香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） 截至二零二五年六月三十日止六個月之中期業績 簡明綜合收益表 截至二零二五年六月三十日止六個月 截至六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | | | | （經重列） | | 持續經營業務 | | | | | 收入 | 3 | 996,205 | 892,649 | | 銷售成本 | | (810,443) | (739,201) | | 毛利 | | 185,762 | 153,448 | | 其他收入、收益及虧損淨額 | | 9,437 | 21,620 | | 分銷費用 | | (96,174) | (87,560) | | 行政費用 | | (85,820) | (82,528) | | 經營溢利 | | ...

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides a concise overview of the Group's financial performance and comprehensive income for the reporting period [For the Six Months Ended June 30, 2025](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue for the six months ended June 30, 2025, decreased by **13.0%** to **HKD 1,094,025 thousand**, with profit for the period at **HKD 79,090 thousand** and basic earnings per share at **10.13 HK cents** | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,094,025 | 1,257,315 | -13.0% | | Gross Profit | 344,175 | 399,247 | -13.8% | | Profit Before Income Tax | 94,195 | 111,880 | -15.8% | | Profit for the Period | 79,090 | 87,846 | -10.0% | | Profit for the Period Attributable to Owners of the Company | 76,043 | 79,098 | -3.9% | | Total Comprehensive Income for the Period | 120,406 | 73,249 | +64.4% | | Basic Earnings Per Share | 10.13 HK cents | 10.55 HK cents | -3.98% | | Diluted Earnings Per Share | 10.01 HK cents | 10.49 HK cents | -4.58% | - Exchange gains in other comprehensive income significantly improved total comprehensive income for the period, shifting from a **HKD 14,597 thousand loss** in the prior year to a **HKD 41,316 thousand gain** in 2025[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's financial position, detailing assets, liabilities, and equity at the reporting date [As of June 30, 2025](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were **HKD 1,983,663 thousand**, an increase from December 31, 2024, with net assets rising to **HKD 1,781,404 thousand** | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 1,076,578 | 938,948 | +14.7% | | Current Assets | 1,503,526 | 1,651,462 | -9.0% | | Current Liabilities | 596,441 | 703,742 | -15.3% | | Net Current Assets | 907,085 | 947,720 | -4.3% | | Total Assets Less Current Liabilities | 1,983,663 | 1,886,668 | +5.1% | | Non-current Liabilities | 202,259 | 144,346 | +40.1% | | Net Assets | 1,781,404 | 1,742,322 | +2.2% | | Equity Attributable to Owners of the Company | 1,544,561 | 1,510,723 | +2.2% | | Non-controlling Interests | 236,843 | 231,599 | +2.3% | | Total Equity | 1,781,404 | 1,742,322 | +2.2% | - Non-current assets significantly increased, primarily due to growth in property, plant and equipment, right-of-use assets, and intangible assets[7](index=7&type=chunk) - Current liabilities decreased, mainly driven by a reduction in bank borrowings and tax provisions[7](index=7&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section outlines the Group's cash inflows and outflows from operating, investing, and financing activities [For the Six Months Ended June 30, 2025](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities for the six months ended June 30, 2025, significantly increased to **HKD 243,618 thousand**, while net cash used in investing activities decreased, resulting in a net decrease in cash and cash equivalents at period-end | Cash Flow Category | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 243,618 | 125,620 | +93.9% | | Net Cash Used in Investing Activities | (122,057) | (234,720) | -48.0% | | Net Cash Used in Financing Activities | (190,449) | (153,180) | +24.3% | | Net Decrease in Cash and Cash Equivalents | (68,888) | (262,280) | -73.7% | | Cash and Cash Equivalents at End of Period | 436,095 | 516,365 | -15.6% | - Net cash generated from operating activities significantly increased, primarily due to a reduction in trade and other receivables and deposits (i.e., cash inflow)[9](index=9&type=chunk) - Net cash used in investing activities decreased, partly because the prior year period included a substantial expenditure of **HKD 157,103 thousand** for subsidiary share repurchases, which was absent in 2025[9](index=9&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details changes in the Group's equity attributable to owners and non-controlling interests over the period [For the Six Months Ended June 30, 2025](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the Company increased to **HKD 1,544,561 thousand**, primarily driven by profit for the period, increased exchange reserves from currency translation, and dividend payments | Equity Item | Balance as at January 1, 2025 (HKD thousands) | Balance as at June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 1,510,723 | 1,544,561 | +33,838 | | Non-controlling Interests | 231,599 | 236,843 | +5,244 | | Total Equity | 1,742,322 | 1,781,404 | +39,082 | **Key Changes:** | Change Item | Six Months Ended June 30, 2025 (HKD thousands) | | :--- | :--- | | Interim and Special Dividends Paid for 2024 | (77,000) | | Profit for the Period | 76,043 | | Currency Translation (Exchange Reserve) | 31,476 | | Equity-settled Share-based Payment Expense Recognized | 1,430 | - Exchange reserve improved from a **HKD 117,544 thousand loss** at the beginning of the period to a **HKD 86,068 thousand loss** at period-end, reflecting a positive impact from currency translation[11](index=11&type=chunk) [Notes](index=9&type=section&id=Notes) This section provides detailed explanatory notes to the condensed consolidated interim financial statements [1. General Information](index=9&type=section&id=1.%20General%20Information) The Company, incorporated in Bermuda, primarily engages in book publishing and printing services, and was listed on the Hong Kong Stock Exchange on July 25, 2011 - The Group's principal activities are book publishing and providing printing services[13](index=13&type=chunk) - The Company's shares were listed on The Stock Exchange of Hong Kong Limited on July 25, 2011[13](index=13&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Appendix 16 of the Listing Rules, using the historical cost convention, and have been reviewed by the Audit Committee but not audited - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and Appendix 16 of the Listing Rules[14](index=14&type=chunk) - The interim financial statements are unaudited but have been reviewed by the Company's Audit Committee[14](index=14&type=chunk) - The adoption of new or revised Hong Kong Financial Reporting Standards had no significant impact on the Group's financial statements for the current and prior accounting periods[15](index=15&type=chunk) [3. Segment Information](index=10&type=section&id=3.%20Segment%20Information) The Group operates Print and Publishing segments, with Print revenue at **HKD 761,463 thousand** and Publishing revenue at **HKD 332,562 thousand** for the six months ended June 30, 2025, and the US remains the largest market despite a revenue decline Revenue and Results by Operating Segment | Segment | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Print | 761,463 | 870,089 | -12.5% | | Publishing | 332,562 | 387,226 | -14.1% | | **Segment Results** | | | | | Print | 110,071 | 108,582 | +1.4% | | Publishing | (6,816) | 23,710 | -128.7% | Revenue by Geographical Location | Region | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | United States | 500,768 | 605,808 | -17.3% | | Australia | 291,850 | 304,952 | -4.3% | | United Kingdom | 127,649 | 151,454 | -15.7% | | Other Regions | 173,758 | 195,101 | -11.0% | | **Total Revenue** | **1,094,025** | **1,257,315** | **-13.0%** | - The Publishing segment shifted from a profit in the prior year to a loss, putting pressure on the Group's overall results[16](index=16&type=chunk)[17](index=17&type=chunk) [4. Finance Costs](index=11&type=section&id=4.%20Finance%20Costs) Total finance costs for the six months ended June 30, 2025, significantly decreased to **HKD 7,735 thousand**, primarily due to reduced interest expenses on bank borrowings | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | 4,215 | 10,002 | -57.9% | | Interest on Lease Liabilities | 3,520 | 3,414 | +3.1% | | **Total Finance Costs** | **7,735** | **13,416** | **-42.4%** | [5. Profit Before Income Tax](index=12&type=section&id=5.%20Profit%20Before%20Income%20Tax) In calculating profit before income tax, depreciation and amortization expenses increased, while employee benefit expenses (net of capitalization) and interest income decreased, with a significant increase in net exchange gains | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 23,551 | 22,904 | +647 | | Depreciation of Right-of-use Assets | 22,053 | 21,178 | +875 | | Amortization and Impairment of Intangible Assets | 53,852 | 51,618 | +2,234 | | Employee Benefit Expenses (Net) | 246,380 | 255,437 | -9,057 | | Net Exchange Gains | (19,182) | (1,377) | -17,805 | | Interest Income | (4,925) | (9,965) | +5,040 | - Net exchange gains significantly increased from **HKD 1,377 thousand** in the prior year to **HKD 19,182 thousand** in 2025, positively impacting profit[21](index=21&type=chunk) [6. Income Tax Expense](index=12&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense for the six months ended June 30, 2025, was **HKD 15,105 thousand**, a decrease from the prior year, primarily due to lower profit and the inclusion of deferred tax | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 13,453 | 9,556 | +3,897 | | Overseas Tax | 8,345 | 12,063 | -3,718 | | Under-provision in Prior Years | 855 | 2,279 | -1,424 | | Deferred Tax (Credited) Debited | (7,548) | 136 | -7,684 | | **Total Income Tax Expense** | **15,105** | **24,034** | **-8,929** | - Hong Kong Profits Tax is provided at a rate of **16.5%**, while overseas profits are taxed at prevailing local rates[22](index=22&type=chunk) [7. Earnings Per Share](index=13&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, was **10.13 HK cents**, and diluted earnings per share was **10.01 HK cents**, both decreasing from the prior year | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit for Basic Earnings Per Share (HKD thousands) | 76,043 | 79,098 | -3.9% | | Weighted Average Number of Ordinary Shares for Basic EPS (thousands) | 750,888 | 749,698 | +0.16% | | Basic Earnings Per Share | 10.13 HK cents | 10.55 HK cents | -3.98% | | Diluted Earnings Per Share | 10.01 HK cents | 10.49 HK cents | -4.58% | - The impact of potential dilutive ordinary shares (share awards) increased from **4,261 thousand shares** to **8,492 thousand shares**, contributing to the decrease in diluted earnings[23](index=23&type=chunk) [8. Property, Plant and Equipment](index=13&type=section&id=8.%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant and equipment was **HKD 269,142 thousand**, an increase from the beginning of the period, primarily due to additions, business acquisitions, and exchange differences | Item | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 237,804 | - | - | | Additions | - | 24,590 | +24,590 | | Business Acquisitions | - | 21,198 | +21,198 | | Depreciation | - | (23,551) | -23,551 | | Exchange Differences | - | 9,333 | +9,333 | | Net Book Value at End of Period | - | 269,142 | +31,338 | - Land and buildings include freehold land and buildings in Australia and leasehold buildings in Malaysia[25](index=25&type=chunk) [9. Right-of-use Assets](index=14&type=section&id=9.%20Right-of-use%20Assets) As of June 30, 2025, total right-of-use assets amounted to **HKD 157,115 thousand**, an increase from December 31, 2024, mainly reflecting growth in leased properties | Item | December 31, 2024 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Leased Land | 4,195 | 6,041 | +1,846 | | Leased Properties | 113,825 | 148,444 | +34,619 | | Plant and Equipment | 3,060 | 2,630 | -430 | | **Total** | **121,080** | **157,115** | **+36,035** | [10. Intangible Assets](index=14&type=section&id=10.%20Intangible%20Assets) As of June 30, 2025, total intangible assets were **HKD 558,143 thousand**, an increase from the beginning of the period, primarily due to additions of pre-publication costs, goodwill from business acquisitions, and exchange differences | Item | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Goodwill | 314,437 | 328,848 | +14,411 | | Pre-publication Costs | 211,096 | 229,295 | +18,199 | | **Total** | **525,533** | **558,143** | **+32,610** | **Key Changes:** | Change Item | Amount (HKD thousands) | | :--- | :--- | | Additions of Pre-publication Costs | 66,720 | | Business Acquisitions (Goodwill) | 10,110 | | Amortization and Impairment | (53,852) | | Exchange Differences | 13,806 | [11. Trade and Other Receivables and Deposits](index=15&type=section&id=11.%20Trade%20and%20Other%20Receivables%20and%20Deposits) As of June 30, 2025, total trade and other receivables and deposits were **HKD 642,120 thousand**, a decrease from December 31, 2024, primarily due to a reduction in net trade receivables | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Trade Receivables | 531,982 | 651,743 | -18.4% | | Less: Impairment Provision | (20,525) | (22,590) | -9.1% | | Net Trade Receivables | 511,457 | 629,153 | -18.7% | | Other Receivables and Deposits | 130,663 | 130,974 | -0.2% | | **Total** | **642,120** | **760,127** | **-15.5%** | - Impairment provision for trade receivables was reversed, reflecting improved recovery of overdue accounts[28](index=28&type=chunk) - The Group generally grants trade customers credit terms of **30 to 150 days**[28](index=28&type=chunk) [12. Trade and Other Payables](index=15&type=section&id=12.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were **HKD 427,170 thousand**, a decrease from December 31, 2024, primarily due to a reduction in gross trade payables | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Trade Payables | 127,684 | 150,403 | -15.0% | | Other Payables and Accruals | 299,486 | 304,852 | -1.8% | | **Total** | **427,170** | **455,255** | **-6.2%** | [13. Bank Borrowings](index=16&type=section&id=13.%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings significantly decreased to **HKD 89,048 thousand** from December 31, 2024, with all borrowings repayable within one year | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Loans Repayable Within One Year | 89,048 | 126,211 | -29.5% | | Bank Loans Repayable After One Year | - | 37,667 | -100% | | **Total** | **89,048** | **163,878** | **-45.7%** | - All bank borrowings are supported by corporate guarantees from the Company and bear interest at floating rates[30](index=30&type=chunk) [14. Share Capital](index=16&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the Company's authorized share capital was **1,500,000 thousand shares** at **HKD 0.01** par value each, with issued and fully paid share capital of **770,000 thousand shares** amounting to **HKD 7,700 thousand**, unchanged from the beginning of the period | Item | Number of Shares (thousands) | Amount (HKD thousands) | | :--- | :--- | :--- | | Authorized Share Capital | 1,500,000 | 15,000 | | Issued and Fully Paid Share Capital | 770,000 | 7,700 | [15. Capital Commitments](index=16&type=section&id=15.%20Capital%20Commitments) As of June 30, 2025, the Group's capital commitments for the acquisition of property, plant and equipment were approximately **HKD 5,556 thousand**, a significant decrease from December 31, 2024 | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Commitments for Acquisition of Property, Plant and Equipment | 5,556 | 34,552 | -83.9% | [16. Dividends and Distributions](index=17&type=section&id=16.%20Dividends%20and%20Distributions) Total dividends approved and paid during the interim period amounted to **HKD 75,111 thousand**, including interim and special dividends, with the Board declaring an interim dividend of **HKD 0.030** per share, consistent with the prior year, but no special dividend | Dividend Type | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 2024 Interim Dividend Paid | 61,600 | - | +61,600 | | 2024 Special Dividend Paid | 15,400 | - | +15,400 | | 2023 Final Dividend Paid | - | 61,600 | -61,600 | | Dividend Income from Shares Held under Share Award Scheme | (1,889) | (1,608) | -281 | | **Total Dividends Paid** | **75,111** | **59,992** | **+15,119** | | **Interim Dividends Declared** | | | | | Interim Dividend Per Share (HKD 0.030) | 23,100 | 23,100 | - | | Special Dividend Per Share (Nil) | - | 11,550 | -11,550 | | **Total Dividends Declared** | **23,100** | **34,650** | **-11,550** | - The 2025 interim dividend is expected to be paid on September 24, 2025[33](index=33&type=chunk) [17. Acquisition of a Business](index=18&type=section&id=17.