2025 INTERIM REPORT 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資 風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 2025 中期報告 ： : 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場 波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 華美樂樂有限公司（「本公司」，連同其附屬公司統稱「本集團」、「華美樂樂」或「我們」））董事（「董事」）共同及個 別對本報告承擔全部責任，當中包括遵照聯交所GEM證券上市規則（「GEM上市規則」）規定提供有關本公司 之資料。董事在作出一切合理查詢後確認就彼等所深知及確信，本報告所載資料在各主要方面均屬準確及完 整，並無誤導或欺詐成份，及本報告並無遺漏任何其他事宜 ...

中期報 告 2025 INTERIM REPORT CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論及分析 | 5 | | Other Information | 其他資料 | 20 | | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益及其他全面收益表 | 27 | | Other Comprehensive Income | | | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 28 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | 30 | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | ...

[Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides an overview of the company's mission, vision, board structure, and key contact details [Mission and Vision](index=4&type=section&id=%E5%AE%97%E6%97%A8%E8%88%87%E9%A1%98%E6%99%AF) Ausnutria Dairy Corporation's mission is "Global Nutrition, Nurturing Growth," with a vision to be the most trusted formula milk powder and nutritional health enterprise globally, committed to sustainable value creation for a healthy and happy life - Company Mission: Global Nutrition, Nurturing Growth[8](index=8&type=chunk) - Company Vision: To become the most trusted formula milk powder and nutritional health enterprise globally[9](index=9&type=chunk) - Sustainable Development Vision: Gathering global quality nutrition, providing premium choices for growth, committed to sustainably creating value, and building a healthy and happy life[10](index=10&type=chunk) [Board of Directors and Committees](index=6&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, nomination, and remuneration committees to ensure sound and effective corporate governance - Board members include Mr. Ren Zhijian (CEO), Mr. Bartle van der Meer, Mr. Zhang Zhi as executive directors; Mr. Han Shixiu (Chairman), Ms. Yan Junrong, Mr. Zou Ying as non-executive directors; and Mr. Ma Ji, Mr. Chen Fuquan, Mr. Aidan Maurice Coleman as independent non-executive directors[12](index=12&type=chunk) - Mr. Ma Ji chairs the Audit Committee, Mr. Han Shixiu chairs the Nomination Committee, and Mr. Chen Fuquan chairs the Remuneration Committee[12](index=12&type=chunk) [Principal Offices and Contact Information](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E辦%E4%BA%8B%E8%99%95%E8%88%87%E8%81%AF%E7%B5%A1%E8%B3%87%E8%A8%8A) The company maintains principal places of business in Hong Kong, mainland China, the Netherlands, and Australia, providing stock code, investor relations email, and company website details - Principal places of business are located in Hong Kong, Changsha City (Hunan Province, China), Zwolle (Netherlands), and Keysborough (Australia)[13](index=13&type=chunk) - Stock code is **1717**, investor relations email is ir@ausnutria.com, and the company website is www.ausnutria.com.hk[13](index=13&type=chunk)[14](index=14&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews the group's business performance, financial results, and future outlook, highlighting key achievements and challenges [Business Review](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group achieved robust revenue growth of 5.6% in H1 2025, driven by strong overseas performance of self-branded goat milk formula (65.7% growth) and the strategic acquisition of the remaining 50% stake in Amalthea, alongside breakthroughs in the nutrition business 2025 Interim Key Financial Indicators | Indicator | 2025 Interim (RMB million) | 2024 Interim (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Overall Revenue | 3,886.8 | 3,681.1 | 5.6% | | Self-branded Goat Milk Formula Sales | 1,864.5 | 1,808.4 | 3.1% | | Self-branded Goat Milk Formula Overseas Sales | 483.4 | 291.7 | 65.7% | | Self-branded Goat Milk Formula China Sales | 1,381.1 | 1,516.7 | -8.9% | | Self-branded Cow Milk Formula Sales | 961.4 | 1,130.1 | -14.9% | | Nutrition Business Revenue | 155.5 | 145.3 | 7.0% | | Profit Attributable to Company Equity Holders | 180.5 | 145.4 | 24.1% | - Completed the strategic acquisition of the remaining **50%** stake in Amalthea Group B.V., a Dutch goat cheese company, adding a new cheese product line, enriching the business portfolio, and injecting new revenue growth momentum[17](index=17&type=chunk) - Implemented various cost control measures and improved supply chain efficiency to effectively manage costs[17](index=17&type=chunk) [Self-branded Goat Milk Formula (Kabrita)](index=7&type=section&id=%E8%87%AA%E5%AE%B6%E5%93%81%E7%89%8C%E9%85%8D%E6%96%B9%E7%BE%8A%E5%A5%B6%E7%B2%89%EF%BC%88%E4%BD%B3%E8%B2%9D%E8%89%BE%E7%89%B9%EF%BC%89) Kabrita's sales reached RMB 1,864.5 million in H1 2025, a 3.1% increase, with exceptional overseas market growth of 65.7% driven by strategic breakthroughs in the Middle East, North America, and CIS regions Kabrita Sales (H1 2025) | Market | Sales (RMB million) | YoY Growth (%) | % of Total Revenue | | :--- | :--- | :--- | :--- | | Overall | 1,864.5 | 3.1% | 48.0% | | Overseas | 483.4 | 65.7% | 25.9% (of goat milk formula business) | | China | 1,381.1 | -8.9% | 35.6% (of Group total revenue) | - Overseas market growth was primarily driven by the Middle East (**54.2% growth**), North America (**over 138.7% growth**), and CIS (**33.8% growth**), achieving significant progress through channel expansion, product innovation, and brand building[19](index=19&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - China market sales declined mainly due to the launch of an internal code system upgrade and proactive channel inventory adjustments in Q2, but Nielsen IQ data showed market share steadily increased to **30.4%**, up **2.8 percentage points** from the prior year[25](index=25&type=chunk) - In product innovation, the flagship "Yuebai" product completed a comprehensive upgrade, adding "OPL structured lipids" and "Anminyuan" whey protein; the high-end "Jingzhan" product line, as the first organic goat milk formula in China, enhanced the brand's premium image[27](index=27&type=chunk) - Brand strategy upgrade focused on the differentiated advantage of "clinically proven feeding effects that are visible," enhancing brand influence and premium capability through retail terminal visual upgrades and digital marketing communication[28](index=28&type=chunk) [Self-branded Cow Milk Formula (Hyproca)](index=10&type=section&id=%E8%87%AA%E5%AE%B6%E5%93%81%E7%89%8C%E9%85%8D%E6%96%B9%E7%89%9B%E5%A5%B6%E7%B2%89%EF%BC%88%E6%B5%B7%E6%99%AE%E8%AB%BE%E5%87%B1%EF%BC%89) Hyproca's revenue in H1 2025 was RMB 961.4 million, a 14.9% decrease, primarily affected by the internal code system upgrade and channel inventory adjustments, yet its market share stabilized through product upgrades, brand marketing, and channel expansion Hyproca Sales (H1 2025) | Indicator | Sales (RMB million) | YoY Change (%) | % of Group Total Revenue | | :--- | :--- | :--- | :--- | | Revenue | 961.4 | -14.9% | 24.7% | - Sales decline was mainly due to the launch of an internal code system upgrade and proactive channel inventory adjustments in Q2, but Nielsen IQ data showed brand market share stabilized[29](index=29&type=chunk) - Brand positioning continued to focus on "high-end imported from the Netherlands," building