[Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the company's financial performance, highlighting revenue, gross profit, and various expenses leading to the loss for the period [Revenue](index=1&type=section&id=Revenue) Revenue for the six months ended June 30, 2025, decreased by approximately 2% to HKD 98,234 thousand compared to the prior year | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 98,234 | 100,511 | -2.27% | [Gross Profit](index=1&type=section&id=Gross%20Profit) Gross profit declined by approximately 11% to HKD 14,972 thousand for the six months ended June 30, 2025 | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 14,972 | 16,811 | -10.94% | [Other Income and Net Other Losses](index=1&type=section&id=Other%20Income%20and%20Net%20Other%20Losses) Other income decreased, while net other losses significantly reduced by 91%, primarily due to the absence of property, plant, and equipment disposal losses from the prior year | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 68 | 118 | -42.37% | | Net Other Losses | (839) | (9,263) | -90.94% | - The significant reduction in net other losses was primarily due to a loss of approximately **HKD 8,583 thousand** from the disposal of property, plant, and equipment in the 2024 financial period, which was related to the relocation of production facilities due to environmental requirements[32](index=32&type=chunk) [Selling and Distribution Expenses](index=1&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 16% to HKD 17,654 thousand, mainly attributable to lower transportation costs | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | (17,654) | (20,927) | -15.64% | - The decrease in selling and distribution expenses was primarily due to reduced transportation costs[33](index=33&type=chunk) [Administrative Expenses](index=1&type=section&id=Administrative%20Expenses) Administrative expenses slightly increased by 1% to HKD 10,000 thousand, mainly driven by higher legal and professional fees | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | (10,000) | (9,861) | 1.41% | - The increase in administrative expenses was mainly due to higher legal and professional expenses[34](index=34&type=chunk) [Finance Costs](index=1&type=section&id=Finance%20Costs) Finance costs significantly increased by 113% to HKD 1,261 thousand, primarily due to higher interest on interest-bearing borrowings and lease liabilities | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | (1,261) | (592) | 113.01% | - The increase in finance costs was primarily due to higher interest on interest-bearing borrowings (excluding unsecured bonds) and lease liabilities[35](index=35&type=chunk) [Loss Before Tax](index=2&type=section&id=Loss%20Before%20Tax) Loss before tax narrowed to HKD 15,122 thousand, a 38% reduction from the prior year, mainly benefiting from a significant decrease in net other losses | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Before Tax | (15,122) | (24,459) | -38.18% | - The reduction in loss before tax was primarily due to a decrease in net other losses compared to the prior year[36](index=36&type=chunk) [Loss for the Period](index=2&type=section&id=Loss%20for%20the%20Period) Loss for the period narrowed to HKD 15,122 thousand, a 20.8% decrease from the prior year, with loss attributable to owners of the Company at HKD 11,043 thousand | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (15,122) | (19,099) | -20.82% | | Loss for the Period Attributable to Owners of the Company | (11,043) | (13,926) | -20.70% | [Loss Per Share](index=2&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share improved to HKD 5.12 cents, compared to HKD 7.75 cents in the prior year | Metric | June 30, 2025 (HKD cents) | June 30, 2024 (HKD cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (5.12) | (7.75) | -33.94% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section details the total comprehensive loss for the period, including other comprehensive income items [Total Comprehensive Loss for the Period](index=3&type=section&id=Total%20Comprehensive%20Loss%20for%20the%20Period) Total comprehensive loss for the period decreased by 34.86% to HKD 13,913 thousand, mainly due to a favorable change in exchange differences on translation of overseas operations from loss to gain | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Comprehensive Loss for the Period | (13,913) | (21,359) | -34.86% | | Exchange Differences on Translation of Overseas Operations | 1,209 | (2,260) | N/A (from loss to gain) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides a snapshot of the company's assets, liabilities, and equity at the end of the reporting period [Non-current Assets](index=4&type=section&id=Non-current%20Assets) Total non-current assets decreased by 4% to HKD 118,419 thousand compared to December 31, 2024 | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 77,174 | 79,991 | -3.52% | | Right-of-use Assets | 41,193 | 43,347 | -4.97% | | Total Non-current Assets | 118,419 | 123,389 | -4.03% | [Current Assets](index=4&type=section&id=Current%20Assets) Total current assets decreased by 21.68% to HKD 123,535 thousand, primarily due to reductions in trade receivables and prepayments | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Inventories | 11,292 | 11,823 | -4.49% | | Trade and Bills Receivables | 96,090 | 114,453 | -16.04% | | Prepayments, Deposits and Other Receivables | 4,158 | 17,350 | -76.00% | | Cash and Cash Equivalents | 8,384 | 10,593 | -20.95% | | Total Current Assets | 123,535 | 157,728 | -21.68% | [Current Liabilities](index=4&type=section&id=Current%20Liabilities) Total current liabilities decreased by 11% to HKD 170,608 thousand, mainly driven by reductions in trade payables and interest-bearing borrowings | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 67,625 | 91,836 | -26.47% | | Accruals and Other Payables | 85,107 | 76,514 | 11.23% | | Interest-bearing Borrowings | 8,294 | 11,465 | -27.66% | | Total Current Liabilities | 170,608 | 191,591 | -10.95% | [Net Current Liabilities](index=5&type=section&id=Net%20Current%20Liabilities) Net current liabilities expanded by 39% to HKD 47,073 thousand, indicating increased liquidity pressure | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Liabilities | (47,073) | (33,863) | 38.99% | - Current liabilities exceeded current assets by approximately **HKD 47,073 thousand**, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[10](index=10&type=chunk) [Non-current Liabilities](index=5&type=section&id=Non-current%20Liabilities) Total non-current liabilities decreased by 39.56% to HKD 6,517 thousand, primarily due to reductions in lease liabilities and interest-bearing borrowings | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Lease Liabilities | 2,709 | 4,912 | -44.85% | | Interest-bearing Borrowings | 3,808 | 5,872 | -35.29% | | Total Non-current Liabilities | 6,517 | 10,784 | -39.56% | [Net Assets and Total Equity](index=5&type=section&id=Net%20Assets%20and%20Total%20Equity) Net assets and total equity decreased by 17.67% to HKD 64,829 thousand, with equity attributable to owners of the Company decreasing by approximately 16% | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets | 64,829 | 78,742 | -17.67% | | Equity Attributable to Owners of the Company | 52,033 | 62,007 | -16.10% | | Total Equity | 64,829 | 78,742 | -17.67% | - Equity attributable to owners of the Company decreased by approximately **16%** compared to December 31, 2024[38](index=38&type=chunk) [Notes](index=6&type=section&id=Notes) This section provides detailed explanations and disclosures regarding the financial statements [Company Information](index=6&type=section&id=Company%20Information) Sunway International Holdings Limited is incorporated in Bermuda, listed on the Hong Kong Stock Exchange, with its principal place of business in Hong Kong, and its controlling shareholder is Full Harvest Group Limited, ultimately controlled by Mr. Chim Pui Chung - The Company is a limited company incorporated in Bermuda, with its shares listed on The Stock Exchange of Hong Kong Limited[7](index=7&type=chunk) - The controlling shareholder is Full Harvest Group Limited, which is ultimately controlled by Mr. Chim Pui Chung[7](index=7&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, presented on a historical cost basis, with management assessing going concern and implementing measures to mitigate liquidity pressure - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, adopting the same accounting policies as the 2024 annual financial statements, except for specific amendments[8](index=8&type=chunk) - The Group is principally engaged in the manufacture and trading of pre-stressed high-strength concrete piles, ready-mixed commercial concrete, autoclaved aerated concrete products, and ecological concrete products, along with related processing income[9](index=9&type=chunk) - For the six months ended June 30, 2025, the Group incurred a net loss of approximately **HKD 15,122 thousand**, with current liabilities exceeding current assets by approximately **HKD 47,073 thousand**, indicating a material uncertainty regarding its ability to continue as a going concern[10](index=10&type=chunk) - The Board has reviewed cash flow forecasts and implemented measures to mitigate liquidity pressure, including actively recovering receivables, strictly monitoring customer credit, implementing cost controls, and considering other financing arrangements[10](index=10&type=chunk)[12](index=12&type=chunk) [Application of Revised Hong Kong Financial Reporting Standards](index=8&type=section&id=Application%20of%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The application of revised HKFRS accounting standards in this interim period had no significant impact on the Group's financial position or performance - The application of revised Hong Kong Financial Reporting Standards had no significant impact on the Group's financial position and performance[13](index=13&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The Group operates in a single reportable segment: the sale and manufacture of pre-stressed high-strength concrete piles and other building materials, with all revenue and non-current assets derived from China - The Group has a single reportable and operating segment: the sale and manufacture of pre-stressed high-strength concrete piles and other building materials[15](index=15&type=chunk) - All of the Group's revenue and non-current assets are generated from the People's Republic of China[15](index=15&type=chunk) Revenue from Major Customers (HKD thousands) | Customer | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer A | 22,029 | — | | Customer B | 10,455 | N/A | | Customer C | — | 11,951 | | Customer D | — | 11,421 | [Revenue (Notes)](index=9&type=section&id=Revenue_%28Notes%29) Revenue primarily consists of contract revenue recognized at a point in time from the sale of pre-stressed high-strength concrete piles and other products Revenue by Source (HKD thousands) | Revenue Source | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Sale of Pre-stressed High-strength Concrete Piles and Others | 98,234 | 100,511 | [Net Other Losses (Notes)](index=9&type=section&id=Net%20Other%20Losses_%28Notes%29) Net other losses primarily include provisions for compensation and legal fees for legal cases, with the prior year also including losses from the disposal of property, plant, and equipment Components of Net Other Losses (HKD thousands) | Item | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Compensation and Provision for Legal Cases | (839) | (821) | | Loss on Disposal of Property, Plant and Equipment | — | (8,583) | [Finance Costs (Notes)](index=10&type=section&id=Finance%20Costs_%28Notes%29) Finance costs, totaling HKD 1,261 thousand in 2025, increased from HKD 592 thousand in 2024, mainly comprising interest on interest-bearing borrowings, unsecured bonds, and lease liabilities Components of Finance Costs (HKD thousands) | Item | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on Interest-bearing Borrowings (excluding unsecured bonds) | 720 | 406 | | Interest on Unsecured Bonds | 112 | 112 | | Interest on Lease Liabilities | 429 | 74 | | **Total** | **1,261** | **592** | [Loss Before Tax (Notes)](index=10&type=section&id=Loss%20Before%20Tax_%28Notes%29) Loss before tax is calculated after deducting items such as depreciation of property, plant and equipment, cost of inventories sold, and staff costs Items Deducted in Loss Before Tax Calculation (HKD thousands) | Item | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 3,849 | 5,197 | | Depreciation of Right-of-use Assets | 3,406 | 836 | | Cost of Inventories Sold | 55,070 | 54,011 | | Staff Costs (including directors' emoluments) | 13,061 | 12,466 | [Income Tax Credit](index=11&type=section&id=Income%20Tax%20Credit) There was no income tax credit for the 2025 period, while 2024 included an over-provision for prior years, and no income tax provision was made due to the absence of assessable profits in Hong Kong and China Income Tax Credit (HKD thousands) | Item | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Tax — China Corporate Income Tax — Over-provision in Prior Years | — | (5,360) | - No provision for Hong Kong profits tax and China corporate income tax was made as the Group had no assessable profits in Hong Kong and China[21](index=21&type=chunk) [Loss Per Share (Notes)](index=11&type=section&id=Loss%20Per%20Share_%28Notes%29) Basic and diluted loss per share are calculated based on the loss attributable to owners of the Company and the weighted average number of ordinary shares, with convertible bonds not included due to their anti-dilutive effect Loss Per Share Calculation Inputs (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company | (11,043) | (13,926) | | Weighted Average Number of Ordinary Shares (thousands) | 215,520 | 179,600 | - Outstanding convertible bonds had an anti-dilutive effect on basic loss per share and were therefore not assumed to be converted for diluted loss per share calculation[24](index=24&type=chunk) [Dividends](index=12&type=section&id=Dividends) The Board of Directors did not declare or propose any interim dividend for the six months ended June 30, 2025 - No interim dividend was declared or proposed for the six months ended June 30, 2025[25](index=25&type=chunk) [Trade and Bills Receivables](index=12&type=section&id=Trade%20and%20Bills%20Receivables) Trade and bills receivables, net of allowance for credit losses, totaled HKD 96,090 thousand, a 16% decrease from December 31, 2024, with credit terms generally ranging from one to three months, extendable to six months for certain customers Trade and Bills Receivables (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables (net of allowance for credit losses) | 96,090 | 112,373 | -14.49% | | Bills Receivables (net of allowance for credit losses) | 0 | 2,080 | -100% | | **Total** | **96,090** | **114,453** | **-16.04%** | - The credit period for trade and bills receivables generally ranges from one to three months from the invoice date, extendable to six months for customers with good relationships[26](index=26&type=chunk) Ageing Analysis of Trade and Bills Receivables (HKD thousands) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 29,257 | 57,028 | | 4 to 6 months | 18,689 | 32,259 | | 7 to 12 months | 34,861 | 25,166 | | Over 12 months | 13,283 | — | [Trade Payables](index=13&type=section&id=Trade%20Payables) Total trade payables decreased by 26.47% to HKD 67,625 thousand, with an average credit period of one month Trade Payables (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade Payables | 67,625 | 91,836 | - The average credit period granted by suppliers is one month[28](index=28&type=chunk) Ageing Analysis of Trade Payables (HKD thousands) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 19,060 | 56,256 | | 4 to 6 months | 14,292 | 25,449 | | 7 to 12 months | 29,345 | 7,565 | | Over 12 months | 4,928 | 2,566 | [Pledged Assets](index=13&type=section&id=Pledged%20Assets) The Group pledged buildings, plant and machinery, and right-of-use assets with a carrying value of HKD 67,783 thousand to secure interest-bearing borrowings, with additional guarantees from a related company and non-controlling interests Pledged Assets (HKD thousands) | Pledged Assets | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Buildings | 38,799 | 42,115 | | Plant and Machinery | 7,979 | 8,691 | | Right-of-use Assets | 21,005 | 21,157 | | **Total** | **67,783** | **71,963** | - Interest-bearing borrowings (excluding unsecured bonds) are secured by land and buildings held by a related company of one of the Group's subsidiaries, personal guarantees provided by subsidiary directors, and guarantees provided by the Group's non-controlling interests[29](index=29&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's performance, financial position, and future outlook [Results and Operations Review](index=14&type=section&id=Results%20and%20Operations%20Review) The Group's building materials business revenue slightly decreased due to a weak market, but net other losses significantly reduced, while selling and distribution expenses decreased, administrative expenses slightly increased, and finance costs rose sharply, leading to a narrowed loss before tax despite a lower gross profit margin [Building Materials Business](index=14&type=section&id=Building%20Materials%20Business) The building materials business, primarily operated by Guangdong Hengjia, saw a 2% revenue decrease in the 2025 financial period due to a weak real estate and construction market - The building materials business is operated by Guangdong Hengjia, with production facilities located in Yangjiang City, Guangdong Province, China[31](index=31&type=chunk) - Revenue from pre-stressed high-strength concrete piles and other businesses primarily comprises pre-stressed high-strength concrete piles (**26%**), ready-mixed commercial concrete (**70%**), and bricks (**4%**)[31](index=31&type=chunk) - Revenue from external customers for the 2025 financial period was **HKD 98,234 thousand**, a decrease of approximately **2%** compared to the 2024 financial period, attributed to the weak real estate and construction market[31](index=31&type=chunk) [Net Other Losses (MD&A)](index=14&type=section&id=Net%20Other%20Losses_%28MD%26A%29) Net other losses significantly decreased by 91% to HKD 839 thousand, mainly due to the absence of a substantial loss from the disposal of property, plant, and equipment in the prior year | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Other Losses | (839) | (9,263) | -90.94% | - The reduction in loss was primarily due to a loss of approximately **HKD 8,583 thousand** from the disposal of property, plant, and equipment in the 2024 financial period, which was related to the relocation of production facilities due to environmental requirements[32](index=32&type=chunk) [Selling and Distribution Expenses (MD&A)](index=15&type=section&id=Selling%20and%20Distribution%20Expenses_%28MD%26A%29) Selling and distribution expenses decreased by 16% to HKD 17,654 thousand, primarily due to reduced transportation costs | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 17,654 | 20,927 | -15.64% | - The decrease in selling and distribution expenses was primarily due to reduced transportation costs[33](index=33&type=chunk) [Administrative Expenses (MD&A)](index=15&type=section&id=Administrative%20Expenses_%28MD%26A%29) Administrative expenses slightly increased by 1% to HKD 10,000 thousand, mainly due to higher legal and professional expenses | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 10,000 | 9,861 | 1.41% | - The increase in administrative expenses was mainly due to higher legal and professional expenses[34](index=34&type=chunk) [Finance Costs (MD&A)](index=15&type=section&id=Finance%20Costs_%28MD%26A%29) Finance costs significantly increased by 113% to HKD 1,261 thousand, primarily due to higher interest on interest-bearing borrowings and lease liabilities | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 1,261 | 592 | 113.01% | - The increase in finance costs was due to higher interest on interest-bearing borrowings (excluding unsecured bonds) and lease liabilities[35](index=35&type=chunk) [Loss Before Tax (MD&A)](index=15&type=section&id=Loss%20Before%20Tax_%28MD%26A%29) Loss before tax narrowed to HKD 15,122 thousand, a 38% reduction from the prior year, primarily due to a significant decrease in net other losses, despite a decline in overall gross profit margin | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Before Tax | (15,122) | (24,459) | -38.18% | | Gross Profit Margin | 15.2% | 16.7% | -1.5 percentage points | - The reduction in loss before tax was primarily due to a decrease in net other losses compared to the prior year[36](index=36&type=chunk) - The overall gross profit margin decreased due to lower profitability of bricks[36](index=36&type=chunk) [Interim Dividends](index=15&type=section&id=Interim%20Dividends) The Board of Directors resolved not to declare any interim dividend - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025[37](index=37&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's operations are financed through equity fundraising, internal cash flow, bank financing, and convertible bonds, with equity attributable to owners decreasing by 16%, cash and cash equivalents at HKD 8,384 thousand, total interest-bearing borrowings at HKD 12,102 thousand, and a gearing ratio of approximately 273% - The Group finances its operations through equity fundraising activities, internally generated cash flows, bank financing from its principal bankers in China, and issued convertible bonds[38](index=38&type=chunk) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 52,033 | 62,007 | -16.10% | | Cash and Cash Equivalents | 8,384 | 10,593 | -20.95% | | Total Interest-bearing Borrowings | 12,102 | 17,337 | -30.20% | - The gearing ratio as at June 30, 2025, calculated as total current and non-current liabilities divided by total equity, was approximately **273%**[38](index=38&type=chunk) [Material Investments, Acquisitions and Disposals](index=16&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) The Group did not engage in any material investment, acquisition, or disposal activities during the 2025 financial period - The Group had no material investments, acquisitions, or disposals during the 2025 financial period[39](index=39&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) The Group holds outstanding 2014 and 2024 convertible bonds, with net proceeds of approximately HKD 10,300 thousand from a September 2024 share subscription and convertible bond issuance used for general working capital, including directors' emoluments, staff costs, audit fees, and legal and professional expenses [Convertible Bonds](index=16&type=section&id=Convertible%20Bonds) As of June 30, 2025, the Company had outstanding 2014 and 2024 convertible bonds with principal amounts of HKD 15,000 thousand and HKD 30,000 thousand, respectively, with the Company considering all remaining 2014 convertible bonds invalid and non-convertible Outstanding Convertible Bonds (HKD thousands) | Convertible Bonds | Principal Amount (HKD thousands) | | :--- | :--- | | 2014 Convertible Bonds | 15,000 | | 2024 Convertible Bonds | 30,000 | - The Company considers all remaining 2014 convertible bonds to be invalid and non-convertible into shares of the Company[40](index=40&type=chunk) [Share Subscription and Issue of Convertible Bonds](index=16&type=section&id=Share%20Subscription%20and%20Issue%20of%20Convertible%20Bonds) In September 2024, the Company entered into a share subscription agreement and a 2024 convertible bond subscription agreement with its controlling shareholder, Full Harvest Group Limited, with the transactions completed in November 2024, yielding net proceeds of approximately HKD 10,300 thousand for general working capital - On September 6, 2024, the Company entered into a share subscription agreement and a 2024 convertible bond subscription agreement with its controlling shareholder, Full Harvest Group Limited[41](index=41&type=chunk)[42](index=42&type=chunk) - The share subscription and the issue of the 2024 convertible bonds were completed on November 29, 2024, with net proceeds of approximately **HKD 10,300 thousand** to be used for general working capital purposes[42](index=42&type=chunk) Actual Use of Net Proceeds (HKD millions) | Intended Use of Net Proceeds | Estimated Amount (HKD millions) | Actual Use for the Period Ended June 30, 2025 (HKD millions) | | :--- | :--- | :--- | | Directors' Emoluments and Staff Costs | 3.90 | 1.03 | | Audit Fees and Other Legal and Professional Expenses | 4.40 | 1.23 | | Rent and Others | 2.00 | 0.34 | | **Total** | **10.30** | **2.60** | [Share Options](index=17&type=section&id=Share%20Options) No share options were granted, exercised, cancelled, or lapsed during the 2025 and 2024 financial periods - No share options were granted, exercised, cancelled, or lapsed during the 2025 and 2024 financial periods[43](index=43&type=chunk) [Pledged Assets (MD&A)](index=18&type=section&id=Pledged%20Assets_%28MD%26A%29) Details of the Group's pledged assets, primarily buildings, plant and machinery, and right-of-use assets, are disclosed in Note 14 - Details of the Group's pledged assets are