%20Acquisition%20of%20a%20Business) On May 16, 2025, the Group completed the acquisition of Marvel Printing Pty Ltd's bookbinding and print finishing business for a maximum consideration of **AUD 7,515,000**, generating **HKD 10,110 thousand** in goodwill and expecting synergistic benefits - The Company's indirect non-wholly owned subsidiary, OPUS Group Pty. Ltd., and Marvel Printing Pty Ltd acquired the bookbinding and print finishing business of Marvel Bookbinding and Printfinishing Pty Ltd[34](index=34&type=chunk) - The maximum total consideration was **AUD 7,515,000** (approximately **HKD 36,974,000**), including initial consideration, lease-back reimbursement, and deferred consideration[34](index=34&type=chunk) Identifiable Assets Acquired and Liabilities Assumed in Business Acquisition | Item | Amount (HKD thousands) | | :--- | :--- | | Property, Plant and Equipment | 21,199 | | Right-of-use Assets | 7,281 | | Deferred Tax Assets | 3,019 | | Inventories | 1,328 | | Other Borrowings | (1,562) | | Lease Liabilities | (7,572) | | Provisions | (2,491) | | Deferred Tax Liabilities | (6,909) | | **Total Identifiable Assets Acquired and Liabilities Assumed** | **14,293** | | Cash Consideration | 14,834 | | Deferred Consideration | 9,569 | | **Goodwill** | **10,110** | - From the acquisition date, the acquired business contributed **HKD 2,259 thousand** in revenue and a **HKD 295 thousand net loss** to the Group[37](index=37&type=chunk) [18. Related Party Transactions](index=20&type=section&id=18.%20Related%20Party%20Transactions) The Company's directors, as key management personnel, had total remuneration of **HKD 4,774 thousand** for the six months ended June 30, 2025, with their compensation determined by the Remuneration Committee | Remuneration Category | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 4,385 | 4,432 | -47 | | Post-employment Benefits | 105 | 101 | +4 | | Equity-settled Share-based Payment Expense | 284 | 284 | - | | **Total** | **4,774** | **4,817** | **-43** | [19. Contingent Liabilities](index=20&type=section&id=19.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as at June 30, 2025[41](index=41&type=chunk) [20. Fair Value Measurement](index=20&type=section&id=20.%20Fair%20Value%20Measurement) The Group's fair value measurements primarily involve financial assets (preference share investments) and liabilities (deferred consideration) at fair value through profit or loss, both classified as Level 3 and valued using option pricing models and financial forecasts | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Preference Share Investments | 2,407 | - | | Other Payables - Deferred Consideration | (9,783) | - | | **Net Fair Value** | **(7,376)** | **-** | - The fair value of preference share investments is calculated using an option pricing model, while deferred consideration is determined based on financial forecasts, referencing risk-free rates and credit spreads[43](index=43&type=chunk) - There were no significant changes in the fair value of trade and other receivables, cash and cash equivalents, trade and other payables, bank borrowings, and lease liabilities compared to their cost or amortized cost[43](index=43&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's perspective on the Group's operational performance, financial position, and future outlook [Business Review](index=22&type=section&id=Business%20Review) The Group's first-half turnover decreased by **13%** due to a weak global illustrated book market and US tariff policies, with profit attributable to owners declining by **4%** from reduced contributions by Regent and Quarto - The Group's first-half turnover decreased by **13%** to **HKD 1,094 million**, and profit attributable to owners decreased by **4%** to **HKD 76 million**[44](index=44&type=chunk) - The decline was primarily influenced by a weak global illustrated book market and shifts in global supply chains due to reciprocal tariffs imposed by the US Trump administration[44](index=44&type=chunk) - US print book unit sales decreased by **2%** year-on-year, with adult non-fiction and children's book categories declining by **4%** and **1%** respectively[44](index=44&type=chunk) - Despite information books being exempt from tariffs, trade policy uncertainty led US publishers to reduce offshore printing orders, significantly impacting Hung Hing Printing in China and Regent, which specializes in stationery products[45](index=45&type=chunk) [A. Print Manufacturing](index=23&type=section&id=A.%20Print%20Manufacturing) The Print Manufacturing segment showed mixed performance: Sales declined at Hung Hing Printing but profit rose, Opus Group's turnover fell but gross margin improved with a small acquisition, and Papercraft's sales increased due to expanded capacity and production shifts - Hung Hing Printing's sales decreased by **22%**, but overall profit increased due to favorable exchange rates, lower operating costs, and reduced interest expenses[48](index=48&type=chunk) - Opus Group's turnover decreased by **8%**, but gross margin improved, benefiting from optimized paper procurement and operational efficiency, and completed a small acquisition of Marvel Printing to expand capacity[49](index=49&type=chunk) - Papercraft's sales increased by **20%**, primarily benefiting from expanded printing service capacity and publishing clients shifting production from China to mitigate potential tariff changes[50](index=50&type=chunk) [B. Print Services Management](index=24&type=section&id=B.%20Print%20Services%20Management) In Print Services Management, APOL's sales slightly decreased but profitability remained stable, Regent's sales significantly dropped due to US tariffs, and the new Libermata business, offering procurement consulting, is in early investment stages - APOL's sales decreased by **5%** year-on-year, but its diverse client base and supplier network resulted in a smaller revenue decline and largely stable profitability[51](index=51&type=chunk) - Regent's sales decreased by **27%** as its specialized US stationery products did not receive tariff exemptions, leading customers to seek alternative sourcing in Vietnam and Thailand[52](index=52&type=chunk) - Libermata, a new business unit offering procurement consulting and an online platform, has achieved **millions of US dollars** in cost savings for clients but has limited short-term contribution to Group profit[53](index=53&type=chunk) [C. Publishing](index=24&type=section&id=C.%20Publishing) The Publishing segment, Quarto Group, saw a **14%** revenue decline, underperforming the market due to a weakening global illustrated book market, prompting management to restructure and refocus on core mid-list titles - Quarto Group's first-half revenue decreased by **14%**, with larger declines in core categories such as cooking and gardening[54](index=54&type=chunk) - Management is accelerating structural and process redesign, refocusing publishing plans on core mid-list titles, and reducing overall title count to enhance impact and quality[54](index=54&type=chunk) [Outlook](index=25&type=section&id=Outlook) The Group anticipates intensified competition and gross margin pressure in H2, with EUDR potentially increasing paper costs and ongoing US tariff uncertainty, while responding through diversification, efficiency, Quarto's restructuring, and an interim dividend - Competitive pressure among book printers is expected to intensify in the second half, with market contraction leading to aggressive pricing strategies and downward pressure on gross margins[55](index=55&type=chunk) - The EU Deforestation Regulation (EUDR), effective December 2025, is expected to result in a mid-single-digit percentage price premium for compliant paper products, which will be difficult to fully pass on to publishing clients[55](index=55&type=chunk) - The US government has implemented reciprocal tariffs, but printed information books are currently excluded; however, management remains cautious as tariff rates and exemptions may change, and the Group is pursuing geographical diversification to mitigate risks[56](index=56&type=chunk) - The Group will continue to focus on enhancing production efficiency and optimizing paper procurement at Papercraft and Opus Group, with approximately **AUD 15 million** in capital expenditure planned for Opus Group to modernize equipment[57](index=57&type=chunk)[58](index=58&type=chunk) - Quarto is undergoing strategic restructuring, refocusing its publishing program on core mid-list titles and strengthening workflow systems to improve efficiency and responsiveness[58](index=58&type=chunk) - The Board declared a first interim dividend of **HKD 0.03** per share, reflecting the Group's confidence in its financial position and future prospects[59](index=59&type=chunk) [Review of Financial Performance](index=27&type=section&id=Review%20of%20Financial%20Performance) The Group's first-half turnover decreased by **13.0%** due to market weakness in both print and publishing, with overall gross margin stable despite mixed segment performance, resulting in profit attributable to owners of approximately **HKD 76 million** - Turnover decreased by **13.0%** year-on-year to approximately **HKD 1,094 million**, with the Print business segment declining by **12.5%** and the Publishing business segment by **14.1%**[60](index=60&type=chunk) - Overall gross margin remained stable compared to the prior year, with improved gross margins at Australian printing facilities offset by declining gross margins in the Publishing business[60](index=60&type=chunk) | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Interest Income | 4,900 | 10,000 | -5,100 | | Other Income | 30,200 | 13,700 | +16,500 | | Selling and Distribution Costs | 175,900 | 180,700 | -4,800 | | Administrative Expenses | 103,200 | 114,700 | -11,500 | | Reversal/(Provision) for Impairment of Trade Receivables | 1,800 | (2,200) | +4,000 | | Finance Costs | 7,700 | 13,400 | -5,700 | | Income Tax Expense | 15,100 | 24,000 | -8,900 | | Profit Attributable to Owners of the Company | 76,000 | 79,100 | -3,100 | - Administrative expenses decreased primarily due to higher legal and professional fees incurred in 2024 for corporate projects such as subsidiary privatization, delisting, acquisition offers, and share repurchases, as well as reduced management personnel costs in the Publishing business segment and lower external service expenses from internal development of a book management system[61](index=61&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=28&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's net current assets were approximately **HKD 907,100 thousand** with a current ratio of **2.5**, and total bank borrowings and lease liabilities decreased to **HKD 257,800 thousand**, reducing the gearing ratio to **14.5%** while maintaining ample liquidity | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 907,100 | 947,700 | -4.3% | | Cash and Bank Balances | 436,100 | 500,500 | -12.9% | | Current Ratio | 2.5 | 2.3 | +8.7% | | Total Bank Borrowings and Lease Liabilities | 257,800 | 299,400 | -13.9% | | Gearing Ratio | 14.5% | 17.2% | -15.7% | - Approximately **HKD 24,600 thousand** was invested in property, plant and equipment during the period, funded by internal resources[64](index=64&type=chunk) - The Group regularly monitors its liquidity requirements, ensuring sufficient cash reserves and adequate credit facilities are maintained[64](index=64&type=chunk) [Foreign Exchange Management](index=29&type=section&id=Foreign%20Exchange%20Management) The Group's sales, costs, and expenses are denominated in multiple currencies, primarily USD, AUD, EUR, GBP, HKD, and RMB, with foreign exchange contracts used to hedge currency risks - The Group's sales, costs, and expenses are primarily denominated in US Dollars, Australian Dollars, Euros, British Pounds, Hong Kong Dollars, and Renminbi[65](index=65&type=chunk) - The Group enters into foreign exchange contracts from time to time to hedge its currency risks[65](index=65&type=chunk) [Significant Acquisitions and Disposals](index=29&type=section&id=Significant%20Acquisitions%20and%20Disposals) Aside from the business acquisition disclosed in Note 17, the Group had no other significant acquisitions or disposals requiring disclosure under the Listing Rules during the interim period - The Group had no other significant acquisitions or disposals requiring disclosure under the Listing Rules during the interim period, apart from the business acquisition disclosed in Note 17[66](index=66&type=chunk) [Pledged Assets](index=29&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had approximately **HKD 200 thousand** in pledged deposits, serving as collateral for a subsidiary's bank guarantee facility - The Group had approximately **HKD 200 thousand** in pledged deposits as collateral for a subsidiary's bank guarantee facility[67](index=67&type=chunk) [Capital Commitments and Contingent Liabilities](index=29&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had capital commitments of approximately **HKD 5,600 thousand** for the acquisition of printing machinery and no significant contingent liabilities - The Group's commitments for the acquisition of printing machinery amounted to approximately **HKD 5,600 thousand**, to be funded by internal resources[68](index=68&type=chunk) - The Group had no significant contingent liabilities as at June 30, 2025[69](index=69&type=chunk) [Other Disclosures](index=30&type=section&id=Other%20Disclosures) This section includes additional disclosures on corporate governance, shareholdings, and other regulatory compliance matters [Directors' and Chief Executive's Interests in Securities](index=30&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Securities) As of June 30, 2025, the Company's directors and chief executive held long positions in the Company's shares and those of its associate, Opus Group Global Limited, with Mr. Liu Chuk Kin being the largest shareholder, holding **46.70%** of the Company's issued share capital Long Positions in the Company's Shares | Director's Name | Personal Interests (Shares) | Corporate Interests (Shares) | Total Interests (Shares) | Percentage of Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Mr. Liu Chuk Kin | 101,481,297 | 258,135,326 | 359,616,623 | 46.70 | | Ms. Lam Mei Lan | 10,148,688 | Nil | 10,148,688 | 1.32 | | Mr. Chu Chun Wan | 200,000 | Nil | 200,000 | 0.03 | | Mr. Li Hai | 200,000 | Nil | 200,000 | 0.03 | | Mr. Kwok Chun Sing | 200,000 | 249,804 | 449,804 | 0.06 | | Professor Li Xiao Liang | 200,000 | Nil | 200,000 | 0.03 | Long Positions in Shares of the Company's Associate, Opus Group Global Limited | Director's Name | Personal Interests (Shares) | Corporate Interests (Shares) | Total Interests (Shares) | Percentage of Opus' Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Mr. Liu Chuk Kin | 19,426,864 | 323,738,411 | 343,165,275 | 68.82 | | Ms. Lam Mei Lan | 1,035,543 | Nil | 1,035,543 | 0.21 | - Mr. Liu Chuk Kin is deemed to have an interest in the shares held by City Apex Ltd. through his interest in Green Field Group[71](index=71&type=chunk) [Major Shareholders](index=32&type=section&id=Major%20Shareholders) As of June 30, 2025, major shareholders included Green Field Group Limited, City Apex Ltd., Mr. Cheng Man Kei, Mr. and Mrs. Webb David Michael Webb Karen and Anne, JcbNext Berhad, and Preferable Situation Assets Limited, with Green Field Group Limited and City Apex Ltd. being the largest, each holding **33.52%** of the issued share capital Major Shareholder Holdings | Shareholder Name/Entity | Total Interests (Shares) | Percentage of Company's Issued Share Capital (%) | | :--- | :--- | :--- | | Green Field Group Limited | 258,135,326 | 33.52 | | City Apex Ltd. | 258,135,326 | 33.52 | | Mr. Cheng Man Kei | 64,179,613 | 8.34 | | Mr. and Mrs. Webb David Michael Webb Karen and Anne | 77,648,976 | 10.08 | | JcbNext Berhad | 54,112,030 | 7.03 | | Preferable Situation Assets Limited | 45,407,408 | 5.90 | - Green Field Group is the ultimate holding company of City Apex Ltd. and is therefore deemed to have an interest in the shares held by City Apex Ltd[76](index=76&type=chunk) [Share Award Scheme](index=33&type=section&id=Share%20Award%20Scheme) The Hung Hing Printing Share Award Scheme, adopted in 2013 to incentivize participants, expired on December 30, 2023, with no new awards granted in H1 2025, but **17,292,000** effective award shares remain outstanding - The Hung Hing Printing Share Award Scheme aims to recognize and encourage participants' contributions and incentivize