[Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, profit declined despite revenue growth, while the financial position improved with reduced debt Financial Highlights for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 244,426 | 208,203 | +17.40% | | Operating Profit | 51,818 | 69,574 | -25.52% | | Profit Attributable to Equity Holders of the Company | 12,073 | 36,837 | -67.23% | | Basic Earnings Per Share | RMB 0.026 | RMB 0.080 | -67.50% | | Interim Dividend Per Share | Nil | Nil | 0% | Financial Position Highlights as of June 30, 2025 | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,428,632 | 1,914,880 | -25.39% | | Total Equity Attributable to Equity Holders of the Company | 880,859 | 876,280 | +0.52% | | Net Asset Value Per Share | RMB 1.92 | RMB 1.91 | +0.52% | | Net Debt | 174,164 | 718,317 | -75.75% | | Total Capital | 1,055,023 | 1,594,597 | -33.84% | | Gearing Ratio | 16.51% | 45.05% | -63.35% | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position, including profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue increased by 17.40% to RMB 244,426 thousand, but operating profit decreased by 25.52% to RMB 51,818 thousand, mainly due to higher fuel consumption and a loss on subsidiary disposal Key Data from Consolidated Statement of Profit or Loss | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 244,426 | 208,203 | | Fuel Consumption | (112,576) | (54,834) | | Depreciation and Amortization | (41,414) | (46,621) | | Operating Profit | 51,818 | 69,574 | | Net Finance Costs | (13,132) | (15,562) | | Loss on Disposal of a Subsidiary | (8,260) | – | | Profit Before Tax | 33,059 | 54,551 | | Income Tax | (20,986) | (17,716) | | Profit for the Period | 12,073 | 36,835 | | Profit Attributable to Equity Holders of the Company | 12,073 | 36,837 | | Basic Earnings Per Share (RMB) | 0.026 | 0.080 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income significantly decreased to RMB 12,497 thousand for the six months ended June 30, 2025, mainly due to lower profit and exchange differences Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 12,073 | 36,835 | | Exchange Differences on Translation of the Company's Financial Statements | (2,190) | 1,067 | | Exchange Differences on Translation of Overseas Subsidiaries' Financial Statements | 2,614 | (938) | | Total Comprehensive Income for the Period | 12,497 | 36,964 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 12,497 | 36,966 | [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased by 25.39% to RMB 1,428,632 thousand, mainly due to reduced property, plant, and equipment, while net current assets turned positive, indicating improved liquidity Key Data from Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 935,675 | 1,643,479 | | Interests in an Associate | 139,039 | – | | Total Non-current Assets | 1,087,155 | 1,681,378 | | **Current Assets** | | | | Cash and Cash Equivalents | 246,947 | 114,458 | | Total Current Assets | 341,477 | 233,502 | | **Current Liabilities** | | | | Interest-Bearing Borrowings | 80,205 | 179,713 | | Total Current Liabilities | 309,267 | 463,094 | | Net Current Assets/(Liabilities) | 32,210 | (229,592) | | **Non-current Liabilities** | | | | Interest-Bearing Borrowings | 220,064 | 532,793 | | Total Non-current Liabilities | 238,506 | 575,506 | | **Net Assets** | **880,859** | **876,280** | | Total Equity Attributable to Equity Holders of the Company | 880,859 | 876,280 | [Notes to the Unaudited Interim Financial Information](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) This section details the basis of preparation, accounting policy changes, subsidiary disposal, revenue, profit before tax, income tax, earnings per share, and other key financial items [1 Basis of Preparation](index=8&type=section&id=1%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with HKEX Listing Rules and IAS 34, authorized for issue on August 29, 2025, and reviewed by the Audit Committee, though not audited - The interim financial information is prepared in accordance with the HKEX Listing Rules and International Accounting Standard 34, and was authorized for issue on August 29, 2025[10](index=10&type=chunk) - The interim financial information is unaudited but has been reviewed by the Company's Audit Committee[11](index=11&type=chunk) [2 Changes in Accounting Policies](index=9&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group adopted IFRS 21 amendments, "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," with no material impact due to the absence of non-exchangeable foreign currency transactions, and no other new standards were applied - The Group has applied the amendments to IFRS 21, but it has no material impact due to the absence of non-exchangeable foreign currency transactions[12](index=12&type=chunk) - No other new standards or interpretations not yet effective have been applied in the current accounting period[13](index=13&type=chunk) [3 Disposal of a Subsidiary](index=9&type=section&id=3%20Disposal%20of%20a%20Subsidiary) On May 30, 2025, the company disposed of a 51% equity interest in Zhejiang Puxing Deneng Natural Gas Power Generation Co., Ltd. and its subsidiary for RMB 142.7 million, recognizing a loss of RMB 8,260 thousand - On May 30, 2025, the company completed the disposal of a 51% equity interest in Deneng Power Plant and its subsidiary Quzhou Power Plant to an associate for a cash consideration of **RMB 142.7 million**[14](index=14&type=chunk) - Following the disposal, the Group's equity interest in the target company decreased to 49%, and the target company became an associate[15](index=15&type=chunk) - For the six months ended June 30, 2025, a loss on disposal of a subsidiary of **RMB 8,260 thousand** was recognized[16](index=16&type=chunk) Impact of Disposal of Target Group on the Group's Financial Position | As of Disposal Date | RMB thousands | | :--- | :--- | | Net Assets Disposed Of | 288,103 | | Cash Consideration Received | 142,720 | | Fair Value of Remaining Interest in Target Group | 137,123 | | Less: Net Assets Disposed Of | (288,103) | | Loss on Disposal of a Subsidiary | (8,260) | | Net Cash Inflow from Partial Disposal | 127,937 | [4 Revenue and Segment Reporting](index=11&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group's primary business is power plant construction, operation, and management, with revenue from electricity, heat, and energy storage totaling RMB 244,426 thousand, all from China and reported as a single power segment - The Group's principal activities are the construction, operation, and management of power plants, with revenue derived from electricity volume charges, capacity charges, heat sales, and energy storage income[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue from Contracts with Customers by Major Products | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Electricity:** | | | | Electricity Volume Charges Revenue | 90,139 | 38,216 | | Capacity Charges Revenue | 137,401 | 150,297 | | **Heat:** | | | | Heat Sales Revenue | 15,599 | 19,690 | | **Other Sources:** | | | | Energy Storage Revenue | 1,287 | – | | **Total Revenue** | **244,426** | **208,203** | - The Group's operating segments are aggregated into a single power segment for reporting purposes, with all revenue and major non-current assets located in China[25](index=25&type=chunk)[26](index=26&type=chunk) [5 Profit Before Tax](index=14&type=section&id=5%20Profit%20Before%20Tax) Profit before tax decreased to RMB 33,059 thousand for the six months ended June 30, 2025, primarily influenced by reduced net finance costs and increased depreciation expenses Net Finance Costs | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income | (88) | (325) | | Interest on Interest-Bearing Borrowings and Shareholder Loans | 13,339 | 14,967 | | Bank Charges | 30 | 49 | | Net Exchange (Income)/Loss | (149) | 895 | | **Net Finance Costs** | **13,132** | **15,562** | Other Items | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Amortization of Intangible Assets | 368 | 354 | | Depreciation of Property, Plant and Equipment | 51,221 | 45,370 | | Depreciation of Right-of-Use Assets | 822 | 897 | [6 Other Income](index=15&type=section&id=6%20Other%20Income) For the six months ended June 30, 2025, the Group's other income, primarily government grants, increased to RMB 717 thousand from RMB 539 thousand in the prior year Government Grants | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 717 | 539 | - Government grants include unconditional government grants of **RMB 508 thousand** (2024: RMB 327 thousand) and amortized deferred government grants of **RMB 209 thousand** (2024: RMB 212 thousand)[30](index=30&type=chunk) [7 Income Tax](index=16&type=section&id=7%20Income%20Tax) Income tax expense increased by 18.46% to RMB 20,986 thousand for the six months ended June 30, 2025, with Chinese subsidiaries subject to a 25% corporate income tax rate and a deferred tax liability recognized for withholding tax Income Tax Expense | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax | 17,938 | 12,948 | | Deferred Tax | (206) | 328 | | China Withholding Tax | 3,254 | 4,440 | | **Total Income Tax Expense** | **20,986** | **17,716** | - The corporate income tax rate for the Group's Chinese subsidiaries is uniformly **25%**[32](index=32&type=chunk) - A deferred tax liability of **RMB 8,596 thousand** (December 31, 2024: RMB 25,920 thousand) has been recognized for withholding tax payable on the distribution of retained profits by Chinese subsidiaries[34](index=34&type=chunk) [8 Earnings Per Share](index=17&type=section&id=8%20Earnings%20Per%20Share) Basic earnings per share decreased by 67.50% to RMB 0.026 for the six months ended June 30, 2025, primarily due to reduced profit attributable to equity holders, with diluted EPS being the same - Basic earnings per share is calculated based on profit attributable to ordinary equity holders of the Company of **RMB 12,073 thousand** (2024: RMB 36,837 thousand) and the weighted average number of ordinary shares outstanding of **458,600,000 shares**, resulting in **RMB 0.026** (2024: RMB 0.080)[35](index=35&type=chunk) - Diluted earnings per share is the same as basic earnings per share as there were no potential dilutive shares during the period[36](index=36&type=chunk) [9 Interests in an Associate](index=17&type=section&id=9%20Interests%20in%20an%20Associate) As of June 30, 2025, interests in an associate totaled RMB 139,039 thousand, primarily from the remaining 49% equity in Deneng Power Plant after disposal, with a recognized share of profit of RMB 1,916 thousand Carrying Amount of Interests in an Associate and Share of Profit or Loss | | June 30, 2025 (RMB thousands) | | :--- | :--- | | Carrying Amount at Beginning of Period | – | | Additions to Associate (Note 3) | 137,123 | | Share of Profit of an Associate | 1,916 | | **Carrying Amount at End of Period** | **139,039** | - Deneng Power Plant (registered capital of **USD 18,400,000**) became an associate of the Group with a **49%** equity interest, primarily engaged in operating power plants[38](index=38&type=chunk) - From the disposal date to June 30, 2025, Deneng Power Plant's revenue was **RMB 14,813 thousand**, and its profit was **RMB 3,910 thousand**[38](index=38&type=chunk) [10 Trade and Other Receivables](index=19&type=section&id=10%20Trade%20and%20Other%20Receivables) Total trade and other receivables increased to RMB 83,325 thousand as of June 30, 2025, primarily due to increased trade receivables, with all amounts expected to be recovered within one year Trade and Other Receivables | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 75,533 | 45,921 | | Prepayments | 6,665 | 13,836 | | Other Receivables | 1,127 | 910 | | **Total** | **83,325** | **60,667** | - All trade and other receivables are expected to be recovered within one year[39](index=39&type=chunk) [11 Interest-Bearing Borrowings](index=20&type=section&id=11%20Interest-Bearing%20Borrowings) Total interest-bearing borrowings significantly decreased to RMB 300,269 thousand as of June 30, 2025, mainly due to a substantial reduction in unsecured related party loans, with interest rates ranging from 3.21% to 3.70% Composition of Interest-Bearing Borrowings | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Secured Bank Loans | 140,614 | 115,500 | | Unsecured Related Party Loans | 159,655 | 516,826 | | Unsecured Bank Loans | – | 80,180 | | **Total** | **300,269** | **712,506** | - Secured bank loans are pledged against trade and other receivables, guaranteed by the ultimate holding company, and bear interest at an annual rate of **3.21%**[41](index=41&type=chunk) - Unsecured related party loans bear interest at annual rates ranging from **3.45% to 3.70%**[41](index=41&type=chunk) Repayment Schedule of Interest-Bearing Borrowings | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within One Year or On Demand | 80,205 | 179,713 | | After One Year but Within Two Years | 51,250 | 368,300 | | After Two Years but Within Five Years | 168,814 | 164,493 | [12 Trade and Other Payables](index=21&type=section&id=12%20Trade%20and%20Other%20Payables) Total trade and other payables significantly decreased to RMB 91,376 thousand as of June 30, 2025, primarily due to reductions in construction payables and accrued expenses and other payables Composition of Trade and Other Payables | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 1,341 | 766 | | Construction Payables | 72,341 | 125,985 | | Accrued Expenses and Other Payables | 3,467 | 6,486 | | Dividends Payable to Equity Holders | 5,855 | – | | Salaries Payable | 7,157 | 4,056 | | Other Taxes Payable | 1,215 | 5,473 | | **Total** | **91,376** | **142,766** | Aging Analysis of Trade Payables | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within Three Months | 1,341 | 766 | [13 Dividends](index=22&type=section&id=13%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, but a final dividend of HKD 0.014 per share, totaling RMB 5,855 thousand, was approved and paid for the previous fiscal year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[46](index=46&type=chunk) - During the six months ended June 30, 2025, a final dividend of **HKD 0.014** per share, totaling **RMB 5,855 thousand**, for the previous fiscal year was approved and paid[48](index=48&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial results, significant transactions, liquidity, and future outlook [Business Review](index=23&type=section&id=Business%20Review) In the first half of 2025, natural gas power generation increased by 136.96% due to rising electricity demand, while heat sales decreased by 16.47%, with stable capacity tariffs and fluctuating natural gas prices, alongside photovoltaic and energy storage operations - The Group primarily engages in the construction, operation, and management of natural gas power plants, owning three wholly-owned gas-fired power plants with a total generating capacity of **345.917 MW** and a total energy storage capacity of **100 MW/200 MWh** as of June 30, 2025[49](index=49&type=chunk) - In the first half of 2025, Zhejiang Province experienced steady growth in electricity demand and increased peak-shaving demand, leading to a **136.96%** year-on-year increase in the Group's natural gas power generation to **134,769 MWh**[50](index=50&type=chunk) - Heat sales volume decreased by **16.47%** year-on-year to **43,167 tons**, and heat sales revenue decreased by **20.78%** to **RMB 15,599 thousand**, but the gross profit margin increased by **23.69 percentage points** to **29.16%**[51](index=51&type=chunk) - Capacity tariffs remained flat compared to the prior year, while natural gas prices (including tax) and electricity volume tariffs fluctuated within a certain range[52](index=52&type=chunk)[53](index=53&type=chunk) [Natural Gas Power Generation](index=25&type=section&id=Natural%20Gas%20Power%20Generation) Natural gas power generation increased by 136.96% to 134,769 MWh in the first half of 2025, meeting Zhejiang Province's power market reform and peak-shaving demands - The Group's natural gas power generation in the first half of 2025 was **134,769 MWh**, a **136.96%** increase compared to the same period last year[54](index=54&type=chunk) [Photovoltaic Power Generation](index=26&type=section&id=Photovoltaic%20Power%20Generation) Photovoltaic power generation was approximately 1,323 MWh for the six months ended June 30, 2025, with 52 MWh sold to the grid, generating electricity cost savings of RMB 246 thousand and sales revenue of RMB 42.5 thousand - Photovoltaic power generation was approximately **1,323 MWh** (2024: 510 MWh), with **52 MWh** sold to the grid (2024: 53 MWh)[55](index=55&type=chunk) - Electricity cost savings from photovoltaic power generation amounted to **RMB 246 thousand** (2024: RMB 312 thousand), generating electricity sales revenue of **RMB 42.5 thousand** (2024: RMB 39 thousand)[55](index=55&type=chunk) [Heat Sales Volume](index=26&type=section&id=Heat%20Sales%20Volume) Heat sales volume decreased by 16.47% to 43,167 tons, with the average selling price falling by 5.16% to RMB 393.89 per ton, resulting in heat sales revenue of RMB 15,599 thousand and a gross profit margin increase of 23.69 percentage points - Heat sales volume was **43,167 tons**, a year-on-year decrease of **16.47%**. The average selling price decreased by **5.16%** to **RMB 393.89/ton**[56](index=56&type=chunk) - Heat sales revenue was **RMB 15,599 thousand**, with a gross profit of **RMB 4,548.49 thousand**, and the gross profit margin increased by **23.69 percentage points** to **29.16%**[56](index=56&type=chunk) [Energy Storage](index=26&type=section&id=Energy%20Storage) As of June 30, 2025, Lantian Power Plant's energy storage station accumulated charging volume of 62,259 MWh and discharging volume of 54,734 MWh - Lantian Power Plant's energy storage station accumulated a charging volume of **62,259 MWh** and a discharging volume of **54,734 MWh**[57](index=57&type=chunk) [Fuel Costs and Natural Gas