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。 * ( 於百慕達註冊成立之有限公司 ) (股份代號：00075) 2025 年中期業績公告 渝太地產集團有限公司(「本公司」)之董事會(「董事會」或「董事」)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 6 個月之未經審核綜合業績。 綜合損益表 截至 2025 年 6 月 30 日止 6 個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至6月30日止6個月 | | | | 附註 | 2025年 | 2024年 | | | | 港幣千元 | 港幣千元 | | 收入 | 2, 3 | | | | 出售物業 | | 1,486,378 | 2,709,273 | | 租金收入 | | - | 13,742 | | 利息收入 | | - | 463 | | 收入總額 | | 1,486,378 | 2,723,478 ...

[Executive Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) The Group achieved significant revenue growth of approximately 136.8% to HKD 50.2 million and turned profitable with a net profit of approximately HKD 5.2 million for the six months ended June 30, 2025 Key Financial Highlights for the Six Months Ended June 30, 2025 | Metric | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | approximately HKD 50.2 million | approximately HKD 21.2 million | | Revenue Growth | approximately 136.8% | - | | Profit/(Loss) for the Period | approximately HKD 5.2 million | approximately HKD (23.7) million | | Basic and Diluted Earnings/(Loss) Per Share | approximately HKD 2.55 cents | approximately HKD (6.39) cents | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue significantly increased by 136.8% to HKD 50.2 million, turning a loss into a profit with a pre-tax profit of HKD 5.2 million, compared to a loss of HKD 23.7 million in the prior period, and basic and diluted earnings per share of HKD 2.55 cents Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | For the Six Months Ended June 30, 2025 (HKD thousands) | For the Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 50,206 | 21,181 | 136.8% | | Cost of Sales | (47,952) | (27,628) | -73.5% | | Gross Profit/(Loss) | 2,254 | (6,447) | Turned to Profit | | Other Income | 796 | 1,081 | -26.3% | | Selling and Distribution Expenses | (137) | (46) | 197.8% | | General and Administrative Expenses | (3,025) | (5,183) | 41.6% | | Net Other Operating Income/(Expenses) | 11,268 | (6,471) | Turned to Profit | | Finance Costs | (5,952) | (6,608) | 10.0% | | Profit/(Loss) Before Tax | 5,204 | (23,674) | Turned to Profit | | Profit/(Loss) for the Period Attributable to Owners of the Company | 5,204 | (23,674) | Turned to Profit | | Basic and Diluted Earnings/(Loss) Per Share | 2.55 HK cents | (6.39 HK cents) | Turned to Profit | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group recorded total comprehensive expenses of HKD 4.6 million, an improvement from HKD 16.7 million in the prior period, primarily due to the positive impact of net profit for the period, partially offset by negative exchange differences from overseas operations Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | For the Six Months Ended June 30, 2025 (HKD thousands) | For the Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 5,204 | (23,674) | | Exchange Differences on Translation of Overseas Operations | (9,812) | 6,983 | | Total Comprehensive Expenses for the Period Attributable to Owners of the Company | (4,608) | (16,691) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the Group's net current assets turned positive to HKD 98.4 million from a negative value on December 31, 2024, despite still having net liabilities of HKD 176.0 million, and total assets less current liabilities also shifted from negative to positive Key Data from Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 793 | 4,165 | Decrease | | Total Current Assets | 157,700 | 160,447 | Decrease | | Total Current Liabilities | 59,281 | 331,336 | Significant Decrease | | Net Current Assets/(Liabilities) | 98,419 | (170,889) | Turned from Negative to Positive | | Net Liabilities | (175,995) | (171,387) | Slight Increase | | Deficit (Attributable to Owners of the Company) | (196,417) | (191,809) | Increase | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Company Information](index=6&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B5%84%E6%96%99) The Company's principal business is investment holding, with its subsidiaries primarily engaged in the manufacturing and sale of casings and components for laptops and tablets in Mainland China, and has newly launched a robotic vacuum cleaner casing business, with no significant change in the nature of business during the period - The Company's principal business is investment holding, with subsidiaries primarily engaged in the manufacturing and sale of **casings and components for laptops and tablets** in Mainland China[8](index=8&type=chunk) - A new business for **robotic vacuum cleaner casings** has been launched, with no significant change in the principal nature of business during the period[8](index=8&type=chunk) [Basis of Presentation and Going Concern Assumption](index=6&type=section&id=2.%20%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) Despite the Group recording net profit and net outflow during the period, and having net liabilities, indicating significant uncertainties about its ability to continue as a going concern, the Board has adopted measures such as cost reduction, business restructuring, and efficiency improvement, believing the Group has sufficient working capital, thus preparing the financial statements on a going concern basis - The Group recorded a **net profit of approximately HKD 5.2 million**, a **net outflow of approximately HKD 4.35 million**, and **net liabilities of approximately HKD 176.0 million** during the period, indicating significant uncertainties regarding its ability to continue as a going concern[10](index=10&type=chunk) - The Board has adopted measures including **cost reduction, capital expenditure control, business restructuring, improving operational efficiency, and exploring new opportunities** to enhance the financial position[11](index=11&type=chunk) - The Board believes the Group will have **sufficient working capital** and is satisfied that the interim financial statements are appropriately prepared on a going concern basis[12](index=12&type=chunk) [Accounting Policies](index=7&type=section&id=3.%20%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96) The Group's accounting policies are consistent with its 2024 annual financial statements, with the first-time adoption of the revised HKFRS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability," which is not expected to have a significant impact on the interim financial information - First-time adoption of the revised **HKAS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability"**, effective from January 1, 2025[13](index=13&type=chunk)[14](index=14&type=chunk) - This revision aims to regulate the assessment of currency exchangeability and the estimation of spot exchange rates in situations of lack of exchangeability, requiring relevant disclosures[14](index=14&type=chunk) - This revision is **not expected to have any significant impact** on the Group's condensed consolidated interim financial information[14](index=14&type=chunk) [Segment Information](index=8&type=section&id=4.%20%E7%BB%8F%E8%90%A5%E5%88%86%E7%B1%BB%E8%B5%84%E6%96%99) The Group is primarily engaged in the manufacturing and sale of casings and components for laptops and tablets, and robotic vacuum cleaner casings, with similar business nature and consistent risk-return profiles, thus reporting only a single operating segment. All revenue, expenses, assets, and liabilities are predominantly derived from Mainland China - The Group's operations are derived from a **single reportable operating segment**, primarily the manufacturing and sale of casings and components for laptops and tablets, and newly launched robotic vacuum cleaner casings[15](index=15&type=chunk) - Almost all revenue, expenses, results, assets and liabilities, and capital expenditures are predominantly derived from **Mainland China**[15](index=15&type=chunk) Revenue Contribution from Major Customers (Over 10% of Total Revenue) | Customer | For the Six Months Ended June 30, 2025 (HKD thousands) | For the Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer A | – | 6,040 | | Customer B | – | 2,261 | | Customer C | 14,557 | – | | Customer D | – | 4,827 | | Customer E | – | 2,718 | | Customer F | – | 2,993 | | Customer G | 23,746 | – | | **Total** | **38,303** | **18,839** | [Components of Profit/(Loss) Before Tax](index=9&type=section&id=5.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9%E2%95%9D%EF%BC%88%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%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4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%88%E4%B8%8D%E5%8F%A6%E8%A8%BB%EF%BC%89%E4%BA%88%E4%B8%8B%E4%BA%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[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides a concise overview of the company's key financial performance metrics for the reporting period Financial Performance (thousand RMB) | Metric | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,338,807 | 1,249,136 | 7.2 | | Gross Profit | 659,785 | 579,011 | 14.0 | | Profit Before Tax | 231,701 | 220,065 | 5.3 | | Profit for the Period | 171,106 | 175,873 | -2.7 | | Basic Earnings Per Share (cents RMB) | 13.02 | 13.46 | -3.3 | [Business Overview and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD%E5%8F%8A%E5%B1%95%E6%9C%9B) [Business Summary](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E6%91%98%E8%A6%81) In H1 2025, the Group focused on customer value, achieving a 7.2% revenue increase, 27.4% online channel revenue growth, 101.4% pet business revenue growth, 5.3% profit before tax growth, a 2.9 percentage point increase in gross margin, and robust cash reserves, with an interim dividend of **RMB 0.0521 per share** and a **40.0% payout ratio** Key Financial and Operational Metrics (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,338.8 | 1,249.1 | 7.2 | | Online Channel Revenue Growth | - | - | 27.4 | | Pet Business Revenue Growth | - | - | 101.4 | | Profit Before Tax | 231.7 | 220.1 | 5.3 | | Gross Margin Improvement | 2.9 percentage points | - | - | | Interim Dividend (per share RMB) | 0.0521 | 0.0538 | -3.2 | | Payout Ratio | 40.0% | 40.0% | 0.0 | - The Group adheres to principles of high quality, sustainability, and stable profitability, implementing effective cost management to ensure continuous and stable growth in revenue, cash, and profit[5](index=5&type=chunk)[6](index=6&type=chunk) - As of June 30, 2025, the Group's total cash, cash equivalents, and bank deposits amounted to **RMB 2,650.0 million**, indicating ample cash reserves[5](index=5&type=chunk) [Business Overview](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD) In H1 2025, the Group achieved high-quality performance through various initiatives, including rapid online channel growth, doubled pet business revenue, leading market share in home care products, and enhanced profitability via product innovation and supply chain reform [Revenue by Product Category](index=3&type=section&id=%E6%8C%89%E7%94%A2%E5%93%81%E5%93%81%E9%A1%9E%E5%8A%83%E5%88%86%E7%9A%84%E6%94%B6%E5%85%A5) Revenue by Product Category (million RMB) | Product Category | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Home Care Products | 1,214.2 | 1,163.6 | 4.3 | | Pet Stores and Pet Products | 96.0 | 47.6 | 101.4 | | Personal Care Products | 25.8 | 34.8 | -25.8 | [Revenue by Sales Channel](index=3&type=section&id=%E6%8C%89%E9%8A%B7%E5%94%AE%E6%B8%A0%E9%81%93%E5%8A%83%E5%88%86%E7%9A%84%E6%94%B6%E5%85%A5) Revenue by Sales Channel (million RMB) | Sales Channel | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Online Channels | 517.2 | 405.9 | 27.4 | | Offline Channels | 821.6 | 843.3 | -2.6 | [Marketing Strategy and Brand Building](index=3&type=section&id=%E7%87%9F%E9%8A%B7%E7%AD%96%E7%95%A5%E8%88%87%E5%93%81%E7%89%8C%E5%BB%BA%E8%A8%AD) - Online sales channels achieved rapid development in content e-commerce, building more **RMB 100 million channels** while deepening presence in Taobao, JD, and Pinduoduo; increasing sales proportion of trending products like portable mosquito repellents, home cleaning, and pet food; and continuously optimizing investment-to-output ratio to enhance online operational efficiency and profitability[7](index=7&type=chunk) - Offline sales channels implemented multi-category distribution coverage, strengthening the distribution quantity and quality of high-margin products to enhance market foundation, and utilizing special display methods like product image displays, stack-ups, and shelf strips for promotion to improve resource input-output[10](index=10&type=chunk) - NielsenIQ retail market data indicates the Group's insecticide and mosquito repellent products have ranked first in comprehensive market share among similar products in China for **eleven consecutive years (2015 to 2025)**, with electric mosquito liquid, insecticide aerosols, and toilet cleaners achieving offline market share leadership during the reporting period[9](index=9&type=chunk) [Product Innovation and Supply Chain Reform](index=4&type=section&id=%E7%94%A2%E5%93%81%E5%89%B5%E6%96%B0%E8%88%87%E4%BE%9B%E6%87%89%E9%8F%88%E6%94%B9%E9%9D%A9) - The Group drives overall revenue structure optimization and profitability improvement by creating high-margin blockbuster product matrices that address consumer pain points through technological innovation; continuously enhancing the leading brand power of insecticide, mosquito repellent, and home cleaning products; and launching differentiated, highly effective, and health-ingredient-focused single products, further optimizing the product structure[10](index=10&type=chunk) - Supply chain reform continuously enhances the Group's overall supply chain operational efficiency, optimizes supply costs, and strengthens overall profitability by implementing technological upgrades and increasing automated production lines in owned factories, lean management of outsourced factories, and upgrading and innovating R&D formulations[10](index=10&type=chunk) [Business Outlook](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B) The company will adhere to a high-quality, sustainable, and stable profitability strategy, maintaining strong cash flow, continuously improving profitability, implementing a high dividend policy, and focusing on home care, pet business, online and offline channel expansion, enhancing R&D capabilities, strengthening team building, and actively pursuing M&A opportunities to maximize shareholder returns - Home care business expansion: Further develop high-end natural home care product lines, improve product gross margins, advance home cleaning product distribution coverage; continuously upgrade insecticide and mosquito repellent products, establish cockroach and mite control product lines, and accelerate online and offline marketing and promotion[11](index=11&type=chunk) - Pet business expansion: Further expand pet store coverage and number, enhance single-store profitability, create blockbuster pet food and product combinations online, continue to drive pet business development, and build a moat for the pet business[11](index=11&type=chunk) - Online channel breakthroughs: Maintain brand and market positions on Taobao, JD, and Pinduoduo, rapidly develop content e-commerce channels like Douyin, and further consolidate leadership and moats in various categories based on core product competitiveness, enhancing e-commerce business profitability[11](index=11&type=chunk) - Actively pursue M&A opportunities: Focus on domestic and international pet, personal care, cosmetics, and fast-moving consumer goods industries, accelerate the pace of mergers and acquisitions, targeting high-quality projects with stable cash flow, clear profit models, and business development potential[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue increased by **7.2%** to **RMB 1,338.8 million**, gross profit rose by **14.0%** to **RMB 659.8 million**, and profit before tax grew by **5.3%** to **RMB 231.7 million**, but profit for the period slightly decreased by **2.7%** to **RMB 171.1 million**, mainly due to increased income tax expense and exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (thousand RMB) | Metric | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,338,807 | 1,249,136 | 7.2 | | Cost of Sales | (679,022) | (670,125) | 1.3 | | Gross Profit | 659,785 | 579,011 | 14.0 | | Other Income | 55,322 | 59,997 | -7.8 | | Other Gains and Losses | 9,596 | (11,684) | N/A | | Selling and Distribution Expenses | (408,262) | (317,747) | 28.5 | | Administrative Expenses | (80,054) | (86,789) | -7.8 | | Finance Costs | (1,201) | (738) | 62.7 | | Profit Before Tax | 231,701 | 220,065 | 5.3 | | Income Tax Expense | (60,595) | (44,192) | 37.1 | | Profit for the Period | 171,106 | 175,873 | -2.7 | | Basic Earnings Per Share (RMB cents) | 13.02 | 13.46 | -3.3 | [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets less current liabilities amounted to **RMB 3,081.7 million**, a slight increase from the end of 2024, with net assets rising to **RMB 3,052.6 million** and ample cash and bank balances maintained Condensed Consolidated Statement of Financial Position (thousand RMB) | Metric | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Non-current Assets | 480,025 | 684,972 | | Current Assets | 2,991,916 | 3,321,678 | | Current Liabilities | (781,976) | (595,142) | | Net Current Assets | 2,209,940 | 2,726,536 | | Total Assets Less Current Liabilities | 3,081,746 | 3,019,727 | | Non-current Liabilities | (29,169) | (30,493) | | Net Assets | 3,052,577 | 2,989,234 | | Total Equity | 3,052,577 | 2,989,234 | - As of June 30, 2025, bank balances and cash totaled **RMB 891.4 million**[13](index=13&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation and Accounting Policies](index=9&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, using a historical cost basis, and the first-time application of IAS 21 (Amendment) "Lack of Exchangeability" had no material impact on financial position or performance - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[15](index=15&type=chunk) - The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value where applicable[16](index=16&type=chunk) - The application of an amendment to an IFRS accounting standard (IAS 21 (Amendment) Lack of Exchangeability) during the current interim period had no material impact on the Group's financial position and performance for the current and prior periods and/or the disclosures contained in these condensed consolidated financial statements[17](index=17&type=chunk) [Revenue and Segment Information](index=10&type=section&id=3.