香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 截至2025年6月30日止六個月中期業績公告 財務摘要 營業總收入：人民幣6,927,648,409.53元 歸屬於本公司股東的淨利潤：人民幣769,035,441.61元 歸屬於本公司股東之每股收益：人民幣0.6844元 第一拖拉機股份有限公司之董事會宣佈本公司及其附屬公司截至2025年6月30日 止，按照中國企業會計準則編製之經審核綜合業績，連同2024年同期比較數字如下 （如無特殊註明，本公告所載述之數據以人民幣計價，單位元）。 1 合併資產負債表 2025年6月30日 編製單位：第一拖拉機股份有限公司 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | 項目 | 附註 | 6月30日 | 12月31日 | | 流動資產： | | | | | 貨幣資金 | ��1 | 1,634,253,916.91 | 2,345,044,150.92 | | 拆 ...

Financial Summary and Performance Overview [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's unaudited results for the six months ended June 30, 2025, show year-on-year revenue growth and a significant reduction in losses Financial Highlights | Metric | For the six months ended June 30, 2025 (HK$ million) | For the six months ended June 30, 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 540.5 | 522.6 | | Loss attributable to equity holders of the Company | (0.6) | (26.5) | | Loss per share (HK cents) Basic and diluted | (0.08) | (3.32) | [Introduction to Results Announcement](index=1&type=section&id=%E6%A5%AD%E7%B8%BE) The Board of Directors announces the unaudited interim results for the six months ended June 30, 2025, with comparative data from the prior year - This announcement presents the unaudited condensed consolidated interim results of the Company and its subsidiaries for the six months ended June 30, 2025[5](index=5&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E8%A8%88%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The period saw revenue growth and a substantial narrowing of pre-tax and total losses, reflecting improved operational efficiency and cost control Statement of Comprehensive Income | Metric | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Revenue | 540,460 | 522,610 | | Other income and gains | 2,012 | 2,196 | | Cost of food and beverages | (156,491) | (162,277) | | Staff costs | (192,620) | (194,463) | | Loss before tax | (2,815) | (32,069) | | Loss and total comprehensive loss for the period | (647) | (26,535) | | Loss attributable to equity holders of the Company | (633) | (26,535) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets and liabilities decreased while total equity remained stable, indicating balance sheet restructuring Statement of Financial Position | Metric | As at June 30, 2025 (HK$ thousands) | As at December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Total Assets | 684,201 | 786,006 | | Non-current Assets | 502,234 | 559,909 | | Current Assets | 181,967 | 226,097 | | Total Equity | 232,258 | 232,865 | | Total Liabilities | 451,943 | 553,141 | | Non-current Liabilities | 215,478 | 233,933 | | Current Liabilities | 236,465 | 319,208 | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E8%A8%88%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) The period's loss attributable to equity holders reduced retained earnings, while contributions from non-controlling interests slightly increased Statement of Changes in Equity | Item | Share Capital (HK$ thousands) | Share Premium (HK$ thousands) | Retained Earnings (HK$ thousands) | Other Reserves (HK$ thousands) | Non-controlling Interests (HK$ thousands) | Total (HK$ thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at January 1, 2025 | 80,000 | 122,781 | 2,465 | 27,619 | — | 232,865 | | Contribution from non-controlling interests | — | — | — | — | 40 | 40 | | Loss and total comprehensive loss for the period | — | — | (633) | — | (14) | (647) | | **Balance at June 30, 2025** | **80,000** | **122,781** | **1,832** | **27,619** | **26** | **232,258** | | Balance at January 1, 2024 | 80,000 | 122,781 | 67,007 | 27,619 | — | 297,407 | | Loss and total comprehensive loss for the period | — | — | (26,535) | — | — | (26,535) | | Dividend | — | — | (32,480) | — | — | (32,480) | | **Balance at June 30, 2024** | **80,000** | **122,781** | **7,992** | **27,619** | **—** | **238,392** | Notes to the Financial Statements [General Information and Basis of Preparation](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The Group operates restaurants in Hong Kong, with financial data prepared under HKAS on a going concern basis despite a net current liability position - The Company was incorporated in the Cayman Islands, and its subsidiaries primarily operate as full-service restaurant operators of Asian and Cantonese cuisine in Hong Kong[10](index=10&type=chunk) - The unaudited condensed consolidated interim financial information has been prepared in accordance with HKAS 34 and the applicable disclosure requirements of the Listing Rules of the Stock Exchange, presented on a going concern basis[11](index=11&type=chunk)[12](index=12&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded its current assets by **HK$54.5 million**, but after excluding lease liabilities and contract liabilities, it had net current assets of **HK$48.8 million** with no external borrowings, leading the directors to conclude that working capital is sufficient[12](index=12&type=chunk) [Accounting Policies](index=7&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Accounting policies are consistent with the prior year's annual report, with the adoption of HKAS 21 amendments having no material impact - The accounting policies and methods of computation used are consistent with those in the 2024 annual report, except for the adoption of amendments to HKAS 21 "Lack of Exchangeability"[15](index=15&type=chunk)[16](index=16&type=chunk) - The adoption of these amendments did not have a material impact on the Group's results and financial position[16](index=16&type=chunk) [Revenue and Segment Information](index=7&type=section&id=4.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue is primarily from restaurant operations, segmented into self-owned and franchised brands, with franchised brands being the main contributor Revenue Analysis | Revenue Source | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Restaurant operations | 539,793 | 520,666 | | Sales of ingredients and others | 667 | 1,944 | | **Total Revenue** | **540,460** | **522,610** | - The Group primarily operates chain restaurants and sells ingredients in Hong Kong, with management reviewing performance based on major cuisine types and ingredient sales[19](index=19&type=chunk) Segment Revenue, (Loss)/Profit, Assets and Liabilities (as at June 30, 2025) | Metric | Self-owned Brands (HK$ thousands) | Franchised Brands (HK$ thousands) | Sales of Ingredients and Others (HK$ thousands) | Total (HK$ thousands) | | :--- | :--- | :--- | :--- | :--- | | External Revenue | 143,358 | 396,435 | 667 | 540,460 | | Segment (Loss)/Profit | (1,342) | 34,611 | (1,864) | 31,405 | | Loss before tax | | | | (2,815) | | Segment Assets | 171,967 | 267,185 | 59,782 | 498,934 | | Segment Liabilities | (131,898) | (230,955) | (6,927) | (369,780) | Segment Revenue, (Loss)/Profit, Assets and Liabilities (as at June 30, 2024) | Metric | Self-owned Brands (HK$ thousands) | Franchised Brands (HK$ thousands) | Sales of Ingredients and Others (HK$ thousands) | Total (HK$ thousands) | | :--- | :--- | :--- | :--- | :--- | | External Revenue | 136,013 | 384,653 | 1,944 | 522,610 | | Segment (Loss)/Profit | (14,221) | 15,238 | (1,354) | (337) | | Loss before tax | | | | (32,069) | | Segment Assets | 179,962 | 342,389 | 59,560 | 581,911 | | Segment Liabilities | (145,678) | (314,655) | (13,495) | (473,828) | [Other Income and Gains](index=11&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains decreased slightly during the period, primarily consisting of promotional income from a credit card company Other Income and Gains Breakdown | Item | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Promotional income from a credit card company | 1,650 | 1,650 | | Sundry income | 362 | 546 | | **Total** | **2,012** | **2,196** | [Depreciation of Right-of-Use Assets, Rent and Related Expenses](index=12&type=section&id=6.%20%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E4%B9%8B%E6%8A%98%E8%88%8A%E3%80%81%E7%A7%9F%E9%87%91%E5%8F%8A%E7%9B%B8%E9%97%9C%E9%96%8B%E6%94%AF) Depreciation, rent, and related expenses saw a slight year-on-year decrease, mainly due to a lower net book value of right-of-use assets Depreciation and Rent Expenses | Item | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 57,353 | 59,211 | | Property rentals and related expenses | 31,663 | 30,921 | | **Total** | **89,016** | **90,132** | [Finance Income and Costs](index=12&type=section&id=7.%20%E8%9E%8D%E8%B3%87%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%88%90%E6%9C%AC) Finance income decreased significantly during the period, while finance costs rose due to an increase in lease liabilities Finance Income and Costs Breakdown | Item | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Interest income from bank deposits | 741 | 3,591 | | Finance income from financial assets | 531 | 254 | | **Finance income** | **1,272** | **3,845** | | Finance costs on lease liabilities | (7,733) | (5,852) | | **Finance costs** | **(7,733)** | **(5,852)** | [Taxation](index=12&type=section&id=8.%20%E7%A8%85%E9%A0%85) The period recorded an income tax credit, primarily due to the effect of deferred taxation, while the Hong Kong profits tax rate remained unchanged Taxation Breakdown | Item | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Hong Kong Profits Tax - Current tax | 2,750 | 2,557 | | Hong Kong Profits Tax - Over-provision in prior years | (918) | — | | Deferred tax | (4,000) | (8,091) | | **Income tax credit** | **(2,168)** | **(5,534)** | - The Hong Kong Profits Tax rate is 16.5%, with subsidiaries qualifying for the two-tiered profits tax regime paying 8.25% on the first HK$2,000,000 of assessable profits[27](index=27&type=chunk) [Loss Before Tax](index=13&type=section&id=9.%20%E9%99%A4%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) The calculation of loss before tax includes various depreciation, amortization, lease payments, and employee benefit expenses Components of Loss Before Tax | Item | For the six months ended June 30, 2025 (HK$ thousands) | For the six months ended June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 19,824 | 15,310 | | Depreciation of right-of-use assets | 57,353 | 59,211 | | Depreciation of investment properties | 260 | 259 | | Amortisation of intangible assets | 212 | 236 | | Lease payments under operating leases for land and buildings | 3,773 | 4,671 | | Employee benefit expenses | 192,620 | 194,463 | | Auditor's remuneration | 1,561 | 1,518 | [Loss Per Share](index=14&type=section&id=10.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) Basic and diluted loss per share decreased substantially during the period, reflecting the significant narrowing of the company's overall loss Loss Per Share Calculation | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Loss attributable to equity holders (HK$ thousands) | (633) | (26,535) | | Weighted average number of ordinary shares in issue (thousands) | 800,000 | 800,000 | | Loss per share (HK cents) | (0.08) | (3.32) | - As there were no potential dilutive ordinary shares in issue, diluted loss per share is equal to basic loss per share[32](index=32&type=chunk) [Dividend](index=14&type=section&id=11.%20%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for the period, though a final dividend for 2023 was paid in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[34](index=34&type=chunk) - A final dividend for the year ended December 31, 2023, of **HK4.06 cents per ordinary share**, totaling HK$32,480,000, was declared on March 26, 2024[33](index=33&type=chunk) [Trade Receivables, Prepayments, Deposits and Other Receivables](index=15&type=section&id=12.%20%E8%B2%A1%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables increased slightly, while total prepayments, deposits, and other receivables decreased with no impairment loss recognized Ageing Analysis of Trade Receivables | Ageing | As at June 30, 2025 (HK$ thousands) | As at December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Within 30 days | 4,797 | 5,639 | | 31 to 60 days | 551 | 177 | | 61 to 180 days | 1,463 | 528 | | **Total** | **6,811** | **6,344** | Prepayments, Deposits and Other Receivables | Item | As at June 30, 2025 (HK$ thousands) | As at December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Prepayments | 15,917 | 21,563 | | Rental and utility deposits | 82,208 | 86,892 | | Other receivables | 1,159 | 3,503 | | **Total** | **99,284** | **111,958** | | Less: Non-current portion | (49,184) | (64,637) | | **Current portion** | **50,100** | **47,321** | - The Group did not provide for impairment on overdue balances and recognized no impairment loss[37](index=37&type=chunk) [Trade Payables, Other Payables and Accruals](index=17&type=section&id=13.