香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 Sundy Service Group Co. Ltd 宋都服务集团有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9608） 截至2025年6月30日止六個月中期業績公告 宋都服务集团有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「期內」）之未經 審核綜合業績，連同2024年同期的比較數字。本集團期內之業績已經本公司審核委 員會（「審核委員會」）審閱並經董事會於2025年8月28日批准。 本公告所載若干金額及百分比數字已約整或已四捨五入至小數點後一位或兩位數。 任何表格、圖表或其他地方所示總額與所列數額總和如有任何差異乃因四捨五入 所致。 – 1 – 業績摘要 本集團的財務業績 – 2 – • 期內，本集團實現收入人民幣116.5百萬元，較2024年同期收入人民幣 ...

（於香港註冊成立之有限公司） （股份代號：156） 中期業績 截至 2025 年 6 月 30 日止六個月 力寶華潤有限公司（「本公司」）之董事會公佈本公司及其附屬公司（統稱「本集團」）截至 2025 年 6 月 30 日 止六個月之未經審核綜合中期業績，連同 2024 年同期之比較數字如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 LIPPO CHINA RESOURCES LIMITED 力 寶 華 潤 有 限 公 司 簡明綜合損益表 截至 2025 年 6 月 30 日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至 6 月 30 日止六個月 | | | | | 2025 年 | 2024 年 | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 412,108 | 374,147 | | 銷售成本 | | (155,432) | (142,651) | | | | ...

Financial Performance - In the first half of 2025, the group's revenue was approximately RMB 279.7 million, a decrease of 3.3% compared to RMB 289.4 million in the first half of 2024[2]. - The group recorded a net profit of approximately RMB 1.0 million in the first half of 2025, compared to a net loss of RMB 0.2 million in the same period of 2024[2]. - Basic and diluted earnings per share attributable to ordinary shareholders were RMB 0.04 in the first half of 2025, compared to a loss of RMB 0.01 in the first half of 2024[2]. - The gross profit for the first half of 2025 was RMB 6.4 million, down from RMB 9.8 million in the first half of 2024, reflecting a gross margin decrease[3]. - Total comprehensive income for the period attributable to the company’s owners was RMB 956,000, compared to a loss of RMB 183,000 in the first half of 2024[5]. - The pre-tax profit for the six months ended June 30, 2025, was RMB 4,035 thousand, a significant increase from RMB 179 thousand in the previous year[13][15]. - The company reported a total of RMB 11,304 thousand in other income and gains for the period, contributing positively to overall financial performance[13]. - Other income and gains totaled RMB 11,304,000 for the six months ended June 30, 2025, compared to RMB 6,030,000 in 2024, marking an increase of approximately 87%[19]. - The company's revenue decreased due to a decline in production and sales, despite a slight increase in steel trading revenue[38]. Revenue Breakdown - High-grade iron ore sales contributed RMB 45,827 thousand, accounting for 16.0% of total revenue, down from 18.0% in the previous year[16]. - Steel trading generated RMB 224,013 thousand, representing 80.0% of total revenue, slightly down from 79.0% in the prior year[16]. - Facility management services brought in RMB 9,827 thousand, maintaining a 4.0% share of total revenue, consistent with the previous year[16]. - The iron ore business generated revenue of RMB 45,827,000, down from RMB 50,751,000 in 2024, reflecting a decrease of about 10%[18]. - Steel trading revenue was RMB 224,013,000, compared to RMB 228,770,000 in 2024, indicating a decrease of approximately 2%[18]. - Facility management services contributed RMB 10,547,000, an increase from RMB 10,371,000 in 2024, showing a growth of about 2%[18]. Assets and Liabilities - The group's total assets less current liabilities amounted to RMB 1,136.0 million as of June 30, 2025, compared to RMB 1,065.5 million as of December 31, 2024[6]. - Non-current liabilities increased to RMB 212.8 million as of June 30, 2025, from RMB 145.3 million as of December 31, 2024[7]. - Total assets as of June 30, 2025, amounted to RMB 1,293,040 thousand, a slight decrease from RMB 1,298,310 thousand as of June 30, 2024[14][15]. - Total liabilities stood at RMB 369,858 thousand, compared to RMB 358,182 thousand in the previous year, indicating an increase of 3.7%[14][15]. - As of June 30, 2025, the group's accounts receivable amounted to RMB 149,436,000, a significant increase from RMB 75,494,000 as of December 31, 2024, representing a growth of 97.5%[31]. - The group's accounts payable as of June 30, 2025, totaled RMB 56,812,000, a decrease from RMB 63,585,000 as of December 31, 2024, reflecting a decline of 10.5%[32]. - The total bank and other borrowings as of June 30, 2025, were RMB 77,180,000, down from RMB 91,444,000 as of December 31, 2024, indicating a reduction of 15.6%[32]. Cash Flow and Expenditures - The net cash flow from operating activities for the first half of 2025 was approximately RMB 9.9 million, down from RMB 22.3 million in the same period of 2024[60]. - The net cash flow used in investing activities was approximately RMB 1.8 million, a decrease from RMB 22.9 million in the first half of 2024, primarily due to capital expenditures related to the upgrade and expansion of high-grade iron ore operations[61]. - The net cash flow used in financing activities was approximately RMB 17.7 million, compared to RMB 7.3 million in the first half of 2024, mainly due to repayments of bank loans[62]. - Capital expenditures for the six months ended June 30, 2025, were RMB 11,413 thousand, up from RMB 8,670 thousand in the same period of 2024[13][15]. Dividends and Shareholder Information - The board did not recommend the payment of an interim dividend for the first half of 2025, consistent with the previous year[2]. - The company's issued and fully paid ordinary shares remained at 2,249,015,410 as of June 30, 2025, unchanged from December 31, 2024[33]. - The company did not recommend any interim dividend for the first half of 2025, consistent with the previous year[24]. Economic and Market Conditions - The construction steel consumption in China decreased by 6.1% year-on-year in the first half of 2025, reflecting ongoing pressure in the steel industry due to a sluggish real estate sector[35]. - The China Steel Price Index (CSPI) fell from 96.09 points in January 2025 to 90.10 points in June 2025, marking a decline of 6.23% in the first half of 2025 and a year-on-year decrease of 14.14%[35]. - The iron ore price index reached a peak of 886.86 in February 2025 but fell to 770.76 by June 2025, with expectations of further decline in the second half of 2025 due to reduced production and weak demand[36]. - The overall China Purchasing Managers' Index (PMI) showed a slight increase, peaking at 51.4% in March 2025, but fell to 50.2% in April and stabilized at 50.7% in June 2025, indicating gradual expansion in production and business activities[36]. - The steel industry PMI was at 45.9% in June 2025, reflecting a year-on-year decline of 1.9 percentage points, highlighting ongoing challenges within the industry[36]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes during the reporting period[93]. - The financial data disclosed complies with the listing rules and has been prepared according to applicable accounting standards[95]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[94]. Employee and Operational Updates - As of June 30, 2025, the company had 326 employees, down from 356 on December 31, 2024, with employee benefits expenses amounting to RMB 17.1 million in H1 2025, compared to RMB 14.4 million in H1 2024[92]. - The company has adopted a performance-based compensation policy, which includes salaries, housing allowances, retirement contributions, and discretionary bonuses linked to performance[92]. - The facilities management division is expected to play an increasingly important role in diversifying revenue sources amid growing competition in the industry[90]. Guarantees and Financial Obligations - The company has provided a maximum guarantee amount of RMB 930.0 million under the 2025 main guarantee agreement, effective from January 1, 2025, to December 31, 2027[75]. - The company's total capital expenditure increased by approximately RMB 2.7 million to about RMB 11.4 million, primarily due to costs associated with the resource integration process of the Maoling-Yanglongshan iron ore project[87]. - The total loan amount owed by the company is approximately RMB 930.0 million, including principal, accumulated interest, penalties, and other associated costs[102]. - The maximum guarantee amount under the China Titanium Guarantee is RMB 690.0 million as of June 30, 2025, down from RMB 730.0 million[102].

Financial Highlights [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Despite a **17.6% revenue decrease**, the Group significantly narrowed its **loss for the period by 56.1%** through enhanced operational management and cost control Financial Performance Summary (RMB thousand) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 313,217 | 379,943 | (17.6)% | | - Diagnostic testing services for medical alliances | 180,333 | 182,272 | (1.1)% | | - Diagnostic outsourcing services | 118,491 | 179,614 | (34.0)% | | - Diagnostic testing services for non-medical institutions | 14,393 | 18,057 | (20.3)% | | Cost of Revenue | (206,848) | (251,745) | (17.8)% | | Gross Profit | 106,369 | 128,198 | (17.0)% | | Loss Before Income Tax | (55,409) | (131,775) | (58.0)% | | Loss for the Period | (55,359) | (126,055) | (56.1)% | | Loss Attributable to Owners of the Company | (55,340) | (126,129) | (56.1)% | Loss Per Share (RMB) | Metric | 2025 (RMB) | 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Per Share (Basic) Attributable to Owners of the Company | (0.09) | (0.21) | (57.1)% | | Loss Per Share (Diluted) Attributable to Owners of the Company | (0.09) | (0.21) | (57.1)% | - The Group's overall revenue decline was primarily influenced by factors such as centralized procurement, medical insurance cost control, and intensified industry competition[5](index=5&type=chunk) - The significant narrowing of loss was mainly attributable to continuous improvements in operational and management capabilities, strengthened cost control, reduced selling and administrative expenses, optimized debt structure, substantial reduction in finance costs, and decreased impairment provisions for assets[6](index=6&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a **loss for the period of RMB 55.4 million**, significantly narrowed from **RMB 126.1 million** in the prior year, driven by reduced operating expenses and finance costs Condensed Consolidated Statement of Comprehensive Income (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 313,217 | 379,943 | | Cost of Revenue | (206,848) | (251,745) | | Gross Profit | 106,369 | 128,198 | | Selling Expenses | (53,096) | (89,945) | | Administrative Expenses | (78,272) | (99,706) | | Net Impairment Loss on Financial Assets | (8,352) | (52,447) | | Other Income - Net | 31,822 | 6,590 | | Operating Loss | (40,263) | (107,517) | | Finance Costs - Net | (15,146) | (24,258) | | Loss Before Income Tax | (55,409) | (131,775) | | Loss for the Period | (55,359) | (126,055) | - Loss attributable to owners of the Company decreased from **RMB 126,129 thousand** in 2024 to **RMB 55,340 thousand** in 2025[10](index=10&type=chunk) - Both basic and diluted loss per share decreased from **RMB (0.21)** in 2024 to **RMB (0.09)** in 2025[10](index=10&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's **net assets totaled RMB 1,102.5 million**, slightly down from December 31, 2024, with improved liquidity driven by a greater reduction in current liabilities Condensed Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 570,295 | 568,885 | | Current Assets | 2,490,119 | 2,659,451 | | Current Liabilities | 1,712,571 | 1,916,435 | | Net Current Assets | 777,548 | 743,016 | | Non-current Liabilities | 245,356 | 162,024 | | Net Assets | 1,102,487 | 1,149,877 | | Equity | 1,102,487 | 1,149,877 | - Financial assets at fair value through profit or loss increased by **RMB 92.2 million to RMB 567.6 million**, primarily due to increased private equity investments and fair value fluctuations[78](index=78&type=chunk) - Trade receivables decreased by **RMB 31.3 million to RMB 597.1 million**, mainly due to partial collections and impairment provisions[80](index=80&type=chunk) - Reduced borrowings and trade and other payables within current liabilities led to an increase in net current assets[86](index=86&type=chunk) Notes to the Condensed Consolidated Financial Statements [1 General Information](index=7&type=section&id=1%20General%20Information) The Company, an investment holding company incorporated in the Cayman Islands, primarily provides diagnostic testing services in China through its subsidiaries and was listed on the Main Board of the Hong Kong Stock Exchange on May 18, 2022 - The Company was incorporated as an exempted company with limited liability in the Cayman Islands on July 20, 2018[13](index=13&type=chunk) - The Company is an investment holding company, and its subsidiaries are principally engaged in providing diagnostic testing services in China[13](index=13&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 18, 2022[14](index=14&type=chunk) [2 Basis of Preparation and Accounting Policies](index=7&type=section&id=2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The Group's condensed consolidated interim financial statements are prepared in accordance with the Listing Rules and HKAS 34, with accounting policies consistent with the prior fiscal year and no significant impact from adopted revised standards - The condensed consolidated interim financial statements have been prepared in accordance with the Listing Rules and Hong Kong Accounting Standard 34[17](index=17&type=chunk) - The accounting policies applied in preparing this financial information are consistent with those applied in the Group's consolidated financial statements for the year ended December 31, 2024[17](index=17&type=chunk) [(a) Revised Standards and Interpretations Adopted by the Group](index=7&type=section&id=(a)%20Revised%20Standards%20and%20Interpretations%20Adopted%20by%20the%20Group) The Group adopted HKAS 21 (Amendment) "Lack of Exchangeability" effective January 1, 2025, with no significant impact on its results or financial position - The adoption of HKAS 21 (Amendment) "Lack of Exchangeability" became effective on January 1, 2025[18](index=18&type=chunk) - The adoption of these amendments had no significant impact on the Group's results and financial position[18](index=18&type=chunk) [(b) New Standards, Amendments to Standards and Interpretations Issued But Not Yet Effective](index=8&type=section&id=(b)%20New%20Standards,%20Amendments%20to%20Standards%20and%20Interpretations%20Issued%20But%20Not%20Yet%20Effective) Several new HKFRSs and amendments have been issued but are not yet effective, with various effective dates, and the Company expects no material impact on its consolidated financial statements from their application New Standards and Amendments (Effective Date) | Standard | Amendment | Effective Date | | :--- | :--- | :--- | | HKFRS 9 and 7 (Amendments) | Amendments to Classification and Measurement of Financial Instruments | January 1, 2026 | | HKFRS 1, 7, 9, 10 and HKAS 7 (Amendments) | Annual Improvements to HKFRSs – Volume 11 | January 1, 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | January 1, 2027 | | HKFRS 19 | Non-public Sector Specific Liabilities | January 1, 2027 | | HK(IFRIC)-Int 5 (Amendment) | Presentation of Financial Statements – Classification by a Borrower of a Term Loan Containing a Repayment on Demand Clause | January 1, 2027 | | HKFRS 10 and HKAS 28 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | - The Company expects that the application of all other new HKFRSs and