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份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。 截 至2025年6月30日止六個月之中期業績公告 貴 州 銀 行 股 份 有 限 公 司（「本 行」）董 事 會（「董事會」）欣 然 公 佈 本 行 截 至 2025年6月30日 止 六 個 月 之 未 經 審 計 的 中 期 業 績（「中期業績」）。本 中 期 業 績 公 告 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》有 關 中 期 業 績 初 步 公 告 的 相 關 內 容 規 定。董 事 會 及 董 事 會 審 計 委 員 會 已 審 閱 及 確 認 中 期 業 績。 本中期業績公告刊載於香港聯合交易所有限公司網站(www.hkexnews.hk) 及本行網站(www.bgzchina.com)。截 至2025年6月30日止六個月之中期報告 將 適 時 提 供。 承董事會命 貴州銀行股份有限公司* ...

[Company Information and Report Overview](index=1&type=section&id=I.%20Company%20Information%20and%20Report%20Overview) CWT International Limited (Stock Code: 521) announced its unaudited interim results for the six months ended June 30, 2025, prepared under HKAS 34 and reviewed by the audit committee [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) CWT International Limited (Stock Code: 521), a Hong Kong-listed company, released its unaudited interim results for the six months ended June 30, 2025, with Hong Kong HNA Industrial Group Co. Limited as its direct parent company - CWT International Limited (Stock Code: **521**) announced its unaudited consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The company is a listed company incorporated in Hong Kong, with Hong Kong HNA Industrial Group Co. Limited as its direct parent company[10](index=10&type=chunk) [Basis of Preparation and Accounting Policies](index=7&type=section&id=1.2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial report, prepared in accordance with HKAS 34 and Listing Rules, has been reviewed by the Board's audit committee and the company's auditor, with no significant impact from HKAS 21 amendments - This interim financial report is prepared in accordance with the applicable disclosure provisions of the Listing Rules of the Stock Exchange, including compliance with Hong Kong Accounting Standard 34, Interim Financial Reporting, issued by the HKICPA[11](index=11&type=chunk) - This interim financial report has been reviewed by the Board's audit committee and the company's auditor[2](index=2&type=chunk) - The Group has applied the amendments to Hong Kong Accounting Standard 21 issued by the HKICPA in this accounting period for this interim financial report, but these amendments have no significant impact on this interim financial report as the Group has not engaged in any foreign currency transactions where one currency is not exchangeable into another[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements provide a snapshot of the company's financial performance and position, including income, financial position, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue increased by **7.34%** to **HKD 21.765 billion**, and profit for the period surged by **120.15%** to **HKD 300 million**, driven by commodity trading and tax credits Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 June 30 (HKD Thousands) | 2024 June 30 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,764,921 | 20,275,771 | 7.34% | | Gross Profit | 997,915 | 860,145 | 16.02% | | Profit Before Tax | 327,237 | 201,988 | 62.99% | | Profit for the Period | 300,380 | 136,447 | 120.15% | | Total Comprehensive Income for the Period | 558,835 | 50,475 | 1007.05% | | Profit for the Period Attributable to Owners of the Company | 282,344 | 120,860 | 133.61% | | Basic Earnings Per Share (HK Cents) | 2.48 | 1.06 | 133.96% | - The increase in net profit was primarily attributable to the excellent performance of concentrate products (favorable premium differences and improved profit margins in the commodity trading segment) and tax credits recognized in the logistics services segment in the first half of 2025[42](index=42&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to **HKD 29.737 billion**, with net current assets rising to **HKD 2.471 billion**, and net assets growing by **11.02%** to **HKD 5.446 billion**, indicating improved financial structure Key Data from Condensed Consolidated Statement of Financial Position | Indicator | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 6,073,353 | 5,761,616 | 5.41% | | Current Assets | 23,663,354 | 21,870,424 | 8.20% | | **Total Assets** | **29,736,707** | **27,632,040** | **7.62%** | | Current Liabilities | 21,192,464 | 19,783,347 | 7.12% | | Net Current Assets | 2,470,890 | 2,087,077 | 18.37% | | Non-current Liabilities | 3,098,164 | 2,943,245 | 5.26% | | **Net Assets** | **5,446,079** | **4,905,448** | **11.02%** | | Equity Attributable to Owners of the Company | 5,315,534 | 4,780,950 | 11.18% | | Reserves | 584,054 | 49,470 | 1080.60% | - As of June 30, 2025, the Group's gearing ratio (net debt to total capital) was **17.4%** (December 31, 2024: 18.6%), indicating a decrease in financial leverage[57](index=57&type=chunk) [Notes to the Financial Statements](index=8&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) Detailed notes provide further insights into the company's financial performance, including revenue breakdown, segment information, and specific financial items [Revenue Analysis](index=8&type=section&id=3.1%20Revenue%20Analysis) The Group's revenue is primarily from commodity trading and related services, accounting for **84.9%** of total revenue, with China being the largest customer source contributing approximately **70%** Revenue by Major Product and Service Line | Product and Service Line | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Transportation Services | 1,737,043 | 1,748,962 | -0.68% | | Logistics Services | 739,489 | 761,617 | -2.89% | | Commodity Trading and Related Services | 18,484,406 | 17,000,820 | 8.72% | | Equipment and Facility Maintenance Services | 359,701 | 320,239 | 12.32% | | Brokerage Services | 354,171 | 317,825 | 11.43% | | Others | 54,978 | 78,200 | -29.69% | | Rental Income | 35,133 | 47,373 | -25.85% | | **Total Revenue** | **21,764,921** | **20,275,771** | **7.34%** | Revenue by Customer Location | Region | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | China | 15,264,222 | 13,897,982 | 9.83% | | Singapore | 1,175,007 | 1,477,156 | -20.46% | | South Korea | 576,631 | 577,026 | -0.07% | | Hong Kong SAR, China | 50,395 | 44,322 | 13.70% | | Other Asia Pacific Jurisdictions | 1,471,823 | 1,637,331 | -10.11% | | Europe | 2,605,813 | 2,442,830 | 6.67% | | North America | 129,748 | 100,891 | 28.60% | | African Continent | 268,467 | 86,972 | 208.68% | | South America | 222,815 | 11,261 | 1878.60% | | **Total Revenue** | **21,764,921** | **20,275,771** | **7.34%** | [Segment Information](index=9&type=section&id=3.2%20Segment%20Information) The Group's operating segments include logistics services, commodity trading, engineering services, and financial services, with commodity trading showing significant profit growth - The Group has reported the following reportable segments: logistics services, commodity trading, engineering services, and financial services[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Logistics Services](index=9&type=section&id=3.2.1%20Logistics%20Services) This segment encompasses warehousing, transportation, freight forwarding, cargo consolidation, and supply chain management services - The logistics services segment includes warehousing, transportation, freight forwarding and cargo consolidation, and supply chain management services[20](index=20&type=chunk) [Commodity Trading](index=9&type=section&id=3.2.2%20Commodity%20Trading) This segment involves physical trading and supply chain management of base metal non-ferrous concentrates, primarily copper, lead, zinc, and other minor metals - The commodity trading segment includes physical trading and supply chain management of base metal non-ferrous concentrates, primarily copper, lead, zinc, and other minor metals[21](index=21&type=chunk) [Engineering Services](index=9&type=section&id=3.2.3%20Engineering%20Services) This segment covers management and maintenance of facilities, vehicles, and equipment, supply and installation of engineering products, property management, and design and construction of logistics properties - The engineering services segment includes management and maintenance of facilities, vehicles and equipment, supply and installation of engineering products, property management, and design and construction of logistics properties[22](index=22&type=chunk) [Financial Services](index=10&type=section&id=3.2.4%20Financial%20Services) This segment focuses on providing financial brokerage and asset management services - The financial services segment includes providing financial brokerage services and asset management services[23](index=23&type=chunk) [Segment Revenue and Results](index=11&type=section&id=3.2.5%20Segment%20Revenue%20and%20Results) Commodity trading segment saw significant growth in both revenue and profit before tax, while logistics services experienced declines, and financial services revenue grew but profit decreased Reportable Segment Revenue and Profit Before Tax | Segment | 2025 Revenue (HKD Thousands) | 2024 Revenue (HKD Thousands) | Revenue YoY Change (%) | 2025 Profit Before Tax (HKD Thousands) | 2024 Profit Before Tax (HKD Thousands) | Profit YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Services | 2,565,348 | 2,634,843 | -2.64% | 103,031 | 107,329 | -4.00% | | Commodity Trading | 18,484,406 | 17,000,820 | 8.73% | 108,031 | 19,312 | 459.39% | | Engineering Services | 360,996 | 322,283 | 12.01% | 17,522 | 15,025 | 16.62% | | Financial Services | 354,171 | 317,825 | 11.43% | 115,378 | 121,399 | -4.96% | | **Total** | **21,764,921** | **20,275,771** | **7.34%** | **341,059** | **262,429** | **29.96%** | [Other Gains/(Losses) – Net](index=12&type=section&id=3.3%20Other%20Gains%2F(Losses)%20%E2%80%93%20Net) Net other gains for the period were **HKD 18.115 million**, a significant improvement from a loss of **HKD 52.690 million** in the prior year, primarily due to a positive shift in net exchange gains Other Gains/(Losses) – Net Breakdown | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Net (Loss)/Gain on Disposal of Property, Plant and Equipment | (266) | 1,974 | | Net Gain on Disposal of Subsidiaries, Associates and Joint Ventures | 1,823 | 12 | | Net Exchange Gains/(Losses) | 18,976 | (13,316) | | Reversal/(Recognition) of Impairment Loss on Trade and Other Receivables | 1,064 | (724) | | Net (Loss)/Gain on Financial Instruments at Fair Value Through Profit or Loss | (171) | 368 | | Others | (3,311) | (41,004) | | **Total** | **18,115** | **(52,690)** | [Finance Costs](index=13&type=section&id=3.4%20Finance%20Costs) Finance costs for the period were **HKD 296.942 million**, a slight decrease from the prior year, mainly due to reduced interest expenses on bank borrowings and other financing Finance Costs Composition | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings and Other Financing | 160,133 | 166,830 | | Interest Expense on Lease Liabilities | 45,274 | 47,769 | | Other Interest Expenses | 35,925 | 42,302 | | Other Finance Costs | 25,457 | 21,875 | | Bank Charges | 30,153 | 27,827 | | **Total Finance Costs** | **296,942** | **306,603** | [Composition of Profit Before Tax](index=13&type=section&id=3.5%20Composition%20of%20Profit%20Before%20Tax) Profit before tax is presented after deducting expenses such as staff costs, depreciation, and amortization, with staff costs and cost of inventories sold increasing Items Deducted From/(Credited To) Profit Before Tax | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Staff Costs | 769,372 | 726,374 | | Depreciation of Property, Plant and Equipment | 111,064 | 107,027 | | Depreciation of Right-of-Use Assets | 149,013 | 154,329 | | Amortization of Intangible Assets | 14,907 | 14,804 | | Cost of Inventories Sold | 16,998,247 | 15,910,719 | | Interest Income | (238,635) | (275,810) | [Income Tax Expense](index=14&type=section&id=3.6%20Income%20Tax%20Expense) Income tax expense for the period was **HKD 26.857 million**, a significant **59.02%** decrease from the prior year, primarily due to over-provision in prior years and deferred tax recognition Income Tax Expense Composition | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Current Tax – Overseas Income Tax | 64,148 | 59,134 | | (Over-provision)/Under-provision in Prior Years | (15,068) | 10,654 | | Deferred Tax Credited to the Period | (22,785) | (5,075) | | Withholding Tax | 562 | 828 | | **Total Income Tax Expense** | **26,857** | **65,541** | - The Group had no assessable profits generated in Hong Kong during both periods, thus no provision for Hong Kong profits tax was made[31](index=31&type=chunk) [Earnings Per Share](index=14&type=section&id=3.7%20Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, significantly increased to **2.48 HK cents** from 1.06 HK cents, with diluted EPS being identical due to no dilutive potential ordinary shares Earnings Per Share Data | Indicator | 2025 (HK Cents) | 2024 (HK Cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 2.48 | 1.06 | | Diluted Earnings Per Share | 2.48 | 1.06 | - Profit for the period attributable to owners of the Company was **HKD 282,344 thousand** (2024: HKD 120,860 thousand)[34](index=34&type=chunk) [Trade Receivables](index=15&type=section&id=3.8%20Trade%20Receivables) As of June 30, 2025, total trade receivables were **HKD 3.188 billion**, slightly down from year-end 2024, with the majority aged 0-90 days and all expected to be recovered within one year Ageing Analysis of Trade Receivables | Ageing | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | 0–90 Days | 3,081,049 | 3,233,932 | | 91–180 Days | 72,327 | 114,232 | | 181–365 Days | 33,352 | 13,806 | | Over 1 Year | 1,741 | 1,268 | | **Total** | **3,188,469** | **3,363,238** | - All trade receivables are expected to be recovered within one year[36](index=36&type=chunk) [Trade and Other Payables](index=16&type=section&id=3.9%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to **HKD 14.203 billion**, driven by a rise in other payables, deposits received, and accrued items, despite a decrease in trade payables with provisional pricing features Composition of Trade and Other Payables | Item | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | Trade Payables and Bills Payable – Measured at Amortized Cost | 400,556 | 398,857 | | Trade Payables and Bills Payable – With Provisional Pricing Features and Measured at Fair Value Through Profit or Loss | 1,045,847 | 1,487,503 | | Other Payables, Deposits Received and Accrued Items | 12,830,162 | 12,002,197 | | Less: Non-current Portion | (73,086) | (68,265) | | **Total** | **14,203,479** | **13,820,292** | Ageing Analysis of Trade Payables and Bills Payable | Ageing | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | 0–90 Days | 1,340,917 | 1,746,286 | | 91–180 Days | 44,289 | 61,434 | | 181–365 Days | 40,999 | 62,588 | | 1–2 Years | 14,821 | 10,688 | | Over 2 Years | 5,377 | 5,364 | | **Total** | **1,446,403** | **1,886,360** | [Management Discussion and