differentiated advantages through "upgrading to premium Dutch A2 protein milk source" and "upgrading to more comprehensive self-protection nutrition"[30](index=30&type=chunk) - Newly upgraded and launched **7 products**, including **4 infant formulas** and **3 children's growth milk powders**, strengthening the dual core advantages of "comprehensive nutrition + comprehensive self-protection"[31](index=31&type=chunk) - In channel development, offline cooperation with core systems achieved high double-digit growth, online e-commerce sales increased by **59.96%** year-on-year, and the brand was awarded "Growth Pioneer Brand" by JD Supermarket[32](index=32&type=chunk) [Nutrition Business](index=11&type=section&id=%E7%87%9F%E9%A4%8A%E5%93%81%E6%A5%AD%E5%8B%99) The Group's nutrition business generated RMB 155.5 million in H1 2025, a 7.0% increase, with strong performance in both ToB Jinqi and ToC Ai Yisen segments, driven by market breakthroughs of star strains, precise channel strategies, and effective brand marketing synergy Nutrition Business Revenue (H1 2025) | Indicator | Revenue (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | | Nutrition Business | 155.5 | 7.0% | - Jinqi achieved channel breakthroughs by deepening cooperation in pharmaceutical channels, expanding into private domain e-commerce, and developing high-end overseas markets such as the US and France[34](index=34&type=chunk) - NC Ai Yisen focused on a comprehensive upgrade of infant and child nutrition categories, with star new products contributing **90% of revenue growth**, launching TGA-certified G13 Growth Capsules and EyeQ Brain Booster, and co-developing Shouhu PRO probiotics with "Dad's Spot Check"[35](index=35&type=chunk) - Brand building enhanced brand influence and credibility through cooperation with Beijing Satellite TV, co-research and co-creation with "Dad's Spot Check," and deep cultivation of the Xiaohongshu platform[36](index=36&type=chunk) [Scientific Research Achievements](index=12&type=section&id=%E7%A7%91%E7%A0%94%E6%88%90%E5%B0%B1) Ausnutria Dairy achieved significant progress in nutritional health research in H1 2025, participating in national key R&D programs, launching four new goat milk raw materials (three of which achieved global commercial application breakthroughs), and receiving multiple industry technology awards - Participated in the "14th Five-Year Plan" National Key R&D Program, including "Research and Demonstration of New-Generation Infant Formula Manufacturing Technology Based on Chinese Breast Milk Research" and "Creation of Special Medical Purpose Formula Foods for Specific Disease Populations" projects[37](index=37&type=chunk) - Launched four new goat milk raw materials: goat milk casein hydrolysate, hydrolyzed goat whey protein powder, goat lactoferrin, and goat colostrum powder, with the first three achieving global commercial application breakthroughs, filling market gaps[37](index=37&type=chunk) - Awarded the First Prize of the China Dairy Industry Association Science and Technology Award (Immune-Regulating Infant Formula Research), iSEE Global Food Innovation Award "Annual Innovation Technology" (Jinqi Weight Management Gold Standard Probiotic K56), and shortlisted for the World Food Innovation Awards (Kabrita Jingcui Yuebai)[37](index=37&type=chunk) [Sustainable Development and Corporate Social Responsibility](index=12&type=section&id=%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95%E5%8F%8A%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) The Group integrates sustainable development as a core strategy, guided by "Better Nutrition, Better Life, Better Environment," embedding ESG principles into corporate governance, and strengthening green management across the entire process - Guided by "Better Nutrition, Better Life, Better Environment," deeply integrating ESG principles into corporate governance and business decision-making processes[38](index=38&type=chunk) - Awarded four honors by the Wangcheng District Government of Hunan Province, China: "Enterprise with Outstanding Economic Performance," "Enterprise with Outstanding Contribution to Industrial Strength," "Enterprise with Outstanding Contribution to Scientific and Technological Innovation," and "Enterprise with Outstanding Contribution to Consumption Leadership"[38](index=38&type=chunk) - The newly invested Pallas factory in the Netherlands will achieve **100% nitrogen-free and CO2-free production processes**, and promote energy saving and emission reduction across the entire industry chain through measures such as reduced packaging and green procurement[39](index=39&type=chunk) [Outlook](index=13&type=section&id=%E5%89%8D%E6%99%AF) Looking ahead to H2 2025, the company faces challenges from declining birth rates in China, macroeconomic uncertainties, and the transition period of the internal code system, but remains confident in revising its five-year strategic plan to focus on key growth areas - Facing challenges such as declining infant birth rates in China, increased macroeconomic uncertainty, and the transition period of the internal code system upgrade[41](index=41&type=chunk) - Will iterate and optimize the Group's five-year strategic plan, focusing on seven key strategic initiatives, including continued focus on domestic self-branded goat milk formula and high-end cow milk formula businesses, seizing opportunities in the nutrition business, adhering to international market strategies, strengthening global supply chain quality control and efficiency improvement, building a globally integrated digital operation system, constructing an R&D innovation ecosystem, and continuing to strengthen corporate governance and internal controls[41](index=41&type=chunk) [Financial Review](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides an analysis of the Group's financial performance, including income statement, balance sheet, working capital, investments, treasury policy, risk management, capital commitments, and human resources [Condensed Consolidated Income Statement Analysis](index=14&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E5%88%86%E6%9E%90) In H1 2025, the Group's revenue increased by 5.6% to RMB 3,886.8 million, driven by strong overseas performance of Kabrita and contributions from Amalthea goat cheese business, with net profit increasing by 24.1% to RMB 180.5 million H1 2025 Revenue Composition and YoY Change | Product Category | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | H1 2025 Share (%) | H1 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cow Milk Formula (China) | 961.4 | 1,130.1 | (14.9) | 24.7 | 30.7 | | Goat Milk Formula (China) | 1,381.1 | 1,516.7 | (8.9) | 35.6 | 41.2 | | Goat Milk Formula (Other Regions) | 483.4 | 291.7 | 65.7 | 12.4 | 7.9 | | **Total Self-branded Formula Milk Powder** | **2,825.9** | **2,938.5** | **(3.8)** | **72.7** | **79.8** | | Cheese | 478.7 | – | – | 12.3 | – | | Private Label & Others | 426.7 | 597.3 | (28.6) | 11.0 | 16.2 | | **Total Cheese, Private Label & Others** | **905.4** | **597.3** | **51.6** | **23.3** | **16.2** | | Dairy Products & Related Products | 3,731.3 | 3,535.8 | 5.5 | 96.0 | 96.1 | | Nutrition Products | 155.5 | 145.3 | 7.0 | 4.0 | 3.9 | | **Total** | **3,886.8** | **3,681.1** | **5.6** | **100.0** | **100.0** | H1 2025 Gross Profit and Gross Margin | Product Category | H1 2025 Gross Profit (RMB million) | H1 2024 Gross