香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* （於中國人民共和國註冊成立的股份有限公司） （股份代號：03993） 截至二零二五年六月三十日止六個月的中期業績公告 中期業績 洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核綜 合財務業績。本公告包含本集團截至二零二五年六月三十日止六個月的中期報告 全文，其內容是根據香港聯合交易所有限公司（「聯交所」）證券上市規則的相關披 露要求編製。本公司審計及風險委員會已審閱本集團的未經審核綜合財務業績。 本業績公告於本公司網站( www.cmoc.com )及聯交所網站( www.hkexnews.hk )發 佈。本公司將隨後向股東發送本公司截至二零二五年六月三十日止六個月的中期 報告，並可於其時在上述網站查閱。 1 重要提示 無 六、 前瞻性陳述的風險聲明 一、 本公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 East Buy Holding Limited 東方甄選控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1797） 截至2025年5月31日止年度的年度業績公告 東方甄選控股有限公司董事會欣然宣佈於報告期間（即截至2025年5月31日止財 政年度）本集團的綜合業績。該等年度業績已經本公司外部核數師德勤•關黃陳 方會計師行審核，並經審核委員會審閱。 於本公告中：(a)「我們」指本公司及（如文義所指）本集團；及(b)除非另有所 指，否則我們的綜合財務報表以本集團的主要功能貨幣人民幣呈列，且所呈列 數字均為近似值，約整至最接近的整數或小數點後一位（倘合適）。 財務摘要 | | 2025財年 | | | 2024財年 | | | | --- | --- | --- | --- | --- | --- | --- | | | 持續經營 | 已終止 | | 持續經營 已終止(1) | | | | | ...

西證國際證券股份有限公司* （「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2025年6月30日 止 六 個 月（「回 顧 期」）之 未 經 審 核 中 期 業 績，連 同 截 至2024年6月30日止六個月之比較數 字 如 下： 簡明綜合損益及其他全面收益表 | | | | | | | | | | | | | 未經審核 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 截 | 至6月30日止六個月 | | | | | | | | | | | | | | | 2025年 | 2024年 | | | | | | | | | | | | 附 註 | | 千港元 | 千港元 | | 收 益 | | | | | | | | | | 3 | | 49 | 145 | | 其他收入 | | | | | | | | | | 5 | | 5,130 | 8,173 | | | | ...

香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 AV PROMOTIONS HOLDINGS LIMITED AV策劃推廣（控股）有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8419） 截 至二零二五年六月三十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的特點 GEM之 定 位 乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 聯 交 所 上 市 之 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 人 士 應 了 解 投 資 於 該 等 公 司 之 潛 在 風 險，並 應 經 過 審 慎 周 詳 之 考 慮 後 方 作 出 投 資 決 定。 由 於GE ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 2025年中期業績公告 中國中車股份有限公司（「本公司」）董事會欣然宣佈本公司及其附屬公司截至2025年6 月30日止6個月之未經審計業績。本公告列載本公司2025年中期報告的主要部分，並 符合香港聯合交易所有限公司（「聯交所」）證券上市規則中有關中期業績初步公告附載 的資料之要求。本公司2025年中期報告全文將於2025年9月30日或之前刊載於聯交所 網站http://www.hkex.com.hk 及本公司網站http://www.crrcgc.cc 。 中國•北京 2025年8月22日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為 史堅忠先生、翁亦然先生及魏明德先生；職工董事為易冉女士。 重要提示 公司擬以實施權益分派股權登記日（具體 ...

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 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。 China Youran Dairy Group Limited 中國優然牧業集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9858） 截 至2025年6月30日止六個月之 中期業績公告 | 摘 | 要 | 截 | 至6月30日止六個月 | 同比變動 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024年 | 2025年 | (%) | 人民幣千元 | 人民幣千 ...

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。 Evergreen Products Group Limited 訓 修 實 業 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1962） 截 至2025年6月30日止六個月的中期業績公告 財務摘要 – 1 – • 本期間收入為465.7百 萬 港 元，較2024年同期的525.2百萬港元減少11.3%。 • 本期間毛利為112.7百 萬 港 元，較2024年同期的117.6百萬港元減少4.2%。 • 本期間純利為18.8百 萬 港 元，較2024年同期的23.9百萬港元減少21.1%， 主要由於貿易政策不確定性及美國加徵關稅對客戶情緒的負面影響導 致 本 期 間 訂 單 裝 運 減 少，以 及 與 新 海 外 銷 售 辦 事 處 相 關 的 成 本 導 致 分 ...

[Unaudited Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group reported a net loss and total comprehensive expense of **RMB 5,300 thousand** for the six months ended June 30, 2025, an increase from **RMB 747 thousand** in the prior year Unaudited Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Revenue | 393,097 | 770,418 | | Cost of sales | (382,257) | (759,053) | | Gross profit | 10,840 | 11,365 | | Other (losses)/gains, net | (6,737) | 60 | | Distribution expenses | (4,883) | (5,160) | | Administrative expenses | (5,927) | (6,839) | | Operating loss | (6,707) | (574) | | Finance (costs)/income, net | (735) | 541 | | Loss before income tax | (7,442) | (33) | | Income tax credit/(expense) | 2,142 | (714) | | Loss and total comprehensive expense for the period | (5,300) | (747) | | Loss per share — basic and diluted (RMB) | (0.6 cents) | (0.1 cents) | [Unaudited Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets increased to **RMB 537,988 thousand** as of June 30, 2025, driven by a significant rise in current assets, while total equity slightly decreased Unaudited Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | **Assets** | | | | **Non-current assets** | | | | Property, plant and equipment | 11,800 | 14,008 | | Right-of-use assets | 3,147 | 3,310 | | Deferred income tax assets | 3,111 | 3,593 | | Prepayments | – | 4,194 | | *Total non-current assets* | 18,058 | 25,105 | | **Current assets** | | | | Inventories | 92,807 | 205,530 | | Prepayments | 116,297 | 132,758 | | Trade and other receivables | 133,931 | 66,255 | | Cash and cash equivalents | 176,895 | 33,410 | | *Total current assets* | 519,930 | 437,953 | | **Total assets** | **537,988** | **463,058** | | **Equity** | | | | Share capital | 7,980 | 7,980 | | Other reserves | 306,851 | 306,913 | | Retained earnings | 102,526 | 107,764 | | **Total equity** | **417,357** | **422,657** | | **Liabilities** | | | | **Non-current liabilities** | | | | Lease liabilities | 3,268 | 3,418 | | Deferred income tax liabilities | 20,036 | 20,411 | | *Total non-current liabilities* | 23,304 | 23,829 | | **Current liabilities** | | | | Trade and other payables | 23,243 | 14,730 | | Contract liabilities | 73,792 | 88 | | Lease liabilities | 292 | 279 | | Current income tax liabilities | – | 1,475 | | *Total current liabilities* | 97,327 | 16,572 | | **Total liabilities** | **120,631** | **40,401** | | **Total equity and liabilities** | **537,988** | **463,058** | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=3&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes on the Group's interim financial statements, covering general information, accounting policies, revenue, expenses, tax, and financial position items [1. General Information](index=3&type=section&id=1.%20General%20Information) Jintaifeng International Holdings Limited, incorporated in the Cayman Islands, primarily engages in the blending and sale of refined oil, other petrochemical products, and fuel oil in China, with its shares listed on the Hong Kong Stock Exchange and ultimate control held by Mr. Xu Ziming and Ms. Huang Sizhen - The Group primarily engages in the sale of refined oil, other petrochemical products, and the blending and sale of fuel oil in China[4](index=4&type=chunk) - The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[5](index=5&type=chunk) - The ultimate holding company is Xingming Limited, with interests owned by **Mr. Xu Ziming (80%)** and **Ms. Huang Sizhen (20%)**[5](index=5&type=chunk) [2. Basis of Preparation and Accounting Policies](index=3&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The Group's interim financial statements are prepared in accordance with HKAS 34, with consistent accounting policies from the prior year, and new standards or amendments have no material impact on current period results or financial position - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[6](index=6&type=chunk) - The accounting policies adopted are consistent with those contained in the annual financial statements for the year ended December 31, 2024, and new standards and amendments have no material impact on the Group's results and financial position in the current or prior periods[7](index=7&type=chunk) [3. Revenue and Segment Information](index=4&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's chief operating decision maker views the business as a single operating segment, with all revenue derived from the China market, and total revenue for the six months ended June 30, 2025, significantly decreased to **RMB 393,097 thousand** from **RMB 770,418 thousand** in the prior year - Management reviews the operating results of the business as a single operating segment to make decisions about resource allocation[8](index=8&type=chunk) - The Group's revenue for the periods ended June 30, 2025, and 2024, was entirely derived from the China market[8](index=8&type=chunk) Revenue Analysis (For the six months ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------- | :------------------ | :------------------ | | Goods sales: | | | | — Refined oil | 204,726 | 746,381 | | — Fuel oil | 36,831 | – | | — Other petrochemical products | 144,350 | – | | Service income | 7,190 | 24,037 | | **Total Revenue** | **393,097** | **770,418** | [4. Other (Losses)/Gains, Net](index=4&type=section&id=4.%20Other%20(Losses)%2FGains,%20Net) For the six months ended June 30, 2025, the Group recorded net other losses of **RMB 6,737 thousand**, primarily due to the write-off of prepayments and property, plant, and equipment Other (Losses)/Gains, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Write-off of prepayments | (4,194) | – | | Write-off of property, plant and equipment | (1,750) | – | | Others | (793) | 60 | | **Other (Losses)/Gains, Net** | **(6,737)** | **60** | [5. Expenses by Nature](index=5&type=section&id=5.%20Expenses%20by%20Nature) This section details the Group's expenses by nature for the six months ended June 30, 2025, and 2024, including cost of purchases, changes in inventories, staff costs, and depreciation Total Expenses by Nature (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Purchases of refined oil, fuel oil and other petrochemical products and transportation costs | 269,229 | 856,434 | | Changes in inventories | 112,723 | (98,090) | | Staff costs (including directors' emoluments) | 3,133 | 2,727 | | Depreciation | 896 | 1,885 | | Expenses relating to short-term leases and handling charges | 3,505 | 3,845 | | Taxes and surcharges | 621 | 597 | | Other expenses | 2,960 | 3,654 | | **Total cost of sales, distribution expenses and administrative expenses** | **393,067** | **771,052** | [6. Finance (Costs)/Income, Net](index=5&type=section&id=6.%20Finance%20(Costs)%2FGains,%20Net) The Group's net finance position shifted from an income of **RMB 541 thousand** in H1 2024 to a cost of **RMB 735 thousand** in H1 2025, primarily due to interest expenses on discounted bills and exchange rate fluctuations Finance (Costs)/Income, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Interest income from bank deposits | 719 | 571 | | Interest expense on lease liabilities | (84) | (89) | | Interest expense on discounted bills | – | (1,213) | | Exchange (losses)/gains, net on cash and cash equivalents | 54 | (152) | | **Finance (Costs)/Income, Net** | **(735)** | **541** | [7. Income Tax Credit/(Expense)](index=6&type=section&id=7.