[Financial Summary](index=1&type=section&id=Financial%20Summary) This section provides a concise overview of the Group's key financial performance and position for the six months ended June 30, 2025 截至2025年6月30日止六个月财务摘要（人民币百万元） | Indicator | For the six months ended June 30, 2025 (RMB million) | For the six months ended June 30, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 2,342.5 | 2,521.6 | (7.1%) | | Gross Profit | 443.9 | 558.5 | (20.5%) | | Profit attributable to equity holders of the Company | 203.6 | 184.4 | 10.4% | | Basic Earnings Per Share (RMB) | 0.075 | 0.067 | 11.9% | | Diluted Earnings Per Share (RMB) | 0.075 | 0.067 | 11.9% | | Gross Profit Margin | 18.9% | 22.1% | (3.2 percentage points) | | Net Profit Margin | 9.3% | 8.3% | 1.0 percentage point | | **Statement of Financial Position (Period-end)** | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | Net Assets | 7,808.5 | 7,452.7 | 4.8% | | Net Debt | 2,348.6 | 2,459.7 | (4.5%) | | Net Gearing Ratio | 30.1% | 33.0% | (2.9 percentage points) | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the consolidated financial statements, including the statements of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue decreased by 7.1% year-on-year to RMB 2,342,495 thousand, and gross profit decreased by 20.5% to RMB 443,875 thousand; however, profit attributable to equity holders of the Company increased by 10.4% to RMB 203,583 thousand due to significant growth in other income and reduced net finance costs 截至2025年6月30日止六个月综合损益表（人民币千元） | Indicator | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 2,342,495 | 2,521,648 | | Cost of Sales | (1,898,620) | (1,963,178) | | Gross Profit | 443,875 | 558,470 | | Other Income | 170,171 | 48,306 | | Profit from Operations | 301,886 | 296,802 | | Net Finance Costs | (64,537) | (75,973) | | Profit Before Income Tax | 237,832 | 222,182 | | Income Tax | (19,213) | (11,943) | | Profit for the Period | 218,619 | 210,239 | | Profit attributable to equity holders of the Company | 203,583 | 184,371 | | Non-controlling Interests | 15,036 | 25,868 | | Basic and Diluted Earnings Per Share (RMB) | 0.075 | 0.067 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's profit for the period was RMB 218,619 thousand, but net other comprehensive income was negative due to exchange differences on translation of financial statements of entities with functional currencies other than RMB, resulting in total comprehensive income for the period decreasing to RMB 207,934 thousand, lower than the prior year 截至2025年6月30日止六个月综合损益及其他全面收益表（人民币千元） | Indicator | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 218,619 | 210,239 | | Equity investments at fair value through other comprehensive income — Net change in fair value reserve | 5,817 | 116 | | Exchange differences on translation of financial statements of entities with functional currencies other than RMB | (8,122) | (29,671) | | Other Comprehensive Income for the Period | (2,305) | (29,555) | | Total Comprehensive Income for the Period | 207,934 | 189,064 | | Attributable to equity holders of the Company | 182,013 | 174,376 | | Non-controlling Interests | 25,921 | 14,688 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased compared to the end of 2024, primarily due to growth in current assets, especially cash and cash equivalents and trade and other receivables, with net assets and total equity rising and the net gearing ratio decreasing, indicating an improved financial position 截至2025年6月30日综合财务状况表（人民币千元） | Indicator | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 4,297,420 | 4,392,861 | | Intangible Assets | 53,670 | 56,224 | | Total Non-current Assets | 5,234,961 | 5,348,259 | | **Current Assets** | | | | Inventories | 2,581,172 | 2,524,870 | | Trade and Other Receivables | 3,900,869 | 3,543,048 | | Cash and Cash Equivalents | 1,282,028 | 1,068,922 | | Total Current Assets | 8,538,187 | 7,937,590 | | **Current Liabilities** | | | | Trade and Other Payables | 1,533,160 | 1,452,755 | | Interest-bearing Borrowings | 1,855,966 | 1,827,473 | | Total Current Liabilities | 4,294,474 | 4,298,946 | | **Non-current Liabilities** | | | | Interest-bearing Borrowings | 1,599,073 | 1,457,193 | | Total Non-current Liabilities | 1,670,179 | 1,534,165 | | **Net Assets/Total Equity** | 7,808,495 | 7,452,738 | | Total Equity attributable to equity holders of the Company | 7,270,241 | 7,093,077 | | Non-controlling Interests | 538,254 | 359,661 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the consolidated financial statements, covering reporting entity, accounting policies, and key financial items [1. Reporting Entity](index=6&type=section&id=1.%20Reporting%20Entity) Tiangong International Company Limited was incorporated in the Cayman Islands on August 14, 2006, and this interim financial report covers the company and its subsidiaries (the Group) as well as its interests in associates and jointly controlled entities - The Company was incorporated in the Cayman Islands as an exempted company on **August 14, 2006**[10](index=10&type=chunk) - The interim financial report comprises the Company and its subsidiaries (the Group) and the Group’s interests in associates and jointly controlled entities[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with the HKEX Listing Rules and International Accounting Standard 34 'Interim Financial Reporting', and has been reviewed by KPMG; the accounting policies adopted are consistent with the 2024 annual financial statements, except for policy changes expected to be reflected in the 2025 annual report - The Group’s interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with International Accounting Standard 34 “Interim Financial Reporting” issued by the International Accounting Standards Board[11](index=11&type=chunk) - The interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants[13](index=13&type=chunk) - The accounting policies adopted in the preparation of the interim financial report are consistent with those applied in the 2024 annual financial statements, except for the changes in accounting policies that are expected to be reflected in the 2020 annual financial statements[12](index=12&type=chunk) [3. Changes in Accounting Policies](index=7&type=section&id=3.%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability', but these amendments have no material impact on this interim report as the Group has not undertaken any foreign currency non-exchangeable transactions; no other new standards or interpretations have been applied in this period - The Group has applied the amendments to International Accounting Standard 21 “The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability” issued by the International Accounting Standards Board to the interim financial report for the current accounting period[15](index=15&type=chunk) - As the Group has not undertaken any foreign currency transactions where foreign currency is not exchangeable into another currency, these amendments have no material impact on this interim report[15](index=15&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[16](index=16&type=chunk) [4. Revenue and Segment Reporting](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) The Group's revenue primarily derives from sales of high-alloy steel (die steel and high-speed steel), cutting tools, titanium alloys, and other products; for the six months ended June 30, 2025, total revenue was RMB 2,342,495 thousand, a 7.1% decrease year-on-year, with die steel remaining the largest revenue source, but all major product segments experienced revenue declines, particularly cutting tools and titanium alloys, while China market revenue remained stable, North America and Europe markets significantly declined, and Asia (excluding China) market grew - Revenue mainly refers to the sales value of high-alloy steel (including die steel and high-speed steel), cutting tools, titanium alloys, and others after offsetting intercompany transactions[17](index=17&type=chunk) - The Group has five reportable segments: die steel, high-speed steel, cutting tools, titanium alloys, and others, with the Chairman (chief operating decision maker) reviewing internal management reports at least monthly[19](index=19&type=chunk) - The measure used for reporting segment profit is "Adjusted EBIT", which stands for "Adjusted Earnings Before Interest and Tax"[20](index=20&type=chunk) [4(a) Revenue](index=7&type=section&id=4(a)%20Revenue) The Group's revenue primarily derives from sales of high-alloy steel (die steel and high-speed steel), cutting tools, titanium alloys, and other products; for the six months ended June 30, 2025, total revenue was RMB 2,342,495 thousand, a 7.1% decrease compared to the prior year - Revenue mainly refers to the sales value of high-alloy steel (including die steel and high-speed steel), cutting tools, titanium alloys, and others after offsetting intercompany transactions[17](index=17&type=chunk) 按产品分类的客户合約营业额分拆（人民币千元） | Product Category | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Die Steel | 1,154,590 | 1,181,417 | | High-Speed Steel | 394,434 | 436,145 | | Cutting Tools | 397,365 | 463,607 | | Titanium Alloys | 348,786 | 384,832 | | Others | 47,320 | 55,647 | | **Total** | **2,342,495** | **2,521,648** | [4(b) Segment Reporting](index=8&type=section&id=4(b)%20Segment%20Reporting) The Group's reportable segments include die steel, high-speed steel, cutting tools, titanium alloys, and others, with the Chairman reviewing internal management reports monthly to assess segment performance and allocate resources; segment profit is measured by 'Adjusted EBIT', and as of June 30, 2025, total reportable segment revenue was RMB 2,480,802 thousand, with total profit (Adjusted EBIT) of RMB 227,720 thousand 截至2025年6月30日止六个月可报告分部业绩（人民币千元） | Segment | Revenue from External Customers (RMB thousand) | Inter-segment Revenue (RMB thousand) | Reportable Segment Revenue (RMB thousand) | Reportable Segment Profit (Adjusted EBIT) (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Die Steel | 1,154,590 | 40 | 1,154,630 | 36,939 | | High-Speed Steel | 394,434 | 135,751 | 530,185 | 37,981 | | Cutting Tools | 397,365 | 2,516 | 399,881 | 81,662 | | Titanium Alloys | 348,786 | – | 348,786 | 68,539 | | Others | 47,320 | – | 47,320 | 2,599 | | **Total** | **2,342,495** | **138,307** | **2,480,802** | **227,720** | [4(b)(i) Segment Results, Assets and Liabilities](index=8&type=section&id=4(b)(i)%20Segment%20Results,%20Assets%20and%20Liabilities) As of June 30, 2025, the die steel segment contributed the highest external revenue and assets, while the cutting tools segment contributed the highest Adjusted EBIT; compared to the prior year, most segments experienced declines in external revenue and Adjusted EBIT, with significant profit decreases in cutting tools and titanium alloys 截至2025年6月30日止六个月可报告分部业绩（人民币千元） | Segment | Revenue from External Customers (RMB thousand) | Inter-segment Revenue (RMB thousand) | Reportable Segment Revenue (RMB thousand) | Reportable Segment Profit (Adjusted EBIT) (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Die Steel | 1,154,590 | 40 | 1,154,630 | 36,939 | | High-Speed Steel | 394,434 | 135,751 | 530,185 | 37,981 | | Cutting Tools | 397,365 | 2,516 | 399,881 | 81,662 | | Titanium Alloys | 348,786 | – | 348,786 | 68,539 | | Others | 47,320 | – | 47,320 | 2,599 | | **Total** | **2,342,495** | **138,307** | **2,480,802** | **227,720** | 截至2025年6月30日可报告分部资产及负债（人民币千元） | Segment | Reportable Segment Assets (RMB thousand) | Reportable Segment Liabilities (RMB thousand) | | :--- | :--- | :--- | | Die Steel | 5,677,916 | 669,731 | | High-Speed Steel | 2,632,970 | 316,143 | | Cutting Tools | 1,905,324 | 195,556 | | Titanium Alloys | 831,550 | 241,121 | | Others | 139,292 | 52,067 | | **Total** | **11,187,052** | **1,474,618** | 截至2024年6月30日止六个月可报告分部业绩（人民币千元） | Segment | Revenue from External Customers (RMB thousand) | Inter-segment Revenue (RMB thousand) | Reportable Segment Revenue (RMB thousand) | Reportable Segment Profit (Adjusted EBIT) (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Die Steel | 1,181,417 | – | 1,181,417 | 30,942 | | High-Speed Steel | 436,145 | 179,145 | 615,290 | 42,137 | | Cutting Tools | 463,607 | 2,634 | 466,241 | 122,994 | | Titanium Alloys | 384,832 | – | 384,832 | 119,896 | | Others | 55,647 | – | 55,647 | 10,590 | | **Total** | **2,521,648** | **181,779** | **2,703,427** | **326,559** | [4(b)(ii) Reconciliation of Reportable Segment Revenue, Profit or Loss, Assets and Liabilities](index=10&type=section&id=4(b)(ii)%20Reconciliation%20of%20Reportable%20Segment%20Revenue,%20Profit%20or%20Loss,%20Assets%20and%20Liabilities) This section provides a reconciliation of reportable segment revenue, profit, assets, and liabilities to the corresponding totals in the consolidated financial statements; as of June 30, 2025, consolidated revenue was RMB 2,342,495 thousand after inter-segment eliminations, consolidated profit before income tax was RMB 237,832 thousand, total consolidated assets were RMB 13,773,148 thousand, and total consolidated liabilities were RMB 5,964,653 thousand 可报告分部营业额对账（人民币千元） | Indicator | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Reportable Segment Revenue | 2,480,802 | 2,703,427 | | Elimination of Inter-segment Revenue | (138,307) | (181,779) | | **Consolidated Revenue** | **2,342,495** | **2,521,648** | 可报告分部溢利对账（人民币千元） | Indicator | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Reportable Segment Profit | 227,720 | 326,559 | | Net Finance Costs | (64,537) | (75,973) | | Share of Profits less Losses of Associates | 1,758 | (1,767) | | Share of Profits less Losses of Joint Ventures | (405) | 2,250 | | Other Unallocated Head Office and Corporate Profit/(Loss) | 74,166 | (29,757) | | **Consolidated Profit Before Income Tax** | **237,832** | **222,182** | 可报告分部资产及负债对账（人民币千元） | Indicator | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Reportable Segment Assets | 11,187,052 | 10,873,305 | | Interests in Associates | 102,743 | 103,781 | | Interests in Joint Ventures | 27,807 | 25,141 | | Other Financial Assets | 262,869 | 265,070 | | Deferred Tax Assets | 105,980 | 117,871 | | Pledged Deposits | 115,980 | 134,494 | | Cash and Cash Equivalents | 1,282,028 | 1,068,922 | | Other Unallocated Head Office and Corporate Assets | 30,551 | 31,009 | | **Total Consolidated Assets** | **13,773,148** | **13,285,849** | | Reportable Segment Liabilities | 1,474,618 | 1,459,538 | | Interest-bearing Borrowings | 3,455,039 | 3,284,666 | | Current Tax | 20,179 | 35,042 | | Deferred Tax Liabilities | 44,989 | 46,874 | | Other Financial Liabilities | 885,169 | 983,676 | | Other Unallocated Head Office and Corporate Liabilities | 84,659 | 23,315 | | **Total Consolidated Liabilities** | **5,964,653** | **5,833,111** | [4(b)(iii) Geographical Information](index=11&type=section&id=4(b)(iii)%20Geographical%20Information) The Group operates globally, primarily across four economic regions: China, North America, Europe, and Asia (excluding China); for the six months ended June 30, 2025, China market revenue remained stable, Asia (excluding China) market grew significantly, while North America and Europe markets experienced substantial declines - The Group manages its business globally, primarily across four major economic regions: China, North America, Europe, and Asia (excluding China)[34](index=34&type=chunk) 按地区市场分拆的客户合約营业额（人民币千元） | Region | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | China | 1,332,163 | 1,329,097 | | North America | 257,786 | 461,499 | | Europe | 379,905 | 430,755 | | Asia (excluding China) | 361,306 | 286,312 | | Others | 11,335 | 13,985 | | **Total** | **2,342,495** | **2,521,648** | [5. Other Income](index=12&type=section&id=5.%20Other%20Income) For the six months ended June 30, 2025, the Group's other income significantly increased to RMB 170,171 thousand, primarily driven by a substantial rise in exchange gains and an increase in government grants 其他收入明细（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 16,543 | 6,837 | | Sales of Scraps and Provision of Manufacturing Services | 4,640 | 4,237 | | VAT Super Deduction | 12,841 | 25,322 | | Net Exchange Gains | 129,747 | – | | Dividend Income | 2,730 | 9,412 | | Net Unrealized Fair Value Change of Other Financial Assets | 1,063 | – | | Net Gain on Disposal of Property, Plant and Equipment | 139 | 462 | | Others | 2,468 | 2,036 | | **Total** | **170,171** | **48,306** | - The Group’s subsidiaries in China received unconditional government grants totaling **RMB 12,562,000** (first half of 2024: RMB 2,857,000)[38](index=38&type=chunk) - The Group also recognized amortization of government grants related to assets of **RMB 3,981,000** (first half of 2024: RMB 3,980,000)[38](index=38&type=chunk) [6. Other Expenses](index=12&type=section&id=6.%20Other%20Expenses) For the six months ended June 30, 2025, the Group's other expenses increased to RMB 27,917 thousand, primarily due to increased loss provisions for trade and other receivables and a net change in fair value of other financial assets from gain to loss 其他开支明细（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss Allowance for Trade and Other Receivables | 21,798 | 9,122 | | Charitable Donations | 2,909 | 2,400 | | Net Unrealized Fair Value Change of Other Financial Assets | 3,141 | – | | Net Realized and Unrealized Losses on Trading Securities | 1,836 | 62 | | Loss on Disposal of Interests in Subsidiaries | – | 185 | | Others | 1,374 | 1,036 | | **Total** | **27,917** | **15,946** | [7. Profit Before Income Tax](index=13&type=section&id=7.%20Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, the Group's profit before income tax was RMB 237,832 thousand, an increase from the prior year, primarily due to a reduction in net finance costs, despite a decrease in interest income 除所得税前溢利构成（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Net Finance Costs** | | | | Interest Income | (15,082) | (13,418) | | Interest on Bank Loans | 62,755 | 61,855 | | Interest from Other Financial Liabilities | 28,300 | 16,100 | | **Net Finance Costs** | **75,973** | **64,537** | | **Other Items** | | | | Cost of Inventories | 1,963,178 | 1,898,620 | | Amortization of Intangible Assets | 3,960 | 4,393 | | Depreciation of Property, Plant and Equipment | 193,198 | 195,610 | | Amortization of Prepaid Lease Payments (Right-of-use Assets) | 2,927 | 2,839 | | Reversal of/(Provision for) Inventory Write-downs | 6,897 | (11,331) | [7(a) Net Finance Costs](index=13&type=section&id=7(a)%20Net%20Finance%20Costs) For the six months ended June 30, 2025, the Group's net finance costs decreased to RMB 64,537 thousand from RMB 75,973 thousand in the prior year, primarily due to increased interest income and a slight reduction in bank loan interest 融资成本净额明细（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income | (15,082) | (13,418) | | Interest on Bank Loans | 62,755 | 61,855 | | Interest from Other Financial Liabilities | 28,300 | 16,100 | | **Net Finance Costs** | **75,973** | **64,537** | [7(b) Other Items](index=13&type=section&id=7(b)%20Other%20Items) For the six months ended June 30, 2025, cost of inventories was RMB 1,898,620 thousand, a decrease from the prior year; inventory write-downs were reversed by RMB 11,331 thousand in the current period, compared to a provision of RMB 6,897 thousand in the prior year 其他项目明细（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Inventories | 1,898,620 | 1,963,178 | | Amortization of Intangible Assets | 4,393 | 3,960 | | Depreciation of Property, Plant and Equipment | 195,610 | 193,198 | | Amortization of Prepaid Lease Payments (Right-of-use Assets) | 2,839 | 2,927 | | Reversal of/(Provision for) Inventory Write-downs | (11,331) | 6,897 | [8. Income Tax](index=14&type=section&id=8.