them to promote the Group's operations and development[78](index=78&type=chunk) - The scheme expired on December 30, 2023, and no share awards were granted or shares purchased during the six months ended June 30, 2025[78](index=78&type=chunk) - As at June 30, 2025, there were **17,292,000** effective award shares under the Hung Hing Printing Share Award Scheme[78](index=78&type=chunk)[79](index=79&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, and the date of this interim report, the Company had no share option scheme - The Company had no share option scheme[80](index=80&type=chunk) [Purchase, Sale or Redemption of Shares](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Shares) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during 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[81](index=81&type=chunk) [Corporate Governance Code](index=34&type=section&id=Corporate%20Governance%20Code) The Board believes the Company complied with the Corporate Governance Code provisions in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company complied with the code provisions set out in Appendix C1 to the Listing Rules on Corporate Governance Code[82](index=82&type=chunk) [Standard Code for Securities Transactions](index=34&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted the Standard Code for directors' securities transactions and is unaware of any non-compliance - The Company has adopted the Standard Code as the code of conduct for directors' dealings in the Company's securities[83](index=83&type=chunk) - The Company is not aware of any non-compliance with the required standards set out in the Standard Code by any director regarding securities dealings during the interim period[83](index=83&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately **1,758** full-time employees, offering competitive salaries, performance-based incentives, and other benefits including share awards, provident funds, insurance, and medical coverage - As at June 30, 2025, the Group had approximately **1,758** full-time employees (June 30, 2024: **1,797**)[84](index=84&type=chunk) - Employee salaries are competitive and rewarded based on performance, with other benefits including share awards, provident funds, insurance, and medical coverage[84](index=84&type=chunk) [Interim Dividend and Closure of Register of Members](index=34&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board resolved to declare an interim dividend of **HKD 0.030** per ordinary share for the six months ended June 30, 2025, with the share register closing on September 11, 2025, and the dividend expected to be paid on September 24, 2025 - The Board recommended an interim dividend of **HKD 0.030** per ordinary share for the six months ended June 30, 2025[85](index=85&type=chunk) - The register of members will be closed on September 11, 2025, and to qualify for the dividend, all transfer documents must be lodged with Hong Kong Central Share Registrar Services Limited by **4:30 p.m. on September 10, 2025**[85](index=85&type=chunk) - The interim dividend is expected to be paid on September 24, 2025[85](index=85&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews the Group's financial reporting and internal controls, and has reviewed this interim report, deeming it compliant with applicable accounting standards and adequately disclosed - The Audit Committee comprises three independent non-executive directors: Mr. Ho Tai Wai, Professor Li Xiao Liang, and Mr. Ng Siu On[86](index=86&type=chunk) - The Audit Committee reviews the Group's financial reporting and internal controls and has reviewed the Company's interim report for the six months ended June 30, 2025[86](index=86&type=chunk) [By Order of the Board](index=35&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Chairman Mr. Liu Chuk Kin on behalf of the Board on August 27, 2025, with the Board comprising three executive, two non-executive, and three independent non-executive directors - This announcement was issued by Chairman Mr. Liu Chuk Kin on August 27, 2025[87](index=87&type=chunk) - The Board comprises executive directors Mr. Liu Chuk Kin, Ms. Lam Mei Lan, and Mr. Chu Chun Wan; non-executive directors Mr. Li Hai and Mr. Kwok Chun Sing; and independent non-executive directors Professor Li Xiao Liang, Mr. Ho Tai Wai, and Mr. Ng Siu On[87](index=87&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分內容所產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 ASIA TELE-NET AND TECHNOLOGY CORPORATION LIMITED 亞 洲 聯 網 科 技 有 限 公 司* ( 於百慕達註冊成立之有限公司 ) (股份代號: 679) 截至二零二五年六月三十日止六個月之 中期業績公佈 亞洲聯網科技有限公司 (「本公司」) 董事會 (「董事會」) 謹此宣佈，本公司及其附屬公司 (「本集 團」) 截至二零二五年六月三十日止六個月期間之未經審核業績連同比較數字載列如下﹕ 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日 | | | --- | --- | --- | --- | | | | 止六個月 | | | | 附註 | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | | (未經審核) | (未經審核) | | 收入 | | | | | 與客戶簽訂合約 | 3A | 21 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責 ，對其準 確性或完整性亦不發表任何聲明 ，並明確表示 ，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國人壽保險股份有限公司 CHINA LIFE INSURANCE COMPANY LIMITED 聚力內生驅動 ，轉型創新更見實效 。我們著眼未來深耕內力 ，矢志深化供給側改革 ，持續 提升專業經營能力 ，為經濟社會發展提供更優質適配的保險服務 。圍繞滿足客戶日益多元 的差異化保險保障需求 ，持續深化產品供給的形態多元 、期限多元 、成本多元 ，不斷拓寬 養老金融產品服務供給 ，積極創新健康保險產品供給體系 ，推出多款公司首推健康保險產 品 ，著力提升普惠保險保障功能 ，豐富老年人群 、兩新人群等普惠重點人群產品供給 。 強化資產配置前瞻引領作用 ，結合市場環境變化等因素 ，不斷優化配置策略 ，強化賬戶 管理 ，助力公司業務高質量發展 。持續推進以客戶為中心的銷售轉型 ，營銷體系改革向深 向實 ，隊伍規模穩居行業首位 ，中高產能人群保持穩定 ，新型營銷模式布局有序推進 。 積極擁抱金融科技深度融 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 EGL Holdings Company Limited 東瀛遊控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6882） 截至2025年6月30日止六個月 中期業績公告 | 集團財務概要 | | | | | --- | --- | --- | --- | | | | 截至6月30日止六個月 | | | | 2025 | 2024 | 變動 | | | 千港元 | 千港元 | 百分比 | | 收益 | 691,885 | 759,308 | -8.9% | | 毛利 | 137,062 | 180,249 | -24.0% | | 本公司擁有人應佔溢利 | 5,787 | 34,120 | -83.0% | | 每股盈利 | | | | | （港仙） 基本及攤薄 | 1.15 | 6.79 | | | 利潤率 | | | | | 毛利率 | 19.8% | 23.7% | | | 經營利潤率 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's governance structure, key personnel, listing details, and contact information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises executive, non-executive, and independent non-executive directors, with audit, remuneration, and nomination committees ensuring sound corporate governance - Board members include Executive Directors Mr. Chen Dangyang (Chairman and CEO) and Mr. Shen Chongfeng (resigned), along with several Non-executive and Independent Non-executive Directors[3](index=3&type=chunk) - Mr. Pu Tianruo chairs the Audit Committee, and Mr. Zhang Yaolin chairs the Remuneration and Nomination Committee[3](index=3&type=chunk) [Company Secretary and Authorized Representatives](index=3&type=section&id=Company%20Secretary%20and%20Authorized%20Representatives) Changes occurred in the Company Secretary and Authorized Representative roles during the reporting period, with Mr. Lin Rubo and Mr. Zou Xinglong appointed as Company Secretaries, and Mr. Chen Dangyang and Mr. Zou Xinglong as Authorized Representatives - Mr. Lin Rubo was appointed Company Secretary on **April 11, 2025**, and Mr. Zou Xinglong on **August 21, 2025**[3](index=3&type=chunk) - Mr. Chen Dangyang was appointed Authorized Representative on **February 5, 2025**, and Mr. Zou Xinglong on **August 21, 2025**[3](index=3&type=chunk) [Listing Information and Contact Details](index=3&type=section&id=Listing%20Information%20and%20Contact%20Details) The company's shares are listed on HKEX (stock code: 6638) and NYSE (ticker: OCFT), with details on registered office, headquarters, auditor, legal counsel, and principal bankers - The company's stock codes are **6638** (HKEX) and **OCFT** (NYSE)[3](index=3&type=chunk) - The auditor is PwC, and Hong Kong legal counsel is Cleary Gottlieb Steen & Hamilton (Hong Kong)[5](index=5&type=chunk) [Financial Performance Summary](index=5&type=section&id=Financial%20Performance%20Summary) This section provides a concise overview of the company's financial results for the reporting period [Financial Performance of Continuing Operations](index=5&type=section&id=Financial%20Performance%20of%20Continuing%20Operations) For the six months ended June 30, 2025, revenue from continuing operations significantly decreased by 43.4% to RMB 801.2 million, gross margin fell to 26.1%, and loss attributable to owners expanded to RMB 78.5 million Key Financial Indicators of Continuing Operations (Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 801.2 | 1,415.8 | -43.4% | | Gross Margin | 26.1% | 37.1% | -11.0 percentage points | | Loss Attributable to Owners of the Company | 78.5 | 70.5 | Increased by 8.0 | | Net Profit Margin | -9.8% | -5.0% | -4.8 percentage points | | Basic and Diluted Loss Per American Depositary Share | -2.16 | -1.94 | Increased by 0.22 | - Revenue decline primarily due to a **59.0% decrease** in revenue from Ping An Group and Lufax, with third-party client revenue also down **13.1%**[7](index=7&type=chunk) - The company completed the disposal of its virtual banking business (discontinued operations) on **April 2, 2024**, thus this report focuses on continuing operations[9](index=9&type=chunk) [Business Review and Outlook](index=7&type=section&id=Business%20Review%20and%20Outlook) This section details the company's business activities, strategic initiatives, market expansion, and future prospects [Business Review](index=7&type=section&id=Business%20Review) As a commercial technology service provider in China's financial services industry, the company continues to expand internationally, offering digital banking, digital insurance solutions, and the Gamma platform, despite macro headwinds - The company is a commercial technology service provider in China's financial services industry, offering digital banking solutions, digital insurance solutions, and digital infrastructure (Gamma platform)[11](index=11&type=chunk) - The company aims to reduce revenue concentration on Ping An Group, but recent macro and industry headwinds have impacted third-party business growth[11](index=11&type=chunk) [Digital Banking Solutions](index=7&type=section&id=Digital%20Banking%20Solutions) Digital banking solutions cover digital retail, digital lending, and digital operations, leveraging AI to enhance product intelligence, convenience, business growth, risk management, and operational efficiency for banks - Digital retail solutions provide integrated "consulting + system + operations" services, using AI to improve customer group operational efficiency and effectiveness[12](index=12&type=chunk) - Digital lending solutions offer end-to-end credit management, smart risk control, and operational services, leveraging AI and big data to enhance credit management efficiency and risk control capabilities[13](index=13&type=chunk) - Digital operations solutions provide comprehensive decision support for bank management, including asset-liability analysis, risk management, and pricing management, building a "super brain" for refined management[14](index=14&type=chunk) - AI mortgage loan solutions increased relationship manager productivity by approximately **six times**, shortening loan approval time to about **one day**; AI-powered tools help improve sales and marketing quality and efficiency[14](index=14&type=chunk) [Digital Insurance Solutions](index=9&type=section&id=Digital%20Insurance%20Solutions) Digital insurance solutions digitize the entire insurance process, assisting insurance companies in managing marketing and claims, and providing digital property & casualty and digital life insurance service management platforms - End-to-end digital P&C insurance solutions combine AI and advanced analytics to digitize and automate underwriting and claims processes, reducing costs and combating fraud[15](index=15&type=chunk) - Smart life insurance solutions empower insurance agents, brokers, and other channels, strengthening activity management, sales lead management, and customer analysis, and upgrading the "all-round agent" platform with integrated AI tools[15](index=15&type=chunk) [Gamma Platform](index=10&type=section&id=Gamma%20Platform) The Gamma platform integrates "AI + Data" as the foundation for digital transformation, enhancing anti-fraud capabilities with AI vision and building a "lake-warehouse integrated" architecture for efficient data management and smart operations analysis. Cloud services were gradually terminated from July 2024 - AI Vision combines AI with fingerprint recognition and blacklist screening to enhance deepfake detection, risk mitigation, and fraud prevention, compatible with HarmonyOS[17](index=17&type=chunk) - Data intelligence services are built on a "lake-warehouse integrated" architecture, providing flexible and efficient data management solutions and deep operational insights through ChatBI tools[17](index=17&type=chunk) - The company gradually terminated cloud services from **July 2024**, leading to a significant decline in revenue from the cloud services platform segment in H1 2025[18](index=18&type=chunk) [International Market Expansion](index=11&type=section&id=International%20Market%20Expansion) The company actively expands its technology and ecosystem cooperation network in emerging markets like Southeast Asia, the Middle East, and Africa, offering six digital solutions and aiming to build a replicable and localized overseas automotive ecosystem platform - The company has expanded its overseas business to **20 countries and regions**, covering as many as **214 clients**[20](index=20&type=chunk) - Signed an agreement with a prominent Vietnamese automotive service enterprise to establish a long-term strategic partnership centered on the "automotive ecosystem," accelerating the integration of the automotive industry and financial services[19](index=19&type=chunk) [2024 ESG Report](index=11&type=section&id=2024%20ESG%20Report) The company published its "2024 Environmental, Social and Governance Report" on April 24, 2025, detailing its efforts and progress in ESG management - The report emphasizes the company's commitment to environmental protection, social responsibility, and excellent governance[21](index=21&type=chunk) [Recent Developments After Reporting Period](index=12&type=section&id=Recent%20Developments%20After%20Reporting%20Period) Post-reporting period, the company disclosed progress on its privatization proposal, including approval from the State Administration for Market Regulation and submission of relevant transaction statements to the SEC - The company jointly published an announcement on **May 15, 2025**, regarding the proposal to privatize the company by way of a scheme of arrangement[22](index=22&type=chunk) - On **July 9, 2025**, the concentration of undertakings filing for the scheme was approved by the State Administration for Market Regulation[23](index=23&type=chunk) - The company, the offeror, and Ping An Group submitted a Schedule 13E-3 transaction statement to the U.S. Securities and Exchange Commission on **July 18, 2025**[23](index=23&type=chunk) [Business Outlook](index=12&type=section&id=Business%20Outlook) For H2 2025, the company will continue its second-stage strategy, focusing on the FinTech and AI industries, deepening client relationships, targeting high-quality clients, and optimizing product integration to expand its client base and drive third-party revenue growth - The company will continue to combine financial services industry expertise with market-leading technology[25](index=25&type=chunk) - Future focus will be on the FinTech and AI industries, targeting financial institution clients, while expanding the ecosystem and international business[25](index=25&type=chunk) - Through continuous R&D investment, accumulated business knowledge, and client insights, the company is committed to long-term client base expansion and third-party revenue growth[25](index=25&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial performance, cash flow, liquidity, risk management, and employee situation [Analysis of Financial Performance of Continuing Operations](index=13&type=section&id=Analysis%20of%20Financial%20Performance%20of%20Continuing%20Operations) For the six months ended June 30, 2025, revenue from continuing operations significantly decreased by 43.4%, mainly due to the strategic termination of cloud services. Gross profit and gross margin also declined, while operating loss and loss for the period increased Revenue Breakdown of Continuing Operations (Six Months Ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Implementation | 291,417 | 326,086 | -10.6% | | Customer Acquisition Services | 9,942 | 22,775 | -56.3% | | Risk Management Services | 105,785 | 126,514 | -16.4% | | Operations Support Services | 309,517 | 265,391 | 16.6% | | Cloud Services Platform | 2,349 | 607,416 | -99.6% | | Post-Development Maintenance Services | 38,842 | 29,348 | 32.3% | | Others | 43,305 | 38,239 | 13.2% | | **Total** | **801,157** | **1,415,769** | **-43.4%** | - Cloud services platform revenue significantly decreased by **99.6%**, primarily due to the strategic gradual termination of cloud services from **July 2024**[27](index=27&type=chunk) - Gross profit from continuing operations decreased by **60.2%** to **RMB 209.2 million**, and gross margin fell from **37.1% to 26.1%**, mainly due to reduced economies of scale from lower revenue[29](index=29&type=chunk) - R&D expenses decreased by **70.7%** to **RMB 117.0 million**, primarily due to business structure adjustments and ROI-oriented R&D project management[30](index=30&type=chunk) - Loss for the period from continuing and discontinued operations was **RMB 85.7 million**, compared to a profit of **RMB 128.0 million** in the same period of 2024[40](index=40&type=chunk) [Cash Flow and Liquidity](index=16&type=section&id=Cash%20Flow%20and%20Liquidity) For the six months ended June 30, 2025, net cash used in operating activities was RMB 209.8 million, net cash used in investing activities was RMB 1,333.4 million, and net cash used in financing activities was RMB 15.6 million. The company's liquidity primarily comes from cash and cash equivalents, redeemable wealth management products, and borrowings Cash Flow Data (Six Months Ended June 30) | Activity Category | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | 209.8 | 298.0 | | Net Cash Used in Investing Activities | 1,333.4 | (480.3) (Generated) | | Net Cash Used in Financing Activities | 15.6 | 129.8 | - As of **June 30, 2025**, cash and cash equivalents were **RMB 385.0 million** (December 31, 2024: RMB 1,947.9 million)[42](index=42&type=chunk) - Short-term borrowings were **RMB 20.7 million**, with a weighted average annual interest rate of **4.9%**[43](index=43&type=chunk) - The capital gearing ratio increased from **1.7%** as of December 31, 2024, to **2.0%** as of June 30, 2025[46](index=46&type=chunk) [Risk Management and Employee Information](index=17&type=section&id=Risk%20Management%20and%20Employee%20Information) The company faces currency risk (primarily from USD/RMB exchange rate fluctuations) and interest rate risk, partially hedging foreign exchange risk with currency swap contracts. As of June 30, 2025, the company had 1,981 employees, with R&D personnel forming the largest proportion - The company's foreign exchange risk primarily arises from fluctuations in the USD/RMB exchange rate, which is partially hedged by entering into spot-forward USD/RMB currency swap contracts[52](index=52&type=chunk)[53](index=53&type=chunk) - Interest rate risk is mainly related to deposits and short-term borrowings, managed by matching interest rate terms of deposits and short-term borrowings[54](index=54&type=chunk) Number of Employees by Function (As of June 30, 2025) | Function | Number of Employees | | :--- | :--- | | Research and Development | 1,276 | | Business Operations | 234 | | Sales and Marketing | 320 | | General and Administrative | 151 | | **Total** | **1,981** | - For the six months ended June 30, 2025, employee benefit expenses for continuing operations were **RMB 426.2 million**[55](index=55&type=chunk) [Corporate Governance and Other Information](index=19&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, directors' and major shareholders' interests, share incentive schemes, and other relevant disclosures [Directors' and Major Shareholders' Interests](index=19&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) The report discloses interests of directors and major shareholders in the company's shares and related shares, with Mr. Dou Wenwei and Ms. Wang Wenjun holding a 32.91% interest through controlled entity Ronghan Limited, which, along with Senrong Limited, forms a concert party group owning approximately 32.91% of the share capital Directors' Interests in the Company's Shares or Related Shares (As of June 30, 2025) | Director Name | Capacity / Nature of Interest | Number of Shares or Related Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Dou Wenwei | Interest in Controlled Corporation | 385,077,588 | 32.91% | | Ms. Wang Wenjun | Interest in Controlled Corporation | 385,077,588 | 32.91% | Major Shareholders' Interests in the Company's Shares or Related Shares (As of June 30, 2025) | Shareholder Name | Capacity / Nature of Interest | Number of Shares or Related Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ronghan Limited | Beneficial Interest | 385,077,588 | 32.91% | | Senrong Limited | Beneficial Interest | 188,061,642 | 16.07% | | Ping An Insurance (Group) Company of China, Ltd. | Interest in Controlled Corporation | 375,764,724 | 32.12% | | HKSCC Nominees Limited | Trustee | 77,009,867 | 6.58% | - Ronghan is held by Mr. Dou Wenwei and Ms. Wang Wenjun as nominees for certain senior employees of Ping An and its subsidiaries and associates[59](index=59&type=chunk) - Ronghan and Senrong entered into a concert party agreement to jointly exercise shareholder rights, with Senrong entrusting Ronghan to exercise its voting rights[59](index=59&type=chunk) [Share Incentive Schemes](index=21&type=section&id=Share%20Incentive%20Schemes) The company has share incentive schemes, including share options and performance share units, to attract and retain talent and promote long-term development, with a total not exceeding 10% of issued shares post-listing, and defined vesting periods and exercise price determination bases - The share incentive schemes aim to attract and retain top talent, promote the Group's long-term sustainable development, and maximize shareholder value[62](index=62&type=chunk) - The total number of shares available for use shall not exceed **10%** of the total issued shares immediately after listing, i.e., **116,998,065 shares**[65](index=65&type=chunk) - Granted awards will vest over **four years**, with an annual vesting cap of **25%** of the award, provided that the vesting of performance share units is further subject to the termination of the lock-up period for shares in the NYSE IPO[68](index=68&type=chunk) - The exercise price of share options shall not be less than the higher of the closing price of the shares as stated in the daily quotation sheet of the Stock Exchange on the date of grant or the average closing price for the **five business days** immediately preceding the date of grant[70](index=70&type=chunk) [Corporate Governance and Compliance](index=23&type=section&id=Corporate%20Governance%20and%20Compliance) The company strives for high corporate governance standards and has complied with most Code provisions, but the combined roles of Chairman and CEO, and the appointment/removal of the Company Secretary via written resolution, deviate from the Code - The company has complied with all applicable Code Provisions of the Corporate Governance Code, except for Code Provision C.2.1 (separation of roles of Chairman and CEO) and C.6.2 (appointment/removal of Company Secretary should be discussed at board meetings)[72](index=72&type=chunk)[73](index=73&type=chunk) - The Board believes that combining the roles of Chairman and CEO is in the company's best interest, providing consistent leadership and facilitating rapid execution of business strategies[72](index=72&type=chunk) - All Directors confirmed full compliance with the Model Code for Securities Transactions by Directors for the six months ended **June 30, 2025**[74](index=74&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) The company disclosed the use and remaining plan for net proceeds from its NYSE listing and subsequent public offerings, confirmed no purchase, sale, or redemption of listed securities during the reporting period, and does not recommend an interim dividend - For the six months ended **June 30, 2025**, approximately **RMB 184.9 million** of net proceeds were utilized in accordance with the intended uses disclosed in the prospectus[80](index=80&type=chunk) - The company plans to utilize the remaining net proceeds from the NYSE listing and subsequent public offerings over the next **eight to nine years** according to the intended uses[80](index=80&type=chunk) - During the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any securities listed on the Stock Exchange[76](index=76&type=chunk) - The Board does not recommend the distribution of an interim dividend for the six months ended **June 30, 2025**[82](index=82&type=chunk) [Review Report on Interim Financial Information](index=28&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) This section presents the independent auditor's review report on the company's interim financial information [Conclusion of Review Report](index=28&type=section&id=Conclusion%20of%20Review%20Report) PwC reviewed the company's interim financial information for the six months ended June 30, 2025, in accordance with ISRE 2410 and found no matters indicating non-compliance with IAS 34 in all material respects - The auditor reviewed the interim financial information in accordance with International Standard on Review Engagements 2410[86](index=86&type=chunk) - A review is substantially less in scope than an audit, so it does not provide assurance that all significant matters will be known, thus no audit opinion is expressed[86](index=86&type=chunk) - The auditor found no matters leading them to believe that the interim financial information was not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting"[87](index=87&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=29&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section provides the interim condensed consolidated statement of comprehensive income, detailing the company's financial performance for the period [Overview of Comprehensive Income](index=29&type=section&id=Overview%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company recorded a loss from continuing operations of RMB 85.7 million, compared to a loss of RMB 81.5 million in the prior period. Total comprehensive loss for the period was RMB 92.2 million, mainly due to loss from continuing operations and foreign currency translation differences Interim Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 801,157 | 1,415,769 | | Gross Profit | 209,161 | 525,782 | | Operating Loss | (105,691) | (105,502) | | Loss from Continuing Operations | (85,713) | (81,458) | | Profit from Discontinued Operations | – | 209,499 | | (Loss) / Profit for the Period | (85,713) | 128,041 | | Loss from Continuing Operations Attributable to Owners of the Company | (78,495) | (70,485) | | Total Comprehensive (Loss) / Income for the Period | (92,239) | 163,674 | | Loss Per American Depositary Share (Basic and Diluted) | (2.16) | (1.94) | - Loss from continuing operations attributable to owners of the company increased from **RMB 70.5 million** in the same period of 2024 to **RMB 78.5 million** in 2025[90](index=90&type=chunk) - In other comprehensive income, foreign currency translation differences from continuing operations were a gain of **RMB 579 thousand** (2024: loss of RMB 2,645 thousand)[91](index=91&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=31&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the interim condensed consolidated statement of financial position, outlining the company's assets, liabilities, and equity at the reporting date [Overview of Statement of Financial Position](index=31&type=section&id=Overview%20of%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 3,727.5 million, a decrease from December 31, 2024. Cash and cash equivalents in current assets significantly decreased, while financial assets at fair value through profit or loss and restricted cash substantially increased Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-Current Assets | 568,453 | 569,948 | | Total Current Assets | 3,159,017 | 3,397,304 | | **Total Assets** | **3,727,470** | **3,967,252** | | **Equity** | | | | Equity Attributable to Owners of the Company | 2,469,667 | 2,558,452 | | Non-Controlling Interests | (61,727) | (54,509) | | **Total Equity** | **2,407,940** | **2,503,943** | | **Liabilities** | | | | Total Non-Current Liabilities | 27,381 | 23,616 | | Total Current Liabilities | 1,292,149 | 1,439,693 | | **Total Liabilities** | **1,319,530** | **1,463,309** | | **Total Equity and Liabilities** | **3,727,470** | **3,967,252** | - Cash and cash equivalents decreased from **RMB 1,947.9 million** as of December 31, 2024, to **RMB 385.0 million** as of June 30, 2025[93](index=93&type=chunk) - Financial assets at fair value through profit or loss increased from **RMB 455.0 million** to **RMB 1,082.6 million**[93](index=93&type=chunk) - Restricted cash and time deposits with original maturities over three months significantly increased from **RMB 51.9 million** to **RMB 794.1 million**[93](index=93&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the interim condensed consolidated statement of changes in equity, illustrating movements in the company's equity components over the period [Overview of Changes in Equity](index=33&type=section&id=Overview%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the company decreased from RMB 2,558.5 million at the beginning of the period to RMB 2,469.7 million at the end, mainly due to loss for the period and the impact of share-based payments Interim Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 2,558,452 | 2,966,771 | | Loss / Profit for the Period | (78,495) | 139,014 | | Other Comprehensive Income, Net of Tax | (6,526) | 35,633 | | Share-Based Payments | (3,764) | 2,205 | | Equity Attributable to Owners of the Company at End of Period | 2,469,667 | 3,143,623 | - Loss for the period was **RMB 78.5 million**, leading to a decrease in equity attributable to owners of the company[97](index=97&type=chunk) - Total share-based payment transactions resulted in a **RMB 3.8 million loss**, including the value of employee services and business cooperation arrangements, shares vested under restricted share unit schemes, and shares exercised under share option schemes[97](index=97&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=35&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the interim condensed consolidated statement of cash flows, summarizing the cash inflows and outflows from operating, investing, and financing activities [Overview of Cash Flows](index=35&type=section&id=Overview%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash and cash equivalents decreased by RMB 1,558.7 million, primarily due to a significant increase in net cash used in investing activities and continued cash outflow from operating activities Interim Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Activity Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (209,799) | (297,993) | | Net Cash (Used in) / Generated from Investing Activities | (1,333,389) | 480,298 | | Net Cash Used in Financing Activities | (15,558) | (129,792) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (1,558,746) | 52,513 | | Cash and Cash Equivalents at End of Period | 385,031 | 1,438,886 | - Net cash used in investing activities was **RMB 1,333.4 million**, mainly due to payments for financial assets at fair value through profit or loss[41](index=41&type=chunk)[100](index=100&type=chunk) - Net cash used in operating activities was **RMB 209.8 million**, primarily affected by profitability[41](index=41&type=chunk)[100](index=100&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=36&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanatory notes to the interim condensed consolidated financial information, offering further insights into specific financial items and accounting policies [1 General Information and Basis of Presentation](index=36&type=section&id=1%20General%20Information%20and%20Basis%20of%20Presentation) This note outlines OneConnect Financial Technology Co., Ltd.'s registration, listing, ADS ratio change, business scope, and the basis for preparing the interim financial information - The company was incorporated in the Cayman Islands on **October 30, 2017**, and completed its initial public offering on the New York Stock Exchange on **December 13, 2019**[101](index=101&type=chunk) - The ADS ratio changed from one American Depositary Share representing three ordinary shares to **one American Depositary Share representing thirty ordinary shares** on **December 12, 2022**[101](index=101&type=chunk) - The Group primarily