Analysis](index=17&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's performance, liquidity, and outlook within the context of the global macroeconomic environment and specific business segment developments [Overview and Macroeconomic Environment](index=17&type=section&id=4.1%20Overview%20and%20Macroeconomic%20Environment) The first half of 2025 saw a challenging global economic outlook with increased trade barriers, tighter financial conditions, and geopolitical conflicts, yet the Group's diverse services are prepared to adapt and capitalize on opportunities - The global outlook for 2025 is increasingly challenging, with significant risks to economic growth posed by substantially increased trade barriers, tighter financial conditions, weakening business and consumer confidence, and rising policy uncertainty[41](index=41&type=chunk) - The Israel-Iran war, which erupted in June 2025, led to significant market volatility, particularly driving increased trading volumes in the energy sector[41](index=41&type=chunk) - The Group's logistics services, commodity trading, financial services, and engineering services are well-prepared to adapt to the challenging environment and optimize opportunities arising from global changes[41](index=41&type=chunk) [Business Segment Performance](index=17&type=section&id=4.2%20Business%20Segment%20Performance) Business segments showed varied performance in a complex market: strong commodity trading, financial services revenue growth with profit decline, logistics services revenue and profit decrease, and engineering services growth from new contracts [Logistics Services](index=17&type=section&id=4.2.1%20Logistics%20Services) Logistics services revenue decreased by **2%** to **HKD 2.53 billion**, and profit before tax fell by **4%** to **HKD 103 million**, impacted by Singapore market challenges, industry downturns, trade tensions, and Red Sea attacks, though cold chain logistics remained robust - Logistics services revenue decreased by **2%** from **HKD 2,587,470 thousand** to **HKD 2,530,215 thousand**, and profit before tax decreased by **4%** from **HKD 107,329 thousand** to **HKD 103,031 thousand**[49](index=49&type=chunk) - The decrease in revenue was mainly due to the return of certain expired leased warehouses, a reduction in warehousing and integrated logistics businesses, and a corresponding decline in freight logistics revenue, affected by US tariffs and the Israel-Iran conflict[49](index=49&type=chunk) - Cold chain logistics maintained strong performance by consolidating its leading position in premium, high-security warehousing, with high capacity utilization at flagship facilities benefiting from stable demand from commercial partners and private collectors[44](index=44&type=chunk) [Commodity Trading](index=19&type=section&id=4.2.2%20Commodity%20Trading) Commodity trading profit before tax surged by **459%** to **HKD 108 million**, with revenue up **9%** to **HKD 18.484 billion**, driven by a tight copper concentrate market, rigorous execution, operational efficiency, and strategic expansion in non-ferrous concentrates and energy products - Commodity trading profit before tax increased by **459%** to **HKD 108,031 thousand**, with revenue growing by **9%** to **HKD 18,484,406 thousand**[50](index=50&type=chunk) - The exceptional performance reflects the company's full utilization of the extremely tight copper concentrate market, achieved through rigorous execution, operational efficiency, and continuous strategic expansion[50](index=50&type=chunk) - The company strengthened its blended capabilities to meet the growing demands of smelters and provided customized solutions, fully capitalizing on favorable market conditions[50](index=50&type=chunk) [Financial Services](index=20&type=section&id=4.2.3%20Financial%20Services) Financial services revenue increased by **11%** to **HKD 354 million**, but profit before tax decreased by **5%** to **HKD 115 million** due to lower interest income from declining rates. The company received "Most Active Commodity Futures Broker" award and in-principle approval for a Major Payment Institution license in Singapore - Financial services revenue increased by **11%** to **HKD 354,171 thousand**, while profit before tax decreased by **5%** to **HKD 115,378 thousand**[52](index=52&type=chunk) - The company was awarded 'Most Active Commodity Futures Broker (No. 1)' by Singapore Exchange Commodities Division for 2024[52](index=52&type=chunk) - In-principle approval was received for a Major Payment Institution license from the Monetary Authority of Singapore under the Payment Services Act 2019, allowing entry into Singapore's regulated digital payment token market[53](index=53&type=chunk) [Engineering Services](index=20&type=section&id=4.2.4%20Engineering%20Services) Engineering services revenue increased by **12%** to **HKD 361 million**, and profit before tax rose by **17%** to **HKD 17.522 million**, securing two significant contracts totaling approximately **HKD 349 million** from the Civil Aviation Authority of Singapore for M&E system replacement and maintenance - Engineering services revenue increased by **12%** to **HKD 360,996 thousand**, and profit before tax increased by **17%** to **HKD 17,522 thousand**[54](index=54&type=chunk) - Successfully secured two significant contracts from the Civil Aviation Authority of Singapore, totaling **SGD 56.5 million** (approximately **HKD 348.8 million**), for the replacement and maintenance of M&E systems and facilities[54](index=54&type=chunk) [Liquidity, Financial Resources and Funding Activities](index=21&type=section&id=4.3%20Liquidity%2C%20Financial%20Resources%20and%20Funding%20Activities) As of June 30, 2025, the Group held **HKD 2.343 billion** in cash and cash equivalents, with total loans and borrowings at **HKD 6.727 billion**, mostly due within one year, resulting in a net debt of **HKD 1.661 billion** and a reduced gearing ratio of **17.4%** Liquidity and Debt Situation | Indicator | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,343,387 | 2,271,537 | | Total Loans and Borrowings | 6,726,974 | 5,924,561 | | Loans and Borrowings Repayable Within One Year | 5,928,246 | 5,136,740 | | Revolving Short-term Trade Financing | 4,728,389 | 3,894,216 | | Total Debt (Excluding Revolving Short-term Trade Financing) | 4,220,022 | 4,120,695 | | Consolidated Net Debt | 1,661,056 | 1,655,867 | | Gearing Ratio (Net Debt to Total Capital) | 17.4% | 18.6% | - The Group's loans and borrowings amounting to **HKD 5,432,194 thousand** are secured by properties, plant and equipment, bank balances and time deposits, trade and other receivables, and inventories[55](index=55&type=chunk) - The Group maintains an appropriate level of foreign currency borrowings, as determined by management, for natural hedging to minimize foreign exchange risk[58](index=58&type=chunk) [Significant Acquisitions and Disposals and Contingent Liabilities](index=22&type=section&id=4.4%20Significant%20Acquisitions%20and%20Disposals%20and%20Contingent%20Liabilities) For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, and management believes the resolution of ongoing litigation and regulatory matters will not materially impact the Group's financial position - For the six months ended June 30, 2025, the Company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[59](index=59&type=chunk) - The Group actively defends against litigation, regulatory, and arbitration matters in the ordinary course of business, and management believes their resolution will not materially impact the Group's financial position[60](index=60&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=4.5%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **6,011** staff with total staff costs of **HKD 769 million**, and its remuneration policy aims to ensure fair and competitive compensation to attract and retain talent, considering business characteristics across jurisdictions - As of June 30, 2025, the total number of employees of the Group, together with its associates and joint ventures, was **6,011** (December 31, 2024: 5,936)[61](index=61&type=chunk) - Total staff costs (including directors' emoluments) amounted to **HKD 769,372 thousand** (for the six months ended June 30, 2024: HKD 726,374 thousand)[61](index=61&type=chunk) - The Group's remuneration policy aims to ensure that the overall compensation package is fair and competitive, thereby encouraging and retaining existing employees and attracting prospective talent[61](index=61&type=chunk) [Events After the Reporting Period](index=22&type=section&id=4.6%20Events%20After%20the%20Reporting%20Period) On July 17, 2025, MRI Trading AG, an indirect wholly-owned subsidiary, entered into a sales contract with GTS Shipping Management Co. Limited (a related party) to purchase electrolytic copper for a consideration not exceeding **USD 5 million** (approximately **HKD 39 million**) - On July 17, 2025, MRI Trading AG, an indirect wholly-owned subsidiary of the Company, entered into a sales contract with GTS Shipping Management Co. Limited (a related party), whereby GTS Shipping agreed to purchase electrolytic copper from MRI Trading[62](index=62&type=chunk) - The contract consideration shall not exceed **USD 5,000,000** (equivalent to approximately **HKD 39,000,000**)[62](index=62&type=chunk) [Future Outlook and Company Strategy](index=23&type=section&id=V.%20Future%20Outlook%20and%20Company%20Strategy) Despite global uncertainties, the Group anticipates stronger global economic growth and declining inflation, focusing on enhancing core capabilities, fostering industrial synergy, and expanding its global business network, particularly in China and emerging markets, to maximize shareholder value - The International Monetary Fund forecasts global economic growth to be revised upwards to **3.0%** in 2025 and **3.1%** in 2026[63](index=63&type=chunk) - The Group will continue to enhance its core capabilities, promote further synergy and cooperation among industrial segments, and seek business opportunities in China and other developing countries[64](index=64&type=chunk) - Hainan Free Trade Port will officially commence independent customs operations across the entire island in December 2025, where the Group's freight logistics business has already established a subsidiary[64](index=64&type=chunk) [Other Information](index=23&type=section&id=VI.%20Other%20Information) This section covers the company's dividend policy, share transactions, review of interim results, corporate governance, and the composition of its Board of Directors [Dividend Policy](index=23&type=section&id=6.1%20Dividend%20Policy) The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[65](index=65&type=chunk) [Dealings in Listed Securities](index=23&type=section&id=6.2%20Dealings%20in%20Listed%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange or any other securities exchange - During the review period, neither the Company nor its any subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange or any other securities exchange[66](index=66&type=chunk) [Review of Interim Results and Corporate Governance](index=24&type=section&id=6.3%20Review%20of%20Interim%20Results%20and%20Corporate%20Governance) The Board's audit committee reviewed the interim financial report and discussed risk management, internal controls, and financial reporting with management, while the company's auditor reviewed the report, and the company complied with the Corporate Governance Code - The Board's audit committee has reviewed the accounting principles and practices adopted by the Group and discussed risk management, internal controls, and financial reporting matters with the Company's management[67](index=67&type=chunk) - The Company's auditor has also reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA[67](index=67&type=chunk) - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the period from January 1, 2025, to June 30, 2025[68](index=68&type=chunk) [Acknowledgements and Board Composition](index=24&type=section&id=6.4%20Acknowledgements%20and%20Board%20Composition) The Board extends gratitude to all stakeholders for their support and acknowledges the dedication of management and staff, noting that as of the announcement date, the Board comprises four executive directors and three independent non-executive directors - The Board extends its sincere gratitude to all shareholders, investors, customers, suppliers, and business partners for their continuous valuable support and trust in the Group; concurrently, the Board also expresses its deep appreciation and commendation for the tireless efforts, diligence, and dedication of all management and staff during the period[69](index=69&type=chunk) - As of the date of this announcement, the Board comprises Mr. Wang Kan (Executive Director and Chairman), Mr. Zhao Quan (Executive Director), Mr. Wang Qi (Executive Director), Mr. Shang Duoxu (Executive Director and Chief Executive Officer), Mr. Lam Kin Fung, Jeffrey (Independent Non-executive Director), Ms. Liu Yifei (Independent Non-executive Director), and Dr. Lo Wing Yan, Raymond (Independent Non-executive Director)[71](index=71&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Tianli Holdings Group Limited announced its unaudited interim results for the six months ended June 30, 2025, with total revenue increasing by 38.1% to RMB 303.1 million, and gross margin significantly improving by 9.4 percentage points to 21.8%; loss attributable to owners of the company substantially narrowed to RMB 33.8 million, and basic loss per share also improved, with the board resolving not to declare an interim dividend Key Financial Indicators Comparison for H1 2025 | Basic Loss Per Share | (4.54) cents | (7.94) cents | Loss narrowed by 3.4 cents | -42.8% | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[2](index=2&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This chapter presents Tianli Holdings Group's unaudited interim condensed consolidated statement of profit or loss and other comprehensive income and statement of financial position for the six months ended June 30, 2025, with comparisons to the same period in 2024 or audited data as of December 31, 2024, reflecting changes in the Group's revenue growth, narrowed losses, and asset-liability structure [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly increased, gross profit substantially improved, operating business turned from loss to profit, and loss for the period significantly narrowed year-on-year; finance costs increased, while income tax expense slightly decreased Key Profit or Loss Data (Six Months Ended June 30) (RMB '000) | Loss for the period | (33,800) | (59,169) | 25,369 | -42.9% | - Total other comprehensive loss for the period was **RMB 36.411 million**, primarily due to exchange differences on translation of overseas operations[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets slightly decreased, while total current assets increased; total current liabilities remained stable, but net current liabilities were still negative, and net assets decreased compared to the end of 2024 Key Financial Position Data (As of June 30) (RMB '000) | Net assets | 481,189 | 517,600 | (36,411) | -7.0% | - Property, plant and equipment increased to **RMB 986.088 million**, primarily due to additions of plant and machinery for MLCC production[6](index=6&type=chunk)[49](index=49&type=chunk) - Trade and bills receivables increased to **RMB 399.882 million**, primarily due to increased credit sales of MLCC products[6](index=6&type=chunk)[52](index=52&type=chunk) - Cash and bank balances decreased to **RMB 36.934 million**, mainly because net cash used for additions to plant and machinery exceeded additional bank and other borrowings[6](index=6&type=chunk)[54](index=54&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This chapter elaborates on the Group's basis of financial statement preparation, significant accounting policies, going concern ability, segment results, revenue composition, finance costs, taxation, dividends, loss per share, and specific details and reasons for changes in major asset and liability items [General Information](index=6&type=section&id=General%20Information) Tianli Holdings Group Limited was incorporated in the Cayman Islands, primarily engaged in investment holding, with its subsidiaries mainly involved in the manufacturing and sale of MLCCs and investment and financial services - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on March 6, 2007[8](index=8&type=chunk) - The Group's principal activities include (i) manufacturing and sales of multi-layer ceramic chip capacitors (MLCC) and (ii) investment and financial services[8](index=8&type=chunk) [Basis of Preparation and Significant Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The interim condensed consolidated financial statements are prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34, adopting consistent accounting policies with the 2024 annual financial statements, with only new and revised standards effective for the current period being applied - The financial statements are prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 'Interim Financial Reporting'[9](index=9&type=chunk) - The accounting policies are consistent with those adopted in the 2024 annual consolidated financial statements, with only new and revised standards effective for the current accounting period being applied[9](index=9&type=chunk) [Going Concern Basis](index=7&type=section&id=Going%20Concern%20Basis) As of June 30, 2025, the Group incurred a net loss of RMB 33.8 million and had net current liabilities of RMB 576.1 million, including bank loans that failed to meet financial covenants; the Board has implemented various plans and measures to improve liquidity, including loan extensions, renegotiating repayment schedules, corporate restructuring, accelerating receivables collection, and exploring new financing, believing the Group can continue as a going concern, though significant uncertainties remain - As of June 30, 2025, the Group incurred a net loss of **RMB 33.8 million** and had net current liabilities of **RMB 576.126 million**[10](index=10&type=chunk) - Bank loans of **RMB 401.517 million** failed to meet relevant financial covenants, but the Board has renegotiated with the banks and obtained waivers, classifying them as current liabilities[10](index=10&type=chunk)[11](index=11&type=chunk) - The Board is implementing various plans and measures to improve liquidity, including extending other loans (**RMB 464.973 million** extended for 5 years), negotiating repayment schedules with banks, corporate restructuring, accelerating receivables collection, exploring other financing arrangements, and delaying fund injections[11](index=11&type=chunk)[14](index=14&type=chunk) - Although the Board believes the Group can continue as a going concern, significant uncertainties exist regarding the realization of these plans and measures[12](index=12&type=chunk) [Application of New and Revised Standards](index=8&type=section&id=Application%20of%20New%20and%20Revised%20Standards) The Group first applied the amendments to International Accounting Standard 21, "Lack of Exchangeability," during this period, but these amendments did not have a significant impact on the results and financial position for the current or prior periods - The amendments to International Accounting Standard 21 'Lack of Exchangeability' were first applied in the current period[13](index=13&type=chunk) - These amendments did not have a significant impact on the results and financial position for the current or prior periods[13](index=13&type=chunk) [Segment Reporting](index=9&type=section&id=Segment%20Reporting) The Group's business is divided into two segments: MLCC and Investment and Financial Services; the MLCC segment's revenue significantly increased but still recorded a loss, while the Investment and Financial Services segment achieved profitability, and the MLCC segment's assets and liabilities are substantially larger than those of the Investment and Financial Services segment - The Group is divided into two reportable segments: MLCC (manufacturing and sales of MLCC) and Investment and Financial Services (direct investment, asset management, financial advisory, fintech)[15](index=15&type=chunk)[17](index=17&type=chunk) Segment Revenue and Profit/Loss (Six Months Ended June 30) (RMB '000) | Total | 303,099 | 219,404 | +38.1% | (5,206) | (44,649) | Segment Assets and Liabilities (As of June 30) (RMB '000) | Total | 2,235,407 | 2,209,363 | 1,180,377 | 1,176,598 | [Revenue and Other Income](index=12&type=section&id=Revenue%20and%20Other%20Income) The Group's total revenue increased by 38.1% year-on-year, primarily driven by a significant increase in MLCC sales; asset management fee income from the Investment and Financial Services segment remained stable, and financial assets at fair value through profit or loss turned from loss to profit, while other income, mainly from government subsidies, decreased in the current period Revenue and Other Income (Six Months Ended June 30) (RMB '000) | Government subsidies | 6,000 | 8,366 | (2,366) | -28.3% | - The increase in MLCC segment revenue was primarily due to increased sales volume and selling prices[42](index=42&type=chunk) - The decrease in other income was primarily due to a reduction in government subsidies[44](index=44&type=chunk) [Finance Costs](index=13&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs significantly increased by 113.9% to RMB 33.9 million, primarily due to increased interest from additional bank and other borrowings Composition of Finance Costs (Six Months Ended June 30) (RMB '000) | Total finance costs | 33,874 | 15,832 | 18,042 | +113.9% | - The increase in finance costs was primarily due to interest arising from additional bank and other borrowings in the first half of 2025[48](index=48&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) The Group's income tax expense slightly decreased year-on-year, primarily comprising Hong Kong profits tax and PRC corporate income tax; Shenzhen Yuyang, as a high-tech enterprise, continued to enjoy a preferential tax rate of 15% Income Tax Expense (Six Months Ended June 30) (RMB '000) | Total income tax expense for the period | 1,556 | 2,235 | (679) | -30.4% | - Shenzhen Yuyang, as a high-tech enterprise, was further granted a preferential tax rate of **15%** for three consecutive years on December 26, 2024[25](index=25&type=chunk) [Dividends](index=14&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board did not declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[26](index=26&type=chunk) [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was RMB 4.54 cents, an improvement from RMB 7.94 cents in the prior year period; no diluted loss per share was presented as there were no potential ordinary shares outstanding during the period Loss Per Share (Six Months Ended June 30) (RMB cents) | Weighted average number of ordinary shares outstanding during the period | 744,750,000 | 744,750,000 | - No diluted loss per share was presented for the six months ended June 30, 2025 and 2024, as there were no potential ordinary shares outstanding during the period[29](index=29&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's total trade and bills receivables increased to RMB 399.9 million, primarily due to increased credit sales of MLCC products; the credit period for trade receivables generally ranges from 1 to 5 months, with strict controls implemented to mitigate credit risk Trade and Bills Receivables (As of June 30) (RMB '000) | Total | 399,882 | 378,810 | 21,072 | +5.6% | - The credit period for trade receivables in the MLCC segment generally ranges from 1 to 5 months, while for the Investment and Financial Services segment, it is due from the invoice date[30](index=30&type=chunk) - All bills receivables are due within 1 year from the end of the reporting period[31](index=31&type=chunk) [Trade and Bills Payables](index=17&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, the Group's trade and bills payables increased to RMB 195.4 million, primarily due to increased credit purchases to support MLCC production; trade payables are generally settled within 30 to 120 days Trade and Bills Payables (As of June 30) (RMB '000) | Trade payables | 195,405 | 148,137 | 47,268 | +31.9% | - The increase in trade payables was primarily due to increased credit purchases to support MLCC production[55](index=55&type=chunk) - Trade payables are non-interest bearing and are generally settled within 30 to 120 days[33](index=33&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides a detailed review of the Group's performance in its two major business segments, MLCC and Investment and Financial Services, and analyzes various financial indicators; despite global economic challenges, the MLCC segment achieved significant growth and improved gross margin, while the Investment and Financial Services segment remained stable, and the chapter also discusses the Group's liquidity, financial resources, capital structure, and foreign exchange risk management [Business Review](index=18&type=section&id=Business%20Review) The global economy faced challenges from geopolitical factors and high inflation, impacting both the MLCC and Investment and Financial Services segments; the MLCC segment benefited from a rebound in consumer electronics demand, achieving significant sales revenue growth, while continuing to increase R&D investment and expand production capacity, and asset management business generated income through managing multiple funds and realized investment gains [MLCC Segment](index=18&type=section&id=MLCC%20Segment) In the first half of 2025, MLCC segment sales revenue increased by 38% year-on-year to RMB 283.7 million, primarily driven by a rebound in consumer electronics demand, product structure optimization, and an increased proportion of high-end products; the Group continued to increase R&D investment, expand into high-end markets, and made breakthroughs in industrial, automotive-grade, and niche products, while also expanding high-end product capacity - MLCC sales revenue for the first half of 2025 was **RMB 283.7 million**, representing a **38%** increase compared to the same period in 2024[35](index=35&type=chunk) - The growth was primarily due to continuous optimization of product structure, active development of emerging markets, and deepening strategic cooperation with high-value customers, leading to an increased proportion of high-end products and higher average prices[35](index=35&type=chunk) - The Group increased R&D investment, accelerating product deployment in ultra-small, high-capacitance, high-frequency, and high-reliability directions to enhance competitiveness in the high-end market[36](index=36&type=chunk) - Products have fully covered consumer, automotive, and industrial sectors, with extreme expansion in specifications such as size, capacitance, and withstand voltage, positioning the Group as a domestic leader[36](index=36&type=chunk) - The new base is fully operational and continuously expanding production, upgrading production environments and facilities, and increasing high-end product capacity to meet growing demand in the industrial and automotive markets[36](index=36&type=chunk) [Asset Management and Investment](index=20&type=section&id=Asset%20Management%20and%20Investment) As of June 30, 2025, the Group managed 11 funds with total committed capital of approximately US$647.8 million, of which the Group's committed capital was approximately US$89.9 million; asset management fee income for the period was RMB 18.4 million, and six funds invested by the Group generated a net gain of RMB 0.9 million, with no new investments made during the period - As of June 30, 2025, the Group managed 11 funds, generating income by providing asset management services[37](index=37&type=chunk) - The total committed capital of the funds (after offsetting cross-holdings) was approximately **US$647.8 million**, with the Group's committed capital at approximately **US$89.9 million** and invested capital at **US$75.8 million**[39](index=39&type=chunk) - For the six months ended June 30, 2025, asset management fee income was **RMB 18.4 million**, and six funds invested by the Group generated a net gain of **RMB 0.9 million**[39](index=39&type=chunk) - These funds invest in four countries or regions (China, UK, Cayman Islands, and USA) through debt, ordinary equity, or preferred equity[40](index=40&type=chunk) - The Group made no new investments for the six months ended June 30, 2025[41](index=41&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) This chapter provides a detailed analysis of changes in the Group's financial indicators; total revenue and gross margin significantly improved, with strong performance from the MLCC segment, while other income, selling and distribution costs, and administrative expenses all decreased, and R&D costs and finance costs increased, and balance sheet items such as property, plant and equipment, trade receivables, trade payables, and bank borrowings all changed, reflecting business expansion and financing activities [Total Revenue](index=22&type=section&id=Total%20Revenue) For the six months ended June 30, 2025, the Group's total revenue was RMB 303.1 million, a year-on-year increase of 38.1%, primarily driven by a 38.0% growth in MLCC segment revenue and a turnaround from loss to profit in financial assets at fair value through profit or loss within the Investment and Financial Services segment - Total revenue was **RMB 303.1 million**, an increase of **RMB 83.7 million** or **38.1%** compared to the same period in 2024[42](index=42&type=chunk) - MLCC segment revenue was **RMB 283.7 million**, a year-on-year increase