%20Income%20Tax) For the six months ended June 30, 2025, the Group's income tax expense increased to RMB 19,213 thousand, primarily due to increased China income tax provision and deferred tax moving from a reversal to a charge; several Chinese subsidiaries enjoy a 15% preferential tax rate for high-tech enterprises, while the Thai subsidiary TGPT benefits from a 0% preferential income tax rate 所得税开支明细（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Current Tax** | | | | China Income Tax Provision | 17,958 | 30,629 | | Hong Kong Profits Tax Provision | 516 | 3,234 | | Thailand Corporate Income Tax Provision | 533 | 704 | | **Deferred Tax** | | | | Origination and Reversal of Temporary Differences | 206 | (22,624) | | **Total** | **19,213** | **11,943** | - Tiangong Tools, Tiangong Aihe, Precision Tools, Tiangong Co., Ltd., and Weijian Tools are subject to a preferential income tax rate of **15%** (first half of 2024: 15%)[44](index=44&type=chunk) - Hard Alloy Technology is recognized as a high-tech enterprise and enjoys a preferential income tax rate of **15%** (first half of 2024: 25%) for the six months ended June 30, 2025[44](index=44&type=chunk) - Tiangong Precision Tools (Thailand) Company Limited (TGPT), a subsidiary of the Company located in Thailand, enjoys a **0%** preferential income tax rate for six years starting from May 2021[47](index=47&type=chunk) [9. Earnings Per Share](index=15&type=section&id=9.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the Company's basic earnings per share was RMB 0.075, an 11.9% increase from the prior year; diluted earnings per share was the same as basic earnings per share as there were no potential dilutive ordinary shares during the period - Basic earnings per share is calculated based on the profit attributable to equity holders of the Company of **RMB 203,583,000** (first half of 2024: RMB 184,371,000) and the weighted average number of ordinary shares in issue during the interim period of **2,725,000,000** shares (first half of 2024: 2,760,750,961 shares)[48](index=48&type=chunk) - As there were no potential dilutive ordinary shares for the six months ended June 30, 2025 and 2024, the diluted earnings per share for these periods were the same as the basic earnings per share[49](index=49&type=chunk) [10. Trade and Other Receivables](index=15&type=section&id=10.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's net trade and other receivables increased to RMB 3,900,869 thousand, with net trade and bills receivables at RMB 3,181,899 thousand; loss allowance accounted for 5.0% of trade and bills receivables 贸易及其他应收款项明细（人民币千元） | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 2,524,007 | 2,226,434 | | Bills Receivable | 824,594 | 732,940 | | Less: Loss Allowance | (166,702) | (143,288) | | **Net Trade and Bills Receivables** | **3,181,899** | **2,816,086** | | Prepayments | 164,534 | 159,747 | | Non-trade Receivables | 535,978 | 477,599 | | Less: Loss Allowance | (8,944) | (9,498) | | Current Tax | 27,402 | 99,114 | | **Net Prepayments and Non-trade Receivables** | **718,970** | **726,962** | | **Total** | **3,900,869** | **3,543,048** | - As of June 30, 2025, certain intercompany trade receivables of **RMB 149,391,000** were pledged to a bank as collateral for the Group's bank loans[50](index=50&type=chunk) - Trade receivables and bills receivable are due within **90 to 180 days** from the invoice date[51](index=51&type=chunk) [11. Trade and Other Payables](index=16&type=section&id=11.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables amounted to RMB 1,533,160 thousand, an increase from the end of 2024, primarily due to an increase in dividends payable 贸易及其他应付款项明细（人民币千元） | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and Bills Payables | 1,246,103 | 1,189,125 | | Contract Liabilities | 12,776 | 14,445 | | Dividends Payable | 71,668 | – | | Other Payables and Accrued Expenses | 202,613 | 249,185 | | **Total** | **1,533,160** | **1,452,755** | - The aging analysis of trade and bills payables shows that the vast majority (**RMB 1,217,675 thousand**) are due within one year[52](index=52&type=chunk) [12. Other Financial Liabilities](index=17&type=section&id=12.%20Other%20Financial%20Liabilities) As of June 30, 2025, the Group's other financial liabilities decreased to RMB 885,169 thousand from RMB 983,676 thousand at the end of 2024, primarily due to three investors exercising their redemption rights to redeem their capital contributions and related interest in Tiangong Tools during the period 其他金融负债明细（人民币千元） | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contingent Redeemable Capital Contribution in a Subsidiary | 885,169 | 983,676 | - During the period ended June 30, 2025, three investors exercised their redemption rights to redeem their capital contributions and related interest totaling **RMB 114,607,000**[54](index=54&type=chunk) - As of June 30, 2025, the Company held **90.06%** (2024: 89.00%) equity interest in Tiangong Tools[54](index=54&type=chunk) [13. Share Capital, Reserves and Dividends](index=18&type=section&id=13.%20Share%20Capital,%20Reserves%20and%20Dividends) The Company's Board of Directors has declared an interim dividend of RMB 0.0262 per share for the six months ended June 30, 2025, an increase from the prior year; additionally, dividends approved but unpaid for the previous fiscal year amounted to RMB 71,668 thousand in the current period 股息信息（人民币千元） | Item | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Dividends declared after the end of the reporting period (RMB 0.0262/0.0203 per share) | 71,395 | 55,311 | | Dividends approved but unpaid for the previous financial year during the interim period (RMB 0.0263/0.0400 per share) | 71,668 | 109,073 | - The Company will suspend the registration of share transfers to qualify for the interim dividend[140](index=140&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's operational performance, financial results, industry trends, and strategic developments for the reporting period [Business Review](index=19&type=section&id=Business%20Review) For the first half of 2025, the Group's overall revenue decreased by 7.1% to RMB 2,342,495 thousand, primarily due to reduced exports from US tariff policy uncertainties and decreased demand for titanium wire in the consumer electronics industry; domestic demand for die steel and high-speed steel recovered, but export businesses declined due to external factors, and cutting tools and titanium alloys segments also experienced significant revenue decreases 截至2025年上半年各分部营业额（人民币千元） | Segment | H1 2025 Revenue (RMB thousand) | % of Total | H1 2024 Revenue (RMB thousand) | % of Total | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Die Steel | 1,154,590 | 49.3% | 1,181,417 | 46.9% | (26,827) | (2.3%) | | High-Speed Steel | 394,434 | 16.8% | 436,145 | 17.3% | (41,711) | (9.6%) | | Cutting Tools | 397,365 | 17.0% | 463,607 | 18.4% | (66,242) | (14.3%) | | Titanium Alloys | 348,786 | 14.9% | 384,832 | 15.2% | (36,046) | (9.4%) | | Others | 47,320 | 2.0% | 55,647 | 2.2% | (8,327) | (15.0%) | | **Total** | **2,342,495** | **100.0%** | **2,521,648** | **100.0%** | **(179,153)** | **(7.1%)** | - The overall revenue decline was mainly due to reduced exports across all segments caused by US tariff policy uncertainties and a temporary decrease in demand for titanium wire in the consumer electronics industry[80](index=80&type=chunk) [Die Steel](index=19&type=section&id=Die%20Steel) Die steel segment revenue decreased by 2.3% year-on-year to RMB 1,154,590 thousand; domestic revenue grew by 4.7% due to rising raw material costs and industry recovery, but export business declined by 8.2% due to a sluggish European market and North American tariff uncertainties 模具钢营业额（人民币千元） | Sales Type | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 565,627 | 49.0% | 540,024 | 45.7% | 25,603 | 4.7% | | Export Sales | 588,963 | 51.0% | 641,393 | 54.3% | (52,430) | (8.2%) | | **Total** | **1,154,590** | **100.0%** | **1,181,417** | **100.0%** | **(26,827)** | **(2.3%)** | - Domestic revenue increased by **4.7%** to **RMB 565,627,000**, primarily due to rising average procurement prices of key raw materials for die steel and a slight recovery in the domestic industry outlook, allowing for smooth transfer of procurement costs and an increase in average selling prices[63](index=63&type=chunk) - Export revenue decreased by **8.2%** to **RMB 588,963,000**, mainly affected by the continued sluggish European market and uncertainties regarding North American tariffs[64](index=64&type=chunk) [High-Speed Steel](index=20&type=section&id=High-Speed%20Steel) High-speed steel segment revenue decreased by 9.6% year-on-year to RMB 394,434 thousand; domestic revenue grew by 14.1% due to rising average selling prices and recovering domestic demand, but export business declined by 35.4% in sales volume due to US tariff policies 高速钢营业额（人民币千元） | Sales Type | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 259,800 | 65.9% | 227,657 | 52.2% | 32,143 | 14.1% | | Export Sales | 134,634 | 34.1% | 208,488 | 47.8% | (73,854) | (35.4%) | | **Total** | **394,434** | **100.0%** | **436,145** | **100.0%** | **(41,711)** | **(9.6%)** | - Domestic revenue increased by **14.1%** to **RMB 259,800,000**, primarily due to rising average selling prices of high-speed steel, particularly a significant increase in tungsten procurement prices, coupled with a slight recovery in domestic demand[66](index=66&type=chunk) - Export revenue decreased by **35.4%** to **RMB 134,634,000**, mainly due to a decline in sales volume affected by US tariff policies[67](index=67&type=chunk) [Cutting Tools](index=21&type=section&id=Cutting%20Tools) Cutting tools segment revenue decreased by 14.3% year-on-year to RMB 397,365 thousand; domestic revenue slightly declined by 5.4% due to sales network optimization and dealer system streamlining, but is expected to improve in the second half, while export business decreased by 19.4% due to escalating US tariffs 切削工具营业额（人民币千元） | Sales Type | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 159,524 | 40.1% | 168,631 | 36.4% | (9,107) | (5.4%) | | Export Sales | 237,841 | 59.9% | 294,976 | 63.6% | (57,135) | (19.4%) | | **Total** | **397,365** | **100.0%** | **463,607** | **100.0%** | **(66,242)** | **(14.3%)** | - Domestic revenue for the cutting tools segment slightly decreased by **5.4%** to **RMB 159,524,000**, primarily due to the Group's proactive systematic streamlining and optimization of its sales network and dealer system, focusing on long-term development partners[71](index=71&type=chunk) - Export revenue decreased by **19.4%** to **RMB 237,841,000**, mainly due to reduced orders as customers adopted a wait-and-see attitude amid escalating US tariffs[72](index=72&type=chunk) [Titanium Alloys](index=22&type=section&id=Titanium%20Alloys) Titanium alloys segment revenue decreased by 9.4% year-on-year to RMB 348,786 thousand; domestic revenue declined by 8.5%, primarily due to reduced demand for titanium alloy wire in the consumer electronics industry, leading the Group to shift towards selling lower value-added titanium plates and tubes, while export business saw a significant decrease of 71.2% 钛合金营业额（人民币千元） | Sales Type | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 347,213 | 99.5% | 379,375 | 98.6% | (32,162) | (8.5%) | | Export Sales | 1,573 | 0.5% | 5,457 | 1.4% | (3,884) | (71.2%) | | **Total** | **348,786** | **100.0%** | **384,832** | **100.0%** | **(36,046)** | **(9.4%)** | - Domestic revenue decreased by **8.5%** to **RMB 347,213,000**, primarily due to reduced sales in the consumer electronics industry, with end customers decreasing the use of titanium alloy models for next-generation phone frames, leading to fewer titanium alloy wire orders, prompting the Group to shift towards selling titanium plate and tube products[75](index=75&type=chunk) - In terms of exports, the Group continues to focus on developing markets for 3D printing and additive manufacturing applications, maintaining an optimistic outlook on demand for these applications[75](index=75&type=chunk) [Others](index=23&type=section&id=Others) Other segment revenue decreased by 15.0% year-on-year to RMB 47,320 thousand, primarily due to a decline in exports of power tools and power tool sets to the US caused by tariff uncertainties, leading to a wait-and-see attitude from downstream customers and reduced order volumes 其他分部营业额（人民币千元） | Sales Type | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Export Sales | 47,320 | 100.0% | 55,647 | 100.0% | (8,327) | (15.0%) | - The "Others" segment involves assembly and export sales of power tool products derived from existing cutting tool customers, including electric drill sets, electric screwdriver sets, electric toothbrush sets, hardware sets, small fans, and safety lights[77](index=77&type=chunk) - Revenue decreased by **15.0%** to **RMB 47,320,000**, primarily due to a decline in exports of power tools and power tool sets to the US caused by US tariff uncertainties, leading to a wait-and-see attitude from downstream customers and reduced order volumes[79](index=79&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) For the first half of 2025, profit attributable to equity holders of the Company increased by 10.4% year-on-year to RMB 203,583 thousand, despite an overall revenue decrease of 7.1%; this was primarily driven by significant growth in other income (especially exchange gains) and reduced net finance costs, partially offsetting the impact of lower gross profit margin and increased income tax expense, while cost of sales decreased with lower sales volume, administrative expenses rose due to increased consulting fees, and R&D expenses decreased due to changes in project stages - Profit attributable to equity holders of the Company increased by **10.4%** from **RMB 184,371,000** in the first half of 2024 to **RMB 203,583,000** in the first half of 2025[80](index=80&type=chunk) - The Group's total revenue for the first half of 2025 reached **RMB 2,342,495,000**, a **7.1%** decrease compared to **RMB 2,521,648,000** in the first half of 2024[80](index=80&type=chunk) - The Group's other income increased from **RMB 48,306,000** in the first half of 2024 to **RMB 170,171,000** in the first half of 2025, primarily due to a significant appreciation of the Euro against the RMB, resulting in exchange gains on Euro-denominated trade receivables[88](index=88&type=chunk) - The Group's net finance costs decreased from **RMB 75,973,000** in the first half of 2024 to **RMB 64,537,000** in the first half of 2025, primarily due to the redemption of certain contingent redeemable equity held by third-party investors in Tiangong Tools[92](index=92&type=chunk) [Revenue](index=23&type=section&id=Revenue) The Group's total revenue for the first half of 2025 reached RMB 2,342,495 thousand, a 7.1% decrease compared to the first half of 2024, primarily due to reduced exports from US tariff policy uncertainties and decreased demand for titanium wire in the consumer electronics industry - The Group's total revenue for the first half of 2025 reached **RMB 2,342,495,000**, a **7.1%** decrease compared to **RMB 2,521,648,000** in the first half of 2024[80](index=80&type=chunk) - The revenue decline was mainly due to reduced exports across all segments caused by US tariff policy uncertainties and a temporary decrease in demand for titanium wire in the consumer electronics industry[80](index=80&type=chunk) [Cost of Sales](index=24&type=section&id=Cost%20of%20Sales) The Group's cost of sales decreased by 3.3% from RMB 1,963,178 thousand in the first half of 2024 to RMB 1,898,620 thousand in the first half of 2025, primarily due to lower sales volume during the period - The Group's cost of sales decreased from **RMB 1,963,178,000** in the first half of 2024 to **RMB 1,898,620,000** in the first half of 2025, a decrease of **3.3%**[81](index=81&type=chunk) - The decrease in cost of sales was mainly due to lower sales volume during the period[81](index=81&type=chunk) [Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20Margin) In the first half of 2025, the Group's overall gross profit margin was 18.9%, a decrease of 3.2 percentage points from 22.1% in the prior year; gross profit margins for die steel and high-speed steel increased, while those for cutting tools, titanium alloys, and other segments decreased, with titanium alloys experiencing the largest decline 各分部毛利率对比 | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Die Steel | 13.8% | 13.3% | | High-Speed Steel | 15.6% | 14.1% | | Cutting Tools | 28.5% | 33.1% | | Titanium Alloys | 24.2% | 39.0% | | Others | 7.7% | 19.2% | - The overall gross profit margin decreased by **3.2 percentage points** to **18.9%** (first half of 2024: 22.1%)[82](index=82&type=chunk) [Die Steel Gross Profit Margin](index=24&type=section&id=Die%20Steel%20Gross%20Profit%20Margin) Die steel gross profit margin increased from 13.3% in the first half of 2024 to 13.8% in the first half of 2025, primarily due to a recovery in domestic industry sentiment and successful pass-through of procurement costs to customers - The gross profit margin for die steel increased from **13.3%** in the first half of 2024 to **13.8%** in the first half of 2025[83](index=83&type=chunk) - The main reason is the recovery in domestic industry sentiment, which allowed for the smooth transfer of procurement costs to customers, boosting gross profit margin growth[83](index=83&type=chunk) [High-Speed Steel Gross Profit Margin](index=24&type=section&id=High-Speed%20Steel%20Gross%20Profit%20Margin) The overall gross profit margin for high-speed steel increased from 14.1% in the first half of 2024 to 15.6% in the first half of 2025, similar to die steel, primarily benefiting from cost pass-through - The overall gross profit margin for high-speed steel increased from **14.1%** in the first half of 2024 to **15.6%** in the first half of 2025[84](index=84&type=chunk) [Cutting Tools Gross Profit Margin](index=25&type=section&id=Cutting%20Tools%20Gross%20Profit%20Margin) Cutting tools gross profit margin decreased from 33.1% in the first half of 2024 to 28.5% in the first half of 2025, primarily because rising raw material prices could not be fully passed on to downstream customers, compressing gross profit - The gross profit margin for cutting tools decreased from **33.1%** in the first half of 2024 to **28.5%** in the first half of 2025[85](index=85&type=chunk) - The main reason is that the rising raw material prices for cutting tools could not be fully passed on to downstream customers, which to some extent compressed the gross profit[85](index=85&type=chunk) [Titanium Alloys Gross Profit Margin](index=25&type=section&id=Titanium%20Alloys%20Gross%20Profit%20Margin) Titanium alloys gross profit margin significantly decreased from 39.0% in the first half of 2024 to 24.2% in the first half of 2025, primarily due to reduced demand in the consumer electronics industry, lower sales of high-margin titanium alloy wire, and increased sales of lower-margin tubes and plates, leading to a change in sales mix - The gross profit margin for titanium alloys decreased from **39.0%** in the first half of 2024 to **24.2%** in the first half of 2025[86](index=86&type=chunk) - The main reason is the decreased demand in the consumer electronics industry, leading to reduced sales of high-margin titanium alloy wire for consumer electronics and increased sales of lower-margin tubes and plates, resulting in a change in the sales mix[86](index=86&type=chunk) [Other Segments Gross Profit Margin](index=25&type=section&id=Other%20Segments%20Gross%20Profit%20Margin) Other segments' gross profit margin decreased from 19.2% in the first half of 2024 to 7.7% in the first half of 2025, primarily due to weak product demand resulting in insufficient allocation of fixed costs - The gross profit margin for other segments decreased from **19.2%** in the first half of 2024 to **7.7%** in the first half of 2025[87](index=87&type=chunk) - The main reason is the weak product demand in other segments, leading to insufficient allocation of fixed costs[87](index=87&type=chunk) [Other Income](index=25&type=section&id=Other%20Income) The Group's other income significantly increased from RMB 48,306 thousand in the first half of 2024 to RMB 170,171 thousand in the first half of 2025, primarily due to a substantial appreciation of the Euro against the RMB, resulting in exchange gains on Euro-denominated trade receivables - The Group's other