amendments will not have a material impact on the consolidated financial statements in the foreseeable future[20](index=20&type=chunk) [3 Critical Accounting Estimates and Judgements](index=8&type=section&id=3%20Critical%20Accounting%20Estimates%20and%20Judgements) The significant judgments, estimates, and assumptions made by management in preparing the interim financial information are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024 - The critical judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the Group's consolidated financial statements for the year ended December 31, 2024[21](index=21&type=chunk) [4 Segment and Revenue Information](index=8&type=section&id=4%20Segment%20and%20Revenue%20Information) The Group's operating segments are reported consistently with internal reports provided to the chief operating decision-maker, with all revenue derived from diagnostic services in China and no single external customer accounting for more than 10% of total revenue - Operating segments are reported in a manner consistent with the internal reports provided to the chief operating decision-maker (the executive Directors)[22](index=22&type=chunk) - All of the Group's revenue for the six months ended June 30, 2025, was derived from China[22](index=22&type=chunk) Revenue by Type (RMB thousand) | Revenue Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Diagnostic Services | 313,217 | 379,943 | [(a) Segment Information](index=8&type=section&id=(a)%20Segment%20Information) The Group's operating segments are reported consistently with internal reports provided to the executive Directors, who are responsible for resource allocation and performance assessment - Operating segments are reported in a manner consistent with the internal reports provided to the chief operating decision-maker (the executive Directors)[22](index=22&type=chunk) [(c) Major Customer Information](index=9&type=section&id=(c)%20Major%20Customer%20Information) For the six months ended June 30, 2025, no single external customer accounted for 10% or more of the Group's total revenue, consistent with the prior year - For the six months ended June 30, 2025, all revenue from a single external customer was less than 10% of the Group's total revenue[25](index=25&type=chunk) [(d) Unfulfilled Performance Obligations](index=9&type=section&id=(d)%20Unfulfilled%20Performance%20Obligations) Unfulfilled performance obligations for diagnostic testing services are not significant due to short service provision times, and the Group has elected not to disclose remaining performance obligations for these contract types - The provision of diagnostic testing services is short, typically completed within hours or days[26](index=26&type=chunk) - Unfulfilled performance obligations are not significant, and the Group has elected not to disclose remaining performance obligations for these types of contracts[26](index=26&type=chunk) [5 Other Income - Net](index=9&type=section&id=5%20Other%20Income%20-%20Net) The Group's other income - net significantly increased from **RMB 6.6 million** in 2024 to **RMB 31.8 million** in 2025, primarily due to the reversal of a **RMB 31.5 million** provision for a legal dispute with an external supplier Other Income - Net (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gain on redemption of financial assets at fair value through profit or loss | – | 2,369 | | Gain on disposal of property and equipment | 370 | 3,282 | | Exchange (loss)/gain – net | (451) | 863 | | Others | 31,903 | 76 | | **Total** | **31,822** | **6,590** | - The increase in other income - net was mainly due to the Group's reversal of a **RMB 31.5 million** provision for a legal dispute into other income[27](index=27&type=chunk) [6 Finance Costs - Net](index=10&type=section&id=6%20Finance%20Costs%20-%20Net) The Group's finance costs - net decreased from **RMB 24.3 million** in 2024 to **RMB 15.1 million** in 2025, primarily due to a significant reduction in interest on interest-bearing borrowings, reflecting optimized debt structure and enhanced capital management Finance Costs - Net (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 4,445 | 3,628 | | Interest on interest-bearing borrowings | (19,319) | (25,831) | | Interest on lease liabilities | (272) | (820) | | Other finance costs | – | (1,235) | | **Finance Costs - Net** | **(15,146)** | **(24,258)** | - The decrease in finance costs - net was mainly due to reduced interest on interest-bearing borrowings, reflecting the Group's optimized debt structure and strengthened capital management[74](index=74&type=chunk) [7 Income Tax Credit](index=10&type=section&id=7%20Income%20Tax%20Credit) The Group recorded an income tax credit of **RMB 0.1 million** in 2025, a significant decrease from **RMB 5.7 million** in 2024, primarily due to a narrowed loss for the period, with certain entities in China enjoying preferential tax rates as high-tech enterprises or small enterprises Income Tax Credit (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | – | (213) | | Deferred income tax | 50 | 5,933 | | **Total** | **50** | **5,720** | - The decrease in income tax credit was mainly due to a reduced loss for the period[76](index=76&type=chunk) - Certain entities in Mainland China are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[31](index=31&type=chunk) - Certain entities in Mainland China qualify as small enterprises, enjoying a preferential corporate income tax rate of **20%** on taxable profits not exceeding **RMB 3 million**[31](index=31&type=chunk) [8 Loss Per Share](index=11&type=section&id=8%20Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the Company were **RMB (0.09)**, significantly narrowed from **RMB (0.21)** in 2024, with diluted loss per share being the same as basic loss per share due to no potential dilutive shares Loss Per Share (RMB) | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share Attributable to Owners of the Company | (0.09) | (0.21) | | Diluted Loss Per Share Attributable to Owners of the Company | (0.09) | (0.21) | - Basic loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares in issue (less shares held under the restricted share unit scheme)[32](index=32&type=chunk) - For the six months ended June 30, 2025 and 2024, the Company had no potential dilutive shares in issue, thus diluted loss per share was the same as basic loss per share[34](index=34&type=chunk) [(a) Basic Loss Per Share](index=11&type=section&id=(a)%20Basic%20Loss%20Per%20Share) Basic loss per share is calculated based on the loss attributable to owners of the Company divided by the weighted average number of ordinary shares in issue, excluding shares held under the 2022 Restricted Share Unit Scheme Basic Loss Per Share Calculation (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (55,340) | (126,129) | | Weighted average number of ordinary shares in issue less shares held under 2022 Restricted Share Unit Scheme | 585,344,654 | 600,602,161 | | Basic Loss Per Share Attributable to Owners of the Company (RMB) | (0.09) | (0.21) | [(b) Diluted Loss Per Share](index=11&type=section&id=(b)%20Diluted%20Loss%20Per%20Share) Diluted loss per share is the same as basic loss per share for the six months ended June 30, 2025 and 2024, as the Company had no potential dilutive shares in issue - The Company had no potential dilutive shares in issue for the six months ended June 30, 2025 and 2024[34](index=34&type=chunk) - Diluted loss per share was the same as basic loss per share for the six months ended June 30, 2025 and 2024[34](index=34&type=chunk) [9 Trade Receivables](index=12&type=section&id=9%20Trade%20Receivables) As of June 30, 2025, the Group's net trade receivables decreased to **RMB 597.1 million** from **RMB 628.5 million** on December 31, 2024, primarily due to partial collections and impairment provisions, with strict controls and measures in place for overdue debts Trade Receivables (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (third parties) | 1,460,956 | 1,490,350 | | Trade receivables (related parties) | 594 | 403 | | Less: Impairment provision for trade receivables | (873,124) | (866,283) | | Bills receivable | 8,686 | 3,986 | | **Total** | **597,112** | **628,456** | - The decrease in trade receivables was mainly due to the collection of some trade receivables and the provision for trade receivables[80](index=80&type=chunk) - As of June 30, 2025, trade receivables with a carrying amount of **RMB 200.42 million** were pledged to secure the Group's bank borrowings[35](index=35&type=chunk) - As of the date of this announcement, **RMB 86.3 million** of trade receivables were subsequently recovered, representing **5.9%** of the trade receivables balance as of June 30, 2025[81](index=81&type=chunk) [10 Prepayments and Other Receivables](index=13&type=section&id=10%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, the Group's total prepayments and other receivables amounted to **RMB 114.9 million**, consistent with December 31, 2024, with **RMB 88.6 million** in non-current bills receivable fully redeemed subsequently Prepayments and Other Receivables (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Included in current assets | 25,240 | 24,279 | | Included in non-current assets | 89,659 | 90,613 | | **Total** | **114,899** | **114,892** | - Bills receivable of **RMB 88.581 million** included in non-current assets were fully redeemed after the period end[36](index=36&type=chunk) [11 Trade and Other Payables](index=14&type=section&id=11%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's trade and other payables decreased to **RMB 906.5 million** from **RMB 970.2 million** on December 31, 2024, mainly due to the reversal of a dispute provision for professional services and the payment of certain expenses and overdue amounts Trade and Other Payables (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables (third parties) | 139,290 | 147,785 | | Trade payables (related parties) | 644,133 | 631,579 | | Other payables | 74,699 | 130,943 | | Accrued staff costs | 41,523 | 48,551 | | Other taxes payable | 6,892 | 11,300 | | **Total** | **906,537** | **970,158** | - The decrease in trade and other payables was mainly due to the reversal of a dispute provision (RMB 31.5 million) arising from professional services not meeting expectations and the payment of certain expenses and overdue amounts[83](index=83&type=chunk)[37](index=37&type=chunk) [12 Dividends](index=15&type=section&id=12%20Dividends) The Board of Directors declared no interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors declared no interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[38](index=38&type=chunk) [13 Contingent Liabilities](index=15&type=section&id=13%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, consistent with December 31, 2024 - As of June 30, 2025, the Group had no significant contingent liabilities[39](index=39&type=chunk) [14 Events After the Reporting Period](index=15&type=section&id=14%20Events%20After%20the%20Reporting%20Period) No significant events affecting the Group have occurred after June 30, 2025, other than those disclosed in this announcement - No significant events affecting the Group have occurred after June 30, 2025, other than those disclosed in this announcement[40](index=40&type=chunk) Industry Overview [1.1 Medical Alliance Construction Shifts to High-Quality Development, Optimizing Medical Service System to Further Release Market Demand](index=16&type=section&id=1.1%20Medical%20Alliance%20Construction%20Shifts%20to%20High-Quality%20Development,%20Optimizing%20Medical%20Service%20System%20to%20Further%20Release%20Market%20Demand) As 2025 marks the end of the "14th Five-Year Plan," China's healthcare sector has achieved high-quality development with comprehensive coverage of medical alliances, driving a shift towards high-quality operations, resource decentralization, and mutual recognition of test results, creating a **hundred-billion-level incremental market** in emerging fields like molecular diagnostics and gene sequencing - During the "14th Five-Year Plan" period, 114 new national regional medical centers were established, bringing the total to 125[42](index=42&type=chunk) - As of the end of 2024, 2,188 counties (cities, districts) nationwide have promoted the construction of closely integrated county medical communities, achieving full coverage at the provincial level[42](index=42&type=chunk) - The national government will further promote the sharing of high-quality medical and health resources and popularize the "distributed testing, centralized diagnosis" medical service model[42](index=42&type=chunk) - Medical alliance construction is expected to create a **hundred-billion-level incremental market**, especially in emerging fields such as molecular diagnostics and gene sequencing[43](index=43&type=chunk) [1.2 Broad Prospects for Precision Medicine Market, Policy and Technology Synergy Drive Industry Upgrade](index=17&type=section&id=1.2%20Broad%20Prospects%20for%20Precision%20Medicine%20Market,%20Policy%20and%20Technology%20Synergy%20Drive%20Industry%20Upgrade) Precision medicine is in a golden development period, driven by favorable policies like the "14th Five-Year Plan" for bioeconomy development and a **RMB 60 billion** investment plan by 2030, alongside rapid advancements in gene sequencing and immunotherapy, with high-quality development of LDTs being crucial for clinical translation and scaled practice to meet demand for precise diagnostics in conditions like malignant tumors and severe infectious diseases - The National Development and Reform Commission's "14th Five-Year Plan for Bioeconomy Development" explicitly lists precision medicine as a key development direction for the healthcare industry[45](index=45&type=chunk) - The Ministry of Science and Technology plans to invest **RMB 60 billion** by 2030 to build a precision medicine system covering the entire disease cycle[45](index=45&type=chunk) - The high-quality development of LDT (Laboratory Developed Tests) will promote the clinical translation and scaled practice of precision medicine[46](index=46&type=chunk) - Technologies such as NGS and mass spectrometry have become indispensable for the diagnosis and treatment guidance of malignant tumors and severe infectious diseases[46](index=46&type=chunk) [1.3 AI Empowers Hierarchical Diagnosis and Treatment, Industry Welcomes New Development Opportunities](index=18&type=section&id=1.3%20AI%20Empowers%20Hierarchical%20Diagnosis%20and%20Treatment,%20Industry%20Welcomes%20New%20Development%20Opportunities) In 2025, national and local policies strongly support "AI+Healthcare" initiatives, promoting AI applications in medical service management, primary public health, and health industry development, with AI large models effectively addressing resource imbalances and talent shortages in grassroots healthcare, enhancing diagnostic efficiency and accuracy, and creating historical opportunities for the third-party medical testing industry to implement hierarchical diagnosis and treatment - National and local policies strongly support "AI+Healthcare" construction, issuing the "Reference Guidelines for AI Application Scenarios in the Health Industry"[47](index=47&type=chunk) - AI large model technology can help grassroots doctors quickly and accurately analyze conditions, improving diagnostic efficiency and accuracy, and compensating for the diagnostic capabilities of grassroots