Consumption](index=27&type=section&id=Fuel%20Costs%20and%20Natural%20Gas%20Consumption) Total natural gas consumption rose by 103.86% to 35,849,201 cubic meters, increasing average unit fuel cost for power generation by 11.01%, while average unit fuel cost for heat supply decreased by 18.53% due to lower natural gas prices, with total fuel costs increasing by 105.3% to RMB 112,576 thousand - Total natural gas consumption increased by **103.86%** year-on-year to **35,849,201 cubic meters**[58](index=58&type=chunk) - The average unit fuel cost for power generation increased by **11.01%** to **RMB 753.33/MWh**; the average unit fuel cost for heat supply decreased by **18.53%** to **RMB 255.99/ton**[58](index=58&type=chunk) - Total fuel costs increased by **105.3%** to **RMB 112,576 thousand**, with the ratio to relevant revenue increasing by **11.78 percentage points** to **106.47%**, primarily due to a decrease in the average natural gas price[58](index=58&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) For the first half of 2025, profit attributable to equity holders decreased by 67.23% to RMB 12,073 thousand, with basic and diluted earnings per share falling by 67.50%, primarily due to capacity tariff reductions, inverted natural gas power generation costs, and the disposal of a 51% equity interest in Deneng Power Plant - Profit attributable to equity holders of the Company was **RMB 12,073 thousand**, a **67.23%** decrease from the prior year, with basic and diluted earnings per share of **RMB 0.026**, a decrease of **RMB 0.054** from the prior year[60](index=60&type=chunk) - The decline in performance was primarily influenced by factors such as capacity tariff reductions, inverted natural gas power generation costs, incomplete implementation of the electricity spot market, and the disposal of a **51%** equity interest in Deneng Power Plant[60](index=60&type=chunk) [Revenue](index=28&type=section&id=Revenue) Revenue increased by 17.40% to RMB 244,426 thousand in the first half of 2025, primarily driven by increased natural gas power generation due to higher peak-shaving electricity demand - The Group's revenue was **RMB 244,426 thousand**, an increase of **17.40%** from the prior year, primarily comprising electricity volume charges, capacity charges, and heat sales revenue[61](index=61&type=chunk) [Operating Expenses](index=29&type=section&id=Operating%20Expenses) Operating expenses increased by 38.94% to RMB 192,608 thousand in the first half of the year, mainly due to higher fuel costs associated with increased power generation - Operating expenses were **RMB 192,608 thousand**, an increase of **38.94%** from the prior year, primarily consisting of fuel consumption, depreciation and amortization, repairs and maintenance, staff costs, and administrative expenses[62](index=62&type=chunk) [Operating Profit](index=29&type=section&id=Operating%20Profit) Operating profit decreased by 25.52% to RMB 51,818 thousand in the first half of the year, primarily due to inverted natural gas power generation costs, impacting profitability despite increased generation - Operating profit was **RMB 51,818 thousand**, a **25.52%** decrease from the prior year, primarily due to inverted natural gas power generation costs[63](index=63&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) Net finance costs decreased by 15.61% to RMB 13,132 thousand in the first half of the year, primarily due to reduced interest expenses on certain loans and exchange rate adjustments - Net finance costs were **RMB 13,132 thousand**, a **15.61%** decrease from the prior year, primarily due to reduced interest expenses on certain loans and exchange rate adjustments[64](index=64&type=chunk) [Loss on Disposal of a Subsidiary](index=29&type=section&id=Loss%20on%20Disposal%20of%20a%20Subsidiary) The Group recognized a loss of RMB 8,260 thousand on the disposal of a 51% equity interest in Deneng Power Plant and its subsidiary Quzhou Power Plant in the first half of the year - The Group recognized a loss of **RMB 8,260 thousand** on the disposal of a **51%** equity interest in Deneng Power Plant and its subsidiary Quzhou Power Plant[65](index=65&type=chunk) [Share of Profit of an Associate](index=30&type=section&id=Share%20of%20Profit%20of%20an%20Associate) Following the disposal of a 51% equity interest in Deneng Power Plant, the remaining 49% interest was reclassified as an associate, and a net profit of RMB 1,916 thousand was recognized using the equity method - The Group recognized an adjustment to net profit of **RMB 1,916 thousand** using the equity method, as the target group became an associate[66](index=66&type=chunk)[67](index=67&type=chunk) [Income Tax](index=30&type=section&id=Income%20Tax) Income tax expense increased by 18.46% to RMB 20,986 thousand in the first half of the year, with Chinese subsidiaries subject to a 25% corporate income tax rate - Income tax expense was **RMB 20,986 thousand**, an increase of **18.46%** from the prior year[68](index=68&type=chunk) [Earnings Per Share](index=30&type=section&id=Earnings%20Per%20Share) Profit attributable to equity holders was RMB 12,073 thousand, resulting in basic and diluted earnings per share of RMB 0.026, a 67.50% year-on-year decrease - Basic and diluted earnings per share were **RMB 0.026**, a year-on-year decrease of **67.50%**[69](index=69&type=chunk) [Significant Acquisitions and Disposals](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals) On May 30, 2025, the company disposed of a 51% equity interest in Deneng Power Plant to an associate for RMB 142,720 thousand, resulting in the loss of control over Deneng Power Plant - On May 30, 2025, the disposal of a **51%** equity interest in Deneng Power Plant to Shunfa Hengneng Co., Ltd., a related party, for a consideration of **RMB 142,720 thousand** was completed[70](index=70&type=chunk)[71](index=71&type=chunk) - Following the disposal, Deneng Power Plant ceased to be a subsidiary of the Company, and the Group lost control over it[71](index=71&type=chunk) [Significant Investment Activities](index=31&type=section&id=Significant%20Investment%20Activities) The Group had no significant investment activities during the review period - The Group had no significant investment activities during the review period[72](index=72&type=chunk) [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) Cash and cash equivalents increased to RMB 246,947 thousand, and net current assets turned positive to RMB 32,210 thousand, primarily due to cash inflows from the power plant disposal and reduced current liabilities - Cash and cash equivalents increased to **RMB 246,947 thousand** (December 31, 2024: RMB 114,458 thousand), primarily due to the disposal of a **51%** equity interest in Deneng Power Plant[73](index=73&type=chunk) - Net current assets turned from net current liabilities of **RMB 229,592 thousand** to net current assets of **RMB 32,210 thousand**, primarily due to increased cash from the power plant disposal and reduced current liabilities[73](index=73&type=chunk) - The Group's funding sources primarily comprise cash inflows from operating activities and loans granted by banks and related parties[74](index=74&type=chunk) [Indebtedness](index=32&type=section&id=Indebtedness) Total indebtedness significantly decreased to RMB 512,487 thousand as of June 30, 2025, primarily due to a substantial reduction in unsecured related party loans, with approximately RMB 352,832 thousand being fixed-rate HKD debt Composition of Indebtedness | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Secured Bank Loans | 140,614 | 115,500 | | Unsecured Related Party Loans | 159,655 | 516,826 | | Unsecured Bank Loans Guaranteed by Related Parties | – | 80,180 | | Trade and Other Payables | 91,376 | 142,766 | | Shareholder Loans | 120,842 | 120,269 | | **Total** | **512,487** | **975,541** | - Approximately **RMB 352,832 thousand** was fixed-rate HKD debt, with the remainder being RMB-denominated floating-rate debt bearing interest at annual rates ranging from **3.45% to 3.70%**[77](index=77&type=chunk) [Gearing Ratio](index=33&type=section&id=Gearing%20Ratio) The gearing ratio significantly decreased to 16.51% as of June 30, 2025, from 45.05% on December 31, 2024, reflecting a substantial reduction in financial leverage - The gearing ratio decreased from **45.05%** as of December 31, 2024, to **16.51%** as of June 30, 2025[78](index=78&type=chunk) [Capital Expenditure](index=33&type=section&id=Capital%20Expenditure) Capital expenditure amounted to RMB 54,866 thousand for the six months ended June 30, 2025, primarily for the Anji Power Plant heating network, Lantian Power Plant energy storage project, and power plant equipment technical upgrades - Capital expenditure was **RMB 54,866 thousand** (2024: RMB 71,325 thousand), primarily for the Anji Power Plant heating network, Lantian Power Plant energy storage project construction, and power plant equipment technical upgrade costs[79](index=79&type=chunk) [Capital Commitments](index=33&type=section&id=Capital%20Commitments) Capital commitments totaled RMB 38,021 thousand as of June 30, 2025, mainly for the Anji Power Plant heating network Phase II, Lantian energy storage project, and power plant generator unit technical upgrades and maintenance - Capital commitments were **RMB 38,021 thousand** (December 31, 2024: RMB 53,399 thousand), primarily for the Anji Power Plant heating network Phase II project, Lantian energy storage project, and power plant generator unit technical upgrades and maintenance[80](index=80&type=chunk) [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, trade and other receivables with a carrying amount of RMB 3,677 thousand were pledged as security for bank loans - Trade and other receivables with a carrying amount of **RMB 3,677 thousand** were pledged as security for bank loans[81](index=81&type=chunk) [Contingent Liabilities](index=34&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities[82](index=82&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in mainland China with most transactions settled in RMB, resulting in insignificant foreign exchange risk, and currently does not use derivative instruments for hedging - The Group primarily operates in mainland China, with most transactions settled in RMB, resulting in insignificant foreign exchange risk, and currently does not use any derivative instruments for hedging[83](index=83&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 187 employees, with total remuneration of RMB 12,224 thousand, and its policy is based on industry practice, financial performance, and employee performance, offering benefits to retain talent - As of June 30, 2025, the Group had **187 employees** (December 31, 2024: 297 employees)[84](index=84&type=chunk) - Total employee remuneration was **RMB 12,224 thousand** (2024: RMB 15,425 thousand), with the remuneration policy based on industry practice, financial performance, and employee performance[84](index=84&type=chunk) [Outlook](index=35&type=section&id=Outlook) 2025 presents challenges due to electricity spot market reforms and capacity tariff reductions, prompting the company to explore new operating models, seek market alignment, and pursue strategic transformation through acquisitions or investments in energy-related and upstream/downstream businesses, utilizing disposal proceeds for working capital and future development - 2025 presents operational challenges due to electricity spot market reforms and capacity tariff reduction policies[85](index=85&type=chunk) - The company will actively explore new operating models, seek market alignment, and commit to strategic transformation, intending to develop through acquisitions or investments in energy-related and upstream/downstream businesses[85](index=85&type=chunk) - Proceeds from the disposal will be used to develop energy-related businesses and/or other upstream and downstream businesses that generate synergies with the company's core business and align with its strategy, supplementing working capital and funding future development[85](index=85&type=chunk) [Other Information](index=35&type=section&id=Other%20Information) This section covers interim dividend policy, post-reporting period events, securities transactions, corporate governance, directors' compliance, audit committee review, and publication of interim results and reports [Interim Dividend](index=35&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[86](index=86&type=chunk) [Events After Reporting Period](index=35&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the reporting period and up to the date of this announcement, other than those already disclosed - Except as otherwise disclosed in this announcement, no significant events have occurred after the reporting period and up to the date of this announcement[87](index=87&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities on the HKEX, and the company held no treasury 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 securities listed on The Stock Exchange of Hong Kong Limited[88](index=88&type=chunk) - As of June 30, 2025, the Company held no treasury shares[88](index=88&type=chunk) [Corporate Governance](index=36&type=section&id=Corporate%20Governance) The company consistently complied with the code provisions and applicable recommended best practices of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company has consistently complied with the code provisions and applicable recommended best practices of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[89](index=89&type=chunk) [Directors' Compliance with Code of Conduct](index=36&type=section&id=Directors%27%20Compliance%20with%20Code%20of%20Conduct) The company adopted a code of conduct for directors' securities transactions no less exacting than the standard set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the review period - The Company has adopted a code of conduct for directors' securities transactions no less exacting than the standard code set out in Appendix C3 of the Listing Rules[90](index=90&type=chunk) - All directors confirmed compliance with the required standards set out in the code of conduct during the review period[90](index=90&type=chunk) [Audit Committee and Review of Interim Results](index=37&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting standards, laws, and regulations, and appropriate disclosures - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's interim results for the six months ended June 30, 2025[91](index=91&type=chunk) - The Audit Committee is of the opinion that the interim results comply with applicable accounting standards, laws, and regulations, and appropriate disclosures have been made[91](index=91&type=chunk) [Publication of Interim Results and Interim Report](index=37&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the company's website and the HKEX website, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the Company's website (www.puxing-energy.com) and the HKEX website (www.hkexnews.hk)[92](index=92&type=chunk) - The interim report, containing all information required by the Listing Rules, will be dispatched to shareholders requesting printed copies and published on the aforementioned websites in due course[92](index=92&type=chunk)

Company Information [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section details the company's China and Hong Kong office addresses, official website, board of directors, committees, CEO, company secretary, authorized representatives, auditors, legal advisors, and principal bankers - The company has its China office at No. 27 Chaoqian Road, Changping Science Park, Beijing, China, and its Hong Kong office at 66/F, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong[6](index=6&type=chunk) - The Chairman of the Board is Mr. Chen Zhengyong, Vice Chairmen are Mr. Li Zhonghua and Mr. Yang Peng, and the President is Mr. Chen Peng[6](index=6&type=chunk) - The Chairman of the Audit Committee is Mr. Fan Xiaoliang, the Chairman of the Remuneration Committee is Professor Shen Zuojun, and the Chairman of the Nomination Committee is Mr. Chen Zhengyong[7](index=7&type=chunk)[8](index=8&type=chunk) [H Share Information](index=5&type=section&id=H%20Share%20Information) This section outlines the company's H share listing details on GEM, including listing venue, stock code, number of H shares issued, par value, and stock short name H Share Basic Information | Metric | Information | | :--- | :--- | | Listing Venue | GEM | | Stock Code | 8247 | | Number of H Shares Issued | 64,286,143 H shares | | Par Value | RMB 1.00 per share | | Stock Short Name | CNBG Bio-Tech | Group Profile [Company Business and Background](index=6&type=section&id=Company%20Business%20and%20Background) The company is a leading Chinese IVD reagent supplier, focusing on R&D, production, sales, and distribution of IVD products, backed by its largest shareholder, a subsidiary of the Chinese Academy of Sciences - CNBG Bio-Tech is a leading in-vitro diagnostic (IVD) reagent supplier in China, primarily engaged in the R&D, production, sales, and distribution of IVD reagent products[10](index=10&type=chunk) - The company's largest shareholder, Beijing Pusa Asset Management Co., Ltd., is a wholly-owned subsidiary of the Institute of Biophysics, Chinese Academy of Sciences, providing strong scientific research backing[10](index=10&type=chunk)[11](index=11&type=chunk) - The company's "CNBG" brand enjoys a high reputation, having received awards such as "Beijing Famous Brand Product," "China Diagnostic Reagent Market User Satisfied Quality and Reputation First Brand," and "Beijing Famous Trademark"[10](index=10&type=chunk) - The company's H shares have been listed on GEM since February 27, 2006[12](index=12&type=chunk) Group Structure [Equity Structure Chart](index=7&type=section&id=Equity%20Structure%20Chart) This section illustrates the equity structure of the company, its major shareholders, and subsidiaries, including the Chinese Academy of Sciences and Beijing Pusa Asset Management Co., Ltd., with their respective shareholding