%20Income%20Tax%20Credit%2F(Expense)) The Group recorded an income tax credit of **RMB 2,142 thousand** in H1 2025, mainly from reversing over-provisions for prior year China corporate income tax, with a standard rate of **25%** and a **10%** (or **5%** for eligible cases) withholding tax on dividends Income Tax Credit/(Expense) (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Current income tax: | | | | — China corporate income tax | (2,249) | 577 | | Deferred income tax: | | | | — China corporate income tax | 482 | (24) | | — China withholding income tax | (375) | 161 | | **Income Tax (Credit)/Expense** | **(2,142)** | **714** | - The Company is incorporated in the Cayman Islands as an exempted company and is therefore exempted from Cayman Islands income tax[13](index=13&type=chunk) - The standard tax rate for the Group's PRC entities is **25%** (2024: **25%**)[15](index=15&type=chunk) - A **10%** withholding income tax (or **5%** for eligible cases) is levied on dividends declared by PRC subsidiaries to their direct non-PRC holding companies for profits earned after January 1, 2008[16](index=16&type=chunk) [8. Loss Per Share](index=7&type=section&id=8.%20Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share increased to **RMB 0.6 cents** from **RMB 0.1 cents** in the prior year Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Loss for the period (RMB thousand) | 5,300 | 747 | | Weighted average number of ordinary shares in issue | 930,000,000 | 930,000,000 | | Basic loss per share (RMB) | 0.6 cents | 0.1 cents | - Diluted loss per share is the same as basic loss per share as there were no potential dilutive ordinary shares outstanding during the reporting period[19](index=19&type=chunk) [9. Dividends](index=7&type=section&id=9.%20Dividends) The Company neither paid nor declared any dividends for the six months ended June 30, 2025, consistent with the prior corresponding period - The Company did not pay or declare any dividends for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[20](index=20&type=chunk) [10. Property, Plant and Equipment](index=7&type=section&id=10.%20Property,%20Plant%20and%20Equipment) In H1 2025, the Group neither acquired nor disposed of property, plant, and equipment, but wrote off approximately **RMB 1,750,000** in net book value of such assets - For the six months ended June 30, 2025, the Group did not acquire or dispose of property, plant and equipment[21](index=21&type=chunk) - For the six months ended June 30, 2025, the Group wrote off property, plant and equipment with a net book value of approximately **RMB 1,750,000**[21](index=21&type=chunk) [11. Trade and Other Receivables](index=8&type=section&id=11.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables significantly increased to **RMB 133,931 thousand** from **RMB 66,255 thousand** at December 31, 2024, primarily driven by a substantial rise in net trade receivables Trade and Other Receivables (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Trade receivables | 101,803 | 20,542 | | Less: Loss allowance | (1,443) | (1,443) | | **Net Trade Receivables** | **100,360** | **19,099** | | Recoverable VAT | 20,677 | 34,440 | | Deposits and others | 12,894 | 12,716 | | **Total Trade and Other Receivables** | **133,931** | **66,255** | Aging Analysis of Trade Receivables (As of) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Less than 30 days | 55,284 | 19,099 | | 31 to 180 days | 45,076 | – | | **Total** | **100,360** | **19,099** | - The Group's sales credit period is normally **0 to 30 days** from the date of recognition of trade receivables[22](index=22&type=chunk) [12. Trade and Other Payables](index=9&type=section&id=12.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables increased to **RMB 23,243 thousand** from **RMB 14,730 thousand** at December 31, 2024, mainly due to a rise in other taxes payable Trade and Other Payables (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Trade payables | 2,513 | 1,091 | | Accrued staff costs and benefits | 3,635 | 5,775 | | Accrued handling charges | 139 | 79 | | Accrued short-term lease expenses | 555 | 381 | | Other payables | 6,134 | 7,045 | | Other taxes payable | 10,180 | 272 | | Amount due to a related party | 87 | 87 | | **Total Trade and Other Payables** | **23,243** | **14,730** | Aging Analysis of Trade Payables (As of) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Less than 30 days | 2,513 | 1,091 | | **Total** | **2,513** | **1,091** | [13. Capital Commitments](index=9&type=section&id=13.%20Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments contracted but not recognized as liabilities, a substantial decrease from **RMB 8,483 thousand** at December 31, 2024 Capital Commitments (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Property, plant and equipment | – | 8,483 | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business, operating performance, financial position, and future outlook for the period [Business Review](index=10&type=section&id=Business%20Review) As a wholesaler of oil and petrochemical products in Guangdong, China, the Group strategically reduced refined oil (naphtha) sales amidst rising international oil prices and new energy alternatives, expanding into other chemical products and fuel oil, and mitigating risks through offshore transactions - The Group is a wholesaler of oil and other petrochemical products in Guangdong Province, China, including refined oil, other petrochemical products, and fuel oil[25](index=25&type=chunk) - Facing rising international and local oil prices, new energy alternatives to gasoline consumption, and adjustments to domestic consumption tax deduction policies, the Group reduced naphtha sales and actively expanded sales of other chemical products and fuel oil[26](index=26&type=chunk) - The Group also expanded its product portfolio by trading C6 components but recorded a gross loss of approximately **RMB 3,997 thousand** due to price volatility and initial market entry[26](index=26&type=chunk) - The Group engaged in offshore transactions to mitigate risks, recognizing service income of approximately **RMB 7,190 thousand** in H1 2025[27](index=27&type=chunk) [Operating Results](index=11&type=section&id=Operating%20Results) The Group's H1 2025 operating results show a significant revenue decline, leading to a substantial increase in loss for the period, primarily due to reduced refined oil sales, write-off of the Zengcheng oil depot project, and higher interest expenses, partially offset by income tax credit [Revenue](index=11&type=section&id=Revenue_OperatingResults) The Group's total revenue for H1 2025 was approximately **RMB 393,097 thousand**, a **49.0%** decrease from the prior year, primarily due to reduced refined oil sales - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 393,097 thousand**, a decrease of approximately **49.0%** compared to the six months ended June 30, 2024[28](index=28&type=chunk) - This decrease was due to reduced sales of refined oil[28](index=28&type=chunk) Total Revenue, Volume, and Average Price by Product Type (For the six months ended June 30) | Product Category | 2025 Revenue (RMB thousand) | 2025 Total Volume (tons) | 2025 Average Price (RMB) | 2024 Revenue (RMB thousand) | 2024 Total Volume (tons) | 2024 Average Price (RMB) | | :------- | :---------------------- | :---------------- | :---------------------- | :---------------------- | :---------------- | :---------------------- | | **Goods Sales** | | | | | | | | Refined oil | 204,726 | 29,980 | 6,829 | 746,381 | 106,218 | 7,027 | | Fuel oil | 36,831 | 6,713 | 5,487 | – | – | Not applicable | | Other petrochemical products | 144,350 | 21,400 | 6,745 | – | – | Not applicable | | *Subtotal* | 385,907 | 58,093 | | 746,381 | 106,218 | | | **Service Income** | | | | | | | | Refined oil | 4,884 | 92,772 | 53 | 24,037 | 180,229 | 133 | | Fuel oil | 2,306 | 8,977 | 257 | – | – | Not applicable | | *Subtotal* | 7,190 | 101,749 | | 24,037 | 180,229 | | | **Total** | **393,097** | **159,842** | | **770,418** | **286,447** | | [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) The Group's cost of sales for H1 2025 was approximately **RMB 382,257 thousand**, a significant decrease from **RMB 759,053 thousand** in the prior year, consistent with the revenue decline - The cost of sales for the six months ended June 30, 2025, and 2024, was approximately **RMB 382,257 thousand** and **RMB 759,053 thousand**, respectively[30](index=30&type=chunk) - The decrease in our cost of sales was consistent with the decrease in revenue for the period[30](index=30&type=chunk) Cost of Sales by Product Type (For the six months ended June 30) | Product Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------- | :------------------ | :------------------ | | Refined oil | 198,238 | 759,053 | | Fuel oil | 35,672 | – | | Other petrochemical products | 148,347 | – | | **Total** | **382,257** | **759,053** | [Gross Profit and Gross Profit Margin](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's overall gross profit for H1 2025 slightly decreased to **RMB 10,840 thousand**, but the gross profit margin (excluding service income) improved from **-1.7%** to **0.9%**, primarily due to business strategy adjustments Gross Profit and Gross Profit Margin by Product Type (For the six months ended June 30) | Product Category | 2025 Gross Profit/(Loss) (RMB thousand) | 2025 Gross Profit Margin | 2024 Gross Profit/(Loss) (RMB thousand) | 2024 Gross Profit Margin | | :------- | :-------------------------------- | :----------- | :-------------------------------- | :----------- | | **Goods Sales** | | | | | | Refined oil | 6,488 | 3.2% | (12,672) | (1.7%) | | Fuel oil | 1,159 | 3.1% | – | Not applicable | | Other petrochemical products | (3,997) | (2.8%) | – | Not applicable | | *Subtotal* | 3,650 | 0.9% | (12,672) | (1.7%) | | **Service Income** | 7,190 | Not applicable | 24,037 | Not applicable | | **Total** | **10,840** | **2.8%** | **11,365** | **1.5%** | - The Group's overall gross profit margin (excluding service income) increased from approximately **-1.7%** for the six months ended June 30, 2024, to approximately **0.9%** for the six months ended June 30, 2025[31](index=31&type=chunk) [Other (Losses)/Gains, Net](index=13&type=section&id=Other%20(Losses)%2FGains,%20Net_OperatingResults) Net other losses were recorded in H1 2025, primarily due to the write-off of prepayments to the general contractor and assets under construction following the suspension of the Zengcheng oil depot berth capacity upgrade project - The net other losses for the six months ended June 30, 2025, were primarily due to the write-off of prepayments to the general contractor and assets under construction[32](index=32&type=chunk) - This was caused by the suspension of the project to enhance the berth capacity of the Zengcheng oil depot[32](index=32&type=chunk) [Distribution Expenses](index=13&type=section&id=Distribution%20Expenses) Distribution expenses decreased by **5.4%** to **RMB 4,883 thousand** in H1 2025, primarily due to reduced short-term lease expenses and handling charges - Distribution expenses decreased by approximately **RMB 277 thousand** or **5.4%** from approximately **RMB 5,160 thousand** for the six months ended June 30, 2024, to approximately **RMB 4,883 