engages in providing cloud-based FinTech solutions, online information services, and operational support services to financial institutions in China[102](index=102&type=chunk) - The interim financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and presented in RMB[103](index=103&type=chunk) [2 Summary of Significant Accounting Policies](index=37&type=section&id=2%20Summary%20of%20Significant%20Accounting%20Policies) This note states that accounting policies used for interim financial information are consistent with annual financial statements, lists new and amended standards adopted and not yet adopted, and highlights the potential broad impact of IFRS 18 on financial statement presentation and disclosure - The accounting policies and methods of computation used in preparing the interim financial information are consistent in all material respects with those applied in the financial statements[105](index=105&type=chunk) - The Group first applied IAS 21 (Amendment) – Lack of Exchangeability for the annual reporting period beginning **January 1, 2025**, with no significant impact expected[107](index=107&type=chunk) - IFRS 18 "Presentation and Disclosure in Financial Statements" will be effective from **January 1, 2027**, and is expected to have a broad impact on the presentation and disclosure of the statement of profit or loss and management performance measures in the financial statements[108](index=108&type=chunk)[111](index=111&type=chunk) [3 Critical Accounting Estimates and Judgements](index=39&type=section&id=3%20Critical%20Accounting%20Estimates%20and%20Judgements) This note indicates that preparing interim financial information requires management judgments, estimates, and assumptions consistent with those applied in annual financial statements, and actual results may differ from estimates - The critical judgments and key sources of estimation uncertainty made by management in preparing the interim financial information are the same as those applied in the financial statements[112](index=112&type=chunk) [4 Financial Risk Management](index=39&type=section&id=4%20Financial%20Risk%20Management) The Group faces market, credit, and liquidity risks, managing liquidity by maintaining sufficient cash, monitoring cash flows, and managing financial asset maturities. Fair value estimates use a three-level hierarchy, with disclosure of financial asset and liability fair value measurement levels - The Group manages liquidity risk by maintaining sufficient cash and cash equivalents and committed borrowing facilities, and continuously monitoring forecasted and actual cash flows[115](index=115&type=chunk) - Fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable market inputs), and Level 3 (unobservable inputs)[118](index=118&type=chunk)[121](index=121&type=chunk) Fair Value Measurement Hierarchy of Financial Assets and Liabilities (As of June 30, 2025) | Indicator | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | Financial Assets at Fair Value Through Profit or Loss | – | 1,082,608 | – | 1,082,608 | | **Financial Liabilities** | | | | | | Derivative Financial Liabilities | – | 3,889 | – | 3,889 | - There were no transfers between different levels of fair value measurement for the six months ended **June 30, 2025**, and for the year ended **December 31, 2024**[123](index=123&type=chunk) [5 Segment Information and Revenue](index=43&type=section&id=5%20Segment%20Information%20and%20Revenue) For the six months ended June 30, 2025, the Group had one reportable segment, Technology Solutions, with revenue of RMB 801.2 million. Cloud services platform revenue significantly decreased due to strategic termination, while operational support services and post-development maintenance services revenue increased - For the six months ended **June 30, 2025**, the Group had **one reportable segment**, Technology Solutions; for the same period in 2024, there were two segments, with the virtual banking business disposed of[125](index=125&type=chunk) Revenue Breakdown of Continuing Operations (Six Months Ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Implementation | 291,417 | 326,086 | | Operations Support Services | 309,517 | 265,391 | | Customer Acquisition Services | 9,942 | 22,775 | | Risk Management Services | 105,785 | 126,514 | | Cloud Services Platform | 2,349 | 607,416 | | Post-Development Maintenance Services | 38,842 | 29,348 | | Others | 43,305 | 38,239 | | **Total** | **801,157** | **1,415,769** | - Cloud services platform revenue significantly decreased, primarily due to the Group's strategic gradual termination of cloud services from **July 2024**[130](index=130&type=chunk) Contract Assets Breakdown (As of June 30) | Contract Asset Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Implementation | 110,936 | 113,986 | | Transaction-Based Services and Support Services | 5,480 | 11,856 | | Operations Support Services | 981 | 6,905 | | Post-Development Maintenance Services | 4,499 | 4,951 | | **Total** | **116,416** | **125,842** | [6 Expenses by Nature](index=48&type=section&id=6%20Expenses%20by%20Nature) For the six months ended June 30, 2025, total expenses from continuing operations were RMB 908.1 million, a significant decrease from RMB 1,528.2 million in the prior period, mainly due to lower technical service fees and employee benefit expenses Expenses Breakdown of Continuing Operations (Six Months Ended June 30) | Expense Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Technical Service Fees | 289,092 | 793,319 | | Employee Benefit Expenses | 426,184 | 507,967 | | Outsourced Labor Costs | 42,065 | 45,643 | | Product Procurement Costs | 38,518 | 30,953 | | Amortization of Intangible Assets | 12,702 | 29,777 | | Depreciation of Property and Equipment | 17,846 | 29,325 | | **Total** | **908,067** | **1,528,222** | Employee Benefit Expenses Breakdown (Six Months Ended June 30) | Employee Benefit Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Wages and Salaries | 314,566 | 352,776 | | Benefits and Other Allowances | 114,363 | 153,788 | | Share-Based Payments | (2,745) | 1,403 | | **Total** | **426,184** | **507,967** | [7 Other Income, Gains or Losses – Net](index=49&type=section&id=7%20Other%20Income,%20Gains%20or%20Losses%20%E2%80%93%20Net) For the six months ended June 30, 2025, other income, gains or losses – net from continuing operations was RMB 15.1 million, a 50.1% decrease from RMB 30.2 million in the prior period, mainly due to a reduction in net gains from derivative instruments Other Income, Gains or Losses – Net (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Foreign Exchange Gains / (Losses) | 2,217 | (4,906) | | Government Grants and Tax Refunds | 6,459 | 6,652 | | Net Gains from Financial Assets at Fair Value Through Profit or Loss | 10,280 | 9,531 | | Net (Losses) / Gains from Derivative Instruments | (3,510) | 14,462 | | **Total** | **15,076** | **30,184** | - Net gains from derivative instruments turned from a **RMB 14.5 million gain** in 2024 to a **RMB 3.5 million loss** in 2025[136](index=136&type=chunk) [8 Finance Income – Net](index=50&type=section&id=8%20Finance%20Income%20%E2%80%93%20Net) For the six months ended June 30, 2025, finance income – net from continuing operations was RMB 22.3 million, largely stable compared to RMB 21.7 million in the prior period, despite decreases in both finance income and costs Finance Income – Net (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 25,415 | 29,686 | | Interest Expense on Borrowings | (1,498) | (6,153) | | Interest Expense on Lease Liabilities | (600) | (1,472) | | **Finance Income – Net** | **22,346** | **21,698** | - Finance income decreased by **14.4%** to **RMB 25.4 million**, primarily due to a lower average deposit balance[35](index=35&type=chunk)[137](index=137&type=chunk) - Finance costs decreased by **61.6%** to **RMB 3.1 million**, primarily due to a lower average loan balance[36](index=36&type=chunk)[137](index=137&type=chunk) [9 Income Tax (Expense) / Benefit](index=50&type=section&id=9%20Income%20Tax%20(Expense)%20/%20Benefit) For the six months ended June 30, 2025, continuing operations recorded an income tax expense of RMB 2.4 million, compared to an income tax benefit of RMB 2.3 million in the prior period, mainly due to increased current income tax adjustments for prior periods after annual tax filing Income Tax (Expense) / Benefit (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax | (2,368) | 665 | | Deferred Income Tax | – | 1,681 | | **Income Tax (Expense) / Benefit** | **(2,368)** | **2,346** | - Certain PRC subsidiaries enjoy preferential income tax rates of **15%** as "High and New Technology Enterprises" or **15%** in the Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone[139](index=139&type=chunk) - Hong Kong profits tax is provided at a rate of **16.5%**, and other jurisdictions are calculated at prevailing tax rates not exceeding **25%**[141](index=141&type=chunk)[142](index=142&type=chunk) - No withholding tax was provided as of **June 30, 2025**, and **2024**, due to accumulated losses in the Group's retained earnings[144](index=144&type=chunk) [10 (Loss) / Earnings Per Share](index=52&type=section&id=10%20(Loss)%20/%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share from continuing operations attributable to owners of the company was RMB 0.07 (ADS loss per share was RMB 2.16), an increase from the prior period (Loss) / Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share from Continuing Operations Attributable to Owners of the Company | (0.07) | (0.06) | | Diluted Loss Per Share from Continuing Operations Attributable to Owners of the Company | (0.07) | (0.06) | | Basic Loss Per American Depositary Share from Continuing Operations Attributable to Owners of the Company | (2.16) | (1.94) | | Diluted Loss Per American Depositary Share from Continuing Operations Attributable to Owners of the Company | (2.16) | (1.94) | | Basic (Loss) / Earnings Per Share Attributable to Owners of the Company | (0.07) | 0.13 | | Basic (Loss) / Earnings Per American Depositary Share Attributable to Owners of the Company | (2.16) | 3.83 | - One American Depositary Share represents **thirty ordinary shares** of the company[146](index=146&type=chunk) - Diluted (loss) / earnings per share for the six months ended **June 30, 2025**, and **2024**, were the same as basic (loss) / earnings per share for the period, as the effect of all outstanding share options was not included[147](index=147&type=chunk) [11 Property and Equipment](index=54&type=section&id=11%20Property%20and%20Equipment) As of June 30, 2025, the net book value of property and equipment was RMB 45.2 million, a slight increase from RMB 43.9 million as of December 31, 2024. Depreciation expense is mainly recognized in general and administrative expenses Net Book Value of Property and Equipment (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Office and Telecommunication Equipment | 14,835 | 14,798 | | Right-of-Use Properties | 27,421 | 23,706 | | Leasehold Improvements | 2,953 | 5,391 | | **Total** | **45,209** | **43,895** | Depreciation Expense of Continuing Operations (Six Months Ended June 30) | Allocated to | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Revenue | 2,159 | 2,208 | | Research and Development Expenses | 1,164 | 1,797 | | Sales and Marketing Expenses | 489 | 692 | | General and Administrative Expenses | 14,034 | 24,628 | | **Total** | **17,846** | **29,325** | [12 Intangible Assets](index=56&type=section&id=12%20Intangible%20Assets) As of June 30, 2025, the net book value of intangible assets was RMB 182.6 million, a decrease from RMB 195.6 million as of December 31, 2024. Amortization expense is mainly recognized in cost of revenue Net Book Value of Intangible Assets (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Internally Developed Applications and Platforms | 23,455 | 23,757 | | Purchased Software | 410 | 2,613 | | Development in Progress | 352 | 5,864 | | Goodwill | 157,260 | 157,260 | | Business Licenses | 1,082 | 6,142 | | **Total** | **182,559** | **195,636** | Amortization Expense of Continuing Operations (Six Months Ended June 30) | Allocated to | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Revenue | 12,565 | 29,228 | | Research and Development Expenses | 55 | 67 | | General and Administrative Expenses | 82 | 482 | | **Total** | **12,702** | **29,777** | [13 Discontinued Operations](index=57&type=section&id=13%20Discontinued%20Operations) The company completed the disposal of its virtual banking business to Lufax Holding Ltd. on April 2, 2024, which has been reported as discontinued operations. As of the disposal date, discontinued operations recorded a profit of RMB 209.5 million, mainly from the gain on disposal of subsidiaries - The company completed the disposal of its virtual banking business to Lufax Holding Ltd. on **April 2, 2024**, for a cash consideration of **HKD 933,000,000**[152](index=152&type=chunk) Financial Performance of Discontinued Operations (January 1 to Disposal Date, 2024) | Item | 2024 (RMB thousand) | | :--- | :--- | | Revenue | 44,295 | | Expenses | (46,549) | | Loss from Discontinued Operations After Income Tax | (50,638) | | Gain on Disposal of Subsidiaries After Income Tax | 260,137 | | **Profit from Discontinued Operations** | **209,499** | Details of Disposal of Disposal Group (2024) | Item | 2024 (RMB thousand) | | :--- | :--- | | Cash Consideration Received, Net of Transaction Costs | 839,087 | | Less: Cash and Bank Balances Disposed | (115,916) | | **Net Cash Inflow from Disposal** | **723,171** | | Less: Carrying Amount of Net Assets Sold | (560,713) | | **Gain on Disposal After Income Tax** | **260,137** | [14 Financial Instruments (By Category)](index=60&type=section&id=14%20Financial%20Instruments%20(By%20Category)) As of June 30, 2025, the Group held total financial assets of RMB 2,971.5 million and total financial liabilities of RMB 933.2 million. Financial assets at fair value through profit or loss significantly increased Financial Instruments (By Category) (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Financial Assets** | | | | Financial Assets Measured at Amortized Cost | 1,538,887 | 2,165,998 | | Financial Assets at Fair Value Through Profit or Loss | 1,082,608 | 455,016 | | Derivative Financial Assets | – | 40,356 | | **Total** | **2,971,495** | **3,161,370** | | **Financial Liabilities** | | | | Liabilities Measured at Amortized Cost | 929,355 | 714,219 | | Derivative Financial Liabilities | 3,889 | – | | **Total** | **933,244** | **714,219** | - Financial assets at fair value through profit or loss increased from **RMB 455.0 million** as of December 31, 2024, to **RMB 1,082.6 million** as of June 30, 2025[156](index=156&type=chunk) [15 Financial Assets at Fair Value Through Other Comprehensive Income](index=61&type=section&id=15%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, and December 31, 2024, the Group held no financial assets measured at fair value through other comprehensive income - The Group acquired a **5% equity interest** in Fujian Transaction Place Clearing Center Co., Ltd. for **RMB 5,000,000** on **August 4, 2016**, with changes in fair value recognized in other comprehensive income[157](index=157&type=chunk) [16 Leases](index=61&type=section&id=16%20Leases) As of June 30, 2025, the company's right-of-use assets (property) were RMB 27.4 million, and total lease liabilities were RMB 28.0 million. Both lease-related depreciation expenses and interest expenses decreased Lease-Related Amounts (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Right-of-Use Assets (Property) | 27,421 | 23,706 | | Lease Liabilities (Non-Current) | 14,291 | 10,670 | | Lease Liabilities (Current) | 13,709 | 13,735 | | **Total Lease Liabilities** | **28,000** | **24,405** | Lease-Related Expenses (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation Expense of Right-of-Use Assets | 12,147 | 18,248 | | Interest Expense | 600 | 1,552 | | **Total** | **12,747** | **19,800** | - Total cash outflow for leases for the six months ended **June 30, 2025**, and **2024**, was **RMB 13,563,000** and **RMB 17,805,000**, respectively[159](index=159&type=chunk) [17 Trade Receivables](index=63&type=section&id=17%20Trade%20Receivables) As of June 30, 2025, net trade receivables were RMB 559.8 million, an increase from RMB 506.5 million as of December 31, 2024. Most receivables were aged within one year Trade Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gross Trade Receivables | 635,261 | 582,068 | | Less: Provision for Impairment Losses | (75,482) | (75,533) | | **Net Trade