set out in Note 14[44](index=44&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed approximately 263 staff in Hong Kong and China, with remuneration policies based on duties, performance, experience, and industry practices, including participation in a Mandatory Provident Fund Scheme - As at June 30, 2025, the Group employed approximately **263** full-time management, administrative, technical, and production staff in Hong Kong and China[45](index=45&type=chunk) - Remuneration, promotion, and salaries are reviewed based on employees' duties, performance, professional experience, and current industry practices[45](index=45&type=chunk) [Foreign Exchange and Currency Risk](index=18&type=section&id=Foreign%20Exchange%20and%20Currency%20Risk) The Group's monetary assets, liabilities, and transactions are primarily denominated in RMB and HKD, exposing it to foreign currency risk between HKD and RMB, which is actively managed and monitored - The Group's monetary assets, liabilities, and transactions are primarily denominated in Renminbi and Hong Kong Dollars[46](index=46&type=chunk) - The Group is exposed to foreign currency risk arising from the Hong Kong Dollar against the Renminbi as its presentation currency, and it manages and monitors foreign exchange risk[46](index=46&type=chunk) [Commitments](index=18&type=section&id=Commitments) As of June 30, 2025, the Group had no significant capital commitments - As at June 30, 2025, the Group had no significant capital commitments[47](index=47&type=chunk) [Significant Events After the End of the Reporting Period](index=18&type=section&id=Significant%20Events%20After%20the%20End%20of%20the%20Reporting%20Period) No significant events affecting the Group have occurred since the end of the reporting period - No significant events affecting the Group have occurred since the end of the reporting period[48](index=48&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) Counterclaims totaling HKD 262,000 thousand may be time-barred or an abuse of process and could be withdrawn due to the defendant's default and misrepresentations - The defendant delayed submitting counterclaims totaling **HKD 262,000 thousand** to the plaintiff[49](index=49&type=chunk) - Based on legal advice, the counterclaims may be time-barred and/or an abuse of court process, and may be withdrawn due to the defendant's default and false representations[50](index=50&type=chunk)[51](index=51&type=chunk) [Outlook](index=19&type=section&id=Outlook) The Board believes that positive policies and economic development in Guangdong Province will positively impact the building materials industry, benefiting the Group, which is committed to exploring new businesses to expand its scale - The Deputy Director of the Yangjiang City Development and Reform Bureau stated that Yangjiang City will strive to achieve a GDP growth target of approximately **5%**, push fixed asset investment beyond **RMB 70 billion**, and focus on developing green energy, commercial aerospace, low-altitude economy, and marine ranches[50](index=50&type=chunk)[51](index=51&type=chunk) - The Directors believe that Guangdong Province's policies and track record will have a positive impact on the building materials industry, from which the Group will benefit[50](index=50&type=chunk) - The Group is committed to expanding its business scale by exploring new ventures to bring new growth and momentum to the Group[50](index=50&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers additional disclosures including director information, legal proceedings, securities transactions, and corporate governance [Update on Directors' Information](index=20&type=section&id=Update%20on%20Directors%27%20Information) No changes in directors' information requiring disclosure under Listing Rule 13.51B(1) occurred during the six months ended June 30, 2025, and up to the date of this announcement - No changes in directors' information requiring disclosure occurred during the six months ended June 30, 2025, and up to the date of this announcement[52](index=52&type=chunk) [Legal Proceedings](index=20&type=section&id=Legal%20Proceedings) The Group is involved in multiple legal proceedings, including claims as plaintiff against a vendor for breach of agreement and as defendant in equity freezing and statutory demands, with some progress made in certain cases while others remain ongoing [The Company/Its Subsidiaries as Plaintiff](index=20&type=section&id=The%20Company%2FIts%20Subsidiaries%20as%20Plaintiff) The Company and its subsidiaries, as plaintiffs, allege breach of a sale and purchase agreement by vendor Xiao Guang and guarantor Wang Zhining, seeking rescission and disputing HKD 15,000 thousand in outstanding convertible bonds, while claims against Ms. Liu Qian have been dismissed - The plaintiffs allege that defendants Xiao Guang and Wang Zhining breached the sale and purchase agreement, seeking rescission of the agreement and disputing outstanding convertible bonds with a principal amount of **HKD 15,000 thousand**[53](index=53&type=chunk) - The claim against Ms. Liu Qian was dismissed pursuant to a consent order dated June 21, 2023[55](index=55&type=chunk) [The Company's Subsidiaries as Defendant](index=21&type=section&id=The%20Company%27s%20Subsidiaries%20as%20Defendant) 70% (later reduced to 50%) equity interest in Zhuhai Hesheng was frozen due to legal proceedings involving Kou Jinshui and Zhuhai Hechuan Commercial Trading Co., Ltd., concerning total outstanding amounts of approximately RMB 7,200 thousand, and Sunway Financial Management received two statutory demands for legal service fees of approximately HKD 754 thousand, for which legal advice is being sought - **70%** (later reduced to **50%**) equity interest in Zhuhai Hesheng was frozen due to legal proceedings involving Kou Jinshui and Zhuhai Hechuan Commercial Trading Co., Ltd[56](index=56&type=chunk) - Zhuhai Hesheng owes Kou Jinshui and Zhuhai Hechuan total outstanding amounts (including interest) of approximately **RMB 2,300 thousand** and **RMB 4,900 thousand**, respectively[56](index=56&type=chunk) - Sunway Financial Management received two statutory demands for legal service fees of approximately **HKD 754 thousand**, and legal advice is currently being sought[56](index=56&type=chunk)[57](index=57&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[58](index=58&type=chunk) [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The Company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with a deviation regarding the non-segregation of Chairman and Chief Executive Officer roles, while the Audit Committee has been established and reviewed the interim financial statements, and the Board confirms compliance with the Standard Code for Securities Transactions [Identity of Chairman and Chief Executive Officer and Segregation of Their Roles](index=22&type=section&id=Identity%20of%20Chairman%20and%20Chief%20Executive%20Officer%20and%20Segregation%20of%20Their%20Roles) The Company does not comply with Code Provision C.2.1 of the Corporate Governance Code, as no director has been appointed as Chairman or Chief Executive Officer, with responsibilities undertaken by the Board, and the Company is actively seeking a suitable candidate - The Company failed to comply with Code Provision C.2.1 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, as no director has been appointed as Chairman or Chief Executive Officer[59](index=59&type=chunk) - The responsibilities of the Chairman or Chief Executive Officer are undertaken by the Company's Board of Directors, and the Company will continue to strive for compliance with the Code as soon as practicable[59](index=59&type=chunk) [Audit Committee](index=23&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and overseeing the Group's financial reporting, risk management, and internal controls, and has reviewed the interim financial statements - The Audit Committee has been established, comprising three independent non-executive directors, responsible for reviewing and overseeing the Group's financial reporting, risk management, and internal controls[60](index=60&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[60](index=60&type=chunk) [Standard Code for Securities Transactions](index=23&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Standard Code for Securities Transactions as its code of conduct for directors' securities dealings, and all directors confirm compliance for the period ended June 30, 2025 - The Company has adopted the Standard Code for Securities Transactions set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Code for the six months ended June 30, 2025[61](index=61&type=chunk) [Publication of Unaudited Interim Report](index=23&type=section&id=Publication%20of%20Unaudited%20Interim%20Report) The Company's 2025 unaudited interim report, containing all information required by the Listing Rules, will be published on the Company's website and the Stock Exchange's website in due course - The Company's 2025 unaudited interim report, containing all information required by the Listing Rules, will be published on the Company's website and the Stock Exchange's website in due course[62](index=62&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依賴該 等內容而引致的任何損失承擔任何責任。 中國建設銀行股份有限公司 CHINA CONSTRUCTION BANK CORPORATION （於中華人民共和國註冊成立的股份有限公司） （股份代號：00939） 截至 2025 年 6 月 30 日止六個月中期業績公告 中國建設銀行股份有限公司（"本行"）董事會谨此宣佈本行及所屬子公司（"本集 團"）截至2025年6月30日止六個月，根據適用的《香港聯合交易所有限公司證券上市規 則》披露要求及《國際會計準則第34號—中期財務報告》編製的未經審核綜合中期業績。 本行董事會審計委員會及外部審計師已審閱此中期業績。 中國建設銀行股份有限公司 董事会 2025年8月29日 於本公告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的非執行 董事為辛曉岱女士、劉芳女士、李璐女士、李莉女士和竇洪權先生，本行的獨立非執行 董事為威廉•科恩先生、梁錦松先生、詹誠信勛爵、林志軍先生和張為國先生。 重要提示 ...

[Corporate Information](index=3&type=section&id=CORPORATE%20INFORMATION) [Board of Directors and Committees](index=3&type=section&id=BOARD%20OF%20DIRECTORS%20AND%20COMMITTEES) This section lists the board members (including executive, non-executive, and independent non-executive directors), supervisors, and the composition of various specialized committees (Audit Committee, Remuneration and Appraisal Committee, Nomination Committee, Strategy Committee) of Xiamen Yan Palace Bird's Nest Industry Co., Ltd. - The board of directors comprises **4 executive directors** (Mr. Huang Jian as Chairman), **2 non-executive directors**, and **3 independent non-executive directors**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company has an Audit Committee, a Remuneration and Appraisal Committee, a Nomination Committee, and a Strategy Committee to improve its corporate governance structure[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Company Contact and Registration Information](index=4&type=section&id=COMPANY%20CONTACT%20AND%20REGISTRATION%20INFORMATION) This section provides detailed contact and registration information for the company, including joint company secretaries, H share registrar, authorized representatives, auditor, PRC registered office, headquarters and principal place of business in PRC, principal place of business in Hong Kong, principal bankers, Hong Kong legal adviser, and company website. - The joint company secretaries are Ms. Xiong Ting and Ms. Leung Kwan Wai, and the authorized representatives are Mr. Huang Jian and Ms. Xiong Ting[8](index=8&type=chunk) - The company's auditor is KPMG[8](index=8&type=chunk) - The company's headquarters and principal place of business in PRC are located at 22nd Floor, Caizihui, 188 Qianpu Road, Siming District, Xiamen City, Fujian Province, China[11](index=11&type=chunk) [Listing Information](index=5&type=section&id=LISTING%20INFORMATION) This section lists the company's listing date, stock short name, and stock code, indicating its listing on the Main Board of The Stock Exchange of Hong Kong Limited. - The company's listing date was **December 12, 2023**[12](index=12&type=chunk) - The stock short name is "Yan Palace" and the stock code is **1497**[12](index=12&type=chunk) [Results Highlights](index=6&type=section&id=RESULTS%20HIGHLIGHTS) [Key Financial Metrics](index=6&type=section&id=KEY%20FINANCIAL%20METRICS) In the first half of 2025, the company's revenue decreased by 4.22% year-on-year to RMB 1,014.58 million, but gross profit increased by 2.67% to RMB 527.53 million, net profit significantly grew by 28.98% to RMB 77.45 million, and adjusted net profit increased by 35.54% to RMB 81.39 million. 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,014.58 | 1,059.30 | -4.22% | | Gross Profit | 527.53 | 513.80 | +2.67% | | Net Profit | 77.45 | 60.05 | +28.98% | | Adjusted Net Profit (Non-IFRS) | 81.39 | 60.05 | +35.54% | [Management Discussion and Analysis](index=7&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Business Review](index=7&type=section&id=BUSINESS%20REVIEW) In the first half of 2025, Yan Palace consolidated its industry-leading position through product innovation, channel upgrades, R&D-driven initiatives, brand building, and intelligent manufacturing, against a backdrop of stable and improving Chinese economy; despite a slight revenue decline, the company achieved significant profit growth by optimizing cost structure and precise marketing. - In the first half of 2025, China's macro policies continued to unleash their effectiveness, with the economy showing stable and positive trends, making the big health industry a significant driver of economic growth[19](index=19&type=chunk)[23](index=23&type=chunk) - The company adheres to a prudent operating strategy, continuously consolidating and strengthening existing channels, focusing on KA channel expansion, actively exploring the potential of lower-tier markets, and accelerating overseas business development[20](index=20&type=chunk)[23](index=23&type=chunk) - The company further solidified its industry-leading position with certifications such as "No. 1 in High-end Bird's Nest Sales", "Top in Traceable Bird's Nest Imports", and "No. 1 in Brand Power Index"[20](index=20&type=chunk)[23](index=23&type=chunk) [Product Innovation and Exploration to Expand Consumer Groups](index=7&type=section&id=PRODUCT%20INNOVATION%20AND%20EXPLORATION%20TO%20EXPAND%20CONSUMER%20GROUPS) The company firmly implements "Pure Bird's Nest", "Bird's Nest+", and "+Bird's Nest" product strategies, launching "Supercritical Fresh Hot Bird's Nest" with patented technology, deploying "Bird's Nest+Probiotics" functional products, achieving a 6.28% sales increase for "Xiaoyannong Bird's Nest Porridge" which consistently ranks first on e-commerce platforms, and introducing YANPEP Bird's Nest Peptide series to meet diverse consumer demands. - The company firmly implements the "Pure Bird's Nest", "Bird's Nest+", and "+Bird's Nest" strategies, building a systematic product development system encompassing R&D, iteration, and innovation[21](index=21&type=chunk)[24](index=24&type=chunk) - Launched "Yan Palace • Supercritical Fresh Hot Bird's Nest" for an efficient, warm, and fresh ready-to-eat experience; deployed "Bird's Nest+Probiotics" functional products targeting emerging needs such as sleep and gut health[22](index=22&type=chunk)[24](index=24&type=chunk) - "Xiaoyannong Bird's Nest Porridge" achieved sales revenue of **RMB 43.82 million** in the first half of 2025, a year-on-year increase of **6.28%**, consistently ranking first in the bird's nest porridge category on both Tmall and JD platforms[26](index=26&type=chunk)[29](index=29&type=chunk) - Established the YANPEP Bird's Nest Peptide brand, launching products with bird's nest peptide as the core ingredient, including oral bird's nest peptide, bird's nest peptide collagen essence drink, and bird's nest peptide natural strontium-rich water[27](index=27&type=chunk)[29](index=29&type=chunk) [Strategic Upgrade of Sales Channels to Optimize Consumer Experience](index=8&type=section&id=STRATEGIC%20UPGRADE%20OF%20SALES%20CHANNELS%20TO%20OPTIMIZE%20CONSUMER%20EXPERIENCE) In the first half of 2025, the company optimized and upgraded offline channels, actively expanded online distribution, KA, and overseas emerging channels, achieving total operating revenue of RMB 1,014.58 million; offline business accounted for 37.64% of revenue with 712 stores, including 11 new 3.0 flagship stores, deepening penetration into lower-tier markets; e-commerce business accounted for 62.36% of revenue, with a focus on Douyin live streaming and strengthening customer loyalty through Jinyanhui member activities and stadium collaborations; international markets steadily advanced, KA channels successfully entered multiple supermarket systems, and cultural tourism business also saw revenue growth. - During the reporting period, the company's operating revenue was **RMB 1,014.58 million**[28](index=28&type=chunk)[30](index=30&type=chunk) - Overall offline business revenue was **RMB 381.92 million**, accounting for **37.64%** of the company's total revenue; as of June 30, 2025, the sales network comprised **111 self-operated stores** and **601 distributor stores**, totaling **712 stores**[31](index=31&type=chunk)[34](index=34&type=chunk) - In the first half of 2025, Yan Palace Tianjin MixC Store, Nanjing Deji Plaza Store, Xi'an Flagship Store, and 8 other 3.0 flagship stores officially commenced operations, marking a new phase for the company's offline channels[32](index=32&type=chunk)[34](index=34&type=chunk) - Overall e-commerce business revenue was **RMB 632.66 million**, accounting for **62.36%** of the company's total revenue; the company operates **41 self-operated online stores**, **65 distributor online stores**, and **20 e-commerce platform clients** on mainstream e-commerce and social media platforms such as JD, Tmall, and Douyin[36](index=36&type=chunk)[40](index=40&type=chunk) - The company's Jinyanhui member base exceeded **540,000**, with cumulative registered members across various online platforms reaching **8.71 million**, enhancing customer loyalty through golf events, exclusive member activities, and concert box services[38](index=38&type=chunk)[41](index=41&type=chunk) - In the first half of 2025, the company steadily advanced its international market business, opening overseas stores in New York, USA, Singapore, and other locations; accelerated KA channel expansion, successfully entering supermarket systems such as Ole, Tianhong, China Resources Vanguard, and Yuanchu[42](index=42&type=chunk)[45](index=45&type=chunk) [Driving Industry Development with R&D and Innovation](index=11&type=section&id=DRIVING%20INDUSTRY%20DEVELOPMENT%20WITH%20R%26D%20AND%20INNOVATION) Yan Palace continuously drives R&D innovation through its Bird's Nest Research Institute and the "1+7+N Scientific Research Platform"; in bird's nest technology, it completed protein component analysis of bird's nest from different origins, collaborated with universities on sialic acid structure and efficacy and the hypotensive effect of bird's nest, and human trials confirmed bird's nest can increase blood sialic acid levels, improve physique and skin quality; in bird's nest peptide technology, it focused on in-depth research and application, published papers on whitening activity and skin repair efficacy, obtained the "world's first independently invented patent authorization for bird's nest peptide with clear efficacy and application" through patented preparation technology, and launched the independent brand "YANPEP Bird's Nest Peptide" series with completed human efficacy evaluations. - The company established the Yan Palace Bird's Nest Research Institute in **2008** and built a "1+7+N Scientific Research Platform" by establishing joint laboratories with multiple universities and research institutions[44](index=44&type=chunk)[46](index=46&type=chunk) - For the six months ended June 30, 2025, the company obtained **27 new authorized national patents** and published **5 papers**[44](index=44&type=chunk)[46](index=46&type=chunk) - In bird's nest raw material research, the company completed component analysis and content difference studies of bird's nest protein groups from various origins[47](index=47&type=chunk)[50](index=50&type=chunk) - Collaborated with Nanchang University and Jiangnan University to research the structure and efficacy of bird's nest sialic acid; a paper on the hypotensive effect of bird's nest, co-researched with Jiangnan University, was published in an international SCI journal[48](index=48&type=chunk)[51](index=51&type=chunk) - In collaboration with Xiamen University, human trial data confirmed that bird's nest can effectively increase blood sialic acid levels, improving physique and skin quality[48](index=48&type=chunk)[51](index=51&type=chunk) - In bird's nest peptide research, results on high whitening activity bird's nest peptide and bioactive peptides promoting mechanical skin damage repair were published in international SCI journals[54](index=54&type=chunk)[56](index=56&type=chunk) - Obtained the "world's first independently invented patent authorization for bird's nest peptide with clear efficacy and application" with the patent "A preparation method and application of bird's nest peptide with cell repair, high moisturizing, and whitening efficacy"[58](index=58&type=chunk)[61](index=61&type=chunk) - Launched the independent brand "YANPEP Bird's Nest Peptide" and three new products, with YANPEP Oral Bird's Nest Peptide completing human efficacy evaluation, demonstrating excellent performance in boosting energy, improving sleep, and enhancing skin quality[59](index=59&type=chunk)[61](index=61&type=chunk) [Integration of High-Quality Resources to Boost Brand Development and Enhance Industry Leadership](index=15&type=section&id=INTEGRATION%20OF%20HIGH-QUALITY%20RESOURCES%20TO%20BOOST%20BRAND%20DEVELOPMENT%20AND%20ENHANCE%20INDUSTRY%20LEADERSHIP) Yan Palace has topped the China Brand Power Index SM (C-BPI®) bird's nest brand ranking for six consecutive years, achieving broad consumer reach and enhanced brand exposure through a multi-dimensional endorser matrix including Gong Li and Wang Yibo, and IP collaborations; concurrently, the company partnered with restaurants and hotels to launch "Bird's Nest Afternoon Tea" and "Bird's Nest Banquets", transforming bird's nest from a traditional tonic into a modern consumer product with both health and social attributes, further solidifying its brand image. - The company has topped the China Brand Power Index SM (C-BPI®) bird's nest brand ranking for **six consecutive years**, leading the industry in brand influence[62](index=62&type=chunk)[65](index=65&type=chunk) - Leveraging a multi-dimensional endorser matrix comprising Gong Li and Wang Yibo, the company achieved broad reach across different consumer groups and gradually initiated IP collaborations, effectively enhancing brand exposure[63](index=63&type=chunk)[65](index=65&type=chunk) - Continuously collaborated with restaurants and hotels to launch "Bird's Nest Afternoon Tea" and "Bird's Nest Banquets", creating high-frequency social consumption scenarios and extending bird's nest from a traditional tonic to a modern consumer product with both health and social attributes[64](index=64&type=chunk)[65](index=65&type=chunk) [Empowerment of Supply Chain Efficiency Upgrades with Intelligent Manufacturing](index=16&type=section&id=EMPOWERMENT%20OF%20SUPPLY%20CHAIN%20EFFICIENCY%20UPGRADES%20WITH%20INTELLIGENT%20MANUFACTURING) Yan Palace's Xiamen Bird's Nest Intelligent Factory achieved digital transformation with the acceptance of MES, WES, WMS, and intelligent automated warehouses, significantly improving production efficiency and optimizing operating costs; AI intelligent sorting equipment and lean management effectively enhanced efficiency across all stages; the company also led the drafting of the "Carbon Footprint Accounting Method for Bird's Nest Products" and obtained green environmental system certifications, actively practicing green intelligent manufacturing; future plans include building a supply chain center BI mid-end to further enhance informatization and intelligent production levels. - The MES, WES, WMS, and intelligent automated warehouse of Xiamen Yan Palace Bird's Nest Intelligent Factory passed acceptance and completed digital transformation, significantly improving production efficiency and effectively optimizing operating costs[66](index=66&type=chunk)[67](index=67&type=chunk) - In the sorting process, automatic strip cutting, cleaning equipment, and soaking equipment improved bird's nest soaking efficiency, while AI intelligent sorting equipment significantly increased efficiency[66](index=66&type=chunk)[67](index=67&type=chunk) - The company led the drafting of the "Carbon Footprint Accounting Method for Bird's Nest Products", filling an industry gap and leading the industry's green and low-carbon transformation[68](index=68&type=chunk)[71](index=71&type=chunk) - Yan Palace Bird's Nest Intelligent Factory obtained green environmental system certifications, including "Product Carbon Footprint Verification Statement" and "Greenhouse Gas Verification Statement", in **January 2025**[68](index=68&type=chunk)[71](index=71&type=chunk) - In the future, the company will build a supply chain center BI mid-end to break down system data barriers, establish an integrated production, sales, and inventory information command center, and conduct "Intelligent Manufacturing 3.0" evaluation and audit[66](index=66&type=chunk)[67](index=67&type=chunk) [Outlook](index=17&type=section&id=OUTLOOK) Looking ahead to 2025, as the big health industry enters a strategic development period, Yan Palace will deepen its core strategy of "deepening bird's nest value and expanding the health ecosystem" through three paths: "brand elevation", "product innovation", and "channel expansion", to consolidate its leading position in the blue ocean market of health consumption; specific measures include multi-dimensional enhancement of brand value, continuous product innovation (including iteration of pure bird's nest products and R&D of new products like bird's nest porridge and bird's nest peptide), and improvement of the sales network (optimizing stores in core cities, building county-level sales networks, expanding KA channels, and developing overseas markets). - The company will continue to deepen its core strategy of "deepening bird's nest value and expanding the health ecosystem", focusing on the diverse and personalized needs of consumer groups to launch more comprehensive nourishing solutions[69](index=69&type=chunk)[72](index=72&type=chunk) - The company will implement its core strategy through three paths: "brand elevation", "product innovation", and "channel expansion"[69](index=69&type=chunk)[72](index=72&type=chunk) - In the "Pure Bird's Nest" segment, core products such as Bowl Bird's Nest and Fresh Stewed Bird's Nest will be iterated; in the "Bird's Nest+" and "+Bird's Nest" segments, new product R&D will be accelerated, launching new series like bird's nest porridge and bird's nest peptide, and developing innovative forms such as "Yan Xiaoping"[74](index=74&type=chunk)[77](index=77&type=chunk) - To further improve the sales network, the company will focus on optimizing stores in core cities, building county-level sales networks, expanding KA channels, and developing overseas markets, using Singapore as a hub to radiate to more regions[75](index=75&type=chunk)[77](index=77&type=chunk) - The company will uphold its corporate vision of "leading the global bird's nest industry and building a century-old national brand", further solidifying its industry-leading position based on excellent product capabilities, extensive channel layout, and strong scientific research strength[76](index=76&type=chunk)[78](index=78&type=chunk) [Financial Review](index=19&type=section&id=FINANCIAL%20REVIEW) In the first half of 2025, Yan Palace's revenue decreased by 4.22% year-on-year to RMB 1,014.58 million, primarily due to reduced sales of pure bird's nest products; despite the revenue decline, gross margin improved from 48.50% to 51.99% and gross profit increased by 2.67% due to cost structure optimization from intelligent manufacturing upgrades and process improvements; selling and distribution expenses decreased by 8.70%, R&D expenses decreased by 8.17%, while administrative expenses increased by 6.36% due to higher share-based payment expenses; net profit for the period increased by 28.98% to RMB 77.45 million, and adjusted net profit increased by 35.54%; the company maintained healthy liquidity, with cash and cash equivalents increasing by 23.25%, and the gearing ratio remaining stable. 