doctors[48](index=48&type=chunk) - Smart healthcare has become an important way to improve the quality and efficiency of medical services at all levels, effectively promoting the implementation of hierarchical diagnosis and treatment[48](index=48&type=chunk) - The scenario-based implementation of medical AI technology brings historical opportunities for the third-party medical testing industry[48](index=48&type=chunk) Business Review [Business Review](index=19&type=section&id=Business%20Review) Despite macroeconomic challenges, the Group adhered to its "deep service, lean operation" strategy, implementing a "one horizontal, one vertical" approach and leveraging AI for medical alliance solutions, resulting in a **17.6% decrease in diagnostic testing service revenue to RMB 313.2 million**, but a significant **56.1% narrowing of net loss to RMB 55.4 million** and an improved **gross profit margin of 34.0%**, with diagnostic testing services for medical alliances remaining the largest business segment at **57.6% of total revenue** - The Group firmly adheres to the operating principle of "deep service, lean operation," continuously strengthening clinical empowerment value[49](index=49&type=chunk) - Implementation of the "one horizontal, one vertical" strategy: horizontally exporting a lean operating system to promote multi-mode cooperation in medical alliances; vertically focusing on medical-lab joint innovation in specialized areas[49](index=49&type=chunk) - Empowering medical alliance overall solutions with AI, promoting the practical application of AI in medical scenarios[49](index=49&type=chunk) Key Business Metrics (RMB million) | Metric | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Diagnostic testing services revenue | 313.2 | 379.9 | (17.6)% | | Net Loss | (55.4) | (126.1) | (56.1)% | | Gross Profit Margin | 34.0% | 33.7% | +0.3% | | Diagnostic testing services revenue for medical alliances | 180.3 | 182.3 | (1.1)% | | Proportion of medical alliance business to total revenue | 57.6% | 48.0% | +9.6% | [2.1 "One Horizontal, One Vertical" Strategy Steadily Implemented, Hospital-Enterprise Cooperation Yields Significant Results](index=20&type=section&id=2.1%20%22One%20Horizontal,%20One%20Vertical%22%20Strategy%20Steadily%20Implemented,%20Hospital-Enterprise%20Cooperation%20Yields%20Significant%20Results) The Group's "one horizontal, one vertical" strategy is steadily implemented, with the horizontal approach exporting a lean operating system to nearly **450 medical alliance clients**, maintaining this business as the largest segment, while the vertical approach, through the "Medical-Lab Joint Innovation Platform," collaborates with dozens of top medical institutions nationwide to develop innovative diagnostic products and publish expert consensuses, driving long-term growth - The Group is committed to developing an innovative service model for medical alliance co-construction based on specialization, standardization, digitalization, and collaboration[51](index=51&type=chunk) - It has provided multi-scenario solutions, including AI+medical alliance digital solutions and overall medical laboratory cooperation, to nearly **450 medical alliance clients**[51](index=51&type=chunk) - Medical alliance co-construction business has consistently remained the Group's largest business segment since 2023, accounting for **57.6% of total revenue** during the reporting period[51](index=51&type=chunk) - The Group pioneered the "Medical-Lab Joint Innovation Platform," collaborating with dozens of top medical institutions nationwide to successfully develop dozens of innovative diagnostic products for infectious syndromes and personalized medication gene testing[52](index=52&type=chunk) [Outputting Lean Operating System, Promoting Multi-mode Cooperation in Medical Alliances](index=20&type=section&id=Outputting%20Lean%20Operating%20System,%20Promoting%20Multi-mode%20Cooperation%20in%20Medical%20Alliances) Yunkang Group, a pioneer in medical alliance construction, exports its lean operating system to nearly **450 medical alliance clients**, offering multi-mode, multi-scenario solutions including AI+digital solutions, effectively enhancing medical institutions' service capabilities and maintaining stable development in the medical alliance diagnostic testing service segment, which accounts for **57.6% of total revenue** - The Group has provided multi-scenario solutions for different clinical needs to nearly **450 medical alliance clients**, including AI+medical alliance digital solutions[51](index=51&type=chunk) - The diagnostic testing services for medical alliances segment recorded revenue of **RMB 180.3 million**, largely flat compared to the same period last year[51](index=51&type=chunk) - The medical alliance co-construction business accounted for **57.6% of total revenue**, an increase of approximately **9.6%** compared to the same period last year[51](index=51&type=chunk) [Medical-Lab Joint Innovation Platform Builds Strong Engine for Scientific Innovation, Result Transformation Drives Long-term Development](index=20&type=section&id=Medical-Lab%20Joint%20Innovation%20Platform%20Builds%20Strong%20Engine%20for%20Scientific%20Innovation,%20Result%20Transformation%20Drives%20Long-term%20Development) Through its "Medical-Lab Joint Innovation Platform," the Group collaborates with top medical institutions like Guangdong Provincial People's Hospital and Guangzhou Medical University First Affiliated Hospital to develop new panel products for respiratory, central nervous system, and urinary tNGS, as well as pharmacogenomic testing for mental illnesses, and has published the "Expert Consensus on Clinical Standardized Application of tNGS," achieving efficient R&D outcome transformation - Deepened cooperation with Guangdong Provincial People's Hospital, focusing on the research and development and clinical application of specialized customized pathogen targeted next-generation sequencing (tNGS) projects[53](index=53&type=chunk) - Launched new panel products for respiratory infections, central nervous system infections, and invasive fungal infections, and formed the "Expert Consensus on Clinical Standardized Application of tNGS"[53](index=53&type=chunk) - Collaborated with Guangzhou Medical University First Affiliated Hospital to develop urinary tNGS products, promoting precise diagnosis and treatment of urinary tract infections[54](index=54&type=chunk) - Jointly established a "School-Hospital-Enterprise Joint Innovation Platform" with Jinan University First Affiliated Hospital to incubate the "Innovative Project for Pharmacogenomic Testing of Mental Illnesses"[54](index=54&type=chunk) [2.2 AI Empowers Multi-mode Solutions for Medical Alliances, Enhancing Quality and Efficiency to Deeply Serve Customers](index=21&type=section&id=2.2%20AI%20Empowers%20Multi-mode%20Solutions%20for%20Medical%20Alliances,%20Enhancing%20Quality%20and%20Efficiency%20to%20Deeply%20Serve%20Customers) Yunkang Group actively builds an "AI+Healthcare" smart medical platform, fully integrating the DeepSeek large model to apply AI technology across its medical laboratory's multi-technology platforms, significantly improving data processing, deep image reading, disease analysis, and report interpretation efficiency, while also extending to clinical multi-scenario innovative product services, customer service, and sample management for comprehensive optimization of medical testing service processes - Yunkang focuses on new medical technologies, cloud computing, big data, IoT, 5G, and AI to build an "AI+Healthcare" smart medical platform[55](index=55&type=chunk) - The Group officially integrated DeepSeek, applying AI technology comprehensively across its medical laboratory's multi-technology platforms[56](index=56&type=chunk) - AI technology significantly enhances capabilities in data processing, deep image reading, disease analysis, and report interpretation, substantially improving laboratory testing efficiency and shortening report turnaround times[56](index=56&type=chunk) - AI technology is widely applied in key support systems such as clinical multi-scenario innovative product services, customer service, and sample management, enabling intelligent online customer service and efficient review of results and reports[56](index=56&type=chunk) [AI Technology Deeply Empowers Full Clinical Diagnosis and Treatment Process](index=22&type=section&id=AI%20Technology%20Deeply%20Empowers%20Full%20Clinical%20Diagnosis%20and%20Treatment%20Process) The Group, in collaboration with Runda Medical, launched the "Zhiyun" medical large model, based on general large model technologies like DeepSeek, Pangu, and Tongyi Qianwen, covering pre-diagnosis, in-diagnosis, and post-diagnosis scenarios to provide efficient and convenient support for clinical medical services; a strategic cooperation agreement has been signed to deepen the "AI+IVD+Medical Services" industry ecosystem, with "Zhiyun" to be piloted in Yunkang's partner medical institutions - The "Zhiyun" medical large model, developed in collaboration with Runda Medical, was officially launched, based on general large model technologies such as DeepSeek, Pangu, and Tongyi Qianwen[58](index=58&type=chunk) - "Zhiyun" covers pre-diagnosis, in-diagnosis, and post-diagnosis scenarios, providing more efficient and convenient support and experience for clinical medical services[58](index=58&type=chunk) - The Group signed a strategic cooperation agreement with Runda Medical to strengthen deep cooperation in the "AI+IVD+Medical Services" industry ecosystem[58](index=58&type=chunk) - The "Zhiyun" medical large model will be piloted in Yunkang's partner medical institutions and gradually promoted nationwide[58](index=58&type=chunk) Management Discussion and Analysis [Revenue](index=23&type=section&id=Revenue) During the reporting period, the Group's revenue was **RMB 313.2 million**, a **17.6% year-on-year decrease**, primarily due to centralized procurement, medical insurance cost control, and intensified industry competition, with diagnostic outsourcing services revenue decreasing by **34.0% to RMB 118.5 million** and diagnostic testing services for non-medical institutions decreasing by **20.3% to RMB 14.4 million**, while diagnostic testing services for medical alliances remained largely stable, accounting for **57.6% of total revenue** - During the reporting period, the Group recorded revenue of **RMB 313.2 million**, a **17.6% decrease** compared to the same period in 2024[60](index=60&type=chunk) - The Group's overall revenue decline was primarily influenced by factors such as centralized procurement, medical insurance cost control, and intensified industry competition[60](index=60&type=chunk) Revenue by Source (RMB thousand) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Diagnostic testing services for medical alliances | 180,333 | 182,272 | (1.1)% | | Diagnostic outsourcing services | 118,491 | 179,614 | (34.0)% | | Diagnostic testing services for non-medical institutions | 14,393 | 18,057 | (20.3)% | | **Total Revenue** | **313,217** | **379,943** | **(17.6)%** | [Diagnostic Testing Services for Medical Alliances](index=23&type=section&id=Diagnostic%20Testing%20Services%20for%20Medical%20Alliances) The Group's revenue from diagnostic testing services for medical alliances was **RMB 180.3 million**, largely stable compared to the same period in 2024, and continues to be the Group's largest business segment, accounting for **57.6% of total revenue**, an increase of approximately **9.6%** year-on-year, demonstrating a clear competitive advantage - Revenue from diagnostic testing services for medical alliances was **RMB 180.3 million**, largely flat compared to the same period in 2024[63](index=63&type=chunk) - This business has consistently remained the Group's largest business segment since 2023, with its revenue accounting for **57.6% of total revenue** during the reporting period, an increase of approximately **9.6%** compared to the same period last year[63](index=63&type=chunk) [Diagnostic Outsourcing Services](index=24&type=section&id=Diagnostic%20Outsourcing%20Services) Revenue from diagnostic outsourcing services was **RMB 118.5 million**, a **34.0% decrease** from the same period in 2024, primarily due to the impact of industry policies, intense market competition, and the Group's proactive optimization of its customer structure - Revenue from diagnostic outsourcing services was **RMB 118.5 million**, a **34.0% decrease** compared to the same period in 2024[64](index=64&type=chunk) - The decrease in revenue was mainly due to the impact of industry policies and intense market competition, with the growth in demand for routine testing services falling short of expectations, and the Group's proactive optimization of its customer structure[64](index=64&type=chunk) [Diagnostic Testing Services for Non-medical Institutions](index=24&type=section&id=Diagnostic%20Testing%20Services%20for%20Non-medical%20Institutions) Revenue from diagnostic testing services for non-medical institutions was **RMB 14.4 million**, a **20.3% decrease** from the same period in 2024, primarily due to external market conditions and intensified industry competition - Revenue from diagnostic testing services for non-medical institutions was **RMB 14.4 million**, a **20.3% decrease** compared to the same period in 2024[65](index=65&type=chunk) - The decrease in revenue was mainly due to external market conditions and intensified industry competition[65](index=65&type=chunk) [Cost of Revenue](index=24&type=section&id=Cost%20of%20Revenue) The Group's cost of revenue decreased by **17.8% to RMB 206.8 million** in 2025 from **RMB 251.7 million** in 2024, primarily due to a corresponding reduction in line with the overall revenue decline - Cost of revenue decreased by **17.8% to RMB 206.8 million** in 2025 from **RMB 251.7 million** in 2024[66](index=66&type=chunk) - The decrease was mainly due to the overall decline in revenue, which led to a corresponding reduction in cost of revenue[66](index=66&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's gross profit decreased by **17.0% to RMB 106.4 million** in 2025 from **RMB 128.2 million** in 2024, primarily due to the overall revenue decline; however, the gross profit margin slightly increased from **33.7% to 34.0%** through continuous optimization of operating costs and improved resource utilization efficiency - Gross profit decreased by **17.0% to RMB 106.4 million** in 2025 from **RMB 128.2 million** in 2024[67](index=67&type=chunk) - The overall gross profit margin increased from **33.7%** in the same period of 2024 to **34.0%** in the same period of 2025[67](index=67&type=chunk) - The improvement in gross profit margin was mainly due to the Group's continuous optimization of operating costs, further enhancing resource utilization efficiency, and reducing costs while increasing efficiency[67](index=67&type=chunk) [Other Income](index=24&type=section&id=Other%20Income) The Group's other income decreased from **RMB 1.0 million** in 2024 to **RMB 0.3 million** in 2025, primarily due to a reduction in government grants - Other income decreased from **RMB 1.0 million** in 2024 to **RMB 0.3 million** in 2025[68](index=68&type=chunk) - This decrease was mainly due to a reduction in government grants[68](index=68&type=chunk) [Other Income - Net](index=25&type=section&id=Other%20Income%20-%20Net) The Group's other income - net increased from **RMB 6.6 million** in 2024 to **RMB 31.8 million** in 2025, primarily due to the reversal of a **RMB 31.5 million** provision for a legal dispute with an external supplier into other income following the withdrawal of the lawsuit - Other income - net increased from **RMB 6.6 million** in 2024 to **RMB 31.8 million** in 2025[69](index=69&type=chunk) - This increase was mainly due to the Group's reversal of a **RMB 31.5 million** provision for a legal dispute into other income[69](index=69&type=chunk) [Selling Expenses](index=25&type=section&id=Selling%20Expenses) The Group's selling expenses decreased by **41.0% to RMB 53.1 million** in 2025 from **RMB 89.9 million** in 2024, primarily due to the Group's continuous improvement in operational and management capabilities, achieved through strengthened cost control and precise allocation of expenses - Selling expenses decreased by **41.0% to RMB 53.1 million** in 2025 from **RMB 89.9 million** in 2024[70](index=70&type=chunk) - The decrease was mainly due to the Group's continuous improvement in operational and management capabilities, achieved through strengthened cost control and precise allocation of expenses[70](index=70&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) The Group's administrative expenses decreased by **21.5% to RMB 78.3 million** in 2025 from **RMB 99.7 million** in 2024, primarily due to a **RMB 9.7 million** reduction in restricted share award expenses and optimized management processes, while R&D expenses slightly decreased to **RMB 21.1 million** but increased as a percentage of total revenue from **6.5% to 6.7%**, indicating continued investment in innovation - Administrative expenses decreased by **21.5% to RMB 78.3 million** in 2025 from **RMB 99.7 million** in 2024[71](index=71&type=chunk) - The decrease was mainly due to a **RMB 9.7 million** reduction in restricted share award expenses and the Group's continuous optimization of management processes[71](index=71&type=chunk) - Research and development expenses slightly decreased from **RMB 24.7 million** in 2024 to **RMB 21.1 million** in 2025[71](index=71&type=chunk) - Research and development expenses as a percentage of total revenue increased from **6.5%** in the same period of 2024 to **6.7%** in the same period of 2025[71](index=71&type=chunk) [Impairment Loss on Financial Assets](index=25&type=section&id=Impairment%20Loss%20on%20Financial%20Assets) The Group's impairment loss on financial assets, primarily trade receivables provisions, was approximately **RMB 8.4 million** for the six months ended June 30, 2025, a **RMB 44.0 million** decrease from **RMB 52.4 million** in the prior year, with the Group using a "simplified approach" for expected credit loss calculation and planning to strengthen trade receivables management through legal actions and collection efforts - Impairment loss on financial assets was approximately **RMB 8.4 million**, a **RMB 44.0 million** decrease from **RMB 52.4 million** in the same period of 2024[72](index=72&type=chunk) - The Group applies the "simplified approach" permitted by HKFRS for calculating expected credit losses[72](index=72&type=chunk) - Group management will take necessary measures to strengthen the management of trade receivables, including enhancing credit control, intensifying collection efforts, and taking legal action[73](index=73&type=chunk) [Finance Costs - Net](index=26&type=section&id=Finance%20Costs%20-%20Net) The Group's finance costs - net decreased from **RMB 24.3 million** in 2024 to **RMB 15.1 million** in 2025, primarily due to the Group's continuous optimization of its debt structure and strengthened capital management, leading to reduced interest expenses on interest-bearing borrowings - Finance costs - net decreased from **RMB 24.3 million** in 2024 to **RMB 15.1 million** in 2025[74](index=74&type=chunk) - The decrease was mainly due to the Group's continuous optimization of its debt structure and strengthened capital management, leading to reduced interest expenses on interest-bearing borrowings[74](index=74&type=chunk) [Loss Before Income Tax](index=26&type=section&id=Loss%20Before%20Income%20Tax) The Group recorded a **loss before income tax of RMB 55.4 million** in 2025, a significant decrease from **RMB 131.8 million** in 2024, primarily attributable to enhanced operational management, cost control, reduced selling and administrative expenses, substantially lower finance costs, decreased impairment provisions for assets, and the reversal of legal dispute provisions - Loss before income tax decreased from **RMB 131.8 million** in 2024 to **RMB 55.4 million** in 2025[75](index=75&type=chunk) - The decrease in loss was mainly due to: enhanced operational and management capabilities, strengthened cost control, reduced selling and administrative expenses, a substantial decrease in finance costs, a reduction in impairment provisions for assets of approximately **RMB 44.0 million**, and the reversal of legal dispute provisions into other income of approximately **RMB 31.5 million**[75](index=75&type=chunk) [Income Tax Credit](index=26&type=section&id=Income%20Tax%20Credit) The Group recorded an income tax credit of **RMB 0.1 million** in 2025, a significant decrease from **RMB 5.7 million** in 2024, primarily due to a reduced loss for the period - Income tax credit decreased from **RMB 5.7 million** in 2024 to **RMB 0.1 million** in 2025[76](index=76&type=chunk) - The decrease was mainly due to a reduced loss for the period[76](index=76&type=chunk) [Property and Equipment](index=27&type=section&id=Property%20and%20Equipment) The Group's property and equipment decreased from **RMB 314.3 million** on December 31, 2024, to **RMB 311.2 million** on June 30, 2025, primarily due to depreciation and amortization - Property and equipment decreased from **RMB 314.3 million** on December 31, 2024, to **RMB 311.2 million** on June 30, 2025[77](index=77&type=chunk) - The decrease was mainly due to depreciation and amortization of property and equipment[77](index=77&type=chunk) [Financial Assets Measured at Fair Value](index=27&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value) As of June 30, 2025, the balance of financial assets at fair value through profit or loss increased by **RMB 92.2 million to RMB 567.6 million**, primarily due to increased private equity investments and fair value fluctuations, while financial assets at fair value through other comprehensive income also slightly increased - The balance of financial assets at fair value through profit or loss was **RMB 567.6 million**, an increase of **RMB 92.2 million** compared to December 31, 2024[78](index=78&type=chunk) - The increase was due to increased investments in private equity funds and the impact of fair value fluctuations of financial assets at fair value through profit or loss during the reporting period[78](index=78&type=chunk) - The balance of financial assets at fair value through other comprehensive income was **RMB 64.1 million**, an increase of **RMB 5.0 million** compared to December 31, 2024[78](index=78&type=chunk) [Inventories](index=27&type=section&id=Inventories) The Group's inventories, primarily reagents and pharmaceuticals, increased from **RMB 16.1 million** on December 31, 2024, to **RMB 16.7 million** on June 30, 2025, a non-material change - Inventories increased from **RMB 16.1 million** on December 31, 2024, to **RMB 16.7 million** on June 30, 2025, a non-material change[79](index=79&type=chunk) [Trade Receivables](index=28&type=section&id=Trade%20Receivables) The Group's trade receivables decreased from **RMB 628.5 million** on December 31, 2024, to **RMB 597.1 million** on June 30, 2025, primarily due to partial collections and impairment provisions, with strict controls maintained over outstanding receivables to minimize credit risk Trade Receivables (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (third parties) | 1,460,956 | 1,490,350 | | Trade receivables (related parties) | 594 | 403 | | Less: Impairment provision for trade receivables | (873,124) | (866,283) | | Bills receivable | 8,686 | 3,986 | | **Total** | **597,112** | **628,456** | - The decrease in trade receivables was mainly due to the collection of some trade receivables and the provision for trade receivables[80](index=80&type=chunk) - The Group seeks to maintain strict control over outstanding receivables and has a credit control department to minimize credit risk[80](index=80&type=chunk) - As of the date of this announcement, **RMB 86.3 million** of trade receivables were subsequently recovered, representing **5.9%** of the trade receivables balance as of June 30, 2025[81](index=81&type=chunk) [Prepayments and Other Receivables](index=29&type=section&id=Prepayments%20and%20Other%20Receivables) The Group's prepayments and other receivables amounted to **RMB 114.9 million** as of June 30, 2025, which was largely consistent with the amount as of December 31, 2024 - Prepayments and other receivables amounted to **RMB 114.9 million** as of June 30, 2025, which was largely consistent with the amount as of December 31, 2024[82](index=82&type=chunk) [Trade and Other Payables](index=29&type=section&id=Trade%20and%20Other%20Payables) The Group's trade and other payables decreased from **RMB 970.2 million** on December 31, 2024, to **RMB 906.5 million** on June 30, 2025, primarily due to the reversal of a dispute provision for professional services not meeting expectations and the payment of certain expenses and overdue amounts - Trade and other payables decreased from **RMB 970.2 million** on December 31, 2024, to **RMB 906.5 million** on June 30, 2025[83](index=83&type=chunk) - The decrease was mainly due to the reversal of a dispute provision arising from professional services not meeting expectations and the payment of certain expenses and overdue amounts[83](index=83&type=chunk) [Capital Management](index=29&type=section&id=Capital%20Management) The Group's capital management objective is to safeguard its ability to continue as a going concern, provide returns to shareholders, and benefit other stakeholders, while maintaining an optimal capital structure to minimize capital costs - The Group's capital management objective is to safeguard its ability to continue as a going concern, so as to provide returns to its shareholders and benefits for other stakeholders[84](index=84&type=chunk) - It also aims to maintain an optimal capital structure to reduce capital costs[84](index=84&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's cash and cash equivalents decreased to **RMB 1,186.1 million**, primarily due to increased investments in financial assets at fair value through profit or loss and partial repayment of borrowings; however, net current assets increased to **RMB 777.5 million** due to reduced current liabilities, improving both current and quick ratios - Cash and cash equivalents decreased from **RMB 1,321.4 million** on December 31, 2024, to **RMB 1,186.1 million** on June 30, 2025[85](index=85&type=chunk) - The decrease was mainly due to the Group's increased investments in financial assets at fair value through profit or loss and partial repayment of borrowings[85](index=85&type=chunk) [Summary of Net Current Assets](index=30&type=section&id=Summary%20of%20Net%20Current%20Assets) The Group's net current assets increased from **RMB 743.0 million** on December 31, 2024, to **RMB 777.5 million** on June 30, 2025, primarily due to a reduction in borrowings included in current liabilities and a decrease in trade and other payables Net Current Assets (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Current Assets | 2,490,119 | 2,659,451 | | Total Current Liabilities | 1,712,571 | 1,916,435 | | **Net Current Assets** | **777,548** | **743,016** | - The increase in net current assets was mainly due to a decrease in borrowings included in current liabilities and a decrease in trade and other payables[86](index=86&type=chunk) [Key Financial Ratios](index=31&type=section&id=Key%20Financial%20Ratios) The Group's gross profit margin slightly improved to **34.0%**, with current and quick ratios both increasing to **1.45** and **1.44** respectively, while the gearing ratio remained at **0.64** Key Financial Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gross Profit Margin | 34.0% | 33.7% | | Current Ratio | 1.45 | 1.39 | | Quick Ratio | 1.44 | 1.38 | | Gearing Ratio | 0.64 | 0.64 | [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[92](index=92&type=chunk) [Financing and Treasury Policies](index=31&type=section&id=Financing%20and%20Treasury%20Policies) The Group adopts a centralized financing and treasury policy to ensure efficient use of funds, maintain a sound liquidity position, and manage its capital structure to balance shareholder returns with capital costs - The Group adopts a centralized financing and treasury policy to ensure the effective use of the Group's funds[93](index=93&type=chunk) - The Group maintains a sound liquidity position with sufficient cash reserves and committed adequate credit facilities from major financial institutions[93](index=93&type=chunk) - The Group's primary objective of capital management is to safeguard its ability to generate returns for shareholders and benefits for other stakeholders by pricing products commensurate with the level of risk and obtaining financing at a reasonable cost[93](index=93&type=chunk) [Foreign Exchange Risk](index=32&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from bank deposits denominated in HKD and USD, financial assets at fair value through profit or loss, and borrowings denominated in CHF; the Group has implemented forward foreign currency swap arrangements for CHF-denominated borrowings to mitigate exchange risk and will continue to monitor foreign exchange exposure - Foreign exchange risk arises from bank deposits denominated in HKD or USD, financial assets at fair value through profit or loss, and borrowings denominated in CHF[94](index=94&type=chunk) - The Group has entered into forward foreign currency swap arrangements for CHF-denominated borrowings to mitigate exchange risk[94](index=94&type=chunk) [Cash Flow and Fair Value Interest Rate Risk](index=32&type=section&id=Cash%20Flow%20and%20Fair%20Value%20Interest%20Rate%20Risk) The Group's interest rate risk arises from borrowings, with floating-rate borrowings exposing it to cash flow interest rate risk and fixed-rate borrowings to fair value interest rate risk; the Group currently does not use interest rate swap arrangements but will consider hedging interest rate risk if necessary - The Group's interest rate risk arises from borrowings, with interest-bearing borrowings at floating rates exposing the Group to cash flow interest rate risk, and interest-bearing borrowings at fixed rates exposing the Group to fair value interest rate risk[95](index=95&type=chunk) - The Group currently does not use any interest rate swap arrangements but will consider hedging interest rate risk if necessary[95](index=95&type=chunk) [Credit Risk](index=32&type=section&id=Credit%20Risk) The Group faces credit risk related to trade and other receivables, amounts due from related parties, and bank cash deposits, with the carrying amounts of these financial assets representing the maximum credit risk exposure - The Group faces credit risk related to trade and other receivables, amounts due from related parties, and bank cash deposits[96](index=96&type=chunk) - The