Receivables** | **559,779** | **506,535** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 Year | 534,520 | 510,135 | | 1 to 2 Years | 67,391 | 35,830 | | 2 to 3 Years | 22,746 | 20,069 | | Over 3 Years | 10,604 | 16,034 | | **Total** | **635,261** | **582,068** | [18 Prepayments and Other Receivables](index=64&type=section&id=18%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, net prepayments and other receivables were RMB 289.9 million, a decrease from RMB 348.7 million as of December 31, 2024, mainly due to a decline in deposits receivable and deductible VAT Prepayments and Other Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Deposits Receivable | 86,199 | 127,732 | | Deductible VAT | 104,292 | 152,930 | | Advances to Suppliers | 35,945 | 29,055 | | Advances to Employees | 7,482 | 10,680 | | Others | 62,704 | 35,090 | | Less: Provision for Impairment Losses | (6,760) | (6,760) | | **Total** | **289,862** | **348,727** | - Deposits receivable primarily refer to deposits paid to related parties and other suppliers under contractual terms, repayable within **one year**[163](index=163&type=chunk) [19 Financial Assets at Fair Value Through Profit or Loss](index=65&type=section&id=19%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss were RMB 1,082.6 million, a significant increase from RMB 455.0 million as of December 31, 2024, primarily consisting of wealth management product investments Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products | 1,082,608 | 455,016 | - As of **June 30, 2025**, **RMB 1,076,836,000** of wealth management products were managed by subsidiaries of Ping An Group, redeemable upon holder's request[164](index=164&type=chunk) [20 Restricted Cash and Time Deposits with Original Maturities Over Three Months](index=65&type=section&id=20%20Restricted%20Cash%20and%20Time%20Deposits%20with%20Original%20Maturities%20Over%20Three%20Months) As of June 30, 2025, total restricted cash and time deposits with original maturities over three months were RMB 801.9 million, a significant increase from RMB 51.9 million as of December 31, 2024, mainly due to a substantial growth in time deposits with original maturities over three months Restricted Cash and Time Deposits with Original Maturities Over Three Months (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Restricted Bank Deposits | 34,256 | 40,960 | | Accrued Interest | 10,680 | 442 | | Time Deposits with Original Maturities Over Three Months | 756,998 | 10,538 | | **Total** | **801,934** | **51,940** | - Restricted cash balances refer to funds held in specific bank accounts, subject to agreements with specific parties or regulatory restrictions[165](index=165&type=chunk) [21 Cash and Cash Equivalents](index=66&type=section&id=21%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, total cash and cash equivalents were RMB 385.0 million, a significant decrease from RMB 1,947.9 million as of December 31, 2024, primarily consisting of bank deposits Cash and Cash Equivalents (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash on Hand | – | 12 | | Bank Deposits | 385,031 | 1,947,910 | | **Total** | **385,031** | **1,947,922** | [22 Share Capital](index=66&type=section&id=22%20Share%20Capital) As of June 30, 2025, and December 31, 2024, the company's authorized share capital was 5,000,000,000 ordinary shares with a par value of USD 0.00001 each, and issued share capital was 1,169,980,653 shares, equivalent to RMB 78,008 thousand Share Capital Information (As of June 30) | Item | Number of Shares | USD (thousand) | Equivalent RMB (thousand) | | :--- | :--- | :--- | :--- | | Authorized Ordinary Shares (Par Value USD 0.00001 per share) | 5,000,000,000 | 50,000 | – | | Issued Ordinary Shares (Par Value USD 0.00001 per share) | 1,169,980,653 | 11,700 | 78,008 | [23 Other Reserves](index=67&type=section&id=23%20Other%20Reserves) As of June 30, 2025, total other reserves were RMB 11,026.4 million, a slight decrease from RMB 11,041.2 million as of January 1, 2025, mainly affected by foreign currency translation differences and share-based payments Changes in Other Reserves (As of June 30) | Item | January 1, 2025 (RMB thousand) | Changes During the Period (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | | Capital Reorganization Reserve | 1,200,000 | – | 1,200,000 | | Share Premium | 9,627,159 | – | 9,627,159 | | Share-Based Compensation Reserve | 225,258 | (8,276) | 216,982 | | Foreign Currency Translation Differences | 225,978 | (6,526) | 219,452 | | Others | (237,186) | – | (237,186) | | **Total** | **11,041,209** | **(14,802)** | **11,026,407** | - Foreign currency translation differences resulted in a decrease of **RMB 6,526 thousand**[168](index=168&type=chunk) - Share-based payments led to a decrease of **RMB 8,276 thousand** in share-based compensation reserve[168](index=168&type=chunk) [24 Share-Based Payments](index=68&type=section&id=24%20Share-Based%20Payments) The Group has share option schemes and restricted share unit schemes to incentivize employees. For the six months ended June 30, 2025, share-based compensation expense was a RMB 3.97 million loss. Both share options and restricted share units have vesting periods and exercise prices/fair values - The Group established equity-settled share option schemes and restricted share unit schemes, aimed at recognizing and rewarding eligible directors, employees, and other individuals[170](index=170&type=chunk) Allocation of Share-Based Compensation Expense (Six Months Ended June 30) | Allocated to | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Revenue | (573) | 562 | | Research and Development Expenses | (273) | 292 | | Sales and Marketing Expenses | (383) | 183 | | General and Administrative Expenses | (2,737) | 1,022 | | **Total Continuing Operations** | **(3,966)** | **2,059** | Changes in Number of Share Options (Six Months Ended June 30) | Item | 2025 (Number of Share Options) | 2024 (Number of Share Options) | | :--- | :--- | :--- | | Beginning of Period | 6,830,110 | 8,141,810 | | Exercised | 139,950 | – | | Forfeited | (769,140) | (833,510) | | **End of Period** | **6,200,920** | **7,308,300** | Changes in Number of Restricted Share Units (Six Months Ended June 30) | Item | 2025 (Number of Restricted Share Units) | 2024 (Number of Restricted Share Units) | | :--- | :--- | :--- | | Beginning of Period | 23,129,137 | 30,526,123 | | Granted | 200,000 | – | | Vested | 3,241,753 | – | | Forfeited | (10,613,535) | (3,465,592) | | **End of Period** | **15,957,355** | **27,060,531** | [25 Trade and Other Payables](index=74&type=section&id=25%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were RMB 927.6 million, a decrease from RMB 1,004.5 million as of December 31, 2024. Amounts due to related parties and accrued expenses were major components Trade and Other Payables (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 97,365 | 90,686 | | Redeemable Liabilities | 232,951 | 232,951 | | Accrued Expenses | 205,036 | 218,942 | | Lease Liabilities | 28,000 | 24,405 | | Amounts Due to Related Parties | 156,046 | 234,828 | | Others | 160,922 | 148,833 | | **Total** | **927,610** | **1,004,512** | - Trade payables are primarily aged within **one year**[182](index=182&type=chunk) - Redeemable liabilities of **RMB 232,951 thousand** are estimated based on the terms of put options entered into with certain non-controlling shareholders of Panpay Technology[183](index=183&type=chunk) [26 Short-Term Borrowings](index=75&type=section&id=26%20Short-Term%20Borrowings) As of June 30, 2025, short-term borrowings were RMB 20.7 million, bearing fixed interest rates with a weighted average annual interest rate of 4.90% Short-Term Borrowings (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Unsecured | 20,658 | 19,160 | - As of **June 30, 2025**, and **December 31, 2024**, the weighted average annual interest rate for short-term borrowings at nominal rates was **4.90%**[184](index=184&type=chunk) [27 Derivative Financial Assets and Liabilities](index=75&type=section&id=27%20Derivative%20Financial%20Assets%20and%20Liabilities) As of June 30, 2025, the Group held derivative financial liabilities of RMB 3.9 million, compared to derivative financial assets of RMB 40.4 million as of December 31, 2024, primarily consisting of currency forwards Derivative Financial Assets and Liabilities (As of June 30) | Item | 2025 Fair Value (RMB thousand) | 2024 Fair Value (RMB thousand) | | :--- | :--- | :--- | | Derivative Financial Assets | – | 40,356 | | Derivative Financial Liabilities | 3,889 | – | [28 Dividends](index=76&type=section&id=28%20Dividends) For the six months ended June 30, 2025, and 2024, the company neither paid nor declared any dividends - The company neither paid nor declared any dividends for the six months ended **June 30, 2025**, and **2024**[186](index=186&type=chunk) [29 Related Party Transactions](index=76&type=section&id=29%20Related%20Party%20Transactions) The Group engaged in several significant related party transactions, including revenue from Ping An Group and its subsidiaries and service purchases. As of June 30, 2025, trade receivables and payables with related parties were substantial - Key related parties include Senrong Limited, Ronghan Limited, Boyu Limited, and Ping An Group and its subsidiaries[189](index=189&type=chunk) Significant Transactions with Related Parties (Six Months Ended June 30) | Transaction Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue (Ping An Group and its Subsidiaries) | 384,046 | 822,880 | | Purchase of Services (Ping An Group and its Subsidiaries) | 121,248 | 704,051 | | Interest Income from Bank Deposits (Ping An Group and its Subsidiaries) | 7,119 | 12,554 | Significant Balances with Related Parties (As of June 30) | Balance Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (Ping An Group and its Subsidiaries) | 252,235 | 179,019 | | Trade and Other Payables – Amounts Due to Related Parties (Ping An Group and its Subsidiaries) | 171,244 | 242,320 | | Cash and Cash Equivalents, Restricted Cash, and Time Deposits with Original Maturities Over Three Months (Ping An Group and its Subsidiaries) | 587,235 | 192,604 | - Balances with related parties are unsecured, interest-free, and repayable on demand[192](index=192&type=chunk) [30 Maximum Exposure to Unconsolidated Structured Entities](index=79&type=section&id=30%20Maximum%20Exposure%20to%20Unconsolidated%20Structured%20Entities) The Group invests in unconsolidated structured entities (primarily wealth management products). As of June 30, 2025, the Group's maximum exposure to wealth management products managed by related parties was RMB 1,076.8 million, and by third parties was RMB 5.8 million Maximum Exposure to Unconsolidated Structured Entities (As of June 30) | Item | 2025 Size (RMB thousand) | 2025 Maximum Exposure (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products Managed by Related Parties | 1,076,836 | 1,076,836 | | Wealth Management Products Managed by Third Parties | 5,772 | 5,772 | - The maximum exposure is approximately equal to the sum of the Group's direct investments, which are classified as financial assets at fair value through profit or loss[193](index=193&type=chunk) [31 Contingent Events](index=79&type=section&id=31%20Contingent%20Events) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of **June 30, 2025**, and **December 31, 2024**[196](index=196&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佈之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 LEFT FIELD PRINTING GROUP LIMITED 澳獅環球集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1540） 截至二零二五年六月三十日止六個月之 中期業績公佈 澳獅環球集團有限公司（「本公司」）董事會（「董事會」）謹此提呈本公司及其附屬公司（統稱為「本集團」） 截至二零二五年六月三十日止六個月之未經審核簡明綜合業績，連同二零二四年同期之未經審核比較數字如 下： 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | （未經審核） | | | --- | --- | --- | --- | | | | 截至六月三十日止 | | | | | 六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收益 | 3 | 232,093 | 252,358 | | 直接經營成本 | | (184,216) | ...

[Interim Results Highlights](index=1&type=section&id=Interim%20Results%20Highlights) The company turned from profit to loss in H1 2025, driven by a significant drop in linen yarn prices and higher raw material costs - The company turned from profit to loss in H1 2025, mainly due to a significant drop in average linen yarn prices (approximately **30%** YoY) and the use of more expensive raw materials purchased in the previous year, despite revenue growth[2](index=2&type=chunk) - Average linen yarn prices continuously declined from Q4 2024 to Q2 2025, primarily due to abundant raw material supply from a bumper harvest in 2024, bottoming out at the end of Q2 2025 and showing signs of recovery[2](index=2&type=chunk) Interim Results Summary | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,269,510,000 | 1,129,916,000 | 12.4% Growth | | Gross Profit/Loss | Loss 45,467,000 | Profit 198,845,000 | Turned from Profit to Loss | | Loss/Profit for the Period | Loss 121,517,000 | Profit 78,508,000 | Turned from Profit to Loss | | Loss/Profit Attributable to Owners of the Parent | Loss 118,553,000 | Profit 73,961,000 | Turned from Profit to Loss | | Loss/Earnings Per Share | Loss RMB 0.19 | Profit RMB 0.12 | Turned from Profit to Loss | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) The group's H1 2025 financial performance shifted from profit to loss, driven by substantial changes in key financial metrics [Interim Condensed Consolidated Income Statement](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) The Group turned from profit to loss in H1 2025, driven by a significant drop in gross profit and increased cost of sales Interim Condensed Consolidated Income Statement Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,269,510 | 1,129,916 | 139,594 | 12.4% | | Cost of Sales | (1,314,977) | (931,071) | (383,906) | 41.2% | | Gross Profit | (45,467) | 198,845 | (244,312) | -122.9% | | (Loss)/Profit Before Tax | (144,174) | 108,260 | (252,434) | -233.2% | | (Loss)/Profit for the Period | (121,517) | 78,508 | (199,025) | -253.5% | | (Loss)/Profit Attributable to Owners of the Parent | (118,553) | 73,961 | (192,514) | -260.3% | | Basic (Loss)/Earnings Per Share | RMB (0.19) | RMB 0.12 | | | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group recorded a comprehensive loss in H1 2025, a reversal from prior period income, mainly due to net loss Interim Condensed Consolidated Statement of Comprehensive Income Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (121,517) | 78,508 | (199,025) | | Exchange differences on translation of overseas operations | 4,878 | (7,722) | 12,600 | | Total Comprehensive Income for the Period | (116,639) | 70,786 | (187,425) | | Attributable to Owners of the Parent | (113,675) | 66,239 | (179,914) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets decreased, with inventories down and cash equivalents up Interim Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,031,384 | 1,041,403 | (10,019) | -1.0% | | Total Current Assets | 1,850,590 | 2,073,606 | (223,016) | -10.8% | | Inventories | 672,943 | 1,195,126 | (522,183) | -43.7% | | Cash and Cash Equivalents | 534,742 | 230,871 | 303,871 | 131.6% | | Total Current Liabilities | 1,455,674 | 1,596,119 | (140,445) | -8.8% | | Net Current Assets | 394,916 | 477,487 | (82,571) | -17.3% | | Net Assets | 1,332,539 | 1,474,829 | (142,290) | -9.6% | | Total Equity | 1,332,539 | 1,474,829 | (142,290) | -9.6% | [Notes to Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details notes on interim consolidated financial statements, covering company info, policies, and segment data [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Jinda Holdings Limited, a Cayman Islands-registered company listed in Hong Kong, primarily produces and sells linen yarn - The Company was incorporated in the Cayman Islands on July 21, 2006, and listed on the Hong Kong Stock Exchange on December 12, 2006[7](index=7&type=chunk) - The Group is principally engaged in the production and sale of linen yarn[8](index=8&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Interim financial information follows IAS 34, consistent with annual statements, with IAS 21 amendments having no impact [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) Interim condensed consolidated financial information is prepared under IAS 34 and should be read with the 2024 annual financial statements - The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting"[9](index=9&type=chunk) - It should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2024[9](index=9&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=Changes%20in%20Accounting%20Policies) Revised