[Company Information](index=3&type=section&id=Company%20Information) This section details the company's governance structure, including its board and committees, along with fundamental corporate information such as auditors and registration details [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by executive, audit, nomination, and remuneration committees to ensure robust corporate governance - The Board members include executive directors such as Ms. Shi Qi (Chairperson) and Mr. Li Jiuhua (CEO), non-executive directors like Mr. Chen Junkung, and independent non-executive directors such as Mr. Chen Shaoda[4](index=4&type=chunk) - The company has an Executive Committee, Audit Committee, Nomination Committee, and Remuneration Committee, each with clearly defined chairpersons and members[4](index=4&type=chunk) - Dr. Feng Xin was appointed as an independent non-executive director and a member of the Audit, Nomination, and Remuneration Committees on February 18, 2025, while Ms. Wang Lina and Mr. Zheng Changxing resigned concurrently[4](index=4&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) The company appointed Rongcheng (Hong Kong) Certified Public Accountants Limited as its auditor, is registered in the Cayman Islands, with its principal place of business in Central, Hong Kong, and details its share registrar, principal bankers, website, financial year-end, and stock code - The auditor is Rongcheng (Hong Kong) Certified Public Accountants Limited[5](index=5&type=chunk) - The registered office is in the Cayman Islands, and the principal place of business in Hong Kong is on the 22nd Floor, H Code, 45 Pottinger Street, Central, Hong Kong[5](index=5&type=chunk) - The stock code is 1991, and the financial year-end is December 31[5](index=5&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the company's financial performance, highlighting revenue, gross profit, and net profit or loss for the reporting period [Performance Overview for the Period](index=5&type=section&id=Performance%20Overview%20for%20the%20Period) For the six months ended June 30, 2025, the company's revenue decreased by 43.5% year-on-year, but gross profit significantly increased by 66.4%, turning a loss into a profit of **HKD 2,411 thousand** for the period, with a notable reduction in loss per share Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 290,663 | 514,096 | | Cost of sales | (228,865) | (476,972) | | Gross profit | 61,798 | 37,124 | | Profit / (Loss) before tax | 2,434 | (30,895) | | Profit / (Loss) for the period | 2,411 | (31,657) | | Profit / (Loss) for the period attributable to owners of the company | (12,116) | (18,833) | | Basic and diluted loss per share (HK cents) | (8.45) | (14.41) | - Revenue decreased by **43.5%** year-on-year, primarily due to retail business restructuring and intensified competition in the digital marketing market[7](index=7&type=chunk) - Gross profit increased by **66.4%** year-on-year, indicating effective cost control or product portfolio optimization[7](index=7&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section details the company's total comprehensive income, including profit or loss for the period and other comprehensive income/expenses [Comprehensive Income Overview](index=6&type=section&id=Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the company's profit for the period turned positive, but other comprehensive expenses resulted in a total comprehensive expense of **HKD 7,798 thousand** for the period, a significant reduction from the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Profit / (Loss) for the period | 2,411 | (31,657) | | Other comprehensive (expense) / income | (10,209) | 4,230 | | Total comprehensive expense for the period (net of income tax) | (7,798) | (27,427) | | Total comprehensive expense for the period attributable to owners of the company | (22,325) | (15,217) | | Total comprehensive expense for the period attributable to non-controlling interests | 14,527 | (12,210) | - Exchange differences arising from the translation of overseas operations shifted from an income of **HKD 4,030 thousand** in 2024 to an expense of **HKD 9,907 thousand** in 2025[8](index=8&type=chunk) - Fair value gains on financial assets measured at fair value through other comprehensive income changed from **HKD 200 thousand** in 2024 to an expense of **HKD 302 thousand** in 2025[8](index=8&type=chunk) [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides a snapshot of the company's financial position, detailing its assets, liabilities, and equity at the reporting date [Assets and Liabilities Overview](index=7&type=section&id=Assets%20and%20Liabilities%20Overview) As of June 30, 2025, the company's non-current assets slightly decreased, both current assets and current liabilities increased, net current liabilities slightly improved, and total equity grew Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 (Thousand HKD) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | | Non-current assets | 227,243 | 230,591 | | Current assets | 485,883 | 385,430 | | Current liabilities | 619,448 | 520,443 | | Net current liabilities | (133,565) | (135,013) | | Total equity | 34,601 | 30,399 | | Non-current liabilities | 59,077 | 65,179 | - Trade and other receivables increased from **HKD 286,122 thousand** as of December 31, 2024, to **HKD 381,589 thousand** as of June 30, 2025[10](index=10&type=chunk) - Bank balances and cash decreased from **HKD 11,924 thousand** as of December 31, 2024, to **HKD 7,304 thousand** as of June 30, 2025[10](index=10&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section outlines the changes in the company's equity components, including share capital, reserves, and retained earnings, over the reporting period [Equity Movement Analysis](index=9&type=section&id=Equity%20Movement%20Analysis) For the six months ended June 30, 2025, equity attributable to owners of the company decreased due to loss for the period and other comprehensive expenses, but non-controlling interests significantly increased due to profit for the period, while share capital increased by **HKD 12,000 thousand** due to new share issuance Condensed Consolidated Statement of Changes in Equity Key Data (As of June 30) | Indicator | 2025 January 1 (Thousand HKD) | 2025 June 30 (Thousand HKD) | | :--- | :--- | :--- | | Equity attributable to owners of the company | 31,348 | 21,023 | | Non-controlling interests | (949) | 13,578 | | Total equity | 30,399 | 34,601 | | Share capital | 131,347 | 143,347 | | Accumulated losses | (1,065,203) | (1,077,319) | | Exchange reserve | 164,065 | 154,158 | - Profit for the period was **HKD 2,411 thousand**, with a loss attributable to owners of the company of **HKD 12,116 thousand** and profit attributable to non-controlling interests of **HKD 14,527 thousand**[13](index=13&type=chunk) - Share issuance resulted in an increase in share capital of **HKD 12,000 thousand**[13](index=13&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the company's cash inflows and outflows from operating, investing, and financing activities for the reporting period [Cash Flow Overview](index=11&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash used in operating activities significantly decreased, net cash from financing activities increased, but investing activities shifted from a net inflow to a net outflow, resulting in an overall decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Net cash used in operating activities | (9,304) | (35,797) | | Net cash (used in) / from investing activities | (2,739) | 18,656 | | Net cash from financing activities | 10,221 | 7,839 | | Net decrease in cash and cash equivalents | (1,822) | (9,302) | | Cash and cash equivalents at June 30 | 7,304 | 18,939 | - Net cash used in operating activities significantly decreased from **HKD 35,797 thousand** in 2024 to **HKD 9,304 thousand** in 2025, indicating improved operating efficiency[19](index=19&type=chunk) - Investing activities shifted from a net inflow of **HKD 18,656 thousand** in 2024 to a net outflow of **HKD 2,739 thousand** in 2025[19](index=19&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed explanatory notes to the condensed consolidated interim financial information, covering accounting policies, segment performance, and financial instrument details [1. General Information](index=12&type=section&id=1.