expected to complete in H2 2025, and plans for combination therapy expansion - JAB-2485 is a clinical-stage Aurora A kinase inhibitor with high selective activity, with global Phase I/IIa trials ongoing in the US and China[42](index=42&type=chunk) - Dose escalation is expected to complete in H2 2025, and plans are underway for single-agent and combination therapy expansion with chemotherapy[42](index=42&type=chunk) [JAB-BX102 (CD73 mAb)](index=12&type=section&id=2.3.7%20JAB-BX102%20(CD73%20mAb)) JAB-BX102, a humanized monoclonal antibody targeting CD73, directly inhibits CD73 enzyme activity and induces potent internalization, with its Phase I/IIa dose-escalation trial completed and RP2D dose determined - JAB-BX102 is a humanized monoclonal antibody targeting CD73, capable of directly inhibiting CD73 enzyme activity and inducing potent internalization, rapidly clearing CD73 from cells[43](index=43&type=chunk) - The Phase I/IIa dose-escalation trial has been completed, and the RP2D dose for JAB-BX102 has been determined[43](index=43&type=chunk) [Other IND-Approved Projects](index=12&type=section&id=2.4%20Other%20IND-Approved%20Projects) The company has several IND-approved early-stage projects, including PARP7 inhibitor JAB-26766, LIF monoclonal antibody JAB-BX300, and glutamine utilizing enzyme inhibitor JAB-24114 - JAB-26766 is an orally bioavailable small molecule PARP7 inhibitor targeting immuno-oncology signaling pathways, with IND approval from the CDE in June 2023[44](index=44&type=chunk)[45](index=45&type=chunk) - JAB-BX300 is a monoclonal antibody that binds to LIF and blocks signaling, with potential to reverse tumor immunosuppression, and its IND application was approved by the CDE in June 2023[47](index=47&type=chunk)[48](index=48&type=chunk) - JAB-24114, a prodrug of DON, is an inhibitor of glutamine substrate-related metabolic enzymes, offering a unique combination of blocking tumor nutrition and enhancing T-cell function, with its IND application approved by the CDE in March 2023[49](index=49&type=chunk)[50](index=50&type=chunk) [Novel Platform Projects](index=14&type=section&id=2.5%20Novel%20Platform%20Projects) The company is actively developing two novel platforms, KRAS tADC and iADC, aiming to overcome resistance to traditional small molecule inhibitors and toxicity limitations of conventional ADCs [KRAS tADC Project (JAB-BX600)](index=14&type=section&id=2.5.1%20KRAS%20tADC%20Project%20(JAB-BX600)) The company is developing a novel KRAS G12D tADC project, combining potent small molecule KRAS G12D inhibitors with antibodies for targeted delivery, overcoming PK challenges and resistance - The company is combining potent small molecule KRAS G12D inhibitor JAB-22000 with antibodies to create a novel KRAS G12D tADC project, aiming to overcome clinical resistance and PK challenges of small molecule inhibitors[51](index=51&type=chunk) - The KRAS tADC platform is expected to expand to pan-KRAS inhibitors, targeting a broader range of KRAS mutations, with the potential to surpass existing small molecule drugs in efficacy, tolerability, and therapeutic scope[52](index=52&type=chunk) - JAB-BX600, an EGFR-targeted KRAS G12D tADC, demonstrated excellent in vitro inhibition of cancer cell proliferation (**IC50 values of 0.01-0.02 nM**) and potent in vivo anti-tumor efficacy in various KRAS G12D mutant cancer models in preclinical studies[53](index=53&type=chunk) [iADC Project (JAB-BX467)](index=15&type=section&id=2.5.2%20iADC%20Project%20(JAB-BX467)) The company is developing a novel iADC platform using STING agonists as payloads to convert "cold tumors" into "hot tumors," addressing low response rates to ICI therapies and ADC toxicity - The company's novel iADC project uses STING agonists as payloads, aiming to address challenges of low response rates to ICI therapies and toxicity caused by traditional ADCs, by converting 'cold tumors' into 'hot tumors'[56](index=56&type=chunk)[58](index=58&type=chunk) - The clinical candidate JAB-BX467 for HER2-STING iADC was nominated in the second half of 2024, with an IND application planned for submission in 2026[59](index=59&type=chunk) - JAB-BX467 demonstrated significantly improved plasma stability (almost no free payload release after 48 hours), significantly lower peripheral IL-6 levels, and sustained tumor growth elimination with robust immune memory effects in cold tumor models in preclinical studies[59](index=59&type=chunk) [Financial Performance Analysis](index=20&type=section&id=Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's financial performance, including income, expenses, and non-IFRS measures, for the six months ended June 30, 2025 [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=34&type=section&id=3.