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from sales of home care, pet, and personal care products, with home care being the largest contributor; management views the Group as a single operating segment for resource allocation and performance assessment, with almost all revenue generated from China and no single external customer accounting for **10% or more** of revenue [Disaggregation of Revenue from Contracts with Customers](index=10&type=section&id=%E4%BE%86%E8%87%AA%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E7%9A%84%E6%94%B6%E5%85%A5%E5%88%86%E6%8B%86) Revenue by Product or Service Category (thousand RMB) | Product or Service Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | | :--- | :--- | :--- | | Home Care | 1,214,162 | 1,163,557 | | Pet Stores and Pet Products | 95,955 | 47,633 | | Personal Care | 25,776 | 34,752 | | Others | 2,914 | 3,194 | | Total | 1,338,807 | 1,249,136 | [Segment Information](index=10&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) - The Group's revenue and operating results are reported to the executive directors of the Company (i.e., the chief operating decision makers) for resource allocation and performance assessment, with the chief operating decision makers having identified one operating segment and presenting entity-wide disclosures regarding revenue, major customers, and geographical information in accordance with IFRS 8 Operating Segments[20](index=20&type=chunk) [Geographical Information](index=11&type=section&id=%E5%9C%B0%E5%8D%80%E8%B3%87%E6%96%99) - The Group primarily operates in China (also its country of domicile), with almost all of its revenue derived from operations in China and almost all of its non-current assets located in China[22](index=22&type=chunk) [Information About Major Customers](index=11&type=section&id=%E6%9C%89%E9%97%9C%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E7%9A%84%E8%B3%87%E6%96%99) - For the six months ended June 30, 2025 and 2024, no revenue from a single external customer accounted for **10% or more** of the Group's revenue[23](index=23&type=chunk) [Other Income](index=11&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income primarily comprises government grants, bank interest income, and interest income from other financial assets, totaling **RMB 55.3 million** in H1 2025, a **7.8% decrease** from the prior year, mainly due to lower bank interest Other Income by Category (thousand RMB) | Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | | :--- | :--- | :--- | | Government Grants | 9,018 | 34,362 | | Bank Interest Income | 43,910 | 12,029 | | Interest income from other financial assets measured at amortized cost | 5,164 | 6,151 | | Investment income from financial assets at fair value through profit or loss | 1,416 | 2,337 | | Others | 489 | 443 | | Total | 55,322 | 59,997 | [Other Gains and Losses](index=12&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D) In H1 2025, other gains of **RMB 9.6 million** were recorded, compared to a loss of **RMB 11.7 million** in the prior period, primarily influenced by net foreign exchange gains and fair value changes of financial assets Other Gains and Losses by Category (thousand RMB) | Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | | :--- | :--- | :--- | | Gain (loss) on disposal of property, plant and equipment | 75 | (1) | | Donation | – | (50) | | Net foreign exchange gain (loss) | 9,521 | (1,237) | | Loss on fair value change of financial assets at fair value through profit or loss | – | (10,016) | | Loss on fair value change of contingent consideration as financial liabilities at fair value through profit or loss | – | (380) | | Total | 9,596 | (11,684) | [Selling and Distribution Expenses](index=12&type=section&id=6.%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses increased by **28.5%** to **RMB 408.3 million**, mainly due to a significant rise in e-commerce channel marketing and advertising service fees to support online channel and pet business revenue growth Selling and Distribution Expenses by Category (thousand RMB) | Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Staff costs | 57,883 | 56,768 | 2.0 | | Promotion expenses | 37,815 | 38,540 | -1.9 | | E-commerce channel marketing expenses | 203,011 | 136,226 | 49.0 | | Advertising service fees | 26,364 | 11,754 | 124.3 | | Transportation and storage expenses | 63,084 | 59,062 | 6.8 | | Marketing expenses | 11,762 | 10,330 | 13.9 | | Others | 8,343 | 5,067 | 64.6 | | Total | 408,262 | 317,747 | 28.5 | [Finance Costs](index=12&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs primarily consist of interest expense on lease liabilities, amounting to **RMB 1.2 million** in H1 2025, an increase from the prior period Finance Costs by Category (thousand RMB) | Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | | :--- | :--- | :--- | | Interest expense on lease liabilities | 1,201 | 738 | [Income Tax Expense](index=13&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased by **37.1%** to **RMB 60.6 million**, primarily due to higher profit before tax and a higher effective tax rate of **26.2%** (up from **20.1%**) as a subsidiary's High-Tech Enterprise qualification renewal was pending Income Tax Expense by Category (thousand RMB) | Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax | 63,943 | 48,627 | 31.5 | | Over-provision in prior year | (64) | (4,257) | -98.5 | | Deferred tax | (3,284) | (178) | 1744.9 | | Total | 60,595 | 44,192 | 37.1 | - Anfu Chaowei Biotechnology Co., Ltd. qualified as a High-Tech Enterprise and was entitled to a preferential tax rate of **15%** granted by local tax authorities from 2022 to 2024; as of June 30, 2025, and the date of publication of these condensed consolidated financial statements, Anfu Chaowei is still processing its High-Tech Enterprise qualification application for 2025[30](index=30&type=chunk) [Staff Costs and Depreciation](index=14&type=section&id=9.%20%E5%93%A1%E5%B7%A5%E6%88%90%E6%9C%AC%E5%8F%8A%E6%8A%98%E8%88%8A) Total staff costs remained stable, while total depreciation increased, with a slight decrease in depreciation of property, plant, and equipment and an increase in depreciation of right-of-use assets Staff Costs and Depreciation (thousand RMB) | Category | H1 2025 (thousand RMB) | H1 2024 (thousand RMB) | | :--- | :--- | :--- | | Total staff costs | 111,633 | 112,093 | | Depreciation of property, plant and equipment | 10,352 | 10,919 | | Depreciation of right-of-use assets | 10,636 | 7,285 | | Total depreciation | 20,988 | 18,204 | [Dividends](index=15&type=section&id=10.%20%E8%82%A1%E6%81%AF) The Board has resolved to declare an interim dividend of **RMB 0.0521 per share**, maintaining a **40.0% payout ratio**, with the 2024 final dividend totaling **RMB 90.9 million** Dividend Information (per share RMB) | Dividend Type | H1 2025 (per share RMB) | H1 2024 (per share RMB) | | :--- | :--- | :--- | | Interim Dividend | 0.0521 | 0.0538 | | Payout Ratio | 40.0% | 40.0% | - During the current interim period, a final dividend of **RMB 0.0682 per ordinary share** for the year ended December 31, 2024, totaling approximately **RMB 90,933,000**, was declared to the owners of the Company and paid on July 8, 2025[32](index=32&type=chunk) [Earnings Per Share](index=15&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company was **RMB 13.02 cents**, a slight decrease from the prior period Earnings Per Share (thousand RMB, cents RMB) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (thousand RMB) | 173,562 | 179,461 | | Weighted average number of ordinary shares (thousand shares) | 1,333,334 | 1,333,334 | | Basic earnings per share (RMB cents) | 13.02 | 13.46 | [Trade and Other Receivables](index=16&type=section&id=12.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables increased to **RMB 152.4 million**, primarily due to higher trade receivables and amounts due from intermediaries; the Group typically requires prepayment or grants **30 to 60 days** credit for trade receivables and makes provisions for expected credit losses Trade and Other Receivables (thousand RMB) | Category | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 74,800 | 15,838 | | Prepayments for raw materials | 10,467 | 13,904 | | Prepaid marketing service fees | 7,623 | 18,356 | | Other recoverable taxes | 45,185 | 16,120 | | Amounts due from intermediaries | 11,125 | 3,270 | | Other receivables | 3,270 | 18,119 | | Total | 152,424 | 97,460 | - The Group generally requires most customers to prepay before goods delivery; for certain customers, the Group allows a credit period of **30 to 60 days** from the invoice date for trade receivables[35](index=35&type=chunk) - For the six months ended June 30, 2025, the Group recognized a credit loss allowance of approximately **RMB 3,485,000** (unaudited) for trade receivables (six months ended June 30, 2024: **RMB 1,985,000** (unaudited))[38](index=38&type=chunk) [Trade and Other Payables](index=18&type=section&id=13.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables amounted to **RMB 389.4 million**, a decrease from the end of 2024, primarily due to reduced trade payables and accrued sales rebates; the credit period for trade payables is typically **20 to 60 days** Trade and Other Payables (thousand RMB) | Category | June 30, 2025 (thousand RMB) | December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Trade payables | 159,623 | 189,907 | | Accrued sales rebates | 118,350 | 124,545 | | Other accrued expenses | 43,475 | 23,616 | | Accrued staff salaries and benefits | 37,652 | 48,791 | | Construction costs payable | 1,321 | 3,290 | | Other taxes payable | 20,229 | 4,055 | | Other payables | 8,710 | 11,978 | | Total | 389,360 | 406,182 | - The credit period for trade payables is generally within **20 to 60 days** from the invoice date[40](index=40&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Financial Review](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Group's revenue grew by **7.2%**, gross margin improved by **2.9 percentage points**, and profit before tax increased by **5.3%**, though profit for the period slightly declined; online channels and pet business performed strongly, selling and distribution expenses rose with business growth, administrative expenses decreased due to improved operational efficiency, and the Group maintained a robust financial position with ample cash flow and a stable gearing ratio [Revenue](index=19&type=section&id=%E6%94%B6%E5%85%A5) Total Revenue (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 1,338.8 | 1,249.1 | 7.2 | - The increase in revenue was primarily due to the Group's successful capture of market opportunities and active promotion of rapid development in product categories, online channels, and the pet business[42](index=42&type=chunk) [Revenue by Product Category](index=19&type=section&id=%E6%8C%89%E7%94%A2%E5%93%81%E5%93%81%E9%A1%9E%E5%8A%83%E5%88%86%E7%9A%84%E6%94%B6%E5%85%A5_MDA) Revenue by Product Category (thousand RMB) | Product Category | H1 2025 (thousand RMB) | Share (%) | H1 2024 (thousand RMB) | Share (%) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Home Care | 1,214,162 | 90.7 | 1,163,557 | 93.1 | 4.3 | | Pet Stores and Pet Products | 95,955 | 7.2 | 47,633 | 3.8 | 101.4 | | Personal Care | 25,776 | 1.9 | 34,752 | 2.8 | -25.8 | | Others | 2,914 | 0.2 | 3,194 | 0.3 | -8.8 | [Revenue by Sales Channel](index=20&type=section&id=%E6%8C%89%E9%8A%B7%E5%94%AE%E6%B8%A0%E9%81%93%E5%8A%83%E5%88%86%E7%9A%84%E6%94%B6%E5%85%A5_MDA) Revenue by Sales Channel (thousand RMB) | Sales Channel | H1 2025 (thousand RMB) | Share (%) | H1 2024 (thousand RMB) | Share (%) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Online Channels | 517,189 | 38.6 | 405,854 | 32.5 | 27.4 | | Offline Channels | 821,618 | 61.4 | 843,282 | 67.5 | -2.6 | [Gross Profit and Gross Margin](index=20&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross Profit and Gross Margin (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 659.8 | 579.0 | 14.0 | | Gross Margin | 49.3% | 46.4% | 2.9 percentage points | - The improvement in gross margin was primarily due to the Group's enhanced brand influence, continuous optimization of category and channel structures, and ongoing improvement in supply chain operational efficiency[47](index=47&type=chunk) [Gross Profit and Gross Margin by Product Category](index=20&type=section&id=%E6%8C%89%E7%94%A2%E5%93%81%E5%93%81%E9%A1%9E%E5%8A%83%E5%88%86%E7%9A%84%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross Profit and Gross Margin by Product Category (thousand RMB, %) | Product Category | H1 2025 Gross Profit (thousand RMB) | H1 2025 Gross Margin (%) | H1 2024 Gross Profit (thousand RMB) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Home Care | 595,839 | 49.1 | 540,137 | 46.4 | | Pet Stores and Pet Products | 55,761 | 58.1 | 23,601 | 49.5 | | Personal Care | 10,340 | 40.1 | 14,716 | 42.3 | | Others | -2,155 | -74.0 | 557 | 17.4 | [Gross Profit and Gross Margin by Sales Channel](index=21&type=section&id=%E6%8C%89%E9%8A%B7%E5%94%AE%E6%B8%A0%E9%81%93%E5%8A%83%E5%88%86%E7%9A%84%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross Profit and Gross Margin by Sales Channel (thousand RMB, %) | Sales Channel | H1 2025 Gross Profit (thousand RMB) | H1 2025 Gross Margin (%) | H1 2024 Gross Profit (thousand RMB) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Online Channels | 309,956 | 59.9 | 220,644 | 54.4 | | Offline Channels | 349,829 | 42.6 | 358,367 | 42.5 | [Other Income](index=22&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5_MDA) Other Income (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Decrease (%) | | :--- | :--- | :--- | :--- | | Other Income | 55.3 | 60.0 | 7.8 | - The decrease in other income was primarily due to lower bank interest[53](index=53&type=chunk) [Selling and Distribution Expenses](index=22&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF_MDA) Selling and Distribution Expenses (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 408.3 | 317.7 | 28.5 | - The increase in selling and distribution expenses was primarily due to the increased revenue scale of the Group's online channels and pet business, consistent with business growth[54](index=54&type=chunk) [Administrative Expenses](index=22&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF_MDA) Administrative Expenses (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Decrease (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 80.1 | 86.8 | 7.8 | - The decrease in administrative expenses was primarily due to improved overall operational efficiency and reduced impairment losses on goodwill[55](index=55&type=chunk) [Other Gains and Losses](index=22&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D_MDA) - For the six months ended June 30, 2025, we recorded other gains of **RMB 9.6 million**, compared to other losses of **RMB 11.7 million** in the corresponding period of 2024, primarily related to changes in the fair value of the Group's investments and exchange rate fluctuations[56](index=56&type=chunk) [Finance Costs](index=22&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC_MDA) - Our finance costs remained relatively stable, at **RMB 0.7 million** for the six months ended June 30, 2024, and **RMB 1.2 million** for the six months ended June 30, 2025[57](index=57&type=chunk) [Profit Before Tax](index=22&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9_MDA) Profit Before Tax (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Profit Before Tax | 231.7 | 220.1 | 5.3 | [Income Tax Expense](index=23&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF_MDA) Income Tax Expense and Effective Tax Rate (million RMB, %) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Growth (%) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 60.6 | 44.2 | 37.1 | | Effective Tax Rate | 26.2% | 20.1% | 6.1 percentage points | - The increase in income tax expense was primarily due to higher profit before tax and the impact of the income tax rate; a subsidiary, as a qualified High-Tech Enterprise, enjoyed a preferential income tax rate of **15%** since 2022, but as of June 30, 2025, its qualification renewal process was still ongoing, resulting in a higher tax rate of **25%**[59](index=59&type=chunk) [Profit for the Period](index=23&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9_MDA) Profit for the Period and Net Profit Margin (million RMB, %) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Decrease (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 171.1 | 175.9 | 2.7 | | Net Profit Margin | 12.8% | 14.1% | -1.3 percentage points | [Operating Cash Flow](index=23&type=section&id=%E7%B6%93%E7%87%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) Net Cash Outflow from Operating Activities (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | | :--- | :--- | :--- | | Net cash outflow from operating activities | 36.4 | 159.7 | - The decrease in net cash outflow from operating activities was due to our profit before tax of **RMB 231.7 million**, adjustments for non-cash and non-operating items, changes in working capital, and income tax paid[61](index=61&type=chunk) [Capital Expenditure](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital Expenditure (million RMB) | Metric | H1 2025 (million RMB) | H1 2024 (million RMB) | Decrease (%) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 18.2 | 19.6 | 7.1 | - Capital expenditure was primarily used for the acquisition of property, plant and equipment and right-of-use assets; we primarily fund capital expenditure through cash generated from operating activities[62](index=62&type=chunk) [Financial Position](index=23&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) - As of June 30, 2025, our cash and cash equivalents and time deposits amounted to **RMB 2,650.0 million**, with the majority denominated in RMB[63](index=63&type=chunk) [Gearing Ratio](index=24&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) Gearing Ratio (%) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 1.7% | 1.7% | - The gearing ratio, calculated as total interest-bearing debt (including current and non-current lease liabilities) divided by total equity multiplied by **100%**, remained stable at **1.7%** as of December 31, 2024, and June 30, 2025[64](index=64&type=chunk) [Other Financial Information](index=24&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E4%BF%A1%E6%81%AF) The Group holds an investment portfolio generating stable income with capital appreciation potential, employs sound funding and treasury policies, had no significant M&A activities during the reporting period, faces exchange rate fluctuation risks, has no pledged assets or significant contingent liabilities, and saw an increase in employees due to pet offline store expansion [Significant Investments Held](index=24&type=section&id=%E6%8C%81%E6%9C%89%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) - The