%20General%20Information) Ocean Group Holdings Limited is incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, primarily engaged in the manufacturing and sale of silicone products, retail services, healthcare and hotel services, and international digital marketing services. The company's functional currency is HKD, and its ultimate holding company is Lyton Maison Limited - The Group is principally engaged in the manufacturing and sale of silicone and related products, provision of retail services, provision of healthcare and hotel services, and provision of international digital marketing services[20](index=20&type=chunk) - The functional currency of the Group is HKD, except for subsidiaries established in China and the United Kingdom, which use RMB and GBP as their functional currencies, respectively[20](index=20&type=chunk) - As of June 30, 2025, the ultimate holding company of the Company is Lyton Maison Limited[20](index=20&type=chunk) [2. Basis of Preparation and Changes in Accounting Policies](index=12&type=section&id=2.%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules of the Stock Exchange, adopting the historical cost basis, and new and revised standards effective January 1, 2025, have been adopted with no significant impact on financial performance - The condensed consolidated interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix 16 to the Listing Rules of the Stock Exchange[21](index=21&type=chunk) - The condensed consolidated interim financial information has been prepared on the historical cost basis, except for certain investment properties and financial instruments which are measured at fair value[22](index=22&type=chunk) - The application of the revised Hong Kong Financial Reporting Standards during the current period has had no material impact on the Group's performance and financial position for the current and prior periods and/or the disclosures set out in these condensed consolidated financial statements[24](index=24&type=chunk) [3. Revenue](index=13&type=section&id=3.%20Revenue) Revenue primarily derives from the sale of goods and online marketing solution services, with total revenue for the six months ended June 30, 2025, being **HKD 290,663 thousand**, a decrease compared to the same period last year - Revenue represents the fair value of the consideration received or receivable for the sale of goods and the provision of healthcare and hotel services to customers in the ordinary course of business, net of discounts and sales-related taxes[25](index=25&type=chunk) Revenue Composition (For the six months ended June 30) | Revenue Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Sale of goods – at a point in time | 104,387 | 178,788 | | Online marketing solution services – at a point in time | 186,276 | 335,308 | | **Total Revenue** | **290,663** | **514,096** | [4. Segment Information](index=13&type=section&id=4.%20Segment%20Information) The Group's operating segments are categorized into silicone and related products, retail services, healthcare and hotel services, and online marketing solution services. In the first half of 2025, online marketing solution services contributed the largest revenue, while the silicone and related products segment performed best in terms of results - The Group's reportable and operating segments include: silicone and related products, retail services, healthcare and hotel services, and online marketing solution services[28](index=28&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (Thousand HKD) | 2025 Results (Thousand HKD) | 2024 Revenue (Thousand HKD) | 2024 Results (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Silicone and related products | 102,048 | 14,115 | 118,369 | 9,396 | | Retail services | 2,339 | (7,097) | 60,419 | 628 | | Healthcare and hotel services | – | (11,278) | – | (2,580) | | Online marketing solution services | 186,276 | 24,227 | 335,308 | (22,182) | | **Total** | **290,663** | **19,967** | **514,096** | **(14,738)** | Segment Assets and Liabilities (As of June 30) | Segment | 2025 Assets (Thousand HKD) | 2025 Liabilities (Thousand HKD) | 2024 Assets (Thousand HKD) | 2024 Liabilities (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Silicone and related products | 158,520 | 218,689 | 235,928 | 210,596 | | Retail services | 24,003 | 4,427 | 19,232 | 3,450 | | Healthcare and hotel services | 101,546 | 225,175 | 100,739 | 213,560 | | International digital marketing | 197,654 | 138,375 | 114,032 | 79,925 | | **Total Segments** | **481,723** | **586,666** | **469,931** | **507,531** | [5. Finance Costs](index=16&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs amounted to **HKD 12,439 thousand**, primarily comprising interest on borrowings, lease liabilities, and convertible bonds, remaining largely consistent with the prior year Finance Costs Composition (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Interest on borrowings | 9,783 | 10,484 | | Interest on lease liabilities | 545 | 2,002 | | Interest on convertible bonds | 2,111 | – | | **Total** | **12,439** | **12,486** | [6. Income Tax Expense](index=16&type=section&id=6.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was **HKD 23 thousand**, primarily due to under-provision in prior periods, with no income tax provision in Hong Kong, Cayman Islands, British Virgin Islands, and the UK, while Chinese subsidiaries are taxed at **25%** Income Tax Expense (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Current tax – provision for the period | – | 707 | | Current tax – under-provision in prior periods | 23 | 55 | | **Total** | **23** | **762** | - No Hong Kong profits tax provision has been made in the condensed consolidated interim financial information as the Group has sufficient tax losses to carry forward to offset against assessable profits[33](index=33&type=chunk) - The tax rate for the PRC subsidiaries is **25%**[34](index=34&type=chunk) [7. Profit / (Loss) for the Period](index=17&type=section&id=7.%20Profit%20%2F%20%28Loss%29%20for%20the%20Period) Profit / (Loss) for the period is derived after deducting / (crediting) items such as cost of inventories sold, depreciation, and net exchange losses, with government grants being zero in 2025 compared to an income of **HKD 6,480 thousand** in 2024 Profit / (Loss) for the Period Adjustment Items (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Cost of inventories sold | 74,845 | 125,513 | | Depreciation of property, plant and equipment | 2,539 | 4,383 | | Depreciation of right-of-use assets | 5,813 | 8,891 | | Net exchange losses / (gains) | 487 | (635) | | Government grants | – | (6,480) | | Interest income | (3,766) | (131) | [8. Loss Per Share](index=17&type=section&id=8.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share was **8.45 HK cents**, a significant reduction from **14.41 HK cents** in the prior year, primarily due to a decrease in loss attributable to owners of the company Loss Per Share Calculation (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the company (Thousand HKD) | (12,116) | (18,833) | | Weighted average number of ordinary shares in issue (Thousand shares) | 143,347 | 130,677 | | Basic and diluted loss per share (HK cents) | (8.45) | (14.41) | - Basic loss per share is the same as diluted loss per share because there are no outstanding potentially dilutive ordinary shares[38](index=38&type=chunk) [9. Dividends](index=17&type=section&id=9.%20Dividends) The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024 - The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024[39](index=39&type=chunk) [10. Trade and Other Receivables](index=18&type=section&id=10.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to **HKD 394,096 thousand**, an increase from December 31, 2024, with the 0 to 90-day aging category accounting for the largest portion of trade receivables Trade and Other Receivables (As of June 30) | Item | 2025 (Thousand HKD) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | | Trade and bills receivables (net of provision) | 77,750 | 53,619 | | Prepayments, deposits and other receivables | 316,346 | 248,771 | | **Total** | **394,096** | **302,390** | - The Group generally grants credit terms ranging from **30 to 120 days** to its customers[40](index=40&type=chunk) Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (Thousand HKD) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | | 0 to 90 days | 72,674 | 41,605 | | 91 days to 1 year | 5,126 | 12,014 | [11. Trade and Other Payables](index=19&type=section&id=11.