Profit (RMB million) | H1 2025 Gross Margin (%) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Cow Milk Formula | 502.7 | 600.5 | 52.3 | 53.1 | | Goat Milk Formula | 1,028.1 | 1,011.2 | 55.1 | 55.9 | | **Total Self-branded Formula Milk Powder** | **1,530.8** | **1,611.7** | **54.2** | **54.8** | | Cheese | 32.7 | – | 6.8 | – | | Private Label & Others | 25.3 | (19.8) | 5.9 | (3.3) | | **Total Dairy Products & Related Products** | **1,588.8** | **1,591.9** | **42.6** | **45.0** | | Nutrition Products | 65.4 | 65.6 | 42.1 | 45.1 | | **Total (Before Inventory Provision)** | **1,654.2** | **1,657.5** | **42.6** | **45.0** | | Less: Inventory Provision | (26.5) | (59.8) | – | – | | **Total (After Inventory Provision)** | **1,627.7** | **1,597.7** | **41.9** | **43.4** | - Selling and distribution expenses as a percentage of revenue decreased from **29.9% to 26.1%**, mainly due to the launch of internal code products in the China market and optimization of distribution channels, leading to a short-term reduction in promotional activity expenses[50](index=50&type=chunk) - Net finance costs decreased from **RMB 31.1 million to RMB 16.8 million**, primarily due to lower bank borrowing interest rates and a reduction in the weighted average bank borrowing balance[53](index=53&type=chunk) - Profit attributable to equity holders of the Company was **RMB 180.5 million**, a **24.1% increase** year-on-year, benefiting from strong overseas performance of Kabrita, a decrease in selling and distribution expenses as a percentage of revenue, and improvements in the global supply chain[56](index=56&type=chunk) [Condensed Consolidated Statement of Financial Position Analysis](index=17&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%E5%88%86%E6%9E%90) As of June 30, 2025, the Group's total assets increased to RMB 10,495.0 million, and net assets increased to RMB 6,185.8 million, primarily due to increases in cash, receivables, and property, plant, and equipment Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 10,495.0 | 9,662.1 | | Net Assets | 6,185.8 | 5,783.5 | | Current Ratio | 1.03 times | 1.21 times | - The increase in total assets was mainly due to a net increase of **RMB 278.1 million** in cash and cash equivalents, time deposits, and long-term time deposits, an increase of **RMB 164.6 million** in trade and other receivables, and an increase of **RMB 337.6 million** in property, plant and equipment (primarily from the construction of a new factory in the Netherlands and the appreciation of the Euro)[58](index=58&type=chunk) - Net assets increased by **RMB 402.3 million**, mainly due to a net profit of **RMB 180.5 million** during the period and exchange differences of **RMB 329.2 million** from the translation of overseas operations[59](index=59&type=chunk) [Working Capital Turnover Period](index=18&type=section&id=%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91%E9%80%B1%E8%BD%89%E6%9C%9F) As of June 30, 2025, the Group's inventory turnover days decreased by 20 days to 155 days, attributed to continuous improvements in global supply chain production planning and logistics delivery times Working Capital Turnover Days | Indicator | June 30, 2025 (Days) | June 30, 2024 (Days) | Change (Days) | | :--- | :--- | :--- | :--- | | Inventory Turnover Days | 155 | 175 | (20) | | Trade Receivables Turnover Days | 36 | 37 | (1) | | Trade Payables Turnover Days | 43 | 49 | (6) | - The decrease in inventory turnover days was mainly due to continuous improvements in global supply chain production planning and logistics delivery times[61](index=61&type=chunk) [Material Investments and Future Plans](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group made no material investments, acquisitions, or disposals in H1 2025, with future plans focused on the construction of new infant formula base powder facilities in the Netherlands and expansion of the nutrition business - No material investments, acquisitions, or disposals during H1 2025[63](index=63&type=chunk) - Future plans primarily involve implementing the Group's strategy to construct new infant formula base powder facilities and other related facilities in the Netherlands, while also expanding the nutrition business[68](index=68&type=chunk) [Treasury Policy and Financial Resources](index=18&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96%E8%88%87%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group adopts a prudent treasury policy, investing surplus funds in low-risk financial instruments, and benefits from guarantees by its ultimate shareholder, Yili Group, for favorable bank financing to support business development - Prudent treasury policy, investing surplus funds in time deposits with reputable commercial banks or low-risk financial instruments[65](index=65&type=chunk) Financial Resources Overview | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Bank Borrowings | (2,610.5) | (2,137.7) | | Net Debt | (793.3) | (598.1) | | Total Assets | 10,495.0 | 9,662.1 | | Shareholders' Equity | 6,129.2 | 5,721.6 | | Gearing Ratio | 7.6% | 6.2% | | Solvency Ratio | 58.4% | 59.2% | - Ultimate shareholder Yili Group continues to provide corporate guarantees, enabling the Group to renew bank financing facilities on more favorable terms[68](index=68&type=chunk) - As of June 30, 2025, approximately **96.3%** of bank borrowings were denominated in Euro, and **RMB 2,553.9 million** of outstanding borrowings were guaranteed by Yili Group[53](index=53&type=chunk)[69](index=69&type=chunk) [Risk Management](index=20&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group actively manages foreign exchange risk through hedging policies, considers interest rate swaps for floating-rate borrowings, and mitigates credit risk by controlling receivables and diversifying customer portfolios - The Group faces foreign exchange risk from fluctuations in HKD, Euro, USD, AUD, or TWD against RMB, and actively manages this through hedging policies[70](index=70&type=chunk) - For bank borrowings bearing floating interest rates, the Group faces market interest rate change risk and will consider entering into interest rate swap or cap contracts to mitigate this risk[72](index=72&type=chunk) - Credit risk is minimized through strict control over outstanding receivables and diversification of the customer portfolio[73](index=73&type=chunk) [Capital Commitments and Contingent Liabilities](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E5%8F%8A%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had contracted but unprovided capital commitments totaling RMB 101.3 million, primarily for property, plant, and equipment, with no significant contingent liabilities at the period-end Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Plant and Machinery | 98,899 | 108,583 | | Other Intangible Assets | 2,445 | 1,640 | | Land and Buildings | – | 1,201 | | **Total** | **101,344** | **111,424** | - As of June 30, 2025, the Group had no significant contingent liabilities[76](index=76&type=chunk) [Human Resources](index=21&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group had 3,259 full-time employees with total employee costs of RMB 729.4 million, offering competitive remuneration based on performance and market levels, along with various retirement benefit plans Full-time Employee Count | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mainland China | 2,281 | 2,345 | | Hong Kong | 8 | 8 | | Netherlands | 686 | 676 | | Australia | 93 | 87 | | Other | 191 | 172 | | **Total** | **3,259** | **3,288** | Employee Costs | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Total Employee Costs | 729.4 | 673.8 | - The company provides Mandatory Provident Fund for Hong Kong employees, defined benefit or defined contribution arrangements for Netherlands and Australia employees, and welfare plans as required by local laws and regulations for employees in China and other countries[77](index=77&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section details the company's adherence to corporate governance practices, securities trading codes, review of financial statements, and other relevant corporate matters [Corporate Governance Practices and Securities Dealing Code](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E8%88%87%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E5%AE%88%E5%89%87) The company is committed to enhancing corporate governance standards, adopting the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers, and establishing internal guidelines for employee securities trading - 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 and believes it has complied with the relevant code provisions during H1 2025[78](index=78&type=chunk) - The Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules has been adopted, and all directors have confirmed compliance with the required standards[79](index=79&type=chunk) - A "Code for Employees' Dealings in Securities of the Company" has been established for senior management and employees who may possess unpublished inside information, with terms no less exacting than the Model Code[79](index=79&type=chunk) [Review of Interim Financial Statements](index=22&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The company's Audit Committee has reviewed this report and the unaudited condensed consolidated interim financial statements for H1 2025, raising no objections to the accounting treatments adopted - The Audit Committee has reviewed this report and the Group's unaudited condensed consolidated interim financial statements for H1 2025, with no objections to the accounting treatments adopted[80](index=80&type=chunk) [Delay in Publication of 2024 Annual Results Announcement and Internal Review](index=22&type=section&id=%E5%BB%B6%E9%81%B2%E7%99%BC%E8%A1%A8%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E5%85%A8%E5%B9%B4%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E5%85%A7%E9%83%A8%E6%AA%A2%E8%A8%8E%E6%83%85%E6%B3%81) The board conducted an internal review regarding the brief delay in the 2024 annual results announcement, attributing it to short-term staffing shortages and extensive data processing in the Dutch finance department, with corrective measures already implemented - The 2024 annual results announcement was briefly delayed (**seven business days**), and the auditor issued an unqualified audit opinion on the results[81](index=81&type=chunk)[83](index=83&type=chunk) - Root cause of delay: Short-term staffing shortage in the finance department of the Group's main subsidiary in the Netherlands, affecting the timely provision of audit documents[84](index=84&type=chunk) - Recommended measures: Emergency recruitment of finance staff in the Netherlands, expected to double full-time employees to **6** by October 2025; implementation of system updates and integration to unify all enterprise resource planning systems in the Netherlands for automated reconciliation, expected to be completed by Q1 2026[84](index=84&type=chunk)[86](index=86&type=chunk) - The Board believes the brief delay was an isolated incident, and the recommended measures are appropriate, effective, and sufficient to prevent similar incidents from recurring in the future[87](index=87&type=chunk) [Share Option Scheme](index=25&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company adopted a new share option scheme on May 26, 2022, to reward eligible participants, valid for ten years, with total shares issuable not exceeding 10% of the approved issued share capital, and no options granted as of June 30, 2025 - The new share option scheme was approved and adopted on **May 26, 2022**, valid until **May 25, 2032**[88](index=88&type=chunk) - The total number of shares that may be granted under the scheme shall not exceed **10%** of the total issued shares on the date of approval (i.e., **180,854,584 shares**), equivalent to approximately **10.17%** of the issued shares as of June 30, 2025[89](index=89&type=chunk) - As of June 30, 2025, no share options have been granted or agreed to be granted under the new share option scheme[90](index=90&type=chunk) [Directors' and Major Shareholders' Interests](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, company directors and chief executives held interests in the company's shares, with Mr. Bartle van der Meer holding approximately 5.38%, and major shareholders including Inner Mongolia Yili Industrial Group Co., Ltd. (60.18%) and Standard Foods Corporation (8.26%) Directors' Long Position in the Company's Ordinary Shares (as of June 30, 2025) | Director's Name | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Bartle van der Meer先生 | 95,696,230 | 5.38% | Major Shareholders' Long Position in the Company's Shares (as of June 30, 2025) | Name | Number of Shares | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Inner Mongolia Yili Industrial Group Co., Ltd. | 1,070,113,149 | 60.18% | | Standard Foods Corporation | 146,918,271 | 8.26% | | Dutch Dairy Investments HK Limited | 94,187,230 | 5.30% | | Dutch Dairy Investments B.V. | 94,187,230 | 5.30% | | Fan Deming B.V. | 94,187,230 | 5.30% | | Citagri Easter Ltd. | 92,400,738 | 5.20% | | Changsha Kunxin Xinao Equity Investment Partnership (Limited Partnership) | 92,400,738 | 5.20% | | Chengtong CITIC Agriculture Investment Fund | 92,400,738 | 5.20% | | China State-owned Enterprise Structural Adjustment Fund Co., Ltd. | 92,400,738 | 5.20% | | Citagri Nutrition Investment Co., Limited | 92,400,738 | 5.20% | | CITIC Agriculture Fund Management Co., Ltd. | 92,400,738 | 5.20% | | CITIC Agriculture Technology Co., Ltd. | 92,400,738 | 5.20% | | CITIC Limited | 92,400,738 | 5.20% | | CITIC Group Corporation | 92,400,738 | 5.20% | [Purchase, Redemption or Sale of the Company's Listed Securities](index=28&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2025, the company repurchased 1,394,000 shares on the Stock Exchange for a total consideration of HKD 2,674,790, aiming to enhance long-term shareholder value, with all repurchased shares cancelled within the reporting period H1 2025 Share Repurchase Details | Month of Repurchase | Total Number of Shares Repurchased | Highest Repurchase Price (HKD) | Lowest Repurchase Price (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | January | 118,000 | 1.89 | 1.84 | 220,190 | | April | 674,000 | 1.96 | 1.91 | 1,309,920 | | May | 602,000 | 1.95 | 1.85 | 1,144,680 | | **Total** | **1,394,000** | – | – | **2,674,790** | - Repurchased shares aim to enhance long-term shareholder value and were cancelled within the reporting period[96](index=96&type=chunk)[102](index=102&type=chunk) [Dividend Distribution](index=29&type=section&id=%E8%82%A1%E6%81%AF%E5%88%86%E6%B4%BE) The Board does not recommend the payment of an interim dividend for H1 2025 - The Board does not recommend the