carrying amounts of each class of financial assets mentioned above represent the Group's maximum exposure to credit risk for the respective class of financial assets[96](index=96&type=chunk) [Liquidity Risk](index=32&type=section&id=Liquidity%20Risk) To manage liquidity risk, the Group regularly monitors its liquidity requirements and compliance with loan covenants, ensuring sufficient cash reserves and committed credit facilities from major financial institutions to meet both short-term and long-term liquidity needs - The Group's policy is to regularly monitor its liquidity requirements and compliance with loan covenants[97](index=97&type=chunk) - It ensures sufficient cash reserves and committed adequate credit facilities from major financial institutions to meet both short-term and long-term liquidity needs[97](index=97&type=chunk) [Borrowings and Gearing Ratio](index=33&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's total borrowings were **RMB 1,003.6 million**, a decrease from December 31, 2024, and the gearing ratio slightly decreased from **93.3% to 92.2%**, primarily due to a reduction in total interest-bearing borrowings and lease liabilities Borrowings and Gearing Ratio (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest-bearing borrowings | 1,003,558 | 1,053,914 | | Lease liabilities | 12,530 | 19,030 | | Total interest-bearing borrowings and lease liabilities | 1,016,088 | 1,072,944 | | Total Equity | 1,102,487 | 1,149,877 | | Total Equity plus Other Financial Liabilities | 1,102,487 | 1,149,877 | | **Gearing Ratio** | **92.2%** | **93.3%** | - The gearing ratio decreased mainly due to a **RMB 56.9 million** reduction in total interest-bearing borrowings and lease liabilities compared to December 31, 2024[98](index=98&type=chunk) [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, approximately **RMB 431.3 million** of borrowings were secured by certain equipment and land parcels, and pledged by certain time deposits, trade receivables, and equity interests in a subsidiary - Approximately **RMB 431.3 million** of borrowings were secured by certain equipment and land parcels of the Group, and pledged by certain time deposits, certain trade receivables, and equity interests in a subsidiary[99](index=99&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures During the Reporting Period](index=34&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures%20During%20the%20Reporting%20Period) The Group did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period - The Group did not undertake any material investments, material acquisitions or disposals of subsidiaries, associates and joint ventures during the reporting period[100](index=100&type=chunk) [Events After the Reporting Period](index=34&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement - No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[101](index=101&type=chunk) [Future Plans for Material Investments and Capital Assets](index=34&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the date of this announcement, the Group has no specific committed plans for material investments and capital assets - As of the date of this announcement, the Group has no specific committed plans for material investments and capital assets[102](index=102&type=chunk) [Employees and Remuneration](index=34&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group had **1,146 employees** with a total remuneration cost of **RMB 124.6 million**, including **RMB 8.0 million** in restricted share award expenses; the Group offers competitive compensation, benefits, and training, and has a restricted share unit scheme to incentivize key personnel - As of June 30, 2025, the Group had **1,146 employees** (June 30, 2024: 1,459 employees)[103](index=103&type=chunk) - For the six months ended June 30, 2025, the total remuneration cost incurred by the Group was **RMB 124.6 million** (same period in 2024: **RMB 156.2 million**)[103](index=103&type=chunk) - Total employee remuneration included expenses related to restricted share awards of approximately **RMB 8.0 million** (same period in 2024: **RMB 17.7 million**)[103](index=103&type=chunk) - The Company adopted a Restricted Share Unit Scheme on November 23, 2022, to attract, retain, and incentivize key personnel and partners of the Company[103](index=103&type=chunk) Other Information [Compliance with Code Provisions in Part 2 of the Corporate Governance Code ("CG Code") Contained in Appendix C1 of the Listing Rules](index=35&type=section&id=Compliance%20with%20Code%20Provisions%20in%20Part%202%20of%20the%20Corporate%20Governance%20Code%20(%22CG%20Code%22)%20Contained%20in%20Appendix%20C1%20of%20the%20Listing%20Rules) The Company is committed to high standards of corporate governance and has adopted the CG Code, complying with all applicable code provisions during the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Zhang Yong, which the Board believes benefits the Group's operations and management - The Company has adopted the principles and code provisions of the CG Code as the basis for its corporate governance practices[105](index=105&type=chunk) - During the reporting period, the Company complied with all applicable code provisions, except for the deviation from code provision C.2.1 of the CG Code (the roles of chairman and chief executive officer should be separate)[105](index=105&type=chunk) - Mr. Zhang Yong currently serves as both the Chairman of the Board and the Chief Executive Officer of the Company, and the Directors believe that his dual role benefits the Group's business operations and management[105](index=105&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers ("Model Code") Contained in Appendix C3 of the Listing Rules](index=35&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers%20(%22Model%20Code%22)%20Contained%20in%20Appendix%20C3%20of%20the%20Listing%20Rules) The Company has adopted the Model Code to regulate directors' securities transactions, and all directors confirmed compliance during the reporting period, with no breaches found among relevant employees; the Company also has an inside information policy in place - The Company has adopted the Model Code as its code of conduct for securities transactions by Directors[106](index=106&type=chunk) - All Directors confirmed compliance with the Model Code during the reporting period[106](index=106&type=chunk) - The Company has also established an inside information policy to fulfill its obligations under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and the Listing Rules[106](index=106&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries or consolidated affiliated entities purchased, redeemed, or sold any of the Company's or its subsidiaries' listed securities, and as of June 30, 2025, the Company held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries or consolidated affiliated entities purchased, redeemed, or sold any of the Company's or its subsidiaries' listed securities[107](index=107&type=chunk) - As of June 30, 2025, the Company held no treasury shares[107](index=107&type=chunk) [Interim Dividends](index=36&type=section&id=Interim%20Dividends) The Board of Directors declared no interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors declared no interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[108](index=108&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee has r

股份代號：1373 本城 JH 沒有門檻 沒有貨擔 全搬借 陸開了 P 線 上線 P 障時服物 年報 2025 宗旨 藉線上線下便利零售,供應物有所值及多元化優質 生活百貨,達至更美好生活 國 際 家 居 零 售 有 限 公 司 (於開曼群島註冊成立之有限公司) (نيز Easy Buy رَبْحِ رَبَيْد B ixi TVT JFun 多元化 物有所值 便利 優賞 目錄 | | 頁 | | --- | --- | | 業績摘要 | 2 | | 五年財務資料摘要 | 2 | | 獎項及榮譽 | 3 | | 企業社會責任 | 4 | | 集團歷史 | 6 | | 主席報告 | 8 | | 管理層討論及分析 | 10 | | 董事會報告 | 14 | | 企業管治報告 | 25 | | 環境、社會及管治報告 | 34 | | 獨立核數師報告 | 40 | | 綜合損益表 | 45 | | 綜合全面收入表 | 46 | | 綜合資產負債表 | 47 | | 綜合權益變動表 | 48 | | 綜合現金流量表 | 49 | | 綜合財務報表附註 | 50 | | 公司資料 | 108 | 1 國際家居零售有 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 WANDA HOTEL DEVELOPMENT COMPANY LIMITED （於百慕達註冊成立之有限公司） （股份代號：169） 截至二零二五年六月三十日止六個月 中期業績公告 萬達酒店發展有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公 司及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月（「本期間」） 之未經審核簡明綜合業績，連同二零二四年同期之比較數字如下： 簡明綜合損益表 截至二零二五年六月三十日止六個月 （以港元列示） | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千元 | 千元 | | | | | （經重列） | | 持續經營業務 | | | | | 收益 | 4 | 57,164 | 47,217 | | 銷售成本 | ...

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) New Hope Service Holdings Co., Ltd. reports a 4.3% revenue increase to RMB 739.8 million and a 2.4% profit growth to RMB 120.9 million for the six months ended June 30, 2025, with significant improvement in operating cash flow Key Financial and Operational Data for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | **Financial Performance** | | | | | Total Revenue | 739.8 | 709.0 | 4.3 | | Gross Profit | 233.7 | 232.3 | 0.6 | | Profit Attributable to Equity Holders | 120.9 | 118.1 | 2.4 | | Net Cash Flow from Operating Activities | 21.0 | -26.1 | Significant Improvement | | **Revenue by Business Segment** | | | | | Property Management Services | 467.1 | 405.6 | 15.2 | | Living Services | 176.6 | 170.4 | 3.6 | | Commercial Operation Services | 48.2 | 65.2 | -26.1 | | Non-Owner Value-Added Services | 47.9 | 67.7 | -29.2 | | **Operational Scale** | | | | | Number of Managed Projects | 254 | 244 | 4.1 | | Managed Gross Floor Area (million sq.m.) | 38.0 | 35.4 | 7.4 | | Number of Contracted Projects | 269 | 264 | 1.9 | | Contracted Gross Floor Area (million sq.m.) | 41.4 | 40.5 | 2.2 | | **Dividends** | | | | | Interim Dividend (HKD/share) | 0.110 | 0.090 | 22.2 | [Interim Results](index=3&type=section&id=Interim%20Results) This section presents the Group's consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased by 4.3% to RMB 739,818 thousand, with a slight 0.6% rise in gross profit to RMB 233,680 thousand, and basic earnings per share of RMB 0.149 Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 739,818 | 709,018 | | Cost of Sales | (506,138) | (476,685) | | Gross Profit | 233,680 | 232,333 | | Operating Profit | 152,253 | 143,508 | | Profit Before Tax | 159,040 | 152,938 | | Profit and Total Comprehensive Income for the Period | 131,473 | 127,378 | | Profit Attributable to Equity Holders of the Company | 120,923 | 118,135 | | Basic and Diluted Earnings Per Share (RMB yuan) | 0.149 | 0.145 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased, with net assets rising to RMB 1,394,990 thousand and total equity attributable to equity holders of the company reaching RMB 1,304,704 thousand Summary of Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 467,366 | 453,573 | | Current Assets | 1,646,870 | 1,631,072 | | **Liabilities** | | | | Current Liabilities | 680,994 | 710,711 | | Non-current Liabilities | 38,252 | 45,637 | | **Equity** | | | | Net Assets | 1,394,990 | 1,328,297 | | Total Equity Attributable to Equity Holders of the Company | 1,304,704 | 1,245,655 | [Notes to the Unaudited Interim Financial Report](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes on the company's information, basis of preparation, accounting policy changes, revenue and segment reporting, and other financial items [Company Information](index=6&type=section&id=Company%20Information) New Hope Service Holdings Co., Ltd., incorporated in the Cayman Islands, primarily operates in property management, living services, commercial operation, and non-owner value-added services in China, with Mr. Liu Yonghao and Ms. Liu Chang as ultimate controlling parties - The Company was **incorporated in the Cayman Islands** as an exempted company on November 5, 2020[7](index=7&type=chunk) - The Group primarily engages in **property management services, living services, commercial operation services, and non-owner value-added services** in China[7](index=7&type=chunk) - The **ultimate controlling parties** of the Group are Mr. Liu Yonghao and Ms. Liu Chang[7](index=7&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the HKEX Listing Rules and IAS 34, and has been reviewed by KPMG, though it remains unaudited - This interim financial report is prepared in accordance with the applicable disclosure provisions of the **Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**, including compliance with **International Accounting Standard 34 Interim Financial Reporting** issued by the International Accounting Standards Board[8](index=8&type=chunk) - This interim financial report is **unaudited** but has been **reviewed by KPMG** in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied IAS 21 (Amendments) "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," which had no significant impact on this interim report due to the absence of foreign currency non-exchangeable transactions - The Group has applied **IAS 21 (Amendments) The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability**[10](index=10&type=chunk) - These amendments had **no significant impact** on this interim report, as the Group did not enter into any foreign currency exchange transactions that were not exchangeable into other currencies[10](index=10&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's revenue primarily comes from four segments: property management, living services, commercial operation, and non-owner value-added services, with property management being the largest contributor at 63.1% of total revenue [Revenue](index=7&type=section&id=Revenue) The Group's revenue is categorized by recognition timing and detailed by service type, with property management services contributing the highest revenue from a diversified customer base Revenue Breakdown (RMB thousand) | Revenue Recognition Timing | 2025 | 2024 | | :--- | :--- | :--- | | Over Time | 611,078 | 575,160 | | At a Point in Time | 122,390 | 125,870 | | Rental Income from Investment Properties | 6,350 | 7,988 | | **Total** | **739,818** | **709,018** | | **Service Type** | | | | Property Management Services | 467,112 | 405,634 | | Living Services | 176,613 | 170,448 | | Commercial Operation Services | 48,196 | 65,230 | | Non-Owner Value-Added Services | 47,897 | 67,706 | - The Group has a **diversified customer base**, with no single customer contributing 10% or more of its revenue[14](index=14&type=chunk) [Segment Reporting](index=8&type=section&id=Segment%20Reporting) The Group operates four reportable segments: property management, living services, commercial operation, and non-owner value-added services, with property management services generating the highest revenue and gross profit in H1 2025 - The Group has **four operating and reportable segments**: property management services, living services, commercial operation services, and non-owner value-added services[18](index=18&type=chunk)[21](index=21&type=chunk) Revenue and Gross Profit by Operating Segment (RMB thousand) | Segment | H1 2025 Revenue | H1 2025 Gross Profit | H1 2024 Revenue | H1 2024 Gross Profit | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 467,112 | 118,377 | 405,634 | 103,809 | | Living Services | 176,613 | 68,721 | 170,448 | 63,900 | | Commercial Operation Services | 48,196 | 30,996 | 65,230 | 41,687 | | Non-Owner Value-Added Services | 47,897 | 15,586 | 67,706 | 22,937 | | **Total** | **739,818** | **233,680** | **709,018** | **232,333** | [Net Other Expenses](index=10&type=section&id=Net%20Other%20Expenses) For the six months ended June 30, 2025, the Group's net other expenses decreased by 57.1% to RMB 3,336 