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。 JY GRANDMARK HOLDINGS LIMITED 景業名邦集團控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2231） 截 至2025年6月30日止六個月 中期業績公告 景業名邦集團控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」）會（「董事會」）欣然宣佈本集團截至2025年6月30日止六個月（「回顧期間」）的 未 經 審 核 中 期 簡 明 合 併 業 績 連 同 上 一 財 政 年 度 同 期 的 比 較 數 字 如 下： 中期簡明合併全面收益表 | | | | | | | | | 截 | 至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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，概不會就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。 財務紀要 – 1 – • 營業收入約為人民幣 45,565.7 百萬元，較二零二四年中期增加約人民幣 3.3 百萬元 或 0.01% • 主營業務毛利率約為 10.6%，較二零二四年中期增加約 1.0 個百分點 • 淨虧損約為人民幣 1,908.9 百萬元，較二零二四年中期淨虧損增加約人民幣 159.4 百 萬元或 9.1% • 歸屬於母公司股東的淨虧損約為人民幣 1,495.6 百萬元，較二零二四年中期歸屬於 母公司股東的淨虧損增加約人民幣 688.9 百萬元或 85.4% • 歸屬於母公司股東的基本每股虧損（扣除其他權益工具指標）約為人民幣 0.19 元， 較二零二四年中期基本每股虧損（扣除其他權益工具指標）約人民幣 0.12 元增加約 人民幣 0.07 元或 58.3% • 歸屬於母公司股東的基本每股虧損（未扣除其他權益工具指標）約為人民幣 0.14 元， 較二零二四年中期基本每股虧損 （未扣除其 ...

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。 本公司董事會宣佈本集團截至2025年6月30日止六個月之未經審計合併經營業 績，連同2024年同期的比較數字。於本業績公告列示的本集團截至2025年6月30 日止六個月財務資料乃基於中國企業會計準則、香港《公司條例》以及上市規則的 披露要求而編製的未經審計合併財務報表。 註： 非經常性損益的詳細情況見本公告財務資料附註22。 1 • 本集團營業收入為人民幣約39,167.2百萬元，比2024年同期（已重述）下降 0.5%。 • 歸屬於母公司股東的淨利潤為人民幣約5,951.8百萬元，比2024年同期（已 重述）下降16.3%。 • 扣除非經常性損益的影響後，歸屬於母公司股東的淨利潤為人民幣約 5,609.3百萬元，比2024年同期（已重述）下降19.4%。 概述 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 截至2 ...

Interim Results Announcement [Announcement Details](index=1&type=section&id=Announcement%20Details) This announcement presents the unaudited consolidated interim results of China Automobile Interior Group Limited and its subsidiaries for the six months ended June 30, 2025, with comparative figures for 2024 - The announcement presents the unaudited consolidated interim results of China Automobile Interior Group Limited for the six months ended June 30, 2025, including comparative data for the same period in 2024[2](index=2&type=chunk) Unaudited Condensed Consolidated Financial Statements [Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue increased by 29.9% to RMB 64,257 thousand, gross profit rose to RMB 9,711 thousand, and operating loss significantly narrowed to RMB 1,850 thousand, primarily due to a net gain from other income, gains, and losses Key Data from Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 64,257 | 49,456 | +29.9% | | Cost of sales | (54,546) | (41,192) | +32.4% | | Gross profit | 9,711 | 8,264 | +17.5% | | Other income, gains and losses, net | 4,272 | (12,745) | From loss to gain | | Operating loss | (1,850) | (14,876) | -87.6% | | Finance costs | (602) | (1,127) | -46.6% | | Loss before tax | (2,452) | (16,003) | -84.7% | | Income tax expense | (3) | (21) | -85.7% | | Loss for the period | (2,455) | (16,024) | -84.7% | | Basic and diluted loss per share | (1.40) cents | (9.15) cents | -84.7% | [Statement of Financial Position](index=4&type=section&id=Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 256,629 thousand, a slight decrease from December 31, 2024, with significant declines in cash and bank balances, while liquidity and debt-to-asset ratios remained healthy Key Data from Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 80,769 | 84,372 | -4.27% | | Current assets | 175,860 | 183,874 | -4.36% | | Total assets | 256,629 | 268,246 | -4.2% | | **Equity** | | | | | Total equity | 176,023 | 179,091 | -1.71% | | **Liabilities** | | | | | Non-current liabilities | 3,812 | 5,529 | -31.06% | | Current liabilities | 76,794 | 83,626 | -8.17% | | Total liabilities | 80,606 | 89,155 | -9.59% | | Net current assets | 99,066 | 100,248 | -1.18% | [Statement of Changes in Equity](index=6&type=section&id=Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity decreased from approximately RMB 179,091 thousand to RMB 176,023 thousand, primarily due to the loss for the period and negative foreign currency translation reserve impact, partially offset by a reduction in accumulated losses from lapsed share options Key Data from Statement of Changes in Equity (For the six months ended June 30) | Indicator | June 30, 2025 (RMB thousands) | January 1, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | January 1, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Share capital | 3,643 | 3,643 | 3,643 | 3,643 | | Share premium | 325,645 | 325,645 | 325,645 | 325,645 | | Merger reserve | 5,992 | 5,992 | 5,992 | 5,992 | | Exchange fluctuation reserve | 33,971 | 34,584 | 42,010 | 35,064 | | Share option reserve | – | 573 | 4,993 | 7,867 | | Statutory reserve | 11,818 | 11,818 | 11,830 | 11,818 | | Accumulated losses | (205,046) | (203,164) | (250,999) | (237,837) | | Total equity | 176,023 | 179,091 | 143,114 | 152,192 | - As of June 30, 2025, the share option reserve was **zero**, with all **4,800,000 share options** having lapsed[15](index=15&type=chunk)[137](index=137&type=chunk) [Statement of Cash Flows](index=7&type=section&id=Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities significantly increased to RMB 28,614 thousand, net cash used in investing activities was RMB 223 thousand, and net cash from financing activities was RMB 3,804 thousand Key Data from Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (28,614) | (3,443) | | Net cash (used in)/generated from investing activities | (223) | 57 | | Net cash generated from/(used in) financing activities | 3,804 | (2,076) | | Net decrease in cash and cash equivalents | (25,033) | (5,462) | | Cash and cash equivalents at beginning of period | 49,419 | 26,043 | | Cash and cash equivalents at end of period | 24,516 | 27,728 | Notes to the Unaudited Condensed Consolidated Interim Financial Statements [General Information](index=8&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, primarily engages in investment holding, with the group's core business being the manufacturing and sale of non-woven fabric products for automotive interiors and other parts - The company's principal business is investment holding, with the group's core business being the manufacturing and sale of non-woven fabric products for automotive interior parts and other applications[19](index=19&type=chunk)[24](index=24&type=chunk) [Basis of Preparation](index=8&type=section&id=Basis%20of%20Preparation) The interim financial statements are prepared in accordance with Appendix D2 of the Listing Rules of The Stock Exchange of Hong Kong Limited and HKAS 34 "Interim Financial Reporting" issued by the HKICPA, adopting the same accounting policies as the 2024 annual financial statements, with changes expected in the 2025 annual financial statements - The financial statements are prepared in accordance with Appendix D2 of the Hong Kong Listing Rules and HKAS 34, adopting 2024 accounting policies, with policy changes anticipated in 2025[21](index=21&type=chunk)[22](index=22&type=chunk)[25](index=25&type=chunk) [Application of New and Amendments to HKFRS Accounting Standards](index=9&type=section&id=Application%20of%20New%20and%20Amendments%20to%20HKFRS%20Accounting%20Standards) During this interim period, the Group first applied new and amended HKFRS accounting standards, mandatory for annual periods beginning on or after January 1, 2025, including amendments to HKAS 21 "Lack of Exchangeability," which had no material impact on the financial position or performance for the current and prior periods - The Group first applied new and amended HKFRS accounting standards, including HKAS 21 "Lack of Exchangeability," which had no material impact on the financial position or performance for the current and prior periods[27](index=27&type=chunk)[30](index=30&type=chunk) [Revenue](index=9&type=section&id=Revenue_Note) For the six months ended June 30, 2025, the Group's revenue primarily derived from non-woven fabric related products for automotive applications, totaling RMB 64,257 thousand, a 29.9% increase from RMB 49,456 thousand in the same period of 2024 Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-woven fabric related products for automotive | 64,257 | 49,456 | - The Group's revenue primarily comes from automotive non-woven fabric products, with a **29.9% year-on-year increase** in the first half of 2025[31](index=31&type=chunk)[32](index=32&type=chunk)[93](index=93&type=chunk) [Other Income, Gains and Losses, Net](index=10&type=section&id=Other%20Income,%20Gains%20and%20Losses,%20Net) For the six months ended June 30, 2025, other income, gains and losses, net, turned from a net loss of RMB 12,745 thousand in 2024 to a net gain of RMB 4,272 thousand, primarily due to fair value gains on financial assets at fair value through profit or loss Other Income, Gains and Losses, Net (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income | 40 | 21 | | Fair value gains/(losses) on financial assets at fair value through profit or loss | 2,276 | (15,694) | | Loss on disposal of property, plant and equipment | – | (33) | | Gain on disposal of a deconsolidated subsidiary | – | 923 | | Rental income | 1,947 | 2,005 | | Others | 9 | 33 | | **Total** | **4,272** | **(12,745)** | - In the first half of 2025, other income, gains and losses, net, turned from a loss to a gain, primarily driven by **fair value gains on financial assets**[39](index=39&type=chunk)[95](index=95&type=chunk)[100](index=100&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group's operations are primarily focused on the single reportable and operating segment of manufacturing and selling non-woven fabric related products for automotive interiors and other parts, with its business operations and non-current assets mainly located in China - The Group focuses on a **single operating segment**: manufacturing and selling automotive non-woven fabric products[35](index=35&type=chunk)[37](index=37&type=chunk) - The Group's principal business operations and non-current assets are located in China[36](index=36&type=chunk)[38](index=38&type=chunk) [Loss from Operations](index=11&type=section&id=Loss%20from%20Operations) For the six months ended June 30, 2025, operating loss was RMB 1,850 thousand, a significant reduction from RMB 14,876 thousand in the same period of 2024, mainly due to changes in various expenses such as depreciation, staff costs, and net provision for expected credit losses Operating Loss Components (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,124 | 645 | | Depreciation of right-of-use assets | 1,183 | 858 | | Directors' emoluments | 336 | 234 | | Net provision for expected credit losses | 4,978 | – | | Cost of inventories recognized as cost of sales | 54,546 | 41,192 | | Staff costs (including directors' emoluments) | 5,715 | 4,859 | - The operating loss significantly narrowed in the first half of 2025, but the **net provision for expected credit losses was RMB 4,978 thousand**, compared to zero in the prior year period[7](index=7&type=chunk)[41](index=41&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs were RMB 602 thousand, a 46.6% decrease from RMB 1,127 thousand in the same period of 2024, primarily due to