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **HKD 419,552 thousand**, an increase from December 31, 2024, with significant growth in contract liabilities and accrued expenses Trade and Other Payables (As of June 30) | Item | 2025 (Thousand HKD) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | | Trade and bills payables | 59,445 | 54,682 | | Accrued expenses | 61,534 | 31,037 | | Contract liabilities | 147,910 | 82,565 | | **Total** | **419,552** | **327,014** | Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (Thousand HKD) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | | Within 30 days or on demand | 10,216 | 11,508 | | 31 to 90 days | 18,840 | 13,548 | | 91 days to 1 year | 27,814 | 26,669 | | Over 1 year | 2,575 | 2,957 | [12. Borrowings](index=19&type=section&id=12.%20Borrowings) For the six months ended June 30, 2025, the Group's borrowings had an effective annual interest rate ranging from **3.3% to 14.0%**, consistent with the prior year - For the six months ended June 30, 2025, the effective annual interest rate for the Group's borrowings ranged from **3.3% to 14.0%** (for the six months ended June 30, 2024: **3.3% to 14.0%**)[44](index=44&type=chunk) [13. Share Capital](index=20&type=section&id=13.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was **HKD 2,000,000 thousand**, and issued share capital was **HKD 143,347 thousand**. During the period, a share consolidation (10 shares into 1) and the issuance of **12,000 thousand** new shares under general mandate were completed Share Capital Movement (As of June 30) | Item | 2025 June 30 (Thousand shares) | 2025 June 30 (Thousand HKD) | 2024 December 31 (Thousand shares) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Authorized ordinary shares | 2,000,000 | 2,000,000 | 20,000,000 | 2,000,000 | | Issued and fully paid shares | 143,347 | 143,347 | 1,313,467 | 131,347 | - On May 26, 2025, the company completed a share consolidation, merging every ten ordinary shares of **HKD 0.1** par value into one consolidated share of **HKD 1.0** par value, effective May 28, 2025[46](index=46&type=chunk) - On June 9, 2025, the company completed a share subscription under general mandate, issuing and allotting **12,000,000 shares**[46](index=46&type=chunk) [14. Related Party Transactions](index=21&type=section&id=14.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, and 2024, remuneration for directors and other key management personnel was zero - For the six months ended June 30, 2025, and 2024, remuneration for directors and other key management personnel was zero[47](index=47&type=chunk) [15. Capital Commitments](index=21&type=section&id=15.%20Capital%20Commitments) As of June 30, 2025, the company's contracted capital expenditure not yet provided for in the condensed consolidated interim financial information was **HKD 8,582 thousand**, primarily for the acquisition of property, plant, and equipment Capital Commitments (As of June 30) | Item | 2025 (Thousand HKD) | 2024 December 31 (Thousand HKD) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 8,582 | 6,936 | [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational and financial performance, strategic outlook, and key risks for the reporting period [Business Review](index=22&type=section&id=Business%20Review) In the first half of 2025, amidst a complex global economic and trade environment, the Group actively pursued business diversification and structural adjustments, focusing on technological upgrades, market decentralization, and cost reduction, successfully turning a loss into a significant increase in net profit - The Group is principally engaged in the silicone business, international digital marketing business, UK retail services, and healthcare and hotel services[50](index=50&type=chunk) - In the first half of 2025, the Group's strategic focus was on stabilizing the core silicone business, deepening the digital marketing business, and integrating the UK supermarket business[50](index=50&type=chunk) Business Review Key Financial Data (For the six months ended June 30) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Sales Revenue | 290,663 | 514,096 | -43.5% | | Net Profit / (Loss) | 2,411 | (31,657) | Turned loss into profit | [Segment Business Performance](index=22&type=section&id=Segment%20Business%20Performance) Segment business performance varied: the silicone business slightly declined due to tariffs but maintained stable customers; digital marketing revenue decreased but profitability significantly improved; retail business sharply declined due to restructuring and marketing expenses; healthcare and hotel business performed poorly with low strategic importance [Silicone Business](index=22&type=section&id=Silicone%20Business) As a core business, silicone business sales revenue slightly declined in the first half of 2025, primarily due to the US-China tariff trade war, but the Group actively acquired new customers and maintained stable supply and high-quality output, with widespread product applications - Silicone business sales revenue was approximately **HKD 102,048 thousand** (2024: **HKD 118,369 thousand**), a slight decrease[52](index=52&type=chunk) - Affected by the US-China tariff trade war, export costs for some silicone products increased, but the Group maintained stable product supply and high-quality output[52](index=52&type=chunk) - Key products include new energy vehicles, photovoltaic components, medical devices, consumer electronics and peripherals, and various daily necessities, with customers spanning Asia, Europe, and North America[53](index=53&type=chunk) [International Digital Marketing Business](index=23&type=section&id=International%20Digital%20Marketing%20Business) Digital marketing business (Jusheng Technology) sales revenue decreased in the first half of 2025, but profitability significantly improved, and the Group is confident in its growth potential and will increase strategic investment - Digital marketing business sales revenue was approximately **HKD 186,276 thousand** (2024: **HKD 335,308 thousand**), a decrease[54](index=54&type=chunk) - Jusheng Technology, as a leading Douyin (TikTok) operation service provider in mainland China, offers comprehensive online marketing services[54](index=54&type=chunk) - Despite the decrease in revenue, the segment's profitability significantly improved, contributing positively to overall performance[54](index=54&type=chunk) [Retail Business](index=23&type=section&id=Retail%20Business) Retail business sales revenue sharply declined in the first half of 2025, primarily due to a reduction in physical store count following business restructuring in late 2024 and increased upfront marketing expenses for the Douyin platform; future focus will be on enhancing brand reputation and expanding online channels - Retail business sales revenue was approximately **HKD 2,339 thousand** (2024: **HKD 60,419 thousand**), a significant decrease[55](index=55&type=chunk) - The main reasons were a reduction in the number of physical stores after business restructuring in 2024 and increased upfront marketing expenses for Douyin platform activities[55](index=55&type=chunk) - Retail strategies include enhancing brand reputation, maintaining high product quality, establishing stable supplier relationships, and expanding online channels through dedicated websites and Douyin promotions[55](index=55&type=chunk) [Healthcare and Hotel Business](index=23&type=section&id=Healthcare%20and%20Hotel%20Business) The operating conditions of the healthcare and hotel business have not significantly improved, it is considered a business segment of lower strategic importance, and the Group maintains a conservative outlook on its long-term prospects while exploring monetization opportunities - The healthcare and hotel business operations did not show significant improvement, recording minimal sales revenue during the period[56](index=56&type=chunk) - This business is considered a segment of lower strategic importance, and the Group maintains a conservative outlook on its long-term prospects[56](index=56&type=chunk) - The Group will explore potential opportunities to monetize its business assets[56](index=56&type=chunk) [Outlook](index=23&type=section&id=Outlook) The