2025 H1 Revenue Breakdown by Product Category | Product Category | 2025 H1 (RMB thousand) | Share (2025) | 2024 H1 (RMB thousand) | Share (2024) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Pure Bird's Nest Products | 896,817 | 88.4% | 926,319 | 87.4% | -3.18% | | Bird's Nest+ and +Bird's Nest Products | 111,003 | 10.9% | 124,698 | 11.8% | -10.99% | | Others | 6,761 | 0.7% | 8,287 | 0.8% | -18.46% | | **Total** | **1,014,581** | **100.0%** | **1,059,304** | **100.0%** | **-4.22%** | - Cost of sales decreased by **10.72%** from RMB 545.51 million in the first half of 2024 to **RMB 487.05 million** in the first half of 2025[87](index=87&type=chunk)[91](index=91&type=chunk) Gross Profit and Gross Margin Changes | Indicator | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit (RMB million) | 527.53 | 513.80 | +2.67% | | Gross Margin | 51.99% | 48.50% | +3.49% | - Selling and distribution expenses decreased by **8.70%** to **RMB 333.48 million**, primarily due to reduced advertising expenses and adjustments in sales strategies[90](index=90&type=chunk)[93](index=93&type=chunk) - Administrative expenses increased by **6.36%** to **RMB 66.58 million**, primarily due to an increase in equity-settled share-based payment expenses[95](index=95&type=chunk)[100](index=100&type=chunk) - Research and development expenses decreased by **8.17%** to **RMB 11.35 million**, mainly due to optimization and streamlining of experimental protocols[96](index=96&type=chunk)[101](index=101&type=chunk) - Profit for the period increased by **28.98%** to **RMB 77.45 million**[106](index=106&type=chunk)[108](index=108&type=chunk) - Adjusted net profit (non-IFRS measure) increased by **35.54%** to **RMB 81.39 million**[107](index=107&type=chunk)[110](index=110&type=chunk) - As of June 30, 2025, total cash and cash equivalents were **RMB 518.29 million**, an increase of **23.25%** compared to December 31, 2024, primarily due to increased retained earnings[113](index=113&type=chunk)[116](index=116&type=chunk) - As of June 30, 2025, net current assets were **RMB 375.88 million**, a decrease from RMB 402.04 million as of December 31, 2024, mainly due to a reduction in inventories reflecting seasonal sales fluctuations[132](index=132&type=chunk)[135](index=135&type=chunk) Key Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 172.97% | 165.75% | | Gearing Ratio | 17.06% | 16.96% | [Corporate Governance and Other Information](index=27&type=section&id=CORPORATE%20GOVERNANCE%20AND%20OTHER%20INFORMATION) [Interests and Short Positions of the Directors, Supervisors and the Chief Executive of Our Company in the Shares, Underlying Shares and Debentures of Our Company and Its Associated Corporations](index=27&type=section&id=INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20THE%20DIRECTORS,%20SUPERVISORS%20AND%20THE%20CHIEF%20EXECUTIVE%20OF%20OUR%20COMPANY%20IN%20THE%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20OUR%20COMPANY%20AND%20ITS%20ASSOCIATED%20CORPORATIONS) As of June 30, 2025, the company's directors, supervisors, and chief executive held interests and short positions in the company's shares; key directors such as Mr. Huang Jian, Mr. Zheng Wenbin, and Mr. Li Youquan held significant shares directly and through controlled corporations or jointly owned interests. - As of June 30, 2025, Mr. Huang Jian held a **long position of 4,335,000 H shares**, and through jointly owned interests with another person, held **75,147,185 H shares**, and through controlled corporate interests, held a **long position of 91,785,560 H shares** and a **short position of 29,000,000 H shares**[145](index=145&type=chunk) - Mr. Zheng Wenbin held a **long position of 33,273,040 H shares**, and through jointly owned interests, held a **long position of 137,578,025 H shares** and a **short position of 29,000,000 H shares**, with his spouse holding a **long position of 8,625,000 H shares**[147](index=147&type=chunk) - Mr. Li Youquan held a **long position of 33,249,145 H shares**, and through jointly owned interests, held a **long position of 146,226,920 H shares** and a **short position of 29,000,000 H shares**[147](index=147&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=30&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, apart from directors, supervisors, or the chief executive, Xiamen Shuangdanma, Ms. Xue, Guangyao Tianxiang Limited Partnership, and others were substantial shareholders of the company, holding interests or short positions in the company's shares or underlying shares. - As of June 30, 2025, Xiamen Shuangdanma held a **beneficial interest of 91,785,560 H shares (long position)** and a **short position of 29,000,000 H shares**[153](index=153&type=chunk) - Ms. Xue held a **beneficial owner's interest of 8,625,000 H shares (long position)**, and through spouse's interest, held a **long position of 170,851,065 H shares** and a **short position of 29,000,000 H shares**[153](index=153&type=chunk) - Guangyao Tianxiang Limited Partnership held a **beneficial interest of 60,000,000 H shares (long position)**[153](index=153&type=chunk) [Employee Incentive Scheme](index=32&type=section&id=EMPLOYEE%20INCENTIVE%20SCHEME) The company adopted an employee incentive scheme on December 26, 2020, aiming to attract and retain talent and promote shared interests between shareholders and the management team; the scheme granted shares to core management and technical personnel, with 8,208,320 shares granted and subscribed by 43 participants as of June 30, 2025, representing approximately 1.76% of the company's total issued share capital. - The Employee Incentive Scheme was adopted on **December 26, 2020**, aiming to attract and retain talent for the Group and promote shared interests between shareholders and the management team[156](index=156&type=chunk)[159](index=159&type=chunk) - Eligible participants must be full-time employees of the company and core management or technical personnel with a direct or relatively significant impact on the company's operating performance and sustainable development[157](index=157&type=chunk)[160](index=160&type=chunk) - As of June 30, 2025, all shares involved in the Employee Incentive Scheme, totaling **8,208,320 shares**, representing approximately **1.76%** of the company's total issued share capital, have been granted to and subscribed by **43 participants**[162](index=162&type=chunk)[165](index=165&type=chunk) - The limited partnership interests subscribed by the incentive recipients in Jinyan Tengfei Limited Partnership are subject to certain transfer and disposal restrictions, including the completion of a qualified listing, expiry of the lock-up period, and within **36 months** from the scheme's implementation date[168](index=168&type=chunk)[171](index=171&type=chunk) [H Share Incentive Scheme](index=36&type=section&id=H%20SHARE%20INCENTIVE%20SCHEME) The H Share Incentive Scheme was approved on March 25, 2024, to promote the company's long-term sustainable development, align the interests of incentive recipients with shareholders, and attract, motivate, and retain core talent; the scheme's cap is 5% of the company's total issued shares (23,275,000 H shares); trust beneficial interests will vest in three tranches: 40% in July 2026, 30% in July 2027, and 30% in July 2028. - The H Share Incentive Scheme was approved and adopted on **March 25, 2024**, aiming to promote the company's long-term sustainable development, enhance cohesion, and attract, motivate, and retain talent who have made outstanding contributions to the company[177](index=177&type=chunk)[181](index=181&type=chunk) - The scheme's cap is **5%** of the company's total issued shares at the time of adoption of the H Share Incentive Scheme, which is **23,275,000 H shares**[183](index=183&type=chunk)[188](index=188&type=chunk) - Trust beneficial interests will vest in three tranches: **40%** in July 2026, **30%** in July 2027, and **30%** in July 2028[194](index=194&type=chunk)[205](index=205&type=chunk) - In **December 2024**, trust beneficial interests equivalent to a total of **6,284,500 relevant H shares** were granted to **70 eligible individuals** at a grant price of **HKD 4.85 per H share**[201](index=201&type=chunk)[203](index=203&type=chunk) - In **April 2025**, trust beneficial interests equivalent to a total of **993,000 relevant H shares** were granted to **11 eligible individuals** at a grant price of **HKD 4.85 per H share**[202](index=202&type=chunk)[203](index=203&type=chunk) [Interim Dividend](index=42&type=section&id=INTERIM%20DIVIDEND) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025. - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025[213](index=213&type=chunk)[216](index=216&type=chunk) [Compliance with the Corporate Governance Code](index=42&type=section&id=COMPLIANCE%20WITH%20THE%20CG%20CODE) The company has adopted the Corporate Governance Code as its own corporate governance code and complied with all applicable code provisions during the reporting period. - The company has adopted the Corporate Governance Code as its own corporate governance code[214](index=214&type=chunk)[217](index=217&type=chunk) - During the reporting period, the company complied with all applicable code provisions contained in the Corporate Governance Code[214](index=214&type=chunk)[217](index=217&type=chunk) [Compliance with the Model Code for Securities Transactions](index=43&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code for Securities Transactions as the code of conduct for directors, supervisors, and relevant employees dealing in company securities, and all directors and supervisors confirmed compliance with the code during the reporting period. - The company has adopted the Model Code as its code of conduct for dealings in the company's securities by its directors, supervisors, and relevant employees who may possess inside information of the company[219](index=219&type=chunk)[224](index=224&type=chunk) - All directors and supervisors have confirmed compliance with the Model Code for the six months ended June 30, 2025[219](index=219&type=chunk)[224](index=224&type=chunk) [Changes of Information of Directors and Supervisors](index=43&type=section&id=CHANGES%20OF%20INFORMATION%20OF%20DIRECTORS%20AND%20SUPERVISORS) There were no changes in the information of directors and supervisors for the six months ended June 30, 2025, and up to the date of this report. - There were no changes in the information of directors and supervisors for the six months ended June 30, 2025, and up to the date of this report[220](index=220&type=chunk)[225](index=225&type=chunk) [Continuing Disclosure Obligations Pursuant to the Listing Rules](index=43&type=section&id=CONTINUING%20DISCLOSURE%20OBLIGATIONS%20PURSUANT%20TO%20THE%20LISTING%20RULES) As of June 30, 2025, the company had no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22. - As of June 30, 2025, the company had no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22[221](index=221&type=chunk)[226](index=226&type=chunk) [Audit Committee and Review of Interim Financial Results](index=43&type=section&id=AUDIT%20COMMITTEE%20AND%20REVIEW%20OF%20INTERIM%20FINANCIAL%20RESULTS) The Audit Committee, established in accordance with the Listing Rules, is responsible for reviewing and overseeing the company's financial reporting, risk management, and internal control systems; as of the date of this interim report, the Audit Committee comprises three independent non-executive directors and has reviewed and confirmed the accounting principles and policies adopted by the Group, and reviewed the interim results for the six months ended June 30, 2025. - The Audit Committee was established in accordance with Listing Rules 3.21 and 3.22, primarily responsible for reviewing and overseeing the company's financial reporting, risk management, and internal control systems[222](index=222&type=chunk)[227](index=227&type=chunk) - As of the date of this interim report, the Audit Committee comprises **three independent non-executive directors**, with Mr. Chen Aihua serving as Chairman[223](index=223&type=chunk)[227](index=227&type=chunk) - The Audit Committee has reviewed and confirmed the accounting principles and policies adopted by the Group, and reviewed the Group's interim results for the six months ended June 30, 2025[229](index=229&type=chunk)[234](index=234&type=chunk) [Purchase, Sale or Redemption of the Listed Securities of the Company](index=44&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20LISTED%20SECURITIES%20OF%20THE%20COMPANY) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities; as of June 30, 2025, the company held no treasury shares. - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[231](index=231&type=chunk)[235](index=235&type=chunk) - As of June 30, 2025, the company held no treasury shares[231](index=231&type=chunk)[235](index=235&type=chunk) [Arrangement to Purchase Shares or Debentures](index=44&type=section&id=ARRANGEMENT%20TO%20PURCHASE%20SHARES%20OR%20DEBENTURES) For the six months ended June 30, 2025, neither the company nor its subsidiaries participated in any arrangements enabling directors or supervisors to acquire benefits through the acquisition of shares or debentures of the company or any other body corporate. - For the six months ended June 30, 2025, neither the company nor its subsidiaries participated in any arrangements enabling directors or supervisors to acquire benefits through the acquisition of shares or debentures of the company or any other body corporate[232](index=232&type=chunk)[236](index=236&type=chunk) [Directors' Responsibilities for Financial Reporting in Respect of the Financial Statements](index=44&type=section&id=DIRECTORS'%20RESPONSIBILITIES%20FOR%20FINANCIAL%20REPORTING%20IN%20RESPECT%20OF%20THE%20FINANCIAL%20STATEMENTS) Directors confirm their responsibility for preparing the financial statements for the six months ended June 30, 2025, and for providing a balanced, clear, and understandable assessment of annual and interim reports, inside information announcements, and other disclosures; management provides monthly updates to the Board on the company's performance, position, and prospects. - Directors confirm their responsibility for preparing the company's financial statements for the six months ended June 30, 2025[233](index=233&type=chunk)[237](index=237&type=chunk) - The Board is responsible for providing a balanced, clear, and understandable assessment of annual and interim reports, inside information announcements, and other disclosures required by the Listing Rules and other statutory and regulatory requirements[238](index=238&type=chunk)[242](index=242&type=chunk) - Management provides monthly updates to all Board members regarding the company's performance, position, and prospects[238](index=238&type=chunk)[242](index=242&type=chunk) [Employees, Training and Remuneration Policies](index=45&type=section&id=EMPLOYEES,%20TRAINING%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the company had 1,590 employees, with staff costs of approximately RMB 148.78 million; the company determines employee remuneration based on performance, qualifications, position, and seniority, and enhances its incentive mechanism through the H Share Incentive Scheme; the company is committed to the continuous education and development of its directors and maintains good working relationships with employees, with no significant labor disputes. - As of June 30, 2025, the company had **1,590 employees**[239](index=239&type=chunk)[243](index=243&type=chunk) - For the six months ended June 30, 2025, staff costs, including directors' and supervisors' emoluments and share-based payment expenses, amounted to approximately **RMB 148.78 million**[239](index=239&type=chunk)[243](index=243&type=chunk) - The company determines employee remuneration based on each employee's performance, qualifications, position, and seniority, and enhances its incentive mechanism through the H Share Incentive Scheme[240](index=240&type=chunk)[243](index=243&type=chunk) - The company is committed to the continuous education and development of its directors and maintains good working relationships with employees, with no significant labor disputes[241](index=241&type=chunk)[243](index=243&type=chunk)[247](index=247&type=chunk)[250](index=250&type=chunk) [Use of Proceeds from the Global Offering](index=46&type=section&id=USE%20OF%20PROCEEDS%20FROM%20THE%20GLOBAL%20OFFERING) The company's H shares were listed on December 12, 2023, with net proceeds from the global offering of approximately HKD 256.46 million (equivalent to approximately RMB 233.2 million); as of June 30, 2025, RMB 225.2 million had been utilized, with RMB 8.0 million remaining; the company expects to fully utilize all net proceeds by December 31, 2028. - Net proceeds received from the global offering were approximately **HKD 256.46 million** (equivalent to approximately **RMB 233.2 million**)[248](index=248&type=chunk)[251](index=251&type=chunk) Use of Proceeds from Global Offering (As of June 30, 2025) | Purpose | Net Proceeds (RMB million) | Utilized as of June 30, 2025 (RMB million) | Unutilized Proceeds as of June 30, 2025 (RMB million) | | :--- | :--- | :--- | :--- | | R&D Activities | 23.3 | 20.5 | 2.8 | | Expand and Consolidate Sales Network | 58.3 | 54.7 | 3.6 | | Strengthen Brand Building and Marketing Promotion | 35.0 | 35.0 | – | | Enhance Supply Chain Management Capabilities | 81.6 | 81.6 | – | | Strengthen Digital Infrastructure | 11.7 | 10.1 | 1.6 | | Working Capital and Other General Corporate Purposes | 23.3 | 23.3 | – | | **Total** | **233.21** | **225.2** | **8.0** | - The Board currently does not expect to change the proposed use of net proceeds as previously disclosed in the prospectus and anticipates fully utilizing the net proceeds raised from the global offering by **December 31, 2028**[254](index=254&type=chunk) [Events After the Reporting Period](index=48&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) As of the date of this interim report, there were no other significant matters requiring disclosure, except for the company's repurchase of 501,200 H shares on the Stock Exchange on July 29, 2025. - On **July 29, 2025**, the company repurchased **501,200 H shares** on the Stock Exchange for a total consideration of approximately **HKD 4,262,000**[454](index=454&type=chunk) [Review Report of the Auditors](index=49&type=section&id=REVIEW%20REPORT%20OF%20THE%20AUDITORS) [Introduction](index=49&type=section&id=INTRODUCTION) KPMG has reviewed the interim financial report of Xiamen Yan Palace Bird's Nest Industry Co., Ltd. for the six months ended June 30, 2025, which was prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and International Accounting Standard 34; directors are responsible for the preparation and presentation of this interim financial report. - KPMG has reviewed the company's interim financial report for the six months ended June 30, 2025[258](index=258&type=chunk)[261](index=261&type=chunk) - The interim financial report was prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[258](index=258&type=chunk)[261](index=261&type=chunk) [Scope of Review](index=49&type=section&id=SCOPE%20OF%20REVIEW) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants, primarily involving inquiries of personnel responsible for financial and accounting matters, and performing analytical and other review procedures; the scope of a review is substantially less than an audit, thus no audit opinion is expressed. - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[260](index=260&type=chunk)[262](index=262&type=chunk) - The scope of a review is substantially less than the scope of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, no audit opinion is expressed[260](index=260&type=chunk)[262](index=262&type=chunk) [Conclusion](index=50&type=section&id=CONCLUSION) Based on the review, KPMG found no matters that cause them to believe that the interim financial report as of June 30, 2025, is not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting". - Based on the review, no matters were found that cause the auditor to believe that the interim financial report as of June 30, 2025, is not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting"[264](index=264&type=chunk)[265](index=265&type=chunk) [Consolidated Statement of Profit or Loss](index=51&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS) [Profit or Loss Statement Overview](index=51&type=section&id=PROFIT%20OR%20LOSS%20STATEMENT%20OVERVIEW) For the six months ended June 30, 2025, the company achieved revenue of RMB 1,014,581 thousand, gross profit of RMB 527,530 thousand, and profit for the period of RMB 77,451 thousand; compared to the same period in 2024, revenue decreased, but both gross profit and net profit increased. 2025 H1 Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,014,581 | 1,059,304 | | Cost of Sales | (487,051) | (545,505) | | Gross Profit | 527,530 | 513,799 | | Operating Profit | 113,255 | 81,538 | | Profit Before Taxation | 110,049 | 78,006 | | Income Tax | (32,598) | (17,961) | | **Profit for the Period** | **77,451** | **60,045** | | Basic and Diluted Earnings Per Share (RMB) | 0.16 | 0.12 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=52&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) [Comprehensive Income Statement Overview](index=52&type=section&id=COMPREHENSIVE%20INCOME%20STATEMENT%20OVERVIEW) For the six months ended June 30, 2025, the company's profit for the period was RMB 77,451 thousand, with other comprehensive income of RMB (7,027) thousand, primarily affected by the net change in fair value reserve for equity investments designated at fair value through other comprehensive income; total comprehensive income for the period was RMB 70,424 thousand. 2025 H1 Consolidated Statement

中期綜合損益及其他全面收益表 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。 本公告原文乃以英文編製，其後翻譯成中文。中英文版本如有任何歧義，概以英文 版為準。 TS WONDERS HOLDING LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1767） 截至二零二五年六月三十日止六個月的中期業績公告 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 | 變動百分比 | | | 新加坡元 | 新加坡元 | | | 收益 | 35,067,922 | 32,887,425 | 6.6% | | 除稅前溢利 | 3,113,851 | 4,950,379 | (37.1%) | | 期內溢利 | 2,186,900 | 4,025,254 | (45.7%) | | 中期綜合財務狀況表 | | | | | | 於二零二五年 | 於二零二四年 | ...