thousand** for the six months ended June 30, 2025[33](index=33&type=chunk) - This was primarily due to a decrease in expenses related to short-term leases and handling charges during the period[33](index=33&type=chunk) [Administrative Expenses](index=14&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **13.3%** to **RMB 5,927 thousand** in H1 2025, mainly due to lower professional fees and China stamp duty, partially offset by increased staff costs - Administrative expenses decreased by approximately **RMB 912 thousand** or **13.3%** from approximately **RMB 6,839 thousand** for the six months ended June 30, 2024, to approximately **RMB 5,927 thousand** for the six months ended June 30, 2025[34](index=34&type=chunk) - This was primarily due to a decrease in professional fees and China stamp duty during the period, partially offset by an increase in staff costs (including directors' emoluments)[34](index=34&type=chunk) [Finance (Costs)/Income, Net](index=14&type=section&id=Finance%20(Costs)%2FIncome,%20Net_OperatingResults) The Group's net finance position shifted from an income of **RMB 541 thousand** in H1 2024 to a cost of **RMB 735 thousand** in H1 2025, attributed by management to increased interest expenses on discounted bills - Net finance (costs)/income shifted from an income of approximately **RMB 541 thousand** for the six months ended June 30, 2024, to a cost of approximately **RMB 735 thousand** for the six months ended June 30, 2025[35](index=35&type=chunk) - This was primarily due to an increase in interest expenses on discounted bills[35](index=35&type=chunk) [Loss Before Income Tax](index=14&type=section&id=Loss%20Before%20Income%20Tax) The Group's loss before income tax increased from approximately **RMB 33 thousand** in H1 2024 to **RMB 7,442 thousand** in H1 2025, primarily due to the write-off of the Zengcheng oil depot project and higher interest expenses - The Group's loss before income tax increased from approximately **RMB 33 thousand** for the six months ended June 30, 2024, to approximately **RMB 7,442 thousand** for the six months ended June 30, 2025[36](index=36&type=chunk) - This was primarily due to the write-off of prepayments to the general contractor and assets under construction after the suspension of the project to enhance the berth capacity of the Zengcheng oil depot, and an increase in interest expenses[36](index=36&type=chunk) [Income Tax Credit/(Expense)](index=14&type=section&id=Income%20Tax%20Credit%2F(Expense)_OperatingResults) The income tax credit in H1 2025 primarily resulted from the reversal of over-provisions for prior year China corporate income tax - The income tax credit for the six months ended June 30, 2025, was primarily due to the reversal of over-provisions for prior year China corporate income tax[37](index=37&type=chunk) [Loss for the Period](index=14&type=section&id=Loss%20for%20the%20Period) The Group's loss for the period increased from approximately **RMB 747 thousand** in H1 2024 to **RMB 5,300 thousand** in H1 2025, mainly impacted by the Zengcheng oil depot project write-off and increased interest expenses, partially offset by income tax credit - The Group's loss for the period increased from approximately **RMB 747 thousand** for the six months ended June 30, 2024, to approximately **RMB 5,300 thousand** for the six months ended June 30, 2025[38](index=38&type=chunk) - This was primarily due to the write-off of prepayments to the general contractor and assets under construction after the suspension of the project to enhance the berth capacity of the Zengcheng oil depot, and an increase in interest expenses, partially offset by the reversal of over-provisions for prior year China corporate income tax[38](index=38&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's H1 2025 operating cash flow significantly improved, with a substantial increase in cash and cash equivalents, no borrowings or pledged assets, a slight rise in net current assets, no material developments in contingent liabilities, and foreign exchange risk deemed insignificant [Cash Flow](index=15&type=section&id=Cash%20Flow) The Group's net cash from operating activities for H1 2025 was approximately **RMB 144,357 thousand**, a significant improvement from the prior year, with cash and cash equivalents increasing to **RMB 176,895 thousand** Unaudited Condensed Consolidated Cash Flow Statement (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Net cash from/(used in) operating activities | 144,357 | (118,996) | | Net cash from investing activities | 719 | 571 | | Net cash (used in)/from financing activities | (1,439) | 14,444 | | Net increase/(decrease) in cash and cash equivalents | 143,637 | (103,981) | - For the six months ended June 30, 2025, the Group's net cash from operating activities was approximately **RMB 144,357 thousand**, primarily attributable to a decrease in net working capital (excluding cash and cash equivalents) generated from operations[39](index=39&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group's cash and cash equivalents were approximately **RMB 176,895 thousand** and **RMB 33,410 thousand**, respectively[40](index=40&type=chunk) [Net Current Assets](index=15&type=section&id=Net%20Current%20Assets) As of June 30, 2025, the Group's net current assets were approximately **RMB 422,603 thousand**, a slight increase of about **RMB 1,222 thousand** from December 31, 2024 - As of June 30, 2025, the Group's net current assets were approximately **RMB 422,603 thousand**, a slight increase of approximately **RMB 1,222 thousand** compared to approximately **RMB 421,381 thousand** as of December 31, 2024[41](index=41&type=chunk) [Borrowings and Gearing Ratio](index=16&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group had no borrowings, and consequently, no gearing ratio is presented - As of June 30, 2025, the Group had no borrowings (December 31, 2024: nil)[42](index=42&type=chunk) - As the Group held no borrowings as of June 30, 2025, no gearing ratio is presented[42](index=42&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments_Liquidity) The Group incurred no capital expenditure in H1 2025 and had no significant capital commitments as of June 30, 2025, a substantial reduction from **RMB 8,483 thousand** at the end of 2024 - For the six months ended June 30, 2025, the Group did not incur any capital expenditure[43](index=43&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: approximately **RMB 8,483 thousand**)[43](index=43&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries and Associated Companies](index=16&type=section&id=Significant%20Investments,%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associated%20Companies) The Group held no significant investments and made no material acquisitions or disposals of subsidiaries and associated companies in H1 2025 - For the six months ended June 30, 2025, the Group did not hold any significant investments, nor did it make any material acquisitions or disposals of subsidiaries and associated companies[44](index=44&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) The Company's capital structure comprises its issued share capital and reserves - As of June 30, 2025, and December 31, 2024, the Company's capital structure comprised its issued share capital and reserves[45](index=45&type=chunk) [Pledged Assets](index=16&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets, consistent with December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[46](index=46&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) Management believes there have been no material developments in litigation since the 2024 annual report date, with liability for compensation not reliably estimable and deemed low or remote, thus no provision has been made for litigation claims - The Group's management believes there have been no material developments in the litigation since the date of the 2024 annual report[47](index=47&type=chunk) - The liability for compensation cannot be reliably estimated and is considered low or remote[47](index=47&type=chunk) - The Group has not made any provision for claims arising from the litigation, other than related legal and other costs incurred[47](index=47&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in China, the Group conducts most transactions in RMB, with some in foreign currencies (HKD); management monitors exchange rate fluctuations but considers foreign exchange risk insignificant, thus no hedging policy is adopted - The Group operates in China, with most transactions settled in RMB, except for certain transactions settled in foreign currencies[48](index=48&type=chunk) - The Group's primary non-RMB denominated assets and liabilities include trade and other receivables, cash and cash equivalents, and trade and other payables denominated in Hong Kong Dollars[48](index=48&type=chunk) - The Group currently has no foreign currency hedging policy, and the Directors consider foreign exchange rate risk to be insignificant[48](index=48&type=chunk) [Human Resources](index=17&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed **18** full-time staff in China, with total staff costs increasing to **RMB 3,133 thousand**; the Group values employees, bases remuneration on performance, and provides welfare plans compliant with local regulations - As of June 30, 2025, the Group had **18** full-time employees directly employed by the Group in China[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group's total staff costs (including directors' emoluments) were approximately **RMB 3,133 thousand** (six months ended June 30, 2024: approximately **RMB 2,727 thousand**)[49](index=49&type=chunk) - The Group determines remuneration based on each employee's qualifications, position, and experience, and conducts annual performance reviews to determine salary increments, bonuses, and promotions[49](index=49&type=chunk) - The Group has established various welfare plans in accordance with PRC laws and regulations and existing local government policies, including basic medical insurance, unemployment insurance, and other relevant insurance for PRC employees, and statutory Mandatory Provident Fund scheme contributions for Hong Kong employees[50](index=50&type=chunk) [Future Plans and Prospects](index=18&type=section&id=Future%20Plans%20and%20Prospects) Leveraging its experience and client network in the refined oil market, the Group expects to play a greater role in the local supply chain amidst Guangdong Energy Bureau's push for high-quality energy development, with no specific plans for significant investments or capital assets within the next year - The Guangdong Energy Bureau issued the "Implementation Plan for Promoting High-Quality Energy Development in Guangdong Province," emphasizing energy security and safety as top priorities, requiring