Group maintains an investment portfolio capable of generating stable income and possessing capital appreciation potential; the Group held no other significant investments whose fair value accounted for **5% or more** of the Group's total assets as of December 31, 2024, and June 30, 2025, respectively[65](index=65&type=chunk) [Funding and Treasury Policies](index=24&type=section&id=%E8%B3%87%E9%87%91%E5%8F%8A%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) - The Group adopts stable funding and treasury policies aimed at maintaining an optimal financial position, the most economical finance costs, and the lowest financial risks; the Group regularly reviews its funding requirements to ensure sufficient financial resources to support its current business operations and future investment and expansion plans[66](index=66&type=chunk) [Material Acquisitions and Future Plans for Major Investments](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E6%9C%AA%E4%BE%86%E4%B8%BB%E8%A6%81%E6%8A%95%E8%B3%87%E8%A8%88%E5%8A%83) - For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals; furthermore, apart from the expansion plans disclosed in the "Future Plans and Use of Proceeds" section of the Company's prospectus dated February 26, 2021, the Group has no specific plans for major investments or acquisitions of significant capital assets or other businesses, but will continue to identify new business development opportunities[67](index=67&type=chunk) [Exchange Rate Fluctuation Risk](index=24&type=section&id=%E5%BD%99%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) - The Group primarily operates in China, with most of its transactions settled in RMB; however, the Group faces foreign exchange risk mainly from deposits denominated in USD and HKD, closely monitors exchange rate movements, and reviews foreign exchange risk management strategies periodically, with the Board potentially considering hedging foreign exchange exposure to mitigate risk when appropriate[68](index=68&type=chunk) [Pledge of Assets](index=25&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[69](index=69&type=chunk) [Contingent Liabilities](index=25&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) - As of June 30, 2025, the Group had no significant contingent liabilities[70](index=70&type=chunk) [Human Resources](index=25&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) Number of Employees | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 1,321 | 1,140 | - The increase in the number of employees was primarily due to the expansion of the pet offline store business; total staff costs (including basic wages and salaries, social insurance, and bonuses) remained relatively stable at **RMB 112.1 million** and **RMB 111.6 million** for the six months ended June 30, 2024, and June 30, 2025, respectively[71](index=71&type=chunk) - The Company has adopted a share option scheme and a restricted share award scheme to attract, retain, and incentivize talented employees, and regularly organizes training activities for staff to maintain their quality, knowledge, and skill levels[71](index=71&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Use of Proceeds from Global Offering](index=25&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company obtained net proceeds of approximately **RMB 2,418.8 million** from the global offering, of which **RMB 714.4 million** had been utilized as of June 30, 2025, with the remaining **RMB 1,704.4 million** to be used according to the prospectus's disclosed purposes and timeline, primarily deposited in reputable banks in Hong Kong or mainland China Use of Proceeds from Global Offering (million RMB) | Item | Net proceeds from Global Offering (million RMB) | Net unutilized as at December 31, 2024 (million RMB) | Actual net utilized during the reporting period (million RMB) | Actual net utilized as at June 30, 2025 (million RMB) | Net unutilized as at June 30, 2025 (million RMB) | Expected timeline for full utilization | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | New product R&D, existing product upgrades, and new brand and category development | 171.8 | 84.4 | 13.8 | 101.2 | 87.4 | Before end of 2026 | | Promote construction and upgrade of relevant R&D centers and support their research activities | 246.7 | 246.7 | – | – | 246.7 | Before end of 2026 | | Incentivize existing researchers and recruit more experienced and talented personnel for our R&D team | 65.3 | 65.3 | – | – | 65.3 | Before end of 2026 | | Further develop online distribution channels | 241.9 | – | – | 241.9 | – | Not applicable | | Further strengthen our offline distribution network | 120.9 | 91.3 | 16.9 | 46.5 | 74.4 | Before end of 2026 | | Establish and optimize our overseas online and offline sales network and develop new markets | 120.9 | 120.9 | – | – | 120.9 | Before end of 2026 | | Increase our market penetration in lower-tier cities | 120.9 | 110.7 | – | 10.2 | 110.7 | Before end of 2026 | | Invest in online brand marketing activities to enhance brand and product awareness and educate consumers | 241.9 | 124.8 | 29.4 | 146.5 | 95.4 | Before end of 2026 | | Establish overseas supply chain to enhance our cost advantage in overseas business | 36.3 | 36.3 | – | – | 36.3 | Before end of 2026 | | Upgrade our existing production facilities and production lines at Anfu and Panyu bases, establish new production lines to increase capacity and efficiency | 36.3 | 36.3 | – | – | 36.3 | Before end of 2026 | | Establish a supply chain base in Shanghai, including a warehouse and logistics center and offices | 169.3 | 169.3 | – | – | 169.3 | Before end of 2026 | | Deepen our digitalization strategy, strengthen IT infrastructure, further develop technology and data-driven business middle platforms for supply chain management, consumer community, and proprietary platform operations and distribution channel management to improve operational efficiency | 241.9 | 232.4 | 1.3 | 10.8 | 231.1 | Before end of 2026 | | Strategic acquisitions of upstream and downstream businesses to acquire external high-quality, complementary technologies, brands, and businesses | 362.8 | 188.7 | – | 174.1 | 188.7 | Before end of 2026 | | Working capital and other general corporate purposes | 241.9 | 241.9 | – | – | 241.9 | Before end of 2026 | | Total | 2,418.8 | 1,765.8 | 61.4 | 714.4 | 1,704.4 | | [Interim Dividend and Closure of Register of Members](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) The Board resolved to declare an interim dividend of **RMB 0.0521 per share**, with a **40.0% payout ratio**, payable on or about October 9, 2025; the company will suspend share transfer registration to determine eligibility for the interim dividend Interim Dividend Information (per share RMB) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim Dividend (per share RMB) | 0.0521 | 0.0538 | | Payout Ratio | 40.0% | 40.0% | - The interim dividend will be paid on or about Thursday, October 9, 2025, to shareholders of the Company whose names appear on the register of members of the Company on Tuesday, September 16, 2025 (the record date)[75](index=75&type=chunk) - The Company will suspend the registration of share transfers from Friday, September 12, 2025, to Tuesday, September 16, 2025 (both dates inclusive), to determine eligibility for the interim dividend[76](index=76&type=chunk) [Corporate Governance](index=28&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company has adopted the HKEX Corporate Governance Code and complied with all applicable code provisions during the reporting period; the roles of Chairman and CEO are combined under Ms. Chen Danxia, which the Board believes ensures leadership consistency and strategic planning, with sufficient independent non-executive directors to safeguard shareholder interests - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its own corporate governance code; during the reporting period, the Company has complied with all applicable code provisions under the Corporate Governance Code in effect during the reporting period[77](index=77&type=chunk) - The Company does not distinguish between the Chairman and the Chief Executive Officer, with both responsibilities undertaken by Ms. Chen Danxia; the Board believes that combining the roles of Chairman and Chief Executive Officer in the same person facilitates leadership consistency within the Group and enables more effective and efficient overall strategic planning for the Group[78](index=78&type=chunk) - Out of a total of eight directors on the Board, three are independent non-executive directors, ensuring the Board has sufficient independent opinions to protect the overall interests of the Company and its shareholders[78](index=78&type=chunk) [Standard Code for Securities Transactions](index=29&type=section&id=%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding directors' securities transactions since the listing date; following specific inquiries, all directors confirmed that they have complied with the required standards set out in the Standard Code throughout the reporting period[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=29&type=section&id=%E8%B3%BC%E5%85%A5%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD) During the reporting period, the company held no treasury shares and did not engage in any purchase, sale, or redemption of its listed securities - During the reporting period, the Company held no treasury shares; during the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including the sale of treasury shares)[80](index=80&type=chunk) [Public Float](index=29&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of the date of this announcement, the company's public float is sufficient to meet the Listing Rules' requirement of at least **25%** - Based on publicly available information and to the best knowledge of the Directors, as of the date of this announcement, the Company's public float is sufficient to meet the requirements of the Listing Rules, with at least **25%** of the total issued shares of the Company held by the public[81](index=81&type=chunk) [Events After Reporting Period](index=29&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred after the reporting period - No significant events occurred after the reporting period[82](index=82&type=chunk) [Audit Committee](index=30&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors and one non-executive director, has reviewed the Group's accounting principles, practices, and unaudited condensed consolidated financial statements, which were also reviewed by the independent auditor - The Board has established an Audit Committee, comprising three independent non-executive directors, namely Mr. Chen Hongjun (Chairman), Mr. Guo Sheng, and Dr. Yu Rong, and one non-executive director, namely Mr. Chen Zexing[83](index=83&type=chunk) - The Audit Committee, together with the Company's senior management, has reviewed the accounting principles and practices adopted by the Group, as well as the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[83](index=83&type=chunk) - The Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, have also been reviewed by the Company's independent auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[83](index=83&type=chunk) [Publication of Interim Results and Interim Report](index=30&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement has been published on the HKEX and company websites, and the interim report containing all required information will be dispatched to shareholders and published on the websites in accordance with Listing Rules requirements - This interim results announcement is published on the HKEX website www.hkexnews.hk and the Company's website www.cheerwin.com[84](index=84&type=chunk) - The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders upon request and published on the HKEX and the Company's websites in accordance with the Listing Rules[84](index=84&type=chunk)

Zhong Ao Home Group Limited 中奧到家集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1538） 截 至2025年6月30日 止 六 個 月 之 中 期 業 績 公 告 財 務 摘 要 – 1 – 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 中 奧 到 家 集 團 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 的 未 經 審 核 綜 合 財 務 資 料，連 同2024年 同 期 的 比 較 數 字，詳 情 如 下： • 截 至2025年6月30日 止 六 個 月，收 益 約 為 人 民 ...

本公司謹此就認股權計劃提供補充資訊如下： 1 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。 KAISA CAPITAL INVESTMENT HOLDINGS LIMITED 佳兆業資本投資集團有限公司 （ 於開曼群島註冊成立之有限公司 ） （股份代號：936） 有關二零二四年年報之補充公告 茲提述佳兆業資本投資集團有限公司（「本公司」）截至二零二四年十二月三十一日 止財政年度之年報（「二零二四年年報」）。除另有指明者外，本公告所用詞彙與二 零二四年年報所採用者具有相同涵義。 a. 倘向任何合資格參與者進一步授出購股權，將導致該名人士於直至進一步授 出購股權日期（包括該日）止12個月期間因全面行使已授出及將授予該名人士 的購股權（包括已行使、已註銷及未行使的購股權）而已獲發行及將獲發行的 股份總數，超逾已發行股份總數1%，則不得向該名合資格人士授出購股權， 而本公司主要股東（定義見上市規則）、獨立非執行董事及彼等各自的聯繫人 （定義見上市規則）須佔 ...

Financial Performance - For the first half of 2025, the company reported operating income of RMB 21,157 million, an increase of 2.25% compared to RMB 20,692 million in the same period of 2024[21]. - The pre-tax profit for the first half of 2025 was RMB 10,706 million, reflecting a growth of 5.14% from RMB 10,183 million in the previous year[23]. - Net profit reached RMB 9,328 million, up 3.81% from RMB 8,986 million year-on-year[21]. - The company's operating expenses for the first half of 2025 were RMB 49.42 billion, a decrease of 0.76% from RMB 49.80 billion in the same period of 2024[46]. - Non-interest net income for the first half of 2025 was RMB 6.627 billion, an increase of RMB 621 million or 10.34% year-on-year, primarily due to increased net gains from financial investments[40]. - The company's net profit from corporate banking for the first half of 2025 was RMB 8,013 million, accounting for 48.94% of total profits, down from 58.74% in 2024[88]. Asset and Liability Management - Total assets as of June 30, 2025, amounted to RMB 2,518,540 million, an increase of 11.82% from RMB 2,013,753 million at the end of the previous year[21]. - Total liabilities reached RMB 2,085,296 million as of June 30, 2025, reflecting a year-on-year increase of 12.59%[66]. - Customer deposits amounted to RMB 1,252,004 million, a growth of 9.92% compared to the previous year, accounting for 60.04% of total liabilities[68]. - The average balance of customer deposits was RMB 1,201.656 billion, with interest expenses amounting to RMB 11.368 billion, reflecting a cost rate of 1.91%[37]. - The capital adequacy ratio as of June 30, 2025, was 13.27%, down from 13.72% at the end of 2024[83]. Loan and Credit Quality - The total amount of customer loans and advances was RMB 1,100,533 million, representing a 9.82% increase from RMB 1,002,166 million at the end of 2024[21]. - The non-performing loan ratio improved to 0.98%, down from 1.14% a year earlier[22]. - The non-performing loan coverage ratio increased to 289.94%, up from 272.51% in the previous year[22]. - The distribution of loans by product type shows that corporate loans accounted for 63.80% of total loans, with a non-performing rate of 0.84%[72]. - The bank actively increased efforts in handling non-performing loans during the first half of 2025[71]. Interest Income and Expenses - The company's net interest margin for the first half of 2025 was 1.37%, a decrease of 20 basis points compared to the same period last year[16]. - Interest income from financial investments was RMB 9.843 billion, a decrease of RMB 651 million or 6.20% year-on-year[33]. - The company's interest expense for the first half of 2025 was RMB 18.542 billion, a decrease of RMB 489 million or 2.57% year-on-year[35]. - The average yield on customer loans and advances was 3.78%, down from 4.28% year-on-year[32]. Strategic Focus and Business Development - The bank's business strategy focuses on serving local economies, small and medium-sized enterprises, and the general public[12]. - The company aims to strengthen its growth engine by focusing on high-quality customer segments and optimizing asset-liability management[94]. - The company plans to innovate targeted financial products to support the national strategy of expanding domestic demand[94]. - The bank is committed to enhancing risk management through a comprehensive digital risk control system utilizing big data and AI technologies[96]. - The bank's strategic focus includes supporting rural revitalization and enhancing elderly financial services[160]. Shareholder Structure and Governance - As of June 30, 2025, the total number of ordinary shares is 13,889,801,211, with domestic shares accounting for 10,411,051,211 shares (74.95%) and H shares for 3,478,750,000 shares (25.05%)[164]. - The company has no controlling shareholder or actual controller[164]. - The top ten ordinary shareholders hold a total of 25.02% of the ordinary shares, with HKSCC NOMINEES LIMITED holding 3,475,339,078 shares, representing 25.02% of the total ordinary shares[166]. - The company has seen a stable shareholder base, with no significant changes in major shareholdings reported in the latest filings[171]. Risk Management - The company is implementing a "Nine Major Enhancement Projects" to strengthen its comprehensive risk management system[134]. - The bank has established a comprehensive liquidity risk management strategy to balance liquidity, safety, and profitability, ensuring sufficient funds to meet expected and unexpected cash demands[142]. - The bank's liquidity coverage ratio as of June 30, 2025, was 389.95%, with qualified liquid assets amounting to RMB 244.47 billion and a net cash outflow of RMB 62.69 billion over the next 30 days[143]. - The bank has established a robust market risk management system to control market risks within acceptable limits[138]. - The bank emphasizes anti-money laundering efforts, enhancing risk management and compliance mechanisms to prevent and control money laundering activities[151]. Employee and Organizational Development - The company employed 13,040 staff, with 25.10% holding master's degrees or higher and 51.10% being female[195]. - The company has established a three-tier compensation management system involving the board, senior management, and branch institutions, ensuring performance-based pay is aligned with strategic goals[196]. - During the reporting period, the company conducted extensive training programs, achieving a total of 718,000 learning instances and 1.172 million hours of training across various platforms[198]. - The company emphasizes employee diversity, ensuring equal rights in recruitment, position adjustments, training, and promotions[195]. - The company has restructured its governance framework, merging the IT and system development departments into a Financial Technology Department and renaming the Big Data Department to Data Management and Innovation Department[200].

[Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) This section provides an overview of Baozun Inc.'s corporate structure, listing details, and the scope of its interim financial results announcement [Company Overview and Shareholding Structure](index=1&type=section&id=Company%20Overview%20and%20Shareholding%20Structure) Baozun Inc. is a limited liability company registered in the Cayman Islands, operating with a dual-class share structure where Class A ordinary shares have one vote and Class B ordinary shares have ten votes; its American Depositary Shares (each representing three Class A ordinary shares) are listed on Nasdaq under the ticker BZUN - The company operates with a dual-class share structure, where Class A ordinary shares carry one vote per share and Class B ordinary shares carry ten votes per share[1](index=1&type=chunk) - American Depositary Shares (BZUN) are listed on the Nasdaq Global Select Market, with each ADS representing three Class A ordinary shares[1](index=1&type=chunk) [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited condensed consolidated results of Baozun and its subsidiaries for the six months ended June 30, 2025, prepared in accordance with U.S. GAAP and reviewed by the company's audit committee - The announcement covers the unaudited condensed consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk) - The financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and reviewed by the company's audit committee[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's key financial performance indicators, non-GAAP metrics, and cash position for the reporting period [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) During the reporting period, the company's total net revenue increased by 5.6% year-over-year to RMB 4,617.0 million, but operating loss widened to RMB 93.4 million, with the operating loss margin increasing to 2.0%; net loss attributable to ordinary shareholders was RMB 97.0 million, and basic and diluted net loss per ADS was RMB 1.68 Key Financial Data for H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Net Revenue | 4,617.0 | 4,370.8 | +246.2 | +5.6% | | Operating Loss | (93.4) | (73.6) | (19.8) | -26.9% | | Operating Loss Margin | 2.0% | 1.7% | +0.3% | - | | Net Loss Attributable to Baozun Ordinary Shareholders | (97.0) | (97.3) | +0.3 | +0.3% | | Basic and Diluted Net Loss per ADS | (1.68) | (1.61) | (0.07) | -4.3% | [Non-GAAP Financial Metrics](index=2&type=section&id=Non-GAAP%20Financial%20Metrics) During the reporting period, non-GAAP operating loss increased to RMB 60.8 million, with the loss margin rising to 1.3%; non-GAAP net loss attributable to ordinary shareholders was RMB 75.2 million, and non-GAAP diluted net loss per ADS was RMB 1.30 Non-GAAP Financial Data for H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-GAAP Operating Loss | (60.8) | (7.5) | (53.3) | -710.7% | | Non-GAAP Operating Loss Margin | 1.3% | 0.2% | +1.1% | - | | Non-GAAP Net Loss Attributable to Baozun Ordinary Shareholders | (75.2) | (19.3) | (55.9) | -289.6% | | Non-GAAP Diluted Net Loss per ADS Attributable to Baozun Ordinary Shareholders | (1.30) | (0.32) | (0.98) | -306.3% | [Cash and Short-Term Investments](index=2&type=section&id=Cash%20and%20Short-Term%20Investments) As of June 30, 2025, the company's total cash, cash equivalents, restricted cash, and short-term investments amounted to RMB 2,701.8 million, a decrease from RMB 2,915.9 million as of December 31, 2024 Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments | Metric | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments | 2,701.8 | 2,915.9 | (214.1) | -7.3% | [Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited condensed consolidated balance sheets, statements of operations, and comprehensive income for the reporting period [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's total assets were RMB 9,621.4 million, a decrease from RMB 10,207.0 million at the end of 2024; total current assets were RMB 6,625.3 million, total current liabilities were RMB 3,363.7 million, and the debt-to-asset ratio improved Condensed Consolidated Balance Sheets Summary (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 9,621,364 | 10,207,001 | (585,637) | -5.7% | | Total Current Assets | 6,625,250 | 7,214,171 | (588,921) | -8.2% | | Total Non-Current Assets | 2,996,114 | 2,992,830 | 3,284 | +0.1% | | Total Liabilities | 3,954,766 | 4,426,422 | (471,656) | -10.7% | | Total Current Liabilities | 3,363,696 | 3,747,557 | (383,861) | -10.2% | | Total Non-Current Liabilities | 591,070 | 678,865 | (87,795) | -12.9% | | Total Equity Attributable to Baozun Inc. Shareholders | 3,788,247 | 3,914,022 | (125,775) | -3.2% | | Total Shareholders' Equity | 3,981,152 | 4,110,200 | (129,048) | -3.1% | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, total net revenue was RMB 4,617.0 million, a 5.6% year-over-year increase; operating loss widened to RMB 93.4 million; net loss attributable to Baozun ordinary shareholders was RMB 97.0 million, and diluted net loss per ADS was RMB 1.68 Condensed Consolidated Statements of Operations Summary (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | 4,617,021 | 4,370,764 | 246,257 | +5.6% | | Operating Loss | (93,368) | (73,553) | (19,815) | -26.9% | | Net Loss | (92,722) | (87,281) | (5,441) | -6.2% | | Net Loss Attributable to Baozun Ordinary Shareholders | (97,038) | (97,257) | 219 | +0.2% | | Diluted Net Loss per ADS | (1.68) | (1.61) | (0.07) | -4.3% | [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's comprehensive loss was RMB 114.4 million, an increase from RMB 69.3 million in the prior year, primarily due to foreign currency translation differences shifting from gain to loss Condensed Consolidated Statements of Comprehensive Income Summary (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Loss | (92,722) | (87,281) | (5,441) | -6.2% | | Foreign currency translation differences | (21,722) | 17,964 | (39,686) | -221.0% | | Comprehensive Loss | (114,444) | (69,317) | (45,127) | -65.1% | | Total Comprehensive Loss Attributable to Baozun Ordinary Shareholders | (118,760) | (79,293) | (39,467) | -49.8% | [Notes to the Condensed Consolidated Financial Information](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section details the company's structure, accounting policies, revenue, earnings per share, income taxes, and key balance sheet items [1. Structure and Principal Activities](index=9&type=section&id=1.%20Structure%20and%20Principal%20Activities) Baozun Inc. and its group primarily engage in providing end-to-end e-commerce solutions for clients, including sales of apparel, home goods, and electronics, as well as comprehensive brand management services, operating through its subsidiaries and Variable Interest Entities (VIEs) in China and Hong Kong - The Group primarily provides end-to-end e-commerce solutions, covering product sales, online store design and setup, visual merchandising, online store operations, customer service, warehousing and order fulfillment, and comprehensive brand management[13](index=13&type=chunk) - Key subsidiaries and VIEs include Shanghai Baozun, Shanghai Baodao, Gap (Shanghai) Commercial Co., Ltd., with operations across China, Hong Kong, and the Cayman Islands[13](index=13&type=chunk)[14](index=14&type=chunk) [2. Summary of Significant Accounting Policies](index=10&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) The company's unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and are consistent with the accounting policies in its annual audited report; the Group adopts consolidation accounting, including subsidiaries and VIEs where it is the primary beneficiary [Basis of Presentation](index=10&type=section&id=Basis%20of%20Presentation) The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, reflect all normal recurring adjustments, and are consistent with the accounting policies used in the audited consolidated financial statements for the year ended December 31, 2024 - The financial statements are prepared in accordance with U.S. GAAP and include all necessary recurring adjustments[15](index=15&type=chunk) - Accounting policies are consistent with those used in the audited consolidated financial statements for the year ended December 31, 2024[15](index=15&type=chunk) [Basis of Consolidation](index=11&type=section&id=Basis%20of%20Consolidation) The consolidated financial statements include those of the Company, its subsidiaries, and its China-based Variable Interest Entities (VIEs) for which it is the primary beneficiary, with all intercompany transactions and balances eliminated - The consolidated financial statements include those of the Company, its subsidiaries, and its China-based VIEs for which it is the primary beneficiary[16](index=16&type=chunk) - The Group determines whether it is the primary beneficiary of a VIE by evaluating its power to direct the activities of the VIE that most significantly impact the VIE's economic performance and its obligation to absorb losses or right to receive benefits from the VIE[16](index=16&type=chunk) [Recently Adopted Accounting Pronouncements](index=11&type=section&id=Recently%20Adopted%20Accounting%20Pronouncements) The company has adopted Accounting Standards Update No. 2023-07, which requires public business entities to disclose significant expenses and other segment items and provide annual disclosure requirements during interim reporting periods, with no material impact on the financial statements - The Company has adopted Accounting Standards Update No. 2023-07, effective for annual periods beginning after January 1, 2024, and interim periods beginning after January 1, 2025[17](index=17&type=chunk) - The adoption of this pronouncement did not have a material impact on the financial statements[17](index=17&type=chunk) [3. Revenue](index=12&type=section&id=3.%20Revenue) For the six months ended June 30, 2025, total revenue was RMB 4,617.0 million, primarily from product sales and e-commerce services; product sales increased by 14.3% year-over-year, and service revenue increased by 0.7% [Revenue Classification](index=12&type=section&id=Revenue%20Classification) During the reporting period, product sales revenue was primarily recognized at a point in time from e-commerce brand management, while service revenue was recognized over time from e-commerce services, with digital marketing and IT solutions contributing significantly Revenue Classification (For the six months ended June 30, RMB thousands) | Revenue Source | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Product Sales | 1,803,389 | 1,577,825 | 225,564 | +14.3% | | Service Revenue | 2,813,632 | 2,792,939 | 20,693 | +0.7% | | Total Revenue | 4,617,021 | 4,370,764 | 246,257 | +5.6% | - Within service revenue, online store operations, warehousing and fulfillment, digital marketing, and IT solutions are key components[19](index=19&type=chunk) [Contract Liabilities](index=13&type=section&id=Contract%20Liabilities) As of June 30, 2025, the ending balance of contract liabilities was RMB 190.1 million, primarily customer advances, of which RMB 166.1 million was recognized as revenue Changes in Contract Liabilities (RMB thousands) | Metric | Customer Advances | | :--- | :--- | | Beginning balance as of January 1, 2025 | 173,769 | | Net increase | 16,364 | | Ending balance as of June 30, 2025 | 190,133 | - For the six months ended June 30, 2025, revenue recognized was **RMB 166,075 thousand**, representing amounts included in the contract liabilities balance at the beginning of the period[20](index=20&type=chunk) [4. Net Loss per Share](index=14&type=section&id=4.%20Net%20Loss%20per%20Share) For the six months ended June 30, 2025, both basic and diluted net loss per ordinary share attributable to Baozun ordinary shareholders were RMB 0.56, and basic and diluted net loss per ADS were RMB 1.68, both increasing from the prior year Net Loss per Share (For the six months ended June 30) | Metric | 2025 (RMB) | 2024 (RMB) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic Net Loss per Ordinary Share Attributable to Baozun Ordinary Shareholders | (0.56) | (0.54) | (0.02) | -3.7% | | Diluted Net Loss per Ordinary Share Attributable to Baozun Ordinary Shareholders | (0.56) | (0.54) | (0.02) | -3.7% | | Basic Net Loss per ADS Attributable to Baozun Ordinary Shareholders | (1.68) | (1.61) | (0.07) | -4.3% | | Diluted Net Loss per ADS Attributable to Baozun Ordinary Shareholders | (1.68) | (1.61) | (0.07) | -4.3% | - As of June 30, 2025, the Group had **2,050,422** unexercised restricted share units and options, which were excluded from the calculation of diluted loss per share due to their anti-dilutive effect[21](index=21&type=chunk) [5. Income Taxes](index=15&type=section&id=5.%20Income%20Taxes) The company is exempt from tax in the Cayman Islands, Hong Kong subsidiaries are subject to profit tax rates of 16.5% or 8.25%, and China subsidiaries and VIEs are subject to a 25% corporate income tax rate, with some high-tech enterprises enjoying a preferential rate of 15%; the Group believes the impact of global minimum effective tax rates is not significant - The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains[22](index=22&type=chunk) - China subsidiaries and VIEs are subject to a statutory tax rate of **25%**, with some high-tech enterprises enjoying a preferential income tax rate of **15%**[22](index=22&type=chunk) - The Group believes that the current adoption of the global minimum effective tax rate (Pillar Two) does not have a significant impact[23](index=23&type=chunk) Income Tax Expense (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current tax | 11,516 | 12,101 | (585) | -4.8% | | Deferred tax | (4,569) | (1,236) | (3,333) | -269.7% | | Income tax expense | 6,947 | 10,865 | (3,918) | -36.1% | [6. Accounts Receivable, Net](index=16&type=section&id=6.%20Accounts%20Receivable,%20Net) As of June 30, 2025, accounts receivable, net, amounted to RMB 2,043.4 million, a slight increase from the end of 2024; the allowance for credit losses increased, primarily due to new provisions of RMB 59.6 million Accounts Receivable, Net (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Accounts receivable, net | 2,043,408 | 2,033,778 | 9,630 | +0.5% | | Ending balance of allowance for credit losses | (182,309) | (126,936) | (55,373) | +43.6% | | New allowance for credit losses | (59,566) | – | (59,566) | - | | Total accounts receivable | 2,225,717 | 2,160,714 | 65,003 | +3.0% | Accounts Receivable Aging Analysis (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 3 months | 1,827,796 | 1,849,764 | (21,968) | -1.2% | | 3 to 6 months | 88,076 | 91,676 | (3,600) | -3.9% | | 6 to 12 months | 107,409 | 22,592 | 84,817 | +375.4% | | Over 1 year | 202,436 | 196,682 | 5,754 | +2.9% | [7. Accounts Payable and Notes Payable](index=17&type=section&id=7.%20Accounts%20Payable%20and%20Notes%20Payable) As of June 30, 2025, total accounts payable and notes payable were RMB 556.4 million, a significant decrease of 48.6% from RMB 1,081.9 million at the end of 2024 Accounts Payable and Notes Payable (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Accounts payable | 348,438 | 620,679 | (272,241) | -43.9% | | Notes payable | 207,937 | 461,179 | (253,242) | -54.9% | | Total | 556,375 | 1,081,858 | (525,483) | -48.6% | [8. Short-Term Borrowings](index=18&type=section&id=8.%20Short-Term%20Borrowings) As of June 30, 2025, short-term bank borrowings amounted to RMB 1,385.3 million, an increase from the end of 2024; the Group has revolving credit facilities, with RMB 2,069.9 million available as of the reporting period Short-Term Borrowings (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Short-term bank borrowings | 1,385,268 | 1,220,957 | 164,311 | +13.5% | - As of June 30, 2025, the Group had credit facilities of **RMB 2,069,943 thousand** available for future borrowings[28](index=28&type=chunk) [9. Dividends](index=18&type=section&id=9.%20Dividends) The Board of Directors does not recommend the distribution of any interim dividends for the six months ended June 30, 2024, and 2025 - The Board of Directors does not recommend the distribution of any interim dividends for the six months ended June 30, 2024, and 2025[29](index=29&type=chunk) [10. Ordinary Shares and Treasury Shares](index=18&type=section&id=10.