income increased from **RMB 48,306,000** in the first half of 2024 to **RMB 170,171,000** in the first half of 2025[88](index=88&type=chunk) - This was mainly due to a significant appreciation of the Euro against the RMB, resulting in exchange gains on Euro-denominated trade receivables throughout the period[88](index=88&type=chunk) [Distribution Expenses](index=25&type=section&id=Distribution%20Expenses) The Group's distribution expenses were RMB 55,783 thousand, a 12.4% decrease from the first half of 2024, primarily due to reduced export sales influenced by US tariff uncertainties and lower unit transportation costs resulting from decreased global trade volumes - The Group's distribution expenses were **RMB 55,783,000** (first half of 2024: RMB 63,686,000), a decrease of **12.4%**[89](index=89&type=chunk) - This was mainly affected by the uncertainty of US tariffs, leading to a decrease in export sales; additionally, unit transportation costs also decreased due to reduced global trade volume with the US[89](index=89&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) In the first half of 2025, the Group's administrative expenses were RMB 91,415 thousand, a 9.7% year-on-year increase, primarily due to consulting fees paid for green factory declarations and trademark and intellectual property protection services - In the first half of 2025, the Group's administrative expenses were **RMB 91,415,000** (first half of 2024: RMB 83,348,000), an increase of **9.7%**[90](index=90&type=chunk) - The increase was mainly due to consulting fees paid for green factory declarations and trademark and intellectual property protection services[90](index=90&type=chunk) - In the first half of 2025, administrative expenses as a percentage of revenue were **3.9%** (first half of 2024: 3.3%)[90](index=90&type=chunk) [Research and Development Expenses](index=26&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased from RMB 146,994 thousand in the first half of 2024 to RMB 137,045 thousand in the first half of 2025, primarily because some R&D projects entered later stages, requiring less material input - Research and development expenses decreased from **RMB 146,994,000** in the first half of 2024 to **RMB 137,045,000** in the first half of 2025[91](index=91&type=chunk) - The main component is the materials consumed by R&D projects; some projects entered later stages during this period, requiring less material input[91](index=91&type=chunk) [Net Finance Costs](index=26&type=section&id=Net%20Finance%20Costs) The Group's net finance costs decreased from RMB 75,973 thousand in the first half of 2024 to RMB 64,537 thousand in the first half of 2025, primarily due to the redemption of certain contingent redeemable equity held by third-party investors in Tiangong Tools, resulting in savings in related finance costs - The Group's net finance costs decreased from **RMB 75,973,000** in the first half of 2024 to **RMB 64,537,000** in the first half of 2025[92](index=92&type=chunk) - This was mainly due to the Group having redeemed certain contingent redeemable equity held by third-party investors in Tiangong Tools, and the related finance costs were saved and reduced during the period[92](index=92&type=chunk) [Income Tax Expense](index=26&type=section&id=Income%20Tax%20Expense) The Group's income tax expense increased from RMB 11,943 thousand in the first half of 2024 to RMB 19,213 thousand in the first half of 2025, primarily due to unrecognized deferred tax assets for tax losses of certain start-up subsidiaries and an increase in the Group's profit before tax - The Group's income tax expense increased from **RMB 11,943,000** in the first half of 2024 to **RMB 19,213,000** in the first half of 2025[93](index=93&type=chunk) - This increase was mainly due to (i) unrecognized deferred tax assets for tax losses of certain subsidiaries that are in their start-up phase and do not have sufficient taxable income to offset losses; and (ii) an increase in the Group's profit before tax[93](index=93&type=chunk) [Profit for the Period](index=26&type=section&id=Profit%20for%20the%20Period) Based on the aforementioned factors, the Group's profit for the period increased by 4% from RMB 210,239 thousand in the first half of 2024 to RMB 218,619 thousand in the first half of 2025; the Group's net profit margin for the first half of 2025 was 9.3%, an increase of 1.0 percentage point from the prior year - The Group's profit increased by **4%** from **RMB 210,239,000** in the first half of 2024 to **RMB 218,619,000** in the first half of 2025[94](index=94&type=chunk) - The Group's net profit margin for the first half of 2025 was **9.3%** (first half of 2024: 8.3%)[94](index=94&type=chunk) [Profit Attributable to Equity Holders of the Company](index=26&type=section&id=Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) In the first half of 2025, profit attributable to equity holders of the Company was RMB 203,583 thousand, a 10.4% increase from the prior year - In the first half of 2025, profit attributable to equity holders of the Company was **RMB 203,583,000** (first half of 2024: RMB 184,371,000), an increase of **10.4%**[95](index=95&type=chunk) [Other Financial Assets](index=27&type=section&id=Other%20Financial%20Assets) The Group's other financial assets include equity investments in several banks, environmental technology companies, and private equity funds; all investments are accounted for at fair value, and their changes reflect a net increase in fair market value - The Group's other financial assets include equity investments in Jiangsu Bank Co., Ltd., Yunnan Filter Environmental Technology Co., Ltd., Nanjing Xiaomuma Technology Co., Ltd., Jiangsu Jinmao Gangbao E-commerce Co., Ltd., Ningbo Meishan Bonded Port Area Qiana Equity Investment Partnership (Limited Partnership), CICC Jia Tai III (Shenzhen) Private Equity Investment Fund Partnership (Limited Partnership), Jinan Caijin Fuxing Weishi Equity Investment Fund Partnership (Limited Partnership), Danyang Boyun Hengda Tiangong Industrial Investment Center (Limited Partnership), and Suzhou Yiming New Material Venture Capital Partnership (Limited Partnership)[96](index=96&type=chunk) - All these investments are accounted for at fair value; the changes represent the net increase in the fair market value of these financial assets[96](index=96&type=chunk) [Trade and Bills Receivables](index=27&type=section&id=Trade%20and%20Bills%20Receivables) Net trade and bills receivables increased from RMB 2,816,086 thousand as of December 31, 2024, to RMB 3,181,899 thousand as of June 30, 2025; loss allowance accounted for 5.0% of trade and bills receivables - Net trade and bills receivables increased from **RMB 2,816,086,000** as of December 31, 2024, to **RMB 3,181,899,000** as of June 30, 2025[97](index=97&type=chunk) - The loss allowance of **RMB 166,702,000** (2024: RMB 143,288,000) accounted for **5.0%** (2024: 4.8%) of trade and bills receivables[97](index=97&type=chunk) [Industry Review](index=27&type=section&id=Industry%20Review) Global geopolitical instability and US tariff policies pose challenges to global trade relations, yet China's economy demonstrated resilience with a 5.3% GDP growth in the first half of 2025, driven primarily by domestic consumption; China continues to increase R&D investment and high-tech manufacturing, particularly in automotive, railway, aerospace, electrical machinery, and equipment manufacturing, with the development of humanoid robots and high-end titanium alloy markets offering broad opportunities for the Group - Global geopolitical instability persists, and increased tariffs by the US on China and other countries globally have comprehensively impacted global trade relations, posing significant challenges to the economic resilience of various nations[98](index=98&type=chunk) - China's GDP growth rate for the first half of 2025 was **5.3%**, an increase of **0.3 percentage points** from the same period last year, with contributions from final consumption expenditure and gross capital formation both rising, reflecting that domestic consumption is the main driver of GDP growth[99](index=99&type=chunk) - China's overall R&D investment as a percentage of GDP rose to approximately **2.7%**, the number of valid invention patent applications increased by **13.2%** to nearly **5.01 million**, and the added value of high-tech manufacturing above designated size grew by **9.7%** year-on-year[100](index=100&type=chunk) - The rapid development of DeepSeek AI large models and China's robot manufacturing and application provides broad market opportunities for the Group as a high-end material manufacturer[101](index=101&type=chunk) [Macroeconomic and Trade Environment](index=27&type=section&id=Macroeconomic%20and%20Trade%20Environment) Global geopolitical instability and US tariff policies challenge global trade relations, leading to RMB exchange rate fluctuations and complex challenges for China's export trade; however, the Chinese economy demonstrated strong resilience with a 5.3% GDP growth in the first half of 2025, driven primarily by domestic consumption, and sustained growth in R&D investment and high-tech manufacturing - Global geopolitical instability persists, and increased tariffs by the US on China and other countries globally have comprehensively impacted global trade relations, posing significant challenges to the economic resilience of various nations[98](index=98&type=chunk) - China's GDP growth rate for the first half of 2025 was **5.3%**, an increase of **0.3 percentage points** from the same period last year, with domestic consumption being the main driver of GDP growth[99](index=99&type=chunk) - China's overall R&D investment as a percentage of GDP rose to approximately **2.7%**, the number of valid invention patent applications increased by **13.2%** to nearly **5.01 million**, and the added value of high-tech manufacturing above designated size grew by **9.7%** year-on-year[100](index=100&type=chunk) [Tool and Die Steel: Humanoid Robot Development Drives Demand for High-Value High-Speed Steel](index=29&type=section&id=Tool%20and%20Die%20Steel:%20Humanoid%20Robot%20Development%20Drives%20Demand%20for%20High-Value%20High-Speed%20Steel) China's humanoid robot market is projected to reach RMB 10 trillion, with its demand for lightweight and high-strength steel driving the development of high-value steel product matrices; the Group has independently developed high-nitrogen alloy material TPMDC02A for humanoid robot planetary roller screw production, successfully passing technical verification, and high-end products like powder metallurgy die steel are in strong demand across new energy vehicles and consumer electronics industries - China's humanoid robot market is expected to reach **RMB 10 trillion** after 2045, with its core construction requiring specialized steel for lightweight and strength, driving the development of high-value steel product matrices[102](index=102&type=chunk)[103](index=103&type=chunk) - The Group has independently developed high-nitrogen alloy material **TPMDC02A** using its unique powder metallurgy smelting technology, applied in the production of humanoid robot planetary roller screws, successfully breaking through the localization process of high-nitrogen, high-strength, corrosion-resistant alloys[103](index=103&type=chunk)[117](index=117&type=chunk) - In the first half of 2025, driven by strong demand in key industries such as new energy vehicles and consumer electronics, China's high-end tool steel market expanded, and the market penetration of high-end products like powder metallurgy die steel increased[104](index=104&type=chunk) [Titanium Alloys: High-End Products Benefit from Global Industry Transition to High-End](index=30&type=section&id=Titanium%20Alloys:%20High-End%20Products%20Benefit%20from%20Global%20Industry%20Transition%20to%20High-End) The high-end titanium wire market is projected to reach approximately US$1.2 billion by 2025, benefiting from increased demand in aerospace, medical, automotive, and 3C sectors; the Group has completed its Phase II EB furnace project, successfully casting high-quality titanium ingots, enhancing titanium alloy scrap recycling, strengthening its global competitiveness in high-end titanium alloys, and ensuring stable supply of titanium alloy materials for consumer electronics - The high-end titanium wire market is expected to benefit from the transition of multiple industries from low-end to high-end and increased downstream demand, with the global high-end titanium wire market projected to reach approximately **US$1.2 billion** by 2025[105](index=105&type=chunk) - Key driving factors include expanding applications in aerospace, medical, automotive, and computer, communication, and consumer electronics (3C) sectors, as well as the high-end development of titanium materials and industrial technology upgrades[106](index=106&type=chunk) - The Group completed its Phase II EB furnace project in March 2025, aimed at increasing the recycling rate of titanium alloy scrap, successfully casting high-quality titanium ingots, further consolidating its global competitiveness in high-end titanium and titanium alloys[107](index=107&type=chunk) [Significant Business Developments](index=31&type=section&id=Significant%20Business%20Developments) The Group's subsidiary, Tiangong Co., Ltd., successfully listed on the Beijing Stock Exchange on May 13, 2025, with its closing price surging 411.93% on the first day, exceeding RMB 13 billion in market capitalization and setting a new record for the largest first-day gain on the Beijing Stock Exchange; this listing attracted 12 strategic investors, with proceeds earmarked for expanding high-end titanium alloy production lines, and Tiangong Co., Ltd. also successfully delivered its first order of aerospace-grade titanium alloy wire for fasteners and entered into a strategic cooperation with Fujian Hengerda New Material Co., Ltd. in metal material R&D and preparation processes to jointly enhance market competitiveness - Tiangong Co., Ltd., a subsidiary of the Company, successfully listed its shares on the Beijing Stock Exchange on **May 13, 2025**, becoming the first red-chip Hong Kong-listed company to spin off its subsidiary for an A-share listing on the Beijing Stock Exchange[108](index=108&type=chunk) - Tiangong Co., Ltd.'s initial public offering price was **RMB 3.94** per share, with its closing price surging **411.93%** to **RMB 20.17** on the first day, breaking **RMB 13 billion** in market capitalization and setting a new record for the largest first-day gain for a new stock on the Beijing Stock Exchange in 2025[109](index=109&type=chunk) - The proceeds from this offering will be used to expand high-end titanium alloy bar and wire production lines, supporting Tiangong Co., Ltd.'s further expansion into high-end application fields such as aerospace, 3D printing, and medical health[109](index=109&type=chunk) - Tiangong Co., Ltd. officially delivered its first order of aerospace-grade titanium alloy wire for fasteners, marking a new milestone in the company's R&D and market capabilities for high-end titanium alloy materials and achieving a significant breakthrough in aerospace materials[110](index=110&type=chunk) - The Group and Fujian Hengerda New Material Co., Ltd. plan to jointly establish a special investment working group to conduct collaborative investments focusing on the upstream and downstream of the industrial chain, particularly in advanced manufacturing sectors such as new energy vehicles, robots, semiconductors, and electronic information[111](index=111&type=chunk) [Significant Innovation and Green Technology Achievements](index=32&type=section&id=Significant%20Innovation%20and%20Green%20Technology%20Achievements) The Group achieved significant progress in green production, completing its Phase II EB furnace project to enhance titanium alloy scrap recycling, with subsidiaries recognized as 'Green Factories' and 'Carbon Management System Demonstration Units'; in product innovation, the Group leads national key R&D projects, independently developed high-nitrogen alloy material TPMDC02A for humanoid robots, and successfully obtained NADCA certification, becoming the first Chinese enterprise to achieve this, demonstrating world-class capabilities in large-scale integrated die-casting mold materials; the Group continuously enhances brand and industry influence through active participation in industry exhibitions and receiving 'Best Supplier Awards' - The Group completed its Phase II EB furnace project, aimed at increasing the recycling rate of titanium alloy scrap, successfully conducting hot trials to cast high-quality titanium ingots, further consolidating the Group's technological advantages in high-end titanium and titanium alloys[112](index=112&type=chunk) - The Group's innovation in scrap processing and recycling technology effectively improved resource utilization and reduced production costs, while meeting stringent environmental and ESG standards required by domestic and international customers[112](index=112&type=chunk) - Tiangong Co., Ltd. and Tiangong Tools, subsidiaries of the Company, were successfully included in Jiangsu Province's 2024 "Green Factory" list, and Tiangong Tools obtained the "Carbon Management System Demonstration Unit" title awarded by Shanghai Environment and Energy Exchange Co., Ltd[113](index=113&type=chunk) - The Group, in collaboration with Tsinghua University, CATL, and eight other renowned entities, jointly launched a national key R&D project: "Research and Application of Key Technologies for Powder Metallurgy and Additive Manufacturing of New Die Casting Mold Steel"[115](index=115&type=chunk) - The Group's independently developed high-nitrogen alloy material **TPMDC02A** successfully passed technical verification and was first delivered for the manufacturing of planetary roller screws, effectively breaking the reliance on imported high-nitrogen alloy materials[117](index=117&type=chunk) - The Group's TGE23 product series successfully obtained certification from the North American Die Casting Association (NADCA), becoming the first Chinese enterprise to receive this honor, proving that the Group has reached world-class levels in materials for large-scale integrated die-casting molds[118](index=118&type=chunk) - The Group actively participated in TCT ASIA 2025, China International Hardware Show, Shanghai Powder Metallurgy Industry Forum, and Suzhou Commercial Heat Treatment and 3D Printing User Conference at the end of March 2025, comprehensively showcasing technological innovations in powder metallurgy and cutting tools, and continuously enhancing brand and industry influence[119](index=119&type=chunk) - Jiangsu Tiangong Precision Tools Co., Ltd., a subsidiary of the Company, once again received the FASTCO 2024 Global "Best Supplier Award", marking its third consecutive year to receive this honor[120](index=120&type=chunk) [Practicing Green Production](index=32&type=section&id=Practicing%20Green%20Production) The Group completed its Phase II EB furnace project, enhancing titanium alloy

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 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。 截至2025年6月30日止六個月之中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一 個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳 的考慮後方作出投資決定。 XinXiang Era Group Company Limited 新 享 時 代 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 8519） 本公司董事會（「董事會」）欣然公告本公司及其附屬公司截至2025年6月30日止六個月之未 經審核簡明綜合業績（「中期業績」）。本公告載有本公司2025年中期報告全文，符合GEM 上市規則有關隨附中期業績初步公告的資料的相關披露規定。 本公司2025年中期報告印刷本將於適當時候寄發予本公司股東，並於聯交所網站 www.hkexnew ...

Reach New Holdings Limited 新達控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8471） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告；及 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 對 本 公 告 的 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 有 關 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 年 報 之 補 充 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM乃 為 較 於 聯 交 所 上 市 之 其 他 公 司 帶 有 更 高 投 資 風 險 之 中 小 型 公 司 提 供 上 市 之 市 場。有 意 投 資 者 應 了 解 投 資 於 該 等 公 司 之 潛 ...