diversified energy supply development and sufficient energy reserves[51](index=51&type=chunk) - Leveraging the Group's experience in the refined oil market and its established client network, including China's three major state-owned oil companies, the Group is expected to play a greater role in the local supply chain[51](index=51&type=chunk) - As of June 30, 2025, the Group had no specific plans for significant investments or capital assets within the next year[51](index=51&type=chunk) [Use of Net Proceeds from the Company's Initial Public Offering](index=18&type=section&id=Use%20of%20Net%20Proceeds%20from%20the%20Company's%20Initial%20Public%20Offering) The Board resolved to reallocate approximately **RMB 3,474 thousand** of unutilized IPO net proceeds from the Zengcheng oil depot berth capacity upgrade to working capital and general corporate purposes for more effective financial resource deployment, with the remaining funds expected to be fully utilized by December 31, 2025 - The net proceeds from the Company's initial public offering were approximately **RMB 20,803 thousand**[52](index=52&type=chunk) - The Board resolved to change the use of unutilized net proceeds of approximately **RMB 3,474 thousand** to working capital and general corporate purposes[53](index=53&type=chunk) - The reason for the change in use is to more effectively allocate financial resources to cope with the current business environment and development needs[53](index=53&type=chunk) Use of Net Proceeds from Share Offer (As of June 30, 2025) | Item | Net Proceeds Allocated as per Prospectus (RMB thousand) | Net Proceeds Utilized as of Announcement Date (RMB thousand) | Net Proceeds Unutilized as of Announcement Date (RMB thousand) | Revised Allocation of Net Proceeds (RMB thousand) | Amount Utilized as of June 30, 2025 (RMB thousand) | Net Proceeds Unutilized as of June 30, 2025 (RMB thousand) | | :--- | :---------------------------------------------------- | :------------------------------------------ | :-------------------------------------------- | :------------------------------------ | :--------------------------------------- | :----------------------------------------- | | (1) Enhancing berth capacity of Zengcheng oil depot | 11,038 | 7,564 | 3,474 | – | – | – | | (2) Renovating oil tanks, pipelines and other oil depot facilities at Zengcheng oil depot | 9,765 | 9,765 | – | – | – | – | | (3) Working capital and general corporate purposes | – | – | – | 3,474 | – | 3,474 | | **Total** | **20,803** | **17,329** | **3,474** | **3,474** | **–** | **3,474** | - The remaining unutilized net proceeds are expected to be fully utilized by December 31, 2025[54](index=54&type=chunk) [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Directors do not recommend paying any dividends for the six months ended June 30, 2025, consistent with the prior corresponding period - The Directors do not recommend the payment of any dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[56](index=56&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - 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[57](index=57&type=chunk) [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) The Company consistently complied with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the HKEX Listing Rules during H1 2025, ensuring directors adhered to the Model Code and had no competing interests - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules of the Stock Exchange for the six months ended June 30, 2025[58](index=58&type=chunk) [Directors' Compliance with the Model Code](index=20&type=section&id=Directors'%20Compliance%20with%20the%20Model%20Code) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, for the six months ended June 30, 2025 - Following specific enquiries made to all Directors, all Directors confirmed that they had complied with the Model Code for the six months ended June 30, 2025[59](index=59&type=chunk) [Competing Interests](index=20&type=section&id=Competing%20Interests) As of June 30, 2025, and up to the announcement date, no controlling shareholders, directors, or their close associates held interests in any business competing directly or indirectly with the Group's operations - As of June 30, 2025, and up to the date of this announcement, none of the controlling shareholders, Directors, and their respective close associates had any interests in any business that competes or is likely to compete, either directly or indirectly, with the business of the Group[60](index=60&type=chunk) [Audit Committee](index=21&type=section&id=Audit%20Committee) The Audit Committee reviewed the unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025, and is responsible for overseeing financial reporting, internal controls, and risk management systems - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025[61](index=61&type=chunk) - The primary duties of the Audit Committee are to review and supervise the Group's financial reporting process and internal control and risk management systems[61](index=61&type=chunk) [Publication of Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Report) The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the HKEX and Company websites in due course - The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders and published on the website of the Stock Exchange and the Company's website in due course in accordance with the Listing Rules[62](index=62&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2025, was HK$27,391,000, a decrease of 54.3% compared to HK$59,785,000 in the same period of 2024[21]. - Gross profit for the same period was HK$17,882,000, down 54.8% from HK$39,490,000 year-over-year[21]. - Profit before tax decreased to HK$4,609,000, a decline of 78.1% from HK$21,093,000 in the prior year[21]. - Total comprehensive income attributable to equity holders for the period was HK$3,867,000, down 81.1% from HK$20,527,000 in 2024[22]. - Basic and diluted earnings per share were both HK$0.0151, compared to HK$0.0693 in the previous year, reflecting a decrease of 78.2%[22]. - The total comprehensive income for the period ended June 30, 2025, was HK$3,867,000, down from HK$20,527,000 in the previous year, indicating a decline of about 81.1%[26]. - The group reported a profit before tax of HK$4,609,000 for the six months ended June 30, 2025, a significant decrease from HK$21,093,000 in the same period of 2024[57]. - The overall decrease in revenue was primarily due to a decrease in spending by customers from Mainland China[106]. Financial Position - Non-current assets increased to HK$104,800,000 as of June 30, 2025, compared to HK$77,397,000 at the end of 2024[23]. - Current liabilities totaled HK$59,761,000, slightly up from HK$58,869,000 at the end of 2024[24]. - Net assets increased to HK$29,064,000 as of June 30, 2025, compared to HK$25,197,000 at the end of 2024[24]. - Cash and bank balances decreased to HK$7,282,000 from HK$22,702,000 at the end of 2024, indicating a significant reduction in liquidity[23]. - The Group's current assets were approximately HK$53.10 million, while current liabilities were approximately HK$59.76 million, resulting in a working capital ratio of 0.89[112]. - As of June 30, 2025, the Group recorded net current liabilities of approximately HK$6.66 million, an increase from HK$0.56 million as of December 31, 2024[109]. - Total liabilities for the group increased to HK$128,839,000 as of June 30, 2025, compared to HK$110,512,000 at the end of 2024, reflecting a rise of 16.5%[60]. Governance and Compliance - The company is required to comply with the GEM Listing Rules, ensuring the accuracy and completeness of the information provided[9]. - The directors collectively accept full responsibility for the report's contents, confirming no misleading or deceptive information is included[11]. - The Company has complied with all provisions of the Corporate Governance Code except for the separation of roles between the chairman and chief executive officer, which is held by Mr. Wang Chuang[176]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended 30 June 2025[179]. - All Directors confirmed full compliance with the Required Standards of Dealings regarding securities transactions throughout the six months ended 30 June 2025[180]. Management and Personnel Changes - The company has appointed new directors and committee members, including Mr. Zhou Xudong as chairman of the Nomination and Remuneration Committees[14][15]. - Ms. Luo Min was appointed as a non-executive Director on 25 April 2025, and Mr. Zhou Xudong was appointed as an independent non-executive Director on 30 June 2025[187]. - Dr. Liu Ming resigned as an independent non-executive Director effective 30 June 2025[187]. - As of June 30, 2025, the Group had 24 employees, a decrease from 39 employees as of June 30, 2024, indicating a reduction in workforce[131][134]. - Total employee remuneration for the six months ended June 30, 2025, was approximately HK$6.30 million, down from approximately HK$8.35 million for the same period in 2024, reflecting a decrease of about 24.5%[131][134]. Share Capital and Options - The share capital remained unchanged at HK$60,850,000 as of June 30, 2025[26]. - The Company adopted a share incentive scheme on 14 September 2011 to recognize contributions from eligible participants[154]. - The share incentive scheme was terminated at the annual general meeting held on 27 June 2025, with no further options available for grant[155]. - The Company adopted a new share option scheme on June 27, 2025, with a mandate limit of 30,425,248 shares and a service provider sublimit of 3,042,524 shares available for grant[171]. - The movement of share options during the six months ended June 30, 2025, indicates no options were exercised or lapsed during this period[160]. Market and Economic Environment - The Group's business primarily relies on customers from Mainland China, facing challenges due to the economic environment affecting purchasing power and consumer willingness[100]. - The retail market in Hong Kong is experiencing contraction as residents prefer to travel to Mainland China for entertainment, impacting the Group's business development[99]. - The Group aims to leverage the influx of visitors from Mainland China to provide tailored medical and aesthetic services in Hong Kong[101]. Other Information - The interim report will be available on the Hong Kong Stock Exchange website and the company's website for at least seven days[5]. - There were no significant events reported after the reporting period up to the date of this report[97]. - The Company has no specific future plans for significant investments or capital assets as of June 30, 2025[132]. - The Group has not early adopted any new standards or interpretations that have been issued but are not yet effective[39].