%20%E8%B2%A1%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Total trade and other payables decreased, reflecting improvements in liability management and operational efficiency Ageing Analysis of Trade Payables | Ageing | As at June 30, 2025 (HK$ thousands) | As at December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Within 30 days | 24,852 | 30,244 | | 31 to 60 days | 9,677 | 24,287 | | 61 to 180 days | 55 | 36 | | Over 180 days | 256 | 259 | | **Total** | **34,840** | **54,826** | Contract Liabilities, Other Payables and Accruals | Item | As at June 30, 2025 (HK$ thousands) | As at December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Rental payables | 883 | 2,402 | | Accrued employee benefit expenses | 36,581 | 37,541 | | Provision for long service payments | 2,378 | 1,923 | | Provision for untaken annual leave | 11,071 | 11,485 | | Provision for reinstatement costs | 25,216 | 25,130 | | Contract liabilities | 21,081 | 30,335 | | Other accrued expenses | 30,770 | 32,507 | | Payables for purchase of property, plant and equipment | 3,676 | 22,248 | | Other payables | 632 | 632 | | **Total** | **132,288** | **164,203** | | Less: Non-current portion | (14,892) | (17,970) | | **Current portion** | **117,396** | **146,233** | Business Review [Operating Overview](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group is a leading multi-brand restaurant operator in Hong Kong with 64 restaurants, including self-owned and franchised brands - The Group operates 64 restaurants in Hong Kong as of June 30, 2025, specializing in Asian (particularly Japanese) and Cantonese cuisine[42](index=42&type=chunk) - The restaurant portfolio includes 18 self-owned brands (e.g., "Mou Mou Club," "Peace Cuisine") and 44 franchised brands (e.g., "Gyu-Kaku," "On-Yasai"), plus 2 cooperatively-run brands[42](index=42&type=chunk) Number of Restaurants | Brand Type | As at June 30, 2025 | As at June 30, 2024 | | :--- | :--- | :--- | | Self-owned Brands | 20 | 14 | | Franchised Brands | 44 | 44 | | **Total** | **64** | **58** | [Financial Performance Analysis](index=20&type=section&id=%E6%94%B6%E5%85%A5) Revenue grew 3.4% year-on-year, while loss attributable to equity holders narrowed by 97.6%, reflecting successful transformation measures - The Group's revenue increased by approximately **3.4%** from HK$522.6 million to HK$540.5 million, driven by store portfolio optimization and menu enhancements[44](index=44&type=chunk) - Loss attributable to equity holders of the Company decreased by approximately **97.6%** from HK$26.5 million to HK$0.6 million, mainly due to increased revenue and reduced impairment provisions[51](index=51&type=chunk) - The cost of food and beverages as a percentage of revenue decreased from **31.1% to 29.0%**, and staff costs as a percentage of revenue decreased from **37.2% to 35.6%**, indicating effective cost control[48](index=48&type=chunk)[49](index=49&type=chunk) Revenue by Business Segment | Business Segment | 2025 Revenue (HK$ thousands) | % of Total Revenue | 2024 Revenue (HK$ thousands) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Self-owned Brands | 143,358 | 26.5 | 136,013 | 26.0 | | Franchised Brands | 396,435 | 73.4 | 384,653 | 73.6 | | Subtotal for Restaurant Operations | 539,793 | 99.9 | 520,666 | 99.6 | | Sales of Ingredients and Others | 667 | 0.1 | 1,944 | 0.4 | | **Total** | **540,460** | **100.0** | **522,610** | **100.0** | [Liquidity and Financial Resources](index=22&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintains sufficient liquidity with approximately HK$100.3 million in cash, a current ratio of 0.8, and a gearing ratio of zero - As of June 30, 2025, the Group had cash and cash equivalents of approximately **HK$100.3 million** and a current ratio of approximately **0.8 times**[52](index=52&type=chunk) - The Group's gearing ratio was **zero** as it had no outstanding interest-bearing bank borrowings[52](index=52&type=chunk) [Investments and Capital Commitments](index=22&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group had no significant investments or outstanding capital commitments during the period, indicating a prudent capital management strategy - As at June 30, 2025, the Group did not hold any significant investments[53](index=53&type=chunk) - As at June 30, 2025, the Group had no outstanding capital commitments (December 31, 2024: approximately HK$5.1 million)[54](index=54&type=chunk) [Contingent Liabilities and Off-Balance Sheet Commitments](index=22&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group's contingent liabilities are mainly bank guarantees, with no other off-balance sheet commitments, indicating manageable financial risk - As at June 30, 2025, the Group had contingent liabilities of approximately **HK$1.2 million** for bank guarantees provided to landlords in lieu of rental deposits[55](index=55&type=chunk) - The Group had no off-balance sheet transactions, other capital commitments, or significant investment plans as of the report date, other than those disclosed[56](index=56&type=chunk) [Future Plans and Pledge of Assets](index=23&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E4%BB%A5%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) No significant acquisitions, disposals, or pledging of assets occurred, reflecting strategic and asset management stability - The Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any plans for material investments or capital assets during the period[57](index=57&type=chunk) - As at June 30, 2025, the Group had not pledged any of its assets[58](index=58&type=chunk) [Capital Structure and Events After the Reporting Period](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group's capital structure, comprising only ordinary shares, remained stable with no significant post-reporting period events - The Group's capital structure was unchanged during the period, consisting solely of ordinary shares, and it did not hold or dispose of any treasury shares[59](index=59&type=chunk) - No significant events requiring disclosure occurred between the end of the reporting period and the date of this announcement[60](index=60&type=chunk) [Employees and Remuneration Policies](index=23&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) Employee numbers slightly decreased, with remuneration based on market terms and performance; no share options were granted or exercised - As at June 30, 2025, the Group had **1,672 employees** (December 31, 2024: 1,742)[61](index=61&type=chunk) - Employee remuneration is determined with reference to prevailing market terms and individual performance, qualifications, and experience[61](index=61&type=chunk) - A share option scheme has been in effect since May 2018, but no options were granted, exercised, outstanding, lapsed, cancelled, or forfeited during the period[61](index=61&type=chunk)[62](index=62&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group faces no significant foreign exchange risk as most transactions are denominated in Hong Kong dollars - The Group's transactions are mostly denominated in Hong Kong dollars, and it does not face any significant foreign exchange risk[63](index=63&type=chunk) - As at June 30, 2025, the Group had no foreign currency investments and had not engaged in any currency hedging transactions or instruments[63](index=63&type=chunk) Prospects and Strategies [Prospects and Strategies](index=24&type=section&id=%E5%89%8D%E6%99%AF) The Group will adopt a proactive yet prudent strategy to navigate a competitive market by optimizing its portfolio and leveraging technology - The Hong Kong catering industry faces challenges from shifting local consumption patterns, oversupply, and intense market competition despite macroeconomic improvements[64](index=64&type=chunk) - The Group's strategy includes optimizing its store portfolio, adjusting menus, and introducing new brands to enhance value and attract a new generation of consumers[64](index=64&type=chunk) - The Group is actively promoting the application of AI and automation, utilizing CRM systems, smart reservation systems, and process automation to boost operational efficiency and customer loyalty[64](index=64&type=chunk) - Leveraging its **strong cash flow and debt-free position**, the Group will continue to enhance technology application and operational efficiency while actively seeking development opportunities both locally and overseas[65](index=65&type=chunk) Corporate Governance and Other Information [Dividend Policy](index=25&type=section&id=%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare an interim dividend for the current period - The Board has resolved not to declare an interim dividend for the period (Prior period: Nil)[66](index=66&type=chunk) [Public Float](index=25&type=section&id=%E8%B6%B3%E5%A4%A0%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) The Company has maintained a sufficient public float in compliance with the Listing Rules throughout the period - The Company has maintained a sufficient public float of at least **25% of its issued shares** throughout the period and up to the date of this announcement[67](index=67&type=chunk) [Corporate Governance Practices](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company has complied with the Corporate Governance Code in all material respects, except for the combined role of Chairman and CEO - The Company has adopted and complied with the Corporate Governance Code in Appendix C1 of the Listing Rules in all material respects, except for the deviation from code provision C.2.1[68](index=68&type=chunk) - Mr. WONG Kit Loong, Simon serves as both the Chairman and Chief Executive Officer, an arrangement the Board believes is in the best interests of the Group and its shareholders, with a balance of power and authority[69](index=69&type=chunk) [Model Code for Securities Transactions by Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) All directors have confirmed their compliance with the Model Code for Securities Transactions by Directors during the period - All directors have confirmed their compliance with the required standards set out in the Model Code in Appendix C3 of the Listing Rules during the period[70](index=70&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[71](index=71&type=chunk) - As at June 30, 2025, the Company did not hold any treasury shares[72](index=72&type=chunk) [Audit Committee](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of independent non-executive directors, has reviewed the Group's unaudited interim results and financial information - The Audit Committee consists of three independent non-executive directors and is primarily responsible for monitoring the audit process and reviewing policies[73](index=73&type=chunk) - The Audit Committee has met to review the Group's unaudited interim results announcement and financial information for the period[73](index=73&type=chunk) [Publication of Interim Results and Acknowledgement](index=27&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E8%BC%89%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim results and report will be published on the websites of the Stock Exchange and the Company - This interim results announcement and the 2025 interim report will be published on the websites of the Stock Exchange and the Company[74](index=74&type=chunk) - The Board expresses its sincere gratitude to the Group's management team, all staff, shareholders, customers, business partners, and professional parties for their support and contributions[75](index=75&type=chunk)