Group will closely monitor global trade policies, inflation, and exchange rate fluctuations, actively advance a Web 4.0-centric strategic transformation, focusing on AI digital humans and RWA tokenization, seeking development in education, gaming, and big health sectors - The Group will closely monitor global trade policies, high inflation, and exchange rate fluctuations, proactively adjusting strategies and mitigating operational risks[57](index=57&type=chunk) - In the second half of 2025, Ocean Group will steadily advance its Web 4.0-centric strategic transformation, leveraging Artificial Intelligence (AI) digital humans as key technological support and building a new value circulation mechanism through Real World Asset (RWA) tokenization[62](index=62&type=chunk) - The Group will focus on three key areas: education, gaming, and big health, actively promoting data standardization, digital asset representation, and global value synergy[62](index=62&type=chunk) [Silicone Business Outlook](index=24&type=section&id=Silicone%20Business%20Outlook) The silicone business will continue to be a major revenue contributor, simultaneously advancing traditional silicone product manufacturing and the development and application of new environmentally friendly silicone materials to expand market coverage - The silicone business will continue to contribute major revenue to the Group, maintaining high-quality product output and stable cooperative relationships with upstream suppliers and downstream customers[58](index=58&type=chunk) - The Group will strengthen innovation in environmentally friendly silicone materials and upgrade existing production infrastructure to develop next-generation solutions and expand market coverage[58](index=58&type=chunk) - New environmentally friendly silicone products cover categories such as new energy vehicles, photovoltaic components, aerospace materials, medical devices, consumer electronics, and beauty products[58](index=58&type=chunk) [Global Digital Marketing Business Outlook](index=24&type=section&id=Global%20Digital%20Marketing%20Business%20Outlook) Jusheng Technology will continue to expand its leading edge in digital marketing, utilizing cutting-edge technologies to enhance advertising precision and efficiency, strengthen team building, expand cooperation with renowned domestic and international brands, and explore new international market opportunities - Jusheng Technology will continue to expand its leading edge in digital marketing, utilizing more cutting-edge technological means to enhance advertising precision and efficiency[59](index=59&type=chunk) - The company will further strengthen team building, attract more industry experts, form a high-quality service team, and expand cooperation with renowned domestic and international brands[59](index=59&type=chunk) - As the global digital marketing market expands, the company will explore new market opportunities and expand its international business footprint[59](index=59&type=chunk) [Retail Business Outlook](index=24&type=section&id=Retail%20Business%20Outlook) Future retail business strategy will focus on enhancing brand value and maintaining customer loyalty, improving brand awareness through both online and offline channels, optimizing shopping experience, and fostering long-term supplier relationships - The future strategy for the retail business will focus on enhancing brand value and maintaining customer loyalty[60](index=60&type=chunk) - The Group is gradually promoting its own brands through Douyin, enhancing brand awareness via both online and offline channels[60](index=60&type=chunk) - The company will continue to strive to expand market share, enhance brand influence, and provide consumers with a superior shopping experience through innovative business models and services[60](index=60&type=chunk) [Healthcare and Hotel Business Outlook](index=25&type=section&id=Healthcare%20and%20Hotel%20Business%20Outlook) Given the underperformance of the healthcare and hotel business and its unlikelihood of short-term reversal, the Group will continue to monitor opportunities and explore methods to realize the investment value in this segment - Due to the relatively poor performance of the healthcare and hotel business, and the unlikelihood of this underperformance being reversed in the short term[61](index=61&type=chunk) - The Group will continue to monitor opportunities and explore methods to realize the investment value in this segment[61](index=61&type=chunk) [Web 4.0 Strategic Transformation](index=25&type=section&id=Web%204.0%20Strategic%20Transformation) Ocean Group will steadily advance its Web 4.0-centric strategic transformation in the second half of 2025, leveraging AI digital humans as technological support and building a new value circulation mechanism through RWA tokenization, focusing on education, gaming, and big health sectors - In the second half of 2025, Ocean Group will steadily advance its Web 4.0-centric strategic transformation, leveraging Artificial Intelligence (AI) digital humans as key technological support and building a new value circulation mechanism through Real World Asset (RWA) tokenization[62](index=62&type=chunk) - The Group will focus on three key areas: education, gaming, and big health, actively promoting data standardization, digital asset representation, and global value synergy[62](index=62&type=chunk) - The Group extensively collaborates with industry partners to jointly promote the ecological development of AI technology integrated with real-world assets, committed to providing continuous support for the digital transformation of the real economy[62](index=62&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 decreased by **43.5%** year-on-year, but gross profit significantly increased by **66.6%**, with gross margin rising to **21.3%**. Sales and administrative expenses decreased due to cost reduction and efficiency improvements, and loss attributable to owners of the company narrowed by **35.6%** [Revenue](index=25&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately **HKD 290,663 thousand**, a **43.5%** year-on-year decrease, primarily impacted by reduced revenue from retail and digital marketing businesses Revenue Composition and Proportion (For the six months ended June 30) | Business Segment | 2025 Revenue (Thousand HKD) | 2025 Proportion | 2024 Revenue (Thousand HKD) | 2024 Proportion | | :--- | :--- | :--- | :--- | :--- | | Silicone Business | 102,048 | 35.1% | 118,369 | 23.0% | | Digital Marketing Business | 186,276 | 64.1% | 335,300 | 65.2% | | Retail Business | 2,339 | 0.8% | 60,419 | 11.8% | | Healthcare and Hotel | Minimal | – | Minimal | – | | **Total Revenue** | **290,663** | **100%** | **514,096** | **100%** | - Total revenue decreased by **43.5%** compared to the same period in 2024[63](index=63&type=chunk) [Gross Profit](index=25&type=section&id=Gross%20Profit) For the six months ended June 30, 2025, the Group's gross profit was approximately **HKD 61,800 thousand**, a **66.6%** year-on-year increase, with gross margin significantly improving to **21.3%** Gross Profit and Gross Margin (For the six months ended June 30) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Gross Profit | 61,800 | 37,100 | +66.6% | | Gross Margin | 21.3% | 7.3% | +14.0pp | [Expenses](index=26&type=section&id=Expenses) For the six months ended June 30, 2025, sales and distribution expenses decreased by **10.9%**, and administrative expenses decreased by **29.3%**, primarily due to the Group's cost reduction, efficiency improvement, and optimized staffing structure Sales and Administrative Expenses (For the six months ended June 30) | Expense Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Sales and Distribution Expenses | 11,400 | 12,800 | -10.9% | | Administrative Expenses | 44,800 | 63,400 | -29.3% | - The decrease in expenses was primarily due to the Group's implementation of cost reduction and efficiency improvement measures, as well as optimization of its staffing structure[65](index=65&type=chunk) [Loss Attributable to Owners of the Company](index=26&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, loss attributable to owners of the company was approximately **HKD 12,100 thousand**, a **35.6%** year-on-year decrease, with loss per share narrowing, primarily due to the combined impact