COOLPAD GROUP LIMITED 酷派集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2369） 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 會 就 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 酷 派 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「報告期間」）之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 之 比 較 數 據 如 下： – 1 – 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 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Financial Performance Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) The company reported unaudited interim results for H1 2025, with revenue decreasing **10.4%** to **RMB 145,617 thousand** and a **net loss** of **RMB 6,398 thousand** Financial Performance Summary for the Six Months Ended June 30 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 145,617 | 162,491 | | Gross Profit | 39,582 | 43,871 | | (Loss)/Profit Before Income Tax | (8,805) | 15,014 | | (Loss)/Profit and Total Comprehensive Income for the Period Attributable to Owners of the Company | (6,398) | 14,413 | | Basic and Diluted (Loss)/Earnings Per Share (RMB per share) | (0.08) | 0.18 | | Adjusted Net Profit (Non-IFRS Measure) | 12,348 | 21,585 | [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section details the company's H1 **2025** business performance, future strategies, financial position, and key risks, noting **revenue decline** due to external factors but **stable gross margin** through **cost control** [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Group **revenue decreased 10.4%** to **RMB 145.6 million** due to external factors, with **stable gross margin** at **27.2%** despite product line declines - During the reporting period, the Group's **revenue** was approximately **RMB 145.6 million**, a **decrease** of approximately **10.4%** compared to the same period in **2024**[5](index=5&type=chunk) - The **revenue decline** was primarily due to external factors, including tighter import policies in Africa, geopolitical impacts in Europe, and customer project delays[5](index=5&type=chunk) - Sales of printing equipment, portable learning printers, traditional weighing scales, and POS terminals/PDAs all **decreased**, though **growth** in the US market partially offset the **decline** in POS terminal/PDA sales[5](index=5&type=chunk) - The Group's **gross profit margin** remained relatively **stable** at approximately **27.2%**, primarily due to effective **cost control** and **increased R&D investment** to strengthen product competitiveness[5](index=5&type=chunk) [Outlook](index=2&type=section&id=%E5%B1%95%E6%9C%9B) The Group plans to enhance international supply chain resilience, strengthen technology integration, hedge regional volatility, and support strategic investments through capacity expansion, market penetration, product innovation, and financial control - Capacity: Continue to expand Malaysia production scale to enhance international supply chain resilience; Wuhan R&D center is expected to operate in **2026**, strengthening IoT and AI technology integration[6](index=6&type=chunk) - Market Expansion: Deepen cooperation in Southeast Asia and the Middle East; promote AI weighing scales and industrial-grade printing equipment in Europe and America; advance domestic projects and increase promotion of hazardous waste products[6](index=6&type=chunk) - Product R&D: Iterate AI smart scales to integrate SaaS functions and develop modular POS terminals to adapt to emerging markets[6](index=6&type=chunk) - Financial Control: Strictly control accounts receivable, optimize financing costs; gearing ratio approximately **42.2%** after listing, reserving approximately **HKD 131.2 million** net proceeds from global offering to support strategic investments[6](index=6&type=chunk) [Revenue](index=3&type=section&id=%E6%94%B6%E7%9B%8A) Group **revenue decreased 10.4%** to **RMB 145.6 million** due to slow project approvals and product specification changes, with **declines** across all product segments, notably POS terminals/PDAs down **23.2%** - During the reporting period, **revenue** was approximately **RMB 145.6 million**, a **decrease** of approximately **10.4%** compared to **RMB 162.5 million** in the same period of **2024**[7](index=7&type=chunk) - The **decrease** in **revenue** was primarily due to slow approval progress for some customer projects and requests for further product specification improvements before delivery[7](index=7&type=chunk) Revenue by Product and Service Segment | Product Segment | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Printing Equipment | 100,453 | 109,534 | -8.3% | | Weighing Scales | 24,034 | 27,133 | -11.4% | | POS Terminals and PDAs | 12,363 | 16,088 | -23.2% | | Accessories and Other Purchased Products | 7,877 | 8,716 | -9.7% | | Others | 890 | 1,020 | -12.7% | | **Total** | **145,617** | **162,491** | **-10.4%** | [Cost of Sales](index=4&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) **Cost of sales decreased 10.6%** to **RMB 106.0 million**, primarily due to effective **cost control**, leading to reductions in raw material, manufacturing, and transportation costs - During the reporting period, **cost of sales** was approximately **RMB 106.0 million**, a **decrease** of approximately **10.6%** compared to **RMB 118.6 million** in the same period of **2024**[13](index=13&type=chunk) - The **decrease** in **cost of sales** was primarily due to the Group's effective **cost control**, resulting in corresponding **reductions** in material, manufacturing, and transportation costs[13](index=13&type=chunk) Cost of Sales Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Raw materials cost | 84,875 | 100,974 | | Labor cost | 13,686 | 13,028 | | Direct production expenses | 1,714 | 1,915 | | Depreciation and amortization | 4,575 | 4,118 | | Impairment (reversal) of inventories | (429) | (2,660) | | Others | 1,614 | 1,245 | | **Total** | **106,035** | **118,620** | [Gross Profit and Gross Profit Margin](index=5&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) **Gross profit decreased** by **RMB 4.3 million** to **RMB 39.6 million**, but the **gross profit margin** remained **stable** at **27.2%**, indicating effective **cost management** despite lower **revenue** - During the reporting period, **gross profit** was approximately **RMB 39.6 million**, a **decrease** of approximately **RMB 4.3 million** compared to the same period in **2024**[14](index=14&type=chunk) - **Gross profit margin** remained relatively **stable** at approximately **27.2%**, an **increase** of **0.2 percentage points** compared to the same period in **2024**[14](index=14&type=chunk) [Other Income](index=5&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) **Other income decreased 19.2%** to **RMB 6.3 million**, primarily due to a **reduction** in government grants, including R&D subsidies and VAT refunds - During the reporting period, **other income** was approximately **RMB 6.3 million**, a **decrease** of approximately **19.2%** compared to the same period in **2024**[15](index=15&type=chunk) - The **decrease** was primarily due to a **reduction** in government grants (including R&D-related grants and operating VAT refund grants)[15](index=15&type=chunk) [Net Other Gains](index=5&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) **Net other gains increased 600.0%** to **RMB 0.7 million**, mainly due to the absence of foreign exchange forward contract **losses** and higher **gains** from property, plant, and equipment disposals - During the reporting period, **net gains** of approximately **RMB 0.7 million** were recorded, an **increase** of approximately **600.0%** compared to the same period in **2024**[16](index=16&type=chunk) - The **increase** was primarily due to no foreign exchange forward contracts in H1 **2025** and **increased net gains** from disposal of property, plant and equipment[16](index=16&type=chunk) [Selling and Marketing Expenses](index=5&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E7%87%9F%E9%8Š%B7%E9%96%8B%E6%94%AF) **Selling and marketing expenses increased 7.1%** to **RMB 13.6 million**, driven by higher sales personnel **costs**, **increased** advertising for exhibitions, and greater e-commerce platform promotion fees - During the reporting period, **selling and marketing expenses** were approximately **RMB 13.6 million**, an **increase** of approximately **7.1%** compared to the same period in **2024**[17](index=17&type=chunk) - The **increase** was primarily due to **increased** labor **costs** for sales personnel, **increased** advertising and other marketing expenses (due to participation in more exhibitions), and **increased** service fees due to greater promotion efforts on e-commerce platforms[17](index=17&type=chunk) [General and Administrative Expenses](index=6&type=section&id=%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) **General and administrative expenses surged 80.5%** to **RMB 31.4 million**, primarily due to non-recurring listing expenses incurred from the company's **June 2025** listing on the Stock Exchange - During the reporting period, **general and administrative expenses** were approximately **RMB 31.4 million**, an **increase** of approximately **80.5%** compared to the same period in **2024**[18](index=18&type=chunk) - The **increase** was primarily due to non-recurring listing expenses incurred from the company's shares being listed on the Stock Exchange in **June 2025**[18](index=18&type=chunk) [Research and Development Expenses](index=6&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) R&D expenses **increased 52.5%** to **RMB 9.3 million**, mainly due to higher R&D staff numbers and benefits, coupled with reduced capitalization of R&D projects - During the reporting period, **R&D expenses** were approximately **RMB 9.3 million**, an **increase** of approximately **52.5%** compared to the same period in **2024**[19](index=19&type=chunk) - The **increase** was primarily due to an **increase** in the number of R&D employees and their benefits, as well as a **decrease** in the capitalization of R&D projects[19](index=19&type=chunk) [Impairment Losses on Financial Assets (Provision)/Reversal](index=6&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%EF%BC%88%E6%92%A5%E5%82%99%EF%BC%89%E2%88%95%E6%92%A5%E5%9B%9E) **Impairment losses** on financial assets recorded a **provision** of **RMB 79 thousand**, a shift from a **RMB 122 thousand reversal** in **2024**, primarily due to delayed customer settlements - During the reporting period, a **provision** for **impairment losses** on financial assets of **RMB 79 thousand** was recorded, compared to a **reversal** of **impairment losses** on financial assets of **RMB 122 thousand** in the same period of **2024**[20](index=20&type=chunk) - The **change** was primarily due to delayed settlement of certain customer accounts during the reporting period[20](index=20&type=chunk) [Finance Income and Costs](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%E5%8F%8A%E6%88%90%E6%9C%AC) **Net finance costs increased 42.9%** to **RMB 1.0 million**, primarily due to lower bank deposit interest income compared to higher USD deposit interest in the prior year - During the reporting period, **net finance costs** were approximately **RMB 1.0 million**, an **increase** of approximately **42.9%** compared to the same period in **2024**[21](index=21&type=chunk) - The **increase** was primarily due to a **decrease** in bank deposit interest income during the reporting period, whereas there was more interest income from USD deposits in the same period of **2024**[21](index=21&type=chunk) - During the reporting period, an **income tax credit** of approximately **RMB 2.4 million** was recorded, compared to an **income tax expense** of approximately **RMB 0.6 million** in H1 **2024**, primarily due to the recognition of deferred tax assets from the Group's **loss** for the period[22](index=22&type=chunk) [Net Profit and Net Profit Margin](index=7&type=section&id=%E6%B7%A8%E5%88%A9%E6%BD%A4%E5%8F%8A%E6%B7%A8%E5%88%A9%E6%BD%A4%E7%8E%87) The Group's **net profit** shifted from a **RMB 14.4 million profit** to a **RMB 6.4 million loss**, with **net profit margin declining** from **8.9%** to **negative 4.4%**, driven by listing expenses, reduced **revenue**, and **increased R&D costs** - The Group's **net profit decreased** from approximately **RMB 14.4 million** for the six months ended **June 30, 2024**, to an approximate **loss** of **RMB 6.4 million** for the reporting period[23](index=23&type=chunk) - The **net profit margin decreased** from approximately **8.9%** to approximately **negative 4.4%**[23](index=23&type=chunk) - The **decrease** was primarily due to an **increase** in **general and administrative expenses** (due to listing expenses), **decreased revenue**, and **increased R&D expenses**[23](index=23&type=chunk) [Adjusted Net Profit (Non-IFRS Measure)](index=7&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4%EF%BC%88%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%EF%BC%89) To better reflect core operations, the Group presents **adjusted net profit** (non-IFRS measure), excluding listing expenses, reporting **RMB 12,348 thousand** with an **8.5% adjusted net profit margin** - The Group presents **adjusted net profit** and **adjusted net profit margin** as non-IFRS measures to exclude the impact of listing expenses and share-based payments[24](index=24&type=chunk) Adjusted Net Profit Reconciliation | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the period | (6,398) | 14,413 | | Add: Listing expenses | 18,746 | 7,172 | | **Adjusted Net Profit (Non-IFRS Measure)** | **12,348** | **21,585** | | **Adjusted Net Profit Margin (Non-IFRS Measure)** | **8.5%** | **13.3%** | [Liquidity and Financial Resources](index=8&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintains prudent capital management, with **cash and cash equivalents surging 1,897.4%** to **RMB 151.8 million** due to global offering proceeds, facing fair value interest rate risk on borrowings and lease liabilities - The Group has adopted a prudent capital management policy to maintain a **stable liquidity position**[26](index=26&type=chunk) - As of **June 30, 2025**, the total **cash and cash equivalents balance** was approximately **RMB 151.8 million**, an **increase** of approximately **1,897.4%** compared to **December 31, 2024**, primarily due to the proceeds from the global offering[26](index=26&type=chunk) - As of **June 30, 2025**, **total equity** was approximately **RMB 307.1 million**, a **significant increase** compared to approximately **RMB 160.1 million** as of **December 31, 2024**[27](index=27&type=chunk) [Capital Expenditure](index=9&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) **Capital expenditure increased** by **RMB 23.6 million** to **RMB 35.4 million**, primarily for the construction of the Malaysia production base, including land, construction, and equipment investments - During the reporting period, **capital expenditure** was approximately **RMB 35.4 million**, an **increase** of approximately **RMB 23.6 million** compared to the same period last year[28](index=28&type=chunk) - The **increase** was primarily due to investments in the construction of the Malaysia production base during the reporting period, including land, construction, and equipment investments[28](index=28&type=chunk) [Capital Commitments](index=9&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of **June 30, 2025**, the Group had no material capital commitments - The Group had no material capital commitments as of **June 30, 2025**[29](index=29&type=chunk) [Borrowings](index=9&type=section&id=%E5%80%9F%E6%AC%BE) As of **June 30, 2025**, the Group's bank borrowings totaled **RMB 145.7 million**, all due within **two years** at fixed interest rates, with **RMB 140.0 million** in undrawn bank facilities - As of **June 30, 2025**, the Group's **total bank borrowings** were approximately **RMB 145.7 million**, all of which are due within **two years**[30](index=30&type=chunk) - All outstanding bank borrowings bear **fixed interest rates** and are denominated in RMB[30](index=30&type=chunk) - As of **June 30, 2025**, the Group had undrawn bank facilities of approximately **RMB 140.0 million**[30](index=30&type=chunk) [Lease Liabilities](index=9&type=section&id=%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) **Lease liabilities decreased** from **RMB 0.2 million** to **RMB 0.1 million**, primarily due to reduced balances from lease payments and associated interest - **Lease liabilities decreased** from approximately **RMB 0.2 million** as of **December 31, 2024**, to approximately **RMB 0.1 million** as of **June 30, 2025**[31](index=31&type=chunk) - The **decrease** was primarily due to **reduced balances** resulting from lease payments and related interest payments[31](index=31&type=chunk) [Contingent Liabilities](index=9&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) Excluding civil litigation disclosed in the prospectus and subsequent announcements, the Group had no material contingent liabilities as of **June 30, 2025** - Excluding the civil litigation disclosed in the prospectus and announcements dated **July 3, 2025**, and **July 25, 2025**, the Group had no material contingent liabilities as of **June 30, 2025**[32](index=32&type=chunk) [Employees and Remuneration Policies](index=10&type=section&id=%E5%93%A1%E5%B7%A5%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of **June 30, 2025**, the Group had **653** employees with total employee benefit expenses of **RMB 40.0 million**, offering performance bonuses and an employee share scheme based on market and individual capabilities - As of **June 30, 2025**, the Group had **653** employees, and total employee benefit expenses for the reporting period were approximately **RMB 40.0 million**[33](index=33&type=chunk) - The Group established an **employee share scheme** since **2017**, holding shares through two platforms, Xiamen Gaoli Hezhong and Xiamen Gaoli Zhongcheng, to recognize and incentivize employee contributions[34](index=34&type=chunk) [Pledge of Assets](index=10&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) Certain bank loans are secured by mortgages on the new Xiamen production base in Tongan District, Xiamen, China, with a total carrying value of approximately **RMB 118.9 million** as of **June 30, 2025** - Certain bank loans of the Group are secured by mortgages on the new Xiamen production base located in Tongan District, Xiamen, China[35](index=35&type=chunk) - The total carrying value of the related pledged assets was approximately **RMB 118.9 million** as of **June 30, 2025**[35](index=35&type=chunk) [Material Investments, Acquisitions and Disposals](index=10&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) As of **June 30, 2025**, the Group had no material investments, acquisitions, or disposals, but post-period, a subsidiary agreed to acquire an industrial building in Shanghai for **RMB 42,910,983**, funded by internal resources - As of **June 30, 2025**, the Group did not hold any material investments, nor were there any material acquisitions or disposals of subsidiaries, associates, and joint ventures[36](index=36&type=chunk) - On **July 30, 2025**, the company's wholly-owned subsidiary agreed to acquire industrial buildings located at No. **172** and No. **173**, Lane **3938**, Huqingping Highway, Qingpu District, Shanghai, China, for **RMB 42,910,983**[37](index=37&type=chunk) - The total consideration for the acquisition will be funded by the Group's internal resources, and the proceeds from the global offering will not be used for payment[37](index=37&type=chunk) [Gearing Ratio](index=11&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group's **gearing ratio decreased** to **42.2%** from **52.5%**, primarily due to **increased shareholders' equity** following the company's **June 2025** listing on the Stock Exchange - The Group's **gearing ratio** was approximately **42.2%** as of **June 30, 2025**, a **decrease** from approximately **52.5%** as of **December 31, 2024**[38](index=38&type=chunk) - The **decrease** was primarily due to the **increase** in shareholders' equity as a result of the company's shares being listed on the Stock Exchange in **June 2025**[38](index=38&type=chunk) [Currency Risk](index=11&type=section&id=%E8%B2%A8%E5%B9%A3%E9%A2%A8%E9%9A%AA) The Group faces foreign exchange risk from USD-denominated **revenue**/costs and HKD-denominated global offering proceeds, with no significant issues during the period, and management monitors and considers hedging without a current policy - The Group faces **currency risk** arising from **revenue** and certain **costs** denominated in foreign currencies (primarily USD) and proceeds from the global offering denominated in HKD[39](index=39&type=chunk) - During the reporting period, there were no significant difficulties or impacts on its operations or liquidity due to fluctuations in currency exchange