%20Ordinary%20Shares%20and%20Treasury%20Shares) The company repurchased 1,471,428 treasury shares totaling $1.4 million during the reporting period; as of June 30, 2025, 177,900 restricted share units were vested - For the six months ended June 30, 2025, the Company repurchased **1,471,428** treasury shares for a total consideration of **$1.4 million**[30](index=30&type=chunk) - For the six months ended June 30, 2025, **177,900** restricted share units were vested[30](index=30&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's business operations, strategic outlook, and detailed financial performance for the reporting period [Business Review](index=19&type=section&id=Business%20Review) Baozun Inc. is a leading brand e-commerce service provider in China, empowering brands with end-to-end e-commerce services, omnichannel expertise, and technology-driven solutions; the company expanded into three business lines in 2023 (Baozun E-Commerce, Baozun Brand Management, and Baozun International) to build a healthy ecosystem; total revenue grew by 5.6% during the reporting period, but non-GAAP operating loss increased due to accounts receivable write-offs - The company expanded its business into three lines in 2023: Baozun E-Commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI)[31](index=31&type=chunk) - Total net revenue increased by **5.6%** year-over-year to **RMB 4,617.0 million**, primarily driven by two business lines[33](index=33&type=chunk) - Non-GAAP operating loss increased to **RMB 60.8 million**, mainly due to accounts receivable write-offs totaling **RMB 53.3 million**[33](index=33&type=chunk) [Baozun E-Commerce (BEC)](index=19&type=section&id=Baozun%20E-Commerce%20(BEC)) BEC covers China's e-commerce business, offering value-added services such as brand store operations, customer service, warehousing and fulfillment, IT, and digital marketing; the company operates through distribution, service fee, and consignment models, leveraging its technology stack to provide comprehensive, omnichannel solutions; service revenue grew by 1.8% during the reporting period, and the proportion of brand partners with omnichannel collaborations increased to 48.5% - BEC provides value-added services including brand store operations, customer service and warehousing and fulfillment, IT and digital marketing[34](index=34&type=chunk) - Business models include distribution, service fee, and consignment models[36](index=36&type=chunk) - Provides integrated one-stop solutions covering IT solutions, online store operations, digital marketing, customer service, and warehousing and fulfillment, with omnichannel capabilities[38](index=38&type=chunk) - For the first six months ended June 30, 2025, service revenue grew by **1.8%**, primarily driven by strong digital marketing demand from brand partners and robust performance in the sportswear and apparel categories[40](index=40&type=chunk) - As of June 30, 2025, approximately **48.5%** of brand partners collaborated with us for store operations across at least two channels, compared to **45.8%** at the end of the same period last year[40](index=40&type=chunk) [Baozun Brand Management (BBM)](index=21&type=section&id=Baozun%20Brand%20Management%20(BBM)) BBM focuses on comprehensive brand management, aiming to unlock commercial potential for global brands in China, serving mid-to-high-end consumer lifestyle brands; its first key acquisition was Gap China's business, with plans to offer a seamless omnichannel experience through digital and physical integration; during the reporting period, Gap Shanghai achieved RMB 376.9 million in revenue and plans to open approximately 40 new stores; the company also drives brand growth through strategies such as product localization, retail optimization, supply chain enhancement, and talent acquisition - BBM engages in comprehensive brand management, offering expertise in strategic and tactical positioning, brand and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement[41](index=41&type=chunk) - Completed the acquisition of Gap China's business, obtaining exclusive rights to manufacture, market, distribute, and sell Gap products in Greater China[41](index=41&type=chunk)[42](index=42&type=chunk) - In the first six months of 2025, Gap Shanghai achieved **RMB 376.9 million** in revenue, operating **156** offline Gap stores in mainland China, with plans to open approximately **40** new stores[45](index=45&type=chunk) - Achieved product localization and cultural integration through collaborations with IPs such as the Forbidden City and Melting Sadness[46](index=46&type=chunk) - Optimized retail management by opening "premium" community stores and collaborating with local strategic partners to accelerate expansion[47](index=47&type=chunk) - Committed to enhancing supply chain capabilities, focusing on product innovation, quality control, responsiveness, and cost-effectiveness[48](index=48&type=chunk) - Successfully introduced local industry experts to accelerate business transformation and improve organizational efficiency[49](index=49&type=chunk) - Signed a Letter of Intent with ABG Hunter LLC for investment in the Hunter brand in Greater China and Southeast Asia, acquiring intellectual property rights and exclusive rights to manufacture, market, distribute, and sell Hunter products[43](index=43&type=chunk) [Baozun International (BZI)](index=23&type=section&id=Baozun%20International%20(BZI)) BZI is the company's long-term growth engine, aiming to replicate the success of its China e-commerce business by empowering global brands with local market insights and e-commerce infrastructure to provide localized experiences; it has established operations in 10 markets, including Southeast Asia, South Korea, Japan, and France - BZI is the company's long-term growth engine for dedicated investment and exploration, aiming to replicate the successful experience of its China e-commerce business[50](index=50&type=chunk) - Implements the "glocal" concept, providing localized experiences for brands by leveraging local expertise and resources[50](index=50&type=chunk) - As of June 30, 2025, operations have been established in **10** markets, including Hong Kong, Taiwan, Singapore, Malaysia, the Philippines, Thailand, South Korea, Japan, Vietnam, and France[51](index=51&type=chunk) [Outlook](index=24&type=section&id=Outlook) The company remains cautious about macroeconomic uncertainties but is confident in its business transformation and value proposition, with a focus on diligent, patient, and sustainable execution in 2025; BEC will concentrate on refined management, value creation, and organizational efficiency, enhancing omnichannel capabilities, especially in emerging channels; BBM will continue to consolidate Gap brand growth and drive Hunter brand development; technology expertise is core to Baozun, and the company will leverage its robust cash flow and balance sheet to seize new opportunities - The company remains cautious about macroeconomic uncertainties but is confident that its ongoing transformation has strengthened its business foundation and value proposition for brand partners[52](index=52&type=chunk) - BEC will continue to focus on strengthening revenue and profitability, emphasizing refined management, value creation, and organizational efficiency, while enhancing omnichannel capabilities, especially in emerging channels like Douyin and Xiaohongshu[52](index=52&type=chunk) - BBM will continue to consolidate the growth of the GAP brand in China and drive the development of the Hunter brand through new category expansion and diversified distribution channels[53](index=53&type=chunk) - Technology expertise is core to the Baozun brand, and the company will leverage its robust cash flow and balance sheet to seize new opportunities[54](index=54&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) During the reporting period, total net revenue increased by 5.6% to RMB 4,617.0 million; product sales revenue grew by 14.3%, and service revenue grew by 0.7%; cost of products, selling and marketing expenses, and general and administrative expenses all increased, while fulfillment expenses, technology and content expenses, and income tax expense decreased; net loss widened to RMB 92.7 million [Revenue](index=25&type=section&id=Revenue) Total net revenue for the reporting period increased by 5.6% to RMB 4,617.0 million; product sales revenue grew by 14.3%, driven by product portfolio optimization and Gap brand sales growth; service revenue increased by 0.7%, mainly due to increased contributions from digital marketing and IT solutions Revenue Breakdown (For the six months ended June 30, RMB thousands) | Net Revenue | 2025 | 2024 | Growth Rate | | :--- | :--- | :--- | :--- | | Product Sales | 1,803,389 | 1,577,825 | 14.3% | | Services | 2,813,632 | 2,792,939 | 0.7% | | Total | 4,617,021 | 4,370,764 | 5.6% | - The increase in product sales revenue was primarily driven by the optimization of the product portfolio distribution model (especially in the beauty and cosmetics categories) and the growth in Gap brand sales[56](index=56&type=chunk) - The increase in service revenue was mainly due to an increase of **RMB 32.9 million** from digital marketing and IT solutions[57](index=57&type=chunk) [Cost of Products](index=26&type=section&id=Cost%20of%20Products) Cost of products for the reporting period was RMB 1,258.7 million, an increase from the prior year, primarily due to increased product sales from both BEC and BBM Cost of Products (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cost of products | (1,258,678) | (1,136,807) | (121,871) | -10.7% | - The increase in cost of products was primarily due to increased product sales from both BEC and BBM[58](index=58&type=chunk) [Fulfillment Expenses](index=26&type=section&id=Fulfillment%20Expenses) Fulfillment expenses were RMB 1,130.5 million, a 3.7% decrease from the prior year, mainly due to reduced e-commerce warehousing and logistics revenue and Gap's control over logistics costs Fulfillment Expenses (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Fulfillment expenses | (1,130,482) | (1,173,349) | 42,867 | +3.7% | - The decrease in fulfillment expenses was primarily due to reduced e-commerce warehousing and logistics revenue, as well as Gap's control over logistics costs[59](index=59&type=chunk) [Selling and Marketing Expenses](index=26&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses were RMB 1,738.2 million, a 13.0% increase from the prior year, mainly due to increased contribution from BEC's digital marketing services revenue and higher expenses related to BBM's marketing activities and offline store expansion Selling and Marketing Expenses (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Selling and marketing expenses | (1,738,197) | (1,538,741) | (199,456) | -13.0% | - The increase in selling and marketing expenses was primarily due to increased contribution from BEC's digital marketing services revenue during the reporting period, as well as higher expenses related to BBM's marketing activities and offline store expansion[60](index=60&type=chunk) [Technology and Content Expenses](index=26&type=section&id=Technology%20and%20Content%20Expenses) Technology and content expenses were RMB 231.1 million, a 12.1% decrease from the prior year, mainly due to the company's cost control initiatives and improved efficiency Technology and Content Expenses (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Technology and content expenses | (231,130) | (262,975) | 31,845 | +12.1% | - The decrease in technology and content expenses was primarily due to the company's cost control initiatives and improved efficiency[61](index=61&type=chunk) [General and Administrative Expenses](index=27&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses were RMB 394.9 million, a 12.6% increase from the prior year, mainly due to an additional provision of RMB 53.3 million for accounts receivable, partially offset by cost control measures General and Administrative Expenses (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | General and administrative expenses | (394,862) | (350,724) | (44,138) | -12.6% | - The increase in general and administrative expenses was primarily due to an additional provision for accounts receivable totaling **RMB 53.3 million**, related to a distribution-type client in the healthcare and cosmetics category[62](index=62&type=chunk) [Other Operating Income, Net](index=27&type=section&id=Other%20Operating%20Income,%20Net) Other operating income, net, was RMB 43.0 million, a 135.0% increase from the prior year, mainly due to an increase of RMB 33.1 million in government grants received Other Operating Income, Net (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Other operating income, net | 42,960 | 18,279 | 24,681 | +135.0% | - The increase was primarily due to an increase of **RMB 33.1 million** in government grants received[63](index=63&type=chunk) [Other Income (Expenses)](index=27&type=section&id=Other%20Income%20(Expenses)) Net other income for the reporting period was RMB 4.9 million, compared to a net expense of RMB 4.1 million in the prior year, primarily attributable to increased unrealized investment gains from changes in the trading prices of invested listed companies Other Income (Expenses), Net (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Interest income | 22,252 | 35,869 | (13,617) | | Interest expense | (24,309) | (20,641) | (3,668) | | Unrealized investment (loss) gain | 8,375 | (19,855) | 28,230 | | Foreign exchange (loss) gain | 7,710 | (10,598) | 18,308 | | Fair value changes of financial instruments | (9,143) | 11,152 | (20,295) | | Other income (expenses), net | 4,885 | (4,073) | 8,958 | - The increase in other income (net) was primarily attributable to increased unrealized investment gains from changes in the trading prices of invested listed companies[64](index=64&type=chunk) [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) Income tax expense for the reporting period was RMB 6.9 million, a decrease from the prior year Income Tax Expense (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Income tax expense | (6,947) | (10,865) | 3,918 | +36.1% | [Net Loss](index=28&type=section&id=Net%20Loss) Net loss for the reporting period was RMB 92.7 million, an increase from RMB 87.3 million in the prior year Net Loss (For the six months ended June 30, RMB thousands) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net loss | (92,722) | (87,281) | (5,441) | -6.2% | [Current Assets](index=28&type=section&id=Current%20Assets) As of June 30, 2025, total current assets were RMB 6,625.3 million, an 8.2% decrease from the end of 2024; the current ratio was approximately 2.0 times, an improvement from 1.9 times at the end of 2024 Current Assets and Current Ratio (RMB millions) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current assets | 6,625.3 | 7,214.2 | (588.9) | -8.2% | | Current ratio | 2.0 times | 1.9 times | +0.1 times | +5.3% | [Accounts Receivable (Net of Allowance for Credit Losses)](index=28&type=section&id=Accounts%20Receivable%20(Net%20of%20Allowance%20for%20Credit%20Losses)) As of June 30, 2025, accounts receivable, net, was RMB 2,043.4 million, a slight increase of 0.5% from the end of 2024 Accounts Receivable (Net of Allowance for Credit Losses) (RMB millions) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Accounts receivable (net of allowance for credit losses) | 2,043.4 | 2,033.8 | 9.6 | +0.5% | [Accounts Payable and Notes Payable](index=28&type=section&id=Accounts%20Payable%20and%20Notes%20Payable) As of June 30, 2025, total accounts payable and notes payable were RMB 556.4 million, a significant decrease of 48.6% from the end of 2024 Accounts Payable and Notes Payable (RMB millions) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Accounts payable and notes payable | 556.4 | 1,081.9 | (525.5) | -48.6% | [Accrued Expenses and Other Current Liabilities](index=28&type=section&id=Accrued%20Expenses%20and%20Other%20Current%20Liabilities) As of June 30, 2025, accrued expenses and other current liabilities were RMB 1,151.3 million, a slight decrease of 1.6% from the end of 2024 Accrued Expenses and Other Current Liabilities (RMB millions) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Accrued expenses and other current liabilities | 1,151.3 | 1,169.5 | (18.2) | -1.6% | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company primarily funds its operations through cash generated from operating activities, proceeds from public and private placements, and short-term bank borrowings, maintaining a stable cash position - The company primarily funds its operations through cash generated from operating activities, proceeds from public and private placements, and short-term bank borrowings[71](index=71&type=chunk) Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments (RMB millions) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 1,189.4 | 1,289.3 | (99.9) | -7.7% | | Restricted cash | 138.2 | 355.0 | (216.8) | -61.1% | | Short-term investments | 1,374.2 | 1,271.6 | 102.6 | +8.1% | | Total | 2,701.8 | 2,915.9 | (214.1) | -7.3% | [Short-Term Borrowings](index=29&type=section&id=Short-Term%20Borrowings) As of June 30, 2025, short-term borrowings were RMB 1,385.3 million, with effective interest rates ranging from 2.0% to 3.0% Short-Term Borrowings (RMB millions) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Short-term borrowings | 1,385.3 | 1,221.0 | 164.3 | +13.5% | - The Group's short-term bank borrowings had effective interest rates ranging from **2.0% to 3.0%** during the reporting period[73](index=73&type=chunk) [Pledged Assets](index=29&type=section&id=Pledged%20Assets) As of June 30, 2025, the company had pledged RMB 213.9 million in bank deposits to secure outstanding bank borrowings of RMB 185.0 million - As of June 30, 2025, the company had pledged **RMB 213.9 million** in bank deposits to secure outstanding bank borrowings of **RMB 185.0 million**[74](index=74&type=chunk) [Debt-to-Asset Ratio](index=29&type=section&id=Debt-to-Asset%20Ratio) As of June 30, 2025, the debt-to-asset ratio was 0.99, an improvement from 1.08 at the end of 2024 Debt-to-Asset Ratio | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Debt-to-asset ratio | 0.99 | 1.08 | -0.09 | [Contingent Liabilities and Commitments](index=29&type=section&id=Contingent%20Liabilities%20and%20Commitments) As of June 30, 2025, the Group had no significant contingent liabilities or commitments - As of June 30, 2025, the Group had no significant contingent liabilities or commitments[76](index=76&type=chunk) [Concentration of Credit Risk](index=30&type=section&id=Concentration%20of%20Credit%20Risk) The Group faces concentrated credit risk primarily from cash, accounts receivable, and short-term investments, which is mitigated through credit assessment and continuous monitoring procedures - The Group faces concentrated credit risk primarily from cash and cash equivalents, restricted cash, accounts receivable, short-term investments, and amounts due from related parties[77](index=77&type=chunk) - The risk associated with accounts receivable is mitigated through the Group's credit assessment of customers and its ongoing monitoring procedures for outstanding balances[77](index=77&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk arising from payables denominated in foreign currencies and has utilized financial instruments for hedging - The Group faces foreign exchange risk primarily from payables denominated in foreign currencies arising from the purchase of goods or services[78](index=78&type=chunk) - During the reporting period, the Group utilized certain financial instruments to mitigate its foreign exchange risk[78](index=78&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals](index=30&type=section&id=Significant%20Investments%20Held,%20Material%20Acquisitions%20and%20Disposals) As of June 30, 2025, the Group held no significant investments, and there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - As of June 30, 2025, the Group held no significant investments[79](index=79&type=chunk) - During the reporting period, there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures[79](index=79&type=chunk) [Future Plans for Material Investments and Capital Assets](index=30&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the announcement date, the Group has not entered into any agreements or plans for material investments or capital assets, but will consider potential investment opportunities in the future - As of the date of this