of reduced retail business revenue and improved profitability in the digital marketing segment Loss Attributable to Owners of the Company and Loss Per Share (For the six months ended June 30) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | 12,100 | 18,800 | -35.6% | | Loss Per Share (HK cents) | 8.45 | 14.41 | -41.36% | - The decrease in loss was primarily due to a significant decline in retail business revenue leading to tighter gross margins, and a notable improvement in the profitability of the digital marketing segment[66](index=66&type=chunk) [Cash Flow and Financial Resources](index=26&type=section&id=Cash%20Flow%20and%20Financial%20Resources) The Group's primary source of funds is cash generated from operating activities, working capital remains stable, but cash and cash equivalents decreased, liquidity and quick ratios slightly improved, and the gearing ratio increased - The Group's primary source of funds is cash generated from operating activities, and its working capital remains stable[67](index=67&type=chunk) Cash Flow and Financial Ratios (As of June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Cash and cash equivalents (Thousand HKD) | 7,304 | 18,939 | | Current Ratio | 0.78 | 0.75 | | Quick Ratio | 0.73 | 0.69 | | Gearing Ratio | 5.42 | 4.42 | [Risk Factors](index=26&type=section&id=Risk%20Factors) The Group faces various risks, including raw material price volatility and market demand changes in the silicone and retail businesses, internet regulatory policies and client relationship dependency in digital marketing, intense industry competition across all segments, credit risk due to tight liquid assets, and event risks such as natural disasters or industrial accidents [Business Risks](index=26&type=section&id=Business%20Risks) Silicone and retail businesses are affected by raw material price fluctuations and market demand, while digital marketing is influenced by internet regulatory policies and the stability of client relationships - The performance of the silicone business and retail business is primarily affected by market price fluctuations of raw materials/goods and market demand for finished products[69](index=69&type=chunk) - The digital marketing business is influenced to some extent by internet regulatory policies and relies on the continuous stability of client relationships[69](index=69&type=chunk) [Industry Risks](index=27&type=section&id=Industry%20Risks) All of the Group's business segments operate in highly competitive industries, and failure to compete successfully could lead to a decrease in business scale and a contraction in operating performance - All of the Group's business segments operate in highly competitive industries, facing competition from other products, brands, and online platforms[70](index=70&type=chunk) - If the Group fails to compete successfully with existing or new competitors, it may lead to a decrease in the scale of existing businesses and a contraction in operating performance[70](index=70&type=chunk) [Credit Risk](index=27&type=section&id=Credit%20Risk) As of June 30, 2025, the Group's total current assets were lower than total current liabilities, bank balances and cash on hand were tight, posing a risk of difficulty in repaying short-term debts if receivables are not fully recovered - As of June 30, 2025, the Group's total current assets were approximately **HKD 485,900 thousand**, and total current liabilities were approximately **HKD 619,400 thousand**[71](index=71&type=chunk) - The Group's bank balances and cash on hand are relatively tight compared to its current liabilities[71](index=71&type=chunk) - If receivables are not fully recovered, the Group may not have sufficient resources to repay its short-term debts when due[71](index=71&type=chunk) [Event Risks](index=27&type=section&id=Event%20Risks) Unexpected events such as natural disasters or industrial accidents could negatively impact the company's operating results and financial position, disrupting operations, increasing costs, and exacerbating other risks, with no guarantee that corresponding measures will be adequate - Event risk refers to the risk of unexpected events such as natural disasters or industrial accidents negatively impacting the company's operating results and financial position[72](index=72&type=chunk) - Such events could disrupt the Group's operations, increase prices of raw materials and outsourced services, and exacerbate other risks and uncertainties faced by the Group[72](index=72&type=chunk) [Capital Structure](index=27&type=section&id=Capital%20Structure) On May 26, 2025, the company completed a share consolidation, merging every ten shares of **HKD 0.1** par value into one share of **HKD 1.0** par value, and on June 9, 2025, issued **12,000,000** new shares under general mandate, bringing the total issued shares to **143,346,700** - On May 26, 2025, the company held an extraordinary general meeting to approve the consolidation of every ten issued and unissued ordinary shares of **HKD 0.1** par value in the company's share capital into one consolidated share of **HKD 1.0** par value[73](index=73&type=chunk) - The share consolidation became effective on May 28, 2025, and the total number of issued shares of the company became **131,346,700** shares[73](index=73&type=chunk) - On June 9, 2025, the company completed a share subscription under general mandate, issuing a total of **12,000,000 shares**, changing the total number of issued shares of the company to **143,346,700** shares[73](index=73&type=chunk) [Use of Proceeds from Share Subscription](index=27&type=section&id=Use%20of%20Proceeds%20from%20Share%20Subscription) The net proceeds from the share subscription on June 9, 2025, approximately **HKD 12,000 thousand**, were fully utilized to support digital marketing business development (including hardware, software, working capital), the Group's general working capital, and legal and professional fees - The net proceeds from the subscription were approximately **HKD 12,000,000**, intended to support the Group's further business development, including but not limited to its digital marketing business[75](index=75&type=chunk) - Specific uses include purchasing digital marketing hardware and equipment (**HKD 4,000 thousand**), developing digital marketing system software (**HKD 2,000 thousand**), general working capital for digital marketing business (**HKD 1,000 thousand**), legal and professional fees (**HKD 1,000 thousand**), and the Group's general working capital (**HKD 4,000 thousand**)[75](index=75&type=chunk) - For the six months ended June 30, 2025, the net proceeds have been fully utilized according to their intended purposes[76](index=76&type=chunk) [Pledge of Assets](index=28&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had capital commitments of approximately **HKD 8,600 thousand** primarily for expanding silicone business capacity, and pledged approximately **HKD 79,800 thousand** in land and buildings, investment properties, right-of-use assets, and trade receivables as collateral for borrowings - The Group's contracted capital commitments not yet provided for in the financial statements as of June 30, 2025, amounted to approximately **HKD 8,600 thousand**, primarily related to expanding silicone business capacity[77](index=77&type=chunk) - As of June 30, 2025, the Group pledged certain land and buildings, investment properties, right-of-use assets, and trade receivables totaling approximately **HKD 79,800 thousand** as collateral for the Group's borrowings[77](index=77&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group was not aware of any significant contingent liabilities - As of June 30, 2025, the Group was not aware of any significant contingent liabilities[78](index=78&type=chunk) [Material Investments, Acquisitions and Disposals](index=28&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) Except as disclosed in this report, the Group had no material investments, acquisitions, or disposals of any subsidiaries, associates, or joint ventures for the six months ended June 30, 2025 - Except as disclosed in this report, the Group had no material investments, acquisitions, or disposals of any subsidiaries, associates, or joint ventures for the six months ended June 30, 2025[79](index=79&type=chunk) [Post Balance Sheet Events](index=28&type=section&id=Post%20Balance%20Sheet%20Events) On