rates[39](index=39&type=chunk) - The Group currently has no foreign exchange hedging policy, but management monitors foreign exchange risk and considers hedging when necessary[39](index=39&type=chunk) [Significant Events After Reporting Period](index=11&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) No significant events affecting the Group occurred from **June 30, 2025**, to the date of this announcement, other than those disclosed herein - Except as disclosed in this announcement, no significant events affecting the Group have occurred from **June 30, 2025**, up to the date of this announcement[40](index=40&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Income](index=12&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended **June 30, 2025**, the Group reported **revenue** of **RMB 145,617 thousand**, **gross profit** of **RMB 39,582 thousand**, an **operating loss** of **RMB 7,801 thousand**, and a **total comprehensive loss** of **RMB 6,398 thousand** Condensed Consolidated Interim Statement of Comprehensive Income (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 145,617 | 162,491 | | Cost of Sales | (106,035) | (118,620) | | Gross Profit | 39,582 | 43,871 | | Selling and Marketing Expenses | (13,556) | (12,668) | | General and Administrative Expenses | (31,365) | (17,428) | | Research and Development Expenses | (9,346) | (6,123) | | Impairment Losses on Financial Assets (Provision)/Reversal, Net | (79) | 122 | | Other Income | 6,259 | 7,812 | | Net Other Gains | 704 | 110 | | Operating (Loss)/Profit | (7,801) | 15,696 | | Net Finance Costs | (1,004) | (682) | | (Loss)/Profit Before Income Tax | (8,805) | 15,014 | | Income Tax Expense | 2,407 | (601) | | (Loss)/Profit and Total Comprehensive Income for the Period Attributable to Owners of the Company | (6,398) | 14,413 | | Basic and Diluted (Loss)/Earnings Per Share (RMB) | (0.08) | 0.18 | [Condensed Consolidated Interim Statement of Financial Position](index=13&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of **June 30, 2025**, **total assets increased 57.6%** to **RMB 531,260 thousand**, with **total equity** at **RMB 307,057 thousand**, **total liabilities** at **RMB 224,203 thousand**, and **cash and cash equivalents significantly rising** to **RMB 151,779 thousand** Condensed Consolidated Interim Statement of Financial Position (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current assets | 183,506 | 156,254 | | Current assets | 347,754 | 180,874 | | **TOTAL ASSETS** | **531,260** | **337,128** | | **EQUITY** | | | | Total equity | 307,057 | 160,063 | | **LIABILITIES** | | | | Non-current liabilities | 17,908 | 31,883 | | Current liabilities | 206,295 | 145,182 | | **TOTAL LIABILITIES** | **224,203** | **177,065** | | **TOTAL EQUITY AND LIABILITIES** | **531,260** | **337,128** | - **Cash and cash equivalents increased significantly** from **RMB 7,609 thousand** as of **December 31, 2024**, to **RMB 151,779 thousand** as of **June 30, 2025**[42](index=42&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) **Total equity attributable** to owners **increased** to **RMB 307,057 thousand**, driven by a **RMB 167,992 thousand increase** from share issuance upon listing, partially offset by a **RMB 6,398 thousand loss** and capitalized listing expenses Condensed Consolidated Interim Statement of Changes in Equity (For the Six Months Ended June 30) | Item | Share Capital (RMB '000) | Reserves (RMB '000) | Retained Earnings (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 76,333 | 20,044 | 63,686 | 160,063 | | Loss for the period | – | – | (6,398) | (6,398) | | Shares issued upon listing | 18,400 | 149,592 | – | 167,992 | | Listing expenses capitalized after listing | – | (14,451) | – | (14,451) | | Foreign currency translation differences | – | (149) | – | (149) | | **Balance as of June 30, 2025** | **94,733** | **155,036** | **57,288** | **307,057** | [Condensed Consolidated Interim Statement of Cash Flows](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 **2025**, **net cash outflow** from operating activities was **RMB 31,027 thousand**, **net cash outflow** from investing activities was **RMB 36,883 thousand**, and **net cash inflow** from financing activities was **RMB 212,558 thousand**, significantly **increasing period-end cash** to **RMB 151,779 thousand** Condensed Consolidated Interim Statement of Cash Flows (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (31,027) | 12,067 | | Net Cash Used in Investing Activities | (36,883) | (33,667) | | Net Cash Generated from Financing Activities | 212,558 | 24,307 | | Net Increase in Cash and Cash Equivalents | 144,648 | 2,707 | | Cash and Cash Equivalents at End of Period | 151,779 | 17,917 | - **Net cash generated** from financing activities **increased significantly**, primarily due to proceeds from the issuance of shares and other equity instruments of **RMB 167,992 thousand**[46](index=46&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=17&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the condensed consolidated interim financial statements, covering general information, basis of preparation, significant accounting policies, estimates, financial risk management, revenue and segment information, expenses, finance income and costs, income tax, earnings per share, dividends, asset details, and related party transactions [1 General Information of the Group](index=17&type=section&id=1%20%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Rongda United (Xiamen) Technology Group Co., Ltd., incorporated in China, manufactures and sells AIDC equipment, including printers, scales, POS terminals, and PDAs, with its shares listed on the HKEX Main Board since **June 10, 2025** - The company primarily engages in the manufacturing and sale of automatic identification and data collection (AIDC) equipment in China, including specialized printers, weighing scales, point-of-sale (POS) terminals, and personal digital assistant (PDA) devices, as well as providing related solutions[47](index=47&type=chunk) - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **June 10, 2025**[48](index=48&type=chunk) [2 Basis of Preparation](index=17&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated interim financial statements are prepared under IAS **34** 'Interim Financial Reporting' and should be read with the **2024** annual financial statements, with consistent accounting policies except for new and revised standards adoption - The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard **34** 'Interim Financial Reporting'[51](index=51&type=chunk) - The accounting policies adopted in the preparation are consistent with those followed in the preparation of the **2024** financial statements, except for the adoption of new and revised standards[51](index=51&type=chunk) [3 Significant Accounting Policies](index=17&type=section&id=3%20%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Key accounting policies for these interim financial statements align with **2024**, with the adoption of new/revised standards like IAS **21** (Amendment) 'Lack of Exchangeability' effective **January 1, 2025**, and other standards pending future effectiveness - The principal accounting policies adopted in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the **2024** financial statements, except for the adoption of new and revised standards[52](index=52&type=chunk) - The Group adopted International Accounting Standard **21** (Amendment) 'Lack of Exchangeability', effective **January 1, 2025**[54](index=54&type=chunk)[56](index=56&type=chunk) - New and revised standards that will be effective in future years include IFRS **9** and **7** (Amendments) 'Classification and Measurement of Financial Instruments' and 'Renewable Electricity Contracts', and IFRS **18** 'Presentation and Disclosure in Financial Statements', among others[57](index=57&type=chunk) [4 Estimates](index=18&type=section&id=4%20%E4%BC%B0%E8%A8%88) Interim financial statement preparation requires management judgments, estimates, and assumptions, where actual results may differ, with key judgments and estimation uncertainties consistent with the **2024** financial statements - The preparation of interim financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[58](index=58&type=chunk) - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the **2024** financial statements[58](index=58&type=chunk) [5 Financial Risk Management](index=19&type=section&id=5%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market (currency, interest rate), credit, and liquidity risks, with unchanged risk management policies since year-end, managing credit risk on cash and receivables, liquidity through cash and financing, and fair value measurement using a three-level hierarchy and discounted cash flow for wealth management products - The Group's activities expose it to various financial risks: market risk (including currency risk and interest rate risk), **credit risk**, and **liquidity risk**[59](index=59&type=chunk) - The Group's **risk management** policies have not changed since the end of the prior year[60](index=60&type=chunk) - **Credit risk** primarily relates to **cash and cash equivalents**, **trade and bills receivables**, and other financial assets measured at amortized cost[61](index=61&type=chunk) - **Liquidity risk** is managed by maintaining sufficient **cash and cash equivalents** and is regularly monitored[68](index=68&type=chunk) - The **fair value** of wealth management products is estimated using the discounted cash flow method based on management's judgments and estimates of expected returns[74](index=74&type=chunk) [6 Revenue and Segment Information](index=23&type=section&id=6%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group primarily manufactures and sells AIDC equipment in China, recognizing **revenue** by product/service at a point in time, with China **revenue** at **RMB 74,193 thousand** and overseas at **RMB 71,424 thousand**, and contract liabilities mainly from non-refundable customer prepayments - The Group primarily engages in the manufacturing and sale of specialized printers, weighing scales, POS terminals, and PDA equipment, as well as providing related solutions in China[80](index=80&type=chunk) Revenue by Region (For the Six Months Ended June 30) | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | China | 74,193 | 79,816 | | Overseas Countries | 71,424 | 82,675 | | **Total** | **145,617** | **162,491** | - Contract liabilities relate to non-refundable prepayments from the Group's customers, amounting to **RMB 7,782 thousand** as of **June 30, 2025**[82](index=82&type=chunk) [7 Expenses by Nature](index=25&type=section&id=7%20%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E7%9A%84%E9%96%8B%E6%94%AF) This section details **expenses** by nature, including raw materials, employee benefits, listing expenses, amortization, and depreciation, with **total expenses incurred** at **RMB 163,178 thousand** and **RMB 160,302 thousand deducted** from **profit or loss** after capitalizing development expenses Expenses by Nature Details (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Raw materials and consumables used | 84,883 | 97,815 | | Employee benefit expenses | 39,985 | 37,072 | | Listing expenses | 18,746 | 7,172 | | Amortisation of intangible assets | 3,297 | 2,916 | | Depreciation of property, plant and equipment | 2,162 | 2,127 | | Net reversal of impairment losses on inventories | (429) | (2,660) | | **Total expenses incurred** | **163,178** | **160,094** | | Less: Development expenditure capitalised in intangible assets | (2,876) | (5,255) | | **Total expenses deducted from profit or loss** | **160,302** | **154,839** | [8 Finance Income and Costs](index=26&type=section&id=8%20%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%E5%8F%8A%E6%88%90%E6%9C%AC) **Finance income** was **RMB 259 thousand** and **finance costs** were **RMB 1,263 thousand**, resulting in **net finance costs** of **RMB 1,004 thousand**, an **increase** from **RMB 682 thousand** in the prior period Finance Income and Costs (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Finance income | 259 | 673 | | Finance costs | (1,263) | (1,355) | | **Net Finance Costs** | **(1,004)** | **(682)** | [9 Income Tax Expense](index=26&type=section&id=9%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) **Income tax credit** of **RMB 2,407 thousand** was recorded, compared to an **expense** of **RMB 601 thousand** in the prior period, mainly due to deferred tax asset recognition from the Group's **loss**, with the company enjoying a **15%** high-tech enterprise tax rate and subsidiaries qualifying for small-profit enterprise tax benefits Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current income tax expense | 404 | – | | Deferred income tax expense | (2,811) | 601 | | **Total** | **(2,407)** | **601** | - The company enjoys a high-tech enterprise preferential income tax rate of **15%**, valid until **2026**[88](index=88&type=chunk) - Chinese subsidiaries that qualify as "small-profit enterprises" enjoy preferential tax treatment, with taxable income reduced by **25%** or **50%** and corporate income tax paid at a **20%** rate[89](index=89&type=chunk) [10 Earnings Per Share](index=27&type=section&id=10%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) **Loss attributable** to owners was **RMB 6,398 thousand**, with a weighted average of **76,333 thousand** ordinary shares outstanding, resulting in a **basic and diluted loss per share** of **RMB 0.08** - The company had no potentially dilutive ordinary shares outstanding during the reporting period, so **diluted earnings per share** is equal to **basic earnings per share**[93](index=93&type=chunk) Earnings Per Share Calculation (For the Six Months Ended June 30) | Item | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (RMB '000) | (6,398) | 14,413 | | Weighted average number of ordinary shares in issue ('000 shares) | 76,333 | 78,167 | | Basic and diluted earnings per share (RMB) | (0.08) | 0.18 | [11 Dividends](index=28&type=section&id=11%20%E8%82%A1%E6%81%AF) No dividends were paid, declared, or proposed for the six months ended **June 30, 2025** (H1 **2024**: **RMB 1,500,000**) - No dividends were paid, declared, or proposed for the six months ended **June 30, 2025** (for the six months ended **June 30, 2024**: **RMB 1,500,000**)[96](index=96&type=chunk) [12 Property, Plant and Equipment, Right-of-Use Assets, Investment Properties and Intangible Assets](index=28&type=section&id=12%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E3%80%81%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E3%80%81%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E5%8F%8A%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of **June 30, 2025**, property, plant and equipment had a carrying value of **RMB 84,203 thousand**, and intangible assets **RMB 22,600 thousand**, with additions of **RMB 6,379 thousand** and **RMB 2,876 thousand** respectively during the period Property, Plant and Equipment, Right-of-Use Assets, Investment Properties and Intangible Assets Movement (As of June 30) | Item | Property, Plant and Equipment (RMB '000) | Right-of-Use Assets (RMB '000) | Investment Properties (RMB '000) | Intangible Assets (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 84,444 | 4,682 | 39,953 | 23,021 | | Additions | 6,379 | – | – | 2,876 | | Depreciation/Amortisation | (2,162) | (108) | (502) | (3,297) | | Disposals | (4,458) | – | – | – | | **As of June 30, 2025** | **84,203** | **4,574** | **39,451** | **22,600** | [13 Inventories](index=28&type=section&id=13%20%E5%AD%98%E8%B2%A8) As of **June 30, 2025**, **total inventories** were **RMB 64,350 thousand**, slightly lower than **December 31, 2024**, with a **net reversal** of inventory impairment of approximately **RMB 429 thousand** recognized during the period Inventories Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Raw Materials | 42,932 | 44,431 | | Work-in-Progress | 3,903 | 779 | | Finished Goods | 25,941 | 28,091 | | Less: Impairment Provision for Inventories | (8,426) | (8,855) | | **Total** | **64,350** | **64,446** | - For the six months ended **June 30, 2025**, a **net reversal** of **impairment losses** on **inventories** of approximately **RMB 429 thousand** was recognized[98](index=98&type=chunk) [14 Trade and Bills Receivables](index=29&type=section&id=14%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of **June 30, 2025**, **net trade and bills receivables decreased** to **RMB 57,730 thousand**, with an **impairment provision** of **RMB 485 thousand**, and management regularly assesses recoverability based on historical and forward-looking data Trade and Bills Receivables Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bills Receivable | 48 | 937 | | Trade Receivables - Third Parties | 58,167 | 65,641 | | Less: Impairment Provision | (485) | (412) | | **Total** | **57,730** | **66,166** | Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 180 days | 57,895 | 64,198 | | 181 to 360 days | 234 | 1,306 | | Over 360 days | 38 | 137 | | **Total** | **58,167** | **65,641** | [15 Prepayments and Other Receivables](index=30&type=section&id=15%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of **June 30, 2025**, **prepayments and other receivables significantly increased** to **RMB 45,179 thousand**, primarily due to higher prepaid expenses and advances for raw material purchases Prepayments and Other Receivables Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Prepaid Expenses | 26,741 | 1,593 | | Prepayments for Raw Material Purchases | 8,770 | 1,938 | | Recoverable VAT | 4,861 | 7,771 | | Recoverable Current Income Tax | 1,962 | – | | Other Receivables - Recoverable Deposits | 936 | 621 | | Prepaid Listing Expenses | – | 5,342 | | Others | 2,007 | 3,058 | | Less: Impairment Provision | (98) | (92) | | **Total** | **45,179** | **20,231** | [16 Financial Assets and Liabilities at Fair Value Through Profit or Loss](index=30&type=section&id=16%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) As of **June 30, 2025**, the Group's financial assets at fair value through **profit or loss** primarily comprised wealth management products totaling **RMB 27,216 thousand**, generating **RMB 118 thousand** in **gains** during the period Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Wealth Management Products | 27,216 | 22,422 | Wealth Management Products Movement (As of June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Beginning Balance | 22,422 | 11,504 | | Additions | 127,706 | 115,400 | | Disposals | (123,030) | (94,238) | | Gains on Financial Assets at Fair Value Through Profit or Loss | 118 | 1,119 | | **Ending Balance** | **27,216** | **33,785** | [17 Cash and Cash Equivalents and Restricted Cash](index=31&type=section&id=17%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%E5%8F%8A%E5%8F%97%E9%99%90%E5%88%B6%E7%8F%BE%E9%87%91) As of **June 30, 2025**, **total cash and cash equivalents** were **RMB 151,779 thousand**, primarily denominated in HKD (**RMB 134,263 thousand**) and USD (**RMB 11,699 thousand**) Cash and Cash Equivalents Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash on Hand and Bank Balances | 149,550 | 6,955 | | Other Cash and Cash Equivalents | 2,229 | 654 | | **Total** | **151,779** | **7,609** | Cash and Cash Equivalents by Currency (As of June 30) | Currency | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | RMB | 4,406 | 6,881 | | USD | 11,699 | 687 | | HKD | 134,263 | – | | MYR | 1,158 | – | | Others | 253 | 41 | | **Total** | **151,779** | **7,609** | [18 Share Capital](index=32&type=section&id=18%20%E8%82%A1%E6%9C%AC) As of **June 30, 2025**, the company's issued and paid-up **share capital** was **RMB 94,733 thousand**, primarily due to the issuance of **18,400,000** ordinary shares on **June 10, 2025**, raising approximately **HKD 185,555,681** Share Capital Movement Summary (As of June 30) | Item | Number of Shares | Share Capital (RMB '000) | | :--- | :--- | :--- | | As of January 1, 2025 | 76,333,000 | 76,333 | | - Shares issued upon listing | 18,400,000 | 18,400 | | **Balance as of June 30, 2025** | **94,733,000** | **94,733** | - On **June 10, 2025**, the company issued **18,400,000** ordinary shares at a price of **HKD 10.08** per share, raising total proceeds of approximately **HKD 185,555,681**[105](index=105&type=chunk) [19 Reserves](index=33&type=section&id=19%20%E5%84%B2%E5%82%99) As of **June 30, 2025**, **total reserves** were **RMB 155,036 thousand**, comprising capital, statutory, and share-based compensation reserves, with the **increase** mainly from capital reserves due to share issuance, partially offset by capitalized listing expenses and foreign currency translation differences Reserves Movement Summary (As of June 30) | Item | Capital Reserve (RMB '000) | Statutory Reserve (RMB '000) | Other Comprehensive Income (RMB '000) | Share-based Compensation (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | (8,946) | 