announcement, the Group has not entered into any agreements or other plans regarding material investments or capital assets[80](index=80&type=chunk) - Should any potential investment opportunities arise in the future, the Group will conduct feasibility studies and prepare implementation plans[80](index=80&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) This section covers employees, post-reporting events, corporate governance, securities trading compliance, share repurchases, and interim results review [Employees](index=31&type=section&id=Employees) As of June 30, 2025, the Group had 6,887 full-time employees, a decrease from the end of 2024, primarily due to efficiency improvements and cost control; the company attracts and motivates talent through cash compensation, equity incentives, and comprehensive training programs Number of Full-Time Employees | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Full-time employees | 6,887 | 7,650 | (763) | -10.0% | - The decrease in full-time employees was primarily due to the company's efficiency improvements and cost control measures[81](index=81&type=chunk) - The company attracts, retains, and motivates qualified personnel through cash compensation, benefits, equity incentive plans, and comprehensive training programs[81](index=81&type=chunk) [Events After the Reporting Period](index=31&type=section&id=Events%20After%20the%20Reporting%20Period) Except as disclosed in this announcement, no events have occurred between June 30, 2025, and the date of this announcement that could materially affect the Group's operations and financial performance - Except as disclosed in this announcement, no events have occurred between June 30, 2025, and the date of this announcement that could materially affect the Group's operations and financial performance[82](index=82&type=chunk) [Compliance with Corporate Governance Code](index=32&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group has adopted and substantially complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules; the roles of Chairman and CEO are combined, which the Board believes facilitates business strategy formulation and execution, and its effectiveness is regularly reviewed - The Group has adopted the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[83](index=83&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Qiu, which the Board believes facilitates more effective and efficient formulation and execution of the company's business strategies and plans[84](index=84&type=chunk) [Compliance with Model Code for Securities Transactions](index=32&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules; all directors confirmed strict compliance, and no breaches by relevant employees were found - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[85](index=85&type=chunk) - Following specific inquiries with all directors, all directors confirmed strict compliance with the standards set out in the Model Code during the reporting period[85](index=85&type=chunk) [Purchases, Sales or Redemptions of the Company's Listed Securities](index=33&type=section&id=Purchases,%20Sales%20or%20Redemptions%20of%20the%20Company's%20Listed%20Securities) During the reporting period, the company repurchased 490,476 ADSs from the market for a total consideration of $1.4 million, aimed at returning shareholder value; as of June 30, 2025, some repurchased shares were pending cancellation, while others were held as treasury shares Details of ADS Repurchases (January 2025) | Month of Repurchase | Number of ADSs Repurchased | Highest Price per ADS (USD) | Lowest Price per ADS (USD) | Total Consideration (USD) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 490,476 | 3.09 | 2.67 | 1,403,484.06 | | Total | 490,476 | | | 1,403,484.06 | - The directors repurchased shares to return shareholder value to the company's shareholders[86](index=86&type=chunk) - As of June 30, 2025, **844,601** repurchased ADSs were pending cancellation, and **4,422,875** repurchased ADSs were held by the company as treasury shares[86](index=86&type=chunk) - On August 20, 2025, the company cancelled **2,533,803** Class A ordinary shares (representing **844,601** ADSs) mentioned above[87](index=87&type=chunk) [Review of Interim Results](index=33&type=section&id=Review%20of%20Interim%20Results) The company's audit committee has reviewed the unaudited interim financial results for the reporting period, deeming them compliant with relevant accounting standards, rules, and regulations; KPMG, the independent auditor, has also reviewed the condensed consolidated financial statements - The company's audit committee has reviewed the unaudited interim financial results for the reporting period and deemed them compliant with relevant accounting standards, rules, and regulations[88](index=88&type=chunk) - KPMG, the company's independent auditor, has reviewed the unaudited condensed consolidated financial statements for the reporting period[88](index=88&type=chunk) [Interim Dividends](index=33&type=section&id=Interim%20Dividends) The Board of Directors resolved not to recommend the payment of interim dividends for the reporting period - The Board of Directors resolved not to recommend the payment of interim dividends for the reporting period (2024: nil)[89](index=89&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=34&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section explains the company's use and limitations of non-GAAP financial measures, providing a detailed reconciliation to GAAP data [Use of Non-GAAP Financial Measures](index=34&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP operating profit (loss), net profit (loss), and diluted net profit (loss) per ADS as supplementary measures to assess operating performance and formulate business plans, as they help identify core operating performance trends by excluding non-cash items such as share-based compensation, amortization of intangible assets, and unrealized investment losses - The company uses non-GAAP financial measures to assess operating performance and formulate business plans[91](index=91&type=chunk) - Non-GAAP measures exclude the impact of non-cash items such as share-based compensation expenses, amortization of intangible assets arising from business acquisitions, acquisition-related expenses, impairment of goodwill, and unrealized investment losses[90](index=90&type=chunk)[91](index=91&type=chunk) - These measures help identify trends related to core operating performance that might otherwise be obscured and provide investors with a more comprehensive understanding[91](index=91&type=chunk) [Limitations of Non-GAAP Financial Measures](index=35&type=section&id=Limitations%20of%20Non-GAAP%20Financial%20Measures) Non-GAAP financial measures are not defined and presented in accordance with U.S. GAAP, have limitations such as not reflecting all income (loss) and expense items, and have limited comparability with other companies; therefore, they should not be considered in isolation or as a substitute for financial data prepared under U.S. GAAP - Non-GAAP financial measures are not defined and presented in accordance with U.S. GAAP[92](index=92&type=chunk) - Key limitations include not reflecting all income (loss) and expense items, and limited comparability with non-GAAP measures used by other companies, which may differ[92](index=92&type=chunk) - Non-GAAP measures should not be considered in isolation or as a substitute for other financial measures prepared in accordance with U.S. GAAP[92](index=92&type=chunk)[93](index=93&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=35&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The report provides a reconciliation table of GAAP to non-GAAP performance, detailing non-GAAP data for operating loss, net loss, and net loss attributable to ordinary shareholders after adjusting for share-based compensation expenses, amortization of intangible assets, cancellation fees for repurchased ADSs, fair value changes of financial instruments, and unrealized investment losses (gains) Reconciliation of GAAP to Non-GAAP Performance (For the six months ended June 30, RMB thousands) | Metric | 2024 | 2025 | 2025 (USD thousands) | | :--- | :--- | :--- | :--- | | **Operating Loss (GAAP)** | (73,553) | (93,368) | (13,035) | | Add: Share-based compensation expenses | 46,802 | 16,790 | 2,344 | | Add: Amortization of intangible assets arising from business acquisitions | 18,827 | 15,802 | 2,206 | | Add: Cancellation fees for repurchased ADSs | 415 | – | – | | **Non-GAAP Operating Loss** | (7,509) | (60,776) | (8,485) | | **Net Loss (GAAP)** | (87,281) | (92,722) | (12,945) | | Add: Share-based compensation expenses | 46,802 | 16,790 | 2,344 | | Add: Amortization of intangible assets arising from business acquisitions | 18,827 | 15,802 | 2,206 | | Add: Cancellation fees for repurchased ADSs | 415 | – | – | | Add: Fair value changes of financial instruments | – | 7,654 | 1,068 | | Add: Unrealized investment (loss) gain | 19,855 | (8,375) | (1,169) | | Less: Tax impact of amortization of intangible assets arising from business acquisitions | (3,766) | (3,604) | (503) | | **Non-GAAP Net Loss** | (5,148) | (64,455) | (8,999) | | **Net Loss Attributable to Baozun Ordinary Shareholders (GAAP)** | (97,257) | (97,038) | (13,548) | | Add: Share-based compensation expenses | 46,802 | 16,790 | 2,344 | | Add: Amortization of intangible assets arising from business acquisitions | 13,514 | 11,056 | 1,543 | | Add: Cancellation fees for repurchased ADSs | 415 | – | – | | Add: Fair value changes of financial instruments | – | 4,822 | 673 | | Add: Unrealized investment (loss) gain | 19,855 | (8,375) | (1,169) | | Less: Tax impact of amortization of intangible assets arising from business acquisitions | (2,637) | (2,418) | (338) | | **Non-GAAP Net Loss Attributable to Baozun Ordinary Shareholders** | (19,308) | (75,163) | (10,495) | | **Non-GAAP Diluted Net Loss per ADS Attributable to Baozun Ordinary Shareholders** | (0.32) | (1.30) | (0.18) | | Weighted average number of ordinary shares used in calculating diluted net loss per share | 181,767,160 | 173,335,650 | 173,335,650 | [Report Publication and Forward-Looking Statements](index=38&type=section&id=Report%20Publication%20and%20Forward-Looking%20Statements) This section details the publication of the interim results and report, along with important disclaimers regarding forward-looking statements [Publication of Interim Results and 2025 Interim Report](index=38&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report) This announcement has been published on the company's website (http://ir.baozun.com) and the HKEX website (http://www.hkexnews.hk), and the 2025 Interim Report will be released in due course - This announcement is published on the company's website and the HKEX website[98](index=98&type=chunk) - The 2025 Interim Report will be available on the company's and HKEX websites in due course[98](index=98&type=chunk) [Forward-Looking Statements](index=38&type=section&id=Forward-Looking%20Statements) This announcement contains forward-looking statements involving business outlook, financial performance estimates, business plans, and development strategies, based on existing information and outlook, which are subject to risks and uncertainties, and investors should not place undue reliance on them - This announcement contains forward-looking statements involving the Group's business outlook, financial performance estimates, projected business plans, and development strategies[98](index=98&type=chunk) - These forward-looking statements are based on certain forecasts, assumptions, and premises, involve numerous risks and uncertainties, and investors should not place undue reliance on them[98](index=98&type=chunk)

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides essential details about the company's governance structure, including board members, committee compositions, and key corporate information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors comprises executive and independent non-executive members, with recent changes including a new appointment and a resignation - Mr. Meng Jincong was appointed as an executive director on May 7, 2025[4](index=4&type=chunk) - Mr. Nie Xin resigned as an executive director on May 7, 2025[4](index=4&type=chunk) [Committee Composition](index=3&type=section&id=Committee%20Composition) Details the composition of the Audit, Remuneration, and Nomination Committees, highlighting recent appointments to the Nomination Committee - Mr. Chen Baoguo and Ms. Jiang Yu were appointed as members of the Nomination Committee on June 26, 2025[5](index=5&type=chunk) [Key Corporate Details](index=4&type=section&id=Key%20Corporate%20Details) Outlines the company's auditor, legal counsel, registered and principal business offices, share registrar, and main bankers [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The Chairman's Statement highlights the Group's robust financial performance and strategic business advancements during the reporting period [Financial Performance](index=6&type=section&id=Financial%20Performance) The Group achieved strong financial growth in H1 2025, with significant increases in revenue and overseas income, alongside improved profitability metrics - Overseas income doubled year-on-year[14](index=14&type=chunk)[16](index=16&type=chunk) 2025 H1 Key Financial Indicators | Indicator | Amount (RMB million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Revenue | 1,712.7 | 39.0 | | Gross Profit | 176.7 | 29.2 | | Adjusted EBITDA | 73.9 | 7.6 | | Adjusted Net Profit | 51.8 | 10.3 | | Total Assets | 2,678.3 | 15.0 | | Total Equity | 1,551.0 | 9.9 | [Business Review](index=7&type=section&id=Business%20Review) The Group's business experienced explosive growth driven by a thriving gaming market, enhanced AI advertising, substantial overseas expansion, and strategic partnerships with leading smartphone manufacturers - The gaming market continued to improve, with **812** online game licenses issued nationwide in H1 2025, a five-year high[19](index=19&type=chunk)[20](index=20&type=chunk) - The application of large AI models significantly improved advertising effectiveness, creating higher value for clients and partners[19](index=19&type=chunk)[20](index=20&type=chunk) - Overseas revenue grew substantially, becoming a primary source of the Group's revenue growth[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group is the only company with strategic partnerships for mobile advertising services with Huawei, Xiaomi, OPPO, vivo, Honor, and Apple simultaneously[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group will continue to focus on AI-driven precision marketing and advertising in mobile gaming, while exploring new business areas through internal incubation or external acquisitions[22](index=22&type=chunk)[24](index=24&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) The Group's outlook for H2 2025 focuses on omni-channel distribution, AI-driven global expansion, digital asset innovation, and proactive AI phone strategies to sustain growth - Omni-channel distribution: Deepen Android ecosystem, strengthen global expansion of Apple iOS ecosystem, and enhance cooperation with Huawei HarmonyOS, striving for H2 revenue growth similar to H1[25](index=25&type=chunk)[27](index=27&type=chunk) - AI+global expansion dual engine: Continuously increase AI R&D investment, improve precision matching of AI algorithms, and aim for further increase in overseas revenue proportion[25](index=25&type=chunk)[27](index=27&type=chunk) - Digital asset innovation: Actively explore stablecoins as a payment method and evaluate packaging some overseas accounts receivable as RWA Tokens for tiered issuance on public chains[25](index=25&type=chunk)[27](index=27&type=chunk) - Proactive AI phone strategy: Closely monitor the impact of AI phones, represented by iPhone 17, on the smart mobile terminal commercial ecosystem, viewing AI agents as the biggest business opportunity in the next five to ten years, and investing in R&D in advance[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Appreciation](index=10&type=section&id=Appreciation) The Board expresses gratitude to all stakeholders for their contributions and reaffirms its commitment to professional development and ecosystem health [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's financial results, operational performance, and key financial position changes for the reporting period [Overall Financial Performance Comparison](index=11&type=section&id=Overall%20Financial%20Performance%20Comparison) The Group reported significant year-on-year growth in revenue, gross profit, and profit for the period in H1 2025 Comparison of Financial Performance H1 2025 vs H1 2024 | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,712,662 | 1,232,052 | 39.0 | | Cost of Sales | (1,535,998) | (1,095,339) | 40.2 | | Gross Profit | 176,664 | 136,713 | 29.2 | | Other Income and Net Gains or Losses | 1,611 | 3,845 | -58.1 | | Selling and Distribution Expenses | (38,383) | (15,270) | 151.4 | | R&D Costs | (38,459) | (30,571) | 25.8 | | Impairment Loss on Trade Receivables | (2,250) | (5,218) | -56.9 | | Administrative Expenses | (28,055) | (24,627) | 13.9 | | Other Expenses and Losses | (1,202) | (2,062) | -41.7 | | Finance Costs | (8,442) | (5,967) | 41.5 | | Profit Before Tax | 61,484 | 56,843 | 8.2 | | Income Tax Expense | (9,674) | (9,852) | -1.8 | | Profit for the Period | 51,810 | 46,991 | 10.3 | | Adjusted EBITDA | 73,946 | 68,705 | 7.6 | | Adjusted Net Profit | 51,810 | 46,991 | 10.3 | [Revenue Breakdown](index=12&type=section&id=Revenues%20Breakdown) Total revenue was predominantly driven by mobile advertising services, which saw substantial growth, while other service lines experienced declines Revenue by Service Type (RMB thousand) | Service Type | 2025 H1 | % of Total Revenue | 2024 H1 | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Mobile Advertising | 1,698,982 | 99.2% | 1,190,987 | 96.6% | | Online Video Product Distribution | – | – | 20,887 | 1.7% | | Game Co-publishing | 1,276 | 0.1% | 3,283 | 0.3% | | Others* | 12,404 | 0.7% | 16,895 | 1.4% | | **Total** | **1,712,662** | **100%** | **1,232,052** | **100%** | - Mobile advertising services revenue increased by **42.7%**, primarily due to an increase in the number of mobile games promoted[38](index=38&type=chunk)[40](index=40&type=chunk) - Game co-publishing