payment of an interim dividend for H1 2025[99](index=99&type=chunk) [Changes in Directors' Information and Post-Reporting Period Events](index=29&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95%E5%8F%8A%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) In H1 2025, Mr. Ma Ji resigned as CFO of "Yunquna" and joined Yuanli Juhe (Chongqing) Information Technology Co., Ltd. as CFO, with no other significant post-reporting period events affecting the Group - Mr. Ma Ji resigned as CFO of "Yunquna" in January 2025 and joined Yuanli Juhe (Chongqing) Information Technology Co., Ltd. as CFO in February 2025[100](index=100&type=chunk) - Save as disclosed elsewhere in this report, there have been no significant events affecting the Group subsequent to H1 2025 and up to the date of this report[101](index=101&type=chunk) [Unaudited Condensed Interim Financial Statements](index=28&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited condensed interim financial statements, including the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, and cash flow statement for the interim period [Condensed Consolidated Interim Income Statement](index=30&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue was RMB 3,886,787 thousand, a 5.6% increase, with profit attributable to equity holders of the Company at RMB 180,454 thousand and basic earnings per share of 10.14 RMB cents Summary of Condensed Consolidated Interim Income Statement | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,886,787 | 3,681,063 | | Cost of Sales | (2,259,102) | (2,083,374) | | Gross Profit | 1,627,685 | 1,597,689 | | Selling and Distribution Expenses | (1,013,103) | (1,099,080) | | Administrative Expenses | (299,645) | (260,445) | | R&D Expenses | (51,182) | (52,767) | | Operating Profit | 254,203 | 206,761 | | Net Finance Costs | (16,777) | (31,105) | | Profit Before Income Tax | 241,161 | 171,079 | | Income Tax Expense | (60,305) | (21,811) | | Profit for the Period | 180,856 | 149,268 | | Profit Attributable to Equity Holders of the Company | 180,454 | 145,392 | | Basic Earnings Per Share (RMB cents) | 10.14 | 8.17 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=31&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's profit for the period was RMB 180,856 thousand, with total other comprehensive income of RMB 329,232 thousand, primarily from exchange differences on translation of overseas operations, resulting in total comprehensive income of RMB 510,088 thousand Summary of Condensed Consolidated Interim Statement of Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 180,856 | 149,268 | | Exchange differences on translation of overseas operations | 372,483 | 49,875 | | Exchange differences on translation of the Company's financial figures | (43,251) | (70,212) | | Total other comprehensive income/(loss) for the period | 329,232 | (20,337) | | Total comprehensive income for the period | 510,088 | 128,931 | | Attributable to equity holders of the Company | 508,546 | 127,715 | [Condensed Consolidated Interim Statement of Financial Position](index=32&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%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were RMB 10,495,008 thousand, total liabilities were RMB 4,309,243 thousand, and total equity was RMB 6,185,765 thousand, with non-current assets mainly comprising property, plant, and equipment, and current assets primarily inventory and receivables Summary of Condensed Consolidated Interim Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 6,309,677 | 5,264,205 | | Total Current Assets | 4,185,331 | 4,397,941 | | **Total Assets** | **10,495,008** | **9,662,146** | | Total Non-current Liabilities | 254,314 | 252,472 | | Total Current Liabilities | 4,054,929 | 3,626,195 | | **Total Liabilities** | **4,309,243** | **3,878,667** | | Equity attributable to equity holders of the Company | 6,129,158 | 5,721,601 | | Non-controlling interests | 56,607 | 61,878 | | **Total Equity** | **6,185,765** | **5,783,479** | [Condensed Consolidated Interim Statement of Changes in Equity](index=34&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, equity attributable to equity holders of the Company increased from RMB 5,721,601 thousand at the beginning of the period to RMB 6,129,158 thousand at the end, mainly due to profit for the period and increased exchange fluctuation reserve, offset by share repurchases and dividends paid Summary of Condensed Consolidated Interim Statement of Changes in Equity | Item | 2025年6月30日 (RMB thousand) | | :--- | :--- | | Subtotal attributable to equity holders of the Company at beginning of period | 5,721,601 | | Profit for the year | 180,454 | | Exchange differences on translation | 328,092 | | Shares repurchased | (2,473) | | Final dividend paid for 2024 | (98,516) | | Subtotal attributable to equity holders of the Company at end of period | 6,129,158 | [Condensed Consolidated Interim Cash Flow Statement](index=35&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group generated net cash from operating activities of RMB 276,973 thousand, used net cash of RMB 689,780 thousand in investing activities, and generated net cash of RMB 91,473 thousand from financing activities, with cash and cash equivalents at period-end totaling RMB 945,078 thousand Summary of Condensed Consolidated Interim Cash Flow Statement | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 276,973 | 206,925 | | Net cash used in investing activities | (689,780) | (128,704) | | Net cash generated from financing activities | 91,473 | 52,000 | | Net (decrease)/increase in cash and cash equivalents | (321,334) | 130,221 | | Cash and cash equivalents at beginning of period | 1,214,703 | 2,037,602 | | Cash and cash equivalents at end of period | 945,078 | 2,185,267 | [Notes to the Condensed Consolidated Interim Financial Statements](index=36&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) This section provides detailed notes to the condensed consolidated interim financial statements, covering company information, accounting policies, financial risk management, operating segment information, revenue from customer contracts, expenses by nature, other income/losses, income tax, earnings per share, non-current assets, inventory, receivables, payables, share capital, and related party transactions [Company Information and Basis of Preparation](index=36&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Ausnutria Dairy Corporation Ltd. was incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, primarily engaged in R&D, production, marketing, and distribution of dairy and nutrition products, with interim financial statements prepared under IAS 34 in RMB - The Company was incorporated in the Cayman Islands on **June 8, 2009**, and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **October 8, 2009**[115](index=115&type=chunk) - The Group is principally engaged in the research and development, production, marketing, and distribution of dairy products and related products, as well as nutrition products to its global customers[116](index=116&type=chunk) - The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board and presented in RMB[117](index=117&type=chunk) [Changes in Accounting Policies and Estimates](index=36&type=section&id=%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95%E5%8F%8A%E4%BC%B0%E8%A8%88) The Group first adopted IAS 21 (amended) "Lack of