thousand, primarily due to reduced fair value loss on investment properties and increased forfeited rental deposits Net Other Expenses (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Fair Value Loss on Investment Properties | (8,972) | (9,521) | | Government Grants | 1,257 | 866 | | Forfeited Rental Deposits | 3,136 | 9 | | Others | 1,243 | 995 | | **Total** | **(3,336)** | **(7,651)** | [Profit Before Tax](index=10&type=section&id=Profit%20Before%20Tax) Profit before tax was primarily influenced by net finance income, staff costs, and other items, with net finance income decreasing year-on-year while staff costs and depreciation/amortization expenses increased [Net Finance Income](index=10&type=section&id=Net%20Finance%20Income) The Group's net finance income decreased from RMB 9,398 thousand in H1 2024 to RMB 6,774 thousand in H1 2025, mainly due to lower interest income Net Finance Income (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Income | (8,417) | (10,901) | | Interest on Lease Liabilities | 1,165 | 1,393 | | Others | 478 | 110 | | **Total** | **(6,774)** | **(9,398)** | [Staff Costs](index=10&type=section&id=Staff%20Costs) The Group's total staff costs increased from RMB 164,051 thousand in H1 2024 to RMB 181,119 thousand in H1 2025, primarily due to higher salaries, wages, and other benefits Staff Costs (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Salaries, Wages and Other Benefits | 164,474 | 149,163 | | Contributions to Defined Contribution Retirement Plans | 16,645 | 14,888 | | **Total** | **181,119** | **164,051** | [Other Items](index=11&type=section&id=Other%20Items) Other items include increased amortization of intangible assets and depreciation of property and equipment, alongside expected credit losses on financial assets Other Items (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Amortization of Intangible Assets | 9,523 | 8,413 | | Depreciation of Property and Equipment | 4,078 | 3,028 | | Expected Credit Losses on Financial Assets — Trade Receivables | 8,031 | 10,461 | | Expected Credit Losses on Financial Assets — Prepayments, Deposits and Other Receivables | 1,985 | 802 | | Rental Income from Investment Properties Less Direct Expenses | 3,033 | 4,662 | | Expenses Related to Short-Term Leases | 915 | 1,207 | [Income Tax](index=11&type=section&id=Income%20Tax) The Group's income tax expense of RMB 27,567 thousand aligns with profit growth, with a statutory rate of 25% in China and preferential rates for certain subsidiaries Income Tax (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Tax — China Corporate Income Tax | 18,949 | 26,318 | | Deferred Tax — Origination and Reversal of Temporary Differences | 4,962 | (3,721) | | Withholding Tax Related to Retained Profits to be Distributed by a Subsidiary of the Group | 3,656 | 2,963 | | **Total** | **27,567** | **25,560** | - China current income tax is provided at the **statutory rate of 25%**[28](index=28&type=chunk) - Certain subsidiaries enjoy a **preferential income tax rate of 15%** for Western Development or a **5% preferential tax rate** as small low-profit enterprises[29](index=29&type=chunk) [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, profit attributable to equity holders of the company was RMB 120,923 thousand, resulting in basic and diluted earnings per share of RMB 0.149, an increase from RMB 0.145 in the prior period Earnings Per Share (RMB thousand/thousand shares) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company | 120,923 | 118,135 | | Weighted Average Number of Ordinary Shares (thousand shares) | 814,126 | 814,126 | | Basic and Diluted Earnings Per Share (RMB yuan) | 0.149 | 0.145 | - Diluted earnings per share are the same as basic earnings per share as the Group had **no potential dilutive ordinary shares** during the reporting period[30](index=30&type=chunk) [Trade Receivables](index=13&type=section&id=Trade%20Receivables) As of June 30, 2025, the Group's total trade receivables were RMB 497,926 thousand, with the majority from external customers and most receivables due within one year Trade Receivables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables from Related Companies | 137,212 | 152,976 | | Trade Receivables from External Customers | 404,737 | 331,923 | | Less: Provision for Trade Receivables | (44,023) | (35,992) | | **Total** | **497,926** | **448,907** | Aging Analysis of Trade Receivables (RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 Year | 470,958 | 433,023 | | 1 to 2 Years | 24,060 | 9,387 | | 2 to 3 Years | 2,716 | 6,306 | | 3 to 4 Years | 192 | 191 | | **Total** | **497,926** | **448,907** | [Trade Payables](index=13&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's trade payables decreased to RMB 190,783 thousand from December 31, 2024, with most payables due within one year Trade Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amounts Payable to Companies Controlled by Ultimate Owners | 1,860 | 3,660 | | Amounts Payable to Third Parties | 188,923 | 209,638 | | **Total** | **190,783** | **213,298** | Aging Analysis of Trade Payables (RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 Year | 186,815 | 207,799 | | 1 to 2 Years | 1,861 | 2,895 | | 2 to 3 Years | 931 | 1,876 | | Over 3 Years | 1,176 | 728 | | **Total** | **190,783** | **213,298** | [Capital, Reserves and Dividends](index=14&type=section&id=Capital%2C%20Reserves%20and%20Dividends) This section outlines the Group's dividend policy and capital structure, with the Board recommending an increased interim dividend of HKD 0.110 per share [Dividends](index=14&type=section&id=Dividends) The Board recommended an interim dividend of HKD 0.110 per share for the six months ended June 30, 2025, an increase from HKD 0.090 per share in H1 2024 Interim Dividends (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim Dividend of HKD 0.110 per share (equivalent to RMB 0.100) | 81,413 | 67,572 | Final Dividend for Previous Financial Year (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Final Dividend for Previous Financial Year of RMB 0.076 per share Approved in Next Interim Period | 61,874 | 74,227 | [Share Capital](index=15&type=section&id=Share%20Capital) The Group's share capital consists of ordinary shares that are fully issued and paid - The Group's share capital comprises **issued and fully paid ordinary shares**[38](index=38&type=chunk)[39](index=39&type=chunk) [Significant Related Party Transactions](index=15&type=section&id=Significant%20Related%20Party%20Transactions) The Group conducted various related party transactions with companies controlled by its ultimate owners and their associates, primarily involving property management and other services, leading to corresponding trade receivables and payables [Significant Related Party Transactions](index=15&type=section&id=Significant%20Related%20Party%20Transactions) The Group provided property management and other services to companies controlled by its ultimate owners and their associates, generating RMB 118,017 thousand in related revenue during H1 2025 Provision of Property Management and Other Services (RMB thousand) | Nature of Related Party | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Companies Controlled by Ultimate Owners | 98,304 | 107,093 | | Associates of Companies Controlled by Ultimate Owners | 19,713 | 29,722 | [Balances with Related Parties](index=15&type=section&id=Balances%20with%20Related%20Parties) As of June 30, 2025, the Group had trade receivables of RMB 137,212 thousand, trade payables of RMB 1,860 thousand, contract liabilities of RMB 4,859 thousand, and lease liabilities of RMB 5,366 thousand with companies controlled by its ultimate owners Balances with Related Parties (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables — Companies Controlled by Ultimate Owners | 137,212 | 152,976 | | Trade Payables — Companies Controlled by Ultimate Owners | 1,860 | 3,660 | | Contract Liabilities — Companies Controlled by Ultimate Owners | 4,859 | 9,198 | | Lease Liabilities — Rent Payable to Companies Controlled by Ultimate Owners | 5,366 | 5,262 | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, future strategies, and financial review for the reporting period [Business Review](index=16&type=section&id=Business%20Review) The Group achieved steady growth in a complex macro environment, with increases in total revenue and net profit attributable to shareholders, driven by expanding property management and living services, while commercial operation and non-owner value-added services faced market pressures [Overview](index=16&type=section&id=Overview) New Hope Service, a leading comprehensive property management enterprise in Western China, reported a 4.3% revenue growth, 2.4% net profit increase, and a significant 180.5% rise in operating cash flow, with third-party revenue accounting for 84% - The Group was awarded "**TOP 15 Comprehensive Strength of China Property Enterprises**" and "**TOP 16 China Property Service Power Enterprises**"[43](index=43&type=chunk) - During the reporting period, the Group recorded revenue of approximately **RMB 739.8 million**, a **4.3% increase** year-on-year[44](index=44&type=chunk) - **Net profit attributable to shareholders** reached **RMB 120.9 million**, a **2.4% increase** year-on-year[44](index=44&type=chunk) - **Operating cash flow** was **RMB 21.0 million**, an **increase of 180.5%** year-on-year[44](index=44&type=chunk) - **Third-party full-caliber revenue** accounted for **84%**, a **3.3 percentage point increase** year-on-year[44](index=44&type=chunk) [Business Model](index=17&type=section&id=Business%20Model) The Group's revenue is primarily generated from four key business segments: property management services, living services, commercial operation services, and non-owner value-added services - The Group's revenue primarily derives from **four business segments**: property management services, living services, commercial operation services, and non-owner value-added services[45](index=45&type=chunk) [Property Management Services](index=17&type=section&id=Property%20Management%20Services) Property management services, the Group's largest revenue source, saw growth in both managed and contracted GFA, with 96.4% of revenue from high-tier cities and strong third-party expansion capabilities Scale of Property Management Services (ten thousand sq.m.) | Indicator | June 30, 2025 | June 30, 2024 | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Number of Contracted Properties | 269 | 264 | 1.9 | | Number of Managed Properties | 254 | 244 | 4.1 | | Managed Gross Floor Area | 3,803.5 | 3,542.9 | 7.4 | | Contracted Gross Floor Area | 4,140.3 | 4,052.1 | 2.2 | - Property management revenue from the **Southwest and East China regions** collectively accounted for **82.3%** of total property management revenue[47](index=47&type=chunk) Property Management Revenue and GFA by Region (RMB ten thousand/ten thousand sq.m.) | Regional Distribution | 2025 Revenue | 2025 Share (%) | 2025 Managed GFA | 2025 Share (%) | GFA Growth (%) | Revenue Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Southwest Region | 21,863.7 | 46.8 | 1,923.8 | 50.6 | 6.8 | 15.3 | | East China Region | 16,606.7 | 35.5 | 1,295.2 | 34.1 | 7.7 | 11.5 | | South China Region | 3,654.8 | 7.8 | 302.3 | 7.9 | 13.3 | 13.0 | | North China Region | 4,089.7 | 8.8 | 248.4 | 6.5 | 4.5 | 40.6 | | Central China Region | 496.3 | 1.1 | 33.8 | 0.9 | 0.0 | -10.2 | | **Total** | **46,711.2** | **100.0** | **3,803.5** | **100.0** | **7.4** | **15.2** | - **96.4% of the Group's property management revenue** is derived from projects managed in **Tier 1, New Tier 1, and Tier 2 cities** in China[50](index=50&type=chunk) Property Management Revenue and GFA by City Tier (RMB ten thousand/ten thousand sq.m.) | City Tier | 2025 Revenue | 2025 Share (%) | 2025 Managed GFA | 2025 Share (%) | GFA Growth (%) | Revenue Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tier 1 | 342.3 | 0.7 | 12.4 | 0.3 | 0.0 | -27.9 | | New Tier 1 | 24,412.0 | 52.3 | 1,907.9 | 50.2 | 4.3 | 19.9 | | Tier 2 | 20,264.6 | 43.4 | 1,755.2 | 46.1 | 14.0 | 12.1 | | Others | 1,692.3 | 3.6 | 128.0 | 3.4 | -20.6 | 2.7 | | **Total** | **46,711.2** | **100.0** | **3,803.5** | **100.0** | **7.4** | **15.2** | - During the reporting period, the Group's **third-party contracted value was RMB 560 million**, of which **RMB 400 million was from property management services**[55](index=55&type=chunk) Managed GFA and Revenue by Property Developer Type (RMB ten thousand/ten thousand sq.m.) | Developer Type | 2025 Revenue | 2025 Share (%) | 2025 Managed GFA | 2025 Share (%) | GFA Growth (%) | Revenue Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | New Hope Wuxin Industrial | 18,025.9 | 38.6 | 1,378.4 | 36.2 | 8.1 | 20.1 | | New Hope Wuxin Industrial Associates and Joint Ventures | 9,571.3 | 20.5 | 798.7 | 21.0 | -4.1 | 8.7 | | Ultimate Controlling Parties and Their Connected Persons | 1,351.5 | 2.9 | 32.6 | 0.9 | 0.0 | 3.1 | | Independent Third Parties | 17,762.5 | 38.0 | 1,593.8 | 41.9 | 13.6 | 15.0 | | **Total** | **46,711.2** | **100.0** | **3,803.5** | **100.0** | **7.4** | **15.2** | [Commercial Operation Services](index=20&type=section&id=Commercial%20Operation%20Services) Commercial operation services revenue decreased by 26.1% to RMB 48.2 million due to the commercial real estate downturn, yet third-party revenue significantly increased to 18.6%, with successful operations optimizing existing asset performance - During the reporting period, the Group's commercial operation segment achieved revenue of **RMB 48.2 million**, facing year-on-year pressure[57](index=57&type=chunk) - **Third-party revenue share significantly increased to 18.6%** (a 10.9 percentage point increase year-on-year)[57](index=57&type=chunk) - Successful operation of **Kunming Xishan Wanda** and **Expo Hotel** validated comprehensive operational capabilities[58](index=58&type=chunk) - **Nanning Xinchangxing occupancy rate was 96.07%**, and **Chengdu New Hope International rental income increased by 11.2%** year-on-year[58](index=58&type=chunk) Commercial Operation Services Revenue Breakdown by Service Type (RMB ten thousand) | Service Type | H1 2025 Revenue | H1 2025 Percentage (%) | H1 2024 Revenue | H1 2024 Percentage (%) | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Market Research, Positioning and Pre-opening Services | 53.2 | 1.1 | 403.0 | 6.2 | -86.8 | | Commercial Operation Services | 4,766.4 | 98.9 | 6,119.9 | 93.8 | -22.1 | | **Total** | **4,819.6** | **100.0** | **6,522.9** | **100.0** | **-26.1** | [Living Services](index=21&type=section&id=Living%20Services) The living services segment achieved a resilient 3.6% growth to RMB 176.6 million, with group meal and retail services revenue up 9.2%, and external customers now representing 60% of the business, expanding to 33 operational projects - During the reporting period, the Group's living services segment achieved revenue of **RMB 176.6 million**, a **3.6% increase** year-on-year[60](index=60&type=chunk) - **Group meal and retail services revenue** reached **RMB 80.8 million**, a **9.2% increase**[60](index=60&type=chunk) - The proportion of **external customers significantly increased from 45% last year to 60%** in the first half, making market-oriented customers the main force of the business[60](index=60&type=chunk) - The total number of **group meal business operational projects reached 33** (an increase of 8 year-on-year), with **third-party projects accounting for 91%**[61](index=61&type=chunk) Living Services Revenue Breakdown (RMB ten thousand) | Service Type | H1 2025 Revenue | H1 2025 Percentage (%) | H1 2024 Revenue | H1 2024 Percentage (%) | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Community Living Services | 7,920.3 | 44.8 | 7,905.8 | 46.4 | 0.2 | | Community Asset Management Services | 1,661.0 | 9.4 | 1,739.1 | 10.2 | -4.5 | | Online and Offline Retail Services and Catering Services | 8,080.0 | 45.8 | 7,399.8 | 43.4 | 9.2 | | **Total** | **17,661.3** | **100.0** | **17,044.7** | **100.0** | **3.6** | [Non-Owner Value-Added Services](index=22&type=section&id=Non-Owner%20Value-Added%20Services) Non-owner value-added services revenue decreased by 29.3% to RMB 47.9 million, primarily due to the contraction of real estate business, which led to reduced income from preliminary planning, design consulting, pre-delivery, and sales venue services - Non-owner value-added services revenue was **RMB 47.9 million**, a **29.3% decrease** year-on-year[64](index=64&type=chunk) - The decline in revenue was mainly due to the **contraction of the real estate business**, leading to a reduction in sales venue and engineering-related services[74](index=74&type=chunk) Non-Owner Value-Added Services Revenue Breakdown (RMB ten thousand) | Service Type | H1 2025 Revenue | H1 2025 Percentage (%) | H1 2024 Revenue | H1 2024 Percentage (%) | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Preliminary Planning, Design Consulting and Pre-delivery Services | 2,122.3 | 44.4 | 4,033.6 | 59.6 | -47.4 | | Sales Venue Services | 1,922.7 | 40.1 | 2,292.5 | 33.9 | -16.1 | | Special Entrusted Services | 744.7 | 15.5 | 444.6 | 6.5 | 67.5 | | **Total** | **4,789.7** | **100.0** | **6,770.7** | **100.0** | **-29.3** | [Future Outlook](index=23&type=section&id=Future%20Outlook) The Group plans to maintain its high-target strategy, deepen its "Property+" strategy for diversified development and business synergy, and enhance efficiency and reduce costs through advanced digital operations, driven by an "AI+Robot+Human" model [Continued High-Target Guidance](index=23&type=section&id=Continued%20High-Target%20Guidance) In H1, the Group's third-party projects contracted value reached RMB 560 million, representing 92.6% of the full-year 2024 target, with future plans to optimize market layout, improve service quality, and strengthen team building - In H1 2025, the Company achieved **third-party contracted value of RMB 560 million**, equivalent to **92.6% of the full-year 2024 contracted value**[65](index=65&type=chunk) - Future plans include continuously **optimizing market layout**, deeply exploring potential customer groups, and **increasing market share**[65](index=65&type=chunk) - The Group will **strengthen team building** and enhance employees' professional competence and service levels[65](index=65&type=chunk) [Continued Deepening of "Property+" Strategy](index=23&type=section&id=Continued%20Deepening%20of%20Property%2B%20Strategy) The Group continues to deepen its "Property+Commercial," "Property+Living Services," and "Property+Group Meal" strategies, achieving multi-format operations, increased retail penetration, and expanded group meal projects, creating more revenue growth points - "**Property+Commercial**" has successfully acquired Kunming landmark Xishan Wanda and Chengdu Tongjinge, achieving **full-format operations**[66](index=66&type=chunk) - "**Property+Living Services**" home retail penetration rate is **6.71%**, a 3 percentage point increase year-on-year, with customized gift box sales exceeding 130,000 boxes[66](index=66&type=chunk) - "**Property+Group Meal**" successfully secured Panzhihua Steel • Huiquan Community Canteen and Provincial Health Commission projects, solidifying its authority in food safety[66](index=66&type=chunk)[67](index=67&type=chunk) [Advanced Digital Operations](index=24&type=section&id=Advanced%20Digital%20Operations) The Group achieved breakthroughs in digital operations, promoting an "AI+Robot+Human" model expected to save over RMB 16 million in management costs, with AI enhancing efficiency across the entire service chain and aiming for 40% excellent projects and over 90 points in overall satisfaction - Accelerating the promotion of "**human-machine collaboration**" to 200 projects nationwide, expected to achieve **management cost savings exceeding RMB 16 million**[68](index=68&type=chunk) - **AI enhances efficiency across the entire chain**, including work order classification accuracy advancing to over 90%, AI image quality inspection covering tens of thousands of daily work orders, AI patrols expanding to over 2,000 camera points across all formats, and AI response coverage reaching 100% in national projects[69](index=69&type=chunk) - The goal is to increase the proportion of **excellent projects (satisfaction ≥ 95 points) from 30% to 40%**, and to push **overall satisfaction above 90 points**[70](index=70&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) The Group's financial performance was stable, with revenue growth driven by property management and living services, despite declines in commercial operation and non-owner value-added services, leading to a slight decrease in gross margin due to faster growth in cost of sales [Revenue](index=25&type=section&id=Revenue) Total revenue increased by 4.3% to RMB 739.8 million, primarily driven by a 15.2% growth in property management services and a 3.6% growth in living services, while commercial operation and non-owner value-added services revenue decreased by 26.1% and 29.2% respectively - The Group's revenue increased by **4.3%** from RMB 709.0 million for the six months ended June 30, 2024, to **RMB 739.8 million** during the reporting period[71](index=71&type=chunk) - **Property management services revenue** was **RMB 467.1 million**, accounting for **63.1% of total revenue**, primarily due to an increase in managed gross floor area and unit prices[74](index=74&type=chunk) - **Living services revenue increased by 3.6%** to **RMB 176.6 million**[74](index=74&type=chunk) - **Non-owner value-added services revenue decreased by 29.2%** to **RMB 47.9 million**, and **commercial operation services revenue decreased by 26.1%** to **RMB 48.2 million**[74](index=74&type=chunk) Total Revenue by Business Line (RMB thousand) | Business Line | H1 2025 Revenue | H1 2025 Share (%) | H1 2024 Revenue | H1 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 467,112.3 | 63.1 | 405,634.2 | 57.2 | | Living Services | 176,612.6 | 23.9 | 170,447.1 | 24.1 | | Commercial Operation Services | 48,196.0 | 6.5 | 65,229.8 | 9.2 | | Non-Owner Value-Added Services | 47,896.6 | 6.5 | 67,706.4 | 9.5 | | **Total** | **739,817.5** | **100** | **709,017.5** | **100** | [Cost of Sales](index=27&type=section&id=Cost%20of%20Sales) The Group's total cost of sales increased by 6.2% to approximately RMB 506.1 million, growing faster than revenue, primarily due to the increased proportion of property management services, which have a lower gross margin - The Group's total cost of sales was approximately **RMB 506.1 million**, an increase of approximately **6.2%** compared to approximately RMB 476.7 million in the prior period of 2024[76](index=76&type=chunk) - The growth rate of cost of sales was higher than that of revenue, mainly due to the **increased proportion of property management services revenue** contributing to the Group's total revenue, which has a relatively lower gross margin compared to other business lines[76](index=76&type=chunk) [Gross Profit and Gross Margin](index=27&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit slightly increased by 0.6% to RMB 233.7 million, but the overall gross margin decreased by 1.2 percentage points to 31.6%, with varying trends across business segments - The Group's gross profit increased by **0.6%** from RMB 232.3 million for the six months ended June 30, 2024, to **RMB 233.7 million** during the reporting period[77](index=77&type=chunk) - During the reporting period, the Group's **gross margin decreased by 1.2 percentage points** compared to the prior period of 2024[80](index=80&type=chunk) - **Property management services gross margin decreased by 0.3%**, **non-owner value-added services gross margin decreased by 1.4%**, and **living services gross margin increased by 1.4%**[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) Gross Profit and Gross Margin by Business Line (RMB thousand) | Category | H1 2025 Gross Profit | H1 2025 Gross Margin (%) | H1 2024 Gross Profit | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 118,377.4 | 25.3 | 103,808.7 | 25.6 | | Living Services | 68,721.1 | 38.9 | 63,900.0 | 37.5 | | Commercial Operation Services | 30,996.3 | 64.3 | 41,687.2 | 63.9 | | Non-Owner Value-Added Services | 15,585.2 | 32.5 | 22,935.9 | 33.9 | | **Total** | **233,680.0** | **31.6** | **232,331.8** | **32.8** | [Net Other Expenses](index=28&type=section&id=Net%20Other%20Expenses) The Group's net other expenses decreased by 57.1% from RMB 7.7 million to RMB 3.3 million - The Group's net other expenses decreased by **57.1%** from RMB 7.7 million to **RMB 3.3 million** during the reporting period[83](index=83&type=chunk) [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) The Group's total administrative expenses decreased by 2.5% to approximately RMB 67.6 million, primarily due to continuous lean operations and improved management efficiency - The Group's total administrative expenses were approximately **RMB 67.6 million**, a decrease of approximately **2.5%** from approximately RMB 69.3 million for the six months ended June 30, 2024[84](index=84&type=chunk) - The decrease was mainly due to **continuous lean operations** and **improved management efficiency** during the reporting period[84](index=84&type=chunk) [Selling Expenses](index=28&type=section&id=Selling%20Expenses) The Group's selling expenses decreased from RMB 0.6 million to RMB 0.5 million - The Group's selling expenses decreased from **RMB 0.6 million to RMB 0.5 million** during the reporting period[85](index=85&type=chunk) [Net Finance Income](index=28&type=section&id=Net%20Finance%20Income) The Group's net finance income decreased by 27.7% from RMB 9.4 million to RMB 6.8 million, primarily due to lower bank benchmark interest rates - The Group's net finance income decreased by **27.7%** from RMB 9.4 million to **RMB 6.8 million** during the reporting period[86](index=86&type=chunk) - The decrease was mainly due to the **reduction in bank benchmark interest rates** during the reporting period[86](index=86&type=chunk) [Income Tax Expense](index=29&type=section&id=Income%20Tax%20Expense) During the reporting period, the Group's income tax was approximately RMB 27.6 million, consistent with the company's profit increase trend - During the reporting period, the Group's income tax was approximately **RMB 27.6 million** (H1 2024: RMB 25.6 million)[87](index=87&type=chunk) - The trend of income tax expense is **consistent with the increase in the Company's profit** during the reporting period[87](index=87&type=chunk) [Profit for the Period](index=29&type=section&id=Profit%20for%20the%20Period) The Group's net profit increased by 3.2% from RMB 127.4 million to RMB 131.5 million - The Group's net profit increased by **3.2%** from RMB 127.4 million to approximately **RMB 131.5 million** during the reporting period[88](index=88&type=chunk) [Core Net Profit Attributable to Owners of the Parent](index=29&type=section&id=Core%20Net%20Profit%20Attributable%20to%20Owners%20of%20the%20Parent) Profit attributable to shareholders of the company increased by 2.4% from RMB 118.1 million to RMB 120.9 million - Profit attributable to shareholders of the Company increased by **2.4%** from RMB 118.1 million to approximately **RMB 120.9 million** for the six months ended June 30, 2025[89](index=89&type=chunk) [Property and Equipment](index=29&type=section&id=Property%20and%20Equipment) The Group's property and equipment amounted to approximately RMB 28.9 million, an increase of RMB 2.6 million from December 31, 2024 - As of June 30, 2025, the Group's property and equipment was approximately **RMB 28.9 million**, an increase of approximately **RMB 2.6 million** from approximately RMB 26.3 million as of December 31, 2024[90](index=90&type=chunk) [Trade Receivables](index=29&type=section&id=Trade%20Receivables) The Group's trade receivables were approximately RMB 497.9 million, a 10.9% increase from December 31, 2024, primarily due to business growth - The Group's trade receivables as of June 30, 2025, were approximately **RMB 497.9 million**, an increase of approximately **10.9%** from approximately RMB 448.9 million as of December 31, 2024[91](index=91&type=chunk) - The increase was mainly due to **business growth**[91](index=91&type=chunk) [Prepayments, Deposits and Other Receivables](index=29&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) The balance of prepayments, deposits, and other receivables increased to RMB 152.7 million as of June 30, 2025, primarily due to business growth - The balance of prepayments, deposits, and other receivables increased to **RMB 152.7 million** as of June 30, 2025, mainly due to **business growth**[92](index=92&type=chunk) [Trade Payables](index=30&type=section&id=Trade%20Payables) The Group's trade payables were approximately RMB 190.8 million, a 10.5% decrease from December 31, 2024, primarily due to accelerated payments to suppliers - The Group's trade payables as of June 30, 2025, were approximately **RMB 190.8 million**, a decrease of approximately **10.5%** from approximately RMB 213.3 million as of December 31, 2024[93](index=93&type=chunk) - The decrease was mainly due to **accelerated payments to suppliers**[93](index=93&type=chunk) [Other Payables and Accrued Expenses](index=30&type=section&id=Other%20Payables%20and%20Accrued%20Expenses) Other payables and accrued expenses increased to RMB 255.1 million, mainly due to the unpaid approved final dividend for the year ended December 31, 2024 - Other payables and accrued expenses increased to **RMB 255.1 million**, mainly due to the **unpaid approved final dividend** for the year ended December 31, 2024[94](index=94&type=chunk) [Financial Position and Capital Structure](index=30&type=section&id=Financial%20Position%20and%20Capital%20Structure) The Group maintained a sound financial position with a current ratio of 2.4 times and no outstanding interest-bearing borrowings - As of June 30, 2025, the Group's **current ratio was 2.4 times** (December 31, 2024: 2.3 times)[95](index=95&type=chunk) - As of June 30, 2025, and June 30, 2024, the Group had **no outstanding interest-bearing borrowings**[95](index=95&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no assets pledged - As of June 30, 2025, the Group had **no assets pledged**[96](index=96&type=chunk) [Contingent Liabilities](index=30&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**[97](index=97&type=chunk) [Interest Rate Risk](index=30&type=section&id=Interest%20Rate%20Risk) The Group is not significantly exposed to risks directly related to changes in market interest rates - The Group is **not significantly exposed to risks directly related to changes in market interest rates**[98](index=98&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in RMB but holds HKD and USD cash totaling RMB 295.4 million, which is subject to exchange rate fluctuations, and