services revenue decreased from **RMB 3.3 million** to **RMB 1.3 million**, with **76** mobile games co-published as of June 30, 2025[49](index=49&type=chunk)[50](index=50&type=chunk) [Mobile Advertising Services](index=13&type=section&id=Mobile%20Advertising%20Services) Mobile advertising services revenue surged, particularly in non-mobile game distribution, reflecting successful diversification beyond gaming applications Advertising Revenue Breakdown by Source (RMB thousand) | Source | 2025 H1 | % of Total Revenue | 2024 H1 | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Mobile Game Distribution | 1,426,683 | 84.0% | 1,188,845 | 99.8% | | Non-Mobile Game Distribution | 272,299 | 16.0% | 2,142 | 0.2% | | **Total** | **1,698,982** | **100%** | **1,190,987** | **100%** | - Mobile game distribution revenue increased by **20.0%**, mainly due to an increase in the number of mobile games promoted and new distribution channels[44](index=44&type=chunk)[45](index=45&type=chunk) - Non-mobile game distribution revenue surged by **12,866.7%** from **RMB 2.1 million** to **RMB 272.3 million**, primarily due to an increase in the number of mobile applications promoted[44](index=44&type=chunk)[45](index=45&type=chunk) [Cost of Sales and Gross Profit](index=15&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales increased in line with revenue, leading to gross profit growth, though the gross profit margin slightly declined due to higher traffic acquisition costs - Cost of sales increased by **40.2%** to **RMB 1,536.0 million**, in line with revenue growth[52](index=52&type=chunk)[56](index=56&type=chunk) - Gross profit increased by **29.3%** to **RMB 176.7 million**, primarily driven by increased transaction volume in mobile advertising business[53](index=53&type=chunk)[57](index=57&type=chunk) - Gross profit margin decreased by **0.8 percentage points** to **10.3%**, mainly due to rising traffic acquisition costs[54](index=54&type=chunk)[57](index=57&type=chunk) [Operating Expenses](index=15&type=section&id=Operating%20Expenses) Operating expenses saw varied changes, with significant increases in selling and distribution costs and R&D, while impairment losses on trade receivables decreased - Selling and distribution expenses increased by **151.0%** to **RMB 38.4 million**, mainly due to increased marketing and advertising expenses for overseas distribution channels[59](index=59&type=chunk)[64](index=64&type=chunk) - R&D costs increased by **25.8%** to **RMB 38.5 million**, primarily due to increased system development expenses[60](index=60&type=chunk)[65](index=65&type=chunk) - Impairment loss on trade receivables decreased by **55.8%** to **RMB 2.3 million**[61](index=61&type=chunk)[66](index=66&type=chunk) - Administrative expenses increased by **14.2%** to **RMB 28.1 million**, mainly due to increased staff costs[62](index=62&type=chunk)[67](index=67&type=chunk) - Finance costs increased by **41.5%** to **RMB 8.4 million**, primarily due to increased bank borrowings[70](index=70&type=chunk)[74](index=74&type=chunk) [Profit for the Period](index=17&type=section&id=Profit%20for%20the%20Period) The Group's profit for the period increased by 10.3%, reflecting the combined impact of revenue growth and expense management strategies - Profit for the period increased by **10.3%** to **RMB 51.8 million**[72](index=72&type=chunk)[76](index=76&type=chunk) [Non-HKFRS Measures](index=18&type=section&id=Non-HKFRS%20Measures) Adjusted EBITDA and adjusted net profit are presented as supplementary measures to provide a clearer view of core financial performance, both showing positive growth - Adjusted EBITDA is defined as profit for the period excluding depreciation, amortization, finance costs, income tax, and share-based payment expenses[79](index=79&type=chunk)[82](index=82&type=chunk) - Adjusted net profit is defined as profit for the period excluding share-based payment expenses[79](index=79&type=chunk)[82](index=82&type=chunk) Adjusted EBITDA and Adjusted Net Profit (RMB thousand) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period | 51,810 | 46,991 | | Add: Depreciation | 3,336 | 4,536 | | Add: Amortization of Intangible Assets | 684 | 1,359 | | Add: Finance Costs | 8,442 | 5,967 | | Add: Income Tax Expense | 9,674 | 9,852 | | **Adjusted EBITDA (Unaudited)** | **73,946** | **68,705** | | **Adjusted Net Profit (Unaudited)** | **51,810** | **46,991** | [Selected Financial Information from Consolidated Statement of Financial Position](index=20&type=section&id=Selected%20Financial%20Information%20from%20Consolidated%20Statement%20of%20Financial%20Position) Key balance sheet items showed changes including decreased cash, increased bank borrowings, and growth in net current assets and total equity Selected Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 530,370 | 602,813 | -12.0 | | Bank Borrowings | 619,670 | 567,670 | 9.2 | | Current Assets | 2,552,491 | 2,225,849 | 14.7 | | Current Liabilities | 1,124,176 | 912,885 | 23.1 | | Net Current Assets | 1,428,315 | 1,312,964 | 8.8 | | Total Equity | 1,551,006 | 1,411,795 | 9.9 | - The decrease in cash and bank balances was mainly due to increased prepayments for data traffic to meet future development needs[88](index=88&type=chunk)[90](index=90&type=chunk) - The increase in bank borrowings was primarily due to increased external loans for business expansion[89](index=89&type=chunk)[91](index=91&type=chunk) - The increase in current assets was mainly due to an increase in trade receivables and prepayments, deposits, and other receivables[92](index=92&type=chunk)[94](index=94&type=chunk) - The increase in total equity was mainly due to net profit generated during the period[93](index=93&type=chunk)[95](index=95&type=chunk) [Key Financial Ratios](index=22&type=section&id=Key%20Financial%20Ratios) Key financial ratios indicate a slight decrease in liquidity and adjusted net profit margin, alongside an increase in the gearing ratio Key Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio (times) | 2.3 | 2.4 | | Gearing Ratio (%) | 42.1 | 39.4 | | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Adjusted Net Profit Margin (%) | 3.0 | 3.8 | - The decrease in current ratio was mainly due to an increase in current liabilities, driven by higher bank borrowings and trade payables[99](index=99&type=chunk)[105](index=105&type=chunk) - The increase in gearing ratio was mainly due to an increase in total liabilities[100](index=100&type=chunk)[106](index=106&type=chunk) - The decrease in adjusted net profit margin was mainly due to a decrease in gross profit margin[101](index=101&type=chunk)[107](index=107&type=chunk) [Capital Expenditure and Investments](index=23&type=section&id=Capital%20Expenditure%20and%20Investments) Capital expenditure increased in H1 2025, primarily for property, plant, equipment, and intangible assets, with funding expected from internal and external sources - Capital expenditure for H1 2025 was **RMB 624,000**, an increase from **RMB 505,000** in the same period of 2024[102](index=102&type=chunk)[108](index=108&type=chunk) - The Group expects to fund working capital and other capital requirements through internal resources and external financing[103](index=103&type=chunk)[109](index=109&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from USD and HKD due to its PRC operations, with no hedging activities undertaken during the period - The Group's subsidiaries primarily operate in China and are exposed to foreign exchange risk from USD and HKD[104](index=104&type=chunk)[110](index=110&type=chunk) - No hedging measures were implemented to mitigate foreign currency fluctuations for the six months ended June 30, 2025[104](index=104&type=chunk)[110](index=110&type=chunk) [Investments and Acquisitions](index=24&type=section&id=Investments%20and%20Acquisitions) The Group made strategic investments during the period, including a capital injection into Hainan Kunchuang and participation in a private equity fund, with no other major investment plans - The Group holds no significant equity investments in other companies and has no future plans for major investments and capital assets[112](index=112&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - On January 26, 2025, a **RMB 49 million** capital injection into Hainan Kunchuang Technology Co., Ltd. for a **49%** equity stake was completed on February 12, 2025[114](index=114&type=chunk)[119](index=119&type=chunk) - On February 7, 2025, Joyy Inc., as a limited partner, committed **RMB 50 million** to establish Chongqing Jiangbei Rongka Private Equity Investment Fund Partnership, completed in April 2025[115](index=115&type=chunk)[119](index=119&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers various corporate and financial disclosures, including asset pledges, dividends, shareholder interests, and governance practices [Pledge of Assets and Contingent Liabilities](index=25&type=section&id=Pledge%20of%20Assets%20and%20Contingent%20Liabilities) Certain bank deposits of the Group are pledged as collateral for bank borrowings, and as of June 30, 2025, the Group had no significant contingent liabilities - Certain pledged bank deposits serve as collateral for the Group's bank borrowings[121](index=121&type=chunk)[126](index=126&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities[122](index=122&type=chunk)[127](index=127&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[123](index=123&type=chunk)[128](index=128&type=chunk) [Directors' and Substantial Shareholders' Interests](index=25&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) As of June 30, 2025, Mr. Gao Dinan held a 23.68% equity interest and Ms. Jiang Yu held a 10.06% equity interest in the company; substantial shareholder Wanka Media Limited held 13.78% beneficial interest and 9.90% controlled corporation interest, Ms. Lu Haiyan (Mr. Gao's spouse) held 23.68% spouse interest, and United Millennial Tech Limited Partnership held 9.90% beneficial interest Interests of Directors and Chief Executive in the Company | Name | Capacity/Nature of Interest | Number of Shares | Long/Short Position | Approximate % of Company's Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Gao Dinan | Controlled Corporation Interest; Jointly Held Interest | 419,209,300 | Long Position | 23.68 | | Ms. Jiang Yu | Beneficial Owner | 178,090,000 | Long Position | 10.06 | Interests of Substantial Shareholders in the Company | Name | Capacity/Nature of Interest | Number of Shares | Long/Short Position | Approximate % of Company's Shareholding | | :--- | :--- | :--- | :--- | :--- | | Wanka Media Limited | Beneficial Interest | 243,909,300 | Long Position | 13.78 | | Wanka Media Limited | Controlled Corporation Interest | 175,300,000 | Long Position | 9.90 | | Ms. Lu Haiyan | Spouse Interest | 419,209,300 | Long Position | 23.68 | | United Millennial Tech Limited Partnership | Beneficial Interest | 175,300,000 | Long Position | 9.90 | | PioneerHorizons Holdings Limited | Controlled Corporation Interest | 175,300,000 | Long Position | 9.90 | [Share Incentive Schemes](index=28&type=section&id=Share%20Incentive%20Schemes) The company's share incentive schemes aim to retain talent, with details on unexercised and vested restricted share units, and no new grants during the period - Under the 2016 Share Incentive Scheme, **5,805,235** restricted share units remained unexercised as of June 30, 2025[150](index=150&type=chunk)[153](index=153&type=chunk) - Under the 2019 Share Incentive Scheme, **13,137,000** restricted share units were vested and exercised but not yet transferred to employees as of June 30, 2025[161](index=161&type=chunk)[162](index=162&type=chunk) - No new restricted share units were granted or agreed to be granted under either share incentive scheme during the reporting period[150](index=150&type=chunk)[159](index=159&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [Corporate Governance and Compliance](index=33&type=section&id=Corporate%20Governance%20and%20Compliance) The company adheres to strict corporate governance standards, complying with Listing Rules and Model Code, with no directors engaging in competing businesses - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions in H1 2025[166](index=166&type=chunk)[167](index=167&type=chunk)[171](index=171&type=chunk) - The company has adopted the Model Code for Securities Transactions, with all directors confirming compliance and no employee breaches identified[168](index=168&type=chunk)[169](index=169&type=chunk)[172](index=172&type=chunk) - During the reporting period, no director was directly or indirectly engaged in any business that competes or is likely to compete with the Group's business[170](index=170&type=chunk)[173](index=173&type=chunk) [Issue of Equity Securities for Cash](index=34&type=section&id=Issue%20of%20Equity%20Securities%20for%20Cash) The company completed a new share placement in March 2025, generating net proceeds primarily for AI R&D and overseas business expansion - In March 2025, the company completed a placement of **244,600,000** new shares, with net proceeds of approximately **RMB 39.6 million**[174](index=174&type=chunk)[175](index=175&type=chunk) Use of Proceeds from Placement (RMB million) | Purpose | Net Proceeds | Utilized as of June 30, 2025 | Utilized During Reporting Period | Unutilized Proceeds | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Further R&D of various AI applications | 23.9 | 9.4 | 9.4 | 14.5 | 2026 | | Further development of overseas business | 11.8 | 6.3 | 6.3 | 5.5 | 2026 | | General working capital purposes | 3.9 | – | – | 3.9 | 2026 | | **Total** | **39.6** | **15.7** | **15.7** | **23.9** | | [Risk Management and Internal Control](index=35&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board ensures effective risk management and internal control systems, which are regularly reviewed by the Audit Committee and deemed effective for the period - The Board is responsible for ensuring the establishment and maintenance of adequate and effective risk management and internal control systems[177](index=177&type=chunk)[179](index=179&type=chunk) - The Audit Committee formally reviews management's work on risk management and internal control systems semi-annually and assesses their effectiveness annually[177](index=177&type=chunk)[179](index=179&type=chunk) - The company has established a risk management system, with business units regularly identifying and assessing risk factors and formulating response measures[182](index=182&type=chunk)[186](index=186&type=chunk) - The Board considers the company's risk management and internal control systems to be effective and adequate for the six months ended June 30, 2025[184](index=184&type=chunk)[186](index=186&type=chunk) [Human Resources](index=37&type=section&id=Human%20Resources) The Group employed 376 staff as of June 30, 2025, providing competitive remuneration and retirement benefit schemes for its employees - As of June 30, 2025, the Group had **376** employees[188](index=188&type=chunk)[192](index=192&type=chunk) - Employee remuneration is determined based on experience, qualifications, and market conditions, with remuneration policies set by the Board[188](index=188&type=chunk)[192](index=192&type=chunk) - Hong Kong employees participate in the Mandatory Provident Fund Scheme, while employees of PRC subsidiaries participate in state-managed retirement benefit schemes[189](index=189&type=chunk)[192](index=192&type=chunk) [Audit Committee and Review of Financial Statements](index=37&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee reviewed the unaudited interim financial statements, confirming their compliance with accounting standards, noting they were not audited by the company's auditor - The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements and is satisfied that they comply with applicable accounting standards[196](index=196&type=chunk)[202](index=202&type=chunk) - These interim condensed consolidated financial statements have not been audited or reviewed by the company's auditor, Zhonghui Anda CPA Limited[197](index=197&type=chunk)[203](index=203&type=chunk) [Changes in Information of Directors](index=38&type=section&id=Changes%20in%20Information%20of%20Directors) Recent changes in the Board include the resignation of Mr. Nie Xin and the appointment of Mr. Meng Jincong as executive director and Remuneration Committee member - Mr. Nie Xin resigned as an executive director and member of the Remuneration Committee on May 7, 2025[198](index=198&type=chunk)[204](index=204&type=chunk) - Mr. Meng Jincong was appointed as an executive director and member of the Remuneration Committee on May 7, 2025[198](index=198&type=chunk)[204](index=204&type=chunk) [Events After the Reporting Period](index=38&type=section&id=Events%20After%20the%20Reporting%20Period) Post-reporting period, the Board intends to exercise a share repurchase mandate, with a significant number of shares already bought back - The Board intends to exercise its share repurchase mandate to buy back shares in the open market for a total amount of up to **HKD 200 million**[207](index=207&type=chunk) Details of Share Repurchases After Reporting Period | Repurchase Date | Number of Shares Involved | Total Price Paid (HKD) | | :--- | :--- | :--- | | July 7, 2025 | 800,000 | 742,500 | | July 8, 2025 | 200,000 | 150,000 | | July 9, 2025 | 890,000 | 685,800 | | July 10, 2025 | 2,650,000 | 2,058,400 | | July 11, 2025 | 5,140,000 | 4,268,200 | | July 14, 2025 | 548,000 | 422,680 | | July 15, 2025 | 7,140,000 | 5,060,310 | | July 16, 2025 | 34,000 | 23,790 | | July 17, 2025 | 2,000 | 1,550 | | July 23, 2025 | 10,000 | 7,500 | | July 25, 2025 | 200,000 | 148,000 | | July 28, 2025 | 200,000 | 146,000 | | **Total** | **17,814,000** | **13,714,730** | [Interim Condensed Consolidated Statement of Profit or Loss](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The statement presents the Group's revenue and profit for the period, showing significant year-on-year growth in both metrics Summary of Interim Condensed Consolidated Statement of Profit or Loss (RMB thousand) | Indicator | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Revenue | 1,712,662 | 1,232,052 | | Cost of Sales | (1,535,998) | (1,095,339) | | Gross Profit | 176,664 | 136,713 | | Profit Before Tax | 61,484 | 56,843 | | Income Tax Expense | (9,674) | (9,852) | | Profit for the Period | 51,810 | 46,991 | | Profit for the Period Attributable to Owners of the