lower interest expenses on bank borrowings Finance Costs Components (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest expense on bank borrowings | 416 | 1,023 | | Interest expense on bonds | 109 | – | | Interest expense on lease liabilities | 77 | 104 | | **Total** | **602** | **1,127** | - Finance costs decreased by **46.6% year-on-year**, primarily due to a reduction in bank borrowing interest expenses[7](index=7&type=chunk)[43](index=43&type=chunk) [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was RMB 3 thousand, a significant reduction from RMB 21 thousand in the same period of 2024, with the Group exempt from income tax in the Cayman Islands and BVI, no assessable profits in Hong Kong, and Chinese subsidiaries subject to a 25% corporate income tax rate Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC corporate income tax | 3 | 21 | - There were no assessable profits in Hong Kong, and Chinese subsidiaries are subject to a **25% corporate income tax rate**[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share significantly narrowed to RMB 1.40 cents from 9.15 cents in the same period of 2024, with diluted loss per share being the same as basic loss per share due to no dilutive potential ordinary shares Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | (1.40) cents | (9.15) cents | - Loss per share significantly narrowed, and basic and diluted losses are consistent due to **no dilutive potential ordinary shares**[51](index=51&type=chunk)[52](index=52&type=chunk)[57](index=57&type=chunk) [Dividend](index=13&type=section&id=Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board of Directors does not recommend the payment of an interim dividend for the first half of 2025[53](index=53&type=chunk)[58](index=58&type=chunk) [Property, Plant and Equipment](index=13&type=section&id=Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant and equipment of approximately RMB 480 thousand, a decrease from RMB 933 thousand in the same period of 2024, and no loss on disposal of property, plant and equipment was recognized this period - In the first half of 2025, property, plant and equipment acquisitions amounted to **RMB 480 thousand**, a **48.6% year-on-year decrease**[54](index=54&type=chunk)[59](index=59&type=chunk) - No loss on disposal of property, plant and equipment was recognized this period, compared to RMB 33 thousand in the prior year period[55](index=55&type=chunk)[59](index=59&type=chunk) [Investment Property](index=13&type=section&id=Investment%20Property) For the six months ended June 30, 2025, the Group recognized depreciation of approximately RMB 178 thousand for investment property, consistent with the same period in 2024 - In the first half of 2025, investment property depreciation was **RMB 178 thousand**, consistent with the prior year period[56](index=56&type=chunk)[60](index=60&type=chunk) [Trade and Bills Receivables](index=14&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were RMB 78,351 thousand, a significant increase from RMB 56,249 thousand as of December 31, 2024, with a notable increase in receivables aged 91-180 days and 181-365 days Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 73,016 | 55,662 | | Bills receivables | 5,335 | 587 | | **Total** | **78,351** | **56,249** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 45,636 | 51,845 | | 91 to 180 days | 13,580 | 2,812 | | 181 to 365 days | 13,800 | 1,005 | - Trade terms generally provide a credit period of **30 to 120 days**, with overdue balances regularly reviewed[65](index=65&type=chunk)[66](index=66&type=chunk) [Share Capital](index=15&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was 40,000,000,000 ordinary shares of HKD 0.025 each, with 175,115,104 issued and fully paid shares amounting to RMB 3,643 thousand, unchanged from January 1, 2025 Share Capital Structure (As of June 30) | Item | Number of Shares | Amount (HKD thousands) | Amount (RMB thousands) | | :--- | :--- | :--- | :--- | | Authorized ordinary shares (HKD 0.025 each) | 40,000,000,000 | 1,000,000 | 863,495 | | Issued and fully paid ordinary shares (HKD 0.025 each) | 175,115,104 | 4,378 | 3,643 | - The share capital structure remained **stable** during the reporting period, with no new issues or redemptions[68](index=68&type=chunk)[122](index=122&type=chunk)[126](index=126&type=chunk) [Trade Payables](index=15&type=section&id=Trade%20Payables) As of June 30, 2025, total trade and bills payables were RMB 31,837 thousand, a decrease from RMB 39,812 thousand as of December 31, 2024, with a decline in 0-90 day trade payables but stable long-term payables over 365 days Trade and Bills Payables (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 31,837 | 38,222 | | Bills payables | – | 1,590 | | **Total** | **31,837** | **39,812** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 18,988 | 24,338 | | 91 to 180 days | 885 | 1,936 | | 181 to 365 days | 255 | 235 | | Over 365 days | 11,709 | 11,713 | - Trade payables generally have a credit period of **10 to 60 days**, and bills payables range from **90 to 180 days**[74](index=74&type=chunk)[78](index=78&type=chunk) [Bank Borrowings](index=16&type=section&id=Bank%20Borrowings) As of June 30, 2025, total bank borrowings increased to RMB 30,325 thousand from RMB 25,000 thousand as of December 31, 2024, all repayable within one year and secured by the Group's investment properties, leasehold land, and personal guarantees from Director Zhuang Yuejin and his spouse Bank Borrowings (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank loans, secured | 30,325 | 25,000 | - Bank borrowings are secured by **investment properties, leasehold land, and personal guarantees** from a director, and are all repayable within one year[77](index=77&type=chunk)[80](index=80&type=chunk) - As of the reporting period end, no covenants were breached, and short-term bank loans face **cash flow interest rate risk**[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) [Material Related Party Transactions](index=17&type=section&id=Material%20Related%20Party%20Transactions) During the reporting period, the Group's main related party transactions involved remuneration paid to key management personnel, including directors' emoluments, which increased to RMB 336 thousand for the six months ended June 30, 2025, from RMB 234 thousand in the same period of 2024 Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries and other short-term benefits | 336 | 234 | | Employer's retirement benefit scheme contributions | – | – | | **Total** | **336** | **234** | - Key management personnel remuneration increased year-on-year, but there were **no employer's retirement benefit scheme contributions**[84](index=84&type=chunk) Management Discussion and Analysis [Business Review](index=18&type=section&id=Business%20Review) The Group primarily manufactures and sells non-woven fabric products for automotive interiors and engages in securities investment and financial services, facing increased competition despite growth in China's passenger vehicle production and sales - The Group's core business is the manufacturing and sale of automotive interior non-woven fabric products, also involved in securities investment and financial services[85](index=85&type=chunk)[89](index=89&type=chunk) [Manufacture and sale of nonwoven fabric products](index=18&type=section&id=Manufacture%20and%20sale%20of%20nonwoven%20fabric%20products) The Group produces non-woven fabric products for automotive interiors in China (Cangzhou, Changchun, Chengdu) for Chinese auto parts manufacturers, with passenger vehicle production and sales growing by 12.1% and 14.5% respectively in H1 2025, but increased industry competition led to a decline in gross profit margin - The Group operates production facilities in China, primarily manufacturing non-woven fabric products for Chinese automotive parts manufacturers[86](index=86&type=chunk)[90](index=90&type=chunk) China Passenger Vehicle Production and Sales (For the six months ended June 30) | Indicator | 2025 (Units) | 2024 (Units) | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Production volume | Approx. 2,441,000 | - | Approx. 12.1% | | Sales volume | Approx. 2,536,000 | - | Approx. 14.5% | - Increased competition in the automotive industry led to a **decline in the Group's gross profit margin** for non-woven fabric products[87](index=87&type=chunk)[90](index=90&type=chunk) [Interest in associates](index=18&type=section&id=Interest%20in%20associates) The Group indirectly holds a 42% equity interest in Smart Easy Oriental Securities through a joint venture, which holds Type 1, 4, and 9 regulated activity licenses under the Hong Kong Securities and Futures Ordinance, and recognized a share of loss of approximately RMB 0.3 million from the associate for the six months ended June 30, 2025 - The Group indirectly holds a **42% equity interest** in Smart Easy Oriental Securities, which possesses licenses for Hong Kong securities dealing, advising, and asset management[88](index=88&type=chunk)[91](index=91&type=chunk) - For the first half of 2025, the Group recognized a **share of loss from the associate of approximately RMB 0.3 million**[88](index=88&type=chunk)[91](index=91&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) In the first half of 2025, the Group's revenue grew by 29.9% to RMB 64.3 million, gross profit increased by RMB 1.4 million to RMB 9.7 million, and other income, gains and losses, net, turned from a loss to a gain, while loss attributable to owners significantly narrowed to RMB 2.5 million - In the first half of 2025, revenue increased by **29.9% year-on-year**, and gross profit increased by **RMB 1.4 million**[93](index=93&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - Other income, gains and losses, net, turned from a net loss of **RMB 12.7 million** in 2024 to a net gain of **RMB 4.3 million** in 2025, primarily due to fair value gains on financial assets[95](index=95&type=chunk)[100](index=100&type=chunk) - Administrative expenses slightly increased to **RMB 9.0 million**[96](index=96&type=chunk)[101](index=101&type=chunk) - Loss attributable to owners of the Company significantly narrowed to **RMB 2.5 million**, compared to RMB 16.0 million in the prior year period[97](index=97&type=chunk)[102](index=102&type=chunk) [Revenue](index=19&type=section&id=Revenue_FinancialReview) For the six months ended June 30, 2025, the Group's revenue increased to approximately RMB 64.3 million, a 29.9% growth from approximately RMB 49.5 million in the same period of 2024, primarily due to improved business conditions Revenue (For the six months ended June 30) | Year | Revenue (RMB thousands) | | :--- | :--- | | 2025 | 64,257 | | 2024 | 49,456 | - Revenue growth was primarily driven by **improved business conditions**[93](index=93&type=chunk)[98](index=98&type=chunk) [Gross Profit](index=19&type=section&id=Gross%20Profit_FinancialReview) For the six months ended June 30, 2025, the Group's gross profit