Exchangeability" with no significant impact expected, and management's significant judgments and estimation uncertainties remain consistent with the prior year's consolidated financial statements - The Group first adopted IAS 21 (amended) "Lack of Exchangeability," with no significant impact expected on prior or future periods[118](index=118&type=chunk) - The significant judgments made by management in applying the accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2024[121](index=121&type=chunk) [Financial Risk Management](index=37&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market risk (foreign currency and interest rate), credit risk, and liquidity risk, with no significant changes in risk management policies since the period-end, and manages liquidity risk through maturity analysis of financial liabilities - The Group is exposed to market risk (including foreign currency risk and interest rate risk), credit risk, and liquidity risk, with no significant changes in major risk management policies since the period-end[122](index=122&type=chunk)[123](index=123&type=chunk) Financial Liabilities Liquidity Risk Analysis (as of June 30, 2025) | Maturity Group | Less than 3 months (RMB thousand) | 3 months to less than 12 months (RMB thousand) | 1 to 5 years (RMB thousand) | Over 5 years (RMB thousand) | Total (RMB thousand) | Carrying Amount (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lease Liabilities | 6,720 | 20,159 | 45,934 | 47,042 | 119,855 | 115,240 | | Bank Borrowings and Accrued Interest | 16,835 | 2,651,958 | – | – | 2,668,793 | 2,610,485 | | Trade and Bills Payables | 541,536 | 34 | – | – | 541,570 | 541,570 | | Financial Liabilities from Other Payables and Accrued Expenses | 354,582 | 82,493 | – | – | 437,075 | 437,075 | | **Total** | **919,673** | **2,754,644** | **45,934** | **47,042** | **3,767,293** | **3,704,370** | - Fair value measurements of financial instruments use a three-level hierarchy, with financial assets measured at fair value through profit or loss classified as Level 3, whose fair value is determined based on the market approach[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [Operating Segment Information](index=40&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in two reportable segments: dairy products and related products, and nutrition products, with segment performance assessed based on reportable segment profit, excluding certain financial items and unallocated corporate expenses - The Group has two reportable segments: dairy products and related products segment (including formula milk powder products) and nutrition products segment (primarily including probiotic-related products and stomach-nourishing powder products)[131](index=131&type=chunk) H1 2025 Operating Segment Revenue | Segment | Sales to External Customers (RMB thousand) | | :--- | :--- | | Dairy Products and Related Products | 3,731,253 | | Nutrition Products | 155,534 | | **Total** | **3,886,787** | - Segment performance is assessed based on reportable segment profit, consistent with the Group's profit before tax, but excludes interest income, non-lease related finance costs, and unallocated head office and corporate expenses[131](index=131&type=chunk) - Non-current assets are primarily located in the Netherlands (**RMB 3,754,970 thousand**) and China (**RMB 2,029,434 thousand**)[137](index=137&type=chunk) [Revenue from Contracts with Customers](index=43&type=section&id=%E4%BE%86%E8%87%AA%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E4%B9%8B%E6%94%B6%E5%85%A5) In H1 2025, the Group's total revenue from customer contracts was RMB 3,886,787 thousand, primarily from goods sold and recognized at a point in time, with China contributing the largest share, followed by Europe and the Middle East H1 2025 Revenue Breakdown (by Goods/Service Category) | Category | Revenue (RMB thousand) | | :--- | :--- | | Sale of Goods | 3,879,809 | | Provision of Services | 6,978 | | **Total** | **3,886,787** | H1 2025 Revenue Breakdown (by Geographical Market) | Geographical Market | Revenue (RMB thousand) | | :--- | :--- | | China | 2,575,652 | | Europe | 721,412 | | Middle East | 295,817 | | North and South America | 182,858 | | Southeast Asia | 48,249 | | Australia | 38,520 | | Other | 24,279 | | **Total** | **3,886,787** | - Revenue recognition timing is primarily "at a point in time" for sale of goods revenue[140](index=140&type=chunk) [Expenses by Nature](index=45&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E4%B9%8B%E9%96%8B%E6%94%AF) In H1 2025, the Group's total expenses were RMB 3,623,032 thousand, with major components being raw materials, packaging, consumables, and purchased goods (RMB 1,792,126 thousand) and employee benefit expenses (RMB 729,386 thousand) H1 2025 Major Expenses | Expense Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw materials, packaging materials, consumables used and goods purchased | 1,792,126 | 1,580,822 | | Employee benefit expenses | 729,386 | 673,779 | | Advertising and promotion expenses | 551,807 | 673,898 | | Depreciation of property, plant and equipment | 87,297 | 74,571 | | Amortisation of other intangible assets | 55,143 | 42,447 | | Write-down of inventories to net realisable value | 26,543 | 59,800 | | **Total** | **3,623,032** | **3,495,666** | - Employee benefit expenses include wages, salaries, and staff costs (**RMB 494,461 thousand**), temporary staff costs (**RMB 123,207 thousand**), and contributions to retirement benefit schemes and other social security costs (**RMB 76,682 thousand**)[143](index=143&type=chunk) [Other Income, Other (Losses)/Gains, Net](index=46&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) In H1 2025, the Group's total other income was RMB 37,696 thousand, mainly from interest income, government grants, and rental income, while net other losses of RMB 41,750 thousand were primarily due to net foreign exchange losses H1 2025 Other Income, Other (Losses)/Gains, Net | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 17,706 | 20,991 | | Government grants | 14,655 | 17,883 | | Rental income | 5,335 | 2,044 | | **Total Other Income** | **37,696** | **40,918** | | Net foreign exchange losses | (30,128) | (18,243) | | Charitable donations | (2,957) | (883) | | Other losses | (8,665) | (284) | | **Total Other Losses, Net** | **(41,750)** | **(19,410)** | [Income Tax](index=46&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) In H1 2025, the Group's effective income tax rate increased from 12.7% to 25.0%, mainly due to increased non-deductible expenses and Pillar Two rules, with Chinese subsidiaries enjoying a 15% preferential tax rate and Dutch subsidiaries a 9% rate on IP-related profits - The effective income tax rate increased from **12.7%** in H1 2024 to **25.0%** in H1 2025, mainly due to increased non-deductible expenses during the period and the impact of Pillar Two rules[55](index=55&type=chunk) - High-tech enterprises in mainland China (such as Ausnutria China, Jinqiao Biotechnology Co., Ltd., and Anhui Jinqiao Biotechnology Co., Ltd.) enjoy a **15%** preferential corporate income tax rate[147](index=147&type=chunk) - Dutch subsidiary Ausnutria B.V. Group enjoys a **9%** preferential tax rate on profits generated from eligible intellectual property[148](index=148&type=chunk) - The OECD Pillar Two legislative template became effective in the Netherlands and Australia from **January 