percentages - The Group's organizational chart shows the Institute of Biophysics, Chinese Academy of Sciences, holding equity in CNBG Bio-Tech through Beijing Pusa Asset Management Co., Ltd[15](index=15&type=chunk) - CNBG Bio-Tech's H shares are listed on GEM of the Stock Exchange, and its subsidiary, Beijing CNBG Jinyu Diagnostic Technology Co., Ltd., has its shares traded on the National Equities Exchange and Quotations (New Third Board)[16](index=16&type=chunk) Management Discussion and Analysis [Operating Environment](index=8&type=section&id=Operating%20Environment) In H1 2025, China's IVD industry faced intensified competition and profit pressure due to centralized procurement, medical insurance cost control, and post-pandemic market shifts, despite continuous market demand growth - The continuous advancement of domestic IVD centralized procurement expansion and national medical insurance cost control policies, along with changes in market demand post-pandemic, profoundly impacted the company's business[17](index=17&type=chunk) - Competition in the IVD industry intensified, with the biochemical diagnostics sector facing dual pressure from established domestic and international players and emerging competitors, increasing market expansion difficulty[17](index=17&type=chunk) - Population aging, increasing chronic diseases, rising healthcare investment, and enhanced technological innovation are continuous drivers for China's IVD industry, but centralized procurement and intensified competition led to suppressed product terminal prices and profit growth pressure for enterprises[18](index=18&type=chunk) [Financial Performance](index=9&type=section&id=Financial%20Performance) During the reporting period, the company experienced significant declines in revenue and gross profit, primarily due to centralized procurement and medical insurance cost control policies, leading to an expanded loss H1 2025 Key Financial Indicators | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from Principal Activities | 95,800 | 133,800 | -28.4% | | Gross Profit | 37,400 | 58,500 | -36.1% | | Gross Profit Margin | 39.0% | 43.7% | -4.7 percentage points | | Selling and Distribution Expenses | 20,300 | 31,600 | -35.7% | | Administrative Expenses | 23,300 | 22,300 | +4.4% | | Research and Development Expenses | 13,300 | 16,900 | -21.0% | | Loss for the Period | 22,900 | 18,300 | +25.1% | - The decrease in revenue and gross profit was primarily due to the impact of centralized procurement of medical consumables and national medical insurance cost control policies, leading to lower product selling prices, reduced sales volume, and an increased proportion of revenue from lower gross margin products[21](index=21&type=chunk)[22](index=22&type=chunk) - In terms of R&D, the company completed the renewal registration for **76 Class II products** and successfully completed the initial registration for **1 Class III novel coronavirus antigen detection kit**[25](index=25&type=chunk) [Future Outlook](index=10&type=section&id=Future%20Outlook) China's IVD market is projected to exceed RMB 190 billion by 2028, and the company plans to strengthen its core business, diversify product lines, optimize operations, and expand market channels to seize opportunities - China's IVD market size is expected to grow from **RMB 133.2 billion in 2024** to **RMB 190 billion in 2028**, maintaining high growth momentum[27](index=27&type=chunk) - The company's strategy for the second half of the year includes: maintaining the quality advantage of traditional biochemical diagnostic products and increasing sales; strengthening multi-pipeline product layout and market promotion; optimizing production processes to reduce production costs; and closely following industry trends to proactively plan for new business growth points[29](index=29&type=chunk) - The company's independently developed **4-laser 21-color BioCyteX (clinical) high-end flow cytometer** has obtained a medical device registration certificate and commenced market sales on August 1, 2025, making it the first domestic brand product to receive a 4-laser flow cytometer registration certificate in China[29](index=29&type=chunk) - The company is actively expanding domestic and international market channels, for example, achieving steady sales growth in the Southeast Asian market through deep cooperation with China Resources Beijing Technology to build an integrated IVD supply chain platform[30](index=30&type=chunk)[31](index=31&type=chunk) [Capital Structure, Financial Position, and Liquidity](index=12&type=section&id=Capital%20Structure%2C%20Financial%20Position%2C%20and%20Liquidity) During the reporting period, the company's capital structure changed with increased net debt and net debt-to-capital ratio, and decreased cash and bank balances, relying on borrowings for operations Capital Structure Key Indicators | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 46,345 | 68,213 | -21,868 | | Short-term Loans | 133,983 | 143,665 | -9,682 | | Long-term Loans | 2,855 | 4,456 | -1,601 | | Net Debt | 90,493 | 80,008 | +10,485 | | Net Debt-to-Capital Ratio | 58% | 46% | +12 percentage points | | Debt-to-Asset Ratio (Total Liabilities/Total Assets) | 64% | 63% | +1 percentage point | - During the reporting period, the company renewed or obtained new bank and other borrowings totaling approximately **RMB 79.5 million**[32](index=32&type=chunk) - Some of the company's buildings, prepaid land lease payments, and machinery were pledged as collateral for bank loans, involving approximately **RMB 81.8 million** in bank loans and **RMB 2.4 million** in other loans[36](index=36&type=chunk) [Foreign Exchange Risk](index=13&type=section&id=Foreign%20Exchange%20Risk) The Group's operations are primarily in China, with most transactions in RMB, resulting in low foreign exchange risk, with minimal HKD cash for Hong Kong expenses - The Group's operations are primarily located in China, with almost all transactions conducted in RMB, resulting in low foreign exchange risk[35](index=35&type=chunk) - A small amount of HKD-denominated cash is held in Hong Kong bank accounts to cover miscellaneous expenses incurred in Hong Kong[35](index=35&type=chunk) [Capital Expenditure](index=13&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's total capital expenditure amounted to RMB 8 million - For the six months ended June 30, 2025, the Group's total capital expenditure amounted to **RMB 8 million**[37](index=37&type=chunk) [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) As of the reporting period end, the Group's counter-guarantee for a loan to a guarantee company remained at RMB 2 million, consistent with the end of 2024 Contingent Liabilities | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Counter-guarantee to a guarantee company for a loan | 2,000 | 2,000 | [Significant Investments, Acquisitions, Disposals, and Future Plans](index=14&type=section&id=Significant%20Investments%2C%20Acquisitions%2C%20Disposals%2C%20and%20Future%20Plans) During the reporting period, the company held no significant investments or conducted major acquisitions/disposals, but plans to actively seek investment opportunities and strategic expansions to enhance revenue and profitability - For the six months ended June 30, 2025, the company held no significant investments and did not undertake any major acquisitions or disposals of subsidiaries and associates[39](index=39&type=chunk) - The Group will actively seek investment opportunities to expand its revenue base, enhance future financial performance and profitability, and pursue strategic expansion through acquisitions of suitable target companies[39](index=39&type=chunk) [Employees and Remuneration Policy](index=15&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 471 full-time employees, with total staff costs of RMB 42.7 million, a decrease year-on-year, and remunerates based on qualifications, experience, performance, and market levels - As of June 30, 2025, the Group employed **471 full-time employees**, a decrease from **554** in the same period of 2024[41](index=41&type=chunk) - For the six months ended June 30, 2025, the Group's total staff costs were approximately **RMB 42.7 million**, a decrease from **RMB 52.1 million** in the same period[41](index=41&type=chunk) - The company determines remuneration based on the qualifications, experience, performance, and market levels of employees and directors, and provides regular training to enhance their technical skills and product knowledge[41](index=41&type=chunk) [Events After Reporting Period](index=15&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the company occurred after the reporting period and up to the date of this report, other than those already disclosed - Except as disclosed in this report, no significant events affecting the company occurred after the reporting period and up to the date of this report[43](index=43&type=chunk) [Acknowledgements](index=15&type=section&id=Acknowledgements) Mr. Chen Zhengyong, Chairman of the Board, expressed sincere gratitude on behalf of the Board to all shareholders, business partners, and employees for their contributions - Mr. Chen Zhengyong, Chairman of the Board, on behalf of the Board, extended sincere gratitude to all shareholders, business partners for their steadfast support, and all employees for their valuable contributions[44](index=44&type=chunk)[45](index=45&type=chunk) Condensed Consolidated Statement of Profit or Loss [Profit or Loss Overview](index=16&type=section&id=Profit%20or%20Loss%20Overview) For the six months ended June 30, 2025, the Group's revenue decreased by 28.4% to RMB 95,815 thousand, gross profit decreased by 36.1% to RMB 37,378 thousand, and loss for the period expanded to RMB 22,902 thousand Condensed Consolidated Statement of Profit or Loss Key Data | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 95,815 | 133,828 | | Cost of Sales | (58,437) | (75,297) | | Gross Profit | 37,378 | 58,531 | | Loss from Operating Activities | (18,315) | (11,951) | | Loss Before Tax | (22,693) | (16,145) | | Loss for the Period | (22,902) | (18,314) | | Loss Attributable to Owners of the Parent | (17,976) | (13,182) | | Basic and Diluted Loss Per Share (RMB) | (0.124) | (0.091) | Condensed Consolidated Statement of Comprehensive Income [Comprehensive Income Overview](index=18&type=section&id=Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the Group's total loss for the period and total comprehensive loss amounted to RMB 22,873 thousand, with RMB 17,947 thousand attributable to owners of the parent Condensed Consolidated Statement of Comprehensive Income Key Data | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Loss for the Period and Total Comprehensive Loss | (22,873) | (18,337) | | Attributable to Owners of the Parent | (17,947) | (13,205) | | Attributable to Non-controlling Interests | (4,926) | (5,132) | Condensed Consolidated Statement of Financial Position [Assets and Liabilities Overview](index=19&type=section&id=Assets%20and%20Liabilities%20Overview) As of June 30, 2025, the Group reported total non-current assets of RMB 189,228 thousand, total current assets of RMB 245,903 thousand, and total current liabilities of RMB 272,675 thousand, resulting in net current liabilities of RMB (26,772) thousand Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 189,228 | 191,967 | | Total Current Assets | 245,903 | 285,405 | | Total Current Liabilities | 272,675 | 292,895 | | Net Current Liabilities | (26,772) | (7,490) | | Net Assets | 155,094 | 174,467 | | Total Equity | 155,094 | 174,467 | - Current liabilities exceeded current assets by approximately **RMB 26,772 thousand**, but the directors believe the Group will have sufficient bank financing and major shareholder support to prepare the financial statements on a going concern basis[54](index=54&type=chunk) Condensed Consolidated Statement of Changes in Equity [Equity Changes Overview](index=21&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, equity attributable to owners of the parent decreased from RMB 167,805 thousand to RMB 149,858 thousand, primarily due to a loss for the period of RMB 17,976 thousand Condensed Consolidated Statement of Changes in Equity Key Data | Metric | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Parent at Beginning of Period | 167,805 | 210,387 | | Loss for the Period | (17,976) | (13,182) | | Exchange Differences on Translation of Foreign Operations | 29 | (23) | | Capital Contribution from Non-controlling Interests of a Subsidiary | – | – | | Equity Attributable to Owners of the Parent at End of Period | 149,858 | 197,182 | | Non-controlling Interests at End of Period | 5,236 | 15,885 | | Total Equity at End of Period | 155,094 | 213,067 | Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=22&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash used in operating activities was RMB (22,537) thousand, net cash from investing activities was RMB 1,509 thousand, and net cash used in financing activities was RMB (840) thousand, resulting in a net decrease in cash and cash equivalents of RMB (21,868) thousand Condensed Consolidated Statement of Cash Flows Key Data | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (22,537) | (28,956) | | Net Cash From/(Used in) Investing Activities | 1,509 | (927) | | Net Cash (Used in)/From Financing Activities | (840) | 1,549 | | Net Decrease in Cash and Cash Equivalents | (21,868) | (28,334) | | Cash and Cash Equivalents at Beginning of Period | 68,213 | 63,410 | | Cash and Cash Equivalents at End of Period | 46,345 | 35,076 | Notes to the Condensed Consolidated Financial Statements [1. Basis of Preparation](index=23&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards on a going concern basis, supported by sufficient bank financing and major shareholders despite net current liabilities - The condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[54](index=54&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **RMB 26,772,000**, but the directors believe there is sufficient bank financing and major shareholder support, thus preparing on a going concern basis[54](index=54&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=23&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The financial information for this period adopted revised Hong Kong Financial Reporting Standards for the first time, with no significant financial impact or material changes to accounting policies - The financial information for this period adopted revised Hong Kong Financial Reporting Standards for the first time, including amendments to Hong Kong Accounting Standard 21 – Lack of Exchangeability[55](index=55&type=chunk)[56](index=56&type=chunk) - The adoption of these amendments had no significant financial impact on the condensed consolidated financial information, and there were no material changes to accounting policies[56](index=56&type=chunk) [3. Operating Segment Information](index=24&type=section&id=3.%20Operating%20Segment%20Information) The Group operates a single reportable segment: in-vitro diagnostic reagent products, with approximately 89% of revenue from mainland China customers and all non-current assets located in mainland China - The Group has only one reportable operating segment: the in-vitro diagnostic reagent products segment, which covers the manufacturing, sales, and distribution of various single/dual diagnostic reagent products[58](index=58&type=chunk) - For the six months ended June 30, 2025, approximately **89% of revenue** was derived from customers in mainland China, and all non-current assets are located in mainland China[59](index=59&type=chunk) - During the reporting period, no single customer contributed **10% or more** to the Group's revenue[60](index=60&type=chunk) [4. Revenue](index=24&type=section&id=4.%20Revenue) The Group's total revenue for the reporting period was RMB 95,815 thousand, primarily derived from the sale of in-vitro diagnostic reagent products, which accounted for RMB 93,928 thousand Revenue Analysis | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Sale of in-vitro diagnostic reagent products | 93,928 | 133,049 | | Other services | 1,887 | 779 | | **Total Revenue** | **95,815** | **133,828** | [5. Loss from Operating Activities](index=25&type=section&id=5.%20Loss%20from%20Operating%20Activities) The Group's loss from operating activities was primarily influenced by the cost of inventories sold and services rendered, and depreciation and amortization expenses, totaling RMB 58,437 thousand and RMB 10,254 thousand respectively Components of Loss from Operating Activities | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold and services rendered | 58,437 | 75,297 | | Exchange differences, net | (63) | 9 | | Depreciation of property, plant and equipment | 7,367 | 7,790 | | Depreciation of investment properties | 361 | 361 | | Depreciation of right-of-use assets | 1,444 | 1,505 | | Amortisation of other intangible assets | 1,082 | 1,562 | [6. Income Tax Expense](index=25&type=section&id=6.%20Income%20Tax%20Expense) The Group operates in China with a 25% corporate income tax rate, but the company and a subsidiary enjoy a 15% preferential rate as high-tech enterprises, resulting in an income tax expense of RMB 209 thousand for the period - The Group operates in China, where the corporate income tax rate is **25%**[64](index=64&type=chunk) - The company and one of its subsidiaries (CNBG Jinyu) enjoy a **15% preferential tax rate** as high-tech enterprises[64](index=64&type=chunk) Income Tax Expense | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Current – China | 209 | 2,212 | | Deferred | – | (43) | | **Total Tax Expense for the Period** | **209** | **2,169** | [7. Loss Per Share Attributable to Owners of the Company](index=26&type=section&id=7.