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's financial performance for the six months ended June 30, 2025, shows significant growth in profit and earnings per share Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | Earnings before interest, taxes, depreciation and amortization (EBITDA) | 2,752,120 | 2,231,943 | 23.3% | | Profit before tax | 2,419,651 | 1,901,702 | 27.2% | | Profit attributable to owners of the Company for the period | 1,894,314 | 1,491,404 | 27.0% | | Earnings per share - Basic (RMB cents) | 104.26 | 82.08 | 27.0% | | 中期股息 (每股人民幣分) | 16.0 | 16.0 | 0.0% | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The condensed consolidated financial statements provide an overview of the Group's financial position and performance [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue increased by 4.8% to RMB 7.519 billion, gross profit grew by 17.3% to RMB 3.924 billion, and profit attributable to owners of the Company rose by 27.0% to RMB 1.894 billion, with basic earnings per share at RMB 104.26 cents Key Figures from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | Cost of sales | (3,594,809) | (3,831,439) | -6.2% | | Gross profit | 3,923,874 | 3,344,365 | 17.3% | | Other income | 128,480 | 170,015 | -24.4% | | Net other gains and losses | 61,183 | 41,958 | 45.8% | | Selling and distribution expenses | (682,161) | (706,651) | -3.5% | | Administrative expenses | (435,200) | (354,050) | 22.9% | | Research and development expenses | (498,941) | (446,800) | 11.7% | | Profit before tax | 2,419,651 | 1,901,702 | 27.2% | | Profit for the period | 1,893,507 | 1,490,995 | 27.0% | | Profit attributable to owners of the Company for the period | 1,894,314 | 1,491,404 | 27.0% | | Earnings per share - Basic (RMB cents) | 104.26 | 82.08 | 27.0% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets increased by 14.09% to RMB 29.435 billion from the end of 2024, with net current assets growing by 17.8% to RMB 8.598 billion and a stable current ratio of 1.89, while total equity attributable to owners increased by 8.19% to RMB 15.567 billion Key Figures from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Non-current assets | 11,131,383 | 9,762,356 | 14.02% | | Current assets | 18,303,138 | 16,070,696 | 13.89% | | **LIABILITIES** | | | | | Current liabilities | 9,705,569 | 8,772,549 | 10.64% | | Non-current liabilities | 4,115,975 | 2,625,263 | 56.78% | | **EQUITY** | | | | | Equity attributable to owners of the Company | 15,566,827 | 14,388,283 | 8.19% | | Total equity | 15,612,977 | 14,435,240 | 8.16% | | Net current assets | 8,597,569 | 7,298,147 | 17.80% | | Current ratio | 1.89 | 1.83 | 3.28% | - Property, plant and equipment significantly increased from **RMB 8.725 billion** at end-2024 to **RMB 10.022 billion** as of June 30, 2025, primarily due to capital expenditure on expanding and upgrading production facilities and office buildings[4](index=4&type=chunk)[22](index=22&type=chunk) - Cash and cash equivalents substantially increased from **RMB 6.330 billion** at end-2024 to **RMB 9.014 billion**, indicating ample Group liquidity[4](index=4&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail the accounting policies, segment information, and specific financial items of the Group [1. Basis of Presentation](index=5&type=section&id=1.%20%E5%91%88%E5%A0%B1%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and applicable disclosure requirements of the HKEX Listing Rules - Financial statements are prepared in accordance with **HKAS 34** and **HKEX Listing Rules**[6](index=6&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with 2024 annual financial statements, except for certain policies related to license fee income, with no material impact from HKFRS amendments - Financial statements are prepared on a **historical cost basis**, with accounting policies consistent with the prior year, except for policies related to license fee income[7](index=7&type=chunk) - Application of HKFRS amendments (e.g., HKAS 21 amendments) had **no material impact** on the financial performance and position for the period[8](index=8&type=chunk) [3. Revenue and Segment Information](index=5&type=section&id=3.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue is categorized into three segments: intermediates, APIs, and finished products; as of June 30, 2025, finished products revenue (including license fees) significantly increased by 65.9%, while intermediates and APIs revenue decreased, with notable regional growth in Europe and South America offsetting a decline in China - The Group primarily operates in three business segments: intermediates (6-APA, Penicillin G Potassium), APIs (Amoxicillin), and finished products (insulin, antibiotics, nervous system drugs, ophthalmics, veterinary products, and license fee income)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) Segment Revenue and Profit (For the Six Months Ended June 30, 2025) | Segment | 2025 Segment Revenue (RMB thousands) | 2024 Segment Revenue (RMB thousands) | Revenue Change Rate | 2025 Segment Profit (RMB thousands) | 2024 Segment Profit (RMB thousands) | Profit Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Intermediates | 2,304,311 | 3,081,282 | -25.2% | 634,619 | 1,068,451 | -40.6% | | APIs | 2,999,314 | 3,917,640 | -23.4% | 250,649 | 521,959 | -52.0% | | Finished Products | 3,978,471 | 2,397,777 | 65.9% | 1,505,572 | 241,181 | 524.2% | | License fee income (included in Finished Products) | 1,433,900 | - | N/A | N/A | N/A | N/A | Revenue by Customer Geographical Market | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | PRC (including Hong Kong) | 4,725,243 | 5,748,478 | -17.79% | | Europe | 1,741,465 | 411,566 | 323.16% | | India | 197,687 | 376,958 | -47.54% | | Middle East | 13,641 | 36,418 | -62.54% | | South America | 450,590 | 170,105 | 164.89% | | Other Asia | 258,367 | 318,585 | -18.89% | | Other Regions | 131,690 | 113,694 | 15.83% | | **Total** | **7,518,683** | **7,175,804** | **4.8%** | [4. Other Income](index=8&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period decreased by 24.4% to RMB 128 million, primarily due to a reduction in subsidy income Details of Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank interest income | 65,468 | 57,599 | 13.66% | | Scrap sales | 3,133 | 5,073 | -38.24% | | Subsidy income | 54,959 | 100,709 | -45.42% | | Miscellaneous income | 4,920 | 6,634 | -25.83% | | **Total** | **128,480** | **170,015** | **-24.43%** | - Subsidy income includes tax subsidies and government grants from the Chinese government, specifically for (i) capital expenditure on plant and machinery; (ii) incentives and other subsidies for R&D activities; and (iii) unconditional incentives[14](index=14&type=chunk) [5. Net Other Gains and Losses](index=8&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net other gains and losses for the period increased by 45.8% to RMB 61.183 million, driven by gains from fair value changes in derivative financial instruments and sales of financial assets, despite a shift from foreign exchange gains to losses Details of Net Other Gains and Losses | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Net foreign exchange (losses) gains | (37,058) | 30,773 | -220.33% | | Net gains from fair value changes of derivative financial instruments | 72,973 | 70,815 | 3.05% | | Gains on sales of financial assets at FVTPL | 74,971 | 29,626 | 153.06% | | Net gains (losses) on disposal of property, plant and equipment | 7,556 | (441) | -1812.92% | | Write-off of property, plant and equipment | (57,389) | (88,329) | -35.03% | | Others | 130 | (486) | -126.75% | | **Total** | **61,183** | **41,958** | **45.82%** | - The Group entered into various foreign currency forward contracts to mitigate foreign exchange risk, with these derivative instruments not accounted for under hedge accounting[15](index=15&type=chunk) [6. Finance Costs](index=8&type=section&id=6.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs for the period decreased by 17.4% to RMB 20.797 million, primarily due to a significant increase in borrowing costs capitalized to property, plant and equipment Details of Finance Costs | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest on borrowings | 41,229 | 31,269 | 31.87% | | Interest on lease liabilities | 377 | 400 | -5.80% | | Less: Amount capitalized to property, plant and equipment | (20,809) | (6,497) | 220.30% | | **Total** | **20,797** | **25,172** | **-17.38%** | - Borrowing costs capitalized during the interim period arose from general borrowing arrangements, calculated at an average capitalization rate of **2.55%** per annum for qualifying asset expenditures, lower than **2.87%** in the prior period[16](index=16&type=chunk) [7. Tax Expense](index=9&type=section&id=7.%20%E7%A8%85%E9%A0%85%E6%94%AF%E5%87%BA) Tax expense for the period increased by 28.1% to RMB 526 million, mainly due to new Danish withholding tax on license fee income Details of Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 923 | 1,189 | -22.37% | | PRC corporate income tax | 306,813 | 336,336 | -8.78% | | Danish withholding tax on license fee income | 143,390 | - | N/A | | Deferred tax expense | 75,018 | 73,182 | 2.51% | | **Total** | **526,144** | **410,707** | **28.11%** | - Danish withholding tax on license fee income is subject to a statutory rate of **22%** on the gross amount, but the Group benefited from a preferential tax rate of **10%** for the period under applicable double taxation avoidance arrangements[18](index=18&type=chunk) [8. Profit for the Period](index=9&type=section&id=8.%20%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9) Profit for the period increased by 27.0% to RMB 1.894 billion, supported by decreases in staff costs, depreciation and amortization, and net inventory provisions Profit for the Period Deductions | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Staff costs | 827,144 | 877,789 | -5.88% | | Depreciation | 301,490 | 296,297 | 1.75% | | Amortization of intangible assets | 10,182 | 8,772 | 16.07% | | Net provision for inventories | 2,824 | 6,214 | -54.55% | | Inventory costs recognized as expense | 3,526,447 | 3,831,439 | -7.96% | [9

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，並表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 2025年4月18日，國家新聞出版署等印發《網絡出版科技創新引領計劃》的 通知（國新出發[2025]6號）（「計劃」）。該計劃指出，網絡出版是文化與科技 高度融合的新興出版業態。該計劃支持網絡出版企業圍繞人工智能、大數 據、雲計算、區塊鏈等網絡出版相關技術建立企業實驗室、企業技術中心 等研發機構；推進區塊鏈技術在版權登記、維權、交易、結算等領域研發 應用；支持網絡遊戲與圖形處理器等基礎產品的聯合研發適配。 2025年4月21日，國務院新聞辦公室舉行新聞發佈會介紹了《加快推進服務 業擴大開放綜合試點工作方案》（「方案」），方案提到支持數字產業開放發 展，支持發展遊戲出海業務，拓展應用場景，佈局從IP打造到遊戲製作、 發行、海外運營的整個產業鏈佈局。 Tanwan Inc. 貪玩 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （前稱ZX Inc. 中旭未來） （股份代號：9890） 截至2025 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Holly Futures （ 於 中 華 人 民 共 和 國 （ 「 中 國 」 ） 註 冊 成 立 的 股 份 有 限 公 司 ， 中 文 公 司 名 稱 蘇 豪 弘 業 期 貨 股 份 有 限 公 司（前稱弘業期貨股份有限公司） ， 在 香 港 以 Holly Futures 的 名 義 開 展 業 務 ) ( 「 本 公 司 」 ) （股 份 代 號：3678） 截 至2025年6月30日止六個月未經審核之中期業績公告 本 公 司 董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司 截 至2025年6月30日 止 六 個 月 之 未 經 審 核 綜 合 中 期 業 績，連 同2024年 同 期 之 比 較 數 字。本 中 期 業 績 公 告列載本公司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 環球新材國際控股有限公司（「本公司」，連同其附屬公司，「本集團」）董事（「董事」） 會（「董事會」）欣然宣佈本集團截至二零二五年六月三十日止六個月（「二零二五年上 半年」）的中期業績。以下載列本集團二零二五年上半年的未經審核簡明綜合中期業 績，連同截至二零二四年六月三十日止六個月（「二零二四年上半年」）的比較數字： GLOBAL NEW MATERIAL INTERNATIONAL HOLDINGS LIMITED 環球新材國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：06616） 截至二零二五年六月三十日止六個月 中期業績 董事會欣然宣佈本集團二零二五年上半年的中期業績，如下： 董事會已決定不宣派及派付二零二五年上半年的任何中期股息（二零二四年上半 年：無）。 – 1 – － 收益約為人民幣912.0百萬元，較二零二四年上半年的約人民幣 774.6百萬元 增加約17.7%。 － 毛利約 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This section presents the condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, and cash flows, for the interim period [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue significantly increased, but it still recorded a loss, though the loss narrowed compared to the same period last year. Gross profit substantially improved, indicating better core business profitability | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 416,498 | 264,888 | **+57.2%** | | Cost of Sales and Services Provided | (327,604) | (226,377) | **+44.7%** | | Gross Profit | 88,894 | 38,511 | **+130.8%** | | Loss Before Tax | (91,161) | (113,299) | **-19.5%** | | Loss for the Period | (91,232) | (115,011) | **-20.7%** | | Basic and Diluted Loss Per Share Attributable to Owners of the Company | (1.106) HK cents | (1.378) HK cents | **-19.7%** | - Financial assets at fair value through profit or loss recorded a net loss of **HK$15,997 thousand** in 2025, compared to a net gain of **HK$13,150 thousand** in 2024, negatively impacting the loss for the period[3](index=3&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Despite recording a loss for the period, total comprehensive income significantly narrowed compared to the same period last year due to the positive impact of currency translation differences | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (91,232) | (115,011) | **-20.7%** | | Currency Translation Differences | 19,610 | 1,827 | **+973.4%** | | Total Comprehensive Income for the Period | (71,616) | (113,184) | **-36.8%** | | Total Comprehensive Income Attributable to Owners of the Company | (67,540) | (108,484) | **-37.8%** | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased, but net current assets and net assets both decreased, reflecting an increase in current liabilities and a reduction in shareholders' equity | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 586,176 | 561,331 | **+4.4%** | | Current Assets | 543,546 | 504,980 | **+7.6%** | | Current Liabilities | 464,685 | 341,927 | **+35.9%** | | Net Current Assets | 78,861 | 163,053 | **-51.7%** | | Net Assets | 354,885 | 422,010 | **-15.9%** | | Total Equity | 354,885 | 422,010 | **-15.9%** | - Trade and other receivables and prepayments increased from **HK$98,385 thousand** as of December 31, 2024, to **HK$119,752 thousand** as of June 30, 2025, and contract assets significantly increased from **HK$6,475 thousand** to **HK$48,476 thousand**[5](index=5&type=chunk) - Trade and other payables and accruals increased from **HK$175,556 thousand** as of December 31, 2024, to **HK$249,157 thousand** as of June 30, 2025, and borrowings also increased from **HK$108,982 thousand** to **HK$130,508 thousand**[5](index=5&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, cash flow from operating activities turned positive, cash outflow from investing activities decreased, but cash flow from financing activities shifted from net inflow to net outflow, resulting in a net decrease in cash and cash equivalents | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 233 | (143,577) | Turned Positive | | Net Cash Used In Investing Activities | (71,613) | (161,555) | **-55.7%** | | Net Cash (Used In)/From Financing Activities | (815) | 128,467 | Turned Negative | | Net Decrease in Cash and Cash Equivalents | (72,195) | (176,665) | **-59.1%** | | Cash and Cash Equivalents at June 30 | 80,380 | 286,624 | **-71.9%** | - The positive shift in operating cash flow was primarily due to improved working capital movements, especially the increase in trade and other payables and accruals, and contract liabilities[7](index=7&type=chunk) - The decrease in cash outflow from investing activities was mainly due to a reduction in investments in financial assets at fair value through profit or loss, from **HK$78,024 thousand** in 2024 to **HK$15,989 thousand** in 2025[8](index=8&type=chunk) [Notes](index=6&type=section&id=Notes) This section provides detailed explanations of the accounting policies, financial performance, and financial position presented in the interim financial statements [1. Basis of Preparation and Accounting Policies](index=6&type=section&id=1.