1, 2024**, and will be effective in Hong Kong and the United Arab Emirates from **January 1, 2025**[150](index=150&type=chunk) H1 2025 Income Tax Expense | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 32,306 | 22,298 | | Deferred income tax | 27,999 | (487) | | **Total tax expense for the period** | **60,305** | **21,811** | [Earnings Per Share Attributable to Equity Holders of the Company](index=48&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, profit attributable to equity holders of the Company was RMB 180,454 thousand, with basic and diluted earnings per share both at 10.14 RMB cents, higher than 8.17 RMB cents in H1 2024 Earnings Per Share Details | Indicator | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company used in calculating basic and diluted earnings per share | 180,454 | 145,392 | | Weighted average number of ordinary shares outstanding during the period used in calculating basic earnings per share | 1,778,964,503 | 1,780,111,841 | | Basic earnings per share (RMB cents) | 10.14 | 8.17 | | Diluted earnings per share (RMB cents) | 10.14 | 8.17 | [Property, Plant and Equipment, Right-of-Use Assets, Investment Properties, Goodwill and Other Intangible Assets](index=49&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E3%80%81%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E3%80%81%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E3%80%81%E5%95%86%E8%AD%BD%E4%BB%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net book value of property, plant, and equipment was RMB 3,603,241 thousand, goodwill was RMB 399,221 thousand, and other intangible assets were RMB 513,762 thousand, with increases primarily due to additions and exchange adjustments Net Book Value of Non-current Assets (as of June 30, 2025) | Asset Category | June 30, 2025 (RMB thousand) | | :--- | :--- | | Property, Plant and Equipment | 3,603,241 | | Right-of-Use Assets | 183,122 | | Investment Properties | 142,873 | | Goodwill | 399,221 | | Other Intangible Assets | 513,762 | - During the period, additions to property, plant and equipment amounted to **RMB 144,734 thousand**, and were positively impacted by exchange adjustments of **RMB 291,801 thousand**[158](index=158&type=chunk) [Inventories](index=49&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, the Group's total inventories were RMB 1,926,895 thousand, slightly lower than December 31, 2024, with finished goods constituting the largest portion at RMB 1,323,868 thousand Inventory Composition (as of June 30, 2025) | Inventory Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw materials | 246,620 | 383,316 | | Finished goods | 1,323,868 | 1,282,496 | | Work-in-progress | 339,220 | 182,825 | | Other | 17,187 | 81,614 | | **Total** | **1,926,895** | **1,930,251** | [Trade and Bills Receivables](index=50&type=section&id=%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, the Group's net trade and bills receivables increased to RMB 854,176 thousand, with credit terms generally ranging from one to six months and strict control maintained over outstanding amounts Trade and Bills Receivables (as of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables from third parties | 808,836 | 636,973 | | Trade receivables from related parties | 83,856 | 87,834 | | Bills receivables | 6,920 | 5,339 | | Less: Impairment provision for trade receivables | (45,436) | (40,568) | | **Net** | **854,176** | **689,578** | - The Group generally grants credit terms of **one to six months** to customers and strives to maintain strict control over outstanding receivables[161](index=161&type=chunk) - Trade receivables are non-interest bearing and have no high concentration of credit risk[161](index=161&type=chunk) [Trade and Bills Payables](index=51&type=section&id=%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, the Group's total trade and bills payables were RMB 541,570 thousand, primarily due within twelve months, and are non-interest bearing and typically settled within twelve months Ageing Analysis of Trade and Bills Payables (as of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 12 months | 541,536 | 529,186 | | Over 12 months | 34 | 4,759 | | **Total** | **541,570** | **533,945** | - Trade payables are non-interest bearing and are normally settled within **twelve months**[164](index=164&type=chunk) [Share Capital](index=51&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital comprised 1,778,144,841 shares with a par value of HKD 0.10, totaling RMB 154,044 thousand, after repurchasing and cancelling 1,394,000 ordinary shares during the period Share Capital Overview (as of June 30, 2025) | Item | Number of Issued Shares (thousand shares) | Share Capital (RMB thousand) | | :--- | :--- | :--- | | December 31, 2024 (audited) | 1,779,539 | 154,173 | | Shares cancelled | (1,394) | (129) | | **June 30, 2025 (unaudited)** | **1,778,145** | **154,044** | - The Company repurchased and cancelled **1,394,000 ordinary shares** during H1 2025, totaling approximately **HKD 2,674,790** (equivalent to **RMB 2,473,185**)[166](index=166&type=chunk) [Related Party Transactions](index=52&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group engages in various related party transactions with its ultimate holding company Yili Group and its subsidiaries, associates, and joint ventures, including product sales and purchases, service provision, and interest income, with Yili Group guaranteeing RMB 2,553,936 thousand of the Group's bank loans as of June 30, 2025 H1 2025 Major Related Party Transactions | Transaction Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Purchase of products from Yili Group's subsidiaries | 89,500 | 25,085 | | Sale of products to Yili Group's subsidiaries | 46,086 | 5,448 | | Provision of services to Yili Group's subsidiaries | 6,978 | 2,888 | | Purchase of products and services from the Group's associates and joint ventures | 63,617 | 168,808 | | Sale of products to the Group's associates and joint ventures | 17,703 | 160,985 | Amounts Due from/to Related Parties (as of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and bills receivables (related parties) | 83,856 | 87,834 | | Prepayments, other receivables and other assets (related parties) | 2,920 | 1,422 | | Short-term deposits with a subsidiary of Yili Group | 99,393 | 103,361 | | Trade and bills payables (related parties) | 47,753 | 31,837 | | Other payables and accrued expenses (related parties) | – | 5,000 | - As of June 30, 2025, **RMB 2,553,936 thousand** of bank loans were guaranteed by corporate guarantees executed by the ultimate holding company, Yili Group[172](index=172&type=chunk) Key Management Personnel Compensation | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 4,163 | 7,557 | | Retirement benefit contributions | 263 | 396 | | **Total** | **4,426** | **7,953** |

中期報告 2025 重要提示 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 公司 2025 年中期利潤分配預案如下：公司擬採用現金分紅方式，以 2025 年 6 月 3 0 日的股本總數 7,756,694,797股為基數，向全體股東每10股派發現金紅利人民幣1.65元（含稅）。該預案尚需提交本公司股 東大會審議批准。 六、 前瞻性陳述的風險聲明 本報告所涉及的未來計劃、發展戰略等前瞻性描述不構成本公司對投資者的實質承諾，敬請投資者注意投資 風險。 七、 是否存在被控股股東及其他關聯方非經營性佔用資金的情況 否 八、 是否存在違反規定決策程序對外提供擔保的情況 否 九、 是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性的情況 否 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存 在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 本報告經公司第三屆董事會第十七次會議審議通過。公司全體董事出席董事會會議，未有董事對本報告提出 異議。 三、 本半年度報告未經審計。公司按照中國企業會計準則及國際財務報告準 ...