of **38.0%**, primarily due to increased sales volume and selling prices[42](index=42&type=chunk) - Investment and Financial Services segment revenue was **RMB 19.4 million**, with asset management fee income remaining stable, and financial assets at fair value through profit or loss recording a net gain of **RMB 0.9 million** (2024: net loss of **RMB 7.2 million**)[42](index=42&type=chunk) [Gross Margin](index=22&type=section&id=Gross%20Margin) For the six months ended June 30, 2025, the total gross margin increased by 9.4 percentage points to 21.8%; the MLCC segment gross margin significantly improved from 6.5% to 16.5%, primarily due to higher average prices resulting from an increased proportion of high-end products and cost control - Total gross margin was **21.8%**, an increase of **9.4 percentage points** compared to the same period in 2024[43](index=43&type=chunk) - MLCC segment gross margin was **16.5%**, an increase of **10.0 percentage points** from **6.5%** in the same period in 2024[43](index=43&type=chunk) - The improvement in gross margin was primarily due to higher average prices resulting from an increased proportion of high-end products and lower average costs due to cost control[43](index=43&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income was RMB 8.8 million, a year-on-year decrease of 18.6%, primarily due to reduced government subsidies - Other income was **RMB 8.8 million**, a decrease of **18.6%** compared to the same period in 2024[44](index=44&type=chunk) - The decrease was primarily due to reduced government subsidies compared to the same period in 2024[44](index=44&type=chunk) [Selling and Distribution Costs](index=23&type=section&id=Selling%20and%20Distribution%20Costs) For the six months ended June 30, 2025, selling and distribution costs were RMB 7.7 million, a year-on-year decrease of 24.9%, primarily attributable to more effective cost control - Selling and distribution costs were **RMB 7.7 million**, a decrease of **24.9%** compared to the same period in 2024[45](index=45&type=chunk) - The decrease was primarily due to the Group's more effective cost control over selling and distribution costs[45](index=45&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were RMB 35.9 million, a year-on-year decrease of RMB 7.8 million, primarily due to reduced legal fees and more effective cost control - Administrative expenses were **RMB 35.9 million**, a decrease of **RMB 7.8 million** compared to the same period in 2024[46](index=46&type=chunk) - The decrease was primarily due to reduced legal fees and more effective cost control[46](index=46&type=chunk) [Research and Development Costs](index=23&type=section&id=Research%20and%20Development%20Costs) For the six months ended June 30, 2025, research and development costs were RMB 29.1 million, a year-on-year increase of RMB 1.3 million, primarily due to increased resources invested in R&D - Research and development costs were **RMB 29.1 million**, an increase of **RMB 1.3 million** compared to the same period in 2024[47](index=47&type=chunk) - The increase was primarily due to increased resources invested in R&D[47](index=47&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs were RMB 33.9 million, a year-on-year increase of RMB 18.0 million, primarily due to interest from additional bank and other borrowings - Finance costs were **RMB 33.9 million**, an increase of **RMB 18.0 million** compared to the same period in 2024[48](index=48&type=chunk) - The increase was primarily due to interest arising from additional bank and other borrowings in the first half of 2025[48](index=48&type=chunk) [Property, Plant and Equipment](index=23&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the net value of property, plant and equipment increased to RMB 986.1 million, primarily due to additions of plant and machinery for MLCC production - The net value of property, plant and equipment was **RMB 986.1 million**, an increase of **RMB 22.1 million** compared to December 31, 2024[49](index=49&type=chunk) - The increase was primarily due to additions of plant and machinery for MLCC production[49](index=49&type=chunk) [Investment Properties](index=24&type=section&id=Investment%20Properties) As of June 30, 2025, the carrying amount of investment properties remained largely stable compared to the end of 2024, at RMB 51.6 million - The carrying amount of investment properties was **RMB 51.6 million**, similar to **RMB 52.5 million** as of December 31, 2024[50](index=50&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=24&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the carrying amount of financial assets at fair value through profit or loss slightly decreased, primarily affected by the depreciation of the US dollar against the RMB - The carrying amount of financial assets at fair value through profit or loss was **RMB 457.3 million**, a decrease of **1.3%** compared to December 31, 2024[51](index=51&type=chunk) - The decrease was primarily due to the depreciation of the US dollar against the RMB during the period[51](index=51&type=chunk) [Trade and Bills Receivables](index=24&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, trade and bills receivables increased to RMB 399.9 million, primarily due to increased credit sales of MLCC products - Trade and bills receivables were **RMB 399.9 million**, an increase of **RMB 21.1 million** compared to December 31, 2024[52](index=52&type=chunk) - The increase was primarily due to increased credit sales of MLCC products for the six months ended June 30, 2025[52](index=52&type=chunk) [Prepayments, Deposits and Other Receivables](index=24&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, prepayments, deposits and other receivables increased to RMB 50.8 million, primarily due to increased deposits paid for purchases from suppliers - Prepayments, deposits and other receivables were **RMB 50.8 million**, an increase of **RMB 5.1 million** compared to December 31, 2024[53](index=53&type=chunk) - The increase was primarily due to increased deposits paid for purchases from suppliers during the period[53](index=53&type=chunk) [Cash and Bank Balances and Pledged Bank Deposits](index=24&type=section&id=Cash%20and%20Bank%20Balances%20and%20Pledged%20Bank%20Deposits) As of June 30, 2025, total cash and bank balances were RMB 49.4 million, a year-on-year decrease of RMB 27.2 million, primarily because net cash used for additions to plant and machinery exceeded additional bank and other borrowings - Total cash and bank balances were **RMB 49.4 million**, a decrease of **RMB 27.2 million** compared to December 31, 2024[54](index=54&type=chunk) - The decrease was primarily because net cash used for additions to plant and machinery exceeded additional bank and other borrowings[54](index=54&type=chunk) [Trade and Bills Payables](index=24&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, trade and bills payables increased to RMB 195.4 million, primarily due to increased credit purchases to support MLCC production - Trade and bills payables were **RMB 195.4 million**, an increase of **RMB 47.3 million** compared to December 31, 2024[55](index=55&type=chunk) - The increase was primarily due to increased credit purchases to support MLCC production for the six months ended June 30, 2025[55](index=55&type=chunk) [Deferred Income, Accruals and Other Payables](index=25&type=section&id=Deferred%20Income%2C%20Accruals%20and%20Other%20Payables) As of June 30, 2025, total deferred income, accruals and other payables were RMB 122.4 million, a year-on-year decrease of RMB 39.4 million, primarily due to reduced other payables for the acquisition of production equipment - Total deferred income, accruals and other payables were **RMB 122.4 million**, a decrease of **RMB 39.4 million** compared to December 31, 2024[56](index=56&type=chunk) - The decrease was primarily due to reduced other payables for the acquisition of production equipment[56](index=56&type=chunk) [Bank and Other Borrowings](index=25&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the carrying amount of bank and other borrowings increased to RMB 1,418.8 million, primarily due to additional bank and other borrowings - The carrying amount of bank and other borrowings was **RMB 1,418.8 million**, an increase of **RMB 55.9 million** compared to December 31, 2024[57](index=57&type=chunk) - The increase was primarily due to additional bank and other borrowings[57](index=57&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[58](index=58&type=chunk) [Capital Commitments](index=25&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments increased to RMB 184.9 million, primarily due to increased additions of production equipment in the MLCC segment, while capital commitments in the Investment and Financial Services segment slightly decreased due to the depreciation of the US dollar exchange rate - Capital commitments were **RMB 184.9 million**, an increase of **RMB 39.3 million** compared to December 31, 2024[59](index=59&type=chunk) - The increase was primarily due to increased additions of production equipment (**RMB 68.4 million**) in the MLCC segment[59](index=59&type=chunk) - The decrease in capital commitments for the Investment and Financial Services segment was due to the depreciation of the US dollar exchange rate, with no significant change in US dollar terms[59](index=59&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=26&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) This chapter outlines the Group's liquidity position, banking facilities, gearing ratio, financial resource management, foreign exchange risk, and pledged assets; the Group's net current liabilities improved, liquidity ratio remained stable, but gearing ratio increased due to higher bank borrowings, and management believes the Group has sufficient financial reserves and will implement measures to manage foreign exchange risk [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the Group's net current liabilities were approximately RMB 576.1 million, an improvement from the end of 2024; the liquidity ratio remained at 0.6 - Net current liabilities were approximately **RMB 576.1 million**, an improvement from **RMB 603.4 million** as of December 31, 2024[60](index=60&type=chunk) - The liquidity ratio was **0.6**, consistent with the year ended December 31, 2024[60](index=60&type=chunk) [Banking Facilities](index=26&type=section&id=Banking%20Facilities) As of June 30, 2025, the Group had total banking facilities of RMB 843.0 million, of which RMB 789.1 million was utilized, indicating a slight increase in credit lines - As of June 30, 2025, the Group had total banking facilities of **RMB 843.0 million**, with **RMB 789.1 million** utilized[61](index=61&type=chunk) - Total banking facilities increased compared to **RMB 828.0 million** as of December 31, 2024[61](index=61&type=chunk) [Gearing Ratio](index=26&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 78.3%, an increase from 75.9% at the end of 2024, primarily due to increased bank and other borrowings - The gearing ratio was approximately **78.3%**, an increase from **75.9%** as of December 31, 2024[62](index=62&type=chunk) - The increase in the ratio was primarily due to increased bank and other borrowings for the six months ended June 30, 2025[62](index=62&type=chunk) [Financial Resources](index=27&type=section&id=Financial%20Resources) Management believes that with current liquid assets and banking facilities, the Group possesses ample financial reserves to meet its ongoing operational needs - Management believes the Group has ample financial reserves to meet its ongoing operational needs[63](index=63&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk, primarily because revenue and purchases involve RMB, USD, HKD, and JPY, with USD trade receivables exceeding payables, HKD receivables being less than payables, and JPY presenting payable risk; the Group will implement hedging measures to mitigate this risk - The Group's revenue is primarily denominated in RMB, USD, and HKD, while purchases are mainly denominated in RMB, USD, HKD, and JPY[64](index=64&type=chunk) - There is a certain foreign exchange risk, especially in situations of significant exchange rate fluctuations[64](index=64&type=chunk) - The Group will implement appropriate foreign currency hedging measures to mitigate future foreign exchange risk[64](index=64&type=chunk) [Pledge of Assets](index=27&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain of the Group's property, plant and equipment, investment properties, bills receivables, and restricted bank deposits have been pledged as collateral for banking and other borrowing facilities Carrying Amount of Pledged Assets (As of June 30) (RMB million) | Restricted bank deposits | 0 | 0.4 | - The aforementioned assets have been pledged as collateral for banking and other borrowing facilities[65](index=65&type=chunk) [Business Outlook](index=28&type=section&id=Business%20Outlook) This chapter provides an outlook on the future development of the MLCC and Investment and Financial Services segments; the MLCC industry benefits from domestic substitution, IoT, 5G, new energy vehicles, and AI server demand growth, and the Group will consolidate its market position, expand into high-end areas, and increase R&D investment, while Investment and Financial Services will strengthen existing project management, mitigate risks, and opportunistically develop new businesses [MLCC Segment Outlook](index=28&type=section&id=MLCC%20Segment%20Outlook) The MLCC industry has a positive long-term development trend, benefiting from domestic economic recovery, a rebound in consumer electronics, and growing demand from IoT, 5G, new energy vehicles, and AI servers; the Group will consolidate the consumer market, actively expand into high-end markets such as automotive electronics, communication base stations, and data centers, increase R&D investment, enhance core competitiveness, and advance its internationalization strategy - The MLCC industry benefits from domestic economic recovery, a rebound in consumer electronics, and growing market demand from IoT, 5G communication, new energy vehicles, and AI servers, indicating a positive long-term development trend[67](index=67&type=chunk) - The MLCC segment will consolidate its position in the general consumer market, actively explore markets such as automotive electronics, communication base stations, and data centers, and expand cooperation with leading players in target markets[67](index=67&type=chunk) - The Group will continue to increase investment in R&D, equipment, environmental protection, automation, and informatization, utilizing new factories to enhance cleanliness and equipment precision, and intensify efforts to reduce costs and improve efficiency[67](index=67&type=chunk) - The Group will continuously enhance its core competitiveness through the development