16,025 | – | 12,965 | 20,044 | | Shares issued upon listing | 149,592 | – | – | – | 149,592 | | Listing expenses capitalized after listing | (14,451) | – | – | – | (14,451) | | Foreign currency translation differences | – | – | (149) | – | (149) | | **As of June 30, 2025** | **126,195** | **16,025** | **(149)** | **12,965** | **155,036** | - Chinese subsidiaries are required to appropriate **10%** of their annual statutory **net profit** to a statutory reserve fund, which can be used to offset prior year **losses** or be converted into **share capital**[107](index=107&type=chunk) [20 Trade Payables](index=34&type=section&id=20%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of **June 30, 2025**, **total trade payables decreased** to **RMB 38,374 thousand**, with all amounts due within **one year** Trade Payables Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Payables - Third Parties | 38,374 | 43,811 | - An aging analysis of **trade payables** by invoice date shows that all amounts are due within **1 year**[108](index=108&type=chunk) [21 Accruals and Other Payables](index=34&type=section&id=21%20%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of **June 30, 2025**, **accruals and other payables decreased** to **RMB 20,107 thousand**, mainly due to **reductions** in employee salaries, benefits, VAT, other taxes payable, and listing expenses payable Accruals and Other Payables Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Salaries and Welfare Payable to Employees | 7,690 | 9,510 | | Other Accrued Expenses and Payables | 6,741 | 2,502 | | VAT and Other Taxes Payable | 3,127 | 6,840 | | Listing Expenses Payable | 1,915 | 4,313 | | Payables for Property, Plant and Equipment Purchases | 436 | 439 | | Deferred Revenue - Current Portion | 198 | 198 | | **Total** | **20,107** | **23,802** | [22 Borrowings](index=35&type=section&id=22%20%E5%80%9F%E6%AC%BE) As of **June 30, 2025**, **total borrowings** were **RMB 145,653 thousand** (**RMB 127,745 thousand current**, **RMB 17,908 thousand non-current**), denominated in RMB at a fixed average annual interest rate of **2.24%**, with some secured by land use rights, buildings, and investment properties totaling **RMB 118,946 thousand** Borrowings Details (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Borrowings | 17,908 | 31,379 | | Current Borrowings | 127,745 | 57,942 | | **Total Borrowings** | **145,653** | **89,321** | - The Group's bank borrowings are denominated in RMB and bear **fixed interest rates**, with average annual interest rates of **2.24%** (**2025**) and **3.03%** (**2024**) respectively[112](index=112&type=chunk) Assets Pledged as Collateral (As of June 30) | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Property, Plant and Equipment | 75,061 | 76,025 | | Right-of-Use Assets | 4,434 | 4,483 | | Investment Properties | 39,451 | 39,953 | | **Total** | **118,946** | **120,461** | [23 Related Party Transactions](index=36&type=section&id=23%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group engaged in related party transactions with Mr. Xu Kaiming and Xiamen Rongxin, including **RMB 4 thousand** in interest income and **RMB 1,500 thousand** in loans to related parties, with **RMB 1,500 thousand** due from related parties and key management compensation of **RMB 1,590 thousand** - The Group's ultimate controlling shareholder is Mr. Xu Kaiming, and the ultimate controlling company is Xiamen Rongxin[115](index=115&type=chunk) Summary of Related Party Transactions (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Income from Related Party: Xiamen Rongxin | 4 | 41 | | Loans to Related Party: Xiamen Rongxin | 1,500 | – | | Related Party Loan Repayment: Xiamen Rongxin | – | 32,533 | - As of **June 30, 2025**, amounts due from related parties (non-trade in nature) were **RMB 1,500 thousand**, representing unsecured short-term loans bearing interest at an annual rate of **3%**[116](index=116&type=chunk) - For the six months ended **June 30, 2025**, key management compensation was approximately **RMB 1,590 thousand**[117](index=117&type=chunk) [Directors', Supervisors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=38&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of **June 30, 2025**, Mr. Xu Kaiming held **32.04%** beneficial interest and **39.49%** controlled corporate interest, while Mr. Xu Kaihe held **2.38%** beneficial and **1.07%** controlled corporate interest, with a combined **38.53%** interest with Mr. Xu Kaiming Directors', Supervisors' and Chief Executive's Interests in Shares (As of June 30, 2025) | Name | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Xu Kaiming | Beneficial Interest | 30,354,873(L) | 32.04% | | | Controlled Corporate Interest | 37,405,685(L) | 39.49% | | Mr. Xu Kaihe | Beneficial Interest | 2,250,953(L) | 2.38% | | | Controlled Corporate Interest | 1,016,717(L) | 1.07% | | | Jointly held interest with another person | 36,496,505(L) | 38.53% | - Mr. Xu Kaiming controls the relevant share interests through Xiamen Rongxin and Xiamen Gaoli Hezhong[120](index=120&type=chunk) - Mr. Xu Kaihe controls the relevant share interests through Xiamen Gaoli Zhongcheng and is presumed to be a group of controlling shareholders with Mr. Xu Kaiming[120](index=120&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=39&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of **June 30, 2025**, Xiamen Rongxin held a **38.53%** beneficial interest, and Ms. Lin Yaqiong (Mr. Xu Kaiming's spouse) was deemed to have an interest in shares held by Mr. Xu Kaiming, totaling approximately **71.53%** Substantial Shareholders' Interests in Shares (As of June 30, 2025) | Name/Company Name | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Xiamen Rongxin | Beneficial Interest | 36,496,505(L) | 38.53% | | Ms. Lin Yaqiong | Spouse's Interest | 67,760,558(L) | 71.53% | - Ms. Lin Yaqiong is the spouse of Mr. Xu Kaiming, and under the Securities and Futures Ordinance, she is deemed to have an interest in the shares in which Mr. Xu Kaiming has an interest[125](index=125&type=chunk) [Employee Share Scheme](index=39&type=section&id=%E5%93%A1%E5%B7%A5%E6%8C%81%E8%82%A1%E8%A8%88%E5%8A%83) The Group established an employee share scheme in **2017** via Xiamen Gaoli Hezhong and Xiamen Gaoli Zhongcheng as employee shareholding platforms, with all related shares (approx. **2.03%** of **total** issued shares) granted to eligible participants by this announcement date, and no further grants post-listing - The Group established an **employee share scheme** since **2017**, through Xiamen Gaoli Hezhong and Xiamen Gaoli Zhongcheng as employee shareholding platforms[124](index=124&type=chunk) - As of the date of this announcement, all shares related to the **employee share scheme** (approximately **2.03%** of the company's **total** issued shares) have been granted to eligible participants, and no further shares will be granted under the **employee share scheme** after listing[124](index=124&type=chunk) [Use of Proceeds from Listing](index=40&type=section&id=%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company listed on **June 10, 2025**, raising **net proceeds** of approximately **HKD 131.2 million**, allocated for R&D (**36.5%**), production efficiency (**33.4%**), sales network expansion (**20.1%**), and working capital (**10.0%**), with all proceeds unutilized and held in interest-bearing accounts - The company was listed on **June 10, 2025**, and the **net proceeds** from the global offering, after deducting underwriting commissions, fees, and other expenses, were approximately **HKD 131.2 million**[127](index=127&type=chunk) Use of Proceeds from Listing and Expected Timeline | Purpose | Budget (HKD million) | Percentage of Net Proceeds (%) | Unutilized Net Proceeds as of June 30, 2025 (HKD million) | Expected Timeline for Utilizing Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Conducting R&D Activities | 47.9 | 36.5 | 47.9 | December 2026 | | Enhancing Production Efficiency and Effectiveness | 43.8 | 33.4 | 43.8 | December 2027 | | Expanding Sales Network and International Presence | 26.4 | 20.1 | 26.4 | December 2027 | | Working Capital and General Corporate Purposes | 13.1 | 10.0 | 13.1 | December 2025 | | **Total** | **131.2** | **100.0** | **131.2** | – | - As of the date of this announcement, the unutilized **net proceeds** have been deposited into interest-bearing accounts with licensed commercial banks or financial institutions in China or Hong Kong[127](index=127&type=chunk) [Material Litigation and Arbitration](index=41&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E5%8F%8A%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) The company received a civil lawsuit on **July 3, 2025**, alleging trade secret infringement, with controlling shareholders agreeing to extend the lock-up period until the litigation concludes, and no other material litigation affecting operations during the reporting period - The company received a civil lawsuit issued by the Xiamen Intermediate People's Court of Fujian Province on **July 3, 2025**, alleging trade secret infringement[129](index=129&type=chunk) - The controlling shareholders have agreed to voluntarily extend the lock-up period for their shares held upon completion of the listing until the final conclusion of the possible legal proceedings related to the aforementioned civil lawsuit[129](index=129&type=chunk) - Except for the disclosures above, during the reporting period, the Group had no litigation or arbitration matters that had a material impact on its operating activities[129](index=129&type=chunk) [Compliance with Corporate Governance Code](index=41&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, with the Chairman and CEO roles combined under Mr. Xu Kaiming, an arrangement the Board believes provides strong leadership and will be continuously reviewed, otherwise complying with all applicable code provisions since listing - The company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules[130](index=130&type=chunk) - Mr. Xu Kaiming serves as both Chairman and Chief Executive Officer, an arrangement the Board believes provides strong and consistent leadership, and the Board will continue to consider separating the roles at an appropriate time[130](index=130&type=chunk) - Save for the aforementioned deviation, to the best knowledge of the Directors, the company has complied with all applicable code provisions set out in Part **2** of the Corporate Governance Code from the listing date up to the date of this announcement[130](index=130&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities from the listing date to **June 30, 2025**, and the company held no treasury shares as of **June 30, 2025** - During the period from the listing date up to **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's securities[132](index=132&type=chunk) - As of **June 30, 2025**, the company did not hold any treasury shares[132](index=132&type=chunk) [Directors', Supervisors' and Controlling Shareholders' Interests in Competing Businesses](index=42&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%8E%A7%E8%82%A1%E8%82%A1%E6%9D%B1%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E7%9A%84%E6%AC%8A%E7%9B%8A) No directors, supervisors, controlling shareholders, or their associates held interests in any business directly or indirectly competing with the company's business during the six months ended **June 30, 2025**, up to the announcement date - At no time during the six months ended **June 30, 2025**, and up to the date of this announcement, did any director, supervisor, or controlling shareholder, or their respective associates, have any interest in any business that competes or competed, or is or was likely to compete, directly or indirectly with the business of the company[133](index=133&type=chunk) [Review of Interim Results](index=42&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Board's Audit Committee reviewed the Group's unaudited condensed consolidated interim financial results for the reporting period, confirming compliance with relevant accounting standards, rules, regulations, and appropriate disclosures - The Board's Audit Committee has considered and reviewed the accounting principles and practices adopted by the Group and has discussed financial reporting matters with management, including reviewing the Group's unaudited condensed consolidated interim financial results for the reporting period[134](index=134&type=chunk) - The Audit Committee believes that the interim financial results for the reporting period comply with the relevant accounting standards, rules, and regulations, and that appropriate disclosures have been made[134](index=134&type=chunk) [Continuing Disclosure Obligations under Listing Rules](index=42&type=section&id=%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E4%B8%8B%E7%9A%84%E6%8C%81%E7%BA%8C%E6%8A%AB%E9%9C%B2%E8%B2%AC%E4%BB%BB) From the listing date to the end of the reporting period, the company had no other disclosure obligations under Listing Rules **13.20**, **13.21**, and **13.22** - From the listing date to the end of the reporting period, the company had no other disclosure obligations under Listing Rules **13.20**, **13.21**, and **13.22**[135](index=135&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report](index=43&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is published on the Stock Exchange and company websites, and the **2025** interim report will be published on both websites in due course - This interim results announcement is published on the Stock Exchange website (www.hkexnews.hk) and the company's website (www.rongtatech.cn)[136](index=136&type=chunk) - The company will publish its **2025** interim report in due course and will make it available on the Stock Exchange website and the company's website[136](index=136&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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Macau E&M Holding Limited 濠江機電控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1408） 截 至2025年6月30日止六個月未經審核中期業績公告 中期業績 濠 江 機 電 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2025年6月30日 止 六 個 月（「本期間」）之 未 經 審 核綜合中期業績連同2024年 同 期 比 較 數 字 如 下： 簡明綜合損益及其他全面收益表 截 至2025年6月30日止六個月 | | | | | | | | | | 截至下列日期止六個月 | | | | | | --- | --- | --- | --- | - ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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分內容而產生或倚賴該 等內容而引致的任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 截至2025年6月30日止六個月 中期業績公告 凱萊英醫藥集團（天津）股份有限公司（「本公司」、「公司」、「凱萊英」）董事（「董 事」）會（「董事會」）欣然公佈本公司及其附屬公司（統稱「本集團」、「我們」）截至 2025年6月30日止六個月（「報告期」）的未經審計綜合中期業績，連同截至2024年 6月30日止六個月之比較數字。本集團於報告期間的綜合財務報表已由董事會及 審核委員會審閱。 於本公告中，金額及百分比數字已作四捨五入調整，或約整至小數點後一位或兩 位（如適用）。任何表格、圖表或其他地方所列總數與數額總和如有任何差異，皆 因約整所致。除非本公告另有說明，否則本公告所用詞彙與本公司日期為2021年 11月30日的招股 ...

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。 Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9666） 截至2025年6月30日止六個月的 未經審核中期業績公告 業績摘要 1 • 本集團期內總收入約為人民幣2,334.7百萬元，較2024年同期的約人民幣 2,410.2百萬元下降約3.1%。期內來自住宅服務、企業服務及其他服務的收 入分別佔總收入約74.8%、20.6%及4.6%。 • 本集團住宅服務產生的收入約為人民幣1,746.7百萬元，較2024年同期的 約人民幣1,775.2百萬元小幅下降。其中，核心業務基礎物業服務產生的收 入小幅下降至人民幣1,630.9百萬元，較2024年同期的約人民幣1,639.1百 萬元下降約0.5%；在管建築面積小幅下降，由2024年12月31日的207.4百 萬平方米下降約1.9%至2025年6月3 ...

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。 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：00340） 截至二零二五年六月三十日止六個月 中期業績公佈 摘要 潼關黃金集團有限公司（「本公司」）董事會（「董事會」）公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之未經審核綜合業績，連同二零二四年同期之比較 數字如下： — 1 — • 截至二零二五年六月三十日止六個月，本集團的淨利潤及本公司擁有人應佔溢利 分別約為350,000,000港元及343,000,000港元，而二零二四年則分別約為91,000,000 港元及92,000,000港元，增幅分別為285%及273%。 • 二零二五年的每股基本盈利為8.17港仙，而二零二四年則為2.26港仙。 • 截至二零二五年六月三十日止六個月的營業額約為1,029,000,000港元，而二零 二四年則約為850,000,000港元，增幅為21%。 簡明綜合損益 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides an overview of the company's board, auditors, legal advisers, registered office, and financial institutions [Board of Directors](index=3&type=section&id=BOARD%20OF%20DIRECTORS) This section lists the company's executive and independent non-executive directors, and committee members - The board members include executive directors Mr. Yu Bangping (Chairman), Mr. Yu Zhilong (CEO), Mr. Li Xuezhong (COO), Mr. Liu Qiming (CFO), and Mr. Yu Xiao, as well as independent non-executive directors such as Mr. Fang Weihao[6](index=6&type=chunk)[7](index=7&type=chunk) [Auditor and Legal Advisers](index=4&type=section&id=AUDITOR%20AND%20LEGAL%20ADVISERS) This section identifies the company's auditor and legal advisers across Hong Kong, mainland China, and the Cayman Islands - The auditor is Deloitte Touche Tohmatsu CPA LLP[9](index=9&type=chunk) - Legal advisers include Loeb & Loeb LLP (Hong Kong law), Commerce & Finance Law Offices (PRC law), and Maples and Calder (Hong Kong) LLP (Cayman Islands law)[9](index=9&type=chunk)[10](index=10&type=chunk) [Registered Office and Principal Place of Business](index=4&type=section&id=REGISTERED%20OFFICE%20AND%20PRINCIPAL%20PLACE%20OF%20BUSINESS) This section specifies the company's registered office in the Cayman Islands and main operational locations in China and Hong Kong - The registered office is located in the Cayman Islands[10](index=10&type=chunk) - The China headquarters is in Hongguo Economic Development Zone, Liupanshui City, Guizhou Province, and the Hong Kong office is on Lai Chi Kok Road, Kowloon[11](index=11&type=chunk)[12](index=12&type=chunk) [Share Registrar and Principal Bankers](index=5&type=section&id=SHARE%20REGISTRAR%20AND%20PRINCIPAL%20BANKERS) This section details the company's share registrars, principal bankers, and stock exchange listing information - The principal share registrar in the Cayman Islands is Maples Fund Services (Cayman) Limited, and the Hong Kong branch share registrar is Tricor Investor Services Limited[11](index=11&type=chunk)[13](index=13&type=chunk) - Principal bankers include Bank of China Limited, Bank of Guiyang Co., Ltd., and Bank of Communications Co., Ltd. Hong Kong Branch[13](index=13&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2798[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the industry, business operations, financial performance, and future outlook of the company [Industry Review](index=6&type=section&id=INDUSTRY%20REVIEW) China's H1 2025 saw steady economic growth, but the coal industry experienced sharp price declines due to oversupply and weak demand, with Liupanshui's recovery lagging - In the first half of 2025, China's GDP grew by **5.3% year-on-year**, maintaining a stable macroeconomic environment[15](index=15&type=chunk)[19](index=19&type=chunk) - The national coal industry faced pressures from oversupply, weak steel demand, and shrinking order volumes, leading to sharp declines in thermal and coking coal prices[16](index=16&type=chunk)[19](index=19&type=chunk) - As of the end of May 2025, coking coal spot prices on the Dalian Exchange hovered around **RMB 765 per tonne**, a new low since 2016[16](index=16&type=chunk) - Coal prices in Guizhou Province remained under significant pressure, with pricing conditions in Liupanshui City not showing the same recovery pattern as other regional markets[17](index=17&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) [Business Review](index=7&type=section&id=BUSINESS%20REVIEW) The company operates three underground coal mines in Guizhou, with resource and reserve data disclosed; total production grew, but utilization slightly decreased due to increased capacity and complex geology - The Group primarily owns and operates three underground coal mines in Panzhou City, Guizhou Province: Hongguo Coal Mine, Baogushan Coal Mine, and Xiejiahegou Coal Mine[21](index=21&type=chunk)[22](index=22&type=chunk) As of June 30, 2025, Coal Mine Resources and Reserves Data (thousand tonnes) | Coal Mine Name | Proved Resources | Measured Resources | Inferred Resources | Proved Reserves | Probable Reserves | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongguo Coal Mine | 14,891 | 7,780 | 13,225 | 11,083 | 5,910 | | Baogushan Coal Mine | 7,986 | 24,700 | 7,000 | 5,839 | 18,790 | | Xiejiahegou Coal Mine | – | 14,340 | 10,360 | – | 8,460 | Six Months Ended June 30, 2025, Coal Mine Production Data | Coal Mine Name | Licensed Annual Capacity (tonnes) | Actual Production (tonnes) | Utilization Rate (%) | 2024 Actual Production (tonnes) | 2024 Utilization Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongguo Coal Mine | 1,200,000 | 348,315 | 29.0 | 252,240 | 42.0 | | Baogushan Coal Mine | 1,200,000 | 329,788 | 27.5 | 347,090 | 28.9 | | Xiejiahegou Coal Mine | 450,000 | 256,946 | 57.1 | 176,598 | 39.2 | | **Total** | **2,850,000** | **935,049** | **32.8** | **775,928** | **34.5** |[30](index=30&type=chunk) - The Group's total coal production recorded a year-on-year increase during the review period; however, overall utilization slightly decreased after the increase in approved annual production capacity[31](index=31&type=chunk)[32](index=32&type=chunk) - The decrease in overall utilization was primarily due to