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, the basic loss per share attributable to owners of the company was RMB 0.124, with diluted loss per share being the same due to no potential dilutive ordinary shares - The basic loss per share for the six months ended June 30, 2025, was **RMB 0.124**[67](index=67&type=chunk) - Loss per share is calculated based on the unaudited loss for the period attributable to the company's equity and the weighted average of **144,707,176 ordinary shares** outstanding during the period[67](index=67&type=chunk) - As the Group had no potentially dilutive ordinary shares outstanding during the reporting period, the diluted loss per share is the same as the basic loss per share[67](index=67&type=chunk) [8. Interim Dividend](index=26&type=section&id=8.%20Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[68](index=68&type=chunk) [9. Trade and Bills Receivables](index=27&type=section&id=9.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's total trade and bills receivables decreased to RMB 106,123 thousand from RMB 121,544 thousand at the end of 2024, with credit terms typically ranging from three to twelve months - The Group typically grants credit terms of **three months** to its customers, with some long-term customers receiving payment periods ranging from **four to twelve months**[70](index=70&type=chunk) Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 21,996 | 33,801 | | 4 to 6 months | 17,062 | 20,919 | | 7 to 12 months | 22,979 | 27,428 | | 1 to 2 years | 32,258 | 31,690 | | Over 2 years | 11,828 | 7,706 | | **Total** | **106,123** | **121,544** | [10. Trade Payables](index=28&type=section&id=10.%20Trade%20Payables) As of June 30, 2025, the Group's total trade payables decreased to RMB 71,965 thousand from RMB 87,108 thousand at the end of 2024, which are interest-free and typically settled within 30 to 90 days - Trade payables are interest-free and typically settled within **30 to 90 days** of the credit period[72](index=72&type=chunk) Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 9,286 | 21,543 | | 4 to 6 months | 10,772 | 7,390 | | 7 to 12 months | 11,911 | 11,494 | | 1 to 2 years | 14,056 | 33,946 | | Over 2 years | 25,940 | 12,735 | | **Total** | **71,965** | **87,108** | [11. Interest-Bearing Bank and Other Borrowings](index=28&type=section&id=11.%20Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank and other borrowings amounted to RMB 136,838 thousand, predominantly current bank loans, with secured bank loans totaling RMB 91,800 thousand Interest-Bearing Bank and Other Borrowings | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank loans (unsecured) | 42,608 | 53,764 | | Bank loans (secured) | 91,800 | 78,900 | | Other loans (unsecured) | – | 10,000 | | Other loans (secured) | 2,430 | 5,557 | | **Total Bank and Other Borrowings** | **136,838** | **148,221** | | Classified as current liabilities | (133,983) | (143,665) | | Non-current portion | 2,855 | 4,556 | [12. Share Capital](index=29&type=section&id=12.%20Share%20Capital) As of June 30, 2025, the company's total registered, issued, and fully paid share capital was RMB 144,707 thousand, comprising 80,421,033 domestic shares and 64,286,143 H shares, each with a par value of RMB 1 Share Capital Composition | Share Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Domestic Shares (80,421,033 shares) | 80,421 | 80,421 | | H Shares (64,286,143 shares) | 64,286 | 64,826 | | **Total Share Capital** | **144,707** | **144,707** | [13. Contingent Liabilities](index=29&type=section&id=13.%20Contingent%20Liabilities) As of June 30, 2025, the Group's counter-guarantee for a subsidiary's loan to a guarantee company remained at RMB 2,000,000, consistent with the end of 2024 - As of June 30, 2025, the Group's counter-guarantee to a guarantee company for a loan granted to a subsidiary was **RMB 2,000,000**[76](index=76&type=chunk) [14. Related Party Transactions](index=29&type=section&id=14.%20Related%20Party%20Transactions) During the reporting period, the Group engaged in related party transactions including technical service fees, product sales, and purchases, with some agreements terminating due to expiry or disposal of the related entity Significant Transactions with Related Parties | Transaction Type | Related Party | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Payment of technical service fees | Institute of Biophysics, Chinese Academy of Sciences | – | 250 | | Sale of products | Anhui Guoke Kangyi Medical Technology Co., Ltd. | – | 859 | | Purchase of products and materials | Anhui Guoke Kangyi Medical Technology Co., Ltd. | – | 750 | - The company's 20-year exclusive technical license agreement with the Institute of Biophysics expired in **December 2024**, and no further usage fees have been paid since then[83](index=83&type=chunk) - Anhui Guoke Kangyi Medical Technology Co., Ltd. was sold to an independent third party on **April 1, 2024**, thus terminating the ongoing connected transactions with that company[83](index=83&type=chunk) Unpaid Balances with Related Parties | Item | Related Party | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Other payables | Institute of Biophysics | 4,500 | 4,500 | | Trade payables | Anhui Guoke Kangyi Medical Technology Co., Ltd. | – | 290 | Key Management Personnel Remuneration | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 1,445 | 2,809 | | Post-employment benefits | 188 | 224 | | **Total** | **1,633** | **3,033** | [15. Approval of Financial Statements](index=31&type=section&id=15.%20Approval%20of%20Financial%20Statements) The Board of Directors approved and authorized the publication of the condensed financial statements on August 29, 2025 - The Board of Directors approved and authorized the publication of the condensed financial statements on **August 29, 2025**[82](index=82&type=chunk) Other Information [Directors', Supervisors' and Chief Executive's Interests in Shares and Underlying Shares](index=32&type=section&id=Directors%27%2C%20Supervisors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Mr. Wu Lebin, Mr. Chen Peng, and Mr. Chen Zhengyong held domestic shares representing 2.42%, 7.83%, and 6.91% respectively of the company's total registered share capital Directors', Supervisors' and Chief Executive's Long Positions in the Company's Shares | Name | Number of Domestic Shares Held | Percentage of Company's Domestic Shares | Percentage of Company's Total Registered Share Capital | | :--- | :--- | :--- | :--- | | Mr. Wu Lebin | 3,500,878 | 4.35% | 2.42% | | Mr. Chen Peng | 11,330,334 | 14.09% | 7.83% | | Mr. Chen Zhengyong | 10,000,000 | 12.43% | 6.91% | - Save as disclosed above, no director, supervisor, or chief executive had any disclosable interests or short positions in the shares and underlying shares of the company or any of its associated corporations[84](index=84&type=chunk) [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=33&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Beijing Pusa Asset Management Co., Ltd. was the largest shareholder, holding 38.93% of domestic shares, representing 21.64% of total registered share capital, with other significant shareholders also disclosed Substantial Shareholders' and Other Persons' Long Positions in the Company's Shares | Shareholder Name/Individual | Capacity and Nature of Interest | Number of Company Shares Held (Domestic Shares) | Number of Company Shares Held (H Shares) | Percentage of Relevant Class of Company Shares (Domestic Shares) | Percentage of Relevant Class of Company Shares (H Shares) | Percentage of Company's Total Registered Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Pusa Asset Management Co., Ltd. | Directly beneficially owned | 31,308,576 | – | 38.93% | – | 21.64% | | Hong Kong Zhixin Investment Co., Ltd. | Directly beneficially owned | – | 27,256,143 | – | 42.40% | 18.84% | | Hainan Zhixin Investment Partnership (Limited Partnership) | Through controlled corporation | – | 27,256,143 | – | 42.40% | 18.84% | | Mr. Li Dongfeng | Through controlled corporation | – | 27,256,143 | – | 42.40% | 18.84% | | Mr. Yan Kang | Through controlled corporation | – | 27,256,143 | – | 42.40% | 18.84% | | Yunnan Shengneng Investment Partnership (Limited Partnership) | Directly beneficially owned | 10,939,314 | 6,780,000 | 13.60% | 10.55% | 12.24% | | Mr. Li Yangyixiong | Through controlled corporation | 10,939,314 | 6,780,000 | 13.60% | 10.55% | 12.24% | | Jingning Guoke Kangyi Enterprise Management Center (Limited Partnership) | Directly beneficially owned | 11,330,334 | – | 14.09% | – | 7.83% | | Sichuan CNBG Medical Devices Co., Ltd. | Directly beneficially owned | 10,000,000 | – | 12.43% | – | 6.91% | | Zhongshi Jianyue Co., Ltd. | Directly beneficially owned | – | 3,800,000 | – | 5.91% | 2.63% | | Wang Kuan Cheng Education Fund | Through controlled corporation | – | 3,800,000 | – | 5.91% | 2.63% | - Hong Kong Zhixin Investment Co., Ltd. is wholly owned by Hainan Zhixin Investment Partnership (Limited Partnership), which is approximately **36.01%** owned by Mr. Yan Kang and Mr. Li Dongfeng, respectively[89](index=89&type=chunk) - Jingning Guoke Kangyi Enterprise Management Center (Limited Partnership) is **99.5%** owned by Mr. Chen Peng, the company's President[89](index=89&type=chunk) - Sichuan CNBG Medical Devices Co., Ltd. is approximately **77.94%** owned by Mr. Chen Zhengyong[89](index=89&type=chunk) [Directors' and Supervisors' Rights to Acquire Shares or Debentures](index=35&type=section&id=Directors%27%20and%20Supervisors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the company nor its subsidiaries granted any rights or options to directors, supervisors, or their associates to acquire the company's shares or debentures, nor were such rights exercised - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries granted any rights or options to directors or supervisors or their respective associates to acquire any shares or debentures of the company, nor were such rights exercised[92](index=92&type=chunk) [Competing Interests](index=35&type=section&id=Competing%20Interests) During the reporting period and up to the date of this report, no directors, supervisors, substantial shareholders, or their close associates held interests in any business competing with the Group or had any conflicts of interest - During the reporting period and up to the date of this report, no director, supervisor, substantial shareholder of the company, or any of their respective close associates had any interest in any business that competes or may compete, directly or indirectly, with the Group's business, nor had any actual or potential conflict of interest with the Group[93](index=93&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) 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 - 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[94](index=94&type=chunk) [Directors' Securities Transactions](index=35&type=section&id=Directors%27%20Securities%20Transactions) The Group has adopted a standard code for directors' securities transactions and confirmed that all directors complied with the required dealing standards throughout the reporting period - The Group has adopted a standard code for directors' securities transactions in accordance with Rules 5.48 to 5.67 of the GEM Listing Rules[95](index=95&type=chunk) - Following specific inquiries made to the directors, the company confirmed that all directors complied with the required dealing standards throughout the reporting period[95](index=95&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The company's Audit Committee, established in compliance with GEM Listing Rules, reviews and oversees financial reporting and internal control systems, and has reviewed the Group's unaudited condensed consolidated financial statements - The company has established an Audit Committee with written terms of reference in compliance with the GEM Listing Rules[96](index=96&type=chunk) - The primary responsibilities of the Audit Committee are to review and oversee the company's financial reporting process and internal control systems[96](index=96&type=chunk) - The Audit Committee, comprising four independent non-executive directors with Mr. Fan Xiaoliang as Chairman, has reviewed the Group's unaudited condensed consolidated financial statements for the reporting period[96](index=96&type=chunk) [Corporate Governance](index=36&type=section&id=Corporate%20Governance) The company complied with all applicable code provisions of the Corporate Governance Code, except for code provision D.2.5 (internal audit function), which is fulfilled through board-established arrangements and external consultants - The company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the GEM Listing Rules, except for code provision D.2.5 (internal audit function)[97](index=97&type=chunk) - The Group decided not to establish an internal audit department for the time being but has implemented sufficient measures to fulfill the internal audit function, including financial reporting and internal control principles established by the Board, and engaging external consultants for internal reviews[97](index=97&type=chunk) [Update on Directors' Information under Rule 17.50A(1) of the GEM Listing Rules](index=37&type=section&id=Update%20on%20Directors%27%20Information%20under%20Rule%2017.50A%281%29%20of%20the%20GEM%20Listing%20Rules) This section updates directors' information since the 2024 annual report, including Mr. Chen Zhengyong's appointment as Chairman and Mr. Li Zhonghua's re-designation as Executive Director and Vice Chairman - Mr. Chen Zhengyong was appointed as the Chairman of the Board, an authorized representative of the company, and the Chairman of the Nomination Committee, effective from May 30, 2025, and July 15, 2025, respectively[101](index=101&type=chunk) - Mr. Li Zhonghua was re-designated from a non-executive director to an executive director and appointed as the Vice Chairman of the Board, effective from May 30, 2025[101](index=101&type=chunk)

Interim Results Announcement [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Singamas Container Holdings Limited's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss and other comprehensive income and the statement of financial position, with comparative data [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's turnover slightly increased, but profit attributable to equity holders and basic earnings per share decreased due to higher other comprehensive expenses and fair value loss on investment properties Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Turnover | 251,627 | 242,864 | | Gross Profit | 38,107 | 36,678 | | Profit Before Tax | 20,537 | 22,535 | | Profit for the Period | 14,971 | 17,222 | | Profit Attributable to Equity Holders of the Company | 13,404 | 17,199 | | Basic Earnings Per Share | 0.56 US cents | 0.72 US cents | | Fair Value Loss on Equity Instruments at Fair Value Through Other Comprehensive Income | (3,157) | (960) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, non-current assets significantly increased, primarily driven by property, plant and equipment growth, while current assets and liabilities decreased, leading to a reduction in net current assets Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Non-current Assets | 366,355 | 309,533 | | Current Assets | 459,346 | 530,689 | | Current Liabilities | 188,707 | 201,536 | | Net Current Assets | 270,639 | 329,153 | | Equity Attributable to Equity Holders of the Company | 554,225 | 558,992 | | Property, Plant and Equipment | 188,678 | 141,221 | | Inventories | 102,248 | 148,047 | | Bank and Other Borrowings (Current) | 46,112 | 27,719 | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, significant accounting policies, income and expense breakdowns, segment performance, balance sheet item changes, and related accounting treatments, providing supplementary information for understanding financial data [Basis of Preparation and Significant Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and HKEX Listing Rules, consistent with prior year policies, with no significant impact from the newly adopted HKAS 21 amendment - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - The application of a revised Hong Kong Financial Reporting Standard (amendments to HKAS 21) during this interim period did not have a significant impact on the Group's financial position and performance and/or the disclosures contained in these condensed consolidated financial statements[10](index=10&type=chunk) [Turnover](index=6&type=section&id=Turnover) Total turnover increased by **3.6%** to **USD 251,627 thousand**, primarily driven by manufacturing and leasing, with significant growth in other special container sales and operating lease income, despite a decline in dry container sales Turnover Composition | Business Segment | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Manufacturing and Leasing Business | 236,237 | 228,730 | | Logistics Services | 15,390 | 14,134 | | **Total Turnover** | **251,627** | **242,864** | Revenue from Contracts with Customers Breakdown | Type of Goods or Services | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Dry Container Sales | 135,350 | 165,306 | | Tank Container Sales | 10,491 | 10,344 | | Sales of Other Special Containers and Container Parts | 80,427 | 50,217 | | Operating Lease Income | 7,850 | 1,895 | [Segment Information](index=7&type=section&id=Segment%20Information) The Group operates in two segments: manufacturing and leasing, and logistics services; manufacturing and leasing remains the primary revenue source, but logistics services showed more significant performance growth - The Group is divided into two operating segments, manufacturing and leasing business and logistics services, and segment information is reported on this basis[13](index=13&type=chunk) Segment Turnover and Results | Metric | Manufacturing and Leasing Business (USD thousands) | Logistics Services (USD thousands) | Total (USD thousands) | | :--- | :--- | :--- | :--- | | **Six Months Ended June 30, 2025** | | | | | External Sales | 236,237 | 15,390 | 251,627 | | Segment Results | 11,849 | 2,872 | 14,721 | | **Six Months Ended June 30, 2024** | | | | | External Sales | 228,730 | 14,134 | 242,864 | | Segment Results | 12,385 | 1,967 | 14,352 | - Logistics services segment results increased by **45.9%** year-on-year (2025: **USD 2,872 thousand** vs 2024: **USD 1,967 thousand**)[15](index=15&type=chunk)[16](index=16&type=chunk) [Other Income](index=8&type=section&id=Other%20Income) Total other income decreased by **34.5%** to **USD 6,346 thousand**, mainly due to reduced interest income from bank deposits and dividend income, partially offset by increased government grants Other Income Details | Income Category | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 3,364 | 3,876 | | Interest Income from Bank Deposits with Original Maturity Over Three Months | 535 | 2,873 | | Dividend Income | 585 | 1,173 | | Government Grants | 517 | 261 | | Rental Income from Leased Properties | 915 | 1,261 | | **Total** | **6,346** | **9,687** | [Other Gains and Losses](index=9&type=section&id=Other%20Gains%20and%20Losses) The period recorded other losses of **USD 1,682 thousand**, primarily due to a significant increase in fair value loss on investment properties to **USD 3,535 thousand**, mainly related to declining rental values in Hong Kong Other Gains and Losses Details | Item | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Net Exchange Gain | 2,529 | 2,583 | | Fair Value Gain (Loss) on Financial Assets at Fair Value Through Profit or Loss | 13 | (73) | | Fair Value Loss on Investment Properties | (3,535) | (1,191) | | Impairment Loss under Expected Credit Loss Model, Net of Reversal | (406) | (883) | | **Total** | **(1,682)** | **489** | - The fair value loss on investment properties is mainly related to the Group's properties in Hong Kong, with a valuation decrease of approximately **USD 3,535 thousand** due to declining rental values[18](index=18&type=chunk) [Profit Before Tax](index=9&type=section&id=Profit%20Before%20Tax) Profit before tax decreased, primarily impacted by increased employee costs and depreciation expenses Deductions from Profit Before Tax | Item | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Total Employee Costs | 46,076 | 45,380 | | Total Depreciation Expenses | 7,890 | 6,628 | | Cost of Inventories Recognized as Expense | 213,520 | 206,186 | [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) Income tax expense slightly increased, mainly due to a significant rise in deferred tax expense, despite a decrease in China enterprise income tax for the period - Chinese subsidiaries qualifying as high-tech enterprises enjoy a preferential corporate income tax rate of **15%**, while other Chinese subsidiaries are taxed at **25%**[20](index=20&type=chunk) Income Tax Expense Details | Item | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | China Enterprise Income Tax for the Period | 3,647 | 3,914 | | Deferred Tax - Expense for the Period | 1,478 | 863 | | **Income Tax Expense for the Period** | **5,566** | **5,313** | [Dividends](index=10&type=section&id=Dividends) The Board resolved to declare an interim dividend of **3 HK cents** per ordinary share, consistent with 2024, with the 2024 final dividend distributed in July 2025 - The Board of Directors resolved to declare an interim dividend of **3 HK cents** per ordinary share, totaling approximately **USD 9,164 thousand**, consistent with the corresponding period in 2024[22](index=22&type=chunk) - The final dividend of **5 HK cents** per ordinary share (approximately **USD 15,173 thousand**) for the year ended December 31, 2024, was distributed on July 18, 2025[22](index=22&type=chunk) [Basic Earnings Per Share](index=10&type=section&id=Basic%20Earnings%20Per%20Share) Basic earnings per share attributable to equity holders of the company was **0.56 US cents**, a decrease from **0.72 US cents** in the prior year, reflecting reduced profit for the period Basic Earnings Per Share Calculation | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Purpose of Calculating Basic Earnings Per Share (USD thousands) | 13,404 | 17,199 | | Number of Ordinary Shares | 2,382,205,918 | 2,382,205,918 | | **Basic Earnings Per Share (US cents)** | **0.56** | **0.72** | [Movements in Property, Plant and Equipment](index=11&type=section&id=Movements%20in%20Property%2C%20Plant%20and%20Equipment) Property, plant and equipment increased by **USD 6,921 thousand** during the period, primarily for equipment upgrades, with significant inventory transferred to leasing assets and some properties reclassified as investment properties - During the six months ended June 30, 2025, property, plant and equipment increased by **USD 6,921 thousand**, used for upgrading the Group's existing manufacturing and logistics services equipment[24](index=24&type=chunk) - Inventories totaling **USD 55,381 thousand** were transferred to leasing assets, and **USD 8,013 thousand** of property, plant and equipment were transferred to investment properties[24](index=24&type=chunk) [Inventories](index=11&type=section&id=Inventories) As of June 30, 2025, total inventories decreased by **31.0%** to **USD 102,248 thousand**, mainly due to a significant reduction in finished goods, despite an increase in raw materials Inventories Composition | Inventory Category | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Raw Materials | 51,153 | 30,132 | | Work-in-progress | 22,057 | 30,316 | | Finished Goods | 29,038 | 87,599 | | **Total** | **102,248** | **148,047** | [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) Net trade receivables increased by **10.7%** to **USD 181,906 thousand**, driven by growth in third-party trade receivables and third-party finance lease receivables, with credit terms ranging from 30 to 120 days Net Trade and Other Receivables Composition | Category | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Trade Receivables from Third Parties | 96,217 | 58,714 | | Amounts Due from Fellow Subsidiaries | 847 | 395 | | Amounts Due from Immediate Holding Company and Operating Lease Receivables | 6,407 | 33,081 | | Third-Party Finance Lease Receivables | 79,292 | 72,521 | | Less: Provision for Credit Losses | (857) | (451) | | **Net Trade and Other Receivables** | **181,906** | **164,260** | - The Group has established a clear credit policy, with credit periods ranging from 30 to 120 days after technical acceptance certificate issuance/invoice date/delivery, depending on the customer's creditworthiness[27](index=27&type=chunk) [Prepayments and Other Receivables](index=13&type=section&id=Prepayments%20and%20Other%20Receivables) Prepayments and other receivables included a significant increase in deposits for raw material purchases from various suppliers, rising to **USD 33,163 thousand** - As of June 30, 2025, prepayments and other receivables included **USD 33,163 thousand** (December 31, 2024: **USD 12,599 thousand**) as deposits for raw material purchases from various suppliers[30](index=30&type=chunk) [Trade Payables](index=14&type=section&id=Trade%20Payables) Total trade payables decreased by **22.4%** to **USD 54,336 thousand**, primarily due to a significant reduction in payables aged 0-60 days Trade Payables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 Days | 30,526 | 39,158 | | 31 to 60 Days | 8,525 | 14,153 | | 61 to 90 Days | 5,309 | 11,798 | | 91 to 120 Days | 2,709 | 1,706 | | Over 120 Days | 7,267 | 3,177 | | **Total** | **54,336** | **69,992** | [Share Capital](index=14&type=section&id=Share%20Capital) The company's issued and fully paid share capital remained unchanged during the period at **2,382,205,918 shares**, with a capital amount of **USD 268,149 thousand** - Issued and fully paid share capital remained at **2,382,205,918 shares** at the beginning and end of the period/year, with a capital amount of **USD 268,149 thousand**, consistent with the previous year-end[31](index=31&type=chunk) [Business Review](index=14&type=section&id=Business%20Review) During the review period, the Group faced a challenging business environment but achieved a slight increase in turnover through business diversification, particularly in customized container and leasing growth, despite an overall profit decline [Overall Performance](index=14&type=section&id=Overall%20Performance) Despite challenges from oversupply, declining dry container average selling prices, and trade policy uncertainties, the company maintained business flexibility by developing customized containers, leading to a slight increase in consolidated turnover but a decrease in profit attributable to equity holders - During the review period, the Group operated in a challenging business environment due to oversupply in 2024 leading to inventory buildup and a declining trend in the average selling price of dry containers[32](index=32&type=chunk) - The Group's consolidated turnover slightly increased by **3.6%** to **USD 251,627 thousand**, but consolidated profit attributable to equity holders of the company decreased by **22.1%** to **USD 13,404 thousand**[33](index=33&type=chunk) - Progress in customized container business continued, with energy storage system containers and data center containers showing strong performance and potential to become significant growth drivers[32](index=32&type=chunk) [Manufacturing and Leasing Business](index=15&type=section&id=Manufacturing%20and%20Leasing%20Business) Manufacturing and leasing turnover slightly increased, but segment profit decreased; dry container sales volume and average selling price declined, yet profit margins were maintained due to lower raw material costs and strong growth in special containers, while leasing business remained stable Key Data for Manufacturing and Leasing Business | Metric | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Turnover | USD 236,237 thousand | USD 228,730 thousand | | Segment Profit | USD 15,816 thousand | USD 18,169 thousand | | Total Sales Volume of Dry Containers and ISO Special Containers | Approx. 84,000 20-foot Equivalent Units (TEUs) | Approx. 93,000 20-foot Equivalent Units (TEUs) | | Average Selling Price of 20-foot Dry Containers | USD 1,845 | USD 1,918 | - Special and customized containers accounted for **40.2%** of manufacturing business segment turnover (2024 H1: **26.8%**), indicating business structure optimization[34](index=34&type=chunk) - Customized container business, particularly energy storage system containers and data center containers, saw significant growth in turnover and sales volume, with the Huizhou plant expansion expected to commence operations in the second half of the year[35](index=35&type=chunk)[32](index=32&type=chunk) - Leasing business remained robust, benefiting from the expansion of the leasing portfolio last year and longer-term leasing arrangements of three to over ten years with customers[35](index=35&type=chunk) [Logistics Services](index=15&type=section&id=Logistics%20Services) Logistics services performed well, with both turnover and segment profit increasing, primarily driven by higher warehousing demand due to market container oversupply and increased repair volumes Key Data for Logistics Services Business | Metric | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Turnover | USD 15,390 thousand | USD 14,134 thousand | | Segment Profit | USD 4,721 thousand | USD 4,366 thousand | | 20-foot Equivalent Units (TEUs) Handled | Approx. 379,000 | Approx. 381,000 | | 20-foot Equivalent Units (TEUs) Repaired | 71,000 | 59,000 | | Average Daily Storage Volume | 30,000 20-foot Equivalent Units (TEUs) | 21,000 20-foot Equivalent Units (TEUs) | - Logistics services business performed well, primarily benefiting from increased warehousing demand at various depots due to market container oversupply[36](index=36&type=chunk) [Outlook](index=15&type=section&id=Outlook) The Group anticipates continued weak demand for dry containers in the second half, but strong demand for customized containers, especially energy storage and data center containers, with future focus on new energy investments, capacity expansion, global sales network, and comprehensive container solutions - The Group expects dry container demand to further weaken in the second half of the year, with overcapacity in the container shipping market putting pressure on freight rates and container demand[37](index=37&type=chunk) - Demand for customized containers, particularly data center containers and energy storage containers, continues to rise, with strong potential for energy storage containers driven by renewable energy needs[37](index=37&type=chunk) - Looking ahead, the Group will allocate more resources to the new energy segment to expand production capacity, establish overseas sales offices in suitable locations, and provide a wider range of container solutions to customers[38](index=38&type=chunk) - As a pioneer in the energy storage container market, Singamas possesses strong technical background and production scale advantages, and will expand its energy storage container business in the region through Green Tenaga in Singapore, a Taiwan sales office, and expanded facilities in Huizhou, while also expanding its global footprint[38](index=38&type=chunk) [Other Information](index=16&type=section&id=Other%20Information) This section covers corporate governance information, including interim dividend declaration, share transfer registration suspension, audit committee review, listed securities transactions, reserve transfers, and compliance with the Corporate Governance Code [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board declared an interim dividend of **3 HK cents** per ordinary share for the six months ended June 30, 2025, consistent with the prior year, payable on September 26, 2025 - The Board is pleased to declare an interim dividend of **3 HK cents** per ordinary share for the six months ended June 30, 2025 (six months ended June 30, 2024: **3 HK cents** per ordinary share)[39](index=39&type=chunk) [Closure of Register of Members](index=16&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend share transfer registration from September 17 to September 19, 2025 - The company will suspend the registration of share transfers from Wednesday, September 17, 2025, to Friday, September 19, 2025 (both days inclusive), during which no share transfers will be processed[40](index=40&type=chunk) [Audit Committee](index=16&type=section&id=Audit%20Committee) The company's Audit Committee has reviewed the Group's accounting principles, internal controls, risk management, financial reporting, and the unaudited interim financial statements with management - The company's Audit Committee has reviewed the accounting principles and practices adopted by the Group with management, discussed matters related to audit, internal controls, risk management, and financial reporting, and reviewed the unaudited interim financial statements for the six months ended June 30, 2025[41](index=41&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the review period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[42](index=42&type=chunk) [Transfer to Reserves](index=16&type=section&id=Transfer%20to%20Reserves) During the period, a total of **USD 3,000** was transferred to the Group's statutory reserves in China, in accordance with current Chinese regulations and agreements - In accordance with current Chinese regulations and appropriation agreements of subsidiaries, associates, and joint ventures, a total of **USD 3,000** was transferred to the Group's statutory reserves in China during the period[43](index=43&type=chunk) [Corporate Governance Code](index=17&type=section&id=Corporate%20Governance%20Code) The company consistently complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with the Board Chairman and Chief Executive Officer roles held by the same person to strengthen leadership functions - The company has consistently adopted and complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[44](index=44&type=chunk) - Code Provision C.2.1 – Mr. Teo Siong Seng is both the Chairman of the Board and the Chief Executive Officer of the company; the Board believes this structure strengthens and unifies leadership functions, thereby facilitating effective and consistent decision-making and implementation[44](index=44&type=chunk) [Compliance with Model Code](index=17&type=section&id=Compliance%20with%20Model%20Code) All directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, during the review period - Following specific enquiries made to all directors, all directors confirmed their full compliance with the Model Code during the period[45](index=45&type=chunk) [Board of Directors](index=17&type=section&id=Board%20of%20Directors) This section lists the Board of Directors members as of the announcement date, including executive, non-executive, and independent non-executive directors - As of the date of this announcement, the directors are as follows: Mr. Teo Siong Seng, Ms. Siu Wai Yee, and Ms. Chung Pui Kuen as Executive Directors; Mr. Ng Wee Liam as Non-executive Director; and Mr. Ho Tak Sang, Mr. Lam Sze Kin, and Ms. Wong Sau Pik as Independent Non-executive Directors[46](index=46&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，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Shanghai HeartCare Medical Technology Corporation Limited 上 海 心 瑋 醫 療 科 技 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：6609） 截至2025年6月30日止六個月的中期業績公告 上海心瑋醫療科技股份有限公司董事會欣然公佈本集團截至2025年6月30日止 六個月的未經審計簡明綜合中期業績（經審計委員會審閱），連同2024年同期的 比較數字。 | 財務概要 | | | | | --- | --- | --- | --- | | | 截至2025年 | 截至2024年 | | | | 6月30日止 | 6月30日止 | | | | 六個月 | 六個月 | 同比變動 | | | 人民幣千元 | 人民幣千元 | | | | （未經審計）（未經審計） | | | | ...

（在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 融合潔淨能源 締造綠色生活 2025中期報告 中廣核電力於2014年3月25日成立，2014年12月10日於香港聯交所主板上 市，並於2019年8月26日於深交所上市，是中廣核核能發電的唯一平台，公司 致力於安全高效、穩定可靠、清潔低碳的核能電力與能源供應，以及與之相 關的核能專業服務。 於本報告中，我們將闡述本集團截至2025年6月30日止六個月未經審計之合併 中期業績，連同2024年同期的比較數字，並概述為實現發展戰略而取得的進 展。 除本報告另有界定外，本報告所用詞彙與本公司《2024年度報告》所界定者具 有相同涵義。本報告中「子公司」與上市規則定義下的「附屬公司」具有相同含 義。本報告分別以中英文兩種文字編製，如中英文版本有任何歧義，以中文 版為準。 目錄 | 中期業績摘要 | 2 | | --- | --- | | 財務摘要 | 4 | | 股東價值 | 5 | | 財務、資產與投資 | 8 | | 業務表現與展望 | 15 | | 公司治理 | 34 | | 審閱報告 | 43 | | 合併資產負債表 | 44 ...