of new materials and processes, enriching its large-size product line, especially products meeting industrial and automotive-grade reliability requirements[67](index=67&type=chunk) - The Group will continuously explore new markets, actively promote its internationalization strategy, and expand market share[67](index=67&type=chunk) [Investment and Financial Services Outlook](index=29&type=section&id=Investment%20and%20Financial%20Services%20Outlook) The Investment and Financial Services segment will strengthen subsequent monitoring and management of existing fund projects, prevent and mitigate risks, and protect investors' interests; concurrently, the Group will opportunistically develop new businesses and seek stable and reliable investment projects to provide value-added opportunities - The Group will strengthen subsequent monitoring and management of existing fund projects, implementing various measures to prevent and mitigate risks[68](index=68&type=chunk) - While focusing primarily on the subsequent management of existing projects, the Group will also opportunistically develop new businesses, seeking stable and reliable investment projects to provide value-added opportunities for investors[68](index=68&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This chapter covers the Group's employees and remuneration policy, material acquisitions and disposals, dividend policy, transactions in listed securities, share award scheme, compliance with corporate governance code, and the composition and responsibilities of various committees [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 1,353 employees, with a remuneration policy based on performance, qualifications, and capabilities, offering benefits such as a share award scheme, insurance policies, and retirement benefit plans - As of June 30, 2025, the Group had **1,353 employees** (December 31, 2024: 1,257 employees)[69](index=69&type=chunk) - The remuneration policy is based on employees' performance, qualifications, and capabilities, and provides benefits such as a share award scheme, insurance policies, and retirement benefit plans[69](index=69&type=chunk) [Material Acquisitions and Disposals](index=29&type=section&id=Material%20Acquisitions%20and%20Disposals) During the period, the Group made two material acquisitions: a capacitor tester for JPY 175 million and a casting machine for US$1.29 million, both aimed at supporting MLCC production - On February 25, 2025, a capacitor tester was acquired for a total consideration of **JPY 175 million** (approximately **HK$9.1 million**)[70](index=70&type=chunk) - On April 3, 2025, a casting machine was acquired for a consideration of **US$1.29 million** (approximately **HK$10.062 million**)[70](index=70&type=chunk) - Save for the above disclosures, there were no other material acquisitions or disposals during the period[70](index=70&type=chunk) [Interim Dividends](index=30&type=section&id=Interim%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[71](index=71&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72](index=72&type=chunk) [Share Award Scheme](index=30&type=section&id=Share%20Award%20Scheme) The Group adopted a share award scheme on July 14, 2017, to incentivize and retain eligible participants and align their interests with shareholders; the scheme is valid until July 14, 2027, with the total number of shares available for issuance not exceeding 10% of the issued share capital, and as of the report date, a total of 5,958,000 shares have been granted, with no new shares purchased or granted during the period - The Share Award Scheme was adopted on July 14, 2017, aiming to encourage and retain eligible participants, provide additional incentives, and align participants' interests with those of shareholders[73](index=73&type=chunk) - Selected participants include any directors and employees of the Group[74](index=74&type=chunk) - The total number of shares available for issuance shall not exceed **10%** of the Company's issued share capital (i.e., **74,475,000 shares**)[75](index=75&type=chunk) - As of the date of this interim report, the total number of shares granted under the Share Award Scheme was **5,958,000 shares**[75](index=75&type=chunk) - The scheme is valid until July 14, 2027[79](index=79&type=chunk) - No shares were purchased or granted under the Share Award Scheme for the period ended June 30, 2025[79](index=79&type=chunk) [Compliance with Corporate Governance Code](index=33&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company consistently complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Hong Kong Stock Exchange Listing Rules - For the six months ended June 30, 2025, the Company consistently complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[80](index=80&type=chunk) [Model Code for Securities Transactions by Directors](index=33&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Board has adopted the Model Code as set out in Appendix C3 to the Listing Rules as the code of conduct for directors' dealings in the Company's securities, and all directors have confirmed their compliance with the code during the period - The Board has adopted the Model Code as set out in Appendix C3 to the Listing Rules as the code of conduct governing directors' dealings in the Company's securities[81](index=81&type=chunk) - All directors have confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[81](index=81&type=chunk) [Disclosure of Directors' Information under Rule 13.51B(1) of the Listing Rules](index=33&type=section&id=Disclosure%20of%20Directors%27%20Information%20under%20Rule%2013.51B%281%29%20of%20the%20Listing%20Rules) There have been no changes to the directors' information as disclosed in the Company's annual report for the financial year ended December 31, 2024, in accordance with Rule 13.51B of the Listing Rules - There have been no changes to the directors' information as disclosed in the Company's annual report for the financial year ended December 31, 2024, in accordance with Rule 13.51B of the Listing Rules[82](index=82&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, assists the Board by providing independent opinions and overseeing financial reporting, internal controls, and risk management; the interim results for the period have been reviewed by the auditors and the Audit Committee, with Ms. Jiao Jie appointed as a member since January 31, 2025 - The Audit Committee comprises three independent non-executive directors: Mr. Zhu Jianhong (Chairman), Ms. Jiao Jie, and Mr. Xu Xuechuan[83](index=83&type=chunk) - Its primary responsibilities are to assist the Board in providing independent opinions on the Company's financial statements and financial and accounting policies, and to oversee the Company's financial reporting system, internal control procedures, and risk management system[83](index=83&type=chunk) - The interim results for the current period have been reviewed by the Company's auditors and the Audit Committee[83](index=83&type=chunk) - Ms. Jiao Jie was appointed as a member of the Audit Committee effective January 31, 2025[83](index=83&type=chunk) [Remuneration Committee](index=34&type=section&id=Remuneration%20Committee) The Remuneration Committee, comprising Mr. Xu Xuechuan (Chairman), Mr. Zhu Jianhong, and Mr. Zhou Chunhua, is primarily responsible for formulating, reviewing, and recommending remuneration policies and structures for directors and senior management, and determining specific remuneration terms - The Remuneration Committee comprises Mr. Xu Xuechuan (Chairman), Mr. Zhu Jianhong (Independent Non-executive Director), and Mr. Zhou Chunhua (Executive Director)[84](index=84&type=chunk) - Its primary responsibilities are to formulate, review, and make recommendations on the Company's policies and structure regarding the remuneration of directors and senior management, and on the Board and senior management diversity policy[84](index=84&type=chunk) [Nomination Committee](index=35&type=section&id=Nomination%20Committee) The Nomination Committee, comprising Mr. Zhu Jianhong (Chairman), Mr. Xu Xuechuan, Ms. Jiao Jie, and Mr. Zhou Chunhua, is primarily responsible for reviewing the Board's structure, assessing the independence of independent non-executive directors, and making recommendations on director appointments and re-appointments; Ms. Jiao Jie was appointed as a member on June 20, 2025 - The Nomination Committee comprises Mr. Zhu Jianhong (Chairman), Mr. Xu Xuechuan, Ms. Jiao Jie, and Mr. Zhou Chunhua[85](index=85&type=chunk) - Its primary responsibilities are to review the Board's structure, size, and composition; assess the independence of independent non-executive directors; and make recommendations to the Board on director appointments and re-appointments and board succession planning[85](index=85&type=chunk) - Ms. Jiao Jie was appointed as a member of the Nomination Committee on June 20, 2025, in accordance with the revised Corporate Governance Code[85](index=85&type=chunk) [Publication of 2025 Interim Results and 2025 Interim Report](index=35&type=section&id=Publication%20of%202025%20Interim%20Results%20and%202025%20Interim%20Report) This announcement has been published on the HKEXnews website and the Company's website, and the interim report will also be posted on these websites and dispatched to shareholders who request printed copies - This announcement has been published on the HKEXnews website (www.hkexnews.hk) and the Company's website (https://www.irasia.com/listco/hk/tianli)[86](index=86&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will also be posted on the aforementioned websites and dispatched to shareholders who request printed copies in due course[86](index=86&type=chunk)

Financial Performance - The Group's revenue increased by 4.4% to approximately RMB 13,959.5 million for the six months ended June 30, 2025, compared to the corresponding period, primarily driven by growth in the Animal nutrition segment [4]. - Overall gross profit rose by 37.9% to approximately RMB 3,168.6 million during the same period, mainly due to increases in the gross profit of Food additives and Animal nutrition segments [4]. - Profit attributable to shareholders surged by 72.1% to approximately RMB 1,791.7 million for the half-year ended June 30, 2025, compared to the previous year [4]. - Basic and diluted earnings per share for the period were RMB 71.48 cents and RMB 71.46 cents, respectively, compared to RMB 41.31 cents and RMB 41.30 cents in the corresponding period [4]. - Return on equity for the period was 18.3%, up from 11.9% in the corresponding period [4]. - Total comprehensive income for the half-year attributable to shareholders was RMB 1,786.3 million, compared to RMB 1,039.9 million in the previous year [8]. Dividends - The Board declared an interim dividend of HK 36.5 cents per share, which includes the basic interim dividend, special interim dividend, and special dividend on after-tax compensation from Meihua [4]. - The Board proposed a basic interim dividend of HKD611,767,000 (equivalent to RMB558,219,000), representing HK24.4 cents per share, an increase from HK16.0 cents per share in 1H2024 [84][87]. - A special interim dividend of HKD87,753,000 (equivalent to RMB80,072,000) was proposed, representing HKD3.5 cents per share, up from HK2.0 cents per share in 1H2024 [84][87]. Revenue Segmentation - Revenue from the Animal nutrition segment increased by 28.9% to approximately RMB 5,406.5 million, with gross profit rising by 78.4% to approximately RMB 1,522.6 million [124]. - Revenue from the Food additives segment decreased by 6.4% to approximately RMB 6,474.3 million, while gross profit increased by 34.4% to approximately RMB 1,020.2 million [122]. - Revenue from the High-end amino acid segment decreased by 1.9% to approximately RMB1,054.4 million, while gross profit increased by 8.5% to approximately RMB429.4 million, resulting in a gross profit margin of 40.7% [130]. - Colloid segment revenue decreased by 26.4% to approximately RMB661.7 million, with gross profit declining by 32.3% to approximately RMB238.4 million, leading to a gross profit margin of 36.0% [131]. - Revenue from other products increased by 28.4% to approximately RMB362.7 million, primarily due to increased revenue from fertilizers, although the segment recorded a gross loss of approximately RMB42.0 million [135]. Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 38,927.2 million, an increase from RMB 36,089.9 million at the end of 2024 [9]. - Total liabilities increased to RMB 19,305,301, up from RMB 17,746,842, representing an increase of approximately 8.8% [10]. - Total equity rose to RMB 19,621,912, compared to RMB 18,343,054, reflecting an increase of about 6.9% [10]. - Current liabilities totaled RMB 17,604,279, an increase from RMB 16,240,497, marking a growth of approximately 8.4% [10]. - Non-current liabilities increased to RMB 1,701,022 from RMB 1,506,345, which is an increase of around 12.9% [10]. Cash Flow and Financing - Cash and cash equivalents increased to RMB 11,517.8 million from RMB 9,902.2 million at the end of 2024 [9]. - Total borrowings increased to RMB 13,492,484,000 as of June 30, 2025, compared to RMB 11,364,468,000 as of December 31, 2024, reflecting a growth of approximately 18.7% [73]. - Interest expenses on borrowings for the period were RMB 137,080,000, compared to RMB 102,082,000 in the corresponding period last year, representing a year-over-year increase of approximately 34.3% [78]. - The net cash inflow from operating activities was approximately RMB 1,622.8 million, compared to RMB 2,964.8 million in the corresponding period [174]. Market Conditions - The average price of corn in the first half of 2025 was approximately RMB2,192 per tonne, a decrease of 5.4% compared to the corresponding period [99][103]. - The average price of MSG in the first half of 2025 was approximately RMB7,180 per tonne, down 9.1% from the corresponding period [101][104]. - The average price of xanthan gum decreased by 13.7% to approximately RMB21,990 per tonne in the first half of 2025 compared to the corresponding period [106]. - Domestic corn supply is expected to remain sufficient in the second half of 2025, potentially leading to lower corn prices compared to the first half of 2025 [190]. - Coal prices are projected to remain low in the second half of 2025 due to government control, impacting overall production costs [191]. Strategic Developments - The Group is exploring the establishment of a new overseas production base in Latin America as part of its development strategy [198]. - Internal resources are deemed sufficient to meet capital expenditures for internationalization, with consideration for external financing to optimize capital structure [199]. - There were no material acquisitions or disposals of subsidiaries or associated companies during the period, indicating stability in the Group's investment strategy [200].