complex geological conditions in the underground working faces of Hongguo Coal Mine and Baogushan Coal Mine, leading to operational delays[34](index=34&type=chunk)[37](index=37&type=chunk) [Coal Processing](index=10&type=section&id=Coal%20Processing) Company operates Songshan and Xiejiahegou coal washing plants, with a total processing capacity of 4.2 million tonnes annually, processing 936,614 tonnes this period - The Group operates its own coal washing plants, Songshan Coal Washing Plant and Xiejiahegou Coal Washing Plant, with Songshan having an annual washing capacity of **2.4 million tonnes** and Xiejiahegou having an annual washing capacity of **1.8 million tonnes**[35](index=35&type=chunk)[38](index=38&type=chunk) - During the review period, the total processed volume was **936,614 tonnes** of coal[36](index=36&type=chunk)[38](index=38&type=chunk) [Sales Volume and Average Selling Price](index=11&type=section&id=Sales%20Volume%20and%20Average%20Selling%20Price) H1 2025 saw sharp coal price declines, significantly reducing average selling prices, with clean coal down 39.6%; clean and slack coal sales increased, while middlings and coalbed methane sales decreased - During the review period, sharp declines in coal market prices led to a significant drop in the Group's average selling prices for coal products[40](index=40&type=chunk)[42](index=42&type=chunk) Six Months Ended June 30, 2025, Coal Product Sales Volume and Average Selling Price | Product | Unit | 2025 Sales Volume | 2025 Average Selling Price (RMB/Unit) | 2024 Sales Volume | 2024 Average Selling Price (RMB/Unit) | | :--- | :--- | :--- | :--- | :--- | :--- | | Clean Coal | tonnes | 429,979 | 1,202 | 397,635 | 1,990 | | Middlings | tonnes | 145,280 | 370 | 160,397 | 394 | | Slack Coal | tonnes | 177,173 | 114 | 96,555 | 122 | | Coalbed Methane | thousand cubic meters | 4,249 | 172 | 11,880 | 181 |[40](index=40&type=chunk) - The Group's average selling price for clean coal decreased by approximately **39.6% year-on-year** to approximately **RMB 1,202 per tonne**[40](index=40&type=chunk)[42](index=42&type=chunk) - Clean coal sales volume increased by approximately **8.1% year-on-year**, slack coal sales volume increased by approximately **83.5% year-on-year**, while middlings sales volume decreased by approximately **9.4% year-on-year**, and coalbed methane sales volume significantly declined[41](index=41&type=chunk)[42](index=42&type=chunk) [Financial Review](index=12&type=section&id=FINANCIAL%20REVIEW) H1 2025 total revenue decreased by 31.9% to RMB 591.5 million, driven by lower clean coal prices; gross profit and net profit significantly declined, with gross margin down 27 percentage points and net profit down 98.9% - During the review period, the Group recorded total revenue of approximately **RMB 591.5 million**, a year-on-year decrease of approximately **31.9%**[4](index=4&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) Six Months Ended June 30, 2025, Revenue Composition | Product | 2025 Revenue (RMB thousand) | 2025 % of Total Revenue | 2024 Revenue (RMB thousand) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Clean Coal | 516,921 | 87.4% | 791,147 | 91.1% | | Middlings | 53,690 | 9.1% | 63,136 | 7.3% | | Slack Coal | 20,179 | 3.4% | 11,760 | 1.4% | | Coalbed Methane | 731 | 0.1% | 2,153 | 0.2% | | **Total** | **591,521** | **100.0%** | **868,196** | **100.0%** |[45](index=45&type=chunk) - The decrease in clean coal sales revenue by approximately **34.7%** was the primary reason for the overall decline in total revenue[47](index=47&type=chunk)[50](index=50&type=chunk) - Gross profit decreased by **65.1% year-on-year** to approximately **RMB 167.8 million**, with a gross margin of approximately **28.4%**, a year-on-year decrease of approximately **27 percentage points**[4](index=4&type=chunk)[48](index=48&type=chunk)[51](index=51&type=chunk) - Profit and total comprehensive income for the period was approximately **RMB 3.0 million**, a year-on-year decrease of approximately **98.9%**[4](index=4&type=chunk)[64](index=64&type=chunk)[68](index=68&type=chunk) - Other income decreased by approximately **57.7%** to approximately **RMB 4.6 million**, mainly due to reduced government grants and subsidies[49](index=49&type=chunk)[52](index=52&type=chunk) - Distribution and selling expenses decreased by approximately **14.7% year-on-year** to approximately **RMB 39.5 million**, primarily because certain customers directly bore transportation costs during the review period[55](index=55&type=chunk)[60](index=60&type=chunk) - Administrative expenses increased by approximately **8.0% year-on-year** to approximately **RMB 77.3 million**, mainly due to increased compliance-related costs from rising safety management costs and land expansion compensation[56](index=56&type=chunk)[61](index=61&type=chunk) - Other expenses decreased to approximately **RMB 16.5 million**, primarily due to reduced research and development expenses[57](index=57&type=chunk)[62](index=62&type=chunk) - Finance costs decreased by approximately **11.7%** to approximately **RMB 25.4 million**, mainly due to reduced full-recourse factoring activities during the review period[63](index=63&type=chunk)[67](index=67&type=chunk) [Prospects](index=15&type=section&id=PROSPECTS) H2 2025 outlook: China's economy stable, supporting resource demand; coal prices show rebound signs but sustainability is uncertain; company focuses on quality, cost, and operational efficiency - Looking ahead to the second half of 2025, China's economic momentum is expected to remain stable, benefiting from policy-driven investment and a gradual recovery in consumer sentiment, with continuous rollout of infrastructure projects and a moderate rebound in industrial production expected to support real resource demand[65](index=65&type=chunk)[69](index=69&type=chunk) - Initial signs of coking coal price recovery appeared in June and July, with thermal and coking coal prices rebounding by approximately **RMB 35 per tonne** and **RMB 210 per tonne**, respectively, from their lows[66](index=66&type=chunk)[69](index=69&type=chunk) - Guizhou Province is vigorously developing a coal storage and transportation base, a strategic project that commenced operations in June 2025, with a coal storage capacity of **1 million tonnes** and an annual throughput of **3 million tonnes**[70](index=70&type=chunk)[75](index=75&type=chunk) - The Group will continue to actively respond to changing market conditions by prioritizing product quality enhancement, strict cost control, and optimization of operational efficiency, thereby consolidating its position as a leading supplier of high-quality 1/3 coking coal in Southwest China[71](index=71&type=chunk)[75](index=75&type=chunk) [Liquidity and Financial Information](index=16&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20INFORMATION) As of June 30, 2025, bank balances were RMB 146.9 million, total borrowings RMB 1,147.5 million, and gearing ratio 0.36; the company expects sufficient liquidity with limited FX and reduced credit risks As of June 30, 2025, Liquidity Position | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 146.9 | 177.1 | Decrease 17.0% | | Bank and Other Borrowings | 1,147.5 | 1,186.9 | Decrease 3.3% | | Gearing Ratio | 0.36 | 0.38 | Decrease 0.02 |[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[82](index=82&type=chunk) - The Group is exposed to limited foreign exchange risk, primarily related to HKD, and management monitors foreign exchange risk, considering hedging significant exposures when necessary[79](index=79&type=chunk)[83](index=83&type=chunk) - The top three trade receivables accounted for approximately **60%** of the Group's total trade receivables, and management believes the credit concentration risk has been significantly reduced, with low risk for trade and bills receivables[81](index=81&type=chunk)[84](index=84&type=chunk) - As of June 30, 2025, the Group recorded a net current liability of approximately **RMB 440.4 million**, but the directors believe the Group has sufficient working capital to fund its operations and meet financial obligations due in the foreseeable future[86](index=86&type=chunk)[90](index=90&type=chunk) - The Group is exposed to fair value interest rate risk on lease liabilities and bank and other borrowings, and cash flow interest rate risk on restricted bank deposits and bank balances; management will closely monitor and consider hedging[87](index=87&type=chunk)[91](index=91&type=chunk) - As of June 30, 2025, the Group's contracted but not yet incurred capital commitments for the acquisition of property, plant, and equipment were approximately **RMB 96.5 million**[88](index=88&type=chunk)[92](index=92&type=chunk) [Human Resources](index=19&type=section&id=HUMAN%20RESOURCES) As of June 30, 2025, the Group had 3,730 employees, with RMB 40.9 million in staff costs, providing retirement and welfare benefits, and requiring employee training - As of June 30, 2025, the Group had **3,730 employees** (December 31, 2024: 3,699 employees)[94](index=94&type=chunk)[98](index=98&type=chunk) - During the review period, total staff costs were approximately **RMB 40.9 million** (six months ended June 30, 2024: approximately RMB 47.1 million)[94](index=94&type=chunk)[98](index=98&type=chunk) - The Group provides mandatory provident fund defined contributions as retirement benefits for its Hong Kong employees and various welfare schemes as stipulated by applicable laws and regulations in China for its PRC employees[94](index=94&type=chunk)[98](index=98&type=chunk) - All Group employees are required to undergo induction training before commencing work and participate in training relevant to their job nature[95](index=95&type=chunk)[98](index=98&type=chunk) [Material Acquisitions, Disposals and Investment Projects](index=19&type=section&id=MATERIAL%20ACQUISITIONS,%20DISPOSALS%20AND%20INVESTMENT%20PROJECTS) Except as disclosed in Note 10 to the unaudited condensed consolidated financial statements, there were no material acquisitions, disposals, or investment projects during the review period - Except as disclosed in Note 10 to the unaudited condensed consolidated financial statements in this interim report, there were no material acquisitions or disposals and investment projects during the review period[96](index=96&type=chunk)[99](index=99&type=chunk) [Interim Dividend](index=20&type=section&id=INTERIM%20DIVIDEND) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[4](index=4&type=chunk)[100](index=100&type=chunk)[104](index=104&type=chunk) [Asset Charges](index=20&type=section&id=ASSET%20CHARGES) As of June 30, 2025, RMB 332.9 million in other borrowings and RMB 794.6 million in bank borrowings were secured by restricted deposits, bills, and mining rights - As of June 30, 2025, other borrowings of approximately **RMB 332.9 million** obtained from factoring bills receivables with full recourse, and bank borrowings of approximately **RMB 794.6 million**, were secured by the Group's pledged restricted bank deposits, bills receivables, and mining rights of Hongguo Coal Mine, Baogushan Coal Mine, and Xiejiahegou Coal Mine, respectively[101](index=101&type=chunk)[105](index=105&type=chunk) [Event After the Reporting Date](index=20&type=section&id=EVENT%20AFTER%20THE%20REPORTING%20DATE) The directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this interim report - The directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this interim report[102](index=102&type=chunk)[106](index=106&type=chunk) [Changes Since December 31, 2024](index=20&type=section&id=CHANGES%20SINCE%2031%20DECEMBER%202024) Except as disclosed in this interim report, there have been no other significant changes in the Group's development and financial position since December 31, 2024 - Except as disclosed in this interim report, there have been no other significant changes in the Group's development and financial position from the information disclosed in the annual report for the year ended December 31, 2024[103](index=103&type=chunk)[107](index=107&type=chunk) [Other Information](index=21&type=section&id=Other%20Information) This section covers corporate governance, securities trading compliance, share transactions, directors' and substantial shareholders' interests, share options, director changes, and audit review [Corporate Governance Code](index=21&type=section&id=CORPORATE%20GOVERNANCE%20CODE) For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[108](index=108&type=chunk)[111](index=111&type=chunk) [Compliance with the Model Code for Securities Transactions](index=21&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company confirmed that all directors complied with the Model Code for Securities Transactions for the six months ended June 30, 2025 - Having made specific enquiries of all directors, the company confirmed that the directors complied with the required provisions of the Model Code for the six months ended June 30, 2025[109](index=109&type=chunk)[112](index=112&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities (including sales of treasury shares)[110](index=110&type=chunk)[113](index=113&type=chunk) - As of June 30, 2025, the company held no treasury shares[110](index=110&type=chunk)[113](index=113&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=22&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, Chairman Mr. Yu Bangping held a 54.00% long position in company shares via a controlled corporation and a 64.08% interest in Spring Snow Management Limited As of June 30, 2025, Directors' Long Positions in the Company's Shares | Name of Director | Capacity/Nature of Interest | Total Number of Shares Held | Percentage of Interest Held | | :--- | :--- | :--- | :--- | | Mr. Yu Bangping | Interest of controlled corporation | 864,000,000 | 54.00% |[116](index=116&type=chunk) As of June 30, 2025, Directors' Long Positions in Shares of Associated Corporations | Name of Director | Name of Associated Corporation | Capacity/Nature of Interest | Total Number of Shares Held | Approximate Percentage of Interest Held | | :--- | :--- | :--- | :--- | :--- | | Mr. Yu Bangping | Spring Snow Management Limited | Interest of controlled corporation | 6,407,945 | 64.08% |[118](index=118&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=24&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, Spring Snow Management Limited, Lucky Street Limited, and Ms. Qu Liumei (Mr. Yu Bangping's spouse) each held a 54.00% long position in the company's shares As of June 30, 2025, Substantial Shareholders' Long Positions in Shares | Name of Substantial Shareholder | Capacity/Nature of Interest | Total Number of Shares Held | Percentage of Interest Held | | :--- | :--- | :--- | :--- | | Spring Snow Management Limited | Beneficial owner | 864,000,000 | 54.00% | | Lucky Street Limited | Interest of controlled corporation | 864,000,000 | 54.00% | | Ms. Qu Liumei | Interest of spouse | 864,000,000 | 54.00% |[123](index=123&type=chunk) [Share Option Scheme](index=25&type=section&id=SHARE%20OPTION%20SCHEME) The company's 2018 share option scheme, valid for 10 years, had no options granted, exercised, cancelled, lapsed, or outstanding as of June 30, 2025 - The company adopted a share option scheme by an ordinary resolution passed by its shareholders on November 15, 2018, effective for a period of **10 years** from December 12, 2018, aiming to provide incentives or rewards to grantees for their contributions or potential contributions to the company and/or its subsidiaries[125](index=125&type=chunk)[128](index=128&type=chunk) - Under the share option scheme, for the six months ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed, and there were no outstanding share options as of June 30, 2025[133](index=133&type=chunk)[134](index=134&type=chunk) - As of January 1, 2025, and June 30, 2025, the maximum number of share options that could be granted under the scheme limit was **160,000,000**[133](index=133&type=chunk)[134](index=134&type=chunk) [Changes in Information of the Directors](index=27&type=section&id=CHANGES%20IN%20INFORMATION%20OF%20THE%20DIRECTORS) This section details recent changes in directors' information, including Mr. Fang Weihao's new appointments and the delisting of shares for Reach Energy Berhad where Ms. You Shushan served - Mr. Fang Weihao was appointed as an independent non-executive director of Tian誉置业 (Holdings) Limited, effective April 28, 2025, and designated as the company's Chief Independent Non-executive Director, effective August 25, 2025[136](index=136&type=chunk) - The shares of Reach Energy Berhad, where Ms. You Shushan served as an independent non-executive director, were delisted from the Main Market of Bursa Malaysia Securities Berhad, effective April 29, 2025[136](index=136&type=chunk) [Review of Interim Results by Audit Committee](index=27&type=section&id=REVIEW%20OF%20INTERIM%20RESULTS%20BY%20AUDIT%20COMMITTEE) The Audit Committee reviewed the unaudited condensed consolidated interim financial statements for H1 2025, confirming their preparation in accordance with applicable accounting standards - The company's Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and is of the opinion that the financial information has been prepared in accordance with applicable accounting standards[137](index=137&type=chunk)[139](index=139&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the company's financial performance, including revenue, gross profit, and total comprehensive income for the period [Key Financial Performance](index=28&type=section&id=Key%20Financial%20Performance) For H1 2025, the company reported RMB 591.5 million revenue, RMB 167.8 million gross profit, RMB 3.0 million profit and total comprehensive income, and RMB 0.18 cents basic EPS Six Months Ended June 30, 2025, Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 591,521 | 868,196 | | Cost of sales | (423,764) | (387,196) | | Gross profit | 167,757 | 481,000 | | Other income | 4,610 | 10,897 | | Other gains and losses | (602) | (2,132) | | Share of loss of an associate | (3,964) | (5,239) | | Distribution and selling expenses | (39,464) | (46,252) | | Administrative expenses | (77,276) | (71,572) | | Other expenses | (16,527) | (33,490) | | Finance costs | (25,394) | (28,769) | | Profit before taxation | 9,140 | 304,443 | | Taxation charge | (6,190) | (46,857) | | Profit and total comprehensive income for the period | 2,950 | 257,586 | | Basic earnings per share (RMB cents) | 0.18 | 16.10 |[142](index=142&type=chunk) [Condensed Consolidated Statement of Financial Position](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides a snapshot of the company's assets, liabilities, and equity as of the reporting date [Assets](index=28&type=section&id=Assets) As of June 30, 2025, total non-current assets were RMB 3,889.8 million, and total current assets were RMB 888.6 million, including trade and bills receivables of RMB 667.5 million As of June 30, 2025, Summary of Condensed Consolidated Statement of Financial Position - Assets | Asset Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 2,451,936 | 2,376,772 | | Investment properties | 46,200 | 46,200 | | Mining rights | 818,500 | 847,570 | | Interest in an associate | 494,836 | 376,300 | | Restricted bank deposits | 7,009 | 7,006 | | Deferred tax assets | 59,203 | 54,500 | | Deposits for acquisition of property, plant and equipment | 7,270 | 7,977 | | Other receivables | 4,853 | 6,385 | | **Total non-current assets** | **3,889,807** | **3,722,710** | | **Current assets** | | | | Inventories | 39,750 | 33,879 | | Trade and bills receivables | 667,460 | 896,981 | | Deposits, prepayments and other receivables | 26,900 | 28,385 | | Restricted bank deposits | 7,539 | – | | Cash and cash equivalents | 146,934 | 177,076 | | **Total current assets** | **888,583** | **1,136,321** |[143](index=143&type=chunk) [Liabilities and Equity](index=29&type=section&id=Liabilities%20and%20Equity) As of June 30, 2025, total current liabilities were RMB 1,328.9 million, leading to net current liabilities of RMB 440.4 million; non-current liabilities were RMB 290.6 million, and total equity was RMB 3,158.9 million As of June 30, 2025, Summary of Condensed Consolidated Statement of Financial Position - Liabilities and Equity | Liability and Equity Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Current liabilities** | | | | Trade payables | 143,166 | 128,503 | | Other payables and accrued expenses | 238,207 | 278,942 | | Tax payable | 10,057 | 17,675 | | Bank and other borrowings | 937,503 | 976,910 | | **Total current liabilities** | **1,328,933** | **1,402,030** | | **Net current liabilities** | **(440,350)** | **(265,709)** | | **Non-current liabilities** | | | | Provision for restoration costs | 64,557 | 75,051 | | Deferred tax liabilities | 16,041 | 16,041 | | Bank and other borrowings | 210,000 | 210,000 | | **Total non-current liabilities** | **290,598** | **301,092** | | **Total equity** | **3,158,859** | **3,155,909** | | **Total equity** | **3,158,859** | **3,155,909** |[143](index=143&type=chunk)[145](index=145&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the changes in the company's equity components over the reporting period [Equity Movements](index=30&type=section&id=Equity%20Movements) As of June 30, 2025, total equity was RMB 3,158.9 million, with RMB 2.95 million profit and total comprehensive income, and RMB 1.021 million transferred to statutory surplus reserve Six Months Ended June 30, 2025, Summary of Condensed Consolidated Statement of Changes in Equity | Item | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Other Reserves (RMB thousand) | Statutory Surplus Reserve (RMB thousand) | Retained Profits (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2025 (audited) | 14,136 | 90,393 | 212,664 | 286,853 | 2,551,863 | 3,155,909 | | Profit and total comprehensive income for the period | – | – | – | – | 2,950 | 2,950 | | Transfer to statutory surplus reserve | – | – | – | 1,021 | (1,021) | – | | As at June 30, 2025 (unaudited) | 14,136 | 90,393 | 212,664 | 287,874 | 2,553,792 | 3,158,859 |[146](index=146&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities [Cash Flow Activities](index=32&type=section&id=Cash%20Flow%20Activities) For H1 2025, net cash used in operating activities was RMB 219.3 million, investing activities RMB 291.0 million, and net cash from financing activities RMB 480.1 million, leading to a net decrease in cash of RMB 30.1 million Six Months Ended June 30, 2025, Summary of Condensed Consolidated Statement of Cash Flows | Cash Flow Category | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash (used in) from operating activities | (219,317) | 38,169 | | Net cash used in investing activities | (290,966) | (428,382) | | Net cash from financing activities | 480,141 | 394,526 | | Net (decrease) increase in cash and cash equivalents | (30,142) | 4,313 | | Cash and cash equivalents at January 1 | 177,076 | 93,712 | | Cash and cash equivalents at June 30 | 146,934 | 98,025 |[148](index=148&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=32&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. General Information](index=33&type=section&id=1.