Company | 49,388 | 44,875 | | Non-controlling Interests | 2,422 | 2,116 | | Basic Earnings Per Share (RMB) | 0.03 | 0.03 | | Diluted Earnings Per Share (RMB) | 0.03 | 0.03 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=40&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement details the Group's profit for the period and other comprehensive income/loss, resulting in the total comprehensive income for the period Summary of Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | 51,810 | 46,991 | | Other Comprehensive Loss (Reclassifiable to Profit or Loss) | (90) | (1,783) | | Other Comprehensive (Loss)/Income (Not Reclassifiable to Profit or Loss) | (1,461) | 2,110 | | Other Comprehensive (Loss)/Income for the Period, Net of Tax | (1,551) | 327 | | Total Comprehensive Income for the Period | 50,259 | 47,318 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 47,837 | 45,202 | | Non-controlling Interests | 2,422 | 2,116 | [Interim Condensed Consolidated Statement of Financial Position](index=41&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The statement provides a snapshot of the Group's assets, liabilities, and equity as of June 30, 2025, highlighting key financial positions Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 125,817 | 102,189 | | Total Current Assets | 2,552,491 | 2,225,849 | | Total Current Liabilities | 1,124,176 | 912,885 | | Net Current Assets | 1,428,315 | 1,312,964 | | Total Non-current Liabilities | 3,126 | 3,358 | | Net Assets | 1,551,006 | 1,411,795 | | Equity Attributable to Owners of the Company | 1,413,609 | 1,325,820 | | Non-controlling Interests | 137,397 | 85,975 | | Total Equity | 1,551,006 | 1,411,795 | [Interim Condensed Consolidated Statement of Changes in Equity](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the Group's total equity, driven by profit, share issuance, and non-controlling interest contributions during the period Overview of Share Capital Changes (RMB thousand) | Item | As of January 1, 2025 (Audited) | Profit for the Period | Exchange Differences | Issue of Shares | Contribution from Non-controlling Interests | As of June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 1,325,820 | 49,388 | (1,551) | 39,952 | – | 1,413,609 | | Non-controlling Interests | 85,975 | 2,422 | – | – | 49,000 | 137,397 | | **Total** | **1,411,795** | **51,810** | **(1,551)** | **39,952** | **49,000** | **1,551,006** | [Interim Condensed Consolidated Statement of Cash Flows](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The statement summarizes the Group's cash flows from operating, investing, and financing activities, indicating a net decrease in cash and cash equivalents Summary of Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Activity Type | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Net Cash Flow Used in Operating Activities | (195,216) | (31,377) | | Net Cash Flow Used in Investing Activities | (311) | (12,458) | | Net Cash Flow from Financing Activities | 129,632 | 78,414 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (65,895) | 34,579 | | Cash and Cash Equivalents at End of Period | 524,044 | 556,785 | [Notes to the Interim Condensed Consolidated Financial Statements](index=47&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides explanatory notes and additional details supporting the interim condensed consolidated financial statements [General Information](index=48&type=section&id=General%20Information) Provides foundational information about the company's incorporation and the Group's primary business activities - The company was incorporated in the Cayman Islands on November 7, 2014[224](index=224&type=chunk)[229](index=229&type=chunk) - The Group primarily engages in mobile advertising services, online video product distribution services, and game co-publishing services[225](index=225&type=chunk)[229](index=229&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=48&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) Details the accounting standards used for preparing the financial statements and confirms no significant changes from new HKFRSs - The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[226](index=226&type=chunk)[230](index=230&type=chunk) - These statements have not been audited by the auditor but have been reviewed by the company's Audit Committee[228](index=228&type=chunk)[230](index=230&type=chunk) - The adoption of new and revised HKFRSs has not resulted in significant changes to the Group's accounting policies, financial statement presentation, or amounts[231](index=231&type=chunk)[233](index=233&type=chunk) [Operating Segment Information](index=50&type=section&id=Operating%20Segment%20Information) Presents the Group's four operating segments and their revenue contributions, with a significant portion from mainland China - The Group has four reportable and operating segments: mobile advertising services, online video product distribution services, game co-publishing services, and software maintenance services[235](index=235&type=chunk)[236](index=236&type=chunk) Segment Revenue by Type of Goods or Services (RMB thousand) | Service Type | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Mobile Advertising Services Revenue | 1,698,982 | 1,190,987 | | Online Video Product Distribution Services Revenue | – | 20,887 | | Game Co-publishing Services Revenue | 1,276 | 3,283 | | Software Maintenance Services Revenue | 12,404 | 16,895 | | **Total Revenue from Contracts with Customers** | **1,712,662** | **1,232,052** | - For the six months ended June 30, 2025, revenue from mainland China accounted for **97.6%** of total revenue[251](index=251&type=chunk)[252](index=252&type=chunk) [Revenue, Other Income and Gains or Losses](index=56&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains%20or%20Losses) The Group's revenue primarily stems from mobile advertising services, with total other income and gains decreasing to RMB 1,611 thousand from RMB 3,845 thousand in the prior period, mainly due to reduced conference service income Analysis of Revenue, Other Income and Gains or Losses (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | **Revenue from Contracts with Customers** | | | | Mobile Advertising Services | 1,698,982 | 1,190,987 | | Online Video Product Distribution Services | – | 20,887 | | Game Co-publishing Services | 1,276 | 3,283 | | Software Maintenance Services | 12,404 | 16,895 | | **Total Revenue** | **1,712,662** | **1,232,052** | | **Other Income and Gains or Losses** | | | | Bank Interest Income | 355 | 668 | | Others | 1,256 | 49 | | **Total** | **1,611** | **3,845** | - The decrease in other income and gains was mainly due to a reduction in conference service income[255](index=255&type=chunk)[258](index=258&type=chunk) [Finance Costs](index=57&type=section&id=Finance%20Costs) The Group's finance costs increased from RMB 5,967 thousand in H1 2024 to RMB 8,442 thousand in H1 2025, primarily driven by higher interest on bank borrowings Analysis of Finance Costs (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 8,116 | 5,484 | | Interest on Lease Liabilities | 326 | 483 | | **Total** | **8,442** | **5,967** | - The increase in finance costs was mainly due to increased interest on bank borrowings[259](index=259&type=chunk)[260](index=260&type=chunk) [Profit Before Tax](index=58&type=section&id=Profit%20Before%20Tax) The Group's profit before tax increased to RMB 61,484 thousand from RMB 56,843 thousand in the prior period, with major costs including service costs, depreciation and amortization, employee benefit expenses, and impairment loss on trade receivables Profit Before Tax Adjustments (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Service Costs | 1,535,998 | 1,095,339 | | Depreciation and Amortization | 4,020 | 5,895 | | Employee Benefit Expenses | 45,238 | 45,099 | | Impairment Loss on Trade Receivables | 2,250 | 5,218 | | Gain on Derecognition of Leases | (237) | (16) | | Bank Interest Income | (355) | (668) | [Income Tax](index=59&type=section&id=Income%20Tax) The Group's income tax expense decreased from RMB 9,852 thousand in H1 2024 to RMB 9,674 thousand in H1 2025, mainly due to reduced taxable profit of PRC subsidiaries, some of which enjoy a preferential tax rate of 15% - Income tax expense decreased by **2.0%** to **RMB 9,674 thousand**, primarily due to a decrease in taxable profit of PRC subsidiaries[71](index=71&type=chunk)[75](index=75&type=chunk)[264](index=264&type=chunk) - Three PRC subsidiaries enjoy a preferential tax rate of **15%** for three years due to their qualification as "High and New Technology Enterprises"[265](index=265&type=chunk)[266](index=266&type=chunk) [Earnings Per Share](index=60&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were RMB 0.03 Earnings Per Share Calculation (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company Used for Basic and Diluted EPS Calculation | 49,388 | 44,875 | | Weighted Average Number of Ordinary Shares in Issue for Basic EPS Calculation | 1,645,993,380 | 1,503,026,599 | | Dilutive Impact – Restricted Share Units | 18,942,235 | 22,716,751 | | Basic Earnings Per Share (RMB) | 0.03 | 0.03 | | Diluted Earnings Per Share (RMB) | 0.03 | 0.03 | [Property, Plant and Equipment](index=61&type=section&id=Property%2C%20Plant%20and%20Equipment) In H1 2025, the Group's total cost for acquiring property, plant and equipment was RMB 624,000, an increase from the prior period - In H1 2025, the Group's total cost for acquiring property, plant and equipment was **RMB 624,000**[273](index=273&type=chunk)[274](index=274&type=chunk) [Accounts Receivable](index=61&type=section&id=Accounts%20Receivable) As of June 30, 2025, the Group's total trade receivables increased to RMB 1,083,556 thousand from RMB 837,923 thousand as of December 31, 2024, with most receivables due within 3 months and a typical credit period of three months Trade Receivables Breakdown (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade Receivables | 1,140,951 | 893,264 | | Loss Allowance | (57,395) | (55,341) | | **Total** | **1,083,556** | **837,923** | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 3 Months | 989,251 | 485,447 | | 3 to 12 Months | 88,490 | 347,573 | | 1 to 2 Years | 5,815 | 4,903 | | **Total** | **1,083,556** | **837,923** | - The credit period for major customers is generally three months, and the Group strictly controls outstanding receivables to mitigate credit risk[280](index=280&type=chunk)[281](index=281&type=chunk) [Prepayments, Deposits and Other Receivables](index=63&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to RMB 1,016,068 thousand, with the current portion at RMB 933,565 thousand, primarily comprising prepayments to distribution channel suppliers Breakdown of Prepayments, Deposits and Other Receivables (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current Portion** | | | | Prepayments for Equipment Acquisition | 27,184 | 6,129 | | Deposits Paid | 52,500 | 48,300 | | Rental Deposits | 2,819 | 2,432 | | **Current Portion** | | | | Prepayments | 787,596 | 667,916 | | Deposits Paid | 7,587 | 12,797 | | Other Receivables | 138,382 | 83,032 | | **Total** | **1,016,068** | **841,974** | - Prepayments primarily include advances for advertising distribution amounts to distribution channel suppliers for mobile advertising services, approximately **RMB 772,825 thousand**[285](index=285&type=chunk) [Cash and Cash Equivalents and Pledged Deposits](index=66&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) As of June 30, 2025, the Group's cash and bank balances were RMB 530,370 thousand, of which RMB 5,000 thousand was pledged for bank loans, with cash and cash equivalents primarily denominated in RMB Analysis of Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash and Bank Balances | 530,370 | 602,813 | | Less: Restricted Bank Deposits | (6,326) | (11,326) | | **Cash and Cash Equivalents** | **524,044** | **591,487** | | **By Currency Denomination:** | | | | RMB | 489,141 | 582,273 | | USD | 6,698 | 5,380 | | HKD | 28,205 | 3,834 | - **RMB 5,000 thousand** was pledged for bank loans[290](index=290&type=chunk) [Accounts Payable](index=67&type=section&id=Accounts%20Payable) As of June 30, 2025, the Group's total trade payables significantly increased to RMB 181,868 thousand from RMB 42,330 thousand as of December 31, 2024, with payables being non-interest bearing and typically settled within 60 to 90 days Ageing Analysis of Accounts Payable (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 Year | 170,891 | 30,692 | | 1 to 2 Years | 2,248 | 2,808 | | Over 2 Years | 8,729 | 8,830 | | **Total** | **181,868** | **42,330** | - Trade payables are non-interest bearing and generally settled within **60 to 90 days**[296](index=296&type=chunk) [Interest-Bearing Bank Borrowings](index=68&type=section&id=Interest-Bearing%20Bank%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank borrowings increased to RMB 619,670 thousand from RMB 567,670 thousand as of December 31, 2024, with most borrowings guaranteed by Mr. Gao and subsidiaries Details of Interest-Bearing Bank Borrowings (RMB thousand) | Item | Effective Contractual Interest Rate (%) | Maturity Date | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | | Bank Loans – Secured | 2.25 | 2025-2026 | 25,000 | | Bank Loans – Unsecured | 2.15-4.10 | 2025-2026 | 594,670 | | **Total** | | | **619,670** | - As of June 30, 2025, **RMB 25,000 thousand** of bank loans were secured by pledged deposits provided by the company's subsidiaries[302](index=302&type=chunk) - As of June 30, 2025, **RMB 391,000 thousand** of bank loans were guaranteed by Mr. Gao and Wanka Huanju, a subsidiary of the company[302](index=302&type=chunk) [Share Capital](index=71&type=section&id=Share%20Capital) As of June 30, 2025, the company had 1,751,401,115 ordinary shares issued with a total par value of RMB 1,554, having issued 244,600,000 new shares during the reporting period Overview of Share Capital Changes (RMB thousand) | Item | Number of Ordinary Shares Issued | Issued Share Capital | Share Premium | Total | | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (Audited) | 1,506,801,115 | 1 | 1,851,738 | 1,851,739 | | Issue of New Shares | 244,600,000 | –* | 39,951 | 39,951 | | As of June 30, 2025 (Unaudited) | 1,751,401,115 | 2 | 1,891,689 | 1,891,691 | - During the reporting period, the company issued **244,600,000** new shares[305](index=305&type=chunk) [Share-Based Payments](index=73&type=section&id=Share-Based%20Payments) The Group operates 2016 and 2019 share incentive schemes to motivate employees; as of June 30, 2025, 5,805,235 restricted share units under the 2016 scheme remained unexercised, and 13,137,000 restricted share units under the 2019 scheme were vested and exercised but not yet transferred to employees - Under the 2016 Share Incentive Scheme, **5,805,235** restricted share units remained unexercised as of June 30, 2025[310](index=310&type=chunk)[312](index=312&type=chunk) - Under the 2019 Share Incentive Scheme, **13,137,000** restricted share units were vested and exercised but not yet transferred to employees as of June 30, 2025[316](index=316&type=chunk)[318](index=318&type=chunk) [Business Combination](index=74&type=section&id=Business%20Combination) On April 1, 2025, the Group acquired a 51% equity stake in Qimei Zhishu (Ningbo) Technology Co., Ltd. to expand its market share in advertising placement, with a cash consideration of RMB 619,806.72 - On April 1, 2025, the Group acquired a **51%** equity stake in Qimei Zhishu (Ningbo) Technology Co., Ltd., which is engaged in internet advertising placement business[317](index=317&type=chunk)[319](index=319&type=chunk) - The acquisition consideration was paid in cash, with **RMB 619,806.72** paid on August 27, 2025[317](index=317&type=chunk)[319](index=319&type=chunk) Statement of Financial Position of Qimei Zhishu (Ningbo) Technology Co., Ltd. at Acquisition (RMB thousand) | Item | Statement of Financial Position at Acquisition (Unaudited) | | :--- | :--- | | Total Assets | 46,381 | | Total Liabilities | (45,166) | | Net Assets | 1,215 | [Related Party Transactions](index=75&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, Group bank loans totaling RMB 497,000,000 were guaranteed by Mr. Gao, and total remuneration paid to key management personnel was RMB 2,894 thousand - For the six months ended June 30, 2025, Group bank loans totaling **RMB 497,000,000** were guaranteed by Mr. Gao[329](index=329&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Short-term Employee Benefits | 2,759 | 2,867 | | Contributions to Retirement Benefit Plans | 135 | 137 | | **Total Remuneration Paid to Key Management Personnel** | **2,894** | **3,004** | [Fair Value of Financial Instruments](index=76&type=section&id=Fair%20Value%20of%20Financial%20Instruments) Management assessed that the fair values of pledged deposits, cash and cash equivalents, trade receivables, trade payables, prepayments, other receivables, and interest-bearing bank borrowings approximated their carrying amounts due to their short maturity periods, with no assets or liabilities measured at fair value at the reporting date - Management assessed that the fair values of several financial instruments approximated their carrying amounts, primarily due to their short maturity periods[332](index=332&type=chunk)[335](index=335&type=chunk) - As of June 30, 2025, and December 31, 2024, there were no assets and liabilities measured at fair value[334](index=334&type=chunk)[336](index=336&type=chunk) [Definitions](index=77&type=section&id=Definitions) This section provides clear definitions for key terms and abbreviations used throughout the report to enhance reader comprehension

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Xinyuan Property Management Service (Cayman) Ltd. 鑫苑物業服務集團有限公司 （股 份 代 號：1895） （於開曼群島註冊成立之有限公司） | | | | | | | | | | | | | | | | | | | | 2025年 | | 2024年 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | 附 註 | | 人民幣千元 | | 人民幣千元 | | | | | | | | | | | | | | | | | | （未 | 經 審 核） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 亞 東 Yadong Group Holdings Limited 亞 東 集 團 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：1795） 截至2025年6月30日止六個月 中期業績公告 亞東集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公 司（ 統稱「本集團」）截至2025 年6月30 日止六個月的未經審核綜合中期業績，連同2024 年同 期的未經審核比較數字。 簡明綜合損益及其他全面收益表 截至2025年6月30日止六個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） （ | 未經審核） | | 收益 | 4 | 489,040 | 481,054 | | 銷售成本 | ...