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss significantly narrowed, primarily due to increased revenue and a substantial reduction in R&D expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 45,664 | – | | R&D Expenses | (93,216) | (176,827) | | Administrative Expenses | (18,555) | (21,190) | | Other Income | 1,341 | 7,465 | | Other Gains and Losses – Net | (2,255) | 4,662 | | Operating Loss | (67,021) | (185,890) | | Net Finance Income | 8,027 | 16,837 | | Loss Before Income Tax | (58,994) | (169,053) | | Loss for the Period Attributable to Owners of the Company | (58,994) | (169,053) | | Total Comprehensive Expense for the Period Attributable to Owners of the Company | (59,014) | (169,301) | [Revenue and Gross Profit](index=20&type=section&id=3.2%20Revenue%20and%20Gross%20Profit) During the reporting period, the company's revenue increased from zero to **RMB 45.7 million**, with a corresponding increase in gross profit, primarily from milestone payments Revenue and Gross Profit (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 45,664 | – | | Cost of Revenue | – | – | | Gross Profit | 45,664 | – | - Revenue increased by **100% to RMB 45.7 million**, primarily attributable to milestone payments from the Allist Pharmaceuticals licensing agreement[13](index=13&type=chunk)[71](index=71&type=chunk) [Operating Expenses](index=22&type=section&id=3.3%20Operating%20Expenses) During the reporting period, the company's operating expenses significantly decreased, with R&D expenses down **47.3%** and administrative expenses down **12.4%**, mainly due to shifted clinical trial costs [R&D Expenses](index=22&type=section&id=3.3.1%20R%26D%20Expenses) R&D expenses decreased by **47.3%** year-on-year to **RMB 93.2 million**, primarily due to reduced outsourcing service fees, employee benefit expenses, and raw material consumption R&D Expenses Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Outsourcing service fees | 20,020 | 77,291 | -74.1% | | Employee benefit expenses | 57,211 | 66,681 | -14.2% | | Raw materials and consumables used | 3,613 | 14,029 | -74.2% | | Total | 93,216 | 176,827 | -47.3% | - R&D expenses decreased by **RMB 83.6 million**, primarily due to a **RMB 57.3 million** reduction in outsourcing service fees and a **RMB 10.4 million** reduction in raw materials and consumables used, as there were no large-scale pivotal clinical trial costs[85](index=85&type=chunk) - The Allist Pharmaceuticals licensing agreement stipulates that pivotal trials for Glecirasib and Sitneprotafib are managed and fully funded by Allist Pharmaceuticals, significantly reducing the company's financial burden[85](index=85&type=chunk) [Administrative Expenses](index=23&type=section&id=3.3.2%20Administrative%20Expenses) Administrative expenses decreased by **12.4%** year-on-year to **RMB 18.6 million**, mainly driven by strict control over discretionary miscellaneous expenses and improved operational efficiency Administrative Expenses Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 12,559 | 13,021 | -3.5% | | Professional service fees | 960 | 618 | 55.3% | | Others | 2,948 | 5,138 | -42.6% | | Total | 18,555 | 21,190 | -12.4% | - Administrative expenses decreased by **RMB 2.6 million**, primarily driven by strict control over discretionary miscellaneous expenses and improved operational efficiency of administrative functions[15](index=15&type=chunk)[86](index=86&type=chunk) [Other Income and Gains/Losses](index=21&type=section&id=3.4%20Other%20Income%20and%20Gains%2FLosses) Other income decreased due to reduced government grants, while net other gains and losses shifted from a gain to a loss, mainly impacted by increased net exchange losses Other Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 1,341 | 7,465 | -82.0% | Other (Losses)/Gains – Net (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net exchange (losses)/gains | (3,328) | 5,810 | | Fair value changes of structured deposits | 1,044 | – | | Total | (2,255) | 4,662 | - Net