[Summary](index=2&type=section&id=Summary) The Board announced unaudited interim results for the six months ended June 30, 2025, with revenue decreasing by 66.3% to HK$23.2 million and loss attributable to equity holders reducing by 19.9% to HK$4.19 million Key Financial Summary for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,202 | 68,889 | -66.3% | | Loss Attributable to Equity Holders of the Company | (4,193) | (5,235) | -19.9% | | Basic and Diluted Loss Per Share (HK cents) | (1.70) | (2.83) | -39.9% | - The Board does not recommend the payment of **any dividend** for the six months ended June 30, 2025[4](index=4&type=chunk)[29](index=29&type=chunk)[78](index=78&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated statements of profit or loss, financial position, and changes in equity for the six months ended June 30, 2025, reflecting the Group's financial performance and position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 66.3% to HK$23.2 million, with gross profit falling by 64.3% to HK$0.72 million, resulting in a reduced loss of HK$4.19 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,202 | 68,889 | -66.3% | | Cost of Sales | (22,486) | (66,882) | -66.4% | | Gross Profit | 716 | 2,007 | -64.3% | | Other Income | 194 | 246 | -21.1% | | Other Income/(Losses) Net | 489 | (218) | Significant Improvement | | Administrative and Other Operating Expenses | (5,597) | (7,279) | -23.1% | | Operating Loss | (4,198) | (5,244) | -19.9% | | Finance Costs | (13) | (88) | -85.2% | | Loss Before Tax | (4,211) | (5,332) | -21.0% | | Income Tax Credit | 18 | 97 | -81.4% | | Loss Attributable to Equity Holders of the Company for the Period | (4,193) | (5,235) | -19.9% | | Basic and Diluted Loss Per Share (HK cents) | (1.70) | (2.83) | -39.9% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were HK$31.37 million, with net assets of HK$30.62 million, a decrease from December 31, 2024, and a current ratio of 5.9 Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,954 | 1,634 | +19.6% | | Total Current Assets | 35,365 | 40,098 | -11.8% | | Total Current Liabilities | 5,949 | 6,491 | -8.3% | | Net Current Assets | 29,416 | 33,607 | -12.5% | | Total Assets Less Current Liabilities | 31,370 | 35,241 | -11.0% | | Total Non-current Liabilities | 748 | 445 | +68.1% | | Net Assets | 30,622 | 34,796 | -12.0% | | Total Equity | 30,622 | 34,796 | -12.0% | - The **current ratio** decreased from **6.2** as of December 31, 2024, to **5.9** as of June 30, 2025[70](index=70&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity decreased from HK$34.796 million to HK$30.622 million, primarily due to the period's loss and negative changes in fair value reserves Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30, 2025) | Item | June 30, 2025 (thousand HKD) | January 1, 2024 (thousand HKD) | | :--- | :--- | :--- | | Balance at Beginning of Period | 34,796 | 31,374 | | Loss for the Period | (4,193) | (5,235) | | Other Comprehensive Income for the Period | 19 | (107) | | Balance at End of Period | 30,622 | 26,032 | - Exchange reserves improved from **negative HK$2.248 million** to **negative HK$1.981 million**, while fair value reserves deteriorated from **negative HK$0.958 million** to **negative HK$1.206 million**[7](index=7&type=chunk)[8](index=8&type=chunk) [Notes to the Unaudited Interim Financial Report](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the condensed consolidated financial statements, covering company background, basis of preparation, accounting policy changes, segment reporting, revenue, expense details, tax, dividends, loss per share, asset and liability movements, fair value measurements, commitments, related party transactions, key management remuneration, and contingent liabilities [Company Background](index=7&type=section&id=Company%20Background) Direct Telecommunications Holdings Limited was incorporated in the Cayman Islands in 2009, primarily engaged in providing telecommunications services and distribution businesses - The Company was incorporated in the Cayman Islands as an exempted company on **July 28, 2009**[9](index=9&type=chunk) - The Company and its subsidiaries are principally engaged in the provision of **telecommunications services** and **distribution businesses**[10](index=10&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The interim financial report is prepared in accordance with GEM Listing Rules and IAS 34, adopting the same accounting policies as the 2024 financial statements, reviewed by the Audit Committee but unaudited - The interim financial report is prepared in accordance with the **GEM Listing Rules** of the Stock Exchange and **International Accounting Standard 34** "Interim Financial Reporting"[11](index=11&type=chunk) - The interim financial report was authorized for issue on **August 29, 2025**, and has been reviewed by the Company's Audit Committee but is **unaudited**[11](index=11&type=chunk)[12](index=12&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=Changes%20in%20Accounting%20Policies) The Group's financial statements show no significant changes in accounting policies due to IFRS amendments, and no new standards or interpretations not yet effective for the current period have been adopted - The accounting policies adopted in the Group's financial statements have **not undergone significant changes** due to certain amendments to International Financial Reporting Standards[13](index=13&type=chunk) - The Group has **not adopted any new standards or interpretations** that are not yet effective for the current accounting period[14](index=14&type=chunk) [Segment Reporting](index=8&type=section&id=Segment%20Reporting) The Group comprises two operating segments: telecommunications services and distribution business, both experiencing significant revenue declines for the six months ended June 30, 2025, with distribution business having the largest share but also the most significant decrease, and external revenue in Hong Kong, Mainland China, and Singapore all decreasing [Segment Results](index=9&type=section&id=Segment%20Results) External revenue and reportable segment profit for both telecommunications services and distribution businesses significantly decreased year-on-year, with the distribution business experiencing a particularly sharp decline in revenue, leading to a substantial reduction in overall gross profit Segment Results (For the Six Months Ended June 30) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Telecommunications Services | 3,393 | 4,481 | -24.3% | | Distribution Business | 19,809 | 64,408 | -69.2% | | **Total** | **23,202** | **68,889** | **-66.3%** | | Segment Profit (Telecommunications Services) | 476 | 1,203 | -60.4% | | Segment Profit (Distribution Business) | 240 | 804 | -70.2% | | **Total Segment Profit** | **716** | **2,007** | **-64.3%** | - The Group consists of two operating segments: **telecommunications services** (providing telecommunications services) and **distribution business** (distributing mobile phones, electronic products, and mobile and data top-up e-vouchers)[19](index=19&type=chunk)[21](index=21&type=chunk) [Geographical Information](index=11&type=section&id=Geographical%20Information) The Group recorded decreased external revenue in Hong Kong, Mainland China, and Singapore, with Hong Kong and Singapore experiencing larger declines, while specific non-current assets increased in Hong Kong, appeared in Mainland China, and decreased in Singapore Geographical External Revenue (For the Six Months Ended June 30) | Region | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 10,205 | 35,748 | -71.4% | | Mainland China | 1,184 | 3,852 | -69.2% | | Singapore | 11,813 | 29,289 | -59.7% | | **Total** | **23,202** | **68,889** | **-66.3%** | Specific Non-current Assets (As of June 30) | Region | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 1,039 | 539 | +92.8% | | Mainland China | 92 | – | N/A | | Singapore | 12 | 36 | -66.7% | | **Total** | **1,143** | **575** | **+98.8%** | [Revenue](index=8&type=section&id=Revenue) The Group's total revenue for the six months ended June 30, 2025, was HK$23.202 million, a significant 66.3% decrease year-on-year, primarily from the distribution business, which also saw a substantial decline - The Group is principally engaged in **telecommunications services** and **distribution businesses**[16](index=16&type=chunk) Revenue by Product or Service (For the Six Months Ended June 30) | Product or Service | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Telecommunications Services | 3,393 | 4,481 | -24.3% | | Distribution Business | 19,809 | 64,408 | -69.2% | | **Total** | **23,202** | **68,889** | **-66.3%** | - Distribution business revenue from **major customers A, B, and C** all significantly decreased, with **customer B** experiencing the largest decline[17](index=17&type=chunk) [Other Income and Other Income/(Losses) Net](index=11&type=section&id=Other%20Income%20and%20Other%20Income%2F%28Losses%29%20Net) For the six months ended June 30, 2025, other income decreased by 21.1% to HK$0.194 million, mainly due to lower interest income, while other income net significantly improved to HK$0.489 million from a net loss, primarily driven by exchange gains Other Income (For the Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from financial assets measured at amortized cost | 194 | 225 | -13.7% | | Miscellaneous income | – | 21 | -100% | | **Total** | **194** | **246** | **-21.1%** | Other Income/(Losses) Net (For the Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Exchange gains/(losses) net | 489 | (218) | - Other income net is primarily due to **exchange gains** arising from fluctuations in exchange rates between HKD, RMB, and SGD[65](index=65&type=chunk) [Loss Before Tax](index=12&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax was HK$4.211 million, a 21.0% reduction from HK$5.332 million in the prior year, mainly due to significant decreases in finance costs and administrative and other operating expenses, particularly the reduction in impairment losses on trade receivables Loss Before Tax Deductions (For the Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 13 | 88 | -85.2% | | Staff costs | 2,182 | 2,206 | -1.1% | | Depreciation (owned property, plant and equipment) | 105 | 602 | -82.6% | | Depreciation (right-of-use assets) | 190 | 218 | -12.9% | | Impairment loss on trade receivables | – | 1,224 | -100% | | Cost of inventories | 19,649 | 63,704 | -69.2% | | Auditor's remuneration (audit services) | 339 | 544 | -37.7% | - The decrease in **finance costs** is primarily due to **no interest payable on shareholder loans** for the six months ended June 30, 2025[26](index=26&type=chunk)[66](index=66&type=chunk) - The reduction in **administrative and other operating expenses** is mainly due to **decreased depreciation** and **no impairment loss on trade receivables** in the current period[66](index=66&type=chunk) [Income Tax Credit in Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=13&type=section&id=Income%20Tax%20Credit%20in%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, income tax credit was HK$18 thousand, an 81.4% decrease from HK$97 thousand in the prior year, mainly due to a reduction in deferred tax liabilities, with no provision for Hong Kong operations due to lack of taxable profit or availability of tax losses Income Tax Credit (For the Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Deferred tax | 18 | 97 | -81.4% | - **Hong Kong profits tax provision is zero** as the Group's operations in Hong Kong had no taxable profit or available tax losses to offset estimated taxable profit for the period[27](index=27&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of **any interim dividend** for the six months ended June 30, 2025, and no interim dividend was paid for the six months ended June 30, 2024[29](index=29&type=chunk)[78](index=78&type=chunk) [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share improved to 1.70 HK cents from 2.83 HK cents in the prior year, primarily due to a reduction in the loss for the period Loss Per Share Calculation Data (For the Six Months Ended June 30) | Item | 2025 (thousand HKD/thousand shares) | 2024 (thousand HKD/thousand shares) | | :--- | :--- | :--- | | Loss for the period attributable to ordinary equity holders of the Company | (4,193) | (5,235) | | Weighted average number of ordinary shares | 244,875 | 184,875 | | Basic and diluted loss per share (HK cents) | (1.70) | (2.83) | - The **diluted loss per share** for the six months ended June 30, 2025, and 2024, is the **same as the basic loss per share**, as there were no potential dilutive ordinary shares during these periods[31](index=31&type=chunk) [Movements in Property, Plant and Equipment](index=14&type=section&id=Movements%20in%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group made no purchases of property, plant, and equipment but recognized an increase in right-of-use assets of approximately HK$0.863 million, mainly due to new lease agreements - For the six months ended June 30, 2025, the Group made **no purchases of property, plant and equipment** items[32](index=32&type=chunk) - The Group entered into several lease agreements for the use of properties and transmission lines, recognizing an increase in **right-of-use assets** of approximately **HK$863,000** (2024: HK$232,000)[32](index=32&type=chunk) [Other Non-current Financial Assets](index=15&type=section&id=Other%20Non-current%20Financial%20Assets) As of June 30, 2025, the Group's other non-current financial assets totaled HK$811 thousand, a decrease from HK$1,059 thousand as of December 31, 2024, primarily comprising equity securities listed in Hong Kong and measured at fair value through other comprehensive income Other Non-current Financial Assets (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Equity securities designated at fair value through other comprehensive income (non-transferable) – listed in Hong Kong | 811 | 1,059 | -23.4% | - These equity securities are shares of **Honghe Renai Medical Group Limited**, designated by the Group as measured at **fair value through other comprehensive income (non-transferable)**, as these investments are held for strategic purposes[34](index=34&type=chunk) [Inventories](index=15&type=section&id=Inventories) As of June 30, 2025, the Group's total inventories were HK$127 thousand, a significant decrease from HK$982 thousand as of December 31, 2024, mainly due to a substantial reduction in mobile phone and electronic product inventories Inventory Composition (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Smart cards | 121 | 104 | +16.3% | | Top-up vouchers | 4 | 3 | +33.3% | | Mobile phones and electronic products | 2 | 875 | -99.8% | | **Total** | **127** | **982** | **-87.1%** | [Receivables, Deposits and Prepayments](index=16&type=section&id=Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, trade receivables were HK$8.318 million, a slight decrease from HK$8.900 million as of December 31, 2024, while other receivables, deposits, and prepayments totaled HK$3.712 million, a slight increase, with all receivables expected to be recovered within one year Receivables, Deposits and Prepayments (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 8,318 | 8,900 | -6.5% | | Other receivables, deposits and prepayments | 3,712 | 3,411 | +8.8% | | **Total** | **12,030** | **12,311** | **-2.3%** | Trade Receivables Ageing Analysis (As of June 30) | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 1 month | 1,518 | 4,141 | | Over 1 month but within 3 months | 6,333 | 4,455 | | Over 3 months but within 6 months | 467 | 304 | | Over 6 months but within 12 months | – | – | | **Total** | **8,318** | **8,900** | - Credit terms for telecommunications services and distribution business provided to major customers are **up to 60 days** from invoice date, with some customers extending to **three to six months**[37](index=37&type=chunk) [Pledged Bank Deposits and Cash and Cash Equivalents](index=17&type=section&id=Pledged%20Bank%20Deposits%20and%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, the Group's cash and cash equivalents were HK$22.972 million, a decrease from HK$26.571 million as of December 31, 2024, with pledged bank deposits of HK$236 thousand serving as collateral for bank performance guarantees Cash and Cash Equivalents (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Bank deposits | 6,636 | 11,858 | -44.0% | | Bank cash | 16,501 | 14,843 | +11.2% | | Cash on hand | 71 | 104 | -31.7% | | **Total** | **23,208** | **26,805** | **-13.4%** | | Less: Pledged bank deposits | (236) | (234) | +0.9% | | **Cash and cash equivalents in condensed consolidated statement of financial position** | **22,972** | **26,571** | **-13.6%** | - Pledged bank deposits of **HK$236,000** serve as collateral for **bank performance guarantees**[38](index=38&type=chunk)[72](index=72&type=chunk) [Payables and Accrued Charges and Contract Liabilities](index=17&type=section&id=Payables%20and%20Accrued%20Charges%20and%20Contract%20Liabilities) As of June 30, 2025, total payables, accrued charges, and contract liabilities were HK$5.288 million, a decrease from HK$6.063 million as of December 31, 2024, with trade payables and accrued charges decreasing, while contract liabilities for telecommunications services increased Payables and Accrued Charges and Contract Liabilities (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 3,298 | 3,527 | -6.5% | | Other payables and accrued charges | 1,859 | 2,491 | -25.3% | | Contract liabilities (telecommunications services) | 131 | 45 | +191.1% | | **Total** | **5,288** | **6,063** | **-12.8%** | Trade Payables Ageing Analysis (As of June 30) | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 1 month | 596 | 590 | | Over 1 month but within 3 months | 338 | 607 | | Over 3 months but within 12 months | – | – | | Over 12 months | 2,364 | 2,330 | | **Total** | **3,298** | **3,527** | [Share Capital](index=18&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was HK$100 million, with issued and fully paid share capital of HK$48.975 million, consistent with December 31, 2024, following a HK$12 million increase in issued share capital in December 2024 due to capitalization of shareholder loans Share Capital Structure (As of June 30) | Item | June 30, 2025 (Number of shares/thousand HKD) | December 31, 2024 (Number of shares/thousand HKD) | | :--- | :--- | :--- | | Authorized share capital (Number of shares) | 500,000,000 | 500,000,000 | | Authorized share capital (Par value) | 100,000 | 100,000 | | Issued and fully paid share capital (Number of shares) | 244,875,000 | 244,875,000 | | Issued and fully paid share capital (Par value) | 48,975 | 48,975 | - On **December 13, 2024**, the Company's issued share capital increased by **HK$12,000,000** due to the completion of a share allotment to offset shareholder loans of approximately HK$12,000,000[41](index=41&type=chunk) [Fair Value Measurement](index=19&type=section&id=Fair%20Value%20Measurement) The Group's financial assets primarily consist of non-trading listed securities measured at fair value through other comprehensive income, classified as Level 1 valuation, with a fair value of HK$811 thousand as of June 30, 2025, down from HK$1,059 thousand as of December 31, 2024 Fair Value Measurement (As of June 30) | Item | June 30, 2025 Fair Value (thousand HKD) | December 31, 2024 Fair Value (thousand HKD) | | :--- | :--- | :--- | | Non-trading listed securities (Level 1) | 811 | 1,059 | - The fair value measurements of the Group's financial instruments are classified with reference to the **three fair value hierarchy levels** defined in **IFRS 13**[46](index=46&type=chunk) [Commitments](index=20&type=section&id=Commitments) As of June 30, 2025, the Group had no capital commitments, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had **no capital commitments** (December 31, 2024: nil)[47](index=47&type=chunk)[75](index=75&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=Significant%20Related%20Party%20Transactions) The Group engaged in various transactions with related parties under common control by the controlling shareholder, including data processing, billing management, website development, maintenance, and property leasing, with shareholder loan interest expenses eliminated this period due to loan capitalization in December 2024 Significant Related Party Transactions (For the Six Months Ended June 30) | Related Party | Nature of Transaction | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | :--- | | Guangzhou Shenghua Information Technology Co., Ltd. | Data processing and billing management | 240 | 240 | | Guangzhou Guolian Smart Information Technology Co., Ltd. | Company website development and maintenance | 90 | 90 | | Tianlong Information Engineering Co., Ltd. | Lease of property | 180 | 180 | | Shareholder – Mr. Li Kin Shing | Interest expense on shareholder loan | – | 68 | - The **HK$12,000,000 loan agreement** with the shareholder was settled by a share allotment on **December 13, 2024**, to offset the outstanding principal, resulting in **no shareholder loan interest expense** for the current period[51](index=51&type=chunk) [Key Management Personnel Remuneration](index=21&type=section&id=Key%20Management%20Personnel%20Remuneration) For the six months ended June 30, 2025, the Group's total key management personnel remuneration was HK$929 thousand, largely consistent with HK$928 thousand in the prior year Key Management Personnel Remuneration (For the Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 883 | 876 | | Contributions to retirement benefit schemes | 29 | 29 | | Expenses recognized for defined benefit plan obligations | 17 | 23 | | **Total** | **929** | **928** | [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had a bank performance guarantee of HK$200 thousand to secure compliance with service operator license obligations, for which bank deposits are pledged, and directors consider the likelihood of claims to be remote - As of June 30, 2025, a **bank performance guarantee of HK$200,000** was issued to the Office of the Communications Authority to ensure the Group's proper fulfillment and compliance with its service operator license obligations[54](index=54&type=chunk)[73](index=73&type=chunk) - The Group has **pledged bank deposits** for the aforementioned performance guarantee, and the directors consider the likelihood of claims against the Group in this regard to be **remote**[54](index=54&type=chunk)[73](index=73&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance in Hong Kong, China, and Singapore, outlining future development strategies to address macroeconomic challenges and market competition through cost control, market expansion, technological innovation (e.g., AI and eSIM), and cross-industry collaboration, accelerating strategic transformation from a traditional telecommunications service provider to a smart mobility solution provider, while noting significant declines in revenue and gross profit but a narrowed loss [Business Review and