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Overview of Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81_%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the Group's revenue significantly increased by **18.0%**, gross margin improved, and loss attributable to owners of the Company substantially narrowed, indicating improved operating conditions | Indicator | Six Months Ended June 30, 2025 (HKD Thousand) | Six Months Ended June 30, 2024 (HKD Thousand) | Change (HKD Thousand) | Percentage Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | 125,811 | 106,613 | 19,198 | 18.0% | | Gross Margin | -4.6% | -7.3% | 2.7% | - | | Loss Attributable to Owners of the Company | (9,155) | (35,874) | 26,719 | -74.5% | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue grew, gross loss narrowed, operating loss significantly decreased, with substantial improvements in loss for the period and total comprehensive income, and a significant reduction in loss per share | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Revenue | 125,811 | 106,613 | | Gross Loss | (5,756) | (7,813) | | Operating Loss | (7,948) | (28,903) | | Loss for the Period | (12,966) | (39,981) | | Total Comprehensive Income for the Period | 2,977 | (56,554) | | Loss Attributable to Owners of the Company for the Period | (9,155) | (35,874) | | Loss Per Share from Continuing and Discontinued Operations (Basic and Diluted) | (0.017) | (0.065) | [Condensed Consolidated Interim Statement of Financial Position](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly decreased, but net current assets remained stable, net assets grew, and total equity increased, indicating a sound financial structure | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 424,875 | 430,227 | | Total Current Assets | 534,623 | 612,008 | | Total Current Liabilities | 309,990 | 383,353 | | Net Current Assets | 224,633 | 228,655 | | Net Assets | 489,588 | 476,845 | | Total Equity | 489,588 | 476,845 | [Condensed Consolidated Interim Statement of Changes in Equity](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the Company increased, mainly due to reduced loss for the period and changes in exchange reserves, with non-controlling interests also growing | Indicator | June 30, 2025 (HKD Thousand) | January 1, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | 391,239 | 534,855 | | Non-controlling Interests | 98,349 | 101,884 | | Total Equity | 489,588 | 636,739 | | Loss for the Period (Attributable to Owners of the Company) | (9,155) | (35,874) | | Exchange Differences Arising from Translation of Financial Statements of Overseas Operations (Attributable to Owners of the Company) | 14,195 | (13,916) | [Condensed Consolidated Interim Statement of Cash Flows](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's net cash used in operating activities decreased, net cash from investing activities significantly increased, and net cash used in financing activities increased, resulting in a net increase in cash and cash equivalents | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (766) | (57,479) | | Net Cash From Investing Activities | 222,747 | 23,635 | | Net Cash (Used in) / From Financing Activities | (95,631) | 37,715 | | Net Increase in Cash and Cash Equivalents | 126,350 | 3,871 | | Cash and Cash Equivalents at End of Period | 268,647 | 25,676 | [Notes to the Condensed Consolidated Interim Financial Statements](index=10&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [General Information](index=10&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) East Wu Cement International Limited was incorporated in the Cayman Islands, primarily engaged in cement production and sales, magnetic materials and other application products production and sales, and trading business, with its principal place of business in Jiangsu Province, China - The Company was incorporated in the Cayman Islands on November 29, 2011, and listed on the Main Board of the Hong Kong Stock Exchange since June 13, 2012[14](index=14&type=chunk)[15](index=15&type=chunk) - The Group is primarily engaged in cement production and sales, magnetic materials and other application products production and sales, and trading business, with its principal place of business in Fenhu Economic Development Zone, Wujiang City, Jiangsu Province, China[14](index=14&type=chunk) [Basis of Preparation](index=10&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These condensed consolidated interim financial information are prepared in accordance with HKAS 34 and the Listing Rules, adopting the same accounting policies as the 2024 annual financial statements, and were approved for issue by the Board on August 22, 2025 - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the Listing Rules of the Hong Kong Stock Exchange[16](index=16&type=chunk) - The financial information has been prepared on the historical cost basis, except for certain financial instruments measured at fair value where applicable[19](index=19&type=chunk) [Significant Accounting Policies](index=11&type=section&id=%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Revisions to HKFRS accounting standards adopted during the period had no significant impact on the Group's financial performance and position, and no new standards or amendments not yet effective have been adopted - Revisions to HKFRS accounting standards applied during the period had no significant impact on the Group's financial performance and position for the current and prior periods and/or the disclosures contained in these condensed consolidated interim financial statements[20](index=20&type=chunk) [Application of Judgments and Estimates](index=12&type=section&id=%E9%81%8B%E7%94%A8%E5%88%A4%E6%96%B7%E5%8F%8A%E4%BC%B0%E8%A8%88) In preparing the financial information, management made judgments, estimates, and assumptions affecting the application of accounting policies and the reported amounts of assets and liabilities, and actual results may differ from these estimates - In preparing the financial information, management is required to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, revenue, and expenses[23](index=23&type=chunk) [Financial Risk Management](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group's operations involve various financial risks including foreign exchange, cash flow interest rate, credit, and liquidity risks, and it strives to maintain sufficient cash and credit lines to meet liquidity needs, with no significant changes in risk management policies since year-end - The Group's operations involve various types of financial risks: foreign exchange risk, cash flow interest rate risk, credit risk, and liquidity risk[24](index=24&type=chunk) - The Group strives to maintain sufficient cash and credit lines to meet its liquidity requirements, funding working capital needs through working capital, bank borrowings, and equity holder support[26](index=26&type=chunk) [Segment Reporting](index=13&type=section&id=%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group segments its business into reportable segments based on reports reviewed by the chief operating decision-maker, including cement production and sales, magnetic materials and other application products production and sales, trading business (continuing operations), and biotechnology research and development (discontinued operations) - The Group's reportable operating segments include: cement production and sales, production and sales of magnetic materials and other application products, trading business (continuing operations), and biotechnology research and development (discontinued operations)[28](index=28&type=chunk)[30](index=30&type=chunk) Segment Results for the Six Months Ended June 30, 2025 (HKD Thousand): | Segment | Revenue | Results | | :--- | :--- | :--- | | Cement Production and Sales | 118,641 | 15,572 | | Magnetic Materials and Other Application Products | 7,170 | (20,520) | | Trading Business | – | (871) | | Biotechnology Research and Development (Discontinued Operations) | – | (13) | | **Total** | **125,811** | **(5,832)** | Segment Results for the Six Months Ended June 30, 2024 (HKD Thousand): | Segment | Revenue | Results | | :--- | :--- | :--- | | Cement Production and Sales | 92,689 | (12,353) | | Magnetic Materials and Other Application Products | 13,866 | (11,784) | | Trading Business | 58 | (287) | | Biotechnology Research and Development (Discontinued Operations) | – | (13,439) | | **Total** | **106,613** | **(37,863)** | [Revenue](index=16&type=section&id=%E6%94%B6%E5%85%A5) The Group's revenue from continuing operations significantly increased during the reporting period, primarily contributed by the cement production and sales segment, with a substantial increase in ordinary Portland cement sales Revenue from Contracts with Customers (HKD Thousand): | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | Cement Production and Sales Segment | 118,641 | 92,689 | | Sales of Ordinary Portland Cement (Strength Grade 42.5) | 85,809 | 66,003 | | Production and Sales of Magnetic Materials and Other Application Products Segment | 7,170 | 13,866 | | Trading Business Segment | – | 58 | | **Total** | **125,811** | **106,613** | - Contract liabilities of **HKD 11,109,000** as of January 1, 2025, were recognized as revenue for the six months ended June 30, 2025, upon satisfaction of performance obligations[35](index=35&type=chunk) [Other Income and Net Other Gains](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) The Group's other income and net other gains significantly increased, primarily due to gains from the transfer of cement clinker production capacity quotas and fair value changes of financial assets at fair value through profit or loss Other Income and Net Other Gains (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government Grants | 951 | 1,950 | | Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss | 2,479 | – | | Gains from Transfer of Cement Clinker Production Capacity Quotas | 22,052 | – | | **Total** | **26,401** | **2,668** | - The Company transferred cement clinker production capacity quotas in the first quarter of 2025 to replace self-produced clinker, as self-production costs were higher than external procurement[36](index=36&type=chunk) [Income Tax Credit](index=18&type=section&id=Income%20Tax%20Credit_Notes) The Group's income tax credit significantly increased during the reporting period, mainly due to changes in deferred tax, with no taxable profits in Hong Kong, and Chinese subsidiaries subject to corporate income tax rates of **15%** or **25%** Income Tax Credit (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax - Corporate Income Tax | 14 | 20 | | Current Tax - China Withholding Tax | 4,111 | – | | Deferred Tax | (8,375) | (1,337) | | **Income Tax Credit Related to Continuing Operations** | **(4,250)** | **(1,299)** | - Certain subsidiaries incorporated in China and recognized as high-tech enterprises are subject to a reduced corporate income tax rate of **15%**, while others are subject to **25%**[37](index=37&type=chunk) [Discontinued Operations / Disposal of Subsidiaries](index=19&type=section&id=%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%2F%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The Group completed the disposal of its biotechnology research and development business subsidiary on June 26, 2025; this discontinued operation incurred a slight loss during the reporting period, but significantly reduced compared to the same period last year - The Group completed the disposal of Oriental Health Science Limited and its subsidiaries, primarily engaged