%20GENERAL) The company, a Cayman Islands investment holding firm, has subsidiaries in China for coking coal exploration, mining, and washing; financial statements are in RMB, prepared under HKAS 34 - Jiutai Energy Holdings Limited is an exempted company incorporated in the Cayman Islands, with its shares listed on The Stock Exchange of Hong Kong Limited[149](index=149&type=chunk)[153](index=153&type=chunk) - The company is an investment holding company, and its principal subsidiaries are primarily engaged in the exploration and mining of coking coal and coal washing operations in the People's Republic of China[150](index=150&type=chunk)[153](index=153&type=chunk) - The condensed consolidated financial statements are presented in RMB, which is also the company's functional currency, and prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules of the Stock Exchange[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [2. Principal Accounting Policies](index=34&type=section&id=2.%20PRINCIPAL%20ACCOUNTING%20POLICIES) Financial statements are prepared on a historical cost basis, except for fair-valued investment properties; new HKFRS amendments had no significant impact on financial position or performance - The condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties which are measured at fair value[154](index=154&type=chunk)[157](index=157&type=chunk) - During the interim period, the Group first applied amendments to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, which are mandatorily effective for the Group's annual period beginning January 1, 2025, but had no significant impact on the Group's financial position and performance and/or disclosures in these condensed consolidated financial statements for the current and prior periods[156](index=156&type=chunk)[158](index=158&type=chunk) [3. Revenue and Segment Information](index=35&type=section&id=3.%20REVENUE%20AND%20SEGMENT%20INFORMATION) The company's business, a single segment, is solely from coal products and coalbed methane production and sales; all revenue and most non-current assets are in China - The Group's business is solely derived from the production and sale of coal products and coalbed methane; for resource allocation and performance assessment, the chief operating decision-maker reviews the Group's overall results and financial position prepared under the same accounting policies, thus the Group has only one single operating and reportable segment[159](index=159&type=chunk)[160](index=160&type=chunk) Six Months Ended June 30, 2025, Disaggregation of Revenue from Contracts with Customers | Type of Goods and Services | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of coal products: | | | | －Clean Coal | 516,921 | 791,147 | | －Middlings | 53,690 | 63,136 | | －Slack Coal | 20,179 | 11,760 | | Sales of coalbed methane | 731 | 2,153 | | **Total** | **591,521** | **868,196** |[162](index=162&type=chunk) - All of the Group's revenue based on customer location is derived from China, and geographically, the Group's non-current assets (excluding financial assets and deferred tax assets) are located in China (RMB 3,792,289,000) and Hong Kong (RMB 26,453,000), respectively[163](index=163&type=chunk)[164](index=164&type=chunk) Six Months Ended June 30, 2025, Revenue Contribution from Major Customers | Customer | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | 352,461 | 421,073 | | Customer B | Not applicable | 153,792 | | Customer C | Not applicable | 87,409 | | Customer D | 72,138 | Not applicable |[166](index=166&type=chunk) [4. Other Income / Other Gains and Losses](index=37&type=section&id=4.%20OTHER%20INCOME/OTHER%20GAINS%20AND%20LOSSES) For H1 2025, total other income was RMB 4.61 million (bank interest, rent, grants, scrap sales); net other losses were RMB 0.602 million (disposal losses, exchange losses) Six Months Ended June 30, 2025, Details of Other Income / Other Gains and Losses | Item | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Other income** | | | | Bank interest income | 329 | 248 | | Rental income | 771 | 838 | | Government grants | 1,020 | 6,472 | | Sales of electricity | 122 | 1,239 | | Sales of scrap materials | 1,217 | 823 | | Service income | 315 | – | | Others | 836 | 1,277 | | **Total** | **4,610** | **10,897** | | **Other gains and losses** | | | | (Loss)/gain on disposal of property, plant and equipment | (218) | 37 | | Net exchange losses | (384) | (2,169) | | **Total** | **(602)** | **(2,132)** |[168](index=168&type=chunk) [5. Profit Before Taxation](index=38&type=section&id=5.%20PROFIT%20BEFORE%20TAXATION) For H1 2025, profit before taxation was RMB 9.14 million; staff costs RMB 40.877 million, depreciation RMB 6.626 million, mining rights amortization RMB 29.07 million, and R&D costs RMB 12.95 million Six Months Ended June 30, 2025, Composition of Profit Before Taxation | Item | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Directors' emoluments | 2,857 | 3,417 | | Total staff costs | 40,877 | 47,124 | | Total depreciation of property, plant and equipment included in administrative expenses | 6,626 | 7,960 | | Amortisation of mining rights | 29,070 | 19,503 | | Research and development costs (included in other expenses) | 12,950 | 26,411 |[170](index=170&type=chunk) [6. Taxation Charge](index=39&type=section&id=6.%20TAXATION%20CHARGE) For H1 2025, taxation charge was RMB 6.19 million; Guizhou Jiutai Energy Development Co., Ltd. benefits from a 15% preferential tax rate for encouraged industries in western China Six Months Ended June 30, 2025, Details of Taxation Charge | Item | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC Enterprise Income Tax: | | | | －Current period | 7,163 | 48,327 | | －Underprovision in prior years | 3,730 | 1,589 | | Deferred tax credit | (4,703) | (3,059) | | **Taxation charge** | **6,190** | **46,857** |[173](index=173&type=chunk) - Guizhou Jiutai Energy Development Co., Ltd. obtained approval from relevant authorities to engage in encouraged industries in the western region, thus profits from Jiutai Energy are eligible for preferential tax treatment at a rate of **15%**[174](index=174&type=chunk)[175](index=175&type=chunk) [7. Dividends](index=40&type=section&id=7.%20DIVIDENDS) For the interim period ended June 30, 2025, the Board resolved not to declare an interim dividend - No final dividend was declared for the year ended December 31, 2024, during this interim period[176](index=176&type=chunk)[177](index=177&type=chunk) - The Board of Directors of the company resolved not to declare an interim dividend for the interim period (June 30, 2024: nil)[177](index=177&type=chunk)[178](index=178&type=chunk) [8. Earnings Per Share](index=40&type=section&id=8.%20EARNINGS%20PER%20SHARE) For H1 2025, basic EPS was RMB 0.18 cents, based on 1,600,000 thousand weighted average ordinary shares Six Months Ended June 30, 2025, Earnings Per Share Data | Indicator | January 1, 2025 to June 30, 2025 | January 1, 2024 to June 30, 2024 | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share (RMB thousand) | 2,950 | 257,586 | | Weighted average number of ordinary shares for basic earnings per share (thousand shares) | 1,600,000 | 1,600,000 | | Basic earnings per share (RMB cents) | 0.18 | 16.10 |[180](index=180&type=chunk) - Diluted earnings per share are not presented as there were no outstanding potential ordinary shares in either period[181](index=181&type=chunk) [9. Movements in Property, Plant and Equipment](index=41&type=section&id=9.%20MOVEMENTS%20IN%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) For H1 2025, the Group acquired RMB 161.848 million in PPE and disposed of RMB 0.435 million (gross carrying amount), incurring a RMB 0.218 million loss on disposal - During the period, the Group acquired property, plant and equipment of **RMB 161,848,000**[182](index=182&type=chunk)[185](index=185&type=chunk) - During the period, the Group disposed of certain property, plant and equipment with a gross carrying amount of **RMB 435,000**, for proceeds of **RMB 217,000**, resulting in a loss on disposal of **RMB 218,000**[183](index=183&type=chunk)[185](index=185&type=chunk) [10. Interest in an Associate](index=41&type=section&id=10.%20INTEREST%20IN%20AN%20ASSOCIATE) As of June 30, 2025, the company's interest in its associate, China Power Construction Panzhou, was RMB 494.836 million, with an additional RMB 122.5 million capital injection As of June 30, 2025, Interest in an Associate | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Investment cost in an associate | 514,548 | 392,048 | | Share of post-acquisition losses and other comprehensive expenses | (19,712) | (15,748) | | **Total** | **494,836** | **376,300** |[187](index=187&type=chunk) - The Group holds a **49%** ownership interest and voting rights in China Power Construction Panzhou Low Calorific Value Coal Power Generation Co., Ltd., and made an additional capital injection of **RMB 122,500,000** during the interim period ended June 30, 2025[189](index=189&type=chunk) [11. Trade and Bills Receivables](index=43&type=section&id=11.%20TRADE%20AND%20BILLS%20RECEIVABLES) As of June 30, 2025, total trade and bills receivables were RMB 667.46 million; credit terms are 0-30 days, and all bills are due within one year As of June 30, 2025, Total Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 223,081 | 282,873 | | Bills receivables | 444,379 | 614,108 | | **Total** | **667,460** | **896,981** |[191](index=191&type=chunk) - The Group grants its trade customers a credit period of **0 to 30 days**; all bills receivables are due within one year[191](index=191&type=chunk)[192](index=192&type=chunk) As of June 30, 2025, Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 133,086 | 155,041 | | 31 to 90 days | 33,196 | 106,998 | | 91 to 180 days | 9,082 | – | | 181 to 365 days | 32,947 | 7,357 | | Over 365 days | 14,770 | 13,477 | | **Total** | **223,081** | **282,873** |[194](index=194&type=chunk) As of June 30, 2025, Ageing Analysis of Bills Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 63,985 | 115,000 | | 31 to 60 days | 104,303 | 115,050 | | 61 to 90 days | 65,000 | 18,500 | | 91 to 120 days | 107,960 | 108,000 | | 121 to 180 days | 103,131 | 257,558 | | **Total** | **444,379** | **614,108** |[195](index=195&type=chunk) - As of June 30, 2025, the carrying amount of bills receivables transferred to banks was **RMB 332,936 thousand**, and the carrying amount of related liabilities was also **RMB 332,936 thousand**[196](index=196&type=chunk)[199](index=199&type=chunk) [12. Trade Payables](index=45&type=section&id=12.%20TRADE%20PAYABLES) As of June 30, 2025, total trade payables amounted to RMB 143.166 million, including RMB 5.646 million payable to Guizhou Yuebang Integrated Energy Co., Ltd As of June 30, 2025, Total Trade Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 143,166 | 128,503 |[201](index=201&type=chunk) - As of June 30, 2025, trade payables included **RMB 5,646,000** payable to Guizhou Yuebang Integrated Energy Co., Ltd[201](index=201&type=chunk)[202](index=202&type=chunk) - The average credit period for purchases of goods is **90 days**[202](index=202&type=chunk) As of June 30, 2025, Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 31,474 | 13,751 | | 31 to 60 days | 11,316 | 6,796 | | 61 to 180 days | 54,452 | 56,805 | | 181 to 365 days | 23,056 | 24,533 | | Over 365 days | 22,868 | 26,618 | | **Total** | **143,166** | **128,503** |[203](index=203&type=chunk) [13. Bank and Other Borrowings](index=46&type=section&id=13.%20BANK%20AND%20OTHER%20BORROWINGS) As of June 30, 2025, total bank and other borrowings amounted to RMB 1,147.503 million, of which RMB 937.503 million were repayable within one year; secured bank borrowings were RMB 794.567 million, with interest rates ranging from 1.9% to 5.5% As of June 30, 2025, Total Bank and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank borrowings | 814,567 | 711,330 | | Other borrowings obtained from factoring bills receivables with full recourse | 332,936 | 475,580 | | **Total** | **1,147,503** | **1,186,910** |[205](index=205&type=chunk) - As of June 30, 2025, **RMB 937,503 thousand** of bank and other borrowings were repayable within one year[205](index=205&type=chunk) - Bank borrowings of **RMB 794,567 thousand** as of June 30, 2025, refer to secured borrowings bearing interest at annual rates ranging from **1.9% to 5.5%**, secured by certain mining rights and restricted bank deposits[207](index=207&type=chunk)[209](index=209&type=chunk) [14. Share Capital](index=47&type=section&id=14.%20SHARE%20CAPITAL) As of June 30, 2025, authorized share capital was 10 billion shares (HKD 0.01 par), and issued capital was 1.6 billion shares, equivalent to RMB 14.136 million As of June 30, 2025, Share Capital Details | Item | Number of Shares | Amount (HKD thousand) | Equivalent to (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized share capital (HKD 0.01 per ordinary share) | 10,000,000,000 | 100,000 | 87,208 | | Issued and fully paid share capital (HKD 0.01 per ordinary share) | 1,600,000,000 | 16,000 | 14,136 |[212](index=212&type=chunk) [15. Capital Commitments](index=48&type=section&id=15.%20CAPITAL%20COMMITMENTS) As of June 30, 2025, the company's total capital commitments amounted to RMB 96.521 million, primarily for the acquisition of property, plant, and equipment As of June 30, 2025, Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital injection to an associate | – | 122,500 | | Capital expenditure contracted but not provided for in the condensed consolidated financial statements for acquisition of property, plant and equipment | 96,521 | – | | **Total** | **96,521** | **122,500** |[214](index=214&type=chunk) [16. Related Party Transactions](index=49&type=section&id=16.%20RELATED%20PARTY%20TRANSACTIONS) For H1 2025, the company conducted related party transactions for logistics, rent, coalbed methane sales, and electricity purchases; key management compensation totaled RMB 1.318 million Six Months Ended June 30, 2025, Related Party Transactions | Name of Related Company | Nature of Transaction | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Guizhou Bangda Energy Development Co., Ltd. | Logistics service expenses | 2,095 | 1,858 | | | Rental income | 550 | 550 | | Guizhou Yuebang Integrated Energy Co., Ltd. | Sales of coalbed methane | 731 | 2,153 | | | Purchases of electricity | 9,609 | 5,742 |[216](index=216&type=chunk) - Total compensation for the Group's key management personnel was **RMB 1,318,000**[220](index=220&type=chunk) [Summary of Mine Properties](index=50&type=section&id=Summary%20of%20Mine%20Properties) This section provides an overview of the company's coal mining properties, including operational details, resource and reserve data, coal quality, and exploration and production costs [Mine Overview](index=51&type=section&id=Mine%20Overview) This section outlines basic information for the company's three Guizhou coal mines, including equity, mining area, minable seams, licensed capacity, and mining right validity Mine Basic Information | Item | Hongguo Coal Mine | Baogushan Coal Mine | Xiejiahegou Coal Mine | | :--- | :--- | :--- | :--- | | Location | Panzhou City | Panzhou City | Panzhou City | | Equity interest held by the Group | 100% | 100% | 100% | | Mining area (square kilometers) | 3.0225 | 2.4736 | 1.0135 | | Number of minable coal seams | 17 | 17 | 19 | | Licensed annual capacity (thousand tonnes) | 1,200 | 1,200 | 450 | | License holder | Jiutai Energy | Jiutai Energy | Jiutai Energy | | Validity of mining right license | January 2019 to January 2039 | January 2019 to January 2039 | January 2020 to September 2039 | | Mine life based on coal reserves | Approximately 14 years | Approximately 21 years | Approximately 19 years |[222](index=222&type=chunk) [Resource and Reserve Data](index=51&type=section&id=Resource%20and%20Reserve%20Data) As of June 30, 2025, JORC Code data shows Hongguo Coal Mine with 14,891 thousand tonnes proved resources and 11,083 thousand tonnes proved reserves; Baogushan with 7,986 thousand tonnes proved resources and 5,839 thousand tonnes proved reserves; Xiejiahegou with 14,340 thousand tonnes measured resources and 8,460 thousand tonnes probable reserves As of June 30, 2025, Coal Mine Resources and Reserves Data (thousand tonnes) | Coal Mine Name | Proved Resources | Measured Resources | Inferred Resources | Proved Reserves | Probable Reserves | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongguo Coal Mine | 14,891 | 7,780 | 13,225 | 11,083 | 5,910 | | Baogushan Coal Mine | 7,986 | 24,700 | 7,000 | 5,839 | 18,790 | | Xiejiahegou Coal Mine | – | 14,340 | 10,360 | – | 8,460 |[222](index=222&type=chunk) [Coal Quality](index=52&type=section&id=Coal%20Quality) This section discloses typical quality indicators for clean coal and middlings from Hongguo, Baogushan, and Xiejiahegou coal mines, including ash, volatile matter, sulfur, caking index, moisture, and net calorific value - The clean coal produced by Hongguo Coal Mine and Baogushan Coal Mine is mostly **1/3 coking coal**, while the clean coal produced by Xiejiahegou Coal Mine is mostly **coking coal**[27](index=27&type=chunk)[231](index=231&type=chunk) Typical Quality of Clean Coal and Middlings from Hongguo Coal Mine and Baogushan Coal Mine | Indicator | Clean Coal | Middlings | | :--- | :--- | :--- | | Ash content on dry basis (%) | 10.5 | Not applicable | | Volatile matter on dry and ash-free basis (%) | 33.4 | Not applicable | | Total sulfur on dry basis (%) | 0.4 | Not applicable | | Caking index | 90.2 | Not applicable | | Total moisture (%) | 9.6 | Not applicable | | Net calorific value on as-received basis (kcal/kg) | Not applicable | 3,558 |[225](index=225&type=chunk) Typical Quality of Clean Coal and Middlings from Xiejiahegou Coal Mine | Indicator | Clean Coal | Middlings | | :--- | :--- | :--- | | Ash content on dry basis (%) | 10.2 | Not applicable | | Volatile matter on dry and ash-free basis (%) | 21.4 | Not applicable | | Total sulfur on dry basis (%) | 0.7 | Not applicable | | Caking index | 88.3 | Not applicable | | Total moisture (%) | 12.8 | Not applicable | | Net calorific value on as-received basis (kcal/kg) | Not applicable | 3,362 |[226](index=226&type=chunk) [Exploration and Production Costs](index=53&type=section&id=Exploration%20and%20Production%20Costs) For the six months ended June 30, 2025, the Group had no exploration activities, and the cost of sales for mining production activities was approximately RMB 423.8 million - The Group had no exploration activities for the six months ended June 30, 2025[228](index=228&type=chunk)[230](index=230&type=chunk) - The Group incurred cost of sales of approximately **RMB 423.8 million** for mining production activities for the six months ended June 30, 2025[228](index=228&type=chunk)[230](index=230&type=chunk)