Outlook](index=22&type=section&id=Business%20Review%20and%20Outlook) The Group's telecommunications services and distribution businesses in Hong Kong, China, and Singapore face challenges with general revenue decline, but the Group is actively adjusting strategies, including strengthening cost control, expanding overseas markets, seeking new suppliers, suspending loss-making operations, and planning to enhance competitiveness through technological innovation (e.g., AI real-time translation, eSIM) and cross-industry collaboration to seize opportunities from tourism recovery [Business in Hong Kong](index=22&type=section&id=Business%20in%20Hong%20Kong) Hong Kong telecommunications service revenue decreased by 24.3%, though roaming services grew due to tourism recovery, while distribution business revenue significantly dropped by 78.2% amid global economic slowdown, Fed rate hikes, and supply chain challenges, prompting the Group to enhance cost control, seek distributors for overseas markets, and diversify mobile phone and electronic product offerings - Hong Kong telecommunications service revenue was approximately **HK$3,376,000**, a decrease of approximately **24.3%** compared to the same period last year[55](index=55&type=chunk) - Hong Kong distribution business revenue was approximately **HK$6,829,000**, a decrease of approximately **78.2%** compared to the same period last year[57](index=57&type=chunk) - The Group is negotiating with service providers to **reduce unit costs** for airtime and mobile data, and actively seeking **distributors to expand overseas markets**[56](index=56&type=chunk) [Business in Mainland China](index=23&type=section&id=Business%20in%20Mainland%20China) Mainland China's distribution business revenue decreased by 69.5% to HK$1.167 million, primarily due to reduced purchases of mobile phones and electronic products by customers, with GZDT continuing to expand its distribution business, seek stronger suppliers, and actively negotiate potential business collaborations with Chinese and overseas distributors - Mainland China distribution business revenue was approximately **HK$1,167,000**, a decrease of approximately **69.5%** compared to the same period last year[58](index=58&type=chunk) - GZDT will continue to expand its mobile phone and electronic product distribution business by leveraging relationships with telecommunications service/equipment agents/distributors and seeking **stronger suppliers**[58](index=58&type=chunk) [Business in Singapore](index=23&type=section&id=Business%20in%20Singapore) Singapore's mobile and data top-up distribution business revenue decreased by 59.7% to HK$11.813 million, mainly due to intensified market competition, phasing out of traditional top-up methods, and reduced procurement by e-commerce platform operators, leading management to suspend sales of mobile and data top-up e-vouchers from Q3 2025 and seek direct procurement from telecom operators to improve profit margins - Singapore mobile and data top-up distribution business revenue was approximately **HK$11,813,000**, a decrease of approximately **59.7%** compared to the same period last year[59](index=59&type=chunk) - From **Q3 2025**, management has decided to **suspend sales of mobile and data top-up e-vouchers** and actively seek to purchase e-vouchers directly from telecommunications operators to improve revenue and gross profit levels[60](index=60&type=chunk) [Outlook](index=24&type=section&id=Outlook) The Group anticipates continued growth in tourism demand in the coming years, planning to launch upgraded roaming solutions, integrating AI real-time translation and eSIM technology to deepen the "Travel Everywhere" concept, while closely monitoring market conditions, expanding into emerging markets, using AI for user behavior analysis, and exploring collaborations with the hospitality and airline industries to achieve sustainable growth and strategic transformation - The Group anticipates **continued growth in tourism demand** in the coming years and will launch upgraded roaming solutions, integrating **AI real-time translation** and **eSIM technology**[61](index=61&type=chunk) - The Group is accelerating the expansion of channels in **emerging markets** such as Southeast Asia and analyzing user behavior through **AI technology** to precisely design roaming packages[62](index=62&type=chunk) - The Group is exploring collaborations with the **hotel and airline industries** and has entered into equipment purchase agreements to replace some outdated core network equipment to enhance operational efficiency and service quality[62](index=62&type=chunk) - The Group is accelerating its strategic transformation, focusing on **Mobility as a Service (MaaS)**, integrating **eSIM technology with the insurance industry**, and utilizing **AI-driven dynamic pricing models** to transition from a traditional telecommunications service provider to a smart mobility solution provider[63](index=63&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 66.3% to HK$23.202 million, with cost of sales decreasing by 66.4%, and gross profit falling by 64.3% to HK$0.716 million, mainly due to lower gross profit margin in Hong Kong telecommunications services and reduced distribution business revenue, while administrative and other operating expenses decreased by 23.1%, finance costs by 85.2%, and income tax credit by 81.4%, ultimately reducing the loss attributable to equity holders by 19.9% to HK$4.193 million Key Financial Indicators Change (For the Six Months Ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,202 | 68,889 | -66.3% | | Cost of Sales | 22,486 | 66,882 | -66.4% | | Gross Profit | 716 | 2,007 | -64.3% | | Other Income | 194 | 246 | -21.1% | | Other Income Net/(Losses Net) | 489 | (218) | Significant Improvement | | Administrative and Other Operating Expenses | 5,597 | 7,279 | -23.1% | | Finance Costs | 13 | 88 | -85.2% | | Income Tax Credit | 18 | 97 | -81.4% | | Loss Attributable to Equity Holders of the Company | 4,193 | 5,235 | -19.9% | - The decrease in **gross profit** is mainly due to a **lower gross profit margin** for telecommunications services in Hong Kong and **reduced revenue** from distribution businesses in China, Hong Kong, and Singapore[65](index=65&type=chunk) - The reduction in **loss** is primarily due to **decreased depreciation** and **no impairment loss on trade receivables** for the six months ended June 30, 2025[67](index=67&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) The Group maintains a prudent financial policy, with no outstanding loans or borrowings as of June 30, 2025, rendering the gearing ratio inapplicable, and total equity of HK$30.622 million, a decrease from December 31, 2024, following a share allotment in December 2024 to offset shareholder loans - As of June 30, 2025, the Group had **no outstanding loans or borrowings**, thus the **gearing ratio is not applicable**[68](index=68&type=chunk) - As of June 30, 2025, the **total equity attributable to equity holders** of the Company was approximately **HK$30,622,000** (December 31, 2024: approximately HK$34,796,000)[68](index=68&type=chunk) - On **December 13, 2024**, the Company issued **60,000,000 capitalized shares** to offset shareholder loans of approximately **HK$12,000,000**[68](index=68&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) The Group primarily relies on internally generated cash flows and shareholder contributions for working capital, with net current assets of HK$29.416 million and a current ratio of 5.9 as of June 30, 2025, both decreasing from December 31, 2024 - The Group typically relies on **internally generated cash flows** and **shareholder contributions** for its working capital[70](index=70&type=chunk) Liquidity Indicators (As of June 30) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Net current assets | 29,416 | 33,607 | | Cash and cash equivalents | 22,972 | 26,571 | | Current ratio | 5.9 | 6.2 | [Foreign Exchange Risk](index=26&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to currency risk primarily from receivables, payables, and cash balances denominated in foreign currencies, mainly USD, but considers the risk of exchange rate fluctuations between HKD and USD to be minimal due to the peg, and does not use derivative instruments for hedging - The Group is primarily exposed to **currency risk** from trading transactions generating receivables, payables, and cash balances denominated in foreign currencies (i.e., non-functional currencies involved in transaction-related businesses), mainly **USD**[71](index=71&type=chunk) - Due to the **HKD peg to the USD**, the Group considers the risk of exchange rate fluctuations between HKD and USD to be **minimal**, and thus faces no significant currency risk[71](index=71&type=chunk) - As of June 30, 2025, the Group had **no derivative instruments** used to hedge foreign exchange risk[71](index=71&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had HK$236 thousand in pledged bank deposits serving as collateral for a bank performance guarantee issued to its subsidiary - As of June 30, 2025, bank deposits of **HK$236,000** were pledged for a **bank performance guarantee** issued to a subsidiary of the Group (December 31, 2024: HK$234,000)[72](index=72&type=chunk) [Material Acquisitions, Disposals or Significant Investments](index=26&type=section&id=Material%20Acquisitions%2C%20Disposals%20or%20Significant%20Investments) The Group did not undertake any material acquisitions, disposals, or significant investments involving its subsidiaries or associated companies during the review period - The Group did not undertake any **material acquisitions, disposals, or significant investments** involving its subsidiaries or associated companies during the review period[74](index=74&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 18 employees across Hong Kong, Mainland China, and Singapore, with remuneration policies based on market terms and individual performance, including year-end bonuses and various employee benefits - As of June 30, 2025, the Group had **18 employees** (December 31, 2024: 18 employees), with **8 in Hong Kong, 9 in Mainland China, and 1 in Singapore**[77](index=77&type=chunk) - Remuneration is determined with reference to **market terms** and individual employee's performance, qualifications, and experience, offering benefits such as **year-end bonuses, medical insurance, share option schemes, housing allowances, and social insurance**[77](index=77&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section discloses equity interests of directors and substantial shareholders, confirms directors' rights to acquire shares, details the share option scheme, corporate governance practices, directors' securities transaction code of conduct, share trading activities, competing interests, and the Audit Committee's operations [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=27&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Li Kin Shing held approximately 69.22% of the Company's share interests (including controlled corporation interests and beneficial owner interests), while Mr. Pang Kwok Chau and Mr. Wong Kin Wah each held 0.61% beneficial owner interests, and Mr. Li Kin Shing is also deemed to own the entire interest in New Everich Directors' Long Positions in the Company's Shares (As of June 30, 2025) | Director's Name | Nature of Interest/Capacity | Number of Ordinary Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Li Kin Shing | Interest in controlled corporation | 104,437,500 | 42.65% | | Mr. Li Kin Shing | Beneficial owner | 65,062,500 | 26.57% | | Mr. Pang Kwok Chau | Beneficial owner | 1,500,000 | 0.61% | | Mr. Wong Kin Wah | Beneficial owner | 1,500,000 | 0.61% | - Mr. Li Kin Shing is deemed to own the **entire interest in New Everich**, which holds **42.65%** of the Company's shares[79](index=79&type=chunk)[80](index=80&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=28&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, New Everich held 42.65% of the Company's shares, Ms. Kwok King Wah is deemed to own interests in New Everich and Mr. Li Kin Shing's beneficially owned shares due to spousal relationship, and Golden Brand Holdings Limited and its wholly-owned beneficial owner Mr. Bai Zhifeng held 6.74% of the shares Substantial Shareholders' Long Positions in the Company's Shares (As of June 30, 2025) | Name/Entity | Nature of Interest/Capacity | Number of Ordinary Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | New Everich | Beneficial owner | 104,437,500 | 42.65% | | Ms. Kwok King Wah | Interest in controlled corporation | 104,437,500 | 42.65% | | Ms. Kwok King Wah | Spouse interest | 65,062,500 | 26.57% | | Golden Brand Holdings Limited | Beneficial owner | 16,500,000 | 6.74% | | Mr. Bai Zhifeng | Interest in controlled corporation | 16,500,000 | 6.74% | - Ms. Kwok King Wah, as the spouse of Mr. Li Kin Shing, is deemed under the Securities and Futures Ordinance to have an interest in the shares held by Mr. Li Kin Shing[79](index=79&type=chunk)[88](index=88&type=chunk) [Rights to Acquire Shares or Debentures by Directors](index=29&type=section&id=Rights%20to%20Acquire%20Shares%20or%20Debentures%20by%20Directors) During the review period, no directors or their spouses/minor children were granted or exercised any rights to acquire shares or debentures of the Company or any other body corporate - During the review period, **no directors or their respective spouses or children under 18 years of age** were granted or exercised any rights to acquire benefits through the acquisition of shares or debentures of the Company or any other body corporate[83](index=83&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on May 11, 2016, and for the six months ended June 30, 2025, no share options were granted or cancelled, and none remained outstanding at period-end - The Company adopted a **share option scheme** at the annual general meeting held on **May 11, 2016**[84](index=84&type=chunk) - For the six months ended June 30, 2025, **no share options** were granted or cancelled under the share option scheme, and **no outstanding share options** existed at the end of the period[84](index=84&type=chunk) [Corporate Governance Code](index=29&type=section&id=Corporate%20Governance%20Code) The Company is committed to maintaining high standards of corporate governance and confirms compliance with the Corporate Governance Code provisions set out in Appendix C1 of the GEM Listing Rules for the six months ended June 30, 2025 - The Company is committed to maintaining a **high level of corporate governance** to protect the interests of its shareholders[86](index=86&type=chunk) - For the six months ended June 30, 2025, the Company has complied with the **code provisions of the Corporate Governance Code** set out in Appendix C1 to the applicable GEM Listing Rules[86](index=86&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=29&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions and confirms that directors have complied with this code - The Company has adopted the **required standard of dealings** set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions in the Company's securities[87](index=87&type=chunk) - Following specific enquiries with all directors, the directors have confirmed that they have **complied with the required standard of dealings** set out in the adopted code of conduct for securities transactions by directors[87](index=87&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Shares) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries** purchased, sold, or redeemed any of the Company's shares[89](index=89&type=chunk) [Competing Interests](index=30&type=section&id=Competing%20Interests) Potential competition exists in RF-SIM intellectual property licensing between the Group and Direct Telecommunications Limited and Shenghua Telecommunications Limited, controlled by Mr. Li Kin Shing and his spouse Ms. Kwok King Wah; however, a non-competition undertaking deed ensures the Group's RF-SIM business in Hong Kong and Macau remains unaffected - **Direct Telecommunications Limited** (50% owned by Mr. Li Kin Shing and 50% by Ms. Kwok King Wah) is the franchisee of RF-SIM outside China (including Hong Kong and Macau), potentially competing with the Group[90](index=90&type=chunk) - **Shenghua Telecommunications Limited** (wholly-owned by Mr. Li Kin Shing) primarily engages in RF-SIM product R&D, production, sales, and licensing of RF-SIM operating rights outside Hong Kong and Macau[91](index=91&type=chunk) - Mr. Li Kin Shing, Ms. Kwok King Wah, and Direct Telecommunications Limited have executed a **non-competition undertaking deed**, pledging not to directly or indirectly engage in any business competing with the Group's RF-SIM business in Hong Kong and Macau[92](index=92&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Company's Audit Committee, composed of three independent non-executive directors, reviews financial reports and oversees risk management and internal control systems, having reviewed the unaudited results for the six months ended June 30, 2025, and deemed them compliant with applicable accounting standards and adequately disclosed - The Audit Committee was established on **May 20, 2010**, comprising **three independent non-executive directors**, with Ms. Li Man Yee as chairperson[93](index=93&type=chunk) - The Audit Committee's primary responsibilities include reviewing the Company's annual and consolidated financial statements, interim and quarterly reports, and overseeing management's design, implementation, and monitoring of financial reporting, risk management, and internal control systems[93](index=93&type=chunk) - The Audit Committee has reviewed the Group's **unaudited results** for the six months ended June 30, 2025, and considers them to be in compliance with applicable accounting standards and to have made **adequate disclosures**[93](index=93&type=chunk) [By Order of the Board](index=31&type=section&id=By%20Order%20of%20the%20Board) This announcement was published by Executive Director Mr. Pang Kwok Chau on August 29, 2025, by order of the Board, and lists the Board members - This announcement was published by **Mr. Pang Kwok Chau, Executive Director**, by order of the Board on **August 29, 2025**[94](index=94&type=chunk) - The Board members include Executive Director Mr. Pang Kwok Chau; Non-executive Directors Mr. Li Kin Shing and Mr. Wong Kin Wah; and Independent Non-executive Directors Ms. Li Man Yee, Mr. Chan Hok To, and Mr. Lau Hak Kwan[94](index=94&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported growth in total assets, revenue, and profit attributable to shareholders, alongside an increase in earnings per share and a proposed interim dividend Financial Summary | Metric | Six Months Ended June 30, 2025 / As of June 30, 2025 | Six Months Ended June 30, 2024 / As of December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | RMB 129.262 billion | RMB 123.712 billion | Increase RMB 5.550 billion | 4.49% | | Revenue | RMB 24.855 billion | RMB 24.535 billion | Increase RMB 0.320 billion | 1.30% | | Profit attributable to equity holders of the Company | RMB 2.753 billion | RMB 2.281 billion | Increase RMB 0.472 billion | 20.69% | | Earnings per share | RMB 0.32 yuan | RMB 0.27 yuan | Increase RMB 0.05 yuan | - | | Proposed interim dividend | RMB 0.2 yuan per share | - | - | - | [Financial Performance](index=2&type=section&id=Financial%20Performance) The company's financial performance for the period shows overall growth in revenue and profit, with a notable increase in comprehensive income and a stable financial position - This interim financial report was prepared in accordance with International Accounting Standard 34 and the Hong Kong Stock Exchange Listing Rules, unaudited but reviewed by KPMG[3](index=3&type=chunk)[4](index=4&type=chunk)[11](index=11&type=chunk) [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) During the reporting period, the company achieved growth in both revenue and profit, with a significant increase in profit attributable to equity holders of the Company and a corresponding rise in basic and diluted earnings per share Consolidated Comprehensive Income | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 24,855 | 24,535 | 320 | 1.30% | | Gross Profit | 6,996 | 6,946 | 50 | 0.72% | | Operating Profit | 2,833 | 2,951 | (118) | -4.00% | | Profit before tax | 3,284 | 2,857 | 427 | 14.95% | | Profit for the period | 2,888 | 2,535 | 353 | 13.92% | | Profit attributable to equity holders of the Company | 2,753 | 2,281 | 472 | 20.69% | | Basic earnings per share (RMB yuan) | 0.32 | 0.28 | 0.04 | 14.29% | | Diluted earnings per share (RMB yuan) | 0.32 | 0.27 | 0.05 | 18.52% | - Total comprehensive income for the period was **RMB 2,913 million**, a significant increase from **RMB 2,020 million** in the prior year period[8](index=8&type=chunk) [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased from the end of 2024, primarily due to an increase in current assets, while current liabilities also rose, but net assets slightly decreased Consolidated Financial Position | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total non-current assets | 48,693 | 49,234 | (541) | -1.10% | | Total current assets | 80,503 | 74,478 | 6,025 | 8.09% | | Total assets | 129,196 | 123,712 | 5,484 | 4.43% | | Total current liabilities | 45,012 | 42,987 | 2,025 | 4.71% | | Total non-current liabilities | 24,844 | 20,923 | 3,921 | 18.74% | | Net assets | 59,340 | 59,802 | (462) | -0.77% | | Total equity attributable to equity holders of the Company | 57,107 | 57,101 | 6 | 0.01% | - Net current assets increased from **RMB 31,491 million** as of December 31, 2024, to **RMB 35,491 million** as of June 30, 2025[10](index=10&type=chunk) [Notes to Financial Information](index=8&type=section&id=Notes%20to%20Financial%20Information) This section provides detailed notes on the financial statements, covering accounting policies, revenue segmentation, profit and tax components, asset and liability breakdowns, and equity movements - This interim financial report, though unaudited, has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[11](index=11&type=chunk) [1 Basis of Preparation](index=8&type=section&id=1%20Basis%20of%20Preparation) This interim financial report was prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34, approved by the audit committee, and did not adopt new standards not yet effective for the current period - The report was approved by the company's audit committee and authorized for publication on **August 29, 2025**[11](index=11&type=chunk) - The Group has not adopted any new standards or interpretations that are not yet effective for the current accounting period[12](index=12&type=chunk) [2 Revenue and Segment Reporting](index=9&type=section&id=2%20Revenue%20and%20Segment%20Reporting) The company's revenue primarily derives from construction machinery and agricultural machinery, with construction machinery being the largest contributor; during the reporting period, revenue