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) These interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, using the historical cost basis and consistent accounting policies with the 2024 annual consolidated financial statements, without significant impact from newly revised standards - The unaudited condensed consolidated interim 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 Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - These financial statements are prepared on the historical cost basis, except for certain financial instruments measured at fair value[9](index=9&type=chunk) - The adoption of revised Hong Kong Financial Reporting Standards effective from January 1, 2025, had no significant impact on the Group's accounting policies[11](index=11&type=chunk) [2. Changes in Hong Kong Financial Reporting Standards](index=6&type=section&id=2.%20Changes%20in%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group has adopted revised HKFRSs effective for the current accounting period, with no significant impact on accounting policies, and is evaluating newly issued but not yet effective standards - The Group has adopted all revised Hong Kong Financial Reporting Standards relevant to its operations and effective for the Group's current accounting period, with no significant impact on accounting policies[11](index=11&type=chunk) - The Group has not early adopted any revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and is currently assessing their potential impact[11](index=11&type=chunk) - Some revised standards will be effective on or after January 1, 2026, and others on or after January 1, 2027[12](index=12&type=chunk) [3. Application of Judgements and Estimates](index=7&type=section&id=3.%20Application%20of%20Judgements%20and%20Estimates) The significant judgements and sources of estimation uncertainty used in preparing these interim financial statements are consistent with those applied in the 2024 annual consolidated financial statements - The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the 2024 annual consolidated financial statements[12](index=12&type=chunk) [4. Revenue and Segment Reporting](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) The Group primarily operates in two reportable segments: Media Entertainment and Trading. Media Entertainment revenue significantly grew but still incurred a loss; Trading revenue and profit decreased, yet both segments saw increases in assets and liabilities - The Group has two reportable segments: Media Entertainment (providing visual effects production, post-production, and virtual human services) and Trading (sales of semiconductor memory chips and esports products, and commission income)[14](index=14&type=chunk) [Reportable Segments](index=7&type=section&id=Reportable%20Segments) The Group's operations are divided into two reportable segments, Media Entertainment and Trading, based on reports reviewed by the chief operating decision maker - The Group determines its operating segments based on reports reviewed by the chief operating decision maker for decision-making purposes[13](index=13&type=chunk) - The two reportable segments are Media

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Indicators](index=1&type=section&id=%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) Jiaxing Gas Group's H1 2025 performance shows year-on-year declines in revenue, gross profit, and profit attributable to owners of the parent, with basic earnings per share and interim dividends also decreasing | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,516.5 | -3.63% | | Gross Profit | 118.1 | 124.3 | -4.99% | | Profit attributable to owners of the Company | 75.3 | 89.1 | -15.49% | | Basic EPS (RMB) | 0.55 | 0.65 | -15.38% | | Interim Dividend (per share, pre-tax) | 0.15 | 0.20 | -25.00% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue was RMB 1,461.5 million, with profit for the period at RMB 81.9 million, both lower than the prior year, and net other comprehensive income was negative | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,461,481 | 1,516,524 | | Cost of sales | (1,343,411) | (1,392,191) | | Gross Profit | 118,070 | 124,333 | | Other income and gains | 11,831 | 8,470 | | Profit before tax | 102,178 | 109,768 | | Income tax expense | (20,291) | (13,054) | | Profit for the period | 81,887 | 96,714 | | Profit attributable to owners of the parent | 75,284 | 89,146 | | Profit attributable to non-controlling interests | 6,603 | 7,568 | | Basic EPS (RMB) | 0.55 | 0.65 | - Net other comprehensive income for the period was **RMB (22) thousand**, compared to RMB 199 thousand in the prior year, mainly due to fair value changes and exchange differences[7](index=7&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were RMB 3,128.3 million, with net assets at RMB 1,227.6 million, showing significant growth in non-current assets and liabilities, and a shift from negative to positive net current assets | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 2,089,759 | 1,881,807 | | Total current assets | 1,038,523 | 1,102,042 | | Total current liabilities | 851,844 | 1,195,846 | | Total non-current liabilities | 1,048,831 | 602,410 | | Net assets | 1,227,607 | 1,185,593 | | Equity attributable to owners of the parent | 1,171,524 | 1,130,702 | - Net current assets improved from **negative RMB 93.8 million** as of December 31, 2024, to **RMB 186.7 million** as of June 30, 2025, indicating improved liquidity[10](index=10&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Jiaxing Gas Group primarily sells piped natural gas, LNG, and LPG in Jiaxing, China, and provides construction and installation services, with no controlling shareholder as of June 30, 2025 - The Group's principal businesses include the sale of piped natural gas, LNG, and LPG in Jiaxing, provision of construction and installation services, natural gas transportation, steam and building materials sales, and property leasing[11](index=11&type=chunk) - As of June 30, 2025, parties acting in concert held approximately **32.72%** of the Company's shares, and Jiaxing City Urban Investment Development Group Co., Ltd. held approximately **23.76%**, with no controlling shareholder[12](index=12&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The interim financial information is prepared in accordance with IAS 34 and consistent with 2024 annual financial statements, with no material impact from the newly adopted IAS 21 (amendment) - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements[14](index=14&type=chunk) - The newly adopted International Accounting Standard 21 (amendment) "Lack of Exchangeability" has no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are exchangeable[16](index=16&type=chunk) [Operating Segment Information](index=7&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates as a single reportable segment, focusing on gas sales, construction, and related services in Jiaxing, China, and despite higher winter sales, management does not consider the business highly seasonal - The Group has only one reportable operating segment, with principal businesses including gas sales, construction and installation services, and other activities in Jiaxing, China[17](index=17&type=chunk) - Revenue from external customers in Mainland China was **RMB 1,461,481 thousand** (H1 2024: RMB 1,516,524 thousand)[19](index=19&type=chunk) - Sales revenue is typically higher in winter due to increased heating gas consumption, but management does not consider the Group's business to be "highly seasonal"[20](index=20&type=chunk) [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Total Group revenue for H1 2025 was RMB 1,461.5 million, a decrease from the prior year, with sales of goods remaining the primary source, dominated by piped natural gas and LNG, while entrusted agency and labor services revenue grew significantly | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of goods | 1,343,817 | 1,434,300 | | Provision of construction services | 51,934 | 49,303 | | Provision of installation and management services | 20,302 | 23,463 | | Provision of gas transportation services | 4,776 | 1,016 | | Provision of entrusted agency services | 27,889 | 1,115 | | Provision of labor services | 6,129 | – | | Total (net of government surcharges) | 1,461,481 | 1,516,524 | - Sales of piped natural gas and LNG are the primary sources of goods sales revenue, amounting to **RMB 817,850 thousand** and **RMB 418,763 thousand**, respectively[21](index=21&type=chunk) - Revenue from provision of entrusted agency services significantly increased from **RMB 1,115 thousand** to **RMB 27,889 thousand**, and provision of labor services revenue increased from zero to **RMB 6,129 thousand**[21](index=21&type=chunk) [Composition of Profit Before Tax](index=9&type=section&id=%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4%E6%A7%8B%E6%88%90) Profit before tax is influenced by cost of goods sold, cost of services, depreciation, and net impairment of financial and contract assets, with trade receivables impairment shifting from loss to gain in H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 1,286,230 | 1,348,174 | | Cost of services provided | 57,181 | 44,017 | | Depreciation of property, plant and equipment | 34,162 | 36,554 | | Depreciation of right-of-use assets | 7,690 | 6,508 | | Impairment of trade receivables | (12,546) (gain) | 15,227 (loss) | [Income Tax](index=9&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense significantly increased to RMB 20.3 million in H1 2025, primarily due to deferred tax shifting from a gain to an expense, with a 25% corporate income tax rate in Mainland China and preferential rates for small-profit enterprises | Tax Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC income tax for the period | 6,965 | 15,500 | | Deferred tax | 13,326 | (2,446) | | Total tax expense for the period | 20,291 | 13,054 | - The statutory corporate income tax rate in Mainland China is **25%**, with eligible small-profit enterprises enjoying a preferential rate of **20%**[24](index=24&type=chunk) [Dividends](index=10&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of RMB 0.15 per share (pre-tax) for H1 2025, a decrease from RMB 0.20 per share in the prior year | Dividend Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Proposed interim dividend | 20,677 | 27,569 | | Interim dividend per ordinary share (pre-tax) | RMB 0.15 | RMB 0.20 | [Earnings Per Share](index=10&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for H1 2025 was RMB 0.55, lower than RMB 0.65 in the prior year, primarily due to a decrease in profit attributable to owners of the parent | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent (RMB thousand) | 75,284 | 89,146 | | Weighted average number of ordinary shares in issue during the period (shares) | 137,844,500 | 137,844,500 | | Basic and diluted EPS (RMB) | 0.55 | 0.65 | [Property, Plant and Equipment](index=11&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The carrying amount of property, plant and equipment increased to RMB 775.2 million as of June 30, 2025, mainly due to additions of RMB 143.7 million during the period | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount at beginning of period | 670,467 | 652,926 | | Additions | 143,745 | 135,043 | | Depreciation expense | (34,162) | (72,391) | | Carrying amount at end of period | 775,216 | 670,467 | [Trade and Bills Receivables](index=11&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Total trade and bills receivables (net of impairment) decreased significantly to RMB 198.4 million as of June 30, 2025, from year-end 2024, primarily due to a reduction in trade receivables | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 215,716 | 391,944 | | Bills receivables | 5,535 | 2,673 | | Impairment | (22,878) | (35,424) | | Total | 198,373 | 359,193 | - The largest portion of trade and bills receivables, **RMB 171,132 thousand**, is due within one year[32](index=32&type=chunk) [Trade and Bills Payables](index=12&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) Total trade and bills payables decreased to RMB 644.0 million as of June 30, 