[Company Profile and Performance Summary](index=1&type=section&id=I.%20Company%20Profile%20and%20Performance%20Summary) This section provides the company's basic information and highlights its interim performance, showing a slight revenue decrease but significant growth in gross profit and net profit attributable to equity holders [Company Basic Information](index=1&type=section&id=A.%20Company%20Basic%20Information) China Sanjiang Fine Chemicals Company Limited (Stock Code: 2198) announced its unaudited consolidated interim results for the six months ended June 30, 2025 - Company Name: China Sanjiang Fine Chemicals Company Limited, Stock Code: **2198**[2](index=2&type=chunk) - This announcement presents the unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Performance Highlights](index=1&type=section&id=B.%20Performance%20Highlights) For the six months ended June 30, 2025, the company's revenue slightly decreased, but gross profit and profit attributable to equity holders of the parent company significantly increased, with notable improvements in gross margin and earnings per share 2025 H1 Performance Highlights | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,105,675 | 9,239,833 | -1.5% | | Gross Profit | 464,612 | 386,432 | 20.2% | | Profit Attributable to Equity Holders of the Parent Company | 301,132 | 154,055 | 95.5% | | Basic Earnings Per Share (RMB cents) | 26.01 | 13.30 | 95.6% | | Gross Margin (%) | 5.1% | 4.2% | 0.9% | | Gearing Ratio (%) | 52.5% | 53.7% | -1.2% | [Management Discussion and Analysis](index=2&type=section&id=II.%20Management%20Discussion%20and%20Analysis) This section discusses the Group's operating environment, strategies, and product performance, along with a detailed financial review and future outlook, highlighting improved profitability despite industry challenges [Operating Environment and Overall Performance](index=2&type=section&id=A.%20Operating%20Environment%20and%20Overall%20Performance) Despite fluctuations in China's petrochemical industry, the Group achieved significant profitability improvement, with profit attributable to equity holders of the parent company increasing by 95.5%, driven by favorable ethylene glycol market conditions and positive silver price movements - China's petrochemical industry faces commodity price volatility, trade policies, and geopolitical challenges[5](index=5&type=chunk) - Profit attributable to equity holders of the parent company increased by approximately **95.5%** to **RMB 301.1 million**[5](index=5&type=chunk) - Profit improvement primarily driven by favorable ethylene glycol market trends, flexible procurement and production strategies, and a positive contribution of approximately **RMB 81.3 million** from silver price movements[5](index=5&type=chunk) - Overall gross margin improved by approximately **0.9%** to approximately **5.1%** compared to the same period in 2024[5](index=5&type=chunk) - The Board does not recommend an interim dividend to preserve sufficient liquidity for future economic uncertainties[5](index=5&type=chunk) [Operating Strategy and Product Performance](index=2&type=section&id=B.%20Operating%20Strategy%20and%20Product%20Performance) The Group optimized raw material costs and product portfolio through integrated operations of its sixth-phase ethylene oxide/ethylene glycol production facility and light hydrocarbon utilization unit, with strong performance in ethylene glycol, butadiene, and surfactants driven by downstream demand growth - Benefited from integrated operations of the sixth-phase ethylene oxide/ethylene glycol production facility and light hydrocarbon utilization unit, achieving raw material input flexibility and cost optimization[6](index=6&type=chunk) - Strong growth in ethylene glycol average selling price and gross margin, sustained strong momentum in butadiene, and stable demand for ethylene oxide and surfactants[6](index=6&type=chunk) - The Group can rapidly adjust its product portfolio to capitalize on favorable spreads for ethylene oxide, ethylene glycol, butadiene, and surfactants[6](index=6&type=chunk) [Ethylene Oxide](index=5&type=section&id=1.%20Ethylene%20Oxide) Ethylene oxide revenue decreased by 5.2% year-on-year, primarily due to a strategic adjustment in the Group's production portfolio towards higher-margin products, resulting in a 4.8% reduction in sales volume Ethylene Oxide Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 987,919 | 1,042,308 | -5.2% | | Sales Volume (metric tons) | 167,286 | 175,767 | -4.8% | | Average Selling Price (RMB) | 5,906 | 5,930 | -0.4% | | Gross Margin (%) | 14.7% | 11.6% | 3.1% | - Revenue decrease primarily due to strategic adjustment of production portfolio, allocating capacity to higher-margin products[10](index=10&type=chunk) [Ethylene Glycol](index=5&type=section&id=2.%20Ethylene%20Glycol) Ethylene glycol revenue increased by 3.3% year-on-year, primarily driven by improved profit margins and market conditions, leading to a 5.8% rise in average selling price Ethylene Glycol Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 1,741,183 | 1,685,508 | 3.3% | | Sales Volume (metric tons) | 417,152 | 427,091 | -2.3% | | Average Selling Price (RMB) | 4,174 | 3,946 | 5.8% | | Gross Margin (%) | 11.0% | 2.4% | 8.6% | - Revenue increase mainly due to improved profit margins and market conditions, leading to an increase in average selling price[11](index=11&type=chunk) [Polypropylene](index=5&type=section&id=3.%20Polypropylene) Polypropylene revenue decreased by 5.5% year-on-year, mainly due to a 4.7% reduction in sales volume Polypropylene Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 1,686,503 | 1,784,769 | -5.5% | | Sales Volume (metric tons) | 267,186 | 280,455 | -4.7% | | Average Selling Price (RMB) | 6,312 | 6,364 | -0.8% | | Gross Margin (%) | 0.1% | -3.1% | 3.2% | - Revenue decrease primarily due to reduced sales volume[12](index=12&type=chunk) [Surfactants](index=5&type=section&id=4.%20Surfactants) Surfactants revenue significantly increased by 33.2% year-on-year, benefiting from improved profit margins and market conditions, with sales volume and average selling price growing by 18.9% and 12.0% respectively Surfactants Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 2,102,297 | 1,578,465 | 33.2% | | Sales Volume (metric tons) | 318,209 | 267,639 | 18.9% | | Average Selling Price (RMB) | 6,607 | 5,898 | 12.0% | | Gross Margin (%) | 15.1% | 6.3% | 8.8% | - Revenue increase mainly due to improved profit margins and market conditions, with both sales volume and average selling price increasing[13](index=13&type=chunk) [Financial Review](index=3&type=section&id=C.%20Financial%20Review) The Group's overall revenue slightly decreased, but gross margin significantly improved through product portfolio optimization and better market price spreads, while administrative expenses increased and finance costs decreased - Overall revenue decreased by **1.5%** year-on-year to **RMB 9,105,675 thousand**[8](index=8&type=chunk) - Overall gross margin improved by **0.9%** to **5.1%**, primarily driven by increased gross margins in ethylene glycol, ethylene oxide, and polypropylene business lines[14](index=14&type=chunk) - Administrative expenses increased, mainly comprising staff costs, taxes, depreciation, and other items[15](index=15&type=chunk) [Revenue](index=3&type=section&id=1.%20Revenue) The Group's total revenue decreased by 1.5% year-on-year to RMB 9,105,675 thousand, with significant growth in surfactant revenue offsetting declines in ethylene, ethanolamine, and methyl tertiary-butyl ether Revenue, Sales Volume, Average Selling Price, and Gross Margin by Business Category | Product | 2025 H1 Revenue (RMB thousands) | 2024 H1 Revenue (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 987,919 | 1,042,308 | -5.2% | | Ethylene Glycol | 1,741,183 | 1,685,508 | 3.3% | | Polypropylene | 1,686,503 | 1,784,769 | -5.5% | | Ethylene | 387,747 | 702,378 | -44.8% | | Surfactants | 2,102,297 | 1,578,465 | 33.2% | | Methyl Tertiary-Butyl Ether | 435,346 | 612,275 | -28.9% | | Gases, Diethylene Glycol and Others | 398,372 | 504,546 | -21.0% | | Butadiene | 345,061 | 358,984 | -3.9% | | Ethanolamine | 105,966 | 172,559 | -38.6% | | Surfactant Processing Services | 36,859 | 42,968 | -14.2% | | Others | 878,422 | 755,073 | 16.3% | | **Total** | **9,105,675** | **9,239,833** | **-1.5%** | Sales Volume by Business Category | Product | 2025 H1 Sales Volume (metric tons) | 2024 H1 Sales Volume (metric tons) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 167,286 | 175,767 | -4.8% | | Ethylene Glycol | 417,152 | 427,091 | -2.3% | | Polypropylene | 267,186 | 280,455 | -4.7% | | Ethylene | 61,840 | 102,827 | -39.9% | | Surfactants | 318,209 | 267,639 | 18.9% | | Methyl Tertiary-Butyl Ether | 91,210 | 100,999 | -9.7% | | Butadiene | 36,806 | 36,809 | 0% | | Ethanolamine | 19,016 | 26,497 | -28.2% | | Surfactant Processing Services | 124,090 | 143,963 | -13.8% | Average Selling Price by Business Category | Product | 2025 H1 Average Selling Price (RMB) | 2024 H1 Average Selling Price (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 5,906 | 5,930 | -0.4% | | Ethylene Glycol | 4,174 | 3,946 | 5.8% | | Polypropylene | 6,312 | 6,364 | -0.8% | | Ethylene | 6,270 | 6,831 | -8.2% | | Surfactants | 6,607 | 5,898 | 12.0% | | Methyl Tertiary-Butyl Ether | 4,773 | 6,062 | -21.3% | | Butadiene | 9,375 | 9,753 | -3.9% | | Ethanolamine | 5,572 | 6,512 | -14.4% | | Surfactant Processing Services | 297 | 298 | -0.3% | [Gross Margin](index=4&type=section&id=2.%20Gross%20Margin) The Group's overall gross margin improved by 0.9% to 5.1%, primarily driven by significant improvements in ethylene glycol, surfactants, ethylene oxide, and polypropylene business lines, reflecting wider market price spreads and product portfolio optimization Gross Margin by Business Category | Product | 2025 H1 Gross Margin (%) | 2024 H1 Gross Margin (%) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 14.7% | 11.6% | 3.1% | | Ethylene Glycol | 11.0% | 2.4% | 8.6% | | Polypropylene | 0.1% | -3.1% | 3.2% | | Ethylene | -0.5% | 9.2% | -9.7% | | Surfactants | 15.1% | 6.3% | 8.8% | | Methyl Tertiary-Butyl Ether | -4.7% | 7.9% | -12.6% | | Butadiene | 33.0% | 34.0% | -1.0% | | Ethanolamine | 11.6% | 9.4% | 2.2% | | Surfactant Processing Services | 71.7% | 68.1% | 3.6% | - Overall gross margin improved by **0.9%** to **5.1%**, primarily driven by increased gross margins in ethylene glycol, ethylene oxide, and polypropylene business lines[14](index=14&type=chunk) - Gross margin improvement attributed to better market price spreads leading to higher average selling prices, and optimized product portfolio[14](index=14&type=chunk) [Administrative Expenses](index=6&type=section&id=3.%20Administrative%20Expenses) Administrative expenses primarily comprise staff-related costs, local taxes, depreciation, audit fees, and miscellaneous expenses - Administrative expenses primarily consist of staff costs, local taxes, education surcharges, depreciation, audit fees, and miscellaneous expenses[15](index=15&type=chunk) [Other Income and Expenses](index=7&type=section&id=4.%20Other%20Income%20and%20Expenses) Total other income and gains slightly decreased, but gains from the disposal of silver catalysts significantly increased, while other expenses substantially reduced due to lower losses on disposal of property, plant and equipment and net foreign exchange losses Other Income and Gains | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Input VAT additional deduction | 8,185 | 77,018 | | Interest/investment income | 24,768 | 49,767 | | Reversal of write-down of inventories to net realisable value — silver | 82,325 | 46,589 | | Gain on disposal of silver catalysts | 54,078 | — | | Others | 40,206 | 38,436 | | **Total** | **215,181** | **217,398** | Other Expenses | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Disposal of property, plant and equipment | 3,156 | 50,141 | | Net foreign exchange losses | 10,895 | 43,460 | | Others | 3,400 | 10,293 | | **Total** | **17,451** | **103,894** | - Gain on disposal of silver catalysts was **RMB 54,078 thousand**, compared to zero in the prior period[34](index=34&type=chunk) - Other expenses decreased significantly by **83.2%** year-on-year, primarily due to reduced losses on disposal of property, plant and equipment and net foreign exchange losses[34](index=34&type=chunk) [Finance Costs](index=7&type=section&id=5.%20Finance%20Costs) Finance costs decreased by 9.3% year-on-year to RMB 202,988 thousand, mainly due to reduced interest on bank and other borrowings and discounted bills receivable Finance Costs Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 161,237 | 167,032 | -3.5% | | Interest on discounted bills receivable | 40,648 | 55,087 | -26.2% | | Interest on lease liabilities | 1,103 | 1,602 | -31.1% | | **Total** | **202,988** | **223,721** | **-9.3%** | [Income Tax](index=7&type=section&id=6.%20Income%20Tax) Income tax expense significantly increased by 183.7% year-on-year to RMB 28,551 thousand, primarily due to higher current period expenses and increased deferred tax Income Tax Expense Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current period expense | 15,904 | 597 | 2563.8% | | Impact of additional tax deductions promulgated by tax authorities | (4,026) | — | Not Applicable | | Deferred | 16,673 | 9,468 | 76.1% | | **Total** | **28,551** | **10,065** | **183.7%** | - Mainland China subsidiaries generally apply a corporate income tax rate of **25%**, with some entities enjoying a **15%** preferential tax rate[39](index=39&type=chunk) - Hong Kong profits tax is provided at a rate of **16.5%**[39](index=39&type=chunk) [Earnings Per Share](index=7&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share attributable to ordinary equity holders of the parent company significantly increased by 95.6% year-on-year to RMB 26.01 cents, consistent with the growth trend in net profit Earnings Per Share Calculation | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent company (RMB thousands) | 301,132 | 154,055 | | Weighted average number of ordinary shares outstanding during the period (thousands) | 1,157,875 | 1,157,909 | | **Basic and Diluted Earnings Per Share (RMB cents)** | **26.01** | **13.30** | - No potential dilutive ordinary shares were outstanding during the period, thus basic and diluted earnings per share are identical[40](index=40&type=chunk) [Outlook](index=3&type=section&id=D.%20Outlook) The Group anticipates robust demand for ethylene glycol, butadiene, and surfactants in the second half of 2025, with stable pricing and growth potential for polypropylene and ethylene oxide, while continuing to pursue high-value-added products and downstream integration opportunities amidst global economic uncertainties - Demand for ethylene glycol, butadiene, and surfactants is expected to remain strong in the second half of 2025, with stable pricing and growth potential for polypropylene and ethylene oxide[7](index=7&type=chunk) - The Group will continue to seek opportunities for high-value-added products and further integration of downstream businesses to enhance revenue resilience[7](index=7&type=chunk) - The Group will remain vigilant regarding global economic uncertainties, trade policy developments, and commodity price fluctuations[7](index=7&type=chunk) - A vertically integrated structure, diversified raw material sourcing capabilities, and flexible market response strategies lay the foundation for the Group's long-term growth[7](index=7&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=III.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated statements of profit or loss, comprehensive income, financial position, cash flows, and changes in equity for the interim period [Condensed Consolidated Statement of Profit or Loss](index=7&type=section&id=A.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported revenue of RMB 9,105,675 thousand, gross profit of RMB 464,612 thousand, profit for the period of RMB 302,023 thousand, and profit attributable to equity holders of the parent company of RMB 301,132 thousand Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 9,105,675 | 9,239,833 | | Cost of sales | (8,641,063) | (8,853,401) | | Gross Profit | 464,612 | 386,432 | | Other income and gains | 215,181 | 217,398 | | Selling and distribution costs | (3,134) | (2,195) | | Administrative expenses | (125,646) | (109,591) | | Other expenses | (17,451) | (103,894) | | Finance costs | (202,988) | (223,721) | | Profit before tax | 330,574 | 164,429 | | Income tax expense | (28,551) | (10,065) | | **Profit for the period** | **302,023** | **154,364** | | Profit attributable to equity holders of the parent company | 301,132 | 154,055 | | Non-controlling interests | 891 | 309 | [Condensed Consolidated Statement of Comprehensive Income](index=8&type=section&id=B.%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was RMB 302,023 thousand, consistent with profit for the period, with total comprehensive income attributable to equity holders of the parent company being RMB 301,132 thousand Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period | 302,023 | 154,364 | | **Total comprehensive income for the period** | **302,023** | **154,364** | | Attributable to: | | | | Equity holders of the parent company | 301,132 | 154,055 | | Non-controlling interests | 891 | 309 | [Condensed Consolidated Statement of Financial Position](index=9&type=section&id=C.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets slightly decreased, total current assets increased, and total current liabilities increased, leading to a slight improvement in net current liabilities, while net assets and total equity both grew Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 14,063,673 | 14,377,741 | | Total current assets | 8,507,562 | 7,728,130 | | Total current liabilities | 14,423,210 | 13,694,427 | | Net current liabilities | (5,915,648) | (5,966,297) | | Total assets less current liabilities | 8,148,025 | 8,411,444 | | Total non-current liabilities | 2,952,214 | 3,517,656 | | **Net Assets** | **5,195,811** | **4,893,788** | | **Total Equity** | **5,195,811** | **4,893,788** | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=D.%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow from operating activities significantly increased, net cash flow from investing activities decreased, and net cash flow from financing activities substantially declined, with cash and cash equivalents increasing to RMB 822,547 thousand at period-end Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows from operating activities | 836,567 | 162,992 | | Net cash flows from investing activities | (810,297) | (915,561) | | Net cash flows from financing activities | 232,191 | 902,464 | | Net increase in cash and cash equivalents | 258,461 | 149,895 | | Cash and cash equivalents at beginning of period | 564,328 | 364,150 | | Effect of exchange rate changes, net | (242) | 241 | | **Cash and cash equivalents at end of period** | **822,547** | **514,286** | [Condensed Consolidated Statement of Changes in Equity](index=12&type=section&id=E.%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent company increased to RMB 5,212,901 thousand, primarily due to the profit for the period - As of June 30, 2025, total equity attributable to owners of the parent company was **RMB 5,212,901 thousand**, an increase from **RMB 4,911,769 thousand** as of December 31, 2024[22](index=22&type=chunk) - Profit for the period of **RMB 301,132 thousand** was the primary reason for the increase in equity[22](index=22&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=13&type=section&id=IV.%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the Group's company information, accounting policies, segment data, revenue and expense breakdowns, finance costs, income tax, earnings per share, dividends, financial assets, inventories, receivables, payables, borrowings, and related party transactions [Company Information](index=13&type=section&id=A.%20Company%20Information) The Group primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, methyl tertiary-butyl ether, and surfactants in China, also providing processing services and producing other chemical products - The company was incorporated in the Cayman Islands on January 30, 2009[23](index=23&type=chunk) - Its principal activities are the production and supply of ethylene oxide, ethylene glycol, polypropylene, methyl tertiary-butyl ether, and surfactants in China[24](index=24&type=chunk) - The Group also provides processing services for polypropylene, methyl tertiary-butyl ether, and surfactants, and produces butadiene, ethanolamine, and industrial gases[24](index=24&type=chunk) [Basis of Presentation and Preparation](index=13&type=section&id=B.