increased by RMB 1.4 million to approximately RMB 9.7 million, mainly due to increased revenue from the manufacturing and sale of non-woven fabric related products - Gross profit increased by **RMB 1.4 million to RMB 9.7 million**, primarily driven by increased sales revenue from non-woven fabric products[94](index=94&type=chunk)[99](index=99&type=chunk) [Other income, gains and losses, net](index=19&type=section&id=Other%20income,%20gains%20and%20losses,%20net_FinancialReview) For the six months ended June 30, 2025, other income, gains and losses, net, turned from a net loss of RMB 12.7 million in 2024 to a net gain of approximately RMB 4.3 million in 2025, mainly due to fair value gains on financial assets at fair value through profit or loss - Other income, gains and losses, net, turned from a loss to a gain, primarily due to **fair value gains on financial assets of approximately RMB 2.3 million**, compared to a loss of approximately RMB 15.7 million in the prior year period[95](index=95&type=chunk)[100](index=100&type=chunk) [Administrative expenses](index=19&type=section&id=Administrative%20expenses_FinancialReview) For the six months ended June 30, 2025, administrative expenses increased by approximately RMB 0.3 million to approximately RMB 9.0 million from approximately RMB 8.7 million - Administrative expenses increased by approximately **RMB 0.3 million to RMB 9.0 million** year-on-year[96](index=96&type=chunk)[101](index=101&type=chunk) [Loss attributable to the owners of the Company](index=19&type=section&id=Loss%20attributable%20to%20the%20owners%20of%20the%20Company_FinancialReview) For the six months ended June 30, 2025, loss attributable to owners of the Company was approximately RMB 2.5 million, a significant reduction from a loss of approximately RMB 16.0 million in the same period of 2024 - Loss attributable to owners of the Company significantly narrowed from **RMB 16.0 million to RMB 2.5 million**[97](index=97&type=chunk)[102](index=102&type=chunk) [Prospect and Outlook](index=20&type=section&id=Prospect%20and%20Outlook) The Board anticipates challenges in the non-woven fabric business in 2025 due to rising costs and safety requirements, planning production upgrades, R&D, new client acquisition, and a new Chongqing production line by 2026, while seeking diversification investments - The non-woven fabric product business in 2025 faces challenges from **rising production costs** and **increased automotive safety requirements**[104](index=104&type=chunk)[106](index=106&type=chunk) - The Group plans to enhance competitiveness through **production line upgrades, new machinery installation, R&D, strengthened quality control, and new client acquisition**[109](index=109&type=chunk) - A new production line has been established in Chongqing, scheduled to commence production of automotive carpet fabrics and other products in **2026**, to expand revenue streams[104](index=104&type=chunk)[107](index=107&type=chunk) - The Group will prudently manage its lending business and seek expansion, while also identifying potential investment opportunities for **business diversification**[105](index=105&type=chunk)[108](index=108&type=chunk) [Significant Investments](index=21&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held equity interests in six Hong Kong listed companies, whose fair values fluctuated, with some recording gains and others losses, and its financial assets primarily comprise 17 Hong Kong listed equity securities - The Group holds equity interests in **six Hong Kong listed companies**: China Investment and Finance, Hao Wen, Wanmin Haowu, Fuyu, Longcheng Financial, and Taijin[110](index=110&type=chunk)[112](index=112&type=chunk) Significant Investment Fair Value and Gains/Losses (As of June 30) | Company Name | Fair Value Gain/(Loss) as of June 30, 2025 (RMB thousands) | Fair Value as of June 30, 2025 (RMB thousands) | Approximate Percentage of Total Assets (%) | Fair Value as of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | China Investment and Finance (CI) | 1,247 | 10,924 | 4.26 | 10,037 | | Hao Wen (HW) | (2,270) | 1,395 | 0.54 | 3,781 | | Wanmin Haowu (WH) | (29) | 1,811 | 0.71 | 1,907 | | Fuyu (WG) | 2,096 | 3,745 | 1.46 | 1,725 | | Longcheng Financial (LF) | 607 | 2,219 | 0.86 | 1,675 | | Taijin (TK) | (411) | 979 | 0.38 | 1,437 | - The value of significant investments may be affected by **overall stock market conditions**[116](index=116&type=chunk)[119](index=119&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) The Group primarily funds its operations through internal cash resources and bank financing, with cash and bank balances decreasing to RMB 24.5 million as of June 30, 2025, from RMB 49.4 million as of December 31, 2024, while maintaining healthy liquidity and debt-to-asset ratios - The Group primarily funds operations through **internal cash and bank financing**[117](index=117&type=chunk)[120](index=120&type=chunk) Liquidity Indicators (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and bank balances (RMB millions) | 24.5 | 49.4 | | Current ratio (Current assets/Current liabilities) | 2.29 | 2.20 | | Gearing ratio (Total liabilities/Total assets) | 0.31 | 0.33 | [Foreign Exchange Exposure](index=23&type=section&id=Foreign%20Exchange%20Exposure) The Group's majority of assets and liabilities are denominated in RMB, USD, and HKD, and as of June 30, 2025, the Group did not face significant foreign exchange risk from foreign currency contracts, interest, currency swaps, or other financial derivatives - The Group's assets and liabilities are primarily denominated in **RMB, USD, and HKD**[121](index=121&type=chunk)[125](index=125&type=chunk) - As of the reporting period end, the Group had **no significant foreign exchange risk exposure**[121](index=121&type=chunk)[125](index=125&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) There have been no significant changes in the Group's capital structure from December 31, 2024, up to the date of this report - The Group's capital structure has remained **unchanged** since December 31, 2024[122](index=122&type=chunk)[126](index=126&type=chunk) Other Information [Directors' and Chief Executives' Interests in Shares, Underlying Shares and Debentures](index=23&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Zhuang Yuejin held 8.66% of the company's shares, while Ms. Xiao Suni and Ms. Zhu Chunyan each held 0.45%, with no other disclosable interests or short positions in shares or underlying shares by directors or chief executives Directors' Long Positions in Company Shares (As of June 30) | Name | Capacity and Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Company's Shareholding | | :--- | :--- | :--- | :--- | | Zhuang Yuejin | Beneficial owner | 15,164,800 | 8.66% | | Xiao Suni | Beneficial owner | 790,000 | 0.45% | | Zhu Chunyan | Beneficial owner | 790,000 | 0.45% | - During the reporting period, no rights to acquire shares or debentures of the company were granted to directors or their spouses/children[130](index=130&type=chunk)[134](index=134&type=chunk) [Substantial Shareholders' and Other Persons' Interests or Short Positions in the Shares or Underlying Shares of the Company](index=24&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20or%20Short%20Positions%20in%20the%20Shares%20or%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, other than the disclosed directors' interests, the Board was not aware of any other persons holding substantial interests or short positions in the shares or underlying shares of the company required to be disclosed under the Securities and Futures Ordinance - Apart from directors' interests, no other substantial shareholders or persons held disclosable material interests or short positions[131](index=131&type=chunk)[135](index=135&type=chunk) [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted on June 5, 2015, expired on June 4, 2025, with no share options granted, exercised, or cancelled during the six months ended June 30, 2025, but 4,800,000 share options lapsed, resulting in no outstanding unexercised share options at period-end - The company's share option scheme expired on **June 4, 2025**[132](index=132&type=chunk)[136](index=136&type=chunk) - In the first half of 2025, **4,800,000 share options lapsed**, resulting in **no unexercised share options** at period-end[137](index=137&type=chunk)[142](index=142&type=chunk) - Share option exercise prices were not less than the closing price on the grant date, the average closing price of the preceding five days, or the nominal value of the shares[138](index=138&type=chunk)[140](index=140&type=chunk) [Purchase, Sale or Redemption of the Listed Securities of the Company](index=26&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Listed%20Securities%20of%20the%20Company) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[143](index=143&type=chunk)[152](index=152&type=chunk) [Director's Interest in Competing Interests](index=26&type=section&id=Director's%20Interest%20in%20Competing%20Interests) For the six months ended June 30, 2025, the Board was not aware of any business or conflict of interest of directors, controlling shareholders, and their associates that competes or may compete with the Group's business - During the reporting period, the Board found no competing business or conflicts of interest involving directors, controlling shareholders, or their associates[144](index=144&type=chunk)[148](index=148&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=26&type=section&id=Code%20of%20Conduct%20Regarding%20Securities%20Transactions%20by%20Directors) The company has adopted a code of conduct for directors' securities transactions no less exacting than the Model Code set out in the Listing Rules and confirmed that all directors complied with the code during the reporting period - The company adopted a code of conduct for directors' securities transactions, and all directors complied with it during the reporting period[145](index=145&type=chunk)[149](index=149&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) For the six months ended June 30, 2025, the company complied with the Corporate Governance Code, except for code provision C.2.1 where the Chairman and Chief Executive Officer roles are held by the same person, Mr. Zhuang Yuejin, an arrangement the Board believes is more efficient - The company complied with the Corporate Governance Code, except for code provision C.2.1, where the **Chairman and Chief Executive Officer roles are combined** and held by Mr. Zhuang Yuejin[146](index=146&type=chunk)[150](index=150&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk) - The Board believes this arrangement is more efficient, with **three independent non-executive directors** ensuring checks and balances[147](index=147&type=chunk)[151](index=151&type=chunk) [Material Acquisitions or Disposals](index=27&type=section&id=Material%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries and associated companies - During