in biotechnology research and development in China, on June 26, 2025[40](index=40&type=chunk) Results of Disposed Group (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the Period from Discontinued Operations | (13) | (13,439) | | Loss for the Period from Discontinued Operations Attributable to Owners of the Company | (115) | (13,080) | | Loss on Disposal of Subsidiaries | (7,073) | – | - The net assets of the disposed group at the disposal date were **HKD 573,000**, with a total cash consideration of **HKD 2,150,000**[42](index=42&type=chunk) [Property, Plant and Equipment](index=22&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) As of June 30, 2025, the Group's carrying amount of property, plant and equipment slightly increased, mainly due to additions and exchange differences, with some assets pledged as collateral for bank borrowings Carrying Amount of Property, Plant and Equipment (HKD Thousand): | Period | Carrying Amount | | :--- | :--- | | As of January 1, 2025 | 222,022 | | Additions | 4,375 | | Depreciation | (10,030) | | Exchange Differences | 7,136 | | As of June 30, 2025 | 223,503 | | As of January 1, 2024 | 220,625 | | As of June 30, 2024 | 234,110 | - As of June 30, 2025, certain land use rights and property, plant and equipment were pledged as collateral for the Group's bank borrowings of **HKD 157,110,000**[44](index=44&type=chunk) [Goodwill](index=24&type=section&id=%E5%95%86%E8%AD%BD) As of June 30, 2025, the Group's carrying amount of goodwill decreased due to impairment losses and exchange differences, primarily allocated to the Cheng Zheng cash-generating unit in the magnetic materials and other application products segment Carrying Amount of Goodwill (HKD Thousand): | Period | Carrying Amount | | :--- | :--- | | As of January 1, 2025 | 47,183 | | Impairment Loss | (8,554) | | Exchange Differences | 1,379 | | As of June 30, 2025 | 40,008 | | As of January 1, 2024 | 61,589 | | As of June 30, 2024 | 47,563 | - Goodwill is primarily allocated to the Cheng Zheng cash-generating unit, for the production and sales of magnetic materials and other application products segment[45](index=45&type=chunk) - For the six months ended June 30, 2025, an impairment loss of **HKD 8,554,000** was recognized, mainly due to underperformance of the cash-generating unit and the competitive environment[47](index=47&type=chunk) [Intangible Assets](index=25&type=section&id=%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's carrying amount of intangible assets (technical know-how) decreased due to amortization and exchange differences, amortized on a straight-line basis over an estimated useful life of **10 years** Carrying Amount of Intangible Assets (Technical Know-how) (HKD Thousand): | Period | Carrying Amount | | :--- | :--- | | As of January 1, 2025 | 12,845 | | Amortization | (1,479) | | Exchange Differences | 392 | | As of June 30, 2025 | 11,758 | | As of January 1, 2024 | 22,046 | | As of June 30, 2024 | 14,420 | - Technical know-how refers to intellectual property with a finite useful life, and is amortized on a straight-line basis over its estimated useful life of **10 years**[48](index=48&type=chunk) [Investments in Associates](index=26&type=section&id=%E6%96%BC%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%8A%95%E8%B3%87) The Group's investments in associates primarily include Suzhou Dongtong Environmental Protection Technology Co., Ltd. and Zhuhai Huiyin Huiheng Equity Investment Fund Management Co., Ltd., both accounted for using the equity method, with a share of loss from associates during the period Carrying Amount of Investments in Associates (HKD Thousand): | Period | Carrying Amount | | :--- | :--- | | As of Beginning of Period and Beginning of Year | 32,417 | | Share of Results of Associates | (211) | | Exchange Differences | 1,058 | | As of End of Period and End of Year | 33,264 | - The Group holds a **43.2%** interest in Suzhou Dongtong Environmental Protection Technology Co., Ltd., primarily engaged in R&D of environmental protection technologies and related services[49](index=49&type=chunk) - The Group holds a **30%** interest in Zhuhai Huiyin Huiheng Equity Investment Fund Management Co., Ltd., primarily engaged in financial investment management[49](index=49&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=29&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) The Group's financial assets at fair value through profit or loss primarily consist of trust funds under a trust agreement with Guomin Trust Co., Ltd., with a carrying amount of **HKD 109,576,000** at period-end Financial Assets at Fair Value Through Profit or Loss (HKD Thousand): | Period | Carrying Amount | | :--- | :--- | | As of June 30, 2025 | 109,576 | | As of December 31, 2024 | 108,027 | - These trust funds are managed by Guomin Trust, aiming to generate investment returns for the Group, and are classified as non-current assets[56](index=56&type=chunk) [Inventories](index=29&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, the Group's total inventories slightly increased, mainly composed of raw materials, with work in progress and finished goods remaining relatively stable Inventories (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 129,653 | 125,105 | | Work in Progress | 13,447 | 13,564 | | Finished Goods | 57,435 | 57,862 | | **Total** | **200,535** | **196,531** | [Trade and Other Receivables](index=30&type=section&id=%E8%B2%B7%E6%98%93%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, the Group's total trade and other receivables increased, primarily including trade receivables from third parties, prepayments, and other receivables, with corresponding impairment provisions recognized Trade and Other Receivables (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable, Net | 25,221 | 24,850 | | Prepayments and Deposits | 11,190 | 17,550 | | Other Receivables | 21,667 | 13,219 | | **Total Trade and Other Receivables** | **57,833** | **55,460** | - The Group generally grants credit terms of **30 to 90 days** to customers, with major customers granted revolving credit limits not exceeding **365 days**[59](index=59&type=chunk) - Other receivables include consideration receivable from the disposal of subsidiaries and transfer of cement clinker production capacity quotas of approximately **HKD 2,191,000** and **HKD 2,575,000** respectively[63](index=63&type=chunk) [Trade and Other Payables](index=33&type=section&id=%E8%B2%B7%E6%98%93%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, the Group's total trade and other payables decreased, mainly comprising trade payables, bills payable, and other payables, with most denominated in RMB Trade and Other Payables (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 31,511 | 27,298 | | Bills Payable | 10,616 | 29,426 | | Other Payables | 34,015 | 36,395 | | Consideration Payable | 21,912 | 21,217 | | **Total** | **106,573** | **123,688** | - The Group's main suppliers grant credit terms of **30 to 90 days**, and most trade and other payables are denominated in RMB[65](index=65&type=chunk) [Borrowings](index=34&type=section&id=Borrowings_Notes) As of June 30, 2025, the Group's total borrowings slightly decreased, mainly including bank borrowings and other unsecured loans, with some bank borrowings secured by equity interests in subsidiaries, land use rights, and property, plant and equipment Borrowings (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Borrowings (Unsecured) | 127,330 | 133,959 | | Bank Borrowings (Secured) | 157,110 | 155,096 | | Other Loans (Unsecured) | 10,700 | 10,700 | | **Total Bank and Other Loans** | **295,140** | **299,755** | - Approximately **HKD 157,110,000** of bank borrowings are secured by equity interests in the Company's subsidiaries, land use rights, and the Group's property, plant and equipment[72](index=72&type=chunk) [Deferred Income](index=35&type=section&id=%E9%81%9E%E5%BB%B6%E6%94%B6%E5%85%A5) The Group's deferred income primarily consists of government grants from local Chinese government authorities to support R&D activities of subsidiaries, with a portion recognized in profit or loss during the period Deferred Income (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | As of January 1 | 20,232 | 23,278 | | Credited to Profit or Loss | (915) | (1,115) | | Exchange Differences | 645 | (604) | | **As of June 30** | **19,962** | **21,305** | - Deferred income refers to government grants received from local Chinese government authorities to support R&D activities of subsidiaries[70](index=70&type=chunk) [Deferred Tax](index=35&type=section&id=%E9%81%9E%E5%BB%B6%E7%A8%85%E9%A0%85) The Group's net deferred tax liabilities decreased, mainly affected by withholding tax on profits attributable to equity holders and tax losses, with some tax losses not yet recognized as deferred tax assets Deferred Tax (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Deferred Tax Assets | 6,766 | 7,392 | | Deferred Tax Liabilities | (24,872) | (33,191) | | **Total** | **(18,106)** | **(25,799)** | - The Group has unused tax losses of approximately **HKD 87,897,000** available to offset future profits, of which approximately **HKD 60,831,000** has not been recognized as deferred tax assets[73](index=73&type=chunk) [Share Capital](index=37&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued share capital was **HKD 5,520,000**, divided into **552,000,000** shares with a par value of **HKD 0.01** each, remaining unchanged from the same period last year Share Capital (HKD Thousand): | Period | Number of Ordinary Shares (Thousand Shares) | Par Value of Ordinary Shares (HKD Thousand) | | :--- | :--- | :--- | | As of June 30, 2025 | 552,000 | 5,520 | | As of December 31, 2024 | 552,000 | 5,520 | [Loss Per Share](index=37&type=section&id=%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, the Group's basic and diluted loss per share significantly narrowed, loss per share from continuing operations also substantially decreased, and there were no dilutive potential ordinary shares Loss Per Share (HKD Per Share): | Item | 2025 | 2024 | | :--- | :--- | :--- | | From Continuing and Discontinued Operations (Basic and Diluted) | (0.017) | (0.065) | | From Continuing Operations (Basic and Diluted) | (0.016) | (0.041) | | From Discontinued Operations (Basic and Diluted) | (0.000) | (0.024) | - Basic loss per share is calculated by dividing the loss for the period attributable to owners of the Company of **HKD 9,155,000** by the weighted average number of ordinary shares outstanding of **552,000,000** shares[75](index=75&type=chunk) [Dividends](index=38&type=section&id=%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the Company did not declare an interim dividend, but a special dividend of **HKD 0.136** per share declared in December 2024 was paid - No dividends were declared for the six months ended June 30, 2025[78](index=78&type=chunk) - A special dividend of **HKD 0.136** per share declared on December 5, 2024, was paid on or about March 31, 2025[78](index=78&type=chunk)[135](index=135&type=chunk) [Lease Liabilities](index=38&type=section&id=%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total lease liabilities decreased, mainly including leased land and buildings, presented as current and non-current portions Lease Liabilities (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Portion | 389 | 382 | | Non-current Portion | 267 | 463 | | **Total** | **656** | **845** | Future Lease Payments Maturity Profile (June 30, 2025, HKD Thousand): | Period | Minimum Lease Payments | Interest | Present Value | | :--- | :--- | :--- | :--- | | Not Later Than