%20Basis%20of%20Presentation%20and%20Preparation) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and presented on a going concern basis, having been reviewed by the company's audit committee - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[25](index=25&type=chunk) - The financial information is prepared on a historical cost convention, with certain financial instruments measured at fair value[25](index=25&type=chunk) - The Group has net current liabilities of approximately **RMB 5,915,648 thousand**, but the Board believes it has sufficient funds to meet its obligations, thus preparing the statements on a going concern basis[26](index=26&type=chunk) [Changes in Accounting Policies and Disclosures](index=14&type=section&id=C.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) New and amended Hong Kong Financial Reporting Standards adopted for the first time in the current period, including amendments to HKAS 21, had no impact on the Group's condensed consolidated interim financial information - New and amended Hong Kong Financial Reporting Standards adopted for the first time are consistent with those applied in preparing the annual financial statements[27](index=27&type=chunk) - Amendments to HKAS 21 clarify currency exchangeability and estimation of spot exchange rates but have no impact on the Group's financial information[28](index=28&type=chunk) [Segment Information](index=14&type=section&id=D.%20Segment%20Information) The Group operates as a single reportable operating segment, with management allocating resources and assessing performance based on overall operating results, and revenue primarily derived from mainland China through the sale of goods - The Group has only one reportable operating segment, and management monitors overall operating performance[29](index=29&type=chunk) Revenue by Product and Service Category | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Sale of goods | 9,059,571 | 9,189,036 | | Rendering of services | 36,859 | 42,968 | | Others | 9,245 | 7,829 | | **Total** | **9,105,675** | **9,239,833** | Revenue by Geographical Location | Region | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 8,838,060 | 9,054,834 | | Others | 267,615 | 184,999 | | **Total Revenue** | **9,105,675** | **9,239,833** | - All of the Group's non-current assets are located in mainland China[31](index=31&type=chunk) [Revenue, Other Income and Gains, and Other Expenses](index=15&type=section&id=E.%20Revenue,%20Other%20Income%20and%20Gains,%20and%20Other%20Expenses) Revenue represents the net invoiced value of goods sold, while other income and gains primarily include input VAT deductions, interest/investment income, reversal of inventory write-downs, and gains from silver catalyst disposal, and other expenses mainly consist of losses on disposal of property, plant and equipment and net foreign exchange losses - Revenue represents the net invoiced value of goods sold, after deducting value-added tax and government surcharges[32](index=32&type=chunk) Other Income and Gains | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Input VAT additional deduction | 8,185 | 77,018 | | Interest/investment income | 24,768 | 49,767 | | Reversal of write-down of inventories to net realisable value — silver | 82,325 | 46,589 | | Gain on disposal of silver catalysts | 54,078 | — | | Others | 40,206 | 38,436 | | **Total** | **215,181** | **217,398** | Other Expenses | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Disposal of property, plant and equipment | 3,156 | 50,141 | | Net foreign exchange losses | 10,895 | 43,460 | | Others | 3,400 | 10,293 | | **Total** | **17,451** | **103,894** | [Finance Costs](index=16&type=section&id=F.%20Finance%20Costs) Finance costs primarily consist of interest on bank and other borrowings, interest on discounted bills receivable, and interest on lease liabilities Finance Costs Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 161,237 | 167,032 | | Interest on discounted bills receivable | 40,648 | 55,087 | | Interest on lease liabilities | 1,103 | 1,602 | | **Total** | **202,988** | **223,721** | [Profit Before Tax](index=16&type=section&id=G.%20Profit%20Before%20Tax) Profit before tax is stated after deducting costs of inventories sold, costs of services rendered, depreciation of property, plant and equipment, depreciation of right-of-use assets, and amortization of other intangible assets Profit Before Tax Deductions | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 8,630,620 | 8,836,748 | | Cost of services rendered | 10,443 | 16,653 | | Depreciation of property, plant and equipment | 438,307 | 508,988 | | Depreciation of right-of-use assets | 25,856 | 24,482 | | Amortisation of other intangible assets | 4,982 | 6,165 | [Income Tax](index=16&type=section&id=H.%20Income%20Tax) Income tax expense includes current and deferred tax, calculated based on the 25% corporate income tax rate in mainland China (with some entities enjoying a 15% preferential rate) and the 16.5% profits tax rate in Hong Kong Income Tax Expense Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Current period expense | 15,904 | 597 | | Impact of additional tax deductions promulgated by tax authorities | (4,026) | — | | Deferred | 16,673 | 9,468 | | **Total** | **28,551** | **10,065** | - Mainland China subsidiaries generally apply a corporate income tax rate of **25%**, with some entities enjoying a **15%** preferential tax rate[39](index=39&type=chunk) - Hong Kong profits tax is provided at a rate of **16.5%**[39](index=39&type=chunk) [Earnings Per Share Attributable to Equity Holders of the Parent Company](index=17&type=section&id=I.%20Earnings%20Per%20Share%20Attributable%20to%20Equity%20Holders%20of%20the%20Parent%20Company) Basic earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the parent company and the weighted average number of ordinary shares outstanding during the period, with no dilutive effect in the current period Earnings Per Share Calculation Basis | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent company (RMB thousands) | 301,132 | 154,055 | | Weighted average number of ordinary shares outstanding during the period (thousands) | 1,157,875 | 1,157,909 | | **Basic and Diluted Earnings Per Share (RMB cents)** | **26.01** | **13.30** | - No potential dilutive ordinary shares were outstanding during the period, thus basic and diluted earnings per share are identical[40](index=40&type=chunk) [Dividends](index=17&type=section&id=J.%20Dividends) The Board of Directors does not recommend the declaration of an interim dividend for the period ended June 30, 2025 - The Board of Directors does not recommend the declaration of an interim dividend for the period ended June 30, 2025[42](index=42&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=17&type=section&id=K.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group holds investments in wealth management products issued by mainland Chinese banks, which are mandatorily classified as financial assets at fair value through profit or loss - The Group invests in wealth management products issued by mainland Chinese banks[43](index=43&type=chunk) - These investments are mandatorily classified as financial assets at fair value through profit or loss because their contractual cash flows are not solely payments of principal and interest[43](index=43&type=chunk) [Inventories](index=18&type=section&id=L.%20Inventories) As of June 30, 2025, total inventories amounted to RMB 2,252,834 thousand, with raw materials constituting the majority and finished goods showing an increase Inventory Composition | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw materials | 1,971,579 | 2,535,271 | | Finished goods | 281,255 | 187,024 | | **Total** | **2,252,834** | **2,722,295** | [Trade and Bills Receivables](index=18&type=section&id=M.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the net carrying amount of trade and bills receivables was RMB 1,549,342 thousand, primarily comprising bills receivable, with credit terms generally ranging from 10 to 60 days and bills receivable maturing within six months Trade and Bills Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 162,372 | 170,670 | | Bills receivables | 1,394,622 | 1,310,087 | | Impairment | (7,652) | (7,652) | | **Net Carrying Amount** | **1,549,342** | **1,473,105** | - Credit terms generally range from **10 to 60 days**, with some customers extending up to three months[44](index=44&type=chunk) - Bills receivable mature within **six months**[44](index=44&type=chunk) Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 1 to 30 days | 129,571 | 141,492 | | 31 to 60 days | 14,180 | 7,506 | | 61 to 90 days | 9,323 | 2,647 | | 91 to 360 days | 1,613 | 8,312 | | Over 360 days | 33 | 3,061 | | **Total** | **154,720** | **163,018** | [Cash and Cash Equivalents and Pledged Deposits](index=19&type=section&id=N.%20Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) As of June 30, 2025, cash and bank balances totaled RMB 822,547 thousand, and time deposits and pledged deposits amounted to RMB 2,241,315 thousand, with pledged deposits primarily used for share options, bills payable, bank loans, and letters of guarantee Cash and Cash Equivalents and Pledged Deposits | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and bank balances | 822,547 | 564,328 | | Time deposits and pledged deposits | 2,241,315 | 1,948,555 | | **Subtotal** | **3,063,862** | **2,512,883** | | Less: Total pledged time deposits | 2,241,315 | 1,948,555 | | **Cash and Cash Equivalents** | **822,547** | **564,328** | - Pledged deposits are primarily used for share options, bills payable, bank loans, and letters of guarantee[46](index=46&type=chunk) [Trade and Bills Payables](index=20&type=section&id=O.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 1,663,968 thousand, with bills payable forming the major portion, and trade payables having an average credit period of three months, while all bills payable mature within one year Trade and Bills Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills payables | 957,363 | 902,903 | | Trade payables | 706,605 | 904,772 | | **Total** | **1,663,968** | **1,807,675** | Trade and Bills Payables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 994,380 | 1,379,731 | | 3 to 6 months | 608,825 | 374,417 | | 6 to 12 months | 12,513 | 15,213 | | 12 to 24 months | 35,674 | 17,117 | | 24 to 36 months | 3,512 | 15,873 | | Over 36 months | 9,064 | 5,324 | | **Total** | **1,663,968** | **1,807,675** | - Trade payables are interest-free with an average credit period of **three months**, and all bills payable mature within **one year**[47](index=47&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=21&type=section&id=P.%20Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings amounted to RMB 11,857,766 thousand, with current borrowings constituting the majority, and borrowings secured by leased land, property, plant and equipment, pledged deposits, and guarantees from associated companies Total Interest-Bearing Bank and Other Borrowings | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total current borrowings | 9,826,542 | 8,511,892 | | Total non-current borrowings | 2,031,224 | 2,433,241 | | **Total** | **11,857,766** | **10,945,133** | - Borrowings are secured by leased land, property, plant and equipment, pledged deposits, and guarantees and equity pledges provided by associated company Hangzhou Haoming Investment Co, Ltd[50](index=50&type=chunk) [Amounts Due from Related Parties](index=22&type=section&id=Q.%20Amounts%20Due%20from%20Related%20Parties) As of June 30, 2025, amounts due from related parties totaled RMB 372 thousand, all from Jia Hua New Materials, being unsecured, interest-free, and repayable on demand Amounts Due from Related Parties | Related Party | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Jia Hua New Materials | 372 | 372 | | **Total** | **372** | **372** | - Amounts due from related parties are unsecured, interest-free, and repayable on demand[49](index=49&type=chunk) [Amounts Due to Related Parties](index=23&type=section&id=R.%20Amounts%20Due%20to%20Related%20Parties) As of June 30, 2025, total amounts due to related parties amounted to RMB 1,437,568 thousand, including current and non-current portions, primarily owed to Jia Hua Energy and Meifu Petrochemical, with all amounts being unsecured and interest-free Amounts Due to Related Parties | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total current amounts | 664,258 | 571,564 | | Total non-current amounts | 773,310 | 942,932 | | **Total** | **1,437,568** | **1,514,496** | - Current amounts are unsecured, interest-free, and repayable on demand; non-current amounts are unsecured, interest-free, and repayable after one year[51](index=51&type=chunk) [Other Information](index=24&type=section&id=V.%20Other%20Information) This section covers the Group's capital commitments, contingent liabilities, employee and remuneration policies, liquidity and financial resources, interim dividend policy, corporate governance, and board composition [Capital Commitments](index=24&type=section&id=A.%20Capital%20Commitments) As of June 30, 2025, the Group's capital commitments amounted to approximately RMB 4,492 million, primarily for the construction of new production capacity, plant and machinery purchases, and regular maintenance - As of June 30, 2025, capital commitments amounted to approximately **RMB 4,492 million**[52](index=52&type=chunk) - Primarily for the construction of additional production capacity, plant and machinery purchases, and regular maintenance and upkeep[52](index=52&type=chunk) [Contingent Liabilities](index=24&type=section&id=B.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities not provided for in the financial information - As of June 30, 2025, the Group had no significant contingent liabilities[53](index=53&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=C.%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 1,370 full-time employees, providing benefits including housing allowances, bonuses, and social insurance, with remuneration packages regularly reviewed by the Remuneration Committee - As of June 30, 2025, the Group employed **1,370** full-time employees[54](index=54&type=chunk) - Employee benefits include housing allowances, shift allowances, bonuses, subsidies, medical examinations, staff dormitories, social insurance and housing provident fund contributions, and a share award scheme[54](index=54&type=chunk) - The Remuneration Committee reviews remuneration packages annually or as needed[54](index=54&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=D.%20Liquidity%20and%20Financial%20Resources) The Group's gearing ratio remained at 52.5% (December 31, 2024: 49.5%), consistent with internal guidelines, while inventory, trade and bills receivables, and trade and bills payables turnover days remained at similar levels Liquidity and Financial Resources Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 52.5% | 49.5% | | Inventory Turnover Days | 51.8 days | 46.2 days | | Trade and Bills Receivables Turnover Days | 29.9 days | 27.1 days | | Trade and Bills Payables Turnover Days | 36.2 days | 38.9 days | - The gearing ratio is in line with internal guidelines, considering the time lag between new production facility construction and profit generation, as well as liquidity buffers[55](index=55&type=chunk) [Interim Dividend](index=25&type=section&id=E.%20Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, to preserve sufficient liquidity for future economic uncertainties - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[56](index=56&type=chunk) - This decision aims to preserve sufficient liquidity to address future economic volatility[56](index=56&type=chunk) [Corporate Governance](index=25&type=section&id=F.%20Corporate%20Governance) The company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange and has complied with all code provisions throughout the review period up to the date of this announcement - The company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[57](index=57&type=chunk) - The company has complied with all code provisions of the Corporate Governance Code throughout the review period up to the date of this announcement[57](index=57&type=chunk) [Standard Code for Securities Transactions by Directors](index=25&type=section&id=G.%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code set out in Appendix C3 to the Listing Rules, and directors confirm compliance with the code throughout the review period up to the date of this announcement - The company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code for directors and senior management to conduct securities transactions[58](index=58&type=chunk) - All directors confirm compliance with the Model Code's requirements throughout the review period up to the date of this announcement[58](index=58&type=chunk) [Audit Committee](index=25&type=section&id=H.%20Audit%20Committee) The Audit Committee comprises three independent non-executive directors, chaired by Mr. Shen Kaijun, and has reviewed the interim results, including accounting standards and internal controls - The Audit Committee comprises three independent non-executive directors, with Mr. Shen Kaijun as chairman[59](index=59&type=chunk) - The committee has reviewed the interim results, including accounting standards and internal control functions[59](index=59&type=chunk) [Remuneration Committee](index=26&type=section&id=I.%20Remuneration%20Committee) The Remuneration Committee consists of two independent non-executive directors and one executive director, chaired by Ms. Pei Yu, with primary responsibilities including evaluating director and senior management performance and recommending remuneration packages - The Remuneration Committee comprises two independent non-executive directors and one executive director, with Ms. Pei Yu as chairman[60](index=60&type=chunk) - Its primary responsibilities include evaluating the performance of directors and senior management and making recommendations on remuneration packages and share award schemes[60](index=60&type=chunk) [Nomination Committee](index=26&type=section&id=J.%20Nomination%20Committee) The Nomination Committee comprises two independent non-executive directors and one executive director, chaired by Ms. Han Jianhong, with primary responsibilities including recommending Board members and regularly reviewing the Board's structure - The Nomination Committee comprises two independent non-executive directors and one executive director, with Ms. Han Jianhong as chairman[61](index=61&type=chunk) - Its primary responsibilities include recommending suitable Board members and regularly reviewing the Board's structure, size, and composition[61](index=61&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=K.%20Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[62](index=62&type=chunk) [Publication of Report](index=26&type=section&id=L.%20Publication%20of%20Report) The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders in due course and published on the websites of the Stock Exchange and the company - The interim report will be dispatched to shareholders and published on the Stock Exchange website (www.hkex.com.hk) and the company's website (www.chinasanjiangfinechemicals.com)[63](index=63&type=chunk) [Board Composition](index=27&type=section&id=M.%20Board%20Composition) As of the date of this announcement, the Board of Directors comprises four executive directors and three independent non-executive directors - The Board of Directors includes four executive directors (Ms. Han Jianhong, Mr. Rao Huatao, Ms. Chen Xian, and Ms. Guan Siyi) and three independent non-executive directors (Mr. Shen Kaijun, Ms. Pei Yu, and Mr. Kong Liang)[64](index=64&type=chunk)

中期業績公佈 截至二零二五年六月三十日止六個月 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供 一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審 慎周詳的考慮後方作出投資決定。GEM 的較高風險及其他特色表示GEM 較適合 專業及其他老練投資者。 由於GEM上市公司新興的性質所然，在GEM買賣的證券可能會較於聯交所主板買 賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通 量的市場。 香港交易及結算所有限公司及聯交所對本公佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈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。 本公佈乃遵照GEM證券上市規則（「《GEM上市規則》」）的規定提供有關中生北 控生物科技股份有限公司（「本公司」，與其附屬公司統稱為「本集團」）的資料，本 公司各董事（「董事」）願就本公佈共同及個別承擔全部責任。各董事經作出一切合 理查詢後確認，就彼等所深知及確信：(1)本公佈所載資料在各重大方面均屬準確 完整，且無誤導 ...