July 3, 2025, the company entered into subscription agreements with five subscribers, conditionally agreeing to subscribe for **28,660,000 shares**, and completed a partial share subscription on August 19, 2025, issuing **8,670,000 shares** - On July 3, 2025, the company entered into subscription agreements with five subscribers, whereby the subscribers conditionally agreed to subscribe for, and the company conditionally agreed to allot and issue, a total of **28,660,000 subscription shares** at a subscription price of **HKD 1.20** per subscription share under general mandate[80](index=80&type=chunk) - As of the date of this report, the company completed a partial share subscription on August 19, 2025, under general mandate, issuing a total of **8,670,000 shares**[80](index=80&type=chunk) [Future Plans for Material Investments or Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Except as disclosed in this report, as of June 30, 2025, the Group had no specific plans for any material investments or capital assets - Except as disclosed in this report, as of June 30, 2025, the Group had no specific plans for any material investments or capital assets[81](index=81&type=chunk) [Currency Management and Treasury Policy](index=29&type=section&id=Currency%20Management%20and%20Treasury%20Policy) The Group's cash income and costs are primarily denominated in USD, HKD, GBP, and RMB, with fluctuations in RMB and GBP impacting profitability. The Group closely monitors currency trends but did not enter into any hedging financial instruments during the period - The Group's cash income is denominated in USD, HKD, GBP, and RMB, while labor costs, manufacturing overheads, sales, and administrative expenses are primarily negotiated, measured, and settled in RMB, HKD, and GBP[82](index=82&type=chunk) - Fluctuations in RMB and GBP will impact the Group's profitability[82](index=82&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any financial instruments for hedging purposes[82](index=82&type=chunk) [Human Resources and Remuneration Policy](index=29&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) The Group values experienced employees, provides on-the-job and continuous professional training, offers competitive remuneration packages and benefits, and employed **694 staff** as of June 30, 2025 - Experienced workers, engineers, and professionals are crucial to the Group, which provides on-the-job training and encourages employees to participate in continuous professional development[83](index=83&type=chunk) - The Group offers competitive remuneration packages to all employees, including quality staff accommodation, training, medical, insurance, and retirement benefits[83](index=83&type=chunk) - As of June 30, 2025, the Group employed **694 permanent and temporary staff** (December 31, 2024: **715 staff**)[83](index=83&type=chunk) [Interim Dividends](index=29&type=section&id=Interim%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[84](index=84&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers additional corporate information, including governance practices, directors' and shareholders' interests, and audit committee review [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The company is committed to maintaining high corporate governance standards and complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for the first half of 2025, but noted non-compliance regarding independent non-executive directors' attendance at general meetings and the composition of the Board/Audit Committee - The company has complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the six months ended June 30, 2025[85](index=85&type=chunk) - Non-executive Director Mr. Han Lei was unable to attend the company's annual general meeting held on June 27, 2025, due to other work commitments[85](index=85&type=chunk) - The company failed to comply with Listing Rule 3.10(1) (the board must include at least three independent non-executive directors) and Rule 3.21 (the audit committee must comprise at least three members) and is seeking suitable candidates to fill the vacancies[86](index=86&type=chunk) [Standard Code for Securities Transactions by Directors](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code for the six months ended June 30, 2025 - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[87](index=87&type=chunk) - Each director confirmed compliance with the Standard Code for the six months ended June 30, 2025[87](index=87&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=31&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Ms. Shi Qi held a **55.59%** long position and a **45.68%** short position in the company through a controlled corporation, while Mr. Hu Jiangbing held a **0.06%** long position Directors' and Chief Executive's Interests (As of June 30) | Name | Nature of Interest | Total Number of Shares / Underlying Shares Held | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Ms. Shi Qi | Interest in controlled corporation | 79,687,549 (Long Position) | 55.59% | | | | 65,481,060 (Short Position) | 45.68% | | Mr. Hu Jiangbing | Beneficial owner | 85,000 (Long Position) | 0.06% | - Ms. Shi Qi's interests are held through Lyton Maison Limited, with **65,481,060 shares** pledged to Mason Resources Finance Limited[89](index=89&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=32&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Lyton Maison Limited was a substantial shareholder, holding a **55.59%** long position and a **45.68%** short position, with a portion of shares pledged to Mason Resources Finance Limited, which, along with its parent company Mason Group Holdings Limited, consequently held a security interest Substantial Shareholders' Interests (As of June 30) | Name | Nature of Interest | Total Number of Shares / Underlying Shares Held | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Lyton Maison Limited | Beneficial owner | 79,687,549 (Long Position) | 55.59% | | | | 65,481,060 (Short Position) | 45.68% | | Mason Resources Finance Limited | Person with security interest in shares | 65,481,060 (Long Position) | 45.68% | | Mason Group Holdings Limited | Interest in controlled corporation | 65,481,060 (Long Position) | 45.68% | - Of the **79,687,549 shares** held by Lyton Maison Limited, **65,481,060 shares** are pledged to Mason Resources Finance Limited[91](index=91&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) 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 - 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[92](index=92&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) For the six months ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed under the company's share option scheme, and there were no outstanding share options - For the six months ended June 30, 2025, no share options or securities were granted, exercised, cancelled, or lapsed under the scheme[93](index=93&type=chunk) - As of January 1, 2025, and June 30, 2025, there were no outstanding share options under the scheme[93](index=93&type=chunk) [Audit Committee and Review of Financial Statements](index=33&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that they have been prepared in accordance with applicable accounting standards, Listing Rules, and statutory provisions, with adequate disclosures - The Audit Committee comprises Mr. Chen Shaoda (Chairman) and Dr. Feng Xin, both independent non-executive directors[94](index=94&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the company with management and discussed financial reporting matters[94](index=94&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that the consolidated financial statements have been prepared in accordance with applicable accounting standards, Listing Rules, and statutory provisions, with adequate disclosures[94](index=94&type=chunk)

目錄 | 2 | 公司資料 | | --- | --- | | 3 | 財務摘要 | | 4 | 簡明綜合損益及其他全面收入表 | | 5 | 簡明綜合財務狀況表 | | 7 | 簡明綜合權益變動表 | | 8 | 簡明綜合現金流量表 | | 9 | 簡明綜合財務資料附註 | | 23 | 管理層討論與分析 | | 29 | 其他資料 | 公司資料 執行董事 Thomas Berg先生 （主席） Morten Rosholm Henriksen先生 （於二零二五年二月二十八日辭任） 薛雅麗女士 （行政總裁） Jan Ankersen先生（於二零二五年二月二十八日獲委任） 獨立非執行董事 曾慶煊先生 黃繼興先生 陳霆畧先生 審核委員會 曾慶煊先生 （主席） 黃繼興先生 陳霆畧先生 提名委員會 Thomas Berg先生 （主席） 黃繼興先生 曾慶煊先生 陳霆畧先生 薛雅麗女士（於二零二五年六月二十日獲委任） 薪酬委員會 黃繼興先生 （主席） Thomas Berg先生 曾慶煊先生 陳霆畧先生 薛雅麗女士 倪子軒先生 授權代表 薛雅麗女士 倪子軒先生 核數師 栢淳會計師事務所有限公司 執業會計師 註冊公眾利益實體 ...