the reporting period, the Group did not undertake any material acquisitions or disposals of subsidiaries and associated companies[153](index=153&type=chunk)[158](index=158&type=chunk) [Pledge on Assets](index=27&type=section&id=Pledge%20on%20Assets) As of June 30, 2025, the Group pledged buildings with a carrying value of approximately RMB 3.2 million and leasehold land of approximately RMB 2.1 million as collateral for its bank loans - The Group pledged buildings with a carrying value of approximately **RMB 3.2 million** and leasehold land of approximately **RMB 2.1 million** as collateral for bank loans[154](index=154&type=chunk)[159](index=159&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 101 staff, an increase from 82 in the same period of 2024, with remuneration based on experience, qualifications, and ability, and benefits including statutory MPF, social insurance, and housing provident fund Number of Employees (As of June 30) | Year | Number of Employees | | :--- | :--- | | 2025 | 101 | | 2024 | 82 | - Remuneration policy is based on **experience, qualifications, and ability**, with employee benefits including statutory MPF, social insurance, and housing provident fund[155](index=155&type=chunk)[160](index=160&type=chunk) - The Remuneration Committee reviews the remuneration policy for directors and senior management[156](index=156&type=chunk)[160](index=160&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the six months ended June 30, 2025, and up to the date of this report - No significant events occurred after the reporting period up to the date of this report[157](index=157&type=chunk)[161](index=161&type=chunk) [Nomination Committee](index=28&type=section&id=Nomination%20Committee) The Nomination Committee, established on September 13, 2010, comprises an executive director, Mr. Zhuang Yuejin (Chairman), and two independent non-executive directors, Mr. Yuan Weiqiang and Ms. Wu Lina - The Nomination Committee consists of **Mr. Zhuang Yuejin (Chairman), Mr. Yuan Weiqiang, and Ms. Wu Lina**[162](index=162&type=chunk)[165](index=165&type=chunk) [Remuneration Committee](index=28&type=section&id=Remuneration%20Committee) The Remuneration Committee, established on September 13, 2010, comprises an executive director, Mr. Zhuang Yuejin, and two independent non-executive directors, Mr. Yuan Weiqiang (Chairman) and Ms. Zhu Chunyan - The Remuneration Committee consists of **Mr. Zhuang Yuejin, Mr. Yuan Weiqiang (Chairman), and Ms. Zhu Chunyan**[163](index=163&type=chunk)[166](index=166&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee, established on September 13, 2010, comprises three independent non-executive directors, Mr. Yuan Weiqiang (Chairman), Ms. Wu Lina, and Ms. Zhu Chunyan, and has reviewed the interim results, deeming them compliant with applicable accounting standards and adequately disclosed - The Audit Committee comprises **Mr. Yuan Weiqiang (Chairman), Ms. Wu Lina, and Ms. Zhu Chunyan**[164](index=164&type=chunk)[167](index=167&type=chunk) - The Audit Committee reviewed these interim results, finding them compliant with applicable accounting standards and adequately disclosed, though **not audited by the company's auditors**[164](index=164&type=chunk)[167](index=167&type=chunk) [Board of Directors](index=29&type=section&id=Board%20of%20Directors) As of June 30, 2025, the Board of Directors comprises three executive directors (Mr. Zhuang Yuejin, Mr. Wu Zhonghao, Ms. Xiao Suni) and three independent non-executive directors (Mr. Yuan Weiqiang, Ms. Wu Lina, Ms. Zhu Chunyan), with Mr. Zhuang Yuejin serving as Chairman - The Board of Directors consists of **three executive directors and three independent non-executive directors**, with Mr. Zhuang Yuejin serving as Chairman[168](index=168&type=chunk)[170](index=170&type=chunk)

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。 MANPOWERGROUP GREATER CHINA LIMITED 万宝盛华大中华有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2180） 截至二零二五年六月三十日止六個月 中期業績公告 萬寶盛華大中華有限公司（「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」）截至二零二五年六月三十日止六個月（「期 內」） 的 未 經 審 核 簡 明 合 併 中 期 財 務 資 料，連 同 二 零 二 四 年 同 期 的 比 較 數 字 及 節 選 解 釋 附 註 載 列 如 下。期 內 未 經 審 核 簡 明 合 併 中 期 財 務 資 料 已 由 本 公 司 審 核 委 員 會（「審核委員會」）審 閱。 | 財務摘要 | | | | | | | | | | | | | ...

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。 BOER POWER HOLDINGS LIMITED 博耳電力控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1685） 截至二零二五年六月三十日止 六個月的中期業績公告 博耳電力控股有限公司（「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」）截至二零二五年六月三十日止六個月的未經審 核 中 期 業 績。本 公 告 列 載 本 公 司 二 零 二 五 年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 的 要 求。 Contents目錄 2 CORPORATE INFORMATION 公司資料 4 MANAGEMENT DISCUSSION ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截 至2025年6月30日止六個月未經審計之中期業績公告 第一節 重要提示 無 – 1 – 1.1 本 半 年 度 報 告 摘 要 來 自 半 年 度 報 告 全 文，為 全 面 了 解 重 慶 鋼 鐵 股 份 有 限 公 司（「 本公司 」或「 公 司 」，連 同 其 附 屬 公 司 統 稱 為「 本 集 團 」）的 經 營 成 果、財 務 狀 況 及 未 來 發 展 規 劃，投 資 者 應 當 到 http://www.sse.com.cn（上 海 證 券 交 易 所 網 站）、https://sc.hkex.com.hk（香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）網 站）仔 細 閱 讀 半 年 度 報 告 全 文。 1.2 本 公 司 董 事 會（「董事會」）、監 事 會 及 董 事、監 事、高 級 管 理 人 員 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承 擔 任 何 責 任。 Kidsland International Holdings Limited 凱知樂國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代 號：2122） 截 至2025年6月30日止六個月的中期業績公告 摘 要 – 1 – • 為 實 現 可 持 續 健 康 業 務 經 營，本 集 團 採 取 了 更 積 極 的 措 施，透 過 適 當 調 整 零 售 店 規 模 及 清 理 存 貨，優 化 分 銷 網 絡 及 產 品 組 合。因 此，報 告 期 內錄得收入約人民幣422.5百 萬 元，較 上 一 期 間 約 人 民 幣493.7百萬元減 少14.4%，主 要 由 於 來 自 零 售 店 的 收 入 減 少。另 一 方 面，本 集 團 於 批 發 渠 道 方 面 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) During the reporting period, the company's operating revenue decreased by 6.6% year-on-year, net profit and net profit attributable to owners of the parent decreased by 21.9% and 29.3% respectively, basic earnings per share was RMB 0.05, and gross profit margin slightly increased to 10.7% | Indicator | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,614,375 | 6,012,233 | –6.6% | | Gross Profit | 598,678 | 601,753 | –0.5% | | Net Profit | 90,348 | 115,743 | –21.9% | | Net Profit Attributable to Owners of the Parent | 63,283 | 89,474 | –29.3% | | Gross Profit Margin | 10.7% | 10.0% | 7.0% | | Net Sales Margin | 1.6% | 1.9% | –15.8% | | Basic Earnings Per Share | 0.05 | 0.07 | –28.6% | [Interim Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited consolidated balance sheet and income statement for the six months ended June 30, 2025, along with comparative data for the corresponding period or year-end of 2024, illustrating the Group's financial position and operating results [Interim Consolidated Balance Sheet](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets increased to RMB 25,143,796 thousand, with both current and non-current assets growing; total liabilities also increased, with both current and non-current liabilities rising; total equity attributable to owners of the parent amounted to RMB 2,840,790 thousand | Indicator | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 17,850,872 | 17,189,428 | | Total Non-current Assets | 7,292,924 | 6,934,733 | | **Total Assets** | **25,143,796** | **24,124,161** | | **Liabilities** | | | | Total Current Liabilities | 17,873,952 | 17,501,970 | | Total Non-current Liabilities | 3,866,496 | 3,278,835 | | **Total Liabilities** | **21,740,448** | **20,780,805** | | **Shareholders' Equity** | | | | Total Equity Attributable to Owners of the Parent | 2,840,790 | 2,764,218 | | Non-controlling Interests | 562,558 | 579,138 | | **Total Equity** | **3,403,348** | **3,343,356** | | **Total Liabilities and Shareholders' Equity** | **25,143,796** | **24,124,161** | [Interim Consolidated Income Statement](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) For the six months ended June 30, 2025, the Group's operating revenue was RMB 5,614,375 thousand, a year-on-year decrease of 6.6%; net profit was RMB 90,348 thousand, a year-on-year decrease of 21.9%; and net profit attributable to owners of the parent was RMB 63,283 thousand, a year-on-year decrease of 29.3% | Indicator | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Revenue | 5,614,375 | 6,012,233 | | Cost of Sales | 5,015,697 | 5,410,480 | | Operating Profit | 103,649 | 113,632 | | Total Profit | 103,534 | 113,455 | | Income Tax Expense | 13,186 | –2,288 | | Net Profit | 90,348 | 115,743 | | Net Profit Attributable to Owners of the Parent | 63,283 | 89,474 | | Basic Earnings Per Share (RMB/share) | 0.05 | 0.07 | [Notes to the Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the basis of financial statement preparation, the composition and changes of key accounting items (such as accounts receivable, contract assets, accounts payable, employee benefits, taxes and fees), and specifics of operating revenue, costs, expenses, and income tax, along with applicable tax incentives [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Shanxi Installation Group Co., Ltd. was established in November 1989, restructured into a joint-stock company in 2021, and listed on the Main Board of the Hong Kong Stock Exchange (stock code: 2520) in November 2023; its primary business is construction, including professional industrial engineering, professional supporting engineering, other engineering contracting, and non-engineering businesses, with its ultimate controlling party being the State-owned Assets Supervision and Administration Commission of Shanxi Provincial People's Government - The company was listed on the Main Board of the Hong Kong Stock Exchange in November 2023, stock code **02520**[15](index=15&type=chunk) - The company's main business is construction, including professional industrial engineering, professional supporting engineering, other engineering contracting, and non-engineering businesses[15](index=15&type=chunk) - The ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Shanxi Provincial People's Government[15](index=15&type=chunk) [Basis of Preparation of Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) The financial statements are prepared in accordance with China Accounting Standards for Business Enterprises, complying with disclosure requirements of the China Securities Regulatory Commission and the Hong Kong Stock Exchange, on a going concern basis, using accrual accounting and historical cost measurement, with provisions for asset impairment - Financial statements are prepared in accordance with China Accounting Standards for Business Enterprises and comply with disclosure requirements of the China Securities Regulatory Commission and the Hong Kong Stock Exchange[17](index=17&type=chunk) - The statements are prepared on a going concern basis, using accrual accounting and historical cost measurement[18](index=18&type=chunk)[19](index=19&type=chunk) [Accounts Receivable](index=7&type=section&id=%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, the carrying value of accounts receivable increased to RMB 6,588,072 thousand from RMB 5,960,673 thousand on December 31, 2024; total