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The group's revenue significantly increased, but loss from continuing operations also rose due to increased staff numbers for global expansion Core Financial Indicators (For the six months ended June 30, 2025) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | IFRS Revenue | 195,400 | 123,800 | +57.9% | | Adjusted Non-IFRS Revenue | 188,600 | 65,600 | +187.3% | | Loss from continuing operations | 20,300 | 9,600 | +111.5% | - Loss from continuing operations increased, primarily due to an increase in staff numbers to accelerate global expansion[4](index=4&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides the group's unaudited financial statements, offering a comprehensive overview of its financial performance and position [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the group's revenue from continuing operations grew significantly, but increased staff costs and other operating expenses led to an expanded loss from continuing operations, with total loss rising due to intangible asset revaluation loss Key Data from Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from Digital Assets and Blockchain Platform Business | 195,433 | 123,789 | | Other net income | 62,571 | 16,244 | | Staff costs | (146,867) | (82,129) | | Other operating expenses | (64,990) | (40,068) | | Operating loss | (15,530) | (15,414) | | Net finance income | 8,595 | 1,534 | | Loss before income tax | (9,596) | (20,284) | | Loss from continuing operations | (9,643) | (20,284) | | Loss from discontinued operations | (19,991) | (8,254) | | Loss for the period | (40,275) | (17,897) | | Total comprehensive loss for the period | (117,374) | (12,559) | - Revaluation loss on intangible assets reached **HK$98,898 thousand**, which was the main reason for the significant increase in other comprehensive loss and total comprehensive loss for the period[8](index=8&type=chunk) Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK$ per share) | 2024 (HK$ per share) | | :--- | :--- | :--- | | Basic loss per share from continuing operations | (0.03) | (0.02) | | Basic loss per share from continuing and discontinued operations | (0.07) | (0.03) | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets and liabilities increased, with significant growth in digital assets and liabilities to customers, while total equity decreased and the total debt-to-asset ratio rose Key Data from Statement of Financial Position (As of June 30) | Indicator | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total non-current assets | 343,950 | 365,141 | | Total current assets | 1,774,805 | 1,498,596 | | Total assets | 2,118,755 | 1,863,737 | | Total non-current liabilities | 6,713 | 10,846 | | Total current liabilities | 970,894 | 568,525 | | Total liabilities | 977,607 | 579,371 | | Total equity | 1,141,148 | 1,284,366 | - Digital assets within current assets increased from **HK$655,678 thousand** as of December 31, 2024, to **HK$728,447 thousand** as of June 30, 2025[11](index=11&type=chunk) - Liabilities to customers within current liabilities increased from **HK$439,929 thousand** as of December 31, 2024, to **HK$621,101 thousand** as of June 30, 2025[12](index=12&type=chunk) [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the group's interim financial information, including general context, accounting policies, segment performance, and specific financial disclosures [General Information](index=7&type=section&id=General%20Information) OSL Group primarily engages in digital assets and blockchain platform businesses, having terminated two wholly-foreign-owned enterprises in the traditional advertising segment during the period - The group primarily engages in digital assets and blockchain platform businesses in the Asia Pacific region and Europe[13](index=13&type=chunk) - Two wholly-foreign-owned enterprise subsidiaries (Shanghai Sanzhong Enterprise Management Consulting Co., Ltd. and Shanghai Youxiong Enterprise Management Consulting Co., Ltd.) have ceased operations and been deregistered, with related losses presented as "Loss from discontinued operations"[15](index=15&type=chunk) [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Interim financial information is prepared under IAS 34, using historical cost basis, except for fair value measurement of digital assets and liabilities to customers; adopted standard amendments are not expected to have a significant impact, but the group faces regulatory risks, particularly from Europe's MiCAR [Adopted Amendments to Standards and Accounting Guidelines](index=8&type=section&id=Adopted%20Amendments%20to%20Standards%20and%20Accounting%20Guidelines) The group adopted IAS 21 and IFRS 1 amendments on 'Lack of Exchangeability,' which are not expected to have a material impact on past or future financial positions - The group first applied the "Lack of Exchangeability" standard amendments for the reporting period beginning January 1, 2025[19](index=19&type=chunk) - The adoption of the above standard amendments and accounting guidelines has not had any impact on amounts recognized in prior periods and is not expected to have a significant impact on current or future periods[19](index=19&type=chunk) [New Standards and Amendments Not Yet Adopted](index=8&type=section&id=New%20Standards%20and%20Amendments%20Not%20Yet%20Adopted) Certain new standards and amendments have been issued but are not yet mandatory, and management anticipates no significant impact on current or future reporting periods - The group's management estimates that new standards and amendments not yet effective are not expected to have a significant impact on the entity or foreseeable future transactions in current or future reporting periods[21](index=21&type=chunk) [Risk Disclosures](index=9&type=section&id=Risk%20Disclosures) In Europe, the group operates digital asset on/off-ramp services through Saintpay S.R.L., registered as a VASP in Italy, and plans to apply for CASP authorization under MiCAR - Saintpay S.R.L. is registered as a Virtual Asset Service Provider in Italy and intends to apply for authorization to operate as a Crypto-Asset Service Provider in Italy under the Markets in Crypto-Assets Regulation (MiCAR)[22](index=22&type=chunk) [Segment Reporting](index=9&type=section&id=Segment%20Reporting) The group operates as a single segment (Digital Assets and Blockchain Platform Business), with significant revenue growth from a major client and the first revenue contribution from Europe [Information on Major Customers](index=9&type=section&id=Information%20on%20Major%20Customers) Revenue from a single major customer A significantly increased from HK$15.236 million in H1 2024 to HK$85.346 million in H1 2025 Major Customer Revenue (For the six months ended June 30) | Customer | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Customer A | 85,346 | 15,236 | [Geographical Segment Information](index=10&type=section&id=Geographical%20Segment%20Information) In H1 2025, Europe contributed HK$55.942 million in revenue for the first time, while Asia Pacific revenue continued to grow, with non-current assets also deployed in Europe Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Asia Pacific | 139,491 | 123,789 | | Europe | 55,942 | – | | **Total** | **195,433** | **123,789** | Non-Current Assets by Geographical Region (As of June 30) | Region | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Asia Pacific | 317,160 | 349,398 | | Europe | 17,336 | – | | **Total** | **334,496** | **349,398** | [Revenue from Contracts with Customers](index=10&type=section&id=Revenue%20from%20Contracts%20with%20Customers) The group's revenue from contracts with customers primarily derives from SaaS service fees and custody services, with SaaS service fee revenue showing significant growth Revenue from Contracts with Customers by Type (For the six months ended June 30) | Revenue Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | SaaS service fees and related income | 90,885 | 25,312 | | Custody services and related income | 5,552 | 4,757 | | Transaction fees for automated trading services | 3,272 | 4,170 | [Revenue from Digital Assets and Blockchain Platform Business](index=11&type=section&id=Revenue%20from%20Digital%20Assets%20and%20Blockchain%20Platform%20Business) Revenue from digital assets and blockchain platform business grew significantly, mainly from digital asset trading and SaaS services, while net fair value loss on digital assets decreased Revenue from Digital Assets and Blockchain Platform Business Breakdown (For the six months ended June 30) | Revenue Source | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Digital asset trading | 96,311 | 100,537 | | Net fair value loss on digital assets | (6,761) | (6,234) | | SaaS service fees and related income | 90,885 | 25,312 | | Transaction fees for automated trading services | 3,272 | 4,170 | | Custody services and related income | 5,552 | 4,757 | | Others | 1,421 | – | | **Total** | **195,433** | **123,789** | - The digital asset trading business primarily provides over-the-counter trading and automated digital asset trading services for corporate and individual clients[28](index=28&type=chunk) [Operating Expenses](index=12&type=section&id=Operating%20Expenses) Both other operating expenses and staff costs significantly increased during the period, primarily due to business expansion, acquisition-related fees, marketing activities, and global recruitment [Other Operating Expenses](index=12&type=section&id=Other%20Operating%20Expenses) Other operating expenses increased from HK$40.068 million in H1 2024 to HK$64.990 million in H1 2025, mainly driven by higher legal and professional fees, outsourced operational expenses, and marketing expenses Other Operating Expenses Breakdown (For the six months ended June 30) | Expense Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Auditor's remuneration — audit services | 4,850 | 5,999 | | Consulting fees | 7,845 | 4,896 | | Legal and professional fees | 11,668 | 6,689 | | Outsourced operational expenses | 8,776 | 3,760 | | Marketing expenses | 7,150 | 2,407 | | **Total** | **64,990** | **40,068** | [Staff Costs](index=12&type=section&id=Staff%20Costs) Staff costs for defined contribution retirement plans increased from HK$2.067 million in H1 2024 to HK$5.083 million in H1 2025, reflecting accelerated recruitment for global expansion - Defined contribution retirement plan costs within staff costs for the period were approximately **HK$5,083 thousand**, a significant increase from **HK$2,067 thousand** in the same period of 2024[29](index=29&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) The group's income tax expense primarily consists of overseas corporate income tax, with no provision made for Hong Kong due to the absence of taxable profits - For the period ended June 30, 2025, the group did not generate any taxable profits in Hong Kong, thus no provision for Hong Kong profits tax was made[30](index=30&type=chunk) Income Tax Expense (For the six months ended June 30) | Tax Type | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Overseas corporate income tax expense | – | 47 | | **Total income tax expense from continuing operations** | **–** | **47** | [Dividends](index=13&type=section&id=Dividends) The Board of Directors does not recommend the payment of any dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any dividend for the six months ended June 30, 2025 (June 30, 2024: same)[33](index=33&type=chunk) [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) Both basic and diluted loss per share attributable to owners of the company increased, primarily due to the expanded loss for the period Loss Per Share Calculation Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the company | (40,200) | (17,974) | | Add: Loss for the period from discontinued operations | 19,991 | 8,254 | | Loss for the period from continuing operations attributable to owners of the company | (20,209) | (9,720) | Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK$ per share) | 2024 (HK$ per share) | | :--- | :--- | :--- | | Basic loss per share from continuing operations | (0.03) | (0.02) | | Basic loss per share from continuing and discontinued operations | (0.07) | (0.03) | - For the period ended June 30, 2025, potential ordinary shares included in the calculation of diluted loss per share were anti-dilutive, thus diluted loss per share is presented as basic loss per share[35](index=35&type=chunk) [Digital Assets](index=15&type=section&id=Digital%20Assets) The group's total digital assets increased, with the largest portion held in its own wallets; non-trading digital assets held for long-term capital appreciation incurred revaluation losses Digital Asset Composition (As of June 30) | Digital Asset Source | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Held in the group's own wallets | 686,694 | 839,115 | | Digital assets held by various trading institutions | 185,398 | 654 | | **Total** | **872,092** | **839,769** | - Digital assets held for long-term capital appreciation (classified as intangible assets) generated a revaluation loss of **HK$98,898 thousand**, presented as "Revaluation loss on intangible assets" under other comprehensive income[37](index=37&type=chunk) - The fair value of digital assets held by OSL Digital Securities Limited (OSL DS) on behalf of customers was approximately **HK$5,554,825 thousand**, which is not recognized as the group's digital assets[38](index=38&type=chunk) [Trade Receivables](index=16&type=section&id=Trade%20Receivables) Trade receivables significantly increased, mainly from the digital assets and blockchain platform business, with the group having established policies to ensure good counterparty credit Trade Receivables (As of June 30) | Indicator | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables from digital assets and blockchain platform business | 52,781 | 6,678 | | Less: Loss allowance | (1,406) | (1,406) | | **Trade receivables** | **51,375** | **5,272** | Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 47,540 | 4,686 | | 31 to 90 days | 2,085 | 586 | | 91 to 180 days | 1,750 | – | | **Total** | **51,375** | **5,272** | [Cash Held by Licensed Entities on Behalf of Customers](index=17&type=section&id=Cash%20Held%20by%20Licensed%20Entities%20on%20Behalf%20of%20Customers) OSL DS, OSL Japan, and Saintpay S.R.L. maintain separate bank accounts for customer cash, presented as current assets and corresponding current liabilities in the group's financial statements - OSL DS, OSL Japan, and Saintpay S.R.L. hold fiat currency on behalf of customers in segregated accounts, presented as current assets and corresponding current liabilities in the group's statement of financial position[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - OSL DS, OSL Japan, and Saintpay S.R.L. do not pay interest to customers for collecting or holding fiat currency on their behalf and are entitled to retain any bank interest income[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Trade Payables](index=18&type=section&id=Trade%20Payables) Trade payables significantly increased, primarily concentrated within a 30-day aging period Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 116,333 | 273 | - Credit transactions are available with liquidity providers and certain counterparties, with credit terms of 1 to 3 days after the transaction date[46](index=46&type=chunk) [Liabilities to Customers](index=18&type=section&id=Liabilities%20to%20Customers) Liabilities to customers significantly increased, primarily comprising customer fiat currency liabilities and digital asset liabilities of licensed entities Liabilities to Customers (As of June 30) | Liability Type | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Customer fiat currency liabilities of licensed entities | 469,901 | 176,997 | | Other fiat currency liabilities | 12,301 | 13,875 | | Digital asset liabilities | 138,899 | 249,057 | | **Total** | **621,101** | **439,929** | - Liabilities to customers are measured at fair value through profit or loss, with fair value changes recognized as part of "Revenue from digital assets and blockchain platform business" in the statement of profit or loss[48](index=48&type=chunk) [Borrowings](index=19&type=section&id=Borrowings) The group's total borrowings significantly increased, mainly from unsecured digital asset borrowings and digital assets borrowed from non-controlling interests, with some borrowings collateralized