One Year | 405 | (16) | 389 | | Later Than One Year But Not Later Than Two Years | 270 | (3) | 267 | | **Total** | **675** | **(19)** | **656** | [Related Party Transactions](index=39&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group's key management compensation decreased, and other payables include amounts due to companies controlled by a director, with no significant non-exempt related party transactions under the Listing Rules during the period Key Management Compensation (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Basic Salaries and Benefits in Kind | 1,544 | 2,419 | - Other payables include amounts due to companies controlled by Mr. Jiang of **HKD 3,839,000**, which are unsecured, interest-free, and repayable on demand[83](index=83&type=chunk) - There were no non-exempt related party transactions or non-exempt continuing related party transactions under the Listing Rules during the period[86](index=86&type=chunk) [Capital Commitments](index=40&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no capital commitments, a significant decrease compared to commitments for the acquisition of property, plant and equipment as of December 31, 2024 Commitments for Acquisition of (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant and Equipment | – | 151 | [Fair Value Measurement of Financial Assets and Liabilities](index=41&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E4%B9%8B%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Group's fair value measurement of financial assets and liabilities uses market observable inputs, categorized into different levels based on observability, with financial assets at fair value through profit or loss primarily being unlisted private equity funds, classified as Level 3 Carrying Amounts and Fair Values of Financial Assets and Liabilities (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Financial Assets | 432,474 | 504,236 | | Total Financial Liabilities | 401,707 | 498,583 | - The Group's unlisted private equity funds are classified as Level 3, with their fair value recognized based on valuations provided by fund managers, measured by the ownership proportion of the private equity fund's net assets[93](index=93&type=chunk) Reconciliation of Financial Assets at Fair Value Through Profit or Loss (Level 3) (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | As of January 1 | 108,027 | – | | Total Gains or Losses - Fair Value Changes of Financial Assets | 2,479 | – | | Distributions | (4,431) | – | | Exchange Differences | 3,501 | (521) | | **As of June 30** | **109,576** | **53,470** | [Management Discussion and Analysis](index=44&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) [Industry Overview](index=44&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E6%93%A1) The Group analyzed industry dynamics across four segments: cement, rare earth, biopharmaceutical, and international trading. The cement industry faces weak demand and falling prices, the rare earth industry is affected by policy regulation and export controls, the biopharmaceutical segment has ceased investment, and the international trading segment is seeking diversified business models [Cement Segment](index=44&type=section&id=%E6%B0%B4%E6%B3%A5%E6%9D%BF%E5%A1%8A) In the first half of 2025, the cement industry was characterized by "unchanged weak demand, prices high first then low, and improved efficiency year-on-year," with a stable first quarter but weaker-than-expected demand and accelerating price declines in the second quarter, leading to increased operating pressure as prices fell below cost in many regions - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, national fixed asset investment grew by **2.8%** year-on-year, and national real estate development investment decreased by **11.2%** year-on-year[98](index=98&type=chunk) - In the first half of 2025, national cement output was **815 million tons**, a year-on-year decrease of **4.3%**, the lowest level for the same period since 2010[98](index=98&type=chunk) - The average price of PO42.5 bulk cement in Nanjing, Hangzhou, and Shanghai decreased by **7.1%**, **4.3%**, and **4.8%** respectively compared to the same period last year[100](index=100&type=chunk) [Rare Earth Segment](index=46&type=section&id=%E7%A8%80%E5%9C%9F%E6%9D%BF%E5%A1%8A) China's rare earth industry has seen increased concentration and strengthened national control, with export restrictions on some heavy rare earths. The Group's rare earth segment revenue fell short of expectations due to insufficient production scale leading to high unit fixed costs and rising raw material prices, and is actively seeking technological innovation and strategic cooperation opportunities - China is the world's largest producer, consumer, and exporter of rare earth materials, with rare earth reserves of approximately **44 million tons** (40% of global total) and production of **270,000 tons** (70% of global total) in 2024[101](index=101&type=chunk) - The Ministry of Industry and Information Technology issued the "Interim Measures for the Administration of Total Volume Control of Rare Earth Mining and Rare Earth Smelting and Separation (Draft for Public Comment)," including monazite and imported rare earth mineral products in the control scope[102](index=102&type=chunk) - The Ministry of Commerce and the General Administration of Customs implemented export controls on 7 categories of medium and heavy rare earth related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium[102](index=102&type=chunk) [Biopharmaceutical Segment](index=48&type=section&id=%E7%94%9F%E7%89%A9%E9%86%AB%E8%97%A5%E6%9D%BF%E5%A1%8A) The Group ceased investment in the biopharmaceutical sector in the first half of 2024 and completed the disposal of related assets on June 26, 2025, as CAR-T drug R&D proved far more challenging than anticipated - The Group ceased investment in the biopharmaceutical sector in the first half of 2024 and completed the disposal of related assets on June 26, 2025, as CAR-T drug R&D proved far more challenging than anticipated[104](index=104&type=chunk) [International Trading Segment](index=48&type=section&id=%E5%9C%8B%E9%9A%9B%E8%B2%B7%E6%98%93%E6%9D%BF%E5%A1%8A) In the first half of 2025, the international trading segment was affected by geopolitical factors and market uncertainties, leading to sharp fluctuations in commodity prices, and the Group is actively seeking diversified business models and strategic cooperation partners - The Group is continuously striving to seek and expand diversified business models in international trading, focusing on finding strategic partners with synergistic effects, and actively exploring potential business opportunities[105](index=105&type=chunk) [Revenue](index=49&type=section&id=%E6%94%B6%E7%9B%8A) During the reporting period, the Group's revenue was approximately **HKD 125,811,000**, a year-on-year increase of **18.0%**, primarily contributed by the cement segment, which saw revenue grow by **28.0%** and sales volume increase by **33.3%** Revenue Analysis by Product Category (Six Months Ended June 30): | Product Category | 2025 Sales Volume (Thousand Tons) | 2025 Revenue (HKD Thousand) | 2024 Sales Volume (Thousand Tons) | 2024 Revenue (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | PO 42.5 Cement | 394 | 85,809 | 293 | 66,003 | | PC 42.5 Cement | 120 | 28,947 | 91 | 21,897 | | PSS 32.5 | 23 | 3,885 | – | – | | PC 32.5 | – | – | 19 | 4,761 | | **Total Cement Product Sales Volume** | **537** | **118,641** | **403** | **92,661** | - The increase in cement segment revenue was mainly due to active promotion of staggered production, which eased supply-demand imbalances and narrowed the decline in market demand[106](index=106&type=chunk) - The Company achieved significant sales growth in Zhejiang Province compared to the same period last year, demonstrating the effectiveness of multi-regional sales channel expansion[111](index=111&type=chunk) [Gross Profit and Gross Margin](index=51&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) During the reporting period, the cement segment's gross loss narrowed and gross margin improved, primarily benefiting from cost reduction and efficiency enhancement, and price recovery. The rare earth segment still recorded a gross loss due to insufficient production scale and high costs Gross Profit and Gross Margin (Six Months Ended June 30): | Segment | 2025 Gross Loss (HKD Thousand) | 2025 Gross Margin | 2024 Gross Loss (HKD Thousand) | 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Cement Segment | (3,873) | -3.3% | (5,192) | -5.6% | | Rare Earth Segment | (1,883) | -26.3% | - | - | - The narrowing of gross loss in the cement segment was mainly due to the Company's cost reduction and efficiency enhancement through optimized management, while also actively promoting dual initiatives of price recovery and cost optimization[113](index=113&type=chunk) - The rare earth segment's production and sales have not yet achieved scale, resulting in higher unit fixed costs and a gross loss; the Group is actively exploring diversified business opportunities and potential strategic collaborations[113](index=113&type=chunk) [Other Income](index=52&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's other income significantly increased by **889.5%** during the reporting period, primarily due to the transfer of **750,000 tons/year** cement clinker production capacity quotas Other Income (HKD Thousand): | Period | Amount | | :--- | :--- | | 2025 | 26,401 | | 2024 | 2,668 | | **Percentage Change** | **889.5%** | - This increase was mainly due to the Company's transfer of **750,000 tons/year** cement clinker production capacity quotas during the reporting period, and it will continue to ensure supply through external procurement of clinker to replace self-production[115](index=115&type=chunk) [Distribution Costs](index=52&type=section&id=%E5%88%86%E9%8A%B7%E8%B2%BB%E7%94%A8) The Group's distribution costs decreased by **39.7%**, primarily benefiting from refined management reforms, improved management efficiency, and enhanced resource allocation efficiency Distribution Costs (HKD Thousand): | Period | Amount | | :--- | :--- | | 2025 | 1,022 | | 2024 | 1,695 | | **Percentage Change** | **-39.7%** | - Distribution costs accounted for approximately **0.8%** of the Group's revenue, largely consistent with approximately **1.4%** in the same period last year[116](index=116&type=chunk) [Administrative Expenses](index=52&type=section&id=%E8%A1%8C%E6%94%BF%E8%B2%BB%E7%94%A8) The Group's administrative expenses decreased by **13.8%**, primarily due to efficient allocation of administrative resources and cost savings achieved through management optimization Administrative Expenses (HKD Thousand): | Period | Amount | | :--- | :--- | | 2025 | 19,017 | | 2024 | 22,063 | | **Percentage Change** | **-13.8%** | [Income Tax Credit](index=52&type=section&id=Income%20Tax%20Credit_MDA) The Group's income tax credit significantly increased during the reporting period, primarily due to the release of deferred tax liabilities related to withholding tax on distributable profits Income Tax Credit (HKD Thousand): | Period | Amount | | :--- | :--- | | 2025 | 4,250 | | 2024 | 1,299 | | **Percentage Change** | **227.2%** | [Net Profit Margin](index=53&type=section&id=%E6%B7%A8%E5%88%A9%E6%BD%A4%E7%8E%87) The Group's net profit margin significantly improved during the reporting period, primarily benefiting from domestic cement industry policies driving performance recovery, slowing market demand, and gains from the transfer of cement clinker production capacity quotas Net