impairment provision for bad debts was RMB 470,597 thousand, with an expected credit loss rate of 6.67%; accounts receivable within 1 year constituted the largest portion, but the loss rate for accounts over 5 years old was 100% | Indicator | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying Value of Accounts Receivable | 6,588,072 | 5,960,673 | | Total Impairment Provision for Bad Debts | 470,597 | 443,672 | | Total Expected Credit Loss Rate | 6.67% | 6.93% | | Ageing | Jun 30, 2025 Carrying Amount (RMB thousands) | Jun 30, 2025 Impairment Provision (RMB thousands) | Jun 30, 2025 Expected Credit Loss Rate (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 3,742,934 | 51,278 | 1.37 | | Over 5 years | 71,614 | 71,614 | 100.00 | [Contract Assets](index=8&type=section&id=%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2) As of June 30, 2025, total carrying value of contract assets increased to RMB 6,862,155 thousand from RMB 6,425,844 thousand on December 31, 2024, primarily comprising contract assets from construction contracts and retention money receivable | Item | Jun 30, 2025 Carrying Value (RMB thousands) | Dec 31, 2024 Carrying Value (RMB thousands) | | :--- | :--- | :--- | | Contract Assets from Construction Contracts | 7,388,956 | 6,766,924 | | Retention Money Receivable | 897,589 | 882,229 | | Receivables under Service Concession Arrangements | 3,469,631 | 3,357,395 | | Total | 6,862,155 | 6,425,844 | [Accounts Payable](index=9&type=section&id=%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total accounts payable increased to RMB 10,131,027 thousand from RMB 9,492,423 thousand on December 31, 2024, with accounts payable within 1 year being the largest portion, while amounts for 1-2 years and over 3 years also significantly increased | Ageing | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 4,961,438 | 6,451,451 | | 1–2 years | 2,993,790 | 1,716,576 | | 2–3 years | 1,146,104 | 675,729 | | Over 3 years | 1,029,695 | 648,667 | | Total | 10,131,027 | 9,492,423 | [Employee Benefits Payable](index=9&type=section&id=%E6%87%89%E4%BB%98%E8%81%B7%E5%B7%A5%E8%96%AA%E9%85%AC) As of June 30, 2025, the closing balance of employee benefits payable was RMB 70,775 thousand, a decrease from RMB 82,075 thousand at the end of the previous year, with current period additions of RMB 325,650 thousand and reductions of RMB 336,950 thousand | Item | Balance at Previous Year-End (RMB thousands) | Current Period Additions (RMB thousands) | Current Period Reductions (RMB thousands) | Balance at Period-End (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 78,536 | 282,167 | 293,596 | 67,107 | | — Defined Contribution Plans Post-employment Benefits | 319 | 41,693 | 41,564 | 448 | | Termination Benefits | 3,220 | 1,790 | 1,790 | 3,220 | | Total | 82,075 | 325,650 | 336,950 | 70,775 | [Taxes Payable](index=10&type=section&id=%E6%87%89%E4%BA%A4%E7%A8%85%E8%B2%BB) As of June 30, 2025, total taxes payable decreased to RMB 51,667 thousand from RMB 57,554 thousand on December 31, 2024, with corporate income tax and urban maintenance and construction tax decreasing, while VAT and individual income tax increased | Tax Item | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Corporate Income Tax | 15,347 | 26,497 | | Value-Added Tax | 16,432 | 11,532 | | Individual Income Tax | 13,325 | 12,490 | | Urban Maintenance and Construction Tax | 2,125 | 2,293 | | Total | 51,667 | 57,554 | [Other Payables](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, total other payables decreased to RMB 522,992 thousand from RMB 583,394 thousand on December 31, 2024, with dividends payable remaining unchanged, while other payables (such as deposits received, amounts due to related parties, and amounts due to staff) varied | Item | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Dividends Payable | 71,678 | 71,678 | | Other Payables | 451,314 | 511,716 | | Total | 522,992 | 583,394 | [Operating Revenue and Cost of Sales](index=11&type=section&id=%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5%E5%92%8C%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC) For January-June 2025, the Group's operating revenue was RMB 5,614,375 thousand and cost of sales was RMB 5,015,697 thousand, both decreasing year-on-year; main business revenue accounted for the majority, with professional industrial engineering revenue being the highest, but professional supporting engineering and other engineering revenues significantly decreased year-on-year; revenue recognition primarily occurs over time | Item | Jan-Jun 2025 Revenue (RMB thousands) | Jan-Jun 2025 Cost (RMB thousands) | Jan-Jun 2024 Revenue (RMB thousands) | Jan-Jun 2024 Cost (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 5,588,041 | 5,005,369 | 6,000,273 | 5,408,819 | | Other Businesses | 26,334 | 10,328 | 11,960 | 1,661 | | Total | 5,614,375 | 5,015,697 | 6,012,233 | 5,410,480 | | Main Type | Jan-Jun 2025 Revenue (RMB thousands) | Jan-Jun 2024 Revenue (RMB thousands) | | :--- | :--- | :--- | | Professional Industrial Engineering | 4,069,822 | 3,996,675 | | Professional Supporting Engineering | 534,251 | 749,831 | | Other Engineering | 499,658 | 753,022 | | Non-engineering Business | 484,310 | 500,745 | - Revenue recognition primarily occurs over time, amounting to **RMB 5,103,731 thousand** for January-June 2025[39](index=39&type=chunk) [Taxes and Surcharges](index=12&type=section&id=%E7%A8%85%E9%87%91%E5%8F%8A%E9%99%84%E5%8A%A0) For January-June 2025, total taxes and surcharges were RMB 14,559 thousand, an 11.6% increase year-on-year, primarily due to higher stamp duty and urban maintenance and construction tax | Item | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Property Tax | 2,182 | 3,552 | | Stamp Duty | 3,666 | 2,481 | | Urban Maintenance and Construction Tax | 4,423 | 3,430 | | Education Surcharge | 3,040 | 2,776 | | Total | 14,559 | 13,047 | [Finance Costs](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For January-June 2025, finance costs were RMB 38,729 thousand, a significant 37.9% decrease year-on-year, primarily due to reduced interest expenses on bank borrowings | Item | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Expense | 173,971 | 197,531 | | Less: Interest Capitalized | 1,455 | 10,453 | | Bank Deposit Interest Income | 8,685 | 9,553 | | PPP Project Interest Income | 127,771 | 114,864 | | Total | 38,729 | 62,394 | - Finance costs decreased by **37.9%** year-on-year, primarily due to reduced interest expenses on bank borrowings[94](index=94&type=chunk) [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) For January-June 2025, income tax expense was RMB 13,186 thousand, a substantial increase from RMB -2,288 thousand in the prior year, primarily due to higher current income tax expense | Item | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Calculated According to Tax Laws and Regulations | 18,123 | 4,418 | | Deferred Income Tax Expense | –4,937 | –6,706 | | Total | 13,186 | –2,288 | - Income tax expense increased by **RMB 15,474 thousand** year-on-year, primarily due to higher current income tax expense[102](index=102&type=chunk) [Tax Incentives and Approvals](index=14&type=section&id=%E7%A8%85%E6%94%B6%E5%84%AA%E6%83%A0%E5%8F%8A%E6%89%B9%E6%96%87) The company and several subsidiaries (e.g., Shanxi Shan'an Lantian Energy Saving Technology, Gaoping Xinyangtian Photovoltaic Power Generation) obtained High-Tech Enterprise certificates, enjoying a 15% preferential corporate income tax rate; additionally, the company benefits from a 100% super deduction for R&D expenses (200% for intangible asset amortization) - The company and several subsidiaries obtained High-Tech Enterprise certificates, enjoying a **15%** preferential corporate income tax rate[47](index=47&type=chunk) - The company enjoys a super deduction for R&D expenses at **100%** (intangible asset amortization at **200%**)[48](index=48&type=chunk) [Dividends](index=15&type=section&id=%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the company had no proposed interim dividends - For the six months ended June 30, 2025, no interim dividends were proposed[49](index=49&type=chunk) [Earnings Per Share](index=15&type=section&id=%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) For January-June 2025, both basic and diluted earnings per share were RMB 0.05, a decrease from RMB 0.07 in the prior year | Item | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | | Consolidated Net Profit Attributable to Owners of Ordinary Shares of the Parent (thousands) | 63,283 | 89,474 | | Weighted Average Number of Ordinary Shares Outstanding of the Parent (thousands) | 1,373,486 | 1,373,486 | | Basic Earnings Per Share | 0.05 | 0.07 | [Applicable Tax Incentives for Small and Micro Enterprises](index=15&type=section&id=%E9%81%A9%E7%94%A8%E5%B0%8F%E5%BE%AE%E4%BC%81%E6%A5%AD%E7%A8%85%E6%94%B6%E5%84%AA%E6%83%A0) Some of the company's subsidiaries (e.g., Chongqing Shan'an Construction Engineering Co., Ltd.) are eligible for tax incentives for small and micro enterprises, calculating taxable income at 25% and paying corporate income tax at a 20% rate - Some subsidiaries are eligible for tax incentives for small and micro enterprises, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate[51](index=51&type=chunk) [Segment Information](index=16&type=section&id=%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) The Group's operating businesses are divided into construction engineering contracting and non-engineering segments based on internal management requirements; this section discloses each segment's operating revenue, costs, profit, assets, and liabilities, noting the company's low reliance on any single customer [Segment Profit or Loss, Assets and Liabilities](index=16&type=section&id=%E5%88%86%E9%83%A8%E5%88%A9%E6%BD%A4%E6%88%96%E8%99%A7%E6%90%8D%E3%80%81%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) In H1 2025, the construction engineering contracting segment reported operating revenue of RMB 5,243,585 thousand and operating profit of RMB 82,458 thousand; the non-engineering segment reported operating revenue of RMB 596,664 thousand and operating profit of RMB 109,953 thousand, with construction engineering segment's revenue and profit decreasing, while non-engineering segment's profit increased | Segment | Jan-Jun 2025 Operating Revenue (RMB thousands) | Jan-Jun 2025 Operating Profit (RMB thousands) | Jan-Jun 2024 Operating Revenue (RMB thousands) | Jan-Jun 2024 Operating Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Construction Engineering Contracting Segment | 5,243,585 | 82,458 | 5,590,701 | 12,600 | | Non-engineering Segment | 596,664 | 109,953 | 595,887 | 100,089 | | Total | 5,614,375 | 103,649 | 6,012,233 | 113,632 | | Segment | Jun 30, 2025 Total Assets (RMB thousands) | Jun 30, 2025 Total Liabilities (RMB thousands) | Dec 31, 2024 Total Assets (RMB thousands) | Dec 31, 2024 Total Liabilities (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Construction