exchange gains of **RMB 5.8 million** in the same period of 2024 turned into a **loss of RMB 3.3 million** in 2025, primarily due to the depreciation of USD and HKD against RMB[80](index=80&type=chunk) [Finance Income and Expenses](index=23&type=section&id=3.5%20Finance%20Income%20and%20Expenses) Finance income decreased due to lower average interest rates and reduced bank balances, while finance expenses increased due to higher interest costs from redeemable liabilities Finance Income and Expenses (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance income | 15,946 | 22,071 | -27.8% | | Finance expenses | 7,919 | 5,234 | 51.3% | - Finance income decreased by **RMB 6.1 million**, primarily attributable to lower average interest rates on time deposits and reduced average bank balances in H1 2025[87](index=87&type=chunk) - Finance expenses increased by **RMB 2.7 million**, primarily attributable to increased interest costs from redeemable liabilities[88](index=88&type=chunk) [Income Tax Expense](index=24&type=section&id=3.6%20Income%20Tax%20Expense) No income tax expense was recognized during the reporting period due to the absence of taxable profits - For the six months ended June 30, 2025 and 2024, no income tax expense was recognized due to the absence of taxable profits during the reporting period[89](index=89&type=chunk) [Non-IFRS Measures](index=24&type=section&id=3.7%20Non-IFRS%20Measures) The company uses non-IFRS adjusted loss, R&D expenses, and administrative expenses to better reflect core operating performance, showing significant narrowing of adjusted loss and decreases in adjusted expenses Adjusted Loss for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (58,994) | (169,053) | | Add: Share-based payment expenses | 3,214 | 5,409 | | Add: Fair value changes of financial assets at fair value through profit or loss | (1,044) | – | | Add: Fair value losses on long-term investments at fair value through profit or loss | 75 | 185 | | Adjusted loss for the period | (56,749) | (163,459) | Adjusted R&D Expenses for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | R&D expenses for the period | (93,216) | (176,827) | | Add: Share-based payment expenses | 2,935 | 4,891 | | Adjusted R&D expenses for the period | (90,281) | (171,936) | Adjusted Administrative Expenses for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Administrative expenses for the period | (18,555) | (21,190) | | Add: Share-based payment expenses | 279 | 518 | | Adjusted administrative expenses for the period | (18,276) | (20,672) | [Loss Per Share](index=34&type=section&id=3.8%20Loss%20Per%20Share) For the six months ended June 30, 2025, the company's basic loss per share significantly narrowed to **RMB 0.08**, compared to **RMB 0.22** in the prior year Basic Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (RMB thousand) | (58,994) | (169,053) | | Weighted average number of ordinary shares in issue (thousand shares) | 774,106 | 776,652 | | Basic loss per share (RMB per share) | (0.08) | (0.22) | - Due to the Group's loss for the six months ended June 30, 2025 and 2024, potential dilutive shares had an anti-dilutive effect, thus diluted loss per share was equal to basic loss per share[147](index=147&type=chunk) [Financial Position and Cash Flow](index=26&type=section&id=Financial%20Position%20and%20Cash%20Flow) This section analyzes the company's financial position, including assets, liabilities, and cash flow movements, reflecting adjustments in R&D investment and capital management [Condensed Consolidated Statement of Financial Position](index=36&type=section&id=4.1%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and liabilities decreased, but net current assets increased, indicating sound liquidity management Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 159,639 | 170,554 | | Total current assets | 1,131,606 | 1,188,614 | | Total assets | 1,291,245 | 1,359,168 | | Total equity | 867,376 | 923,180 | | Total non-current liabilities | 273,587 | 193,142 | | Total current liabilities | 150,282 | 242,846 | | Total liabilities | 423,869 | 435,988 | - Net current assets increased by **RMB 35.5 million** from **RMB 945.8 million** as of December 31, 2024, to **RMB 981.3 million** as of June 30, 2025[104](index=104&type=chunk) - Redeemable liabilities increased from **RMB 106.2 million** to **RMB 155.6 million**, and