2025, from year-end 2024 | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 314,416 | 374,528 | | Bills payables | 329,620 | 354,847 | | Total | 644,036 | 729,375 | - The vast majority of trade and bills payables, **RMB 642,167 thousand**, are due within one year[33](index=33&type=chunk) [Interest-bearing Bank Borrowings](index=13&type=section&id=%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) Total interest-bearing bank borrowings increased to RMB 603.7 million as of June 30, 2025, with a significant rise in non-current borrowings, reflecting growth in long-term financing | Borrowing Type | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current portion total | 27,290 | 212,440 | | Non-current portion total | 576,390 | 140,460 | | Total | 603,680 | 352,900 | - Non-current bank borrowings significantly increased, with borrowings repayable over five years rising from zero to **RMB 423,440 thousand**, indicating a change in borrowing term structure[35](index=35&type=chunk) - A supplementary loan agreement signed in April 2025 adjusted the interest rate for some borrowings from LPR+0.05% to **LPR**[34](index=34&type=chunk) [Share Capital](index=14&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's ordinary share capital remained unchanged at 137,844,500 shares with a par value of RMB 137,845 thousand | Item | Number of Shares | Par Value (RMB thousand) | | :--- | :--- | :--- | | Ordinary shares as of June 30, 2025 | 137,844,500 | 137,845 | [Capital Commitments](index=14&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, contracted but unprovided capital commitments for property, plant and equipment were RMB 2,302 thousand, largely consistent with year-end 2024 | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted but not provided for: property, plant and equipment | 2,302 | 2,235 | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Industry Overview](index=15&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%80) China's economy grew 5.3% in H1 2025, but natural gas consumption declined 0.9% due to rising international prices, warmer weather, and real estate adjustments, while new energy policies aim for industry standardization and sustainability - In H1 2025, China's GDP grew by **5.3%** year-on-year, but apparent natural gas consumption decreased by **0.9%**, mainly due to rising international gas prices, warmer weather, real estate market adjustments, and improved industrial energy efficiency[37](index=37&type=chunk) - The "Energy Law of the People's Republic of China," effective January 1, 2025, requires gas enterprises to ensure safe supply, disclose information, participate in technological innovation, and implement energy storage and emergency requirements[38](index=38&type=chunk) - The National Development and Reform Commission issued several policy drafts, including requirements for urban gas operators to establish gas storage capacity of no less than **5%** of annual consumption, promote independent operation of oil and gas pipeline facilities, and improve provincial natural gas pipeline transportation pricing mechanisms to form a "national network"[38](index=38&type=chunk) [Performance Review](index=16&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) As Jiaxing's largest urban gas operator, Jiaxing Gas Group saw total gas sales volume decrease by 3.45% in H1 2025 due to major customer capacity adjustments, though new industrial and commercial user development remained robust, while joint venture Hangjiaxin's gross profit was impacted by international LNG price fluctuations - As of the end of the period, the Group provided gas supply services to approximately **502,000 residential users** and **2,623 industrial and commercial users**[39](index=39&type=chunk) - Total gas sales volume for the period was **392 million cubic meters**, a **3.45% decrease** compared to H1 2024, primarily due to reduced gas demand from major customer capacity adjustments[39](index=39&type=chunk) - Joint venture Hangjiaxin's gross profit could not be maintained at a similar level to H1 2024 due to fluctuations in international LNG sales prices, preventing it from benefiting from lower procurement prices as before[40](index=40&type=chunk) [Development Strategy and Outlook](index=16&type=section&id=%E7%99%BC%E5%B1%95%E7%AD%96%E7%95%A5%E8%88%87%E5%B1%95%E6%9C%9B) Facing a complex economic environment, the Group will actively adapt to the market, strengthen reform and innovation, optimize resource allocation, analyze market demand and prices, and promote natural gas's green and low-carbon transition in industrial and transportation sectors for sustainable development - The Group will actively adapt to the market environment, strengthen reform and innovation, optimize resource allocation, assess market demand and prices, and the balance between resources and market, to coordinate and match overall resources effectively[41](index=41&type=chunk) - Guided by energy structure adjustment goals, the Group will actively promote the green and low-carbon transition of natural gas in industrial sectors and its efficient utilization in transportation, focusing on growth areas to achieve sustainable development[41](index=41&type=chunk) [Financial Overview](index=17&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A7%80) This section details the reasons for changes in the Group's key financial indicators for H1 2025, including revenue, gross profit, other income and gains, finance costs, income tax expense, and the decrease in profit attributable to owners of the parent [Revenue](index=17&type=section&id=%E6%94%B6%E5%85%A5) H1 2025 revenue was RMB 1,461.5 million, a 3.63% year-on-year decrease, mainly due to reduced gas demand from major customer capacity adjustments and a slight decline in natural gas sales unit price - Revenue decreased by **3.63%** to **RMB 1,461.5 million**, primarily due to reduced gas demand from major customer capacity adjustments and a slight decrease in the natural gas sales unit price[42](index=42&type=chunk) [Gross Profit](index=17&type=section&id=%E6%AF%9B%E5%88%A9) H1 2025 gross profit was RMB 118.1 million, a 4.99% year-on-year decrease, mainly affected by lower natural gas sales volume and unit price - Gross profit decreased by **4.99%** to **RMB 118.1 million**, mainly because both natural gas sales volume and unit price were slightly lower than in H1 2024[43](index=43&type=chunk) [Other Income and Gains](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) H1 2025 other income and gains increased by 38.82% to RMB 11.8 million, primarily due to increased subsidies for renovation of old residential gas facilities and gas pipeline network upgrades - Other income and gains increased by **38.82%** to **RMB 11.8 million**, mainly due to an increase of **RMB 3.5 million** in subsidies for renovation of old residential gas facilities and gas pipeline network and equipment upgrades[44](index=44&type=chunk) [Finance Costs](index=17&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) H1 2025 finance costs increased by 20.31% to RMB 7.7 million, primarily due to increased interest expense on borrowings - Finance costs increased by **20.31%** to **RMB 7.7 million**, primarily due to increased interest expense on borrowings[45](index=45&type=chunk) [Income Tax Expense](index=17&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) H1 2025 income tax expense increased to RMB 20.3 million, with an effective tax rate of 23.79% - Income tax expense increased to **RMB 20.3 million**, with an effective tax rate of **23.79%**[46](index=46&type=chunk) [Profit Attributable to Owners of the Parent](index=17&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E5%88%A9%E6%BD%A4) H1 2025 profit attributable to owners of the parent was RMB 75.3 million, a 15.49% year-on-year decrease, mainly due to a significant 65.15% drop in profit from associates and joint ventures, particularly Hangjiaxin's gross profit affected by international natural gas price fluctuations - Profit attributable to owners of the parent decreased by **15.49%** to **RMB 75.3 million**, mainly due to a **RMB 31.6 million decrease** (**65.15% decline**) in profit from associates and joint ventures[47](index=47&type=chunk) - The decrease in profit from associates and joint ventures is primarily attributed to the improved supply-demand situation for international natural gas, leading to a downward shift in price fluctuation range, which prevented Hangjiaxin from benefiting from lower procurement prices as in the prior year[47](index=47&type=chunk) [Liquidity, Financial Position and Capital Structure](index=18&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group's current assets were RMB 1,038.5 million, with cash and bank balances at RMB 404.8 million. The current ratio improved to 1.22, and the gearing ratio was 60.76%. The capital gearing ratio significantly increased to 21.10% due to higher utilized bank borrowings | Indicator | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Current Assets (RMB million) | 1,038.5 | 1,102.0 | | Cash and Bank Balances (RMB million) | 404.8 | 297.4 | | Current Ratio | 1.22 | 0.92 | | Gearing Ratio | 60.76% | 60.27% | | Utilized Bank Loans (RMB million) | 603.7 | 352.9 | | Capital Gearing Ratio | 21.10% | 9.92% | - Utilized bank loans amounted to **RMB 603.7 million**, bearing interest at annual rates of **2.88%-3.62%**, of which **RMB 576.4 million** were non-current borrowings[49](index=49&type=chunk) - As of June 30, 2025, the unused bank credit facilities amounted to **RMB 949.9 million**[49](index=49&type=chunk) [Exchange Rate Fluctuation Risk](index=18&type=section&id=%E5%BD%99%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The Group's primary business is RMB-denominated, with foreign exchange risk mainly arising from joint venture Hangjiaxin's USD-denominated LNG transactions, which mitigates risk through resale of long-term purchase contracts - The Group's foreign exchange risk primarily stems from joint venture Hangjiaxin's USD-denominated buying and selling of LNG, where exchange rate fluctuations impact its profit[51](index=51&type=chunk) - Hangjiaxin mitigates adverse impacts from international energy price fluctuations and exchange rate changes by reselling a certain proportion of its purchases under long-term purchase and sales contracts[51](index=51&type=chunk) [Contingent Liabilities, Financial Guarantee Liabilities and Pledges of Assets](index=18&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E3%80%81%E8%B2%A1%E5%8B%99%E6%93%94%E4%BF%9D%E8%B2%AC%E4%BB%BB%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had no significant contingent liabilities, financial guarantee liabilities, or pledges of assets, with prior bank loan guarantees for joint venture Hangjiaxin terminated in June 2023 - As of June 30, 2025, the Group had no significant contingent liabilities[53](index=53&type=chunk) - As of June 30, 2025, the Group had no financial guarantee liabilities (December 31, 2024: nil)[54](index=54&type=chunk) - Previous bank loan guarantees provided for joint venture Hangjiaxin were terminated in **June 2023**, now secured by Hangjiaxin's own property, plant and equipment[52](index=52&type=chunk) [Material Acquisitions and Disposals](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) In January 2025, the Group, through its wholly-owned subsidiary Jiaran Construction, acquired a 13.5% equity interest in Xingzhou Jiayuan for RMB 89.0 million, which, combined with a 2024 acquisition, constitutes a discloseable transaction - On January 17, 2025, Jiaran Construction acquired a **13.5% equity interest** in Yancheng Xingzhou Jiayuan Real Estate Development Co., Ltd. for **RMB 89.0 million**[56](index=56&type=chunk) - The 2025 acquisition, combined with the 2024 acquisition (6.5% equity interest), constitutes a discloseable transaction, as the aggregate percentage ratio exceeds **5%** but is below **25%**[56](index=56&type=chunk) [Human Resources and Staff Remuneration](index=19&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group had 397 employees, with total staff costs of approximately RMB 30.1 million, and is committed to enhancing employee professionalism and quality through training and competitive compensation | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 397 employees | 399 employees | | Total Staff Costs (RMB million) | 30.1 | 34.4 | - The Group enhances employee professionalism and overall quality through targeted training courses and industry information dissemination, while offering competitive remuneration packages[57](index=57&type=chunk) [Events After the Reporting Period](index=19&type=section&id=%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred from the end of the reporting period up to the date of this announcement - No significant events have occurred from the end of the period up to the date of this announcement[58](index=58&type=chunk) [Corporate Governance and Other Information](index=19&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Material Litigation](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F) During