Engineering Contracting Segment | 20,614,809 | 18,338,065 | 21,111,357 | 18,964,806 | | Non-engineering Segment | 8,454,332 | 5,908,412 | 8,640,990 | 6,207,312 | | Total | 25,143,796 | 21,740,448 | 25,786,513 | 22,525,394 | [Reliance on Major Customers](index=17&type=section&id=%E5%B0%8D%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E7%9A%84%E4%BE%9D%E8%B3%B4%E7%A8%8B%E5%BA%A6) As of June 30, 2025, no single customer accounted for more than 10% of total revenue, indicating a diversified customer base and low reliance on any single customer - As of June 30, 2025, no single customer accounted for **10%** or more of total revenue[56](index=56&type=chunk) [Management Discussion and Analysis](index=18&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) This section comprehensively reviews the Group's H1 2025 operating performance, analyzes market performance, strategic layout, and future development directions of each business segment, provides in-depth interpretation of financial conditions, and discusses policy, market, environmental, and compliance risks, along with the talent development system [Overall Performance Summary](index=18&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%81) In H1 2025, the Group focused on its 'Quality Empowerment Year' goal, steadily enhancing comprehensive strength, deepening reforms, executing effective market expansion strategies, and improving internal controls, achieving operating revenue of RMB 5,614,375 thousand and profit of RMB 90,348 thousand; new contract value in the new energy sector exceeded RMB 8 billion, with successful implementation of several major projects - In H1 2025, the Group focused on its "Quality Empowerment Year" goal, achieving operating revenue of **RMB 5,614,375 thousand** and profit of **RMB 90,348 thousand**[57](index=57&type=chunk) - New contract value in the new energy sector exceeded **RMB 8 billion**, with successful implementation of Shanxi Airport New Energy Zero-Carbon Airport Project and Changzhi High-tech Zone Green Power Direct Supply Project, among others[57](index=57&type=chunk) [Business Operations Analysis](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E9%81%8B%E7%90%86%E5%88%86%E6%9E%90) The Group made progress in professional industrial engineering, professional supporting engineering, and overseas businesses; professional industrial engineering focused on new energy and chemical sectors, securing several major new contracts; professional supporting engineering actively expanded into clean heating, solid waste disposal, distributed photovoltaic, and water environment governance; overseas business continued to deepen presence in Asia and Africa, with new contract value exceeding RMB 800 million, and expanded cooperation with internationally renowned enterprises [China Professional Industrial Engineering](index=22&type=section&id=%E4%B8%AD%E5%9C%8B%E5%B0%88%E6%A5%AD%E5%B7%A5%E6%A5%AD%E5%B7%A5%E7%A8%8B) China's professional industrial engineering market experienced robust growth, driven by strong development in the new energy and chemical industries; the Group actively participated in wind power, photovoltaic, energy storage, and hydrogen energy projects, and made progress in coal chemical, natural gas chemical, petrochemical, and fine chemical sectors, with the petrochemical industry engineering market size expected to continue expanding [New Energy Industry Engineering](index=22&type=section&id=%E6%96%B0%E8%83%BD%E6%BA%90%E7%94%A2%E6%A5%AD%E5%B7%A5%E7%A8%8B) In H1 2025, China's new energy industry (wind, solar, storage, hydrogen, vehicles) rapidly developed; national wind power added 51.39 GW of grid-connected capacity, with cumulative capacity reaching 573 GW, a 22.7% year-on-year increase; photovoltaic added 212 GW of grid-connected capacity, with cumulative installed capacity of approximately 1,100 GW, a 54.1% year-on-year increase; new energy storage installed capacity grew rapidly, and Shanxi Province designated hydrogen energy as a leading future industry, planning to accelerate wind and photovoltaic project construction - In H1 2025, national wind power added **51.39 GW** of grid-connected capacity, with cumulative capacity reaching **573 GW**, a **22.7%** year-on-year increase[65](index=65&type=chunk) - In H1 2025, national photovoltaic added **212 GW** of grid-connected capacity, with cumulative installed capacity of approximately **1,100 GW**, a **54.1%** year-on-year increase[65](index=65&type=chunk) - Shanxi Province designated hydrogen energy as one of the **7** leading future industries, planning to achieve over **50%** new energy and clean energy installed capacity by 2025[68](index=68&type=chunk) - On January 1, 2025, China's first Energy Law officially came into effect, explicitly including hydrogen energy and green certificates, supporting the development of new energy storage[69](index=69&type=chunk) [Chemical Industry Engineering](index=24&type=section&id=%E5%8C%96%E5%B7%A5%E7%94%A2%E6%A5%AD%E5%B7%A5%E7%A8%8B) China's chemical industry engineering encompasses coal chemical, natural gas chemical, petrochemical, and fine chemical sectors; coal chemical capacity continued to expand in 2024, with total methanol output reaching 70 million tons and extending to high-end products; natural gas chemical and petrochemical industries are transitioning towards high-end refinement and low-carbon sustainable development; fine chemicals are accelerating deployment in high-performance materials; by 2027, China's petrochemical industry engineering market size is projected to reach RMB 2,688.4 billion, with Shanxi Province reaching RMB 103.1 billion - In 2024, China's coal chemical total capacity continued to expand, with total methanol output reaching **70 million tons**, accounting for over **50%** of the global total[70](index=70&type=chunk) - The petrochemical industry is shifting from bulk commodity capacity expansion to high-end refinement, with refining-chemical integration and downstream industrial chain extension as core pathways[71](index=71&type=chunk) - By 2027, China's petrochemical industry engineering market size is projected to reach **RMB 2,688.4 billion**, with Shanxi Province reaching **RMB 103.1 billion**[71](index=71&type=chunk) [China Professional Supporting Engineering](index=26&type=section&id=%E4%B8%AD%E5%9C%8B%E5%B0%88%E6%A5%AD%E9%85%8D%E5%A5%97%E5%B7%A5%E7%A8%8B) China's professional supporting engineering market continues to grow, driven by urbanization and sustained government investment in infrastructure; Shanxi Province faces significant development potential in clean heating, solid waste disposal, distributed photovoltaic, and water environment governance, with accelerating policy support and project construction [Clean Heating](index=26&type=section&id=%E6%B8%85%E6%BD%94%E4%BE%9B%E7%86%B1) Urbanization drives expanding heating market demand, with clean energy heating, industrial waste heat centralized heating, smart heating, and pipeline network upgrades being key future development areas for the heating industry, offering significant economic and environmental benefits - Urbanization drives heating demand, with clean energy heating, industrial waste heat centralized heating, smart heating, and pipeline network upgrades as key future development areas[73](index=73&type=chunk) [Solid Waste Disposal](index=27&type=section&id=%E5%9B%BA%E5%BB%A2%E8%99%95%E7%BD%AE) China's annual construction waste generation exceeds 2 billion tons, with a recycling rate of only 10%-30%, significantly lower than developed countries; the Ministry of Housing and Urban-Rural Development aims for over 50% recycling rate by 2027; with improved legal standards and technological breakthroughs, construction waste recycling will enter a period of rapid, large-scale development, alongside the rapid growth of new solid waste disposal methods - China's annual construction waste generation exceeds **2 billion tons**, with a recycling rate of only **10%-30%**[74](index=74&type=chunk) - The Ministry of Housing and Urban-Rural Development aims for the average recycling rate of construction waste in prefecture-level and above cities nationwide to reach over **50%** by 2027[74](index=74&type=chunk) [Distributed Photovoltaic](index=27&type=section&id=%E5%88%86%E4%BD%88%E5%BC%8F%E5%85%89%E4%BC%8F) Developing renewable energy is a crucial global strategy for energy transition and climate change; the National Energy Administration issued the 'Measures for the Administration of Distributed Photovoltaic Power Generation Development and Construction' to regulate and promote high-quality distributed photovoltaic development; Shanxi Province plans to reach approximately 10 GW of total installed capacity for distributed renewable energy by 2025 - The National Energy Administration issued the "Measures for the Administration of Distributed Photovoltaic Power Generation Development and Construction" to promote high-quality development[76](index=76&type=chunk) - Shanxi Province plans to reach approximately **10 GW** of total installed capacity for distributed renewable energy by 2025[76](index=76&type=chunk) [Water Environment Governance](index=28&type=section&id=%E6%B0%B4%E7%92%B0%E5%A2%83%E6%B2%BB%E7%90%86) The General Office of the CPC Central Committee and the General Office of the State Council issued 'Opinions on Comprehensively Advancing River Protection and Governance,' aiming by 2035 for a complete flood control and disaster reduction system, enhanced water supply security, and overall improvement in ecological environmental quality; Shanxi Province also plans to construct 50 township-level and 650 village-level standardized drinking water sources by 2025, indicating immense future potential in urban and rural water supply, watershed management, industrial wastewater treatment, and reclaimed water reuse projects - The "Opinions on Comprehensively Advancing River Protection and Governance" aim to achieve comprehensive improvements in flood control, water supply security, and ecological environment by **2035**[77](index=77&type=chunk) - Shanxi Province plans to construct **50** township-level and **650** village-level standardized drinking water sources by 2025[77](index=77&type=chunk) [Overseas Construction Market](index=29&type=section&id=%E6%B5%B7%E5%A4%96%E5%BB%BA%E7%AF%89%E5%B8%82%E5%A0%B4) In H1 2025, China's overseas contracted engineering business completed operating revenue of RMB 561.21 billion, a 9.3% year-on-year increase, with new contract value of RMB 933.19 billion, a 13.7% increase; despite high global investment risks, Chinese enterprises enhanced their international influence by adjusting strategies, optimizing investment structures, and seizing green energy transition and digital transformation trends - In H1 2025, China's overseas contracted engineering business completed operating revenue of **RMB 561.21 billion**, a **9.3%** year-on-year increase[78](index=78&type=chunk) - New contract value increased by **13.7%** to **RMB 933.19 billion**[78](index=78&type=chunk) - Chinese enterprises are enhancing international influence by adjusting strategies, optimizing investment structures, and seizing green energy transition and digital transformation trends[79](index=79&type=chunk) [Financial Performance Analysis](index=30&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) In H1 2025, the Group's operating revenue decreased by 6.6% year-on-year, mainly due to reduced revenue from professional supporting engineering and other engineering; cost of sales decreased in line with revenue; gross profit margin slightly increased to 10.7%; various expenses (selling, administrative, R&D) showed changes, finance costs significantly decreased, and net profit decreased by 21.9% year-on-year [Operating Revenue](index=30&type=section&id=%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5) H1 2025 operating revenue was RMB 5,614,375 thousand, a 6.6% year-on-year decrease, primarily due to reduced revenue from professional supporting engineering (-28.8%) and other engineering (-33.6%); professional industrial engineering revenue slightly increased by 1.8%, while non-engineering business revenue decreased by 3.3% | Main Type | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,614,375 | 6,012,233 | –397,858 | –6.6% | | Professional Industrial Engineering | 4,069,822 | 3,996,675 | 73,147 | 1.8% | | Professional Supporting Engineering | 534,251 | 749,831 | –215,580 | –28.8% | | Other Engineering | 499,658 | 753,022 | –253,364 | –33.6% | | Non-engineering Business | 484,310 | 500,745 | –16,435 | –3.3% | [Cost of Sales](index=32&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) H1 2025 cost of sales was RMB 5,015,697 thousand, a 7.3% year-on-year decrease, primarily corresponding to the reduction in operating revenue - H1 2025 cost of sales was **RMB 5,015,697 thousand**, a **7.3%** year-on-year decrease, primarily due to reduced revenue[88](index=88&type=chunk) [Gross Profit and Gross Profit Margin](index=32&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) H1 2025 gross profit was RMB 598,678 thousand, a slight 0.5% year-on-year decrease; gross profit margin was 10.7%, an increase from 10.0% in the prior year, mainly due to improved gross profit margins in professional supporting engineering and other engineering | Indicator | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 598,678 | 601,753 | –0.5% | | Gross Profit Margin | 10.7% | 10.0% | 7.0% | - Gross profit margin increased primarily due to improved gross profit margins in professional supporting engineering and other engineering[89](index=89&type=chunk) [Taxes and Surcharges](index=32&type=section&id=%E7%A8%85%E9%87%91%E5%8F%8A%E9%99%84%E5%8A%A0) H1 2025 taxes and surcharges were RMB 14,559 thousand, an 11.6% year-on-year increase, primarily due to higher stamp duty and urban maintenance and construction tax - H1 2025 taxes and surcharges were **RMB 14,559 thousand**, an **11.6%** year-on-year increase, primarily due to higher stamp duty and urban maintenance and construction tax[90](index=90&type=chunk) [Selling Expenses](index=32&type=section&id=%E9%8A%B7%E5%94%AE%E8%B2%BB%E7%94%A8) H1 2025 selling expenses were RMB 650 thousand, a slight 1.1% year-on-year increase - H1 2025 selling expenses were **RMB 650 thousand**, a slight **1.1%** year-on-year increase[91](index=91&type=chunk) [Administrative Expenses](index=33&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) H1 2025 administrative expenses were RMB 230,110 thousand, a 2.4% year-on-year increase, primarily due to higher employee benefits expenses - H1 2025 administrative expenses were **RMB 230,110 thousand**, a **2.4%** year-on-year increase, primarily due to higher employee benefits expenses[92](index=92&type=chunk) [Research and Development Expenses](index=33&type=section&id=%E7%A0%94%E7%99%BC%E8%B2%BB%E7%94%A8) H1 2025 research and development expenses were RMB 172,876 thousand, a substantial 27.6% year-on-year increase, primarily due to a higher number of R&D projects and increased investment - H1 2025 research and development expenses were **RMB 172,876 thousand**, a **27.6%** year-on-year increase, primarily due to a higher number of R&D projects and increased investment[93](index=93&type=chunk) [Finance Costs](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) H1 2025 finance costs were RMB 38,729 thousand, a 37.9% year-on-year decrease, primarily due to reduced interest expenses on bank borrowings - H1 2025 finance costs were **RMB 38,729 thousand**, a **37.9%** year-on-year decrease, primarily due to reduced interest expenses on bank borrowings[94](index=94&type=chunk) [Other Income](index=33&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A) H1 2025 other income was RMB 3,033 thousand, a 17.8% year-on-year decrease, mainly comprising government grants and individual income tax handling fee refunds - H1 2025 other income was **RMB 3,033 thousand**, a **17.8%** year-on-year decrease[95](index=95&type=chunk) [Investment Income](index=33&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E7%9B%8A) H1 2025 investment income was RMB -2,228 thousand, a decrease of RMB 1,523 thousand from RMB -705 thousand in the prior year, primarily due to a reduced share of profits from associates - H1 2025 investment income was **RMB -2,228 thousand**, a year-on-year decrease of **RMB 1,523 thousand**, primarily due to a reduced share of profits from associates[96](index=96&type=chunk) [Fair Value Change Income](index=34&type=section&id=%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%AE%8A%E5%8B%95%E6%94%B6%E7%9B%8A) H1 2025 fair value change income was RMB 1,025 thousand, an increase of RMB 1,549 thousand from RMB -524 thousand in the prior year, primarily due to the revaluation gain on investment properties - H1 2025 fair value change income was **RMB 1,025 thousand**, a year-on-year increase of **RMB 1,549 thousand**, primarily due to the revaluation gain on investment properties[97](index=97&type=chunk) [Credit Impairment Losses](index=34&type=section&id=%E4%BF%A1%E7%94%A8%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 credit impairment losses were RMB -23,946 thousand, a decrease of RMB 10,752 thousand from RMB -34,698 thousand in the prior year, reflecting changes in expected credit loss provisions - H1 2025 credit impairment losses were **RMB -23,946 thousand**, a year-on-year decrease of **RMB 10,752 thousand**[98](index=98&type=chunk) [Asset Impairment Losses](index=34&type=section&id=%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 asset impairment losses were RMB -16,424 thousand, a decrease of RMB 6,116 thousand from RMB -22,540 thousand in the prior year - H1 2025 asset impairment losses were **RMB -16,424 thousand**, a year-on-year decrease of **RMB 6,116 thousand**[99](index=99&type=chunk) [Total Profit](index=34&type=section&id=%E5%88%A9%E6%BD%A4%E7%B8%BD%E9%A1%8D) H1 2025 total profit was RMB 103,534 thousand, an 8.7% year-on-year decrease, primarily due to reduced construction engineering revenue - H1 2025 total profit was **RMB 103,534 thousand**, an **8.7%** year-on-year decrease, primarily due to reduced construction engineering revenue[100](index=100&type=chunk) [Income Tax Expense](index=34&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) H1 2025 income tax expense was RMB 13,186 thousand, an increase of RMB 15,474 thousand from RMB -2,288 thousand in the prior year, primarily due to higher current income tax expense - H1 2025 income tax expense was **RMB 13,186 thousand**, a year-on-year increase of **RMB 15,474 thousand**, primarily due to higher current income tax expense[102](index=102&type=chunk) [Net Profit](index=35&type=section&id=%E6%B7%A8%E5%88%A9%E6%BD%A4) H1 2025 net profit was RMB 90,348 thousand, a 21.9% year-on-year decrease - H1 2025 net profit was **RMB 90,348 thousand**, a **21.9%** year-on-year decrease[103](index=103&type=chunk) [Total Comprehensive Income Attributable to Owners of the Parent](index=35&type=section&id=%E6%AD%B8%E5%B1%AC%E6%96%BC%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%B1%E7%9A%84%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E7%B8%BD%E9%A1%8D) H1 2025 total comprehensive income attributable to owners of the parent was RMB 64,586 thousand, a year-on-year decrease of RMB 20,656 thousand - H1 2025 total comprehensive income attributable to owners of the parent was **RMB 64,586 thousand**, a year-on-year decrease of **RMB 20,656 thousand**[104](index=104&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90) As of June 30, 2025, the Group's net current assets were RMB -23,080 thousand, with a current ratio of 1.0; cash and bank balances were approximately RMB 2,240,848 thousand; total borrowings increased to RMB 6,282,674 thousand, primarily to supplement cash for daily operating activities; the Board believes the Group has sufficient working capital and has secured funding support commitments from its controlling shareholder, Shanxi Construction Investment | Indicator | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Current Assets | –23,080 | –312,542 | | Current Ratio | 1.0 | 1.0 | | Cash and Bank Balances | 2,240,848 | 2,626,837 | | Total Borrowings | 6,282,674 | 6,118,923 | - Controlling shareholder Shanxi Construction Investment committed to providing continuous financial support for the Group's operations[106](index=106&type=chunk) [Capital Expenditure](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) As of June 30, 2025, the Group's total contracted but not yet incurred capital expenditure was RMB 2,127,303 thousand, a significant increase from December 31, 2024, primarily related to engineering and equity investments - As of June 30, 2025, total contracted but not yet incurred capital expenditure was **RMB 2,127,303 thousand**, an increase from December 31, 2024[107](index=107&type=chunk) [Capital Gearing Ratio and Quick Ratio](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87%E5%8F%8A%E9%80%9F%E5%8B%95%E6%AF%94%E7%8E%87) As of June 30, 2025, the capital gearing ratio was 55.92%, an increase from 53.96% on December 31, 2024, while the quick ratio remained at 1.0 | Indicator | Jun 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Capital Gearing Ratio | 55.92% | 53.96% | | Quick Ratio | 1.0 | 1.0 | [Contingent Liabilities](index=36&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 - As of June 30, 2025, the Group had no significant contingent liabilities[109](index=109&type=chunk) [Long-term Equity Investments](index=36&type=section&id=%E9%95%B7%E6%9C%9F%E8%82%A1%E6%AC%8A%E6%8A%95%E8%B3%87) As of June 30, 2025, long-term equity investments were RMB 266,779 thousand, a 26.9% increase from December 31, 2024, primarily due to increased investments in associates; no single investment accounted for 5% or more of total assets - As of June 30, 2025, long-term equity investments were **RMB 266,779 thousand**, a **26.9%** year-on-year increase, primarily due to increased investments in