non-current borrowings increased from **RMB 16.0 million** to **RMB 52.1 million**[125](index=125&type=chunk) - Trade payables decreased from **RMB 118.0 million** to **RMB 66.4 million**, and current borrowings decreased from **RMB 56.1 million** to **RMB 15.9 million**[125](index=125&type=chunk) [Cash Flow](index=26&type=section&id=4.2%20Cash%20Flow) Net cash used in operating activities significantly decreased, investing activities shifted from net inflow to net outflow, and net cash generated from financing activities increased Cash Flow (For the six months ended June 30) | Cash Flow Type | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | 143.1 | 180.4 | -37.3 | | Net cash used in investing activities | 43.9 | (43.7) | 87.6 | | Net cash generated from financing activities | 33.2 | 25.8 | 7.4 | - Net cash used in operating activities decreased by **RMB 37.3 million**, primarily due to reduced R&D expenses[94](index=94&type=chunk) - Net cash used in investing activities was primarily impacted by net purchases of capital-guaranteed structured deposits of **RMB 79.3 million** and reduced interest income from bank deposits[95](index=95&type=chunk) [Liquidity, Capital Resources and Financial Leverage](index=27&type=section&id=4.3%20Liquidity%2C%20Capital%20Resources%20and%20Financial%20Leverage) The company meets liquidity needs through operating cash, bank credit, and capital market funding, holding ample cash and bank balances with no net debt, indicating a robust financial structure - As of June 30, 2025, the company held cash and bank balances and investments in capital-guaranteed structured deposits totaling **RMB 1,074.1 million**[97](index=97&type=chunk) - The company has unutilized bank loan facilities of **RMB 270.0 million** and no significant other equity financing plans[97](index=97&type=chunk) - The company's cash and cash equivalents exceed its total borrowings, resulting in no net debt, thus the financial leverage ratio is not applicable[98](index=98&type=chunk) [Borrowings and Liabilities](index=27&type=section&id=4.4%20Borrowings%20and%20Liabilities) As of June 30, 2025, the company's total bank borrowings were **RMB 67.9 million** at fixed rates, with redeemable liabilities increasing due to investment agreements - As of June 30, 2025, the company's total bank borrowings amounted to **RMB 67.9 million**, all at fixed interest rates[97](index=97&type=chunk) - Redeemable liabilities increased from **RMB 106.2 million** as of December 31, 2024, to **RMB 155.6 million** as of June 30, 2025, primarily due to the receipt of the third installment of **RMB 45 million** from the Beijing Jacobio capital increase agreement[125](index=125&type=chunk)[151](index=151&type=chunk) - As of June 30, 2025, the company's lease liabilities were **RMB 75.1 million**, with no contracted but unprovided capital commitments or any significant contingent liabilities[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Material Investments, Acquisitions and Disposals](index=26&type=section&id=4.5%20Material%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the company did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not have any material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures[96](index=96&type=chunk) [Corporate Governance and Other Information](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, employee policies, dividend decisions, share repurchases, use of proceeds, and post-reporting period events [Employees and Remuneration Policy](index=28&type=section&id=5.1%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company's employee count decreased to **211**, with a corresponding reduction in remuneration costs, while maintaining competitive compensation and gender diversity Employee Count and Remuneration Costs | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 211 | 257 | | Total remuneration costs (For the six months ended June 30, RMB million) | 69.8 | 79.7 | - The company provides employees with competitive salaries, bonuses, and share-based compensation, and makes contributions to social insurance funds and housing provident funds in accordance with applicable laws[106](index=106&type=chunk) - The company is committed to maintaining gender diversity among its employees, with approximately **88 male employees** and **123 female employees** as of June 30, 