from outside Mainland China significantly increased, surpassing that from Mainland China Revenue by Source | Revenue Source | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Construction Machinery | 22,582 | 20,039 | 2,543 | 12.69% | | Agricultural Machinery | 1,987 | 2,341 | (354) | -15.12% | | Financial Services | 231 | 207 | 24 | 11.59% | | Lease Income | 75 | 48 | 27 | 56.25% | | **Total Revenue** | **24,855** | **24,535** | **320** | **1.30%** | Revenue by Geographical Location | Revenue by Geographical Location | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 11,039 | 12,488 | (1,449) | -11.60% | | Outside Mainland China | 13,816 | 12,047 | 1,769 | 14.68% | - During the reporting period, revenue from aerial work platforms decreased by **34.46%** year-on-year, while revenue from earthmoving machinery increased by **21.96%** year-on-year[14](index=14&type=chunk) [3 Profit Before Tax](index=11&type=section&id=3%20Profit%20Before%20Tax) During the reporting period, the company's profit before tax significantly increased, primarily driven by an improvement in net finance income (from net costs to net income) and an increase in share of profits from associates, despite higher selling and R&D expenses Profit Before Tax Components | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net finance income/(costs) | 392 | (119) | 511 | | Selling and distribution expenses | (2,098) | (1,902) | (196) | | Research and development expenses | (1,412) | (1,306) | (106) | | Expected credit losses | (273) | (377) | 104 | | Share of profits less losses of associates | 59 | 25 | 34 | - Total staff costs slightly decreased, mainly due to a significant reduction in share incentive plan expenses[19](index=19&type=chunk) [4 Income Tax](index=12&type=section&id=4%20Income%20Tax) During the reporting period, the company's income tax expense increased, primarily due to deferred tax turning from a negative to a positive value, while PRC income tax expense decreased Income Tax Expense | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Current tax - PRC income tax | 290 | 486 | (196) | | Deferred tax | 98 | (221) | 319 | | Income tax expense | 396 | 322 | 74 | [5 Earnings Per Share](index=13&type=section&id=5%20Earnings%20Per%20Share) During the reporting period, both the company's basic and diluted earnings per share increased, with diluted earnings per share being equal to basic earnings per share due to the anti-dilutive effect of restricted A shares Earnings Per Share | Metric | Six Months Ended June 30, 2025 (RMB yuan) | Six Months Ended June 30, 2024 (RMB yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Basic earnings per share | 0.32 | 0.28 | 0.04 | | Diluted earnings per share | 0.32 | 0.27 | 0.05 | - The calculation of diluted earnings per share for 2025 excludes restricted A shares as they have an anti-dilutive effect, thus being equal to basic earnings per share[23](index=23&type=chunk) [6 Goodwill](index=13&type=section&id=6%20Goodwill) As of June 30, 2025, the company's goodwill balance increased due to the impact of exchange rate differences Goodwill Balance | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Balance | 2,739 | 2,580 | 159 | - The increase in goodwill is primarily due to exchange rate differences, adding **RMB 159 million**[24](index=24&type=chunk) [7 Interests in Associates](index=14&type=section&id=7%20Interests%20in%20Associates) As of June 30, 2025, the company's total interests in associates slightly decreased, with the carrying amount of interest in Infore Environment Technology Group Co., Ltd. also slightly reduced Interests in Associates | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total interests in associates | 4,451 | 4,484 | (33) | | Infore Environment Technology Group Co., Ltd. | 3,182 | 3,209 | (27) | [8 Other Financial Assets](index=14&type=section&id=8%20Other%20Financial%20Assets) As of June 30, 2025, the company's total other financial assets decreased, mainly due to a reduction in equity securities at fair value through other comprehensive income and private equity funds Other Financial Assets | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Equity securities (FVTOCI) | 1,619 | 1,760 | (141) | | Private equity funds (FVTPL) | 158 | 224 | (66) | | Total | 1,809 | 2,017 | (208) | - During the reporting period, the company received **RMB 10 million** in dividends from equity securities investments and incurred a cumulative fair value change loss of **RMB 2 million** from the disposal of equity securities[26](index=26&type=chunk) [9 Trade and Other Receivables](index=15&type=section&id=9%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the company's total trade and other receivables significantly increased, primarily driven by growth in trade receivables, with the largest portion maturing within one year Trade and Other Receivables | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables, net of allowance for doubtful debts | 35,320 | 31,108 | 4,212 | 13.54% | | Prepayment for equity investment | 1,628 | 0 | 1,628 | - | | Recoverable VAT | 2,446 | 2,329 | 117 | 5.02% | | Total (Current portion) | 38,879 | 32,400 | 6,479 | 20.00% | - During the reporting period, the company's non-recourse factored trade receivables significantly decreased to **RMB 3.136 billion** from **RMB 5.940 billion** in the prior year period[27](index=27&type=chunk) - As of the end of the reporting period, receivables due within 1 year accounted for **67%** of the total (**23,654/35,320**)[28](index=28&type=chunk) [10 Finance Lease Receivables](index=16&type=section&id=10%20Finance%20Lease%20Receivables) As of June 30, 2025, the company's total finance lease receivables decreased, mainly due to a reduction in gross investment and unearned finance income, while the proportion of overdue receivables also declined Finance Lease Receivables | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross investment | 7,003 | 8,217 | (1,214) | -14.77% | | Unearned finance income | (295) | (443) | 148 | -33.41% | | Total, net of allowance for doubtful debts | 6,205 | 7,163 | (958) | -13.37% | | Total overdue | 959 | 1,418 | (459) | -32.37% | - During the reporting period, the company's non-recourse factored finance lease receivables decreased to **RMB 1.029 billion** from **RMB 1.788 billion** in the prior year period[31](index=31&type=chunk) [11 Inventories](index=18&type=section&id=11%20Inventories) As of June 30, 2025, the company's total inventories slightly increased, with growth in finished goods and work in progress, while raw materials remained stable Inventories Breakdown | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Raw materials | 5,486 | 5,413 | 73 | 1.35% | | Work in progress | 2,275 | 1,898 | 377 | 19.86% | | Finished goods | 13,192 | 12,818 | 374 | 2.92% | | Total inventories | 23,391 | 22,564 | 827 | 3.67% | [12 Financial Assets at Fair Value Through Profit or Loss](index=18&type=section&id=12%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the company's total financial assets at fair value through profit or loss slightly decreased, mainly due to a reduction in investment funds, but wealth management products and structured deposits significantly increased Financial Assets at Fair Value Through Profit or Loss | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Wealth management products and structured deposits | 207 | 45 | 162 | 360.00% | | Investment funds | 1,363 | 1,577 | (214) | -13.57% | | Total | 1,571 | 1,622 | (51) | -3.14% | - The company invests its surplus funds in bank wealth management products, structured deposits, and investment funds[34](index=34&type=chunk) [13 Trade and Other Payables](index=19&type=section&id=13%20Trade%20and%20Other%20Payables) As of June 30, 2025, the company's total trade and other payables significantly increased, primarily driven by growth in trade payables and prepayments for equity investments Trade and Other Payables | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 11,247 | 8,830 | 2,417 | 27.37% | | Electronic bills payable | 3,947 | 5,192 | (1,245) | -23.98% | | Bills payable | 8,174 | 7,883 | 291 | 3.69% | | Dividends payable | 2,529 | 0 | 2,529 | - | | Other accruals and other payables | 3,498 | 2,879 | 619 | 21.50% | | Total | 33,807 | 29,763 | 4,044 | 13.59% | - As of the end of the reporting period, trade payables and bills payable due within 1 month or on demand accounted for the highest proportion at **28.44%**[36](index=36&type=chunk) [14 Share Capital, Reserves and Dividends](index=19&type=section&id=14%20Share%20Capital,%20Reserves%20and%20Dividends) During the reporting period, the company declared a cash dividend for 2024, continued its employee share ownership plan, and repurchased and cancelled H shares, resulting in slight changes to share capital - The Board of Directors proposes to declare an interim dividend of **RMB 0.2 yuan per share** for the six months ended June 30, 2025[2](index=2&type=chunk)[75](index=75&type=chunk) - On **June 26, 2025**, a cash dividend of **RMB 0.3 yuan per share** for 2024, totaling **RMB 2.595 billion**, was approved for declaration, with a portion remaining unpaid as of June 30, 2025[37](index=37&type=chunk) - The second phase of the employee share ownership plan granted **423,956,766 restricted shares** on **September 28, 2023**, with no shares unlocked during the reporting period[38](index=38&type=chunk)[39](index=39&type=chunk) - During the reporting period, the company repurchased **18,746,800 H shares** on the Hong Kong Stock Exchange for a total consideration of **HKD 104 million (RMB 96 million)**, and cancelled **29,457,000 H shares** in June 2025[40](index=40&type=chunk)[76](index=76&type=chunk) [Business Review and Outlook](index=21&type=section&id=Business%20Review%20and%20Outlook) This section reviews the company's strategic initiatives, operational achievements, and future outlook, highlighting advancements in industrial development, global market expansion, digital transformation, and technological innovation - The company adheres to the core philosophy of "doing business with internet thinking and making products with ultimate thinking," focusing on high-quality development through "related diversification, globalization, and digitalization" as its three strategic transformations[41](index=41&type=chunk)[68](index=68&type=chunk) [Company Strategy and Performance Overview](index=21&type=section&id=Company%20Strategy%20and%20Performance%20Overview) Zoomlion upholds the core philosophy of "doing business with internet thinking and making products with ultimate thinking," focusing on "related diversification, globalization, and digitalization" as its three strategic transformations, driving high-quality development through technological innovation, with both operating revenue and net profit attributable to the parent company increasing during the reporting period - The company's strategy focuses on three major transformations: "related diversification, globalization, and digitalization," driving high-quality development through technological innovation[41](index=41&type=chunk)[68](index=68&type=chunk) Performance Overview | Metric | Six Months Ended June 30, 2025 | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | RMB 24.855 billion | 1.30% | | Net profit attributable to the parent company | RMB 2.753 billion | 20.69% | [1. Accelerating Industrial Tiered Development](index=21&type=section&id=1.%20Accelerating%20Industrial%20Tiered%20Development) The company accelerates the diversification of its industrial segments, with traditional advantageous industries solidifying market positions and enhancing competitiveness, while emerging industries rapidly expand to form new growth poles and achieve synergistic development - The company is building a synergistic and competitive development pattern between traditional advantageous industries and emerging industries, strengthening strategic execution[42](index=42&type=chunk) [(1) Leading Products Maintain Stable Market Position](index=21&type=section&id=(1)%20Leading%20Products%20Maintain%20Stable%20Market%20Position) - The domestic market positions of the three major product lines (concrete machinery, engineering hoisting machinery, and building hoisting machinery) are stable, with new energy mixer trucks and crawler crane products achieving double-digit growth[43](index=43&type=chunk) - Overseas business scale and market position continue to improve, with overall export sales of the three major product lines increasing by over **13%** year-on-year[43](index=43&type=chunk) [(2) Earthmoving Machinery Builds Advantages with Full-Scenario Product Matrix](index=22&type=section&id=(2)%20Earthmoving%20Machinery%20Builds%20Advantages%20with%20Full-Scenario%20Product%20Matrix) - Earthmoving machinery has built a full-scenario product matrix, with its market share in medium and large excavators ranking among the top in the domestic market[44](index=44&type=chunk) - The overseas market deepens its global layout, with export sales increasing by over **33%** year-on-year, leading the industry in growth rate[44](index=44&type=chunk) [(3) Aerial Work Platforms Lead Global High-End Market Development](index=22&type=section&id=(3)%20Aerial%20Work%20Platforms%20Lead%20Global%20High-End%20Market%20Development) - Ultra-high straight boom products hold the **number one global market share**, with the **82-meter** ultra-high straight boom product passing EU CE certification[45](index=45&type=chunk) - High-reach articulated boom product ZA32J holds the **number one global market share**, achieving large-scale exports to Europe, America, and the Asia-Pacific region[45](index=45&type=chunk) - Construction of the Hungarian factory is progressing efficiently, deepening local manufacturing competitiveness[45](index=45&type=chunk) [(4) Agricultural Machinery Promotes Strategic Restructuring and Lean Development Transformation](index=22&type=section&id=(4)%20Agricultural%20Machinery%20Promotes%20Strategic%20Restructuring%20and%20Lean%20Development%20Transformation) - The company is driving a systematic upgrade across the entire chain of products, R&D, market, production, and human resources, centered on the core development strategy of "high-end, international, and new energy"[46](index=46&type=chunk) - Wheat harvesters maintain a top two market share domestically, while tractor and rice harvester product lines achieve counter-trend growth during the industry adjustment period[46](index=46&type=chunk) [(5) Mining Machinery Focuses on 'Green, Large-scale, and Intelligent'](index=23&type=section&id=(5)%20Mining%20Machinery%20Focuses%20on%20'Green,%20Large-scale,%20and%20Intelligent') - Focusing on "green, large-scale, and intelligent" directions, the company builds high-end mining equipment for all processes, with production capacity increasing **3 times** from the beginning of the year[47](index=47&type=chunk) - Overseas business has fully entered the global high-end mining market, with export sales increasing by over **29%** year-on-year[47](index=47&type=chunk) [(6) Embodied Intelligent Robot R&D Accelerates](index=23&type=section&id=(6)%20Embodied%20Intelligent%20Robot%20R%26D%20Accelerates) - Three new humanoid robots (one wheeled, two bipedal) have been developed, with dozens already deployed in factories, accelerating industrialization[48](index=48&type=chunk) - An embodied intelligent training ground with **120 workstations** has been built, and an embodied intelligent operation center established, forming a closed-loop mechanism of "data collection – model training – application iteration"[48](index=48&type=chunk) [(7) Emerging Businesses Flourish](index=23&type=section&id=(7)%20Emerging%20Businesses%20Flourish) - Sales scale and profit of emergency equipment both reached historical highs, with a year-on-year increase of over **54%**[49](index=49&type=chunk) - Basic construction continues to break through in both domestic and international markets, with export sales increasing by over **85%** year-on-year[49](index=49&type=chunk) [2. Globalization Strategy Drives In-depth Breakthroughs in Global Markets](index=23&type=section&id=2.%20Globalization%20Strategy%20Drives%20In-depth%20Breakthroughs%20in%20Global%20Markets) The company firmly implements its globalization development strategy, deepening its "end-to-end, digital, and localized" overseas direct sales system, accelerating the localized operation layout of overseas R&D, production, supply, sales, and service, and promoting steady and rapid development of overseas business - The company firmly implements its unique globalization development strategy, continuously deepening its "end-to-end, digital, and localized" overseas direct sales system[50](index=50&type=chunk) - It accelerates the comprehensive localized operation layout of all business elements, including overseas R&D, manufacturing, supply chain, and sales service networks[50](index=50&type=chunk) [(1) Diversified Market Layout Provides Strong Support for Steady Overseas Business Growth](index=24&type=section&id=(1)%20Diversified%20Market%20Layout%20Provides%20Strong%20Support%20for%20Steady%20Overseas%20Business%20Growth) - Overseas revenue continued to grow in the first half of the year, with a year-on-year increase of over **14%**[52](index=52&type=chunk) - The African region saw a year-on-year increase of over **179%**, while the Middle East, Southeast Asia, and Australia/New Zealand maintained high growth, with emerging regional markets accounting for **39%** of sales[52](index=52&type=chunk) [(2) Deepening the 'Air Hub + Ground Force + Flying Force' End-to-End Model](index=24&type=section&id=(2)%20Deepening%20the%20'Air%20Hub%20%2B%20Ground%20Force%20%2B%20Flying%20Force'%20End-to-End%20Model) - An integrated management system has been built and improved, achieving flattened, process-oriented, standardized, and systematic management of overseas business[52](index=52&type=chunk) - Three lines of defense—marketing, risk control, and legal—have been established to ensure steady development of overseas business through differentiated risk control models and diversified collateral measures[52](index=52&type=chunk) - AI technology is utilized to optimize end-to-end business process efficiency, and a digital remote collaboration platform has been built and deepened in application[52](index=52&type=chunk) [(3) Deepening Network Layout and Market Penetration](index=25&type=section&id=(3)%20Deepening%20Network%20Layout%20and%20Market%20Penetration) - The core functions of first-tier air hubs are consolidated, and the expansion and construction of **55 second-tier outlets** are fully promoted[51](index=51&type=chunk) - For traditional key markets, the air hub sinking strategy is accelerated, with **47 second-tier outlets** deployed and surrounding city nodes developed, strengthening the "1 central warehouse + N satellite warehouses" star-shaped service structure[51](index=51&type=chunk) - Over **30 first-tier business air hubs** and more than **430 second- and third-tier outlets** have been established, with products covering over **170 countries and regions**[53](index=53&type=chunk) [(4) Continuously Advancing Overseas R&D and Manufacturing Base Expansion and Upgrades](index=25&type=section&id=(4)%20Continuously%20Advancing%20Overseas%20R%26D%20and%20Manufacturing%20Base%20Expansion%20and%20Upgrades) - The German Wilbert factory is being expanded and upgraded, transforming it into a comprehensive production base[53](index=53&type=chunk) - A new aerial work platform factory is being built in Hungary to promote in-depth business development through localized production[53](index=53&type=chunk) [3. Accelerating Digital Transformation](index=25&type=section&id=3.%20Accelerating%20Digital%20Transformation) The company fully accelerates digital transformation, innovating market operation models with internet thinking, reshaping management and business models with digital means, building a new digitally driven development pattern, and empowering efficient overseas operations and refined production, sales, and inventory management - The company is fully accelerating digital transformation, innovating market operation models with internet thinking, and reshaping management and business models[54](index=54&type=chunk) [Digitalization Empowers Efficient Overseas Business Operations](index=25&type=section&id=Digitalization%20Empowers%20Efficient%20Overseas%20Business%20Operations) - Global marketing and service business process diagnostic tools and performance management platforms are fully applied, enabling real-time visualization of frontline team indicators and performance bonus incentives[54](index=54&type=chunk) - The overseas service business platform is optimized, and the spare parts order dispatch management system is deepened, covering **9 product lines** and over **30 countries and regions**, achieving precise control of service costs, tracking of missing parts, and uninterrupted service[54](index=54&type=chunk) [Digitalization Empowers Refined Production, Sales, and Inventory Management](index=25&type=section&id=Digitalization%20Empowers%20Refined%20Production,%20Sales,%20and%20Inventory%20Management) - A digital monitoring system covering the entire chain from "opportunity insight to value realization" is built, integrating AI and other cutting-edge technologies to achieve efficient full-chain collaboration[54](index=54&type=chunk) - The operating model of "production based on demand, lean supply" is reshaped to respond to market demand with the optimal cost structure, reduce inventory scale, and improve capital turnover rate[54](index=54&type=chunk) [4. Intelligent Manufacturing Industrial Cluster Gradually Takes Shape](index=26&type=section&id=4.