the reporting period and up to the date of the announcement, the Company was not involved in any material litigation or arbitration - During the period, the Company was not involved in any material litigation or arbitration[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[60](index=60&type=chunk) [Compliance with Corporate Governance Code](index=20&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87%E5%90%88%E8%A6%8F%E6%83%85%E6%B3%81) The Company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all provisions during the period, except for C.2.1 (Chairman and CEO roles not separated) and F.1.1 (no formal dividend policy), with the Board deeming the current structure and policies appropriate - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all code provisions during the period, except for provisions C.2.1 and F.1.1[61](index=61&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Sun Lianqing, which the Board believes does not disrupt the balance of power and enables quick and efficient decision-making[62](index=62&type=chunk) - The Company has not adopted a formal dividend policy, as the Board believes it is not appropriate at this stage, and will review it periodically for consideration at an opportune time[63](index=63&type=chunk) [Standard Code for Securities Transactions](index=21&type=section&id=%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted a code of conduct for securities transactions by directors and supervisors, no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors and supervisors confirmed compliance during the period - The Company has adopted a code of conduct for directors and supervisors dealing in the Company's securities, with terms no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[65](index=65&type=chunk) - Following enquiry, all directors and supervisors confirmed compliance with the code of conduct throughout the period[65](index=65&type=chunk) [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board approved an H1 2025 interim dividend of RMB 0.15 per share (pre-tax), totaling approximately RMB 20.7 million, payable around October 10, 2025, with H-share dividends paid in HKD and subject to corporate or individual income tax withholding - The Board has approved the declaration of an interim dividend of **RMB 0.15 per share** (pre-tax) for H1 2025, totaling approximately **RMB 20,676,675**, expected to be paid on **October 10, 2025**[66](index=66&type=chunk) - Dividends for H-share shareholders will be paid in HKD, with an exchange rate of HKD to RMB 1:0.912136, equivalent to **HKD 0.1644 per share** (pre-tax)[67](index=67&type=chunk) - The Company will withhold and pay **10%** corporate income tax for non-resident enterprise H-share shareholders and **10% or 20%** individual income tax for individual H-share shareholders based on tax treaties[68](index=68&type=chunk)[69](index=69&type=chunk) [Closure of Register of Members](index=22&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) To determine H-share shareholders' entitlement to the 2025 interim dividend, the H-share register of members will be closed from September 19 to September 24, 2025 (both dates inclusive) | Event | Date and Time | | :--- | :--- | | Latest time for lodging transfer documents for registration | September 18, 2025 (Thursday) 4:30 p.m. | | Closure of H Share Register of Members (both dates inclusive) | September 19, 2025 (Friday) to September 24, 2025 (Wednesday) | | Record Date | September 24, 2025 (Wednesday) | [Audit Committee and Review of Interim Financial Statements](index=23&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%AF%A9%E9%96%B1) The Audit Committee reviewed the Group's accounting principles, policies, and unaudited interim results for the period, finding them prepared in compliance with applicable accounting standards and regulations, with no objections - The Audit Committee has reviewed the accounting principles and policies adopted by the Group and the unaudited interim results for the period, deeming them prepared in compliance with applicable accounting standards and regulations, with sufficient disclosure, and no objections to the accounting treatments adopted[73](index=73&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=23&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the Company's and HKEX websites, and the interim report will be dispatched to shareholders in due course - This announcement has been published on the Company's website (http://www.jxrqgs.com) and the HKEX website (http://www.hkexnews.hk)[74](index=74&type=chunk) - The Company's interim report for the period will be dispatched to shareholders in due course in accordance with the Listing Rules[74](index=74&type=chunk)

截至2025年6月30日止六個月的 中期業績 威華達控股有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司（統 稱「本集團」）截至2025年6月30日止六個月（「報告期間」）的未經審核簡明綜合中期 業績如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 威華達控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：622） 簡明綜合損益及其他全面收益表 截至2025年6月30日止六個月 截至6月30日止六個月 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收益 | | | | | 顧問、佣金收入及其他費用收入 | | 356 | 189 | | 出售按公平值列賬及列入損益表 | | | | | （「按公平值列賬及列入損益表」）之 | | | | | 金融資產的收益（虧損）淨額 | | ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Financial Results Summary](index=1&type=section&id=Financial%20Results%20Summary) Uju Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, showing significant growth in both revenue and net profit, with improved operational efficiency and financial stability | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 5,018.3 | 3,867.1 | 29.8% | | Gross Profit | 153.1 | 150.8 | 1.5% | | Profit before income tax | 84.7 | 51.9 | 63.2% | | Profit for the period attributable to owners of the Company | 66.3 | 43.4 | 52.8% | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview and Strategy](index=2&type=section&id=Business%20Overview%20and%20Strategy) The Group actively responds to the disruptive changes brought by AI technology to the marketing industry, accelerating upgrades through digitalization and intelligent solutions, focusing on advertising placement and content creation to enhance customer service delivery, while setting a "RMB 10 billion self-operation" strategic goal and implementing a "talent density a step ahead" organizational strategy - AI technology is fundamentally transforming the digital marketing industry across thinking, collaboration, business flows, and asset monetization, creating significant opportunities for the Group[5](index=5&type=chunk) - In the first half of 2025, the Group's total advertising business billings were approximately **RMB 7.9 billion**, with direct advertiser business accounting for **62.8%**[5](index=5&type=chunk) - Live e-commerce business successfully launched in South American and European markets, with a Gross Merchandise Volume (GMV) of **RMB 512.8 million** (RMB 539.2 million in the same period of 2024)[5](index=5&type=chunk) - The intelligent advertising platform U-Engine completed its upgrade, integrating mainstream media platform algorithms, increasing client budget utilization by **12 percentage points**, connected to **7 mainstream media ecosystems**, serving **8 major vertical industries**, and cumulatively managing advertising budgets exceeding **RMB 50 billion**[6](index=6&type=chunk) - The intelligent content creation platform U-Crane integrates **12 core AI technologies**, combining algorithms like Stable Diffusion and LLM, supporting multi-modal content creation, improving content production efficiency by **8 times** compared to traditional methods, and reducing the average cost per video by **75%**[7](index=7&type=chunk) - Organizational collaboration model actively adjusted, implementing "business-technology integration," with technology teams empowering various functions to achieve comprehensive penetration of business, information, and capital flows, enhancing customer response agility[8](index=8&type=chunk) - "RMB 10 billion self-operation" is a key strategic goal, focusing on core value clients, industries, and regional markets to increase market share[9](index=9&type=chunk) - The organizational strategy adheres to the "talent density a step ahead" principle, dividing teams into basic operators and strategic innovators, and implementing a "three empowerment, three pursuit" incentive system[9](index=9&type=chunk) [Revenue Analysis](index=4&type=section&id=Revenue%20Analysis) The Group's total revenue increased by 29.8% year-on-year, primarily driven by online marketing solutions, which grew by 30.3% and accounted for 99.4% of total revenue; live e-commerce revenue decreased due to proactive restructuring, with e-commerce remaining the largest client group, though internet services client share rose Revenue by Source | Revenue Source | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Online Marketing Solutions Business | 4,989,591 | 99.4% | 3,828,615 | 99.0% | | Live E-commerce Business | 27,938 | 0.5% | 36,965 | 0.9% | | Others | 765 | 0.1% | 1,558 | 0.1% | | **Total** | **5,018,294** | **100.0%** | **3,867,138** | **100.0%** | - Revenue from online marketing solutions business increased by **30.3%**, primarily due to enhanced operational and creative teams, expansion of the internet advertising market, and successful acquisition of new clients[12](index=12&type=chunk) - Revenue from live e-commerce business decreased by **24.4%**, mainly due to proactive restructuring in response to market changes and reallocation of resources to core businesses[12](index=12&type=chunk) Online Marketing Solutions Business Revenue by Advertiser Client Type | Client Type | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Advertisers | 4,938,466 | 99.0% | 3,806,587 | 99.4% | | Advertising Agencies | 51,125 | 1.0% | 22,028 | 0.6% | | **Total** | **4,989,591** | **100.0%** | **3,828,615** | **100.0%** | Online Marketing Solutions Business Revenue by Industry | Industry | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 2,228,689 | 45.2% | 2,082,802 | 54.8% | | Internet Services | 968,475 | 19.6% | 548,834 | 14.4% | | Financial Services | 747,946 | 15.1% | 443,042 | 11.6% | | Gaming | 668,494 | 13.5% | 485,288 | 12.7% | | Leisure Travel | 145,565 | 2.9% | 114,166 | 3.0% | | Education | 57,740 | 1.2% | 75,961 | 2.0% | | Real Estate and Home Decoration | 24,704 | 0.5% | 6,398 | 0.2% | | Others | 96,853 | 2.0% | 50,096 | 1.3% | | **Total** | **4,938,466** | **100.0%** | **3,806,587** | **100.0%** | - The e-commerce industry remains the largest advertiser client group, but its proportion has decreased; the internet services client group's proportion has increased[17](index=17&type=chunk) [Cost of Services and Gross Profit](index=7&type=section&id=Cost%20of%20Services%20and%20Gross%20Profit) Cost of services primarily consists of traffic acquisition and monitoring costs and employee benefit expenses, with traffic acquisition costs being the largest component; gross profit slightly increased year-on-year, but gross margin decreased as revenue growth was slightly lower than the increase in cost of services Cost of Services Breakdown | Cost Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 51,286 | 41,209 | | Outsourcing Short Video Production, Advertising and Live Streamer Costs | 7,891 | 8,779 | | Cost of Inventories Sold | 5,610 | 8,463 | | Depreciation and Amortization Expenses | 2,992 | 3,173 | | Taxes and Surcharges | 13,020 | 5,439 | | Others | 6,650 | 3,417 | | **Total** | **4,865,225** | **3,716,318** | - Traffic acquisition and monitoring costs accounted for approximately **98.2%** of total cost of services (2024: 98.1%)[19](index=19&type=chunk) - Employee benefit expenses increased, attributable to business growth[19](index=19&type=chunk) Gross Profit and Gross Margin | Metric | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Gross Profit | 153.1 | 150.8 | | Gross Margin | 3.1% | 3.9% | - Gross margin decreased primarily because the proportion of revenue increase was slightly lower than the proportion of cost of services increase[20](index=20&type=chunk) [Operating Expenses](index=8&type=section&id=Operating%20Expenses) Selling expenses, general and administrative expenses both decreased, mainly due to reduced domestic self-operated e-commerce live streaming expenses, employee benefit expenses, and professional consulting service fees, while research and development expenses increased due to higher software service fees - Selling expenses decreased by **25.4%**, from **RMB 16.1 million** to **RMB 12.0 million**, primarily due to reduced live streaming expenses for domestic self-operated e-commerce business[21](index=21&type=chunk) - General and administrative expenses decreased by **13.1%**, from **RMB 41.9 million** to **RMB 36.4 million**, mainly due to reduced employee benefit expenses and professional and consulting service fees[22](index=22&type=chunk) - Research and development expenses increased by **20.5%**, from **RMB 4.4 million** to **RMB 5.3 million**, primarily due to increased software service fees for R&D activities[23](index=23&type=chunk) [Other