中期報告 2025 INTERIM REPORT 2025 1 新龍國際集團有限公司 | 目錄 | | --- | | 2 | 公司資料 | | --- | --- | | 3 | 主席兼行政總裁致辭 | | 6 | 簡明綜合損益表 | | 7 | 簡明綜合損益及其他全面收益表 | | 8 | 簡明綜合財務狀況表 | | 10 | 簡明綜合權益變動表 | | 12 | 簡明綜合現金流轉表 | | 13 | 簡明綜合財務報表附註 | | 29 | 中期股息 | | 29 | 財務回顧及分析 | | 31 | 其他資料 | 二零二五年中期報告 新龍國際集團有限公司 2 公司資料 董事 執行董事： 林家名 （主席兼行政總裁） 林惠海 （副主席） 林慧蓮 林郁磊 林易 | 獨立非執行董事： | | --- | | 吳思煒 | | 杜珠聯 | | 朱頌儀 | | 陳嫦萍（於二零二五年八月十七日辭任） | 公司秘書 趙麗珍 註冊辦事處 Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda 主要營業地點 香港 皇后大道中九號 803室 電話： ...

ClouDr Group Limited 智雲健康科技集團* （於開曼群島註冊成立的有限公司） 股份代號 : 9955 2025 2025 中期報 告 Interim Report * ClouDr Group Limited 智雲健康科技集團* (Incorporated in the Cayman Islands with limited liability) Stock Code: 9955 * For identification purpose only 智雲健康科技集團 ClouDr Group Limited* Interim Report 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 業務回顧與展望 | 5 | | 管理層討論及分析 | 15 | | 企業管治及其他資料 | 23 | | 綜合損益表 | 37 | | 綜合損益及其他全面收益表 | 38 | | 綜合財務狀況表 | 39 | | 綜合權益變動表 | 41 | | 簡明綜合現金流量表 | 43 | | 未經審核中期財務報告附註 | 45 | | 釋義 | 64 | 公 ...

2025 中期報告 | 公司資料 | 2 | | --- | --- | | 財務資料概要 | 4 | | 管理層討論與分析 | 6 | | 其他資料 | 28 | | 簡明綜合財務報表審閱報告 | 49 | | 簡明綜合損益及其他全面收益表 | 51 | | 簡明綜合財務狀況表 | 53 | | 簡明綜合權益變動表 | 55 | | 簡明綜合現金流量表 | 57 | | 簡明綜合財務報表附註 | 60 | | 釋義 | 103 | 公司資料 董事會 執行董事 許彥清女士 （主席） 王力行先生 杜永波先生 非執行董事 林寧先生 （於開曼群島註冊成立的有限公司） 股份代號：1911 香港九龍柯士甸道西1號 環球貿易廣場8 1樓8107-08室 +852 2287 1600 info@chinarenaissance.com 目錄 獨立非執行董事 陳嘉麗女士 肇越先生 梁暉先生 FU Frank Kan先生 審計委員會 陳嘉麗女士 （主席） 肇越先生 梁暉先生 FU Frank Kan先生 薪酬委員會 梁暉先生 （主席） 許彥清女士 肇越先生 FU Frank Kan先生 提名委員會 許彥清女士 （主席） 陳嘉麗 ...

目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 13 | | 簡明綜合全面收益表 | 18 | | 簡明綜合資產負債表 | 19 | | 簡明綜合權益變動表 | 22 | | 簡明綜合現金流量表 | 24 | | 中期簡明綜合財務資料附註 | 25 | 公司資料 董事會 主席兼執行董事 審核委員會 劉霄曄女士（主席） 田強先生 韋禕先生 欒林江先生（辭職自2025年9月1日起生效） 欒小龍先生（ 首 席 執 行 官 ）（ 獲 委 任 為 主 席 ， 自2025年9月1日起生效） 執行董事 欒林新先生 徐歡霞女士（委任自2025年9月1日起生效） 非執行董事 呂振邦先生（委任自2025年9月1日起生效） 獨立非執行董事 韋禕先生 田強先生 劉霄曄女士 董事委員會 薪酬委員會 田強先生（主席） 韋禕先生 欒小龍先生 提名委員會 欒林江先生（主席）（辭職自2025年9月1日起生效） 欒小龍先生（獲委任為主席，自2025年9月1日起 生效） 田強先生 劉霄曄女士 風險管理委員會 劉霄曄女士（主席） 欒小龍先生 韋禕先生 環境、社會及管治委員會 ...

中期報告 2025 INTERIM REPORT 2025 1 新龍國際集團有限公司 | 目錄 | | --- | | 2 | 公司資料 | | --- | --- | | 3 | 主席兼行政總裁致辭 | | 6 | 簡明綜合損益表 | | 7 | 簡明綜合損益及其他全面收益表 | | 8 | 簡明綜合財務狀況表 | | 10 | 簡明綜合權益變動表 | | 12 | 簡明綜合現金流轉表 | | 13 | 簡明綜合財務報表附註 | | 29 | 中期股息 | | 29 | 財務回顧及分析 | | 31 | 其他資料 | 二零二五年中期報告 新龍國際集團有限公司 2 公司資料 Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda 主要營業地點 香港 皇后大道中九號 803室 電話： (852) 2138 3938 傳真： (852) 2138 3928 股份代號 00529 投資者資訊 www.sisinternational.com.hk enquiry@sis.com.hk 董事 執行董事： 林家名 （主席兼行政總裁） 林惠海 ...