%20Intelligent%20Manufacturing%20Industrial%20Cluster%20Gradually%20Takes%20Shape) The company firmly adheres to the "digital, intelligent, and green" development direction, accelerating the upgrade of high-end equipment intelligent manufacturing, with intelligent parks, smart factories, and smart production lines successively implemented, forming an industry-leading intelligent manufacturing industrial cluster - The company firmly adheres to the "digital, intelligent, and green" development direction, accelerating the upgrade of high-end equipment intelligent manufacturing[55](index=55&type=chunk) - Intelligent parks, smart factories, and smart production lines have been successively implemented, accelerating the formation of an industry-leading intelligent manufacturing industrial cluster[55](index=55&type=chunk) [(1) Intelligent Manufacturing Industrial Cluster Continues to Grow and Develop](index=26&type=section&id=(1)%20Intelligent%20Manufacturing%20Industrial%20Cluster%20Continues%20to%20Grow%20and%20Develop) - Centered on Zoomlion Smart Industrial City, **4 major mainframe smart factories** and key component centers have been fully completed and put into operation[55](index=55&type=chunk) - Globally, **17 smart factories** and over **370 smart production lines** have been built and put into operation[55](index=55&type=chunk) [(2) Rapid Conversion and Application of Advanced Intelligent Manufacturing Technology Research](index=26&type=section&id=(2)%20Rapid%20Conversion%20and%20Application%20of%20Advanced%20Intelligent%20Manufacturing%20Technology%20Research) - Deep integration of artificial intelligence, industrial internet, intelligent manufacturing technology, and intelligent equipment is used to create digital, intelligent, and green smart production lines[55](index=55&type=chunk) - Nearly **250 key technologies** have been broken through in areas such as quality improvement, cost reduction, and efficiency enhancement, and implemented on smart production lines, with over **160 items** reaching industry-leading levels[55](index=55&type=chunk) [(3) Full-Chain Digital Transformation of Manufacturing and Supply Chain Fully Accelerates](index=26&type=section&id=(3)%20Full-Chain%20Digital%20Transformation%20of%20Manufacturing%20and%20Supply%20Chain%20Fully%20Accelerates) - Deep integration of AI Agent, big data, digital twin, and other technologies is used to promote the deep deployment and global empowerment of the intelligent manufacturing platform[55](index=55&type=chunk) - Plan accuracy increased by **15%**, production efficiency by **15%**, and warehouse physical management efficiency by **20%**[56](index=56&type=chunk) - Intelligent diagnosis of equipment faults is achieved based on AI and intelligent control technology, improving fault response efficiency by **40%** and diagnosis accuracy by **18%**[57](index=57&type=chunk) [5. Technological Innovation Drives Global Competitiveness](index=27&type=section&id=5.%20Technological%20Innovation%20Drives%20Global%20Competitiveness) The company adheres to technological innovation to drive high-quality development, launching **141 new products** in overseas markets and obtaining international certifications for **338 products** in the first half of the year, with the overseas market coverage of engineering machinery and mining machinery main products increasing by nearly **10%**, and the world's largest **4,000-ton** all-terrain crane achieving batch sales - In the first half of the year, **141 new products** were launched in overseas markets, and **338 products** passed international certifications[58](index=58&type=chunk) - The overseas market coverage of engineering machinery and mining machinery main products increased by nearly **10%**, and overseas market share achieved rapid growth[58](index=58&type=chunk) - The world's largest **4,000-ton** all-terrain crane has achieved batch sales, marking global leadership in ultra-large all-terrain crane technology[59](index=59&type=chunk) [(1) 'Three Transformations' New Technologies Continuously Integrated, Product Competitiveness Significantly Enhanced](index=28&type=section&id=(1)%20'Three%20Transformations'%20New%20Technologies%20Continuously%20Integrated,%20Product%20Competitiveness%20Significantly%20Enhanced) - During the reporting period, **1,755 R&D projects** were underway, with nearly **300 projects** focusing on "three transformations" new technologies[59](index=59&type=chunk) - In terms of digitalization, **61 projects** were carried out, with **19 items** achieving batch integration, making significant breakthroughs in product operation and maintenance management and full lifecycle health management[59](index=59&type=chunk) - In terms of intelligence, **100 projects** were carried out, with **22 items** achieving batch integration, successfully creating an overall smart mining solution that reduces mining personnel by approximately **90%** and improves operational efficiency by **10%**[60](index=60&type=chunk) - In terms of greening, **78 projects** were carried out, with **23 prototypes** completing verification and **14 items** achieving small-batch or batch integration, overcoming challenges in energy saving, emission reduction, and safety control[61](index=61&type=chunk) [(2) New Energy Mainframes Fully Expanded, Key Components Industrialization Accelerated](index=29&type=section&id=(2)%20New%20Energy%20Mainframes%20Fully%20Expanded,%20Key%20Components%20Industrialization%20Accelerated) - In the first half of the year, **20 new energy mainframe products** were launched, including the world's first pure electric port tire crane[62](index=62&type=chunk) - The electrification penetration rate of mixer trucks increased from **36.6%** in 2024 to **74%**, and that of wide-body vehicles increased from **2.8%** to **33%**[62](index=62&type=chunk) - The company rolled out a **6kWh** high-rate battery pack for agricultural machinery, a **120kW** compact high-efficiency flat-wire motor for agricultural machinery, and mining truck battery packs, while also rapidly advancing into the hydrogen energy sector by developing a new generation of hydrogen liquid-driven piston compressors and fuel cell power stations[62](index=62&type=chunk) [(3) Accelerating Breakthroughs in Key Core Technologies and Products for Agricultural Machinery](index=30&type=section&id=(3)%20Accelerating%20Breakthroughs%20in%20Key%20Core%20Technologies%20and%20Products%20for%20Agricultural%20Machinery) - In the first half of the year, **4 flagship products** were launched for sale: N-series mechanical shift tractors, TK100MAX grain harvesters, PL80 rice harvesters, and **30-ton** dryers[63](index=63&type=chunk) - The industry's first distributed motor direct drive technology was pioneered, launching the first DV4004 electric drive continuously variable transmission tractor, achieving **8%** fuel savings under heavy load and **25%** fuel savings in tillage and sowing operations[63](index=63&type=chunk) [(4) Global Layout of Intellectual Property and Standards](index=30&type=section&id=(4)%20Global%20Layout%20of%20Intellectual%20Property%20and%20Standards) - **683 new patent applications** were filed, and **555 patents** were granted, including **172 invention patents**[64](index=64&type=chunk) - A cumulative total of **5,974 patents** for "three transformations" new technologies and **2,371 technical patents** for the agricultural machinery sector were applied for; overseas PCT applications and national phase entries totaled **974**[64](index=64&type=chunk) - The company successfully hosted the International Organization for Standardization Crane Technical Committee annual meeting, leading **4 international crane standard projects** to substantial progress, and spearheading the drafting of multiple national, industry, and group standards[65](index=65&type=chunk) [6. Continuous Improvement in Business Management Quality and Efficiency](index=31&type=section&id=6.%20Continuous%20Improvement%20in%20Business%20Management%20Quality%20and%20Efficiency) During the reporting period, the company comprehensively strengthened risk control, enhanced supply chain system construction, promoted digital inventory management, deepened extreme service capabilities, and focused on empowering global human resource system construction to ensure high-quality development - Risk control is strengthened, establishing an end-to-end risk control system that combines prevention and control, enabling real-time monitoring of terminal overdue payments down to each customer, order, and equipment[66](index=66&type=chunk) - Supply chain system construction is strengthened, promoting centralized procurement and integration of bulk general materials, accelerating digital transformation, and improving procurement pricing efficiency[66](index=66&type=chunk) - Full-process inventory management system construction is strengthened, promoting digital inventory control projects to achieve real-time monitoring and abnormal early warning of production, sales, and inventory data, leading to a significant reduction in inventory scale[66](index=66&type=chunk) - Extreme service capability construction is deepened, promoting the air hub service system, achieving a service localization rate of **54%**, and launching digital service tools[66](index=66&type=chunk) - Efforts are focused on empowering global human resource system construction, optimizing organizational structure, targeted talent acquisition, deepening talent development, and exploring global talent incentives[67](index=67&type=chunk) [Financial Position Analysis](index=32&type=section&id=Financial%20Position%20Analysis) This section provides a detailed analysis of the company's operating revenue, profit, cash flow, and capital expenditures, indicating that both operating revenue and net profit attributable to the parent company increased during the reporting period, operating cash flow significantly improved, investment activities were primarily for asset acquisition and equity prepayments, and financing activities mainly involved a net increase in bank borrowings - During the reporting period, the company's operating revenue was **RMB 24.855 billion**, a year-on-year increase of **1.30%**; net profit attributable to the parent company was **RMB 2.753 billion**, a year-on-year increase of **20.69%**[68](index=68&type=chunk) - Net cash generated from operating activities was **RMB 1.603 billion**, an increase of **RMB 0.927 billion** from the prior year period, mainly due to a decrease in the maturity and payment of trade bills[70](index=70&type=chunk) - Net cash used in investing activities was **RMB 3.848 billion**, primarily for the acquisition of property, plant and equipment, right-of-use assets, and intangible assets, as well as prepayments for equity interests in subsidiaries[71](index=71&type=chunk) - Net cash generated from financing activities was **RMB 1.246 billion**, mainly due to a net increase in bank and other borrowings of **RMB 2.703 billion**[72](index=72&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) This section details the company's adherence to corporate governance principles and compliance with securities trading standards for directors and supervisors - The company has adopted and complied with Appendix C1 "Corporate Governance Code" and Appendix C3 "Model Code for Securities Transactions by Directors of Listed Issuers" of the Listing Rules[73](index=73&type=chunk)[74](index=74&type=chunk) [Corporate Governance Code](index=33&type=section&id=Corporate%20Governance%20Code) The company has adopted and complied with Appendix C1 "Corporate Governance Code" of the Listing Rules, with the only deviation being the non-separation of the roles of Chairman and Chief Executive Officer, an arrangement the Board believes is beneficial for the company's strategic formulation and execution - The company has complied with all applicable provisions of the Corporate Governance Code, with the only exception being the non-separation of the roles of Chairman and Chief Executive Officer[73](index=73&type=chunk) - The Board believes that the arrangement of having a Chairman and Chief Executive Officer facilitates the effective formulation and execution of the company's business strategies[73](index=73&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=33&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company has adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors and supervisors confirmed full compliance with the code during the reporting period - All directors and supervisors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[74](index=74&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This section provides additional corporate information, including dividend proposals, share repurchase activities, audit committee review, and details regarding the publication of interim results [Dividends](index=34&type=section&id=Dividends) The Board of Directors proposes to declare an interim dividend for the six months ended June 30, 2025, subject to approval at the general meeting - The Board of Directors proposes to declare an interim dividend of **RMB 0.2 yuan per share** for the six months ended June 30, 2025, totaling **RMB 1.73 billion**, subject to approval at the general meeting[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, the company repurchased and cancelled H shares on the Hong Kong Stock Exchange, with no other purchases, sales, or redemptions of its listed securities - During the reporting period, the company repurchased **18,746,800 H shares** on the Hong Kong Stock Exchange for a total consideration of **HKD 104 million**, and completed the cancellation of **29,457,000 H shares** on June 11, 2025[76](index=76&type=chunk) [Review by the Audit Committee](index=34&type=section&id=Review%20by%20the%20Audit%20Committee) The company's Audit Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025 - The company's Audit Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025[77](index=77&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX website and the company's website, and the interim report will be dispatched to H share holders and published on the company's and HKEX websites in due course - This results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.zoomlion.com)[79](index=79&type=chunk) - The company will dispatch the 2025 interim report, containing all information required by the Listing Rules, to H share holders in due course[79](index=79&type=chunk) [By Order of the Board](index=35&type=section&id=By%20Order%20of%20the%20Board) This announcement is authorized for release by the Board of Directors and lists the company's executive, non-executive, and independent non-executive directors - This announcement is authorized for release by the Board of Directors of Zoomlion Heavy Industry Science and Technology Co., Ltd., with Dr. Zhan Chunxin as Chairman[80](index=80&type=chunk)[81](index=81&type=chunk) - As of the date of this announcement, the company's executive director is Dr. Zhan Chunxin; non-executive directors are Mr. He Liu and Mr. Wang Xianping; independent non-executive directors are Mr. Zhang Chenghu, Mr. Huang Guobin, Mr. Wu Baohai, and Ms. Huang Jun[81](index=81&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1497） 截至二零二五年六月三十日止六個月之中期業績公告 廈門燕之屋燕窩產業股份有限公司（「本公司」，連同其子公司統稱「本集團」）董事 （「董事」）會（「董事會」）欣然宣佈本集團截至二零二五年六月三十日止六個月的未 經審計綜合中期業績。本公告載列本公司二零二五年中期報告全文，並遵守香港 聯合交易所有限公司證券上市規則中有關中期業績初步公告隨附資料的相關規定。 承董事會命 廈門燕之屋燕窩產業股份有限公司 董事長兼執行董事 黃健 香港，二零二五年八月二十九日 於本公告日期，董事會包括(i)執行董事黃健先生、鄭文濱先生、李有泉先生及黃 丹艷女士；(ii)非執行董事劉震先生及王亞龍先生；及(iii)獨立非執行董事肖偉先 生、陳 ...

購股權計劃 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。 GOLIK HOLDINGS LIMITED 高力集團有限公 司* ( 於百慕達註冊成立之有限公司 ) (股份代號: 1118) 補充公告 關於本公司截至二零二四年十二月三十一日止年度之年報 茲提述高力集團有限公司(「本公司」，連同其附屬公司， 統稱「本集團」)於二零二五年 四月二十八日所刊發截至二零二四年十二月三十一日(「該日期」)止之年度年報 (「該二零 二四年年報」)。除文義另有界定外，本公告所用詞彙與二零二四年年報所界定者具有相同 涵義。 除該二零二四年年報所披露之相關資料外，本公司謹此提供以下補充資料： 根據本公司購股權計劃(「該計劃」)可供發行的股份總數 於該日期，該計劃可供發行的股份總數為57,437,182股，佔該二零二四年年報該日期本公司 已發行股份總數的10% (不包括庫存股，如有 ...

[Interim Results Summary](index=2&type=section&id=Interim%20Results%20Summary) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) Total revenue decreased to **RMB 47,505 thousand**, resulting in a **gross loss of RMB 3,760 thousand** and an expanded **loss for the period of RMB 23,549 thousand** Consolidated Income Statement Summary | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | | Cost of Sales | (51,265) | (49,198) | | Gross Loss / Gross Profit | (3,760) | 43 | | Operating Loss | (23,820) | (14,988) | | Loss Before Tax | (24,765) | (16,702) | | Loss for the Period | (23,549) | (15,070) | | Basic and Diluted Loss Per Share | (0.080) | (0.053) | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive loss for the period expanded to **RMB 23,453 thousand**, primarily due to increased loss for the period, despite a slight positive impact from exchange differences Consolidated Statement of Comprehensive Income Summary | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (23,549) | (15,070) | | Other Comprehensive Income for the Period | 96 | (18) | | Total Comprehensive Income for the Period | (23,453) | (15,088) | | Attributable to Owners of the Company | (19,922) | (13,361) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets less current liabilities decreased to **RMB 204,310 thousand**, with net assets at **RMB 198,751 thousand**, mainly impacted by the loss for the period Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Assets | 125,788 | 133,747 | | Current Assets | 236,496 | 264,592 | | Current Liabilities | 157,974 | 168,534 | | Net Current Assets | 78,522 | 96,058 | | Total Assets Less Current Liabilities | 204,310 | 229,805 | | Net Assets | 198,751 | 222,204 | | Total Equity | 198,751 | 222,204 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information](index=6&type=section&id=General%20Information) The company, incorporated in Cayman Islands in 2019 and listed in Hong Kong in 2020, primarily engages in pitch control systems, wind power generation, O&M, and energy storage in China - The company was incorporated in the Cayman Islands on **November 28, 2019**, and listed on the Main Board of the Hong Kong Stock Exchange on **October 20, 2020**[9](index=9&type=chunk) - The Group's principal activities include research and development, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance, and energy storage businesses[9](index=9&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) Interim financial report is unaudited, prepared under IAS 34, with no significant impact from IAS 21 amendments on foreign currency transactions - The interim financial report is prepared in accordance with **International Accounting Standard 34** and is **unaudited**[10](index=10&type=chunk)[11](index=11&type=chunk) - The Group has applied the amendments to **International Accounting Standard 21**, but as no foreign currency non-exchangeable transactions were undertaken, there is **no significant impact** on this interim report[12](index=12&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=Revenue%20and%20Segment%20Reporting) Total revenue decreased to **RMB 47,505 thousand**, with growth in pitch control systems and wind power sales offset by significant declines in O&M and energy storage businesses - The Group's principal activities include research and development, integration, manufacturing, and sales of pitch control systems and related components, sales of wind power, wind farm operation and maintenance, and energy storage businesses[14](index=14&type=chunk) - All the Group's revenue is generated from **China**, and substantially all non-current assets and capital expenditures are located in China, thus no geographical information is presented[21](index=21&type=chunk) [Revenue Classification](index=7&type=section&id=Revenue%20Classification) Total revenue decreased by **3.5%** to **RMB 47,505 thousand**, driven by **50% growth** in pitch control systems and wind power sales, but offset by **~70% declines** in O&M and energy storage Revenue by Business Segment | Business Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +50.0 | | Sales of Wind Power | 11,602 | 7,704 | +50.6 | | Wind Farm Operation and Maintenance Services | 2,218 | 7,319 | -69.7 | | Energy Storage Business | 3,878 | 14,297 | -72.9 | | **Total** | **47,505** | **49,241** | **-3.5** | [Segment Performance and Assets](index=8&type=section&id=Segment%20Performance%20and%20Assets) Pitch control systems and energy storage segments reported losses, while wind power sales and O&M were profitable, with total segment assets at **RMB 324,998 thousand** Segment Profit / (Loss) | Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components Profit / (Loss) | (4,852) | (4,711) | | Sales of Wind Power Profit / (Loss) | 6,312 | 3,423 | | Wind Farm Operation and Maintenance Services Profit / (Loss) | 674 | 1,701 | | Energy Storage Business Profit / (Loss) | (5,894) | (370) | | **Total** | **(3,760)** | **43** | Segment Assets | Segment | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components Assets | 86,189 | 68,270 | | Sales of Wind Power Assets | 150,248 | 141,770 | | Wind Farm Operation and Maintenance Services Assets | 2,497 | 3,906 | | Energy Storage Business Assets | 86,064 | 115,428 | | **Total** | **324,998** | **329,374** | [Other Income and Net Other Losses](index=10&type=section&id=Other%20Income%20and%20Net%20Other%20Losses) Total other income increased to **RMB 1,427 thousand** due to higher VAT refunds and government grants, while net other losses expanded to **RMB 108 thousand** from exchange losses Other Income Items | Other Income Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | VAT Refunds and Deductions | 1,171 | 789 | | Government Grants | 96 | 6 | | Other | 160 | 35 | | **Total** | **1,427** | **830** | Other Net Losses Items | Other Net Losses Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Net Exchange Loss | 19 | 17 | | Other | (127) | (27) | | **Total** | **(108)** | **(10)** | - VAT refunds primarily include **RMB 311 thousand** for software product sales (2024: RMB 17 thousand) and **RMB 860 thousand** for wind power generation sales (2024: RMB 772 thousand)[23](index=23&type=chunk) [Components of Loss Before Tax](index=11&type=section&id=Components%20of%20Loss%20Before%20Tax) Net finance costs decreased to **RMB 945 thousand** due to lower interest expenses, with significant costs from inventories, depreciation, and expected credit loss provisions Net Finance Costs | Finance Cost Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Expense on Bank Loans | 612 | 381 | | Interest Expense on Loans from Third Parties | 450 | 827 | | Interest Expense on Loans from Related Parties | — | 500 | | Interest Expense on Lease Liabilities | 185 | 329 | | Interest Income | (302) | (323) | | **Net Finance Costs** | **945** | **1,714** | Other Expense Items | Other Expense Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 45,929 | 44,917 | | Depreciation Expense | 10,881 | 8,242 | | Provision for Expected Credit Losses | 6,026 | (12) | | Provision for Impairment of Inventories | 1,285 | 927 | [Income Tax](index=12&type=section&id=Income%20Tax) Income tax decreased to **RMB 1,216 thousand**, mainly due to the origination and reversal of deferred tax and adjustments for prior year over-provisions Income Tax Items | Income Tax Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Current Tax — Provision for the Year | 861 | 442 | | Current Tax — Over-provision in Prior Years | (62) | (36) | | Deferred Tax — Origination and Reversal of Temporary Differences | (2,015) | (2,038) | | **Total** | **(1,216)** | **(1,632)** | [Loss Per Share](index=12&type=section&id=Loss%20Per%20Share) Basic loss per share attributable to owners expanded to **RMB 0.080**, with diluted loss per share remaining the same due to no dilutive ordinary shares Loss Per Share Values | Metric | June 30, 2025 (RMB) | June 30, 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.080) | (0.053) | | Diluted Loss Per Share | (0.080) | (0.053) | - Basic loss per share is calculated based on the loss attributable to ordinary equity shareholders of the Company of **RMB 20,018 thousand** (2024: RMB 13,343 thousand) and **250,000,000 weighted average ordinary shares** outstanding[28](index=28&type=chunk) [Balance Sheet Notes](index=13&type=section&id=Balance%20Sheet%20Notes) This section details key balance sheet items including capital expenditure on PPE, inventory impairment, trade and