港交所股票代號 : 0588 上交所股票代號 : 601588 2025 中期報告 中期報告 截至二零二五年六月三十日止六個月期間 • 收入為人民幣3,019,320,000元，比去年同期下降11.97% • 營運虧損為人民幣1,137,652,000元，比去年同期增虧人民幣781,953,000元 • 本公司普通股股東應佔虧損為人民幣1,647,124,000元，比去年同期增虧人民幣877,544,000元，其中本公司除稅後主 營業務的核心經營業績（不含公允值變動損失）錄得虧損為人民幣1,475,877,000元，同比增虧人民幣889,450,000元； 本期間投資性房地產公允價值變動損失（稅後）為人民幣171,247,000元 • 每股虧損為人民幣0.4892元，去年同期每股虧損為人民幣0.2286元 • 董事會（「董事會」）決議不派發截至二零二五年六月三十日止六個月期間之中期股息（截至二零二四年六月三十日止六個 月期間：無） 北京北辰實業股份有限公司 2 中期簡明合併資產負債表 | | | 未經審核 | 經審核 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四 ...

2025 中期報告 中國國際金融股份有限公司 3908 中期報告 2025 中國國際金融股份有限公司 目錄 | 釋義 | 002 | | --- | --- | | 重要提示 | 007 | | 公司簡介 | 009 | | 會計數據及財務指標摘要 | 011 | | 管理層討論與分析 | 014 | | 公司治理 | 086 | | 環境與社會責任 | 093 | | 重要事項 | 097 | | 股份變動及股東情況 | 106 | | 債券相關情況 | 113 | | 中期簡明合併財務報表審閱報告 | 133 | | 中期簡明合併財務報表 | 134 | | 備查文件目錄 | 236 | | 證券公司信息披露 | 237 | | 附錄一：公司主要業務資格 | 238 | | 附錄二：分支機構變更情況 | 246 | | 附錄三：信息披露索引 | 250 | 釋義 在本報告內，除非文義另有所指，否則下列詞彙具有以下涵義： | 「本公司」「公司」或「中金公司」 | 指 | 中國國際金融股份有限公司 | | --- | --- | --- | | 「本集團」「集團」或「我們」 | 指 | 本公司及其子公司（或按 ...

2025 中期報告 2025 Interim Report 目 錄 公司資料 董事會 執行董事： 許京平先生 （主席） 許中平先生 楊保東先生 2 中期業績 簡明綜合全面收益表 3 簡明綜合財務狀況表 5 簡明綜合權益變動表 7 簡明綜合現金流量表 8 簡明綜合財務報表附註 9 管理層討論及分析 | 業 績 | 21 | | --- | --- | | 業務回顧及業務展望 | 21 | | 流動資金 | 22 | | 資產抵押 | 22 | | 外匯風險 | 23 | | 僱員及薪酬政策 | 23 | 額外資料 | 董事及高級行政人員於股份及相關股份之權益 | 24 | | --- | --- | | 購股權計劃 | 25 | | 主要股東於股份之權益 | 27 | | 報告期後的事件 | 27 | | 購買、贖回或出售本公司之上市證券 | 27 | | 企業管治 | 28 | | 內部監控 | 28 | | 證券交易之標準守則 | 28 | 審核委員會 28 公司資料 非執行董事： 胡玥玥女士 馬天福先生 王友明先生 獨立非執行董事： 謝志偉先生 朱南文教授 李軍教授 審核委員會 謝志偉先生 （主席） 朱南 ...

（於香港註冊成立的有限公司） 股份代號： 中期報告 2025 目錄 | 財務摘要 | 2 | | --- | --- | | 公司資料 | 3 | | 管理層討論及分析 | 5 | | 企業管治與其他資料 | 19 | | 中期財務資料審閱報告 | 22 | | 簡明合併收益表 | 23 | | 簡明合併綜合收益表 | 24 | | 簡明合併財務狀況表 | 25 | | 簡明合併權益變動表 | 27 | | 簡明合併現金流量表 | 28 | | 簡明合併財務報表附註 | 30 | | 釋義 | 71 | 財務摘要 業績 按分部劃分的收益及其他收入 收益及其他收入（百萬港元） 本公司股東應佔虧損（百萬港元） 本公司股東 應佔股東權益（百萬港元） 資產總額（百萬港元） 已發行股份數目 本公司股東 應佔每股資產淨值（港元） 企業融資及承銷（百萬港元） 每股基本╱攤薄虧損（港元） 資產管理及顧問（百萬港元） 保證金融資（百萬港元） 投資及貸款（百萬港元） 其他（百萬港元） 經紀（百萬港元） 2025年上半年 2024年上半年 2025年上半年 2024年上半年 2025年上半年 2024年上半年 2025年上半年 2 ...

(Incorporated in the Cayman Islands with limited liability) Stock code: 1548 2025 This interim report is printed on environmental-friendly paper 目 錄 2 公司概況 3 公司資料 5 財務摘要 7 管理層討論及分析 24 其他資料 43 中期簡明合併損益表 45 中期簡明合併全面收益表 46 中期簡明合併財務狀況表 48 中期簡明合併權益變動表 50 中期簡明合併現金流量表 52 中期簡明合併財務資料附註 金斯瑞生物科技股份有限公司 2025中期報告 公司 概況 金斯瑞生物科技股份有限公司（「本公司」，連同其附屬公司合稱「本集團」或「金斯瑞生物科技」）為一家廣受認同的 生物科技公司。基於我們的專有基因合成技術，以及有關生命科學研究與應用的其他技術和專業知識，我們已成功 建立了多個主要平台，包括(i)金斯瑞品牌名下的生命科學服務及產品平台（「金斯瑞」），為全球科學界提供一站式解 決方案；(ii) Probio Technology Limited（「Probio Ca ...

( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號：601788 (A股) 06178 (H股) 中期報告 2025 重要提示 經公司第七屆董事會第九次會議審議通過的公司2025年中期利潤分配預案為：2025年6月30日公司A股和H 股總股本4,610,787,639股，擬向全體A股和H股股東每10股派送現金股利人民幣1.095元（含稅），共派發現 金股利人民幣504,881,246.47元。以上分配預案將提交公司股東會審議，待股東會審議通過後執行。 十一、本公司以中英文兩種語言編製本中期報告。在對本報告的中英文版本理解上發生歧義時，以中文為準。 2 一、 本公司董事會及董事、高級管理人員保證中期報告內容的真實性、準確性、完整性，不存在虛假記載、誤導 性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 本報告經本公司第七屆董事會第九次會議通過。會議應到董事12人，實際參與表決董事12人。未有董事對 本報告提出異議。 三、 除特別說明外，本報告中所披露的財務數據按照國際財務報告準則編製、未經審計，但經畢馬威會計師事務 所審閱，本報告所列數據以人民幣為單位。 四、 公司負責人趙陵、主管會計工作負責人劉秋明 ...