IFRS, including IAS 21, were adopted but had no impact as all Group transaction currencies are convertible - Revised IFRS accounting standards, including amendments to IAS 21 regarding lack of exchangeability, were adopted[10](index=10&type=chunk)[11](index=11&type=chunk) - These amendments had no impact on the interim condensed consolidated financial information as all currencies in which the Group transacts are convertible[11](index=11&type=chunk) [Operating Segment Information](index=7&type=section&id=Operating%20Segment%20Information) The Group operates as a single linen yarn business; geographical revenue shows strong China growth and EU decline [Geographical Information](index=8&type=section&id=Geographical%20Information) Mainland China is the largest revenue source with 25.1% YoY growth; EU sales declined, while non-current assets are in China and Ethiopia Geographical Revenue by Region | Region | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Mainland China | 674,368 | 538,944 | 25.1% | | European Union | 233,383 | 253,008 | -7.8% | | Other Countries/Regions | 361,759 | 337,964 | 7.0% | | **Total** | **1,269,510** | **1,129,916** | **12.4%** | Non-current Assets by Region | Region | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 658,456 | 677,472 | | Ethiopia | 325,310 | 338,749 | | **Total** | **983,766** | **1,016,221** | [Information about Major Customers](index=8&type=section&id=Information%20about%20Major%20Customers) No single customer accounted for 10% or more of the Group's total sales revenue during the reporting period - For the six months ended June 30, 2025, no sales to a single customer accounted for **10%** or more of the Group's total revenue[14](index=14&type=chunk) [Revenue, Other Income and Gains](index=9&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Revenue from yarn and waste sales increased by 12.4% YoY; other income and gains decreased - Revenue refers to the value of sales of linen yarn, hemp yarn, and waste, net of sales tax and after deducting any sales discounts and returns[15](index=15&type=chunk) Revenue from Contracts with Customers | Type of Goods or Services | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of linen yarn, hemp yarn and waste | 1,152,231 | 1,056,673 | | Sales of other products | 100,450 | 50,072 | | Other services | 16,829 | 23,171 | | **Total Revenue from Contracts with Customers** | **1,269,510** | **1,129,916** | Other Income and Gains | Other Income | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants | 1,527 | 3,084 | | Bank interest income | 480 | 567 | | Others | 1,593 | 553 | | **Total Other Income and Gains** | **3,602** | **4,204** | [Loss/Profit Before Tax Items](index=10&type=section&id=Loss_Profit%20Before%20Tax%20Items) Loss before tax was impacted by increased cost of inventories, higher employee benefits, and net exchange differences Loss/Profit Before Tax Items Summary | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 1,298,148 | 907,900 | 390,248 | | Depreciation of property, plant and equipment and investment properties | 48,634 | 50,846 | (2,212) | | Research and development expenses | 4,747 | 8,746 | (3,999) | | Total employee benefit expenses | 110,318 | 79,101 | 31,217 | | Exchange differences, net | 12,476 | 4,268 | 8,208 | | Impairment provision for inventories | 3,140 | 5,092 | (1,952) | [Income Tax](index=11&type=section&id=Income%20Tax) The Group recorded an income tax credit in H1 2025, reversing from an expense, primarily due to deferred tax credits and Ethiopian exemptions Income Tax Summary | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current period expense | 3,428 | 29,428 | | Deferred | (26,085) | 324 | | **Total Tax (Credit)/Expense for the Period** | **(22,657)** | **29,752** | - Ethiopian operations have enjoyed a **5-year** profit tax exemption since 2020, extended for another **4 years** from 2025[18](index=18&type=chunk) - Projects within the Egyptian free zone and dividends from such projects are exempt from income tax under current Egyptian tax laws[18](index=18&type=chunk) [Dividends](index=12&type=section&id=Dividends) The Board decided not to declare any interim dividend for H1 2025, consistent with the previous period - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[19](index=19&type=chunk) [Loss/Earnings Per Share](index=12&type=section&id=Loss_Earnings%20Per%20Share) The Group recorded a basic and diluted loss per share of RMB 0.19 in H1 2025, a significant decline from H1 2024 earnings Loss/Earnings Per Share Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | (Loss)/Profit attributable to ordinary equity holders of the parent | (118,553) | 73,961 | | Weighted average number of ordinary shares in issue during the period (thousands) | 616,447 | 616,447 | | **Basic (Loss)/Earnings Per Share** | **RMB (0.19)** | **RMB 0.12** | | **Diluted (Loss)/Earnings Per Share** | **RMB (0.19)** | **RMB 0.12** | - The weighted average number of ordinary shares used for calculating basic earnings per share remained unchanged at **616,447,000** shares[20](index=20&type=chunk)[22](index=22&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables decreased, with changes in aging structure for trade receivables Trade and Bills Receivables Summary | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Trade receivables | 434,000 | 500,657 | (66,657) | | Bills receivables | 68,974 | 38,051 | 30,923 | | Impairment | (1,344) | (1,943) | 599 | | **Total** | **501,630** | **536,765** | **(35,135)** | - All of the Group's bills receivables are within six months and are not overdue or impaired[23](index=23&type=chunk) Trade Receivables Aging | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within one month | 204,156 | 188,641 | | One to two months | 65,101 | 152,549 | | Two to three months | 122,320 | 82,736 | | Over three months | 41,079 | 74,788 | | **Total** | **432,656** | **498,714** | [Trade and Bills Payables](index=14&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables significantly decreased from year-end 2024, mainly due to reduced longer-term payables Trade and Bills Payables Aging | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Due within one month or on demand | 96,073 | 147,390 | (51,317) | | Due after one month but within three months | 219,385 | 287,056 | (67,671) | | Over three months | – | 20,250 | (20,250) | | **Total** | **315,458** | **454,696** | **(139,238)** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business and financial performance, highlighting operational challenges, strategic initiatives, and results [Business Review](index=15&type=section&id=Business%20Review) The Group faced declining linen yarn prices, leading to a gross loss despite sales volume growth, while expanding domestic markets and diversifying production [Linen Yarn Prices and Sales Volume](index=15&type=section&id=Linen%20Yarn%20Prices%20and%20Sales%20Volume) Average linen yarn prices declined from Q4 2024 to Q2 2025, then recovered; sales volume grew 61.7% YoY, but average selling price fell 30% - Average linen yarn prices continuously declined from Q4 2024 to Q2 2025, showing encouraging signs of recovery at the end of Q2 2025[26](index=26&type=chunk) - **11,606 tonnes** of linen yarn were sold during the review period, an increase of **61.7%** compared to **7,179 tonnes** sold in the previous period[26](index=26&type=chunk) - The average price of linen yarn decreased by approximately **30%** compared to the same period last year[26](index=26&type=chunk) [Key Markets and Customers](index=15&type=section&id=Key%20Markets%20and%20Customers) The Group's international sales strategy saw domestic growth of 25.1%, while overseas sales slightly increased - The Group implements an international sales strategy with a sales network covering approximately **20 countries and regions** worldwide[27](index=27&type=chunk) - Domestic sales reached **RMB 674.368 million**, contributing approximately **53.1%** of total revenue, an increase of approximately **25.1%** compared to the same period last year[27](index=27&type=chunk) - Overseas sales reached approximately **RMB 595.142 million**, contributing approximately **46.9%** of total revenue, a slight increase of approximately **0.7%** year-on-year[27](index=27&type=chunk) - Total sales to EU countries decreased by **7.8%** year-on-year, while total sales to non-EU countries increased by **7.0%** year-on-year[27](index=27&type=chunk) - The Group continues to expand its domestic market, aiming to collaborate with more target customers in China[27](index=27&type=chunk) [Raw Material Procurement](index=16&type=section&id=Raw%20Material%20Procurement) Flax fiber imports from Europe increased 42.0% YoY in volume, but average purchase price fell 50.9% due to a bumper harvest - Flax fiber is primarily imported from high-quality suppliers in France, Belgium, and the Netherlands[28](index=28&type=chunk) - During the review period, the Group procured approximately **23,541 tonnes** of raw materials overseas (previous period: **16,583 tonnes**), an increase of approximately **42.0%** year-on-year[28](index=28&type=chunk) - The average purchase price per tonne was approximately **RMB 36,320**, a decrease of approximately **50.9%** compared to approximately **RMB 73,999** in the same period last year, due to a bumper harvest in 2024[28](index=28&type=chunk) [Production Capacity and Expansion](index=16&type=section&id=Production%20Capacity%20and%20Expansion) The Group operates five production bases, with Chinese factories near full capacity and Ethiopian factory at 70% utilization; a new Egyptian plant is planned for H2 2025 Production Capacity and Utilization | No. | Plant | Location | Country | Annual Capacity (tonnes) | Utilization/Status | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Haiyan Phase I Plant | Zhejiang | China | 7,000 | Near 100% | | 2 | Rugao Plant | Jiangsu | China | 6,000 | Near 100% | | 3 | Haiyan Phase II Plant | Zhejiang | China | 5,000 | Near 100% | | 4 | Qinggang Plant | Heilongjiang | China | 4,000 | Near 100% | | 5 | Ethiopia | Adama | Ethiopia | 5,000 | Approx. 70% | - The Ethiopian factory investment helps the Group save on land, labor, energy costs, and tax expenses, and benefits from the EU's "Everything But Arms (EBA)" initiative for least developed countries, enjoying duty-free and quota-free preferential treatment[30](index=30&type=chunk) - The Group has obtained a Golden License from the Egyptian Prime Minister's Office and will commence construction of a new plant in Egypt in H2 2025, which will offer tax incentives and qualify for duty-free exports to the EU[30](index=30&type=chunk) - During the review period, a total of **40 tonnes** of multi-specification hemp yarn were produced, and the Group holds a **78.67%** equity interest in the Heilongjiang joint venture, marking its first step into the hemp yarn market[30](index=30&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) The Group turned from profit to loss in H1 2025 due to gross loss from declining linen yarn prices [Revenue](index=17&type=section&id=Revenue) Revenue increased by 12.4% YoY to **RMB 1.2695 billion**, driven by sales volume growth, offset by a price drop - During the review period, the Group's revenue increased by approximately **12.4%** to approximately **RMB 1,269.510 million** (previous period: **RMB 1,129.916 million**)[31](index=31&type=chunk) - The increase in revenue was mainly due to a **61.7%** increase in linen yarn sales volume during the review period compared to the previous year, while the average selling price of linen yarn decreased by approximately **30%**[31](index=31&type=chunk) Revenue by Sales Region | Sales Region | 2025 (RMB '000) | % of Total | 2024 (RMB '000) | % of Total | YoY Change (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China | 674,368 | 53.1% | 538,944 | 47.7% | 135,424 | 25.1% | | European Union | 233,383 | 18.4% | 253,008 | 22.4% | (19,625) | -7.8% | | Non-European Union | 361,759 | 28.5% | 337,964 | 29.9% | 23,795 | 7.0% | | **Total Revenue** | **1,269,510** | **100.0%** | **1,129,916** | **100.0%** | **139,594** | **12.4%** | [Gross Profit and Gross Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group recorded a gross loss of **RMB 45.467 million** (3.6% margin) in H1 2025, a reversal from H1 2024 profit - The Group recorded a gross loss of approximately **RMB 45.467 million** during the review period (previous period: gross profit of approximately **RMB 198.845 million**)[34](index=34&type=chunk) - The gross loss margin for the review period was **3.6%** (previous period: gross profit margin of approximately **17.6%**)[34](index=34&type=chunk) - This was mainly due to the continuous decline in average linen yarn prices (down approximately **30%** compared to the same period last year), coupled with the use of some more expensive raw materials from the previous year in the cost of sales for 2025[34](index=34&type=chunk) [Other Income and Gains](index=18&type=section&id=Other%20Income%20and%20Gains) Other income and gains decreased, primarily comprising government grants and bank interest income - Other income and gains for the review period were approximately **RMB 3.602 million** (previous period: approximately **RMB 4.204 million**)[35](index=35&type=chunk) - This primarily included government grants and subsidies of approximately **RMB 1.511 million** and interest income of approximately **RMB 0.480 million**[35](index=35&type=chunk) [Selling and Distribution Expenses](index=19&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses slightly increased but remained stable as a percentage of total revenue - Selling and distribution expenses were approximately **RMB 18.402 million** (previous period: approximately **RMB 16.163 million**)[36](index=36&type=chunk) - This accounted for approximately **1.4%** of the Group's total revenue, the same as the previous period[36](index=36&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **5.9%** YoY, primarily due to reduced R&D expenses - Administrative expenses were approximately **RMB 50.131 million** (previous period: approximately **RMB 53.273 million**), a decrease of approximately **5.9%** compared to the same period last year[37](index=37&type=chunk) - The decrease in administrative expenses was mainly due to a reduction of approximately **RMB 4 million** in research and development expenses during the review period[37](index=37&type=chunk) [Other Expenses](index=19&type=section&id=Other%20Expenses) Other expenses significantly increased, primarily due to a rise in net exchange losses - Other expenses were approximately **RMB 12.747 million** (previous period: approximately **RMB 7.294 million**)[38](index=38&type=chunk) - This primarily refers to net exchange losses of **RMB 12.476 million** during the review period (previous period: **RMB 4.268 million**)[38](index=38&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) Total finance costs increased, mainly due to higher interest expenses on borrowings from increased bank rates - Total finance costs for the review period were approximately **RMB 21.507 million** (previous period: approximately **RMB 18.660 million**)[40](index=40&type=chunk) - Interest on borrowings was approximately **RMB 21.361 million** (previous period: approximately **RMB 18.512 million**), with the increase mainly due to higher bank borrowing interest rates compared to the previous period[39](index=39&type=chunk) [Income Tax Credit](index=20&type=section&id=Income%20Tax%20Credit) The Group recorded an income tax credit of **RMB 22.657 million** in H1 2025, reversing from an expense, with the effective tax rate decreasing - Income tax credit for the review period was approximately **RMB 22.657 million** (previous period: income tax expense of **RMB 29.752 million**)[41](index=41&type=chunk) - The effective tax rates for the review period and the same period last year were approximately **15.7%** and **27.5%**, respectively[41](index=41&type=chunk) [Loss for the Period](index=20&type=section&id=Loss%20for%20the%20Period) The Group recorded a loss of **RMB 121.5 million** in H1 2025, a significant reversal from H1 2024 profit - The Group recorded a loss of approximately **RMB 121.517 million** during the review period (previous period: profit of approximately **RMB 78.508 million**)[42](index=42&type=chunk) [Non-controlling Interests](index=20&type=section&id=Non-controlling%20Interests) Non-controlling interests accounted for a loss of **RMB 2.964 million** in H1 2025, reflecting their share in the Group's loss - Non-controlling interests of approximately **RMB 2.964 million** refer to the loss attributable to minority shareholders of certain subsidiaries of the Group during the review period (previous period: profit attributable of **RMB 4.547 million**)[43](index=43&type=chunk) [Loss Attributable to Owners of the Parent](index=20&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Parent) In H1 2025, loss attributable to owners of the parent was **RMB 118.5 million**, a substantial reversal from H1 2024 profit - During the review period, the Group recorded a loss attributable to owners of the parent of approximately **RMB 118.553 million** (previous period: profit of approximately **RMB 73.961 million**)[44](index=44&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) Net current assets and total equity decreased, but cash and cash equivalents significantly increased; gearing ratio rose to **78.3%** - As of June 30, 2025, the Group's net current assets were approximately **RMB 394.916 million** (as of December 31, 2024: approximately **RMB 477.487 million**)[45](index=45&type=chunk) - Cash and cash equivalents were approximately **RMB 534.742 million** (as of December 31, 2024: approximately **RMB 230.871 million**), an increase of **131.6%** year-on-year[45](index=45&type=chunk) - The current ratio as of June 30, 2025, was approximately **127.1%** (as of December 31, 2024: approximately **129.9%**)[45](index=45&type=chunk) - The total capital gearing ratio (total borrowings divided by total equity) was approximately **78.3%** (as of December 31, 2024: approximately **69.4%**)[46](index=46&type=chunk) - The Board believes that the Group's existing financial resources are relatively adequate, and if additional funds are required, the Group will consider all possible financing options[46](index=46&type=chunk) [Capital Commitments](index=22&type=section&id=Capital%20Commitments) As of June 30, 2025, outstanding contractual capital commitments for right-of-use assets decreased, with no authorized but uncontracted commitments - As of June 30, 2025, the Group's outstanding contractual capital commitments for the purchase of right-of-use assets not provided for in the interim condensed consolidated financial statements were approximately **RMB 8.240 million** (as of December 31, 2024: approximately **RMB 13.115 million**)[47](index=47&type=chunk) - As of June 30, 2025, the Group had no authorized but not yet contracted capital commitments[47](index=47&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[48](index=48&type=chunk) [Pledge of Assets](index=22&type=section&id=Pledge%20of%20Assets) Portions of the Group's property, plant, equipment, and right-of-use assets are pledged as collateral for borrowings - Current interest-bearing bank loans with a carrying amount of **RMB 356.869 million** are secured by property, plant and equipment with a carrying amount of approximately **RMB 129.920 million** and right-of-use assets of approximately **RMB 31.711 million**[49](index=49&type=chunk) - Non-current interest-bearing bank borrowings with a carrying amount of **RMB 80.000 million** are secured by property, plant and equipment with a carrying amount of approximately **RMB 12.298 million** and right-of-use assets of approximately **RMB 20.809 million**[49](index=49&type=chunk) [Significant Acquisitions and Disposals](index=22&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the review period, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[50](index=50&type=chunk) [Material Investments Held](index=23&type=section&id=Material%20Investments%20Held) The Group held no material investments during the reporting period - The Group held no material investments during the review period[51](index=51&type=chunk) [Future Plans for Material Investments or Capital Assets](index=23&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group plans a new **3,800-tonne** linen yarn factory in Egypt, with **RMB 200 million** capital expenditure funded by internal resources and bank loans - The Group plans to construct a new factory in Egypt with an annual production capacity of **3,800 tonnes** of linen yarn[52](index=52&type=chunk) - Capital expenditure is estimated at **RMB 200 million** and will be funded by internal resources and bank loans[52](index=52&type=chunk) - Aside from disclosed plans and existing factory maintenance, there are currently no plans to acquire any material investments or capital assets[52](index=52&type=chunk) [Foreign Currency Risk](index=23&type=section&id=Foreign%20Currency%20Risk) The Group's transactions are in multiple currencies; exchange rate fluctuations are monitored, with no significant derivative financial assets - The Group's transactions are primarily denominated in Renminbi, US Dollars, Euros, Hong Kong Dollars, and Ethiopian Birr[53](index=53&type=chunk) - The Group regularly monitors and properly manages exchange rate fluctuations between these currencies, potentially utilizing credit lines to enter into certain foreign currency forward contracts and derivative financial instruments[53](index=53&type=chunk) - As of June 30, 2025, no significant derivative financial assets or liabilities were recorded[53](index=53&type=chunk) [Remuneration Policy](index=23&type=section&id=Remuneration%20Policy) As of June 30, 2025, the Group had **3,706 employees** with **RMB 110.3 million** staff costs, offering competitive remuneration - As of June 30, 2025, the Group employed a total of **3,706 employees** (June 30, 2024: **3,736 employees**)[54](index=54&type=chunk) - Total staff costs incurred during the review period were approximately **RMB 110.318 million** (previous period: **RMB 79.101 million**)[54](index=54&type=chunk) - The Group provides comprehensive and competitive remuneration, retirement plans, and benefits to its employees, and is required to contribute to China's social security scheme[54](index=54&type=chunk) - The remuneration policy is formulated by the Board with reference to each employee's qualifications, experience, responsibilities, contribution to the Group, and prevailing market remuneration levels for similar positions[55](index=55&type=chunk) - The Group has also adopted a share option scheme and a share award scheme, aiming to provide incentives and rewards to directors and other employees who have contributed to the Group's business success[55](index=55&type=chunk) [Miscellaneous Information](index=24&type=section&id=Miscellaneous%20Information) No significant events affecting the Group have occurred since December 31, 2024, other than those disclosed - Except as disclosed in this announcement, no significant events affecting the Group have occurred since December 31, 2024[56](index=56&type=chunk) [Key Risks and Uncertainties](index=24&type=section&id=Key%20Risks%20and%20Uncertainties) Key risks include linen yarn demand fluctuations, trade protectionism, raw material supply, transport disruptions, and project execution risks - Key risks include demand for linen yarn, trade protectionism in certain countries, and potential punitive tariffs on products manufactured in China[57](index=57&type=chunk) - Stable raw material supply, disruptions to transport routes due to military conflicts in different regions, and increased transport costs[57](index=57&type=chunk) - Depreciation of the US Dollar against the Renminbi, execution risks for Ethiopian and Egyptian projects, and epidemic outbreaks leading to production disruptions[57](index=57&type=chunk) [Outlook and Plans](index=25&type=section&id=Outlook%20and%20Plans) The Group is optimistic about the linen yarn market, planning continued domestic and international development, and a new Egyptian factory in H2 2025 - We remain optimistic about the long-term outlook for the linen yarn market, with linen yarn prices having bottomed out at the end of Q2 2025[58](index=58&type=chunk) - The Group will continue to develop both domestic and overseas markets[58](index=58&type=chunk) - The Group's factory in Ethiopia is enhancing its operational efficiency and will contribute additional production capacity to the Group[59](index=59&type=chunk) - The Group will commence construction of a new factory in Egypt in H2 2025 to further diversify its production bases and meet customer demand[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The Company and its subsidiaries did not purchase, sell, or redeem any listed securities, holding no treasury shares as of June 30, 2025 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the review period[60](index=60&type=chunk) - As of June 30, 2025, the Company held no treasury shares[60](index=60&type=chunk) [Corporate Strategy and Long-term Business Model](index=25&type=section&id=Corporate%20Strategy%20and%20Long-term%20Business%20Model) The Group aims to enhance long-term shareholder returns and become a leading global linen yarn manufacturer through financial strength, global production, and innovation - The Group's primary objective is to enhance long-term total shareholder returns[61](index=61&type=chunk) - The Group's strategy is to build a solid financial foundation, deliver sustained returns, implement a globalized production layout strategy, commit to sustainable development and technological innovation, develop independent intellectual property rights, engage in product brand marketing, and pursue management excellence[61](index=61&type=chunk) - The Group is determined to become one of the largest linen yarn manufacturers globally, creating or maintaining value in the long term[61](index=61&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the Company's corporate governance practices, including dividend policy, share incentive schemes, and listing rule compliance [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board resolved not to recommend any interim dividend for H1 2025, consistent with the previous period - The Board of Directors resolved not to recommend the declaration of any interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[62](index=62&type=chunk) [Share Option Scheme](index=26&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme in 2016 to incentivize contributors; no options have been granted since adoption - The Company adopted a share option scheme on May 30, 2016, to provide incentives and rewards to any director, employee, consultant, customer, supplier, agent, business partner, or advisor or contractor who has contributed to the Group's business success[63](index=63&type=chunk) - No share options have been granted under the scheme since its adoption on May 30, 2016[63](index=63&type=chunk) - As of June 30, 2025, the number of share options available for grant under the share option scheme was **62,967,800**, representing approximately **10%** of the issued shares[63](index=63&type=chunk) [Share Award Scheme](index=26&type=section&id=Share%20Award%20Scheme) The Company adopted a share award scheme in 2016 to incentivize and align interests; shares are market-purchased, with limits - The Company adopted a share award scheme on August 26, 2016, to incentivize, recognize, and reward eligible persons for their contributions to the Group, attract and retain personnel, and align the interests of award holders with those of shareholders[64](index=64&type=chunk) - Awards will be satisfied by shares purchased in the market at prevailing market prices, and no new shares will be allotted and issued under the share award scheme[64](index=64&type=chunk) - If the grant of any awarded shares to a selected person would result in the total number of shares granted to that selected person exceeding **1%** of the issued shares within the 12-month period up to the date of such grant, it shall be subject to shareholders' approval at a general meeting[65](index=65&type=chunk) - The maximum number of shares purchased by the trustee under the share award scheme in any financial year of the Company shall not exceed **5%** of the issued shares at the beginning of that financial year[65](index=65&type=chunk) - As of June 30, 2025, the remaining **13,230,750 shares** held by the trustee (representing approximately **2.1%** of the issued shares as of June 30, 2025) have not yet been granted to any eligible persons under the share award scheme and are available for future grants[66](index=66&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, no significant disclosable events have occurred after June 30, 2025 - No significant disclosable events after June 30, 2025, have occurred up to the date of this announcement[67](index=67&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a code for directors' securities transactions, no less exacting than the Model Code; all directors confirmed compliance - The Company has adopted its own code of conduct for directors' securities transactions, with terms no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[68](index=68&type=chunk) - Following specific enquiries made to all Directors, all Directors have confirmed that they have complied with the required standards set out in the Model Code and the Company's code of conduct regarding directors' securities transactions throughout the review period and up to the date of this announcement[68](index=68&type=chunk) [Compliance with Corporate Governance Code](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company generally complied with the Corporate Governance Code, with one deviation regarding the Chairman's dual role - The Company has complied with the code provisions set out in Part 2 of the Code throughout the review period, except for the deviation from code provision C.2.1 of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as disclosed below[69](index=69&type=chunk) - Deviation from code provision C.2.1: Mr. Ren Weiming is the Chairman of the Company and is also responsible for overseeing the general operations of the Group, a role that should not be held by the same individual[70](index=70&type=chunk) - The Board believes that this structure will not impair the balance of power and authority between the Board and the Company's management, and contributes to strong and stable leadership[70](index=70&type=chunk) [Audit Committee and Review of Interim Results](index=29&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviews financial reporting and internal controls, and has reviewed interim results - The Company has established an Audit Committee in compliance with Listing Rules 3.21 and 3.22[71](index=71&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Liu Yingjie (Chairman), Ms. Zhang Chan, and Mr. Fan Lei[71](index=71&type=chunk) - The primary responsibilities of the Audit Committee are to review and monitor the Group's financial reporting process, risk management, and internal control systems[71](index=71&type=chunk) - The Group's interim results for the review period have been reviewed by the Audit Committee, with no disagreements[71](index=71&type=chunk) [Acknowledgement and Board Composition](index=29&type=section&id=Acknowledgement%20and%20Board%20Composition) The Chairman thanked the Board and employees; the Board comprises executive, non-executive, and independent non-executive directors - The Chairman of the Company expressed gratitude to all Directors for their valuable advice and guidance, and to all employees of the Group for their diligent work and loyal service to the Group[72](index=72&type=chunk) - As of the date of this announcement, the executive directors are Mr. Ren Weiming, Mr. Shen Yueming, Mr. Zhang Hongwen, Mr. Ren Zhong, and Mr. Tang Tianheng; the non-executive director is Mr. Yan Jintang; and the independent non-executive directors are Mr. Liu Yingjie, Ms. Zhang Chan, and Mr. Fan Lei[74](index=74&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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TEXHONG INTERNATIONAL GROUP LIMITED 天虹國際集團有限公 司 （股份代號：2678） （於開曼群島註冊成立之有限公司） 截至二零二五年六月三十日止六個月之 中期業績公佈 財務摘要 – 1 – • 收入下跌1.9%至人民幣110億元 • 毛利率上升1.0個百分點至14.2% • 淨溢利為人民幣4.635億元 • 本公司擁有人應佔溢利為人民幣4.188億元 • 每股基本盈利為人民幣0.46元 簡明綜合收益表 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | （經重列） 人民幣千元 | | 收入 | 4 | 11,034,056 | 11,243,529 | | 銷售成本 | 6 | (9,468,405) | (9,763 ...

香港交易及結算有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而 産生或因依賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份編號：00042） 截至二零二五年六月三十日止六個月之 未經審計業績公告 東北電氣發展股份有限公司（「本公司」）董事會（「董事會」）及董事（「董事 」）謹此宣佈本公司及其附屬公司（「本集團」）截至二零二五年六月三十日止之 未經審計中期業績。 第一節 重要提示 1 1.1 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任 。 1.2 本公司董事長朱欣光、主管會計工作負責人劉可佳及會計機構負責人(會計主管人員) 林彬聲明：保證本半年度報告中財務報告的真實、準確、完整。 1.3 本公告經二零二五年八月二十七日召開的十屆十五次董事會會議審議並批准。所有董 事均已出席審議本報告的董事會會議。 1.4 本集團按照《中國企業會計準則》和《國際財務報告準則》編製截至二零二 ...