other receivables, loans to third parties, cash, and borrowings [Property, Plant and Equipment](index=13&type=section&id=Property,%20Plant%20and%20Equipment) Cost of property, plant and equipment purchased increased to **RMB 3,881 thousand**, with no disposals during the period - For the six months ended June 30, 2025, the cost of property, plant and equipment purchased was **RMB 3,881 thousand**, representing a **25.6% year-on-year increase**[30](index=30&type=chunk) [Inventories](index=13&type=section&id=Inventories) Provision for impairment of inventories recognized as expense increased to **RMB 1,285 thousand** Provision for Impairment of Inventories | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Provision for Impairment of Inventories | 1,285 | 927 | [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables increased to **RMB 144,218 thousand**, with trade receivables and bills receivable (net of allowance) at **RMB 133,363 thousand** Trade and Other Receivables Items | Receivables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable (Net of Loss Allowance) | 133,363 | 128,193 | | Prepayments | 823 | 645 | | Other Receivables | 10,032 | 7,868 | | **Total** | **144,218** | **136,706** | Aging Analysis of Trade Receivables and Bills Receivable | Aging of Trade Receivables and Bills Receivable | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 year | 69,540 | 69,200 | | Over 1 year but within 2 years | 10,739 | 12,051 | | Over 2 years but within 3 years | 13,328 | 12,376 | | Over 3 years | 39,756 | 34,566 | | **Total** | **133,363** | **128,193** | - As of June 30, 2025, receivables for electricity price surcharge amounted to **RMB 77,062 thousand** (2024: RMB 69,547 thousand), which the directors believe are **fully recoverable**[34](index=34&type=chunk)[35](index=35&type=chunk) [Loans to Third Parties](index=15&type=section&id=Loans%20to%20Third%20Parties) Net loans to third parties decreased to **RMB 4,607 thousand**, including an overdue loan of **RMB 6,876 thousand** from a former joint venture Loans to Third Parties | Loan Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Loans to Third Parties | 8,206 | 8,512 | | Less: Loss Allowance | (3,599) | (3,599) | | **Net** | **4,607** | **4,913** | - A loan of **RMB 6,876 thousand** from a former joint venture was **due but unpaid** as of December 31, 2024[36](index=36&type=chunk) [Cash and Cash Equivalents and Pledged and Restricted Deposits](index=15&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Pledged%20and%20Restricted%20Deposits) Cash at bank significantly decreased to **RMB 15,949 thousand**, with total pledged and restricted deposits at **RMB 10,235 thousand** mainly for bills payable Cash and Deposits | Cash and Deposit Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash at Bank | 15,949 | 51,005 | | Pledged Deposits for Issuance of Bills Payable | 10,065 | 7,197 | | Restricted Deposits for Litigation | 170 | 1,370 | | **Total Pledged and Restricted Deposits** | **10,235** | **8,567** | - Cash and cash equivalents in Mainland China amounted to **RMB 13,207 thousand**, subject to foreign exchange control rules and regulations[38](index=38&type=chunk) [Bank Loans and Other Borrowings](index=16&type=section&id=Bank%20Loans%20and%20Other%20Borrowings) Total bank loans and other borrowings decreased to **RMB 45,399 thousand**, comprising **RMB 22,993 thousand** in short-term bank loans and **RMB 22,406 thousand** in third-party loans Borrowings | Borrowing Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank Loans | 22,993 | 44,038 | | Loans from Third Parties | 22,406 | 23,015 | | **Total** | **45,399** | **67,053** | - Loans from third parties are **unsecured**, have **no fixed repayment terms** or are repayable within one year, with annual interest rates ranging from **3.5% to 7%**[42](index=42&type=chunk) [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables increased to **RMB 108,582 thousand**, including **RMB 63,203 thousand** in trade payables and **RMB 30,931 thousand** in interest payable Trade and Other Payables Items | Payables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Payables | 63,203 | 55,392 | | Bills Payable | 10,045 | 7,208 | | Other Payables | 35,334 | 35,286 | | **Total Current** | **108,582** | **97,886** | Aging Analysis of Trade Payables | Aging of Trade Payables | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 37,996 | 22,635 | | 3 to 6 months | 248 | 3,384 | | 6 to 12 months | 2,421 | 3,906 | | Over 12 months | 22,538 | 25,467 | | **Total** | **63,203** | **55,392** | Other Payables Items | Other Payables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Payable | 30,931 | 31,007 | | Staff-related Costs Payable | 1,061 | 1,681 | | Other | 3,342 | 2,598 | | **Total** | **35,334** | **35,286** | [Dividends and Capital Commitments](index=18&type=section&id=Dividends%20and%20Capital%20Commitments) No dividends were paid or declared, and no significant unfulfilled capital commitments existed at the end of the reporting period - For the six months ended June 30, 2025 and 2024, the Company **neither paid nor declared any dividends**[46](index=46&type=chunk) - As of June 30, 2025 and December 31, 2024, there were **no significant capital commitments** outstanding and not provided for at the end of each period[47](index=47&type=chunk) [Significant Related Party Transactions](index=18&type=section&id=Significant%20Related%20Party%20Transactions) Bank facilities of **RMB 22,993 thousand** were guaranteed by an executive director, a decrease from the prior period Related Party Transactions | Related Party Transaction Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Guarantees Provided to Banks for Bank Facilities | 22,993 | 32,538 | - Certain bank facilities of the Group are **guaranteed by Mr. Cheng Lifu**, an executive director of the Company[49](index=49&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=19&type=section&id=Business%20Review) The Group, a leading wind power and pitch control system provider in China, has built an integrated business system covering R&D, manufacturing, wind power generation, O&M, and energy storage - The Group has established a **comprehensive business system** covering multiple areas, including high-voltage pitch control systems for wind turbines, wind power generation, aftermarket O&M services for wind farms, and energy storage businesses[50](index=50&type=chunk) - The energy storage business has **multi-scenario adaptability**, serving various energy forms such as wind, solar, and thermal power, providing "source-grid-load-storage" full-chain storage solutions[50](index=50&type=chunk) [Pitch Control System Integration, Manufacturing and Sales](index=19&type=section&id=Pitch%20Control%20System%20Integration,%20Manufacturing%20and%20Sales) The Group delivered **337 sets** of pitch control systems, an **80% increase**, expanding its client base beyond Envision Energy to other major wind turbine manufacturers - The Group's client base has expanded from a single Envision Energy to include other high-quality wind turbine manufacturers such as **Goldwind Science & Technology, CRRC Group, and Sinovel Wind Group**[51](index=51&type=chunk) - For the six months ended June 30, 2025, a total of **337 sets of pitch control system products** were delivered, representing an **80% increase** compared to the same period in 2024[51](index=51&type=chunk) [Wind Power Generation](index=20&type=section&id=Wind%20Power%20Generation) The Duolun Wind Farm, with a total installed capacity of **19.5 MW**, generated **33.09 million kWh** of wind power for the grid during the period - The Duolun Wind Farm is equipped with **13 wind turbines**, with a total installed capacity of **19.5 MW**[52](index=52&type=chunk) - For the six months ended June 30, 2025, the Duolun Wind Farm's total semi-annual wind power connected to the grid was **33.09 million kWh**[52](index=52&type=chunk) [Wind Farm Operation and Maintenance](index=20&type=section&id=Wind%20Farm%20Operation%20and%20Maintenance) The Group provides aftermarket operation and maintenance services for wind farms, generating revenue from service fees and consumable sales - The Group provides **aftermarket operation and maintenance services** to customers, charging service fees and fees for selling consumables[53](index=53&type=chunk) [Energy Storage](index=20&type=section&id=Energy%20Storage) The energy storage business offers products and solutions for various scenarios, including wind, solar, and thermal power, providing smart energy services for storage and optimized dispatch - The energy storage business offers a rich array of products and services, including energy storage products and solutions, energy storage modules, packs and system equipment, EMS, smart energy cloud platforms, and integrated energy simulation and measurement platforms[54](index=54&type=chunk) [Group Development Outlook](index=20&type=section&id=Group%20Development%20Outlook) The Group will continue to focus on new energy power, consolidating its domestic market position while actively exploring international growth opportunities - The Group will continue to focus on the **new energy power sector**, consolidating its domestic market position and actively exploring international markets for new growth opportunities[55](index=55&type=chunk) [Financial Position and Operating Performance Analysis](index=20&type=section&id=Financial%20Position%20and%20Operating%20Performance%20Analysis) In H1 2025, the Group's core business was negatively impacted, leading to an expanded loss for the period, decreased revenue, gross loss, increased administrative expenses, and reduced cash - In the first half of 2025, the Group's principal business was negatively affected by the commercial environment, but it continued to develop steadily[56](index=56&type=chunk) [Revenue](index=21&type=section&id=Revenue) Total revenue decreased by **3%** to **RMB 47.5 million**, with growth in pitch control systems and wind power offset by significant declines in O&M and energy storage due to policy changes Revenue by Business Segment | Business Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +50.0 | | Sales of Wind Power | 11,602 | 7,704 | +50.6 | | Wind Farm Operation and Maintenance Services | 2,218 | 7,319 | -71.0 | | Energy Storage Business | 3,878 | 14,297 | -71.0 | | **Total** | **47,505** | **49,241** | **-3.5** | - Energy storage business revenue decreased by approximately **71%**, mainly due to reduced orders resulting from electricity market reforms and changes in mandatory energy storage policies[59](index=59&type=chunk) [Cost of Sales](index=22&type=section&id=Cost%20of%20Sales) Cost of sales increased by **4%** to **RMB 51 million**, driven by higher pitch control system orders, while O&M and energy storage costs decreased due to lower revenue/orders - The Group's cost of sales was approximately **RMB 51 million**, an increase of approximately **RMB 2 million or 4%** year-on-year[60](index=60&type=chunk) - Cost of sales for the pitch control system business increased by approximately **40%** to **RMB 35 million**, primarily due to increased orders[60](index=60&type=chunk) - Cost of sales for the wind farm operation and maintenance business decreased by approximately **73%** to **RMB 1.5 million**, mainly due to reduced revenue[60](index=60&type=chunk) - Cost of sales for the energy storage business decreased by approximately **RMB 5 million**, mainly due to reduced material costs from fewer orders[61](index=61&type=chunk) [Gross Profit and Gross Margin](index=23&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group recorded a **gross loss of RMB 3.8 million**, with the overall gross margin declining from **0% to -8%**, as energy storage suffered gross losses due to insufficient orders - The Group recorded a **gross loss of approximately RMB 3.8 million**, with the overall gross margin decreasing from **0% in H1 2024 to -8% in H1 2025**[62](index=62&type=chunk) - The gross margin for the pitch control system business improved from **-24% to -16%**, and for the wind power generation business, it increased from **44% to 54%**[62](index=62&type=chunk) - The energy storage business incurred a gross loss, mainly because insufficient order volume could not cover labor and fixed costs[62](index=62&type=chunk) [Other Income](index=23&type=section&id=Other%20Income) Other income remained stable at approximately **RMB 1 million** - The Group's other income was approximately **RMB 1 million**, largely consistent with the first half of 2024[63](index=63&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses remained stable at approximately **RMB 4 million** - The Group's selling and distribution expenses were approximately **RMB 4 million**, largely consistent with the first half of 2024[64](index=64&type=chunk) [Administrative and Other Operating Expenses](index=23&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses increased by **RMB 5 million** to **RMB 17 million**, primarily due to higher provisions for expected credit losses - Administrative and other operating expenses increased by **RMB 5 million** to approximately **RMB 17 million**, mainly due to increased provisions for expected credit losses as customer repayment capabilities deteriorated[65](index=65&type=chunk) [Finance Costs](index=24&type=section&id=Finance%20Costs) Finance costs decreased by approximately **RMB 1 million** to **RMB 1 million**, mainly due to reduced borrowings - Finance costs were approximately **RMB 1 million**, a decrease of approximately **RMB 1 million** compared to the first half of 2024, mainly due to reduced borrowings[66](index=66&type=chunk) [Loss for the Period](index=24&type=section&id=Loss%20for%20the%20Period) Loss for the period increased by approximately **RMB 8.5 million** to **RMB 23.5 million** - Loss for the period was approximately **RMB 23.5 million**, an increase of approximately **RMB 8.5 million** compared to RMB 15 million in the first half of 2024[67](index=67&type=chunk) [Loss Attributable to Owners of the Company](index=24&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners increased by approximately **RMB 7 million** to **RMB 20 million** - Loss attributable to owners of the Company was approximately **RMB 20 million**, an increase of approximately **RMB 7 million** compared to RMB 13 million in the first half of 2024[68](index=68&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) The gearing ratio remained stable at approximately **45%**, a 1% decrease from December 31, 2024 - The gearing ratio was approximately **45%**, a **1% decrease** from 44% as of December 31, 2024, remaining largely stable[69](index=69&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's working capital sources include operating cash flow, existing cash, bank loans, and IPO proceeds, with management confident in sufficient funds for the next year - The Group's working capital sources include cash flows generated from operating activities, existing cash and cash equivalents, bank loans, and net proceeds from its listing[70](index=70&type=chunk) - The directors believe that the Group has **sufficient working capital** to meet its operational needs for the current and next full year[70](index=70&type=chunk) [Cash Flow](index=24&type=section&id=Cash%20Flow) Cash and cash equivalents decreased by **69%** to **RMB 16 million**, primarily due to operating losses and loan repayments - Cash and cash equivalents amounted to approximately **RMB 16 million**, a decrease of approximately **RMB 35 million or 69%** compared to RMB 51 million as of December 31, 2024[71](index=71&type=chunk) - The decrease in cash and cash equivalents was mainly due to **operating losses and repayment of borrowings**[71](index=71&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) Capital expenditure totaled approximately **RMB 3.9 million**, an increase of **RMB 0.9 million**, mainly for plant upgrades - Capital expenditure totaled approximately **RMB 3.9 million**, an increase of **RMB 0.9 million** compared to the first half of 2024, primarily for the **upgrade and optimization of the company's plant**[72](index=72&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had **no significant contingent liabilities**[73](index=73&type=chunk) [Pledge of Group Assets](index=25&type=section&id=Pledge%20of%20Group%20Assets) Of the **RMB 23 million** in short-term bank borrowings, **RMB 1 million** was secured by intellectual property of a Group subsidiary - Of the **RMB 23 million** in short-term bank borrowings of the Group's subsidiaries, **RMB 1 million** was secured by the intellectual property of a Group subsidiary[74](index=74&type=chunk) [Human Resources](index=25&type=section&id=Human%20Resources) The Group employed **123 staff**, a decrease from **160** at December 31, 2024, with all employees under labor contracts compliant with Chinese labor laws - As of June 30, 2025, the Group employed a total of **123 staff**, a decrease from **160 staff** as of December 31, 2024[75](index=75&type=chunk) [Potential Risks](index=25&type=section&id=Potential%20Risks) The Group faces policy uncertainty, financial risks from insufficient cash flow and uncollectible receivables, and exchange rate risks from foreign currency-denominated financial instruments [Policy Uncertainty Risk](index=25&type=section&id=Policy%20Uncertainty%20Risk) The new energy power industry is highly policy-dependent, with adverse changes potentially leading to slower demand, underinvestment, and delayed electricity price premiums - The new energy power industry is significantly affected by policies, and adverse changes in related supporting policy systems could lead to **slower demand, insufficient investment, and long-term unsettled electricity price premiums**[76](index=76&type=chunk) [Financial Risk](index=25&type=section&id=Financial%20Risk) Failure to generate sufficient operating cash flow would severely impact operations, while customer payment uncertainties pose risks to trade receivables and bills receivable - If the Group fails to generate **sufficient cash flow from its business operations**, it will severely impact normal management and operations[77](index=77&type=chunk) - Trade receivables and bills receivable are affected by **customer operational uncertainties**, posing a risk of **non-collection on schedule**[77](index=77&type=chunk) [Exchange Rate Risk](index=26&type=section&id=Exchange%20Rate%20Risk) Exchange rate risk arises from USD-denominated financial instruments, despite RMB-denominated primary operations, with no current hedging but ongoing management monitoring - Exchange rate risk arises from financial instruments denominated in foreign currencies (primarily **US dollars**) other than the functional currency[78](index=78&type=chunk) - The Group's main operations are located in mainland China, with primary business settled in RMB, but recognized foreign currency assets and liabilities and future foreign currency transactions still pose **exchange rate risk**[78](index=78&type=chunk) - The Group has **not entered into any forward foreign exchange contracts** to hedge against foreign exchange risk, but management will continue to monitor and take prudent measures[78](index=78&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[79](index=79&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) No other significant events occurred after the reporting period up to the announcement date - **No other significant events** occurred after the reporting period and up to the date of this announcement[80](index=80&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) The Board is committed to good corporate governance, adopting and complying with the principles and code provisions of the Corporate Governance Code - The Board is committed to achieving **good corporate governance standards** and has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[81](index=81&type=chunk) - To the best knowledge of the directors, the Company has **complied with all applicable code provisions** of the Corporate Governance Code for the six months ended June 30, 2025[81](index=81&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=27&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code for securities transactions by directors, and all directors confirmed compliance during the period - The Company has adopted the **Model Code** for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, as its own code of conduct for directors' securities transactions[82](index=82&type=chunk) - All directors have confirmed their **compliance with the Model Code** for the six months ended June 30, 2025[82](index=82&type=chunk) [Audit Committee and Review of Interim Results](index=27&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, discussed and reviewed the unaudited interim consolidated financial statements with management - The Audit Committee is composed of **three independent non-executive directors**, with Ms. Hong Peiyu as the chairperson[83](index=83&type=chunk) - The Audit Committee has discussed with management and reviewed the **unaudited interim consolidated financial statements** of the Group for the six months ended June 30, 2025[83](index=83&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board **does not recommend the payment of an interim dividend** for the six months ended June 30, 2025[84](index=84&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=27&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is published on the Company's and HKEX websites, with the interim report to be dispatched to shareholders and published online - This interim results announcement is published on the Company's website (www.natureenergytech.com) and the Stock Exchange's website (www.hkexnews.hk)[85](index=85&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders (if requested) and published on the websites of the Stock Exchange and the Company in due course[85](index=85&type=chunk) [Board of Directors Composition](index=28&type=section&id=Board%20of%20Directors%20Composition) As of the announcement date, the Board comprises two executive, two non-executive, and three independent non-executive directors - The Board of Directors includes **two executive directors**: Mr. Cheng Liquan and Mr. Cheng Lifu[86](index=86&type=chunk) - The Board of Directors includes **two non-executive directors**: Mr. Li Hao and Ms. Cheng Liqin[86](index=86&type=chunk) - The Board of Directors includes **three independent non-executive directors**: Ms. Hong Peiyu, Mr. Kang Jian, and Mr. Li Shusheng[86](index=86&type=chunk)

INTERIM REPORT 2025 中期報告 2025 INTERIM REPO RT 2025 中期報告 目 錄 | 釋義 | 02 | | --- | --- | | 公司資料 | 04 | | 管理層討論及分析 | 06 | | 獨立核數師報告 | 20 | | 綜合損益及其他全面收益表 | 21 | | 綜合財務狀況表 | 22 | | 綜合權益變動表 | 23 | | 簡明綜合現金流量表 | 24 | | 未經審核中期財務報告附註 | 25 | | 其他資料 | 52 | 釋義 於本報告內，除文義另有所指外，以下詞彙具有下列涵義。 | 「一致行動協議」 | 指 | 俞有強先生、俞寅先生、沈海鷹先生、張建明先生及普華能源於二零一四 | | --- | --- | --- | | | | 年四月二十八日訂立之協議 | | 「三農」 | 指 | 從事農業業務及╱或農村發展活動的客戶及╱或於農村居住的客戶 | | 「邦尼纖維」 | 指 | 浙江邦尼耐火纖維有限公司 | | 「董事會」 | 指 | 董事會 | | 「企業管治守則」 | 指 | 上市規則附錄C1所載企業管治守則 | | 「本公司」、「我們」 ...