Income and Expenses](index=8&type=section&id=Other%20Income%20and%20Expenses) Net impairment loss on financial assets significantly decreased, reflecting effective credit risk control; other income substantially grew due to increased government grants; net other gains turned from loss to gain, primarily benefiting from increased exchange gains and reduced onerous contract provisions, partially offset by litigation loss provisions; net finance costs turned from income to cost, mainly due to increased interest expenses - Net impairment loss on financial assets decreased by **62.5%**, from **RMB 30.9 million** to **RMB 11.6 million**, primarily due to effective credit risk control[24](index=24&type=chunk) - Other income increased by **500%**, from **RMB 0.2 million** to **RMB 1.2 million**, primarily due to increased government grants[25](index=25&type=chunk) - Net other gains/(losses) turned from a loss of **RMB 7.7 million** to a gain of **RMB 1.3 million**, mainly due to increased net exchange gains and reduced onerous contract provisions, partially offset by further provisions for litigation losses[26](index=26&type=chunk) - Net finance (costs)/income turned from an income of **RMB 1.9 million** to a cost of **RMB 5.7 million**, primarily due to increased interest expenses or other finance costs and a slight decrease in interest income[27](index=27&type=chunk) [Income Tax and Net Profit](index=9&type=section&id=Income%20Tax%20and%20Net%20Profit) Income tax expense significantly increased due to higher profit before income tax and an increased effective income tax rate; profit for the period attributable to owners of the Company substantially grew, and net profit margin also improved - Income tax expense increased by **127.7%**, from **RMB 8.7 million** to **RMB 19.9 million**, primarily due to increased profit before income tax and a higher effective income tax rate[28](index=28&type=chunk) - The effective income tax rate increased from **16.8%** to **23.5%**, mainly due to a decreased profit contribution from Hainan Uju, which enjoys a **15.0%** preferential tax rate[28](index=28&type=chunk) - Profit for the period attributable to owners of the Company increased by **52.8%**, from **RMB 43.4 million** to **RMB 66.3 million**[29](index=29&type=chunk) - Net profit margin improved from **1.1%** to **1.3%**[29](index=29&type=chunk) [Liquidity and Capital Resources](index=10&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's business operations and expansion plans require substantial funding, primarily financed by cash and cash equivalents on hand; bank and other borrowings increased, the gearing ratio slightly rose, and cash and cash equivalents decreased - Business operations and expansion plans require substantial capital for user traffic acquisition, content production enhancement, big data analytics and operational capability improvement, U-Engine platform upgrades, and other working capital needs[30](index=30&type=chunk) - Bank and other borrowings were approximately **RMB 289.0 million** (December 31, 2024: RMB 248.2 million), with effective annual interest rates ranging from **1.3% to 4.7%**[30](index=30&type=chunk) - Gearing ratio increased from **0.18 times** to **0.2 times**[30](index=30&type=chunk) Cash and Cash Equivalents | Currency | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | RMB | 522.7 | 622.8 | | USD | 194.1 | 152.0 | | HKD | 2.7 | 7.2 | | GBP | 0.1 | — | | **Total** | **719.6** | **782.0** | - Cash and cash equivalents decreased, primarily due to net cash outflow from ordinary operating activities[30](index=30&type=chunk) [Financial Ratios](index=11&type=section&id=Financial%20Ratios) The Group's profitability ratios (net profit margin, return on equity, return on assets) all improved, but gross margin slightly decreased; the current ratio remained stable, and the gearing ratio slightly increased Key Financial Ratios | Ratio Type | Metric | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | :--- | | Profitability Ratios | Gross Margin | 3.1 | 3.9 | | | Net Profit Margin | 1.3 | 1.1 | | | Return on Equity | 8.7 | 6.2 | | | Return on Assets | 2.6 | 2.2 | | Liquidity Ratios | Current Ratio | 1.4 | 1.4 | | Capital Adequacy Ratios | Gearing Ratio | 0.20 | 0.18 | [Interim Condensed Consolidated Financial Statements](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's statement of profit or loss for the six months ended June 30, 2025, shows significant growth in both revenue and profit for the period, but a decrease in gross margin; other comprehensive income was affected by exchange differences and fair value changes of equity investments Key Profit or Loss Data | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 5,018,294 | 3,867,138 | | Gross Profit | 153,069 | 150,820 | | Operating Profit | 90,346 | 50,023 | | Profit before income tax | 84,696 | 51,891 | | Profit for the period | 64,797 | 43,153 | | Profit for the period attributable to owners of the Company | 66,265 | 43,414 | | Basic Earnings Per Share (RMB) | 0.11 | 0.07 | - Exchange differences on translation of overseas operations resulted in a gain of **RMB 8,194 thousand** (2024: loss of RMB 4,052 thousand)[34](index=34&type=chunk) - Fair value changes of equity investments at fair value through other comprehensive income resulted in a loss of **RMB 3,565 thousand** (2024: nil)[34](index=34&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=14&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and current assets both increased, primarily driven by higher trade receivables; total liabilities and current liabilities also increased accordingly, while total equity maintained steady growth Key Statement of Financial Position Data | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 67,927 | 69,559 | | Total Current Assets | 4,993,126 | 4,526,946 | | **Total Assets** | **5,061,053** | **4,596,505** | | Total Non-current Liabilities | 2,908 | 3,396 | | Total Current Liabilities | 3,565,667 | 3,136,547 | | **Total Liabilities** | **3,568,575** | **3,139,943** | | Total Equity | 1,492,478 | 1,456,562 | - Net trade receivables increased from **RMB 3,168,584 thousand** to **RMB 3,734,958 thousand**[35](index=35&type=chunk) - Trade payables increased from **RMB 2,095,504 thousand** to **RMB 2,485,989 thousand**[36](index=36&type=chunk) - Cash and cash equivalents decreased from **RMB 782,032 thousand** to **RMB 719,626 thousand**[35](index=35&type=chunk) [Notes to Interim Condensed Consolidated Financial Information](index=16&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) [General Information](index=16&type=section&id=General%20Information) Uju Holdings Limited was incorporated in the Cayman Islands on September 21, 2020, and listed on the Main Board of the Hong Kong Stock Exchange on November 8, 2021; the Group primarily provides one-stop cross-media online marketing solutions, including advertising distribution and live e-commerce services - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on **September 21, 2020**[37](index=37&type=chunk) - The Company completed its listing on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[38](index=38&type=chunk) - The Group primarily markets products and services for advertiser clients through media partners, providing advertising distribution services and live e-commerce services[38](index=38&type=chunk) [Basis of Preparation and Accounting Policies](index=16&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual consolidated financial statements; the Group has adopted certain new or revised standards, which are not expected to have a significant impact on the current or future periods, and unadopted standards are listed - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[39](index=39&type=chunk) - The accounting policies adopted are consistent with those applied in the previous financial year and the corresponding interim reporting period, except for the adoption of new or revised standards[39](index=39&type=chunk) - The Group first applied "Lack of Exchangeability — Amendments to IAS 21" for the financial year beginning on **January 1, 2025**, but it is irrelevant and has no significant impact on the Group[40](index=40&type=chunk) - Several new or revised standards not yet adopted are listed, including IFRS 18 "Presentation and Disclosure in Financial Statements," with other standards not expected to have a significant impact apart from this[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Estimates and Judgements](index=18&type=section&id=Estimates%20and%20Judgements) The preparation of interim financial information involves management's judgments, estimates, and assumptions, which are consistent with those applied in the 2024 annual consolidated financial statements - The significant judgments made by management in applying the Group's material accounting policies and the key sources of estimation uncertainty are the same as those applied in the Company's 2024 annual consolidated financial statements[44](index=44&type=chunk) [Segment Information](index=18&type=section&id=Segment%20Information) The Group primarily provides one-stop online marketing solutions in China, with the chief operating decision-maker focusing on overall operating results, thus the Group's business is operated and managed as a single reporting segment - The Group primarily engages in providing one-stop online marketing solutions, advertising distribution services, and live e-commerce marketing services to clients in China[45](index=45&type=chunk) - The chief operating decision-maker focuses on the Group's overall operating results, and therefore the Group's business is operated and managed as a single reporting segment[45](index=45&type=chunk) [Revenue from Customer Contracts](index=18&type=section&id=Revenue%20from%20Customer%20Contracts) The Group's revenue primarily derives from one-stop online marketing solutions, with revenue recognized at a point in time accounting for the largest proportion; credit risk is concentrated with a major client A, contributing approximately 44% of total revenue Revenue from Customer Contracts by Category | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | One-stop Online Marketing Solutions Services | 4,938,466 | 3,806,587 | | Advertising Distribution Services | 51,125 | 22,028 | | Live E-commerce Business | 27,938 | 36,965 | | Provision of Other Services | 765 | 1,558 | | **Total** | **5,018,294** | **3,867,138** | Revenue by Timing of Recognition | Timing of Recognition | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At a point in time | 4,339,926 | 3,341,482 | | Over time | 678,368 | 525,656 | | **Total** | **5,018,294** | **3,867,138** | - Credit risk is concentrated with a major client A, which contributed approximately **44%** and **51%** of the Group's total revenue for the six months ended June 30, 2025, and 2024, respectively[48](index=48&type=chunk) [Expenses by Nature](index=19&type=section&id=Expenses%20by%20Nature) The Group's total expenses are primarily composed of traffic acquisition and monitoring costs, with employee benefit expenses, taxes and surcharges, and outsourcing costs also being significant components Expenses by Nature Breakdown | Expense Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 90,701 | 82,671 | | Taxes and Surcharges | 13,020 | 5,439 | | Outsourcing Short Video Production, Advertising and Live Streamer Costs | 8,593 | 13,231 | | Professional and Consulting Service Fees | 6,145 | 10,020 | | Cost of Inventories Sold and Consumed | 5,610 | 8,463 | | Depreciation and Amortization Expenses | 5,204 | 5,368 | | Transportation Costs | 3,825 | 1,610 | | Office Expenses | 3,676 | 2,042 | | Travel and Entertainment Expenses | 2,723 | 2,772 | | Others | 1,673 | 1,235 | | **Total** | **4,918,946** | **3,778,689** | [Net Impairment Loss on Financial Assets](index=20&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) Net impairment loss on financial assets primarily arose from provisions for trade and other receivables, significantly decreasing in the current period Impairment Loss Provision Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 11,462 | 26,769 | | Other Receivables | 94 | 4,143 | | **Total** | **11,556** | **30,912** | [Other Income](index=20&type=section&id=Other%20Income) Other income for the period primarily consisted of government grants and achieved substantial growth Other Income Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 1,068 | 63 | | Others | 141 | 96 | | **Total** | **1,209** | **159** | [Net Other Gains/(Losses)](index=20&type=section&id=Net%20Other%20Gains%2F%28Losses%29) Net other gains for the period turned from a loss to a gain, primarily influenced by positive foreign exchange gains and gains from disposal of equity investments, though litigation loss provisions increased Net Other Gains/(Losses) Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Provision for litigation losses | (3,652) | — | | Net foreign exchange gains/(losses) | 2,632 | (216) | | Net gain on disposal of equity investments | 1,867 | — | | Reversal of/(provision