by digital assets Borrowings Breakdown (As of June 30) | Borrowing Type | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Secured digital asset borrowings | 6,607 | – | | Unsecured digital asset borrowings | 93,698 | – | | Digital assets borrowed from non-controlling interests | 42,506 | 40,326 | | **Total Borrowings** | **142,811** | **40,326** | - Secured digital asset borrowings are collateralized by **16.46 Bitcoin** (approximately **HK$13,900 thousand**)[49](index=49&type=chunk) - Unsecured digital asset borrowings amount to **US$12,000,000** (approximately **HK$93,698 thousand**), denominated in Tether, bearing a fixed annual interest rate of **3%**, and repayable within one year[49](index=49&type=chunk) [Share Capital](index=20&type=section&id=Share%20Capital) The group's authorized and issued and fully paid share capital remained unchanged, with new shares issued and share options exercised in 2024, but no such changes in the current period Share Capital Movement (As of June 30) | Share Capital Item | 2025 (Number of Shares) | 2025 (HK$ Thousand) | December 31, 2024 (Number of Shares) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorized ordinary shares (par value HK$0.01 per share) | 2,000,000,000 | 20,000 | 2,000,000,000 | 20,000 | | Issued and fully paid at beginning/end of period | 626,353,184 | 6,264 | 438,453,184 | 4,385 | | Issuance of new shares | – | – | 187,600,000 | 1,876 | | Exercise of share options | – | – | 300,000 | 3 | | **Issued and fully paid at end of period** | **626,353,184** | **6,264** | **626,353,184** | **6,264** | - On January 12, 2024, the company issued **187,600,000 new shares** to BGX Group Holding Limited, raising net proceeds of **HK$711,762 thousand**[53](index=53&type=chunk) [Events After Reporting Period](index=21&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the company completed a placing and general mandate subscription, raising approximately HK$1,628 million in net proceeds, and plans a special mandate subscription - On July 25, 2025, the company entered into placing and subscription agreements, with estimated gross proceeds from the proposed transactions of approximately **HK$2,355,000 thousand**[54](index=54&type=chunk) - The placing was completed on July 29, 2025, with **101,194,000 shares** placed at **HK$14.9 per share**[54](index=54&type=chunk) - In August 2025, the group received net proceeds of approximately **HK$1,628,000 thousand** from the placing and general mandate subscription[55](index=55&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's insights into the group's operational performance, financial health, and strategic outlook, emphasizing key business developments [Business Overview](index=22&type=section&id=Business%20Overview) OSL Group achieved high revenue growth in H1 2025, optimizing product services, with OSL Pay as a key growth engine, and accelerating global expansion through the Banxa acquisition, laying a foundation for sustained future growth [Continued High Revenue Growth](index=22&type=section&id=Continued%20High%20Revenue%20Growth) In H1 2025, group revenue grew 57.9% YoY to HK$195.4 million, with trading volume surging 200.4% to HK$68.2 billion, OSL Pay contributing 28.6% of total revenue, and staff increasing to 568 to support growth - In H1 2025, the group's revenue increased by **57.9%** year-on-year to **HK$195.4 million**[57](index=57&type=chunk) - Trading volume surged by **200.4%** year-on-year to **HK$68.2 billion**, primarily driven by the over-the-counter trading business[57](index=57&type=chunk) - OSL Pay generated approximately **HK$55.9 million** in revenue, accounting for **28.6%** of total revenue[57](index=57&type=chunk) - The number of employees increased from **258** as of December 31, 2024, to **568** as of June 30, 2025, aiming to expand R&D capabilities[57](index=57&type=chunk) [Continuous Enrichment and Optimization of Product Services](index=22&type=section&id=Continuous%20Enrichment%20and%20Optimization%20of%20Product%20Services) The group launched Omnibus Pro for institutional clients, offered Ethereum asset staking, became the first in Hong Kong to support retail Solana trading, and introduced StableX, Tokenworks, and OSL BizPay after Hong Kong's stablecoin legislation - Launched a comprehensive integrated platform (Omnibus Pro) to meet institutional client demands[58](index=58&type=chunk) - Provided staking services for Ethereum assets of an exchange-traded fund, pioneering staking-as-a-service in a regulated environment[58](index=58&type=chunk) - Launched StableX (stablecoin issuance and management), Tokenworks (RWA tokenization), and OSL BizPay (stablecoin payment services)[59](index=59&type=chunk) [New OSL Pay as a Major Growth Engine](index=23&type=section&id=New%20OSL%20Pay%20as%20a%20Major%20Growth%20Engine) Launched in April 2025, OSL Pay contributed approximately 28.6% of total revenue in H1, primarily from Europe, aiming to build licensed and compliant on/off-ramp solutions for global clients and evolve into a comprehensive financial service provider including digital asset credit card issuance - OSL Pay accounted for approximately **28.6%** of total revenue in H1 2025, primarily from Europe[60](index=60&type=chunk) - OSL Pay aims to build licensed and compliant solutions for global clients to enable seamless on/off-ramp services[60](index=60&type=chunk) - The long-term vision is to develop OSL Pay into a comprehensive financial service provider, including digital asset credit card issuance[60](index=60&type=chunk) [Expanding Global Business and License Footprint](index=23&type=section&id=Expanding%20Global%20Business%20and%20License%20Footprint) OSL acquired VASP registration in Italy via Saintpay S.R.L. and obtained Bermuda's highest-tier digital asset service license, further expanding its global presence and license portfolio through recent acquisitions of EvergreenCrest Holdings Ltd. and Banxa - In March 2025, obtained Virtual Asset Service Provider registration in Italy through the acquisition of Saintpay S.R.L.[62](index=62&type=chunk) - In August 2025, obtained Bermuda's highest-tier digital asset service license, allowing for a full suite of digital asset activities[62](index=62&type=chunk) - Announced the acquisition of EvergreenCrest Holdings Ltd. in Indonesia and Banxa, further expanding global business and license footprint[62](index=62&type=chunk) [Accelerating Global Expansion Through Banxa Acquisition](index=23&type=section&id=Accelerating%20Global%20Expansion%20Through%20Banxa%20Acquisition) In June 2025, OSL announced the acquisition of Banxa Holdings Inc., a digital asset trading facilitator with over 40 licenses, expected to drive revenue growth, create synergies, and solidify the foundation for future global expansion - In June 2025, the group announced the acquisition of Banxa Holdings Inc., a company focused on facilitating the buying and selling of digital assets[63](index=63&type=chunk) - Banxa holds over **40 licenses and registrations** in various key markets[63](index=63&type=chunk) - This acquisition is expected to directly contribute to revenue growth and synergy creation, laying a solid foundation for future global expansion[63](index=63&type=chunk) [Performance Review](index=24&type=section&id=Performance%20Review) The group's H1 2025 revenue grew significantly, but loss from continuing operations expanded; adjusted non-IFRS revenue surged, reflecting business model strengths, while fees, commissions, IT, and other operating expenses increased due to business expansion [Overall Performance](index=24&type=section&id=Overall%20Performance) IFRS revenue for the period was HK$195.4 million, a YoY increase of HK$71.6 million; adjusted non-IFRS revenue surged 187.3% to HK$188.6 million, while loss from continuing operations increased to HK$20.3 million Overall Financial Performance (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | IFRS Revenue | 195,400 | 123,800 | | Adjusted Non-IFRS Revenue | 188,600 | 65,600 | | IFRS Loss from continuing operations | 20,300 | 9,600 | | Basic loss per share from continuing operations | 0.03 (HK$) | 0.02 (HK$) | - SaaS service fees and related income contributed **HK$90.9 million**, significantly enhancing financial performance[64](index=64&type=chunk) [Non-IFRS Measures](index=24&type=section&id=Non-IFRS%20Measures) The group provides adjusted non-IFRS revenue as an additional financial measure to better reflect the operating performance and trading volume of its digital asset trading business, excluding the impact of digital asset price fluctuations - Adjusted non-IFRS revenue aims to exclude the impact of digital asset price fluctuations on operating performance, providing a more stable view of business performance[66](index=66&type=chunk)[67](index=67&type=chunk) Non-IFRS Revenue Reconciliation (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from digital assets and blockchain platform business under IFRS | 195,433 | 123,789 | | Add back: Net fair value loss on digital assets | 6,234 | 6,761 | | Less: Net gain on digital assets used to facilitate digital asset trading business | (13,090) | (64,902) | | **Adjusted non-IFRS revenue from digital assets and blockchain platform business** | **188,577** | **65,648** | [Revenue from Digital Assets and Blockchain Platform Business](index=26&type=section&id=Revenue%20from%20Digital%20Assets%20and%20Blockchain%20Platform%20Business) This business segment's revenue increased by HK$71.6 million, driven by both digital asset market business (OTC, exchange, custody) and digital asset technology infrastructure business (SaaS), with SaaS revenue showing particularly strong growth - IFRS revenue from digital assets and blockchain platform business was **HK$195.4 million**, an increase of **HK$71.6 million** compared to H1 2024[73](index=73&type=chunk) - Revenue from digital asset market business increased to **HK$104.5 million**, primarily due to increased institutional investor participation and demand for digital asset trading and institutional services[74](index=74&type=chunk) - Revenue from digital asset technology infrastructure business increased to **HK$90.9 million**, a year-on-year increase of **HK$65.6 million**, mainly due to an expanded customer base[75](index=75&type=chunk) [Fees and Commission Expenses](index=27&type=section&id=Fees%20and%20Commission%20Expenses) Fees and commission expenses significantly increased by HK$23 million to HK$26.7 million, primarily due to higher channel fees paid to payment gateway providers and referral expenses from the newly launched OSL Pay business - Fees and commission expenses were **HK$26.7 million**, a significant increase of **HK$23 million** compared to H1 2024[76](index=76&type=chunk) - The increase in expenses was primarily due to higher channel fees paid to payment gateway providers and increased referral expenses from the newly launched OSL Pay business during the period[76](index=76&type=chunk) [Information Technology Costs and Other Operating Expenses](index=27&type=section&id=Information%20Technology%20Costs%20and%20Other%20Operating%20Expenses) Information technology costs increased by HK$10.9 million YoY to HK$24.5 million due to global expansion and upgrades, while other operating expenses rose by HK$24.9 million to HK$65 million, driven by legal, professional, marketing, consulting, rent, and outsourcing fees - Information technology costs were **HK$24.5 million**, a year-on-year increase of **HK$10.9 million**, related to technology-related expenses and upgrades due to global expansion[77](index=77&type=chunk) - Other operating expenses were **HK$65 million**, a year-on-year increase of **HK$24.9 million**, primarily attributable to increased legal and professional fees, marketing expenses, consulting fees, overseas office rent, and outsourcing fees related to business expansion and acquisitions[78](index=78&type=chunk) [Net Loss](index=27&type=section&id=Net%20Loss) Net loss from continuing operations for the period was HK$20.3 million, an increase of HK$10.7 million YoY, primarily due to increased employee numbers and operating expenses to accelerate global expansion plans - Net loss from continuing operations for the period was **HK$20.3 million**, an increase of **HK$10.7 million** compared to H1 2024[79](index=79&type=chunk) - The increase in net loss was primarily due to increased employee numbers and operating expenses to accelerate the group's global expansion plans[79](index=79&type=chunk) [Human Resources Costs](index=28&type=section&id=Human%20Resources%20Costs) As of June 30, 2025, the group's employee count rose to 568, with total staff costs reaching HK$146.9 million to support global business expansion; the group granted 3,406,250 award shares under its 2025 share award scheme to incentivize and retain talent - As of June 30, 2025, the group had a total of **568 employees** in the Asia Pacific region and Europe (June 30, 2024: **167 employees**)[80](index=80&type=chunk) - Total staff costs for the period were **HK$146.9 million** (June 30, 2024: **HK$82.1 million**), with the significant increase due to accelerated recruitment to support and drive global business expansion[80](index=80&type=chunk) - During the period, **3,406,250 award shares** were granted under the 2025 Share Award Scheme on May 13, 2025[88](index=88&type=chunk) [Outlook](index=30&type=section&id=Outlook) OSL Group's 2025 strategic blueprint focuses on five pillars: strengthening Hong Kong market leadership, accelerating globalization, enriching product lines, seeking value-accretive M&A, and enhancing operational efficiency to capitalize on digital assets as a strategic asset class and payment tool [Strengthening Market Leadership in Hong Kong](index=30&type=section&id=Strengthening%20Market%20Leadership%20in%20Hong%20Kong) OSL aims to consolidate its OTC service market leadership, expand its institutional client base, and enhance retail experience by launching products like Omnibus Pro, StableX, and Tokenworks, and introducing Solana trading - OSL aims to consolidate its market leadership in OTC services and continue to gain market share by expanding new clients and re-engaging existing ones[90](index=90&type=chunk) - The launch of Omnibus Pro, StableX, and Tokenworks has generated strong interest from traditional financial institutions and empowered them to enter the digital asset space[90](index=90&type=chunk) - OSL plans to introduce more product categories, such as Solana (SOL) trading, to enhance the retail experience[90](index=90&type=chunk) [Accelerating Globalization: Starting in Hong Kong, Expanding Globally](index=30&type=section&id=Accelerating%20Globalization%3A%20Starting%20in%20Hong%20Kong%2C%20Expanding%20Globally) OSL is committed to expanding overseas operations, particularly in Japan and Australia, launching the OSL Global Exchange Service for global clients and retail trading in Indonesia in H2 2025, while accelerating overseas recruitment - OSL is committed to investing resources to expand its overseas business, particularly in Japan and Australia[91](index=91&type=chunk) - In H2 2025, OSL will launch the OSL Global Exchange Service, a comprehensive trading platform for global clients, and introduce retail trading services in Indonesia[91](index=91&type=chunk) - OSL plans to accelerate overseas recruitment to support and drive these growth initiatives[91](index=91&type=chunk) [Enriching Product Lines: From Trading to Payments](index=30&type=section&id=Enriching%20Product%20Lines%3A%20From%20Trading%20to%20Payments) OSL plans to further develop its stablecoin and payment-related product portfolio, having launched OSL Pay for on/off-ramp solutions and intending to introduce OSL BizPay for institutional and corporate stablecoin payment services - OSL's goal is to further develop its stablecoin-related and payment-related product portfolio[92](index=92&type=chunk) - OSL Pay has been launched to provide on/off-ramp solutions, and OSL BizPay is intended to be launched to provide stablecoin payment services for institutions and enterprises[92](index=92&type=chunk) [Seeking Value-Accretive Global M&A Opportunities](index=31&type=section&id=Seeking%20Value-Accretive%20Global%20M%26A%20Opportunities) OSL actively seeks value-accretive global M&A opportunities, particularly acquiring fully compliant and high-quality assets in emerging markets, employing rigorous due diligence and post-merger integration management processes - OSL is actively seeking