Profit Margin: | Period | Net Profit Margin | | :--- | :--- | | 2025 | -10.3% | | 2024 | -37.5% | | **Change** | **27.2%** | - The increase in net profit margin was mainly due to domestic cement industry policies driving performance recovery, slowing overall market demand in China, and gains from the transfer of cement clinker production capacity quotas[120](index=120&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90) The Group's liquidity primarily stems from operating cash flows, bank loans, and trade payables. During the reporting period, cash and cash equivalents significantly increased, and the gearing ratio decreased, indicating improved liquidity [Cash Flow](index=53&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) As of June 30, 2025, the Group's cash and cash equivalents significantly increased by **98.3%**, primarily due to withdrawals from short-term deposits during the reporting period Cash and Cash Equivalents (HKD Thousand): | Period | Amount | | :--- | :--- | | June 30, 2025 | 268,647 | | December 31, 2024 | 135,495 | | **Percentage Change** | **98.3%** | [Borrowings](index=54&type=section&id=Borrowings_MDA) As of June 30, 2025, the Group's total bank borrowings slightly decreased by **1.6%**, remaining stable, with some borrowings secured by property, plant and equipment, land use rights, and equity interests in subsidiaries Borrowings (HKD Thousand): | Period | Amount | | :--- | :--- | | June 30, 2025 | 295,140 | | December 31, 2024 | 299,755 | | **Percentage Change** | **-1.6%** | - As of June 30, 2025, borrowings of approximately **HKD 157,110,000** were secured by the Group's property, plant and equipment, land use rights, and equity interests in subsidiaries[124](index=124&type=chunk) [Gearing Ratio](index=54&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio decreased to **96.0%**, an improvement from **118.6%** as of December 31, 2024 Gearing Ratio: | Period | Ratio | | :--- | :--- | | June 30, 2025 | 96.0% | | December 31, 2024 | 118.6% | | **Change** | **-22.6%** | [Capital Expenditure and Capital Commitments](index=55&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group's capital expenditure significantly increased, primarily from the cement segment, and there were no capital commitments at the end of the reporting period Capital Expenditure (HKD Thousand): | Period | Amount | | :--- | :--- | | June 30, 2025 | 4,375 | | Same Period in 2024 | 966 | | **Change** | **3,409** | - As of June 30, 2025, the Group had no capital commitments (December 31, 2024: **HKD 4,521,000**)[130](index=130&type=chunk) [Pledged Assets](index=55&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, property, plant and equipment, land use rights, and equity interests in subsidiaries of the rare earth segment were pledged as collateral for the Group's bank borrowings - As of June 30, 2025, property, plant and equipment with a carrying amount of approximately **HKD 18,781,000**, land use rights of approximately **HKD 2,286,000**, and equity interests in subsidiaries of the rare earth segment were pledged as collateral for certain bank borrowings of the Group[131](index=131&type=chunk) [Contingent Liabilities](index=55&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[132](index=132&type=chunk) [Foreign Exchange Risk](index=55&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group's operating activities are primarily in mainland China, mainly denominated in RMB, and were not significantly affected by exchange rate fluctuations during the reporting period, with no hedging measures implemented, but future RMB exchange rate fluctuations may impact financial position - The Group's operating activities are primarily in mainland China, with operating expenses and capital expenditures mainly denominated in RMB, and a small portion in HKD[133](index=133&type=chunk) - During the reporting period, the Group was not significantly affected by exchange rate fluctuations in its operating business and working capital, nor did it implement any hedging measures[133](index=133&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=56&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%B9%8B%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) During the reporting period, the Group did not make any significant acquisitions or disposals of its subsidiaries or associates - During the reporting period, the Group did not make any significant acquisitions or disposals of its subsidiaries or associates[134](index=134&type=chunk) [Interim Dividends](index=56&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board decided not to pay any dividends for this interim period, but a special dividend of **HKD 0.136** per share declared in December 2024 was paid - The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2025[135](index=135&type=chunk) - A special dividend of **HKD 0.136** per share declared on December 5, 2024, was paid on or about March 31, 2025[135](index=135&type=chunk) [Employees and Remuneration Policy](index=56&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had **275** employees, with total remuneration of approximately **HKD 13,999,000** during the reporting period, and remuneration levels are determined based on responsibilities, performance, contributions, and market conditions Employees and Remuneration (Six Months Ended June 30): | Indicator | 2025 | | :--- | :--- | | Number of Employees | 275 | | Total Employee Remuneration (HKD Thousand) | 13,999 | - Employee remuneration levels are commensurate with their responsibilities, performance, and contributions, and are determined with reference to their merits, qualifications, and abilities, as well as the advice of the Company's Remuneration Committee[136](index=136&type=chunk) [Other Information](index=57&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Future Outlook](index=57&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Group will focus on "enhancing overall shareholder value" as its core objective, comprehensively strengthening its integrated competitiveness through optimizing operations, focusing on markets and products, solidifying its talent base, exploring diversified investment opportunities, and optimizing its asset structure - The Group will take "enhancing overall shareholder value and maximizing shareholder value" as its core objective, optimizing the company's development strategy from multiple dimensions[137](index=137&type=chunk) - For the rare earth segment, the Company is seeking diversified business opportunities and actively exploring potential strategic collaborations, including but not limited to expanding into other rare and precious metal businesses and seeking opportunities to dispose of the rare earth segment[137](index=137&type=chunk) [Share Capital](index=57&type=section&id=%E8%82%A1%E6%9C%AC_%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) As of June 30, 2025, the Company's issued share capital was **HKD 5,520,000**, divided into **552,000,000** shares with a par value of **HKD 0.01** each - As of June 30, 2025, the Company's issued share capital was **HKD 5,520,000**, divided into **552,000,000** shares with a par value of **HKD 0.01** each[138](index=138&type=chunk) [Supplementary Information on Share Option Scheme](index=57&type=section&id=%E6%9C%89%E9%97%9C%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83%E4%B9%8B%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) The Company's share option scheme adopted on May 28, 2015, expired on May 28, 2025, with no share options granted since its adoption, and the scheme limit was **55,200,000** shares - Since the adoption of the share option scheme, the Company has not granted any share options under the scheme[140](index=140&type=chunk) - The total number of shares available for issue under the share option scheme was **55,200,000** shares, representing **10%** of the total issued shares as of the date of this interim report[140](index=140&type=chunk) - The share option scheme expired at the close of business on May 28, 2025, being the tenth anniversary of its adoption date[142](index=142&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=58&type=section&id=%E8%B3%BC%E5%9B%9E%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%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[143](index=143&type=chunk) [Material Litigation and Arbitration](index=58&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E5%8F%8A%E4%BB%B2%E8%A3%81) To the best of the Directors' knowledge, the Group was not involved in any material litigation, arbitration, or claims during the reporting period - To the best of the Directors' knowledge, the Group was not involved in any material litigation, arbitration, or claims during the reporting period, nor was it involved in any significant outstanding or threatened litigation or claims against the Company[144](index=144&type=chunk) [Compliance with Corporate Governance Code](index=58&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules and complied with it during the reporting period - The Company has adopted the code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own corporate governance code[145](index=145&type=chunk) - During the reporting period, the Company complied with the Corporate Governance Code[146](index=146&type=chunk) [Compliance with Model Code](index=59&type=section&id=%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code of conduct for Directors' securities transactions, and all Directors confirmed compliance with it during the reporting period - The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code of conduct for Directors' securities transactions[147](index=147&type=chunk) - Following specific enquiries made to all Directors, they have confirmed their compliance with the required standards set out in the Model Code during the reporting period[147](index=147&type=chunk) [Audit Committee](index=59&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Company's Audit Committee has reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025, and believes it was prepared in compliance with applicable accounting standards and requirements - The Company's Audit Committee has reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025, and discussed financial reporting, risk management, and internal control matters with management[148](index=148&type=chunk) - The Audit Committee believes that these financial statements were prepared in compliance with applicable accounting standards and requirements, and appropriate disclosures have been made[148](index=148&type=chunk) [Events After Reporting Period](index=59&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As of the date of this announcement, no significant events requiring additional disclosure or potentially affecting the Company have occurred after the reporting period - As of the date of this announcement, no significant events requiring additional disclosure or potentially affecting the Company have occurred after the reporting period[149](index=149&type=chunk) [Board of Directors](index=59&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) As of the date of this announcement, the Board of Directors includes Executive Directors Mr. Liu Dong and Mr. Wu Junxian; Non-executive Directors Mr. Jiang Xueming and Ms. Xie Yingxia; and Independent Non-executive Directors Mr. Yuan Yuan, Mr. Yu Liwen, and Mr. Suo Suo - The Board of Directors includes Executive Directors Mr. Liu Dong and Mr. Wu Junxian; Non-executive Directors Mr. Jiang Xueming and Ms. Xie Yingxia; and Independent Non-executive Directors Mr. Yuan Yuan, Mr. Yu Liwen, and Mr. Suo Suo[151](index=151&type=chunk)