has proactively engaged in bank hedging to mitigate foreign exchange risk - The Group primarily conducts business in China, with the vast majority of its revenue and expenses denominated in **RMB**[99](index=99&type=chunk) - As of June 30, 2025, the Group's cash and bank balances denominated in **HKD and USD amounted to RMB 295.4 million**, which are subject to exchange rate fluctuations[99](index=99&type=chunk) - The Group proactively engages in **bank hedging** to mitigate foreign exchange risk[99](index=99&type=chunk) [Material Investments Held by the Group](index=31&type=section&id=Material%20Investments%20Held%20by%20the%20Group) During the reporting period, the company held RMB 11.5 million in Beijing Saifu Haohai Industrial Internet Investment Center (Limited Partnership), classified as financial assets at fair value through profit or loss - During the reporting period, the Company held **RMB 11.5 million** in **Beijing Saifu Haohai Industrial Internet Investment Center (Limited Partnership)**, classified as **financial assets at fair value through profit or loss**[100](index=100&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the reporting period, the company had no material investments or significant acquisitions or disposals of subsidiaries, associates, and joint ventures - During the reporting period, the Company had **no material investments or significant acquisitions or disposals of subsidiaries, associates, and joint ventures**[101](index=101&type=chunk) [Future Plans for Material Investments in Capital Assets](index=31&type=section&id=Future%20Plans%20for%20Material%20Investments%20in%20Capital%20Assets) As of June 30, 2025, the Group had no other material investment and capital asset plans in progress - As of June 30, 2025, the Group had **no other material investment and capital asset plans in progress**[102](index=102&type=chunk) [Interim Dividend](index=31&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of HKD 0.110 per share for the six months ended June 30, 2025, payable to shareholders registered on September 17, 2025 - The Board resolved to declare an **interim dividend of HKD 0.110 per share** (2024 interim: HKD 0.090 per share) for the six months ended June 30, 2025, payable to shareholders registered on **September 17, 2025**[103](index=103&type=chunk) - The interim dividend will be **paid to shareholders on December 19, 2025**[103](index=103&type=chunk) [Closure of Register of Members](index=31&type=section&id=Closure%20of%20Register%20of%20Members) To determine shareholders' eligibility for the proposed interim dividend, the company will suspend share transfer registration from September 15 to September 17, 2025 - To determine shareholders' eligibility for the proposed interim dividend, the Company will suspend share transfer registration from **Monday, September 15, 2025, to Wednesday, September 17, 2025** (both days inclusive)[104](index=104&type=chunk) [Material Events After the Reporting Period](index=31&type=section&id=Material%20Events%20After%20the%20Reporting%20Period) As of the date of this announcement, the Group had no other material events occurring after June 30, 2025 - As of the date of this announcement, the Group had **no other material events occurring after June 30, 2025**[105](index=105&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 3,904 individuals with total staff costs of approximately RMB 181.1 million, maintaining a competitive remuneration policy including performance bonuses and share options, alongside robust professional training - As of June 30, 2025, the Group had approximately **3,904 employees** (June 30, 2024: 4,036 employees)[106](index=106&type=chunk) - During the reporting period, total staff costs were approximately **RMB 181.1 million** (June 30, 2024: approximately RMB 164.1 million)[106](index=106&type=chunk) - The Group's employee remuneration policy is **regularly reviewed** to ensure competitive salaries and benefits, including **discretionary performance bonuses and share option schemes**[106](index=106&type=chunk) - The Group continues to provide **sufficient professional training** to employees to specialize and enhance their skills[106](index=106&type=chunk) [Use of Net Proceeds from Listing](index=32&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) The company's net proceeds from listing were approximately HKD 790.0 million, with HKD 332 million utilized as of June 30, 2025, primarily for information system upgrades, talent recruitment, and living services development, leaving HKD 429.0 million for strategic acquisitions and investments - The net proceeds from the listing (including partial exercise of the over-allotment option) were approximately **HKD 790.0 million** (equivalent to approximately RMB 648.7 million)[107](index=107&type=chunk) Use of Net Proceeds from Listing (HKD million) | Main Category | Percentage of Total Proceeds (%) | Unused Amount as of Jan 1, 2025 | Amount Actually Used as of June 30, 2025 | Unused Amount as of June 30, 2025 | Estimated Usage Plan | | :--- | :--- | :--- | :--- | :--- | :--- | | Strategic Acquisitions and Investments | 56.0 | 429.0 | 5.5 | 429.0 | On or before December 31, 2026 | | Upgrading Information Systems and Equipment | 11.0 | 39.0 | 51.2 | 29.1 | On or before December 31, 2025 | | Talent Recruitment and Team Building | 5.0 | 0.0 | 39.5 | 0.0 | | | Developing Living Services | 10.0 | 0.0 | 79.0 | 0.0 | | | Working Capital | 15.0 | 0.0 | 118.5 | 0.0 | | | **Total** | **100** | **468.0** | **332** | **458.1** | | - The remaining unused net proceeds from the listing are deposited in **reputable licensed commercial banks and recognized financial institutions**[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) From January 1, 2025, to the date of this announcement, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held as of June 30, 2025 - From January 1, 2025, to the date of this announcement, neither the Company nor its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**[109](index=109&type=chunk) - As of June 30, 2025, the Company **held no treasury shares**[109](index=109&type=chunk) [Compliance with Corporate Governance Code](index=34&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has adopted and complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules for the six months ended June 30, 2025 - The Company has adopted the **Corporate Governance Code** set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[110](index=110&type=chunk) - The Directors believe that the Company has **complied with all code provisions** set out in the Corporate Governance Code for the six months ended June 30, 2025[110](index=110&type=chunk) [Compliance with the Model Code for Securities Transactions](index=34&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed their compliance with its standard requirements during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** set out in Appendix C3 of the Listing Rules[111](index=111&type=chunk) - Following specific enquiries made to all Directors, each Director has confirmed that they have **complied with the standard requirements** set out in the Model Code for the six months ended June 30, 2025[111](index=111&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The company's Audit Committee, along with management, reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2025, which were also reviewed by KPMG - The Company's Audit Committee, together with the Company's management, has **reviewed the unaudited condensed consolidated interim results** for the six months ended June 30, 2025[112](index=112&type=chunk) - The interim results announcement is **unaudited**, but KPMG has conducted a review in accordance with **Hong Kong Standard on Review Engagements 2410** issued by the Hong Kong Institute of Certified Public Accountants[112](index=112&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX and the company's website, and the 2025 interim report, containing all required information, will be dispatched to shareholders and published online in due course - This interim results announcement is published on the **HKEX website (www.hkexnews.hk)** and the **Company's website (http://www.newhopegroup.com)**[113](index=113&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be **dispatched to the Company's shareholders** (upon request) and published on the HKEX and the Company's websites in due course[113](index=113&type=chunk) [By Order of the Board](index=35&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Jiang Mengjun, Chairman of the Board, on behalf of the Board, and details the composition of the Board of Directors as of the announcement date - This announcement is issued by **Mr. Jiang Mengjun, Chairman of the Board**, on behalf of the Board[114](index=114&type=chunk) - The Board comprises Executive Directors Mr. Liu Xu and Ms. Chen Jing; Non-executive Directors Mr. Jiang Mengjun (Chairman of the Board), Ms. Wu Min (Co-Chairman of the Board), Ms. Li Wei, and Ms. Zhang Wei; and Independent Non-executive Directors Mr. Cao Qilin, Mr. Jiang Zhiwu, and Mr. Li Zhengguo[114](index=114&type=chunk)

Financial Performance - The company reported a total merchandise value of RMB 1.2 billion for the first half of 2025, representing a 15% increase year-over-year[3]. - For the six months ended June 30, 2025, the company's revenue was approximately RMB 1,302.1 million, a decrease of about 3.1% compared to RMB 1,343.7 million for the same period in 2024[13]. - Gross profit for the same period was approximately RMB 480.7 million, down 1.1% from RMB 486.2 million, with a gross margin increase from approximately 36.2% to 36.9%[14]. - The company's loss for the period was approximately RMB 37.6 million, a significant reduction of about 61.9% compared to a loss of RMB 98.9 million in the previous year[14]. - Adjusted net loss (non-HKFRS measure) was approximately RMB 30.6 million, a decrease of 57.3% from RMB 71.5 million in the same period last year[17]. - Operating loss narrowed to RMB 33,227,000 from RMB 85,430,000 year-over-year, indicating improved operational efficiency[103]. - The company reported a net loss of RMB 31,951 thousand for the six months ended June 30, 2025, compared to a net loss of RMB 100,738 thousand for the same period in 2024, indicating an improvement in performance[109]. - Basic and diluted loss per share was RMB 0.04, an improvement from RMB 0.13 in the prior year[103]. Revenue Streams - Revenue from unmanned retail business was approximately RMB 861.7 million, a year-on-year decrease of 5.6% due to intensified market competition and a decline in average point locations[34]. - Revenue from wholesale goods increased by approximately 12.4% to RMB 272.8 million, attributed to the successful implementation of the shared warehouse program[34]. - Revenue from advertising and system support services rose by approximately 16.5% to RMB 70.9 million, driven by increased demand in the advertising market[34]. - Revenue for the six months ended June 30, 2025, was RMB 1,302,070 thousand, a decrease of 3.1% from RMB 1,343,702 thousand for the same period in 2024[139]. Operational Efficiency - The company plans to enhance operational efficiency and technology innovation to further expand its network and improve profitability in the unmanned retail sector[29]. - Sales and marketing expenses decreased by approximately 3.6% to RMB 466.4 million, primarily due to the absence of significant fixed asset purchases in the previous two years[39]. - General and administrative expenses decreased by approximately 33.7% to RMB 49.0 million, mainly due to a reduction in share-based compensation expenses[40]. - Research and development expenses decreased to RMB 9,565,000 from RMB 13,802,000, reflecting a 30.5% reduction in R&D spending[103]. Market Expansion - User data showed an increase in active vending machine locations to 5,000, up from 4,200 in the previous year, marking a growth of 19%[3]. - The company is expanding its market presence by entering three new provinces in China, aiming to increase its footprint by 30% by the end of 2025[3]. - The company has established partnerships with five major retail chains to expand its distribution network, expected to boost sales by 18%[3]. - The company aims to penetrate the unmanned retail market for small and medium enterprises, leveraging its strong supply chain and advanced equipment[31]. Financial Position - Cash and cash equivalents increased by approximately 47.2% from RMB 333.4 million at December 31, 2024, to RMB 490.7 million at June 30, 2025[54]. - The capital debt ratio as of June 30, 2025, was approximately 11.8%, down from 16.1% as of December 31, 2024[57]. - The company has implemented comprehensive capital management policies to ensure sufficient financial resources to meet its obligations[51]. - The total liabilities increased to RMB 530,960 thousand from RMB 481,301 thousand, an increase of approximately 10.3%[106]. Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2025[66]. - The company successfully placed a total of 51,635,500 new H-shares at a price of HKD 3.01 per share, raising approximately HKD 155.4 million, with a net amount of about HKD 149.2 million[81]. - Approximately 60% of the net proceeds from the placement will be allocated to the acquisition of fixed assets, including vending machines, while 40% will be used for working capital and other general corporate purposes[81]. - The total number of issued non-listed shares is 42,458,930, and the total number of issued H-shares is 789,012,003, leading to a total of 831,470,933 issued shares[73]. Governance and Compliance - The company has adhered to the corporate governance code, with the exception of the separation of roles between the Chairman and CEO[76]. - The company emphasizes high standards of corporate governance to protect shareholder interests[76]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results and confirmed compliance with applicable accounting principles[85]. Risks and Challenges - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, which are actively managed to mitigate potential impacts on operations[119]. - The company faced a claim of approximately RMB 145.1 million from Guangzhou Fuhong regarding a failure to acquire shares in Shenzhen Youfu, which includes default interest and legal fees[194]. - The arbitration related to the claim was successfully defended by the company, concluding in April 2025, with no provision required[195].

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。 Beijing UBOX Online Technology Corp. 北京友寶在線科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2429） 截 至2025年6月30日止六個月中期業績公告 北京友寶在線科技股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣 佈本公司及其附屬公司截至2025年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績。本 公告載有本公司2025年中期報告（「2025年中期報告」）全 文，符 合 香 港 聯 合 交 易 所有限公司（「聯交所」）證券上市規則中有關中期業績初步公告附載的資料的 相 關 規 定。 本中期業績公告將於聯交所網站(www.hkexnews.hk)及本公司網站(www.uboxol.com) 刊 發。20 ...

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 BOHAI BANK CO., LTD. 渤海銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9668） 2025年中期報告 1 目錄 目錄 2 釋義 4 重要提示 5 公司基本情況簡介 6 會計數據和財務指標摘要 8 管理層討論與分析 50 股本變動及股東情況 54 董事、監事、高級管理層成員、員工和機構情況 61 公司治理 66 重要事項 70 審閱報告及中期財務報告 170 組織架構圖 渤海銀行股份有限公司 2025年中期業績公告 渤海銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈本行及其附屬公司 截至2025年6月30日止六個月之未經審計綜合中期業績。本公告列載本行2025年 中期報告全文，並符合香港聯合交易所有限公司證券上市規則中有關中期業績初 步公告附載的資料之要求。 發佈中期業績公告及中期報告 本業績公告的中英文版本可於香港交易及結算所有限公 ...