[Financial Summary](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's H1 2025 financial performance shows revenue and profit growth, with a slight decrease in total assets and an increase in net assets per share H1 2025 Performance Highlights | Metric | Amount (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Revenue | 2.10 billion yuan | 14.9 | | Gross Profit | 982 million yuan | 7.2 | | Gross Profit Margin | 46.8% | -3.3 percentage points | | Operating Profit | 851 million yuan | 7.6 | | Profit Before Income Tax | 716 million yuan | 12.8 | | Profit Attributable to Equity Holders of the Company | 361 million yuan | 14.9 | | Basic Earnings Per Share | 0.2156 yuan | 14.9 | | Total Assets (vs. end 2024) | 37.38 billion yuan | -0.3 | | Net Assets Per Share Attributable to Shareholders (vs. end 2024) | 7.18 yuan | 0.3 | [Five-Year Financial Summary](index=5&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section provides a five-year overview of the company's income statement, balance sheet, and key financial ratios Income Statement (For the six months ended June 30) | (RMB thousand yuan) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,099,133 | 1,826,884 | 1,935,448 | 1,615,538 | 1,831,743 | | Profit Attributable to Equity Holders of the Company | 360,764 | 313,938 | 427,106 | 295,318 | 467,699 | | Basic Earnings Per Share | RMB 0.2156 | RMB 0.1876 | RMB 0.2553 | RMB 0.1765 | RMB 0.2795 | Financial Position (Period-end) | (RMB thousand yuan) | June 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 37,379,135 | 37,506,791 | 36,502,458 | 36,337,410 | 35,661,108 | | Total Liabilities | 21,633,700 | 22,100,654 | 21,652,521 | 22,102,435 | 21,188,359 | | Equity | 15,745,435 | 15,406,137 | 14,849,937 | 14,234,975 | 14,472,749 | | Net Assets Per Share Attributable to Equity Holders of the Company | RMB 7.18 | RMB 7.08 | RMB 6.94 | RMB 6.71 | RMB 6.88 | Financial Ratios (Period-end) | Metric | June 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Return on Equity Attributable to Equity Holders of the Company (Annualized) | 6.01% | 5.54% | 6.59% | 4.03% | 12.73% | | Interest Coverage Ratio (EBITDA) | 8.5x | 6.9x | 6.4x | 4.7x | 4.6x | | Capital Gearing Ratio | 48.5% | 50.0% | 49.5% | 51.4% | 48.5% | | Total Liabilities/Total Assets Ratio | 57.9% | 58.9% | 59.3% | 60.8% | 59.4% | [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) The company primarily invests in, constructs, operates, and manages toll roads and bridges in China, with 16 projects and approximately 607.7 km of attributable toll mileage - Yuexiu Transport Infrastructure Limited and its subsidiaries primarily engage in the investment, construction, development, operation, and management of expressways and bridges in Guangdong Province and other high-growth provinces in China[22](index=22&type=chunk) - As of June 30, 2025, the Group has invested in and operates **16 toll road, bridge, and port projects**, with an attributable toll mileage of approximately **607.7 km**[23](index=23&type=chunk)[24](index=24&type=chunk) - Guangzhou Northern Ring Expressway's toll collection expired on March 22, 2024, and the project handover to the government is in progress[23](index=23&type=chunk) [Project Location Map](index=8&type=section&id=%E9%A0%85%E7%9B%AE%E4%BD%8D%E7%BD%AE%E5%9C%96) This section illustrates the geographical locations and basic information of the Group's expressway, bridge, and port projects across various provinces - The report provides detailed geographical locations and basic information for the Group's invested and operated expressways, bridges, and port projects in provinces such as Henan, Hubei, Hunan, Guangxi, and Guangdong, including toll mileage, number of lanes, and connecting road networks[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Guangzhou Northern Ring Expressway's toll collection expired at 24:00 on March 22, 2024, with project handover to the government currently underway[33](index=33&type=chunk) - Pazhou Port and Macau Passenger Terminal currently has **5 berths** and **2 passenger ships**, operating two routes between Pazhou and Hong Kong city center and Hong Kong Airport[42](index=42&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth review of the company's operational and financial performance, along with future outlook and strategic initiatives [Business Review](index=16&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, most of the Group's projects saw year-on-year growth in average daily toll traffic and revenue, driven by increased travel and a lower base in the prior period, while some projects experienced revenue decline due to parallel road competition, with the Group continuously advancing lean management, revenue diversification, service quality enhancement, and innovative technology application [Summary of Operating Toll Roads, Bridges, and Ports](index=16&type=section&id=%E7%87%9F%E9%81%8B%E4%B8%AD%E6%94%B6%E8%B2%BB%E5%85%AC%E8%B7%AF%E3%80%81%E6%A9%8B%E6%A8%91%E3%80%81%E7%A2%BC%E9%A0%AD%E7%9A%84%E8%B3%87%E6%96%99%E6%A6%82%E8%A6%81) This section outlines basic information for the Group's **16 operating toll road, bridge, and port projects**, including toll mileage, number of lanes, attributable equity, and toll expiry dates, also noting adjustments to toll periods and new toll station openings for some projects - The Group completed the acquisition of a **55% equity stake** in Henan Pinglin Expressway on November 26, 2024[71](index=71&type=chunk) - Toll periods for projects in Guangdong Province are expected to be extended due to the toll exemption policy during the COVID-19 pandemic, while Guangzhou Northern Ring Expressway's toll collection expired on March 22, 2024, and is being handed over to the government[71](index=71&type=chunk) - Hubei Hancai Expressway's Caidian toll station opened in June 2025, and Hubei Daguanan Expressway's Huangshi toll station opened in January 2025, extending its toll mileage to **109.7 km**[71](index=71&type=chunk) [Toll Road, Bridge, and Port Project Toll Summary](index=18&type=section&id=%E6%94%B6%E8%B2%BB%E5%85%AC%E8%B7%AF%E3%80%81%E6%A9%8B%E6%A8%91%E3%80%81%E7%A2%BC%E9%A0%AD%E9%A0%85%E7%9B%AE%E6%94%B6%E8%

Financial Performance - The Group's revenue for the Period was approximately HK$873,671,000, representing a decrease of 16.2% compared to HK$1,042,746,000 for the same period last year due to decreased advertising revenue from intensified competition and shifting consumer preferences in the outdoor media business [10]. - The loss attributable to owners of the Company increased to approximately HK$205,264,000, an increase of 11.3% compared to HK$184,457,000 for the same period last year [12]. - Revenue for the six months ended June 30, 2025, was HK$873,671,000, a decrease of 16.2% compared to HK$1,042,746,000 in 2024 [148]. - The company reported a loss attributable to owners of the Company of HK$205,264,000, compared to HK$184,457,000 in 2024, an increase of 11.3% [148]. - Loss before income tax for the period was HK$258,005,000, compared to a loss of HK$219,434,000 in the previous year, indicating a 17.5% increase in losses [148]. - Total comprehensive expense for the period was HK$140,132,000, significantly improved from HK$307,728,000 in 2024, marking a reduction of 54.4% [150]. Operating Costs and Expenses - Operating costs decreased by 5.8% to approximately HK$1,153,403,000, down from HK$1,224,550,000 in the previous year, attributed to effective cost control measures [11]. - Operating expenses decreased to HK$975,075,000 from HK$1,030,254,000, reflecting a reduction of 5.4% [148]. - Staff costs for the period decreased to approximately HK$500,962,000, down from HK$537,808,000 for the six months ended June 30, 2024 [68]. Revenue Breakdown - Television broadcasting revenue decreased to HK$306,018,000 from HK$382,584,000, while Internet media revenue increased to HK$371,475,000 from HK$353,308,000 [17]. - Revenue from television broadcasting decreased by 20.0% to approximately HK$306,018,000, accounting for 35.0% of the total revenue [42]. - Revenue from the internet media business increased by 5.1% to approximately HK$371,475,000, with a segmental loss of approximately HK$35,620,000 [47]. - Revenue from the outdoor media business decreased by 42.7% to approximately HK$140,730,000, with a segmental loss of approximately HK$60,830,000 [48]. Investment and Assets - The fair value loss for investment properties in Beijing, Shenzhen, and London was approximately HK$8,332,000, significantly lower than the HK$29,625,000 loss recorded in the same period last year [11]. - The Group's financial assets at fair value through profit or loss totaled HK$210,643,000 as of June 30, 2025, with HK$144,640,000 in structured deposits and HK$66,003,000 in other investments [191]. - The carrying amounts of the Group's financial assets and liabilities approximate their fair values due to their short maturities [197]. Audience and Market Presence - The global audience scale of Phoenix TV exceeds 2 billion, with over 500 million television audience and more than 200 million overseas new media audience [23]. - The number of overseas social media users of Phoenix TV has exceeded 10 million, with a 49% increase in YouTube subscribers during the first half of the year [23]. - The company's YouTube channel subscribers grew by 49% in the first half of the year, ranking among the top Chinese media channels in Hong Kong [24]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the period up to June 30, 2025, except for certain deviations [121]. - Mr. Xu Wei has served as both Chairman and CEO, which deviates from code provision C.2.1, but the Board believes this is beneficial due to his extensive experience in the media industry [125]. - The Company has adopted a code of conduct for securities transactions by Directors, confirming compliance throughout the period [137]. Cash Flow and Financial Position - Cash and cash equivalents decreased to HK$1,700,267,000 from HK$2,010,244,000, a decline of 15.4% [153]. - For the six months ended June 30, 2025, net cash used in operating activities was HK$95,202,000, compared to HK$11,415,000 for the same period in 2024, indicating a significant increase in cash outflow [162]. - The company reported a decrease in cash and cash equivalents of HK$354,242,000 for the six months ended June 30, 2025, contrasting with an increase of HK$24,267,000 in the same period of 2024 [163]. Share Options and Capital Structure - As of June 30, 2025, there are 46,379,395 share options available for grant under the 2017 Share Option Scheme, representing approximately 9.3% of the total issued share capital of the Company [90]. - The total number of share options available under the 2018 PNM Share Option Scheme is 26,593,526, representing approximately 4.6% of the total issued share capital of PNM [106]. - The share capital remained unchanged at HK$499,366 as of June 30, 2025 [158]. Future Outlook and Strategy - The Group plans to continue consolidating existing businesses while exploring new business opportunities to enhance its operations [74]. - The Company aims to innovate content products on major streaming platforms and expand the use of artificial intelligence tools for enhanced media communication [23]. - The integration of television broadcasting and internet media platforms enhanced the overall influence of the Phoenix Media matrix [32].

香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風 險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣的證券承受較大的市場 波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及香港聯合交易所有限公司對本報告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本報告全部或任何部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。 本報告包括之資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關濠亮環球有限公 司（「本公司」）之資料；本公司董事（「董事」）願就本報告共同及個別承擔全部責任。各董事在作出一切合理查詢 後確認，就彼等所知及所信，本報告所載之資料在各重要方面均屬準確完備，沒有誤導或欺詐成份，且並無遺 漏任何其他事項，足以令本報告或其所載任何陳述產生誤導。 目錄 | 公司資料 | 2 | | --- | ...