2025[105](index=105&type=chunk) [Interim Dividend](index=29&type=section&id=5.2%20Interim%20Dividend) The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[107](index=107&type=chunk) [Corporate Governance and Directors' Securities Transactions](index=29&type=section&id=5.3%20Corporate%20Governance%20and%20Directors%27%20Securities%20Transactions) The company adheres to high standards of corporate governance and complies with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are held by the same person - The company has complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code, except for a deviation from code provision C.2.1 (Chairman and Chief Executive Officer roles should be separate), where Dr. Wang serves as both the Chairman of the Board and Chief Executive Officer[108](index=108&type=chunk) - The Directors have confirmed compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025, with no non-compliance noted during the reporting period[110](index=110&type=chunk) [Audit Committee Review](index=30&type=section&id=5.4%20Audit%20Committee%20Review) The Audit Committee reviewed the Group's unaudited interim results and confirmed their compliance with applicable accounting principles, standards, and regulations, with appropriate disclosures - The Audit Committee discussed and reviewed the Group's unaudited interim results for the reporting period with company management and concluded that the interim results complied with applicable accounting principles, standards, and regulations, and appropriate disclosures were made[111](index=111&type=chunk) [Share Repurchases](index=30&type=section&id=5.5%20Share%20Repurchases) During the reporting period, the company repurchased a total of **86,100 shares** on the Stock Exchange for a total consideration of **HKD 266,799**, held as treasury shares Share Repurchase Details (April 2025) | Month of Repurchase | Number of Shares | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 86,100 | 3.12 | 3.08 | 266,799 | - The share repurchases reflect the Board's confidence in the company's long-term strategy and growth prospects, and are in the overall best interests of the company and its shareholders[113](index=113&type=chunk) - The company intends to use the treasury shares for resale at market price to raise additional funds, or for share grants under share schemes and other permitted uses in compliance with Chapter 17 of the Listing Rules[113](index=113&type=chunk) [Use of Proceeds](index=31&type=section&id=5.6%20Use%20of%20Proceeds) As of June 30, 2025, the company utilized approximately **RMB 1,158.6 million** of the net proceeds from the global offering, with the remaining **RMB 24.5 million** to be allocated for early drug discovery and development - The net proceeds from the global offering were approximately **RMB 1,183.1 million**, of which approximately **RMB 1,158.6 million** had been utilized as of June 30, 2025[114](index=114&type=chunk) - The remaining unutilized net proceeds of approximately **RMB 24.5 million** will be allocated according to the uses and proportions stated in the 2024 annual results announcement[114](index=114&type=chunk) - The use of proceeds has been adjusted, canceling the allocation for establishing sales and marketing teams in Greater China, and increasing the proportion for ongoing and planned early drug discovery and development, particularly for JAB-23E73, JAB-30355, and iADC projects[115](index=115&type=chunk)[120](index=120&type=chunk) [Events After Reporting Period](index=33&type=section&id=5.7%20Events%20After%20Reporting%20Period) No significant events affecting the company have occurred since the end of the reporting period up to the date of this announcement, other than those already disclosed - Except as disclosed in this announcement, no significant events affecting the company have occurred since the end of the reporting period up to the date of this announcement[117](index=117&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 XINGDA INTERNATIONAL HOLDINGS LIMITED （在開曼群島註冊成立的有限公司 ） （股份代號：01899） 截至二零二五年六月三十日止六個月中期業績公佈 | 財務摘要 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 截至六月三十日止六個月 | | | | | | | 二零二五年 | 二零二四年 | | | | | | | (未經審核) | (未經審核) | | | | | | | 人民幣百萬元 | 人民幣百萬元 | | 變動 | | 收益 | | | 5,664.3 | 6,165.7 | | -8.1% | | 毛利 | | | 1,121.1 | 1,208.7 | | -7.2% | | 毛利率 | | | 19.8% | 19.6% | +0.2 | 百分點 | | EBITDA( ...