associates[110](index=110&type=chunk) [Major Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=36&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E4%BC%81%E6%A5%AD%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD) As of June 30, 2025, the Group had not undertaken any major acquisitions or disposals - As of June 30, 2025, the Group had not undertaken any major acquisitions or disposals[112](index=112&type=chunk) [Discussion and Analysis of Future Development](index=37&type=section&id=%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) The company designated 2025 as the 'Quality Empowerment Year,' committed to steady progress, optimizing market layout, expanding into new energy and chemical engineering markets, deepening low-carbon environmental transformation, and actively developing overseas markets; concurrently, the company identified potential risks including policy regulation, market, environmental compliance, and listed company governance compliance [Future Outlook](index=37&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company designated 2025 as the 'Quality Empowerment Year,' committed to steady progress, optimizing market layout, and expanding its presence through government-enterprise collaboration, investment-driven initiatives, and equity partnerships; it will enhance 'specialization' and 'going global' development, focusing on new energy and chemical engineering, expanding into energy storage, offshore wind power, hydrogen-ammonia-alcohol, and strengthening overseas project management and market expansion - **2025** is designated as the "Quality Empowerment Year," focusing on steady progress, optimizing market layout, and expanding cooperation with high-quality resource partners[113](index=113&type=chunk)[114](index=114&type=chunk) - Focus on new energy and chemical engineering, expanding into specialized markets such as energy storage, offshore wind power, and hydrogen-ammonia-alcohol[114](index=114&type=chunk) - Strengthen full-process management of ongoing overseas projects and steadfastly expand overseas markets, leveraging specialized expertise[114](index=114&type=chunk) - Expand into new businesses like low-carbon environmental protection and integrated clean energy, ensuring successful replication of experiences in clean heating, solid waste disposal, water environment governance, and distributed energy[115](index=115&type=chunk) [Potential Risks](index=38&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%B0%8D%E7%9A%84%E9%A2%A8%E9%9A%AA) The company faces risks including policy and regulatory risks (government policy changes affecting the engineering industry), market risks (reforms by major customers and suppliers, foreign exchange and interest rate fluctuations), environmental compliance risks (pollutant emission and treatment standards, environmental crime penalties), and listed company governance compliance risks (non-compliance with information disclosure and decision-making procedures potentially leading to regulatory penalties) - **Policy and regulatory risks**: Government policy changes may impact business and financial performance[115](index=115&type=chunk)[116](index=116&type=chunk) - **Market risks**: Reforms by major customers and suppliers, as well as foreign exchange and interest rate fluctuations, may have an impact[117](index=117&type=chunk) - **Environmental compliance risks**: Compliance with various national and local environmental laws and regulations is required, with violations potentially leading to fines or administrative penalties[118](index=118&type=chunk) - **Listed company governance compliance risks**: Information disclosure and decision-making procedures must strictly adhere to the Listing Rules, otherwise regulatory penalties may be incurred[119](index=119&type=chunk) [Employees](index=40&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group had 3,605 full-time employees, with staff costs of approximately RMB 336 million; the company established career development paths, research and assistance mechanisms, innovative talent cultivation methods, enhanced training effectiveness, upgraded its cloud learning platform, and built a learning roadmap for project management personnel to foster employee development and optimize human resources - As of June 30, 2025, the Group had **3,605** full-time employees, with staff costs of approximately **RMB 336 million**[120](index=120&type=chunk) - Established career development paths, research and assistance mechanisms, innovative talent cultivation methods, enhanced training effectiveness, and upgraded its cloud learning platform[120](index=120&type=chunk) [Use of Proceeds from H Share Listing](index=41&type=section&id=H%E8%82%A1%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The net proceeds from the company's H share listing totaled approximately HKD 738.5 million; as of the end of the reporting period, approximately HKD 491.3 million remained unutilized; the Board has approved a change in the use of unutilized net proceeds, pending shareholder approval; funds are primarily allocated for centralized/distributed photovoltaic projects, wind power projects, equity investments in new energy projects, clean heating, distributed energy, water treatment, solid waste disposal, project company registered capital, construction costs for service concession projects, new energy upstream and downstream manufacturing industry projects, and working capital - Net proceeds from H share listing totaled approximately **HKD 738.5 million**[121](index=121&type=chunk) - As of the end of the reporting period, approximately **HKD 491.3 million** remained unutilized[125](index=125&type=chunk) - The Board has approved a change in the use of unutilized net proceeds, pending shareholder approval[125](index=125&type=chunk) | Project | Proposed Net Proceeds Allocation (Million HKD) | Unutilized Net Proceeds as of Jan 1, 2025 (Million HKD) | Actual Use During Reporting Period (Million HKD) | Unutilized Net Proceeds at Period-End (Million HKD) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Future Centralized Photovoltaic Projects | 147.6 | 142.0 | — | 142.0 | Before end of 2026 | | Investment in Existing and Future Distributed Photovoltaic Projects | 73.9 | 73.9 | — | 73.9 | Before end of 2026 | | Funding Future Investments in Domestic or Overseas Wind Power Projects | 73.9 | 73.9 | 33.4 | 40.5 | Before end of 2027 | | Future Equity Investments and/or Construction of Other New Energy Projects | 73.9 | 57.7 | 40.4 | 17.3 | Before end of 2027 | | Existing and Future Clean Heating Projects | 29.5 | 27.7 | 15.8 | 11.9 | Before end of 2027 | | Future Distributed Energy Projects | 36.9 | 36.9 | — | 36.9 | Before end of 2027 | | Existing Water Treatment Projects | 36.9 | 36.9 | 14.9 | 22.0 | Before end of 2027 | | Future Solid Waste Disposal Projects | 29.5 | 24.1 | 8.8 | 15.3 | Before end of 2027 | | Paid-up Registered Capital for Project Companies and Construction Costs for Existing Service Concession Projects | 22.2 | 22.2 | — | 22.2 | Before end of 2025 | | Payment for Equipment Construction Costs for Existing Service Concession Projects | 36.9 | 0.5 | — | 0.5 | Before end of 2025 | | Current and Future Service Concession Projects | 44.3 | 44.3 | — | 44.3 | Before end of 2025 | | Funding New Energy Upstream and Downstream Manufacturing Industry Projects | 73.9 | 73.9 | 13.0 | 60.9 | Before end of 2026 | | Working Capital and Other General Corporate Purposes | 59.1 | 7.7 | 4.1 | 3.6 | Before end of 2027 | | **Total** | **738.5** | **621.7** | **130.4** | **491.3** | | [Corporate Governance and Other Information](index=43&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company is committed to maintaining high standards of corporate governance, complying with the Corporate Governance Code in Appendix C1 and the Model Code in Appendix C3 of the Listing Rules; the Audit Committee has reviewed the interim results; there were no significant post-reporting period events; this results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders in due course [Compliance with Corporate Governance Code](index=43&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules and believes it has complied with all code provisions and substantially met most recommended best practices during the reporting period - The company has adopted and complied with the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules[126](index=126&type=chunk) [Standard Code for Securities Transactions](index=43&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 Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors, supervisors, and senior management in dealing with the company's securities, and confirms that all directors complied with this code during the reporting period - The company has adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors, supervisors, and senior management in dealing with the company's securities, and confirms that all directors complied during the reporting period[127](index=127&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=43&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[128](index=128&type=chunk) [Audit Committee Review of Interim Results](index=44&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit Committee, comprising three members, has reviewed the Group's unaudited interim results for the reporting period with management - The Audit Committee has reviewed the Group's unaudited interim results for the reporting period with management[130](index=130&type=chunk) [Post-Reporting Period Events](index=44&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Except for disclosed matters, there have been no significant events subsequent to the reporting period up to the announcement date that would materially affect the Group's operations and financial performance - Except for disclosed matters, there have been no significant events subsequent to the reporting period up to the announcement date that would materially affect the Group's operations and financial performance[131](index=131&type=chunk) [Publication of Interim Results and Interim Report](index=44&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 results announcement has been published on the Hong Kong Stock Exchange website and the company's website; the 2025 interim report, containing all required information, will be dispatched to shareholders and published in due course - This results announcement has been published on the Hong Kong Stock Exchange website and the company's website[132](index=132&type=chunk)

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。 AUSNUTRIA DAIRY CORPORATION LTD 澳優乳業股份有限公 司 （於開曼群島註冊成立之有限公司） （股份編號：1717） 截至二零二五年六月三十日止六個月之 中期業績 財務摘要 截至六月三十日止六個月 二零二五年 二零二四年 變動 人民幣百萬元 人民幣百萬元 % 收入 3,886.8 3,681.1 5.6 毛利 1,627.7 1,597.7 1.9 毛利率 (%) 41.9 43.4 (1.5)個百分點 EBITDA 397.5 306.4 29.7 本公司權益持有人應佔利潤 180.5 145.4 24.1 截至二零二五年六月三十日止六個月（「二零二五年中期期間」或「二零二五年上半年」），澳優乳業股 份有限公司（「澳優」或「本公司」）及其附屬公司（統稱「本集團」）錄得下列各項： • 收入增加人民幣205.7百萬元或5.6%。 1 本公司董事（「董事」）會（「董事會」）謹此公 ...