for) impairment and loss on goods obtained in physical settlement arrangements | 484 | (2,729) | | Provision for an onerous contract | — | (5,705) | | Others | 14 | 977 | | **Total** | **1,345** | **(7,673)** | - A further provision of **RMB 3,652 thousand** has been recognized for legal claims from a financial supplier based on the latest litigation developments[51](index=51&type=chunk) - The prior period's onerous contract provision related to a one-year contract with a third party, with the associated loss caused by several unexpected one-off events[52](index=52&type=chunk) [Income Tax Expense](index=21&type=section&id=Income%20Tax%20Expense) Income tax expense primarily comprises current income tax expense and deferred income tax credit, with a significant increase in the current period, mainly influenced by China's corporate income tax rate and Hainan Uju's preferential tax rate Income Tax Expense Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax expense | 21,444 | 14,756 | | Deferred income tax credit | (1,545) | (6,018) | | **Income Tax Expense** | **19,899** | **8,738** | - The Company is not subject to income tax in the Cayman Islands, and no Hong Kong profits tax provision was made due to no assessable profits in Hong Kong[54](index=54&type=chunk)[55](index=55&type=chunk) - China's corporate income tax rate is **25%**, Hainan Uju Technology Co., Ltd. enjoys a **15.0%** preferential corporate income tax rate, and certain small low-profit enterprises enjoy a **20%** tax rate[56](index=56&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Company declared a final dividend for the year ended December 31, 2024, but no interim dividend was declared for the six months ended June 30, 2025 - The Company declared a final dividend of **HKD 4 cents** per ordinary share for the year ended December 31, 2024, totaling approximately **HKD 24,000,000** (approximately **RMB 22,225,000**)[58](index=58&type=chunk) - No interim dividends were declared for the six months ended June 30, 2025, and 2024[59](index=59&type=chunk) [Earnings Per Share](index=22&type=section&id=Earnings%20Per%20Share) Increased profit for the period attributable to owners of the Company led to higher basic earnings per share; diluted earnings per share are the same as basic earnings per share due to no dilutive potential ordinary shares outstanding Earnings Per Share Calculation | Metric | 2025 (RMB thousand/thousand shares/RMB) | 2024 (RMB thousand/thousand shares/RMB) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 66,265 | 43,414 | | Weighted average number of ordinary shares in issue during the period | 590,919 | 590,919 | | **Basic Earnings Per Share** | **0.11** | **0.07** | - The diluted earnings per share presented are the same as the basic earnings per share because there were no dilutive potential ordinary shares outstanding as of June 30, 2025, and 2024[62](index=62&type=chunk) [Trade and Other Receivables](index=23&type=section&id=Trade%20and%20Other%20Receivables) Total trade receivables increased, including certain transferred trade receivables subject to factoring arrangements; the aging analysis of trade receivables shows that most are within 90 days Trade Receivables Breakdown | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 3,862,012 | 3,284,262 | | Less: Provision for credit losses | (127,054) | (115,678) | | **Net Trade Receivables** | **3,734,958** | **3,168,584** | - The carrying amount of trade receivables includes certain transferred trade receivables subject to factoring arrangements, where the Group retains overdue payment and credit risk[63](index=63&type=chunk) Transferred Trade Receivables and Related Secured Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Transferred Trade Receivables | 58,854 | — | | Related Secured Borrowings | 50,026 | — | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 3,529,073 | 3,107,466 | | 91 to 180 days | 197,736 | 77,864 | | 181 to 270 days | 29,143 | 6,080 | | 271 days to 1 year | 18,469 | 3,934 | | Over 1 year | 87,591 | 88,918 | | **Total** | **3,862,012** | **3,284,262** | [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) Total trade payables increased, with most due within 6 months; the Group provided guarantees for certain payment obligations under cooperation agreements with media platforms Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 6 months | 2,478,151 | 2,087,566 | | 6 months to 1 year | 2,579 | 1,251 | | Over 1 year | 5,259 | 6,687 | | **Total** | **2,485,989** | **2,095,504** | - Third-party guarantee companies provided guarantees for certain payment obligations under cooperation agreements signed by Hainan Uju and Uju Beijing with media platforms, with guaranteed amounts of approximately **RMB 330,000,000** (December 31, 2024: RMB 390,000,000) respectively[66](index=66&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) [Treasury Policy and Foreign Exchange Risk](index=26&type=section&id=Treasury%20Policy%20and%20Foreign%20Exchange%20Risk) The Group adopts a prudent financial management approach, maintaining a robust liquidity position and mitigating credit risk through continuous credit assessments; foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in USD and is hedged through foreign exchange options - The Group strives to mitigate credit risk by continuously assessing and evaluating the financial standing of its clients[68](index=68&type=chunk) - Foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in USD and is hedged through foreign exchange options[69](index=69&type=chunk) [Capital Structure](index=26&type=section&id=Capital%20Structure) The capital structure has remained unchanged since the Company's shares were listed on the Main Board of the Hong Kong Stock Exchange on November 8, 2021 - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[70](index=70&type=chunk) - The Company's capital structure has remained unchanged since the listing date[70](index=70&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group had no material contingent liabilities, save as otherwise disclosed[71](index=71&type=chunk) [Charges on the Group's Assets](index=26&type=section&id=Charges%20on%20the%20Group%27s%20Assets) As of June 30, 2025, restricted cash balances were pledged as security for the Group's bank borrowings, factoring borrowings from financial institutions, and bills payable - As of June 30, 2025, restricted cash balances of approximately **RMB 116.9 million** (December 31, 2024: RMB 99.4 million) were pledged as security for the Group's bank borrowings, factoring borrowings from financial institutions, and bills payable[72](index=72&type=chunk) [Use of Net Proceeds from Global Offering](index=27&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The Group has utilized approximately HKD 628.6 million of net proceeds from the global offering, primarily for upgrading the U-Engine platform, expanding e-commerce opportunities, enhancing content creation capabilities, strengthening sales and marketing teams, expanding the media base, and exploring new businesses; the remaining approximately HKD 119.9 million will be used for strategic investments and acquisitions Use of Net Proceeds from Global Offering | Purpose | Approximate % of Total Net Proceeds | Net Proceeds from Global Offering (HKD million) | Net Proceeds Utilized as of June 30, 2025 (HKD million) | Remaining Net Proceeds as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Upgrading U-Engine platform | 2.3% | 17.0 | 17.0 | — | | Developing digital service platform for U-Engine | 2.0% | 14.8 | 14.8 | — | | Upgrading internal management system | 0.6% | 4.4 | 4.4 | — | | Expanding business opportunities for online short video platform e-commerce | 3.3% | 24.4 | 24.4 | — | | Enhancing content creation capabilities with AI technology | 6.6% | 49.6 | 49.6 | — | | Strengthening sales and marketing teams | 3.4% | 25.2 | 25.2 | — | | Expanding media base | 15.6% | 117.0 | 117.0 | — | | Exploring new businesses with new advertiser clients and online media platforms | 40.3% | 302.1 | 302.1 | — | | Seeking strategic investments and acquisitions | 16.0% | 119.9 | — | 119.9 | | Working capital and general corporate purposes | 9.9% | 74.1 | 74.1 | — | | **Total** | **100%** | **748.5** | **628.6** | **119.9** | - The remaining net proceeds of approximately **HKD 119.9 million** are deposited in licensed banks in Hong Kong or China, and are expected to be fully utilized by the end of the year ending **December 31, 2026**[73](index=73&type=chunk)[74](index=74&type=chunk) [Material Investments and Acquisitions/Disposals](index=28&type=section&id=Material%20Investments%20and%20Acquisitions%2FDisposals) As of June 30, 2025, the Group held no material equity investments in any other companies, had no future plans for material investments and capital assets, and no material acquisitions or disposals of subsidiaries, associates, and joint ventures occurred - As of **June 30, 2025**, the Group held no material equity investments in any other companies[75](index=75&type=chunk) - As of the date of this announcement, the Group had no plans for material investments and capital assets[76](index=76&type=chunk) - During the six months ended **June 30, 2025**, no material acquisitions or disposals of subsidiaries, associates, and joint ventures occurred within the Group[77](index=77&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, the Group had no material events after June 30, 2025 - As of the date of this announcement, the Group had no material events after **June 30, 2025**[78](index=78&type=chunk) [Interim Dividends](index=28&type=section&id=Interim%20Dividends) The Board did not declare any interim dividend for the six months ended June 30, 2025 - The Board did not declare any interim dividend for the six months ended **June 30, 2025**[79](index=79&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee headcount increased, with a corresponding rise in total employee costs; the Group highly values talent recruitment, training, and retention, offering competitive remuneration and implementing share option and share award schemes - As of **June 30, 2025**, the Group had **884 employees** (December 31, 2024: 645 employees)[80](index=80&type=chunk) - Total employee costs for the six months ended **June 30, 2025**, were approximately **RMB 90.7 million** (same period in 2024: approximately RMB 82.7 million)[80](index=80&type=chunk) - The Group implemented a share option scheme adopted on **October 8, 2021**, and a share award scheme on **May 22, 2023**, with no shares or share options granted under these schemes as of **June 30, 2025**[80](index=80&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Group is committed to maintaining high corporate governance standards and has complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules; directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers - For the six months ended **June 30, 2025**, the Company complied with the code provisions set out in Part 2 of the Corporate Governance Code in Appendix C1 to the Listing Rules of the Stock Exchange[81](index=81&type=chunk) - Each Director confirmed their full compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended **June 30, 2025**[83](index=83&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%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[84](index=84&type=chunk) - The trustee of the share award scheme also did not purchase any shares of the Company[84](index=84&type=chunk) [Audit Committee and Review of Financial Information](index=30&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Information) The Audit Committee reviewed the Group's adopted accounting principles and practices, unaudited interim financial information, and this interim results announcement, deeming them compliant with applicable accounting standards and Listing Rules; the interim condensed financial information was reviewed by the Company's auditor in accordance with ISRE 2410 - The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting principles and practices, the unaudited interim financial information, and this interim results announcement[85](index=85&type=chunk) - The Audit Committee believes that the preparation of the financial information complies with applicable accounting standards, the requirements of the Listing Rules, and any other applicable legal requirements, and that appropriate disclosures have been made[85](index=85&type=chunk) - The interim condensed financial information for the six months ended **June 30, 2025**, is unaudited but has been reviewed by the Company's auditor in accordance with International Standard on Review Engagements 2410[86](index=86&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be published on the aforementioned websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.ujumedia.com)[87](index=87&type=chunk) - The Company's interim report for the six months ended **June 30, 2025**, containing all information required by the Listing Rules, will be published on the aforementioned websites in due course[87](index=87&type=chunk)