value-accretive global M&A opportunities to accelerate its global expansion plans[93](index=93&type=chunk) - OSL focuses on acquiring fully compliant and high-quality assets, especially in emerging markets[93](index=93&type=chunk) [Driving Operational Efficiency Improvements](index=31&type=section&id=Driving%20Operational%20Efficiency%20Improvements) OSL is committed to enhancing operational efficiency and financial margins through streamlined workflows, cross-departmental collaboration, automated back-office operations, centralized procurement, and deeper liquidity acquisition - OSL is committed to improving operational efficiency to enhance financial margins[94](index=94&type=chunk) - Measures include streamlining and standardizing workflows, encouraging cross-departmental collaboration, automating back-office operations, implementing centralized procurement processes, and obtaining deeper liquidity as the business scales[94](index=94&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) As of June 30, 2025, the group's total assets and liabilities increased, while shareholder equity decreased and the total debt-to-asset ratio rose; cash and cash equivalents decreased, but digital asset holdings increased, total borrowings significantly rose, and several major subsidiary acquisitions were completed [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the group's total assets were HK$2.1188 billion, total liabilities HK$977.6 million, and total shareholder equity HK$1.1411 billion, with a total debt-to-asset ratio of approximately 46.1%; cash and cash equivalents decreased to HK$459.2 million, but proprietary digital asset balance increased to HK$589.5 million Liquidity and Financial Resources (As of June 30) | Indicator | 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total assets | 2,118,800 | 1,863,700 | | Total liabilities | 977,600 | 579,400 | | Total shareholder equity | 1,141,100 | 1,284,400 | | Cash and cash equivalents | 459,200 | 635,300 | | Proprietary digital asset balance (for trading purposes) | 589,500 | 406,600 | - The total debt-to-asset ratio was approximately **46.1%** (December 31, 2024: **31.1%**)[95](index=95&type=chunk) - Total digital asset borrowings were **HK$142.8 million** (December 31, 2024: **HK$40.3 million**), with some borrowings collateralized by digital assets[97](index=97&type=chunk) [Financial Policy](index=32&type=section&id=Financial%20Policy) The group's financial management policy strictly prohibits participation in high-risk speculative instruments and maintains a prudent approach to financial risk management, with no significant financial instruments used for hedging during the period - The group's financial management policy strictly prohibits participation in high-risk speculative instruments[98](index=98&type=chunk) - During the period, the group maintained a prudent approach to financial risk management and did not use any significant financial instruments for hedging purposes[98](index=98&type=chunk) [Risks from Exchange Rate and Related Hedging Fluctuations](index=32&type=section&id=Risks%20from%20Exchange%20Rate%20and%20Related%20Hedging%20Fluctuations) The group's main business is denominated in RMB, HKD, USD, JPY, and EUR; foreign exchange risk impact is minor due to stable USD/HKD exchange rates and limited overseas operating expenses, with no hedging undertaken during the period - The majority of the group's assets, receipts, and payments are denominated in RMB, HKD, USD, JPY, and EUR[98](index=98&type=chunk) - The exchange rate between the US dollar and the Hong Kong dollar is relatively stable, and the related currency exchange risk is extremely low; foreign exchange risk from operations in mainland China, Japan, and Europe has a minor impact on the group[99](index=99&type=chunk) - The group did not use financial instruments for hedging purposes during the period[99](index=99&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=32&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) The group completed the second tranche acquisition of OSL Japan shares, increasing its stake to 81.38%, deregistered two wholly-foreign-owned enterprises in mainland China, and entered into agreements to acquire EvergreenCrest Holdings Ltd. and Banxa Holdings Inc. - On January 17, 2025, the second tranche acquisition of OSL Japan was completed, with the group holding a total of **81.38%** equity in OSL Japan[100](index=100&type=chunk) - On January 26, 2025, and March 13, 2025, two of the group's wholly-foreign-owned enterprise subsidiaries completed deregistration in mainland China[101](index=101&type=chunk) - Agreements were entered into to acquire **90%** equity in EvergreenCrest Holdings Ltd. for a consideration of approximately **HK$117.5 million**[102](index=102&type=chunk) - An arrangement agreement was entered into to acquire Banxa Holdings Inc. for a maximum consideration of approximately **HK$486.7 million**[103](index=103&type=chunk) [Pledge of the Group's Assets](index=33&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As of June 30, 2025, the group pledged digital assets totaling HK$13.9 million - As of June 30, 2025, the group pledged digital assets of **HK$13.9 million** (December 31, 2024: the group had no significant pledges)[105](index=105&type=chunk) [Future Plans for Material Investments or Capital Assets and Capital Expenditure Commitments](index=33&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets%20and%20Capital%20Expenditure%20Commitments) The group actively seeks value-accretive global M&A opportunities to accelerate its overseas expansion plans, with no other significant contracted commitments as of June 30, 2025, apart from disclosed acquisitions - The group is actively seeking value-accretive global M&A opportunities to accelerate its overseas expansion plans[106](index=106&type=chunk) - Apart from the disclosed acquisitions, as of June 30, 2025, the group had no other significant contracted commitments[106](index=106&type=chunk) [Contingent Liabilities](index=33&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the group had no significant contingent liabilities - As of June 30, 2025, and December 31, 2024, the group had no significant contingent liabilities[107](index=107&type=chunk) [Events After Reporting Period](index=33&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, there was a change in independent non-executive directors; the company completed a placing and general mandate subscription, raising approximately HK$1.628 billion in net proceeds, and plans a special mandate subscription with estimated total net proceeds of HK$2.3361 billion - Mr. Xu Biao resigned as an independent non-executive director, and Mr. Jia Hang was appointed as an independent non-executive director and a member of several committees, effective August 1, 2025[108](index=108&type=chunk) - The company has completed the placing and general mandate subscription, with total net proceeds of approximately **HK$1.628 billion**[110](index=110&type=chunk)[111](index=111&type=chunk) - The issuance of special mandate subscription shares (estimated net proceeds of **HK$707.9 million**) remains subject to the fulfillment of certain conditions[111](index=111&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This section presents additional disclosures, including interim dividends, share transactions, corporate governance practices, and board composition [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board of Directors resolved not to recommend payment of an interim dividend to ordinary shareholders for the period - The Board of Directors resolved not to recommend payment of an interim dividend to the company's ordinary shareholders for the period (June 30, 2024: nil)[112](index=112&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities[113](index=113&type=chunk) [Corporate Governance Code](index=35&type=section&id=Corporate%20Governance%20Code) The group is committed to maintaining high standards of corporate governance and complied with the code provisions of Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code during the period - The company has adopted and complied with the code provisions of Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code during the period[114](index=114&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Audit Committee is established and complies with Listing Rules, primarily responsible for reviewing and monitoring the group's financial reporting and internal control systems, and has reviewed the unaudited condensed consolidated interim financial information for the period - The Audit Committee comprises three independent non-executive directors: Mr. Chow Cheuk Yan (Chairman), Mr. Yang Huan, and Mr. Jia Hang[115](index=115&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the group with management and discussed financial reporting matters, including the unaudited condensed consolidated interim financial information for the period[115](index=115&type=chunk) [Board of Directors](index=35&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises four executive directors, one non-executive director, and three independent non-executive directors - As of the announcement date, the executive directors are Mr. Cui Song, Mr. Diao Jiajun, Ms. Xu Kang, and Mr. Yang Chao[117](index=117&type=chunk) - The non-executive director is Mr. Li Jinhong[117](index=117&type=chunk) - The independent non-executive directors are Mr. Chow Cheuk Yan, Mr. Yang Huan, and Mr. Jia Hang[117](index=117&type=chunk)

Financial Performance - Total revenue for the six months ended June 30, 2025, was HKD 129,328,000, a decrease of 75.1% compared to HKD 517,921,000 for the same period in 2024[2] - Gross profit for the period was HKD 46,938,000, compared to a gross loss of HKD 81,263,000 in the previous year[2] - The company reported a loss before tax of HKD 18,082,000, significantly improved from a loss of HKD 217,175,000 in the prior year[2] - Basic and diluted loss per share was HKD 3.10, compared to HKD 34.07 for the same period last year[3] - The total comprehensive loss for the period was HKD 12,752,000, compared to a loss of HKD 225,922,000 in the same period last year[2] - Total revenue for the six months ended June 30, 2025, was HKD 103,181,000, a decrease from HKD 490,994,000 in the same period of 2024, representing a decline of approximately 79%[12] - For the six months ended June 30, 2025, the company reported a loss attributable to shareholders of HKD 19,867,000, compared to a loss of HKD 218,538,000 for the same period in 2024, representing a significant improvement[23] Revenue Breakdown - Revenue from property sales was HKD 87,424,000, a significant decrease from HKD 477,512,000 in the previous year[11] - The property development revenue was HKD 87,424,000 for the six months ended June 30, 2025, down from HKD 477,512,000 in 2024, indicating a decrease of about 82%[13] - The property investment segment generated revenue of HKD 21,077,000, slightly down from HKD 21,628,000 in the previous year, a decrease of approximately 3%[13] - The property management services segment generated revenue of HKD 6,971,000, slightly down from HKD 7,078,000 in the previous year, a decrease of about 1.5%[13] - The city service apartments segment confirmed revenue of approximately HKD 1.7 million for the six months ending June 30, 2025, remaining stable compared to the same period in 2024[52] - The city storage and workspace segment reported revenue of approximately HKD 18.8 million for the six months ending June 30, 2025, showing no significant change from HKD 19.1 million in the same period of 2024[53] - The wine business generated revenue of approximately HKD 9.8 million for the six months ending June 30, 2025, an increase of about HKD 2.5 million compared to HKD 7.3 million for the same period in 2024, primarily due to successful seasonal promotions[58] Assets and Liabilities - Non-current assets totaled HKD 873,446,000 as of June 30, 2025, an increase from HKD 857,758,000 at the end of 2024[4] - Current liabilities decreased to HKD 1,439,877,000 from HKD 1,523,246,000 at the end of 2024[5] - The net asset value was HKD 788,717,000, down from HKD 801,469,000 at the end of 2024[5] - Total assets as of June 30, 2025, were HKD 2,369,428,000, down from HKD 2,476,716,000 at the end of 2024, a decrease of about 4.3%[15] - Total liabilities decreased to HKD 1,580,711,000 as of June 30, 2025, from HKD 1,675,247,000 at the end of 2024, reflecting a reduction of approximately 5.7%[15] - The group's total liabilities decreased from HKD 1,238,678,000 to HKD 1,223,700,000, indicating a reduction in overall financial obligations[38] Financing and Costs - Interest income from bank deposits was HKD 141,000 for the six months ended June 30, 2025, down from HKD 308,000 in 2024, a decline of about 54%[16] - The financing costs totaled HKD 40,080,000 for the six months ended June 30, 2025, compared to HKD 83,366,000 in the same period of 2024, indicating a reduction of approximately 52%[17] - The actual interest rates for fixed-rate borrowings ranged from 4.60% to 6.00% as of June 30, 2025, while floating-rate borrowings ranged from 1.98% to 6.34%[39] - The group’s borrowings totaled HKD 1,223,700,000 as of June 30, 2025, a slight decrease from HKD 1,238,678,000 as of December 31, 2024[38] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[82] - The audit committee, consisting of three independent non-executive directors, has reviewed the company's financial reporting procedures and internal control systems[84] - The company will publish performance announcements and interim reports on the Hong Kong Stock Exchange and its website at appropriate times[85] Market Outlook and Strategy - The group remains optimistic about the property market despite challenges, citing government measures to boost investment and strong demand in the rental market[74] - The group plans to focus on strategic investments and operational excellence to achieve long-term value, while also leveraging technology to enhance customer experience[74] - The group aims to diversify its investment portfolio and explore new markets and asset classes to mitigate risks[75] Employee and Risk Management - As of June 30, 2025, the group employed 116 staff and appointed 7 directors, maintaining competitive salary levels and offering various employee benefits[71] - The group has a robust risk management system in place, with a dedicated risk control committee to address potential risks[73] - The group identified key risks including market risk, business risk, and regulatory risk, which could significantly impact operations and financial conditions[72]

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。 CHINA NEW ECONOMY FUND LIMITED 中國新經濟投資有限公司 （ 於開曼群島註冊成立的獲豁免有限公司 ） （股份代號：80） 截 至2025年6月30日止六個月之 中期業績公告 未經審核中期業績 中 國 新 經 濟 投 資 有 限 公 司（「本 公 司」）之 董 事 會（「董 事 會」或「董 事」）欣 然 宣 佈 本 公司截至2025年6月30日 止 六 個 月（「本 期 間」）之 未 經 審 核 中 期 業 績，連 同 截 至 2024年6月30日 止 六 個 月 之 未 經 審 核 數 字。 中期簡明損益及其他全面收益表 截 至2025年6月30日止六個月 | | | 截 至 | | 截 至 | | | --- | --- | --- | --- | --- | --- | | | | 2025年 | | 2024年 | ...

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。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英諾賽科 ( 蘇 州 ) 科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 截至2025年6月30日止六個月之中期業績公告 本集團報告期內毛利率為+6.8%，對比2024年同期的-21.6%，再次大幅提升 28.4個百分點，實現毛利轉正里程碑。 2. 高端業務市場佈局進展飛速，氮化鎵應用在數據中心、新能源汽車、人形機 器人等關鍵領域實現全面突破並飛速增長，氮化鎵時代來臨 推動AI及數據中心進入氮化鎵時代： 面向AI及數據中心的銷售同比增長180%；基於100V氮化鎵的48v-12v應用進 入量產；國內獨家進入英偉達800V高壓直流方案芯片供應商名單，氮化鎵被 英偉達新一代架構採用，AI/數據中心進入氮化鎵高效節能時代。 1 新能源汽車： 應用於激光雷達、車載充電機(OB ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國金融租賃集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號： ） 截至二零二五年六月三十日止六個月之 中期業績 中期業績 中國金融租賃集團有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月之未經審核簡 明業績。未經審核簡明中期財務報表並未經由本公司之核數師審核，但已經由本 公司審核委員會審閱。 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 截至 | 截至 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 止六個月 | 止六個月 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 719 | 360 | | 透過損益按公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Qeeka Home (Cayman) Inc. 齊屹科技（開 曼）有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1739） 截 至2025年6月30日止六個月的 中期業績公告 齊屹科技（開 曼）有限公司（「本公司」）董 事 會 欣 然 宣 佈 本 公 司、其 附 屬 公 司 及 中 國經營實體（合 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 中 期 業 績。 於 本 公 告 中，「我 們」指 本 公 司 及（倘 文 義 另 有 指 定）本 集 團。 財務摘要 截 至6月30日止六個月 | 2025年 | 2024年 | 同比變動 | （人 | 幣 | 元） | 幣 | 千 | （人 | 千 | 民 | 民 | 元） | (%) | | --- | --- | --- | ...