Mirxes Holding Company Limited 股份代號 : 2629 （於開曼群島註冊成立的有限責任公司） C M Y CM MY CY CMY K Mirxes Holding Company Limited (Incorporated in the Cayman Islands with limited liability) Stock Code : 2629 「CRC-1」 指 CRC-1為一種我們正在開發的用於結直腸癌篩查的基於miRNA 的檢測試劑盒 2025年中期報告 Mirxes Holding Company Limited 2 「無症狀」 指 並無產生或顯示症狀 「審核委員會」 指 董事會審核委員會 「BC-1」 指 BC-1為一種根據我們專有RT-qPCR技術用於乳腺癌篩查的基於 miRNA的檢測 「董事會」 指 本公司董事會 「乳腺癌」 指 自乳房發展而來的癌症 「癌症篩查」 指 對並無明顯癌症症狀的個體進行檢查或檢測，以確定此類疾病 的任何潛在跡象或早期階段 「CE-IVD證」 指 表明符合歐盟體外診斷醫療器械法規(IVDR 2017/746)的認證標 誌，其概述有關I ...

中期報告 2025 INTERIM REPORT 2025 中期報告 Hygieia Group Limited 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 8 | | 綜合損益及其他全面收益表 | 12 | | 綜合財務狀況表 | 13 | | 綜合權益變動表 | 14 | | 綜合現金流量表 | 15 | | 綜合財務資料附註 | 16 | 釋 義 25 Hygieia Group Limited （於開曼群島註冊成立的有限公司） 股份代號：1650 授權代表 卓榮貴先生 劉仲緯先生 公司秘書 劉仲緯先生 審核委員會 公司資料 董事會 執行董事 卓榮貴先生 Peh Poon Chew先 生 卓麗秋女士 獨立非執行董事 王旭先生 劉振榮先生 梁志恒先生 王旭先生 （主席） 劉振榮先生 梁志恒先生 薪酬委員會 梁志恒先生 （主席） 王旭先生 劉振榮先生 提名委員會 劉振榮先生 （主席） 王旭先生 梁志恒先生 卓麗秋女士 （由 2025年 8月 28日起獲委任） 註冊辦事處 Cricket Square Hutchins Drive ...

[Definitions](index=4&type=section&id=1.%20Definitions) [Definitions of Key Terms](index=4&type=section&id=1.%20Definitions) This chapter defines key terms including financial asset management companies, debt-to-equity swaps, and non-performing loans, essential for report comprehension - The report defines several key terms, including financial asset management companies, debt-to-equity swaps, and non-performing loans, providing a foundation for readers to understand the report content[7](index=7&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's legal name is "China CITIC Financial Asset Management Co., Ltd.", abbreviated as "CITIC Financial Asset"[7](index=7&type=chunk) [Company Overview](index=7&type=section&id=2.%20Company%20Overview) [Company Profile](index=7&type=section&id=2.%20Company%20Overview) This chapter provides core identification details, including the company's registration information, legal representative, and H-share listing particulars Company Basic Information | Indicator | Content | | :--- | :--- | | Legal Chinese Name | 中國中信金融資產管理股份有限公司 | | Legal English Name | China CITIC Financial Asset Management Co., Ltd. | | Legal Representative | Liu Zhengjun | | Company Secretary | Wang Yongjie | | Registered Address | No. 8 Financial Street, Xicheng District, Beijing, China | | H-share Listing Exchange | The Stock Exchange of Hong Kong Limited | | Stock Code | 2799 | [Financial Summary](index=9&type=section&id=3.%20Financial%20Summary) [Group Financial Performance and Position](index=9&type=section&id=3.%20Financial%20Summary) This chapter presents the Group's unaudited consolidated financial data for the six months ended June 30, 2025, showing a profit of RMB 5,506.1 million and profit attributable to shareholders of RMB 6,167.6 million, with total assets reaching RMB 1,010,933.3 million Key Financial Data for the Six Months Ended June 30, 2025 (RMB million) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | **Income Statement** | | | | Total Revenue | 31,136.4 | 30,257.0 | | Total Expenses | (35,121.0) | (28,756.9) | | Profit Before Tax from Continuing Operations | 5,044.7 | 4,752.8 | | Profit for the Period from Continuing Operations | 5,506.1 | 4,599.4 | | Profit for the Period | 5,506.1 | 5,272.2 | | Attributable to Shareholders of the Company | 6,167.6 | 5,332.3 | | **Financial Ratios** | | | | Annualized Average Return on Equity | 21.1% | 21.2% | | Annualized Average Return on Assets | 1.1% | 1.0% | | Basic Earnings Per Share (RMB) | 0.066 | 0.056 | | Diluted Earnings Per Share (RMB) | 0.066 | 0.056 | Financial Position as of June 30, 2025 (RMB million) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 1,010,933.3 | 984,328.6 | | Total Liabilities | 958,001.9 | 934,564.3 | | Total Equity | 52,931.4 | 49,764.3 | | Equity Attributable to Shareholders of the Company | 60,277.7 | 56,495.6 | [Management Discussion and Analysis](index=12&type=section&id=4.%20Management%20Discussion%20and%20Analysis) [Economic, Financial and Regulatory Environment](index=12&type=section&id=4.1%20Economic,%20Financial%20and%20Regulatory%20Environment) In the first half of 2025, global economic growth weakened amid geopolitical uncertainties, while China's economy maintained overall stability and positive momentum, with financial regulators guiding AMCs to focus on core business and address risks, creating structural opportunities - In the first half of 2025, global economic growth momentum weakened, with the International Monetary Fund projecting global economic growth at **2.8%**, a **0.5 percentage point decrease** from 2024[23](index=23&type=chunk) - China's economy achieved a GDP of **RMB 66.1 trillion** in the first half, growing by **5.3% year-on-year**, maintaining overall stability and positive momentum[23](index=23&type=chunk) - The National Financial Regulatory Administration guides financial asset management companies to focus on their core non-performing asset business, deepen specialized and differentiated development, and implement policies supporting large-scale equipment renewal, consumer goods trade-ins, urban renewal, and capital market stability, creating development opportunities for the industry[25](index=25&type=chunk)[27](index=27&type=chunk) [Financial Statement Analysis](index=13&type=section&id=4.2%20Financial%20Statement%20Analysis) This chapter analyzes the Group's operating performance and financial position for the first half of 2025, showing a 21.1% increase in total revenue, a 15.7% rise in net profit attributable to shareholders, and optimized asset and liability structures enhancing risk resilience Group Operating Performance Overview for H1 2025 (RMB million) | Indicator | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Revenue | 40,221.0 | 33,213.0 | 21.1% | | Net Profit Attributable to Shareholders of the Company | 6,168.0 | 5,332.3 | 15.7% | | Annualized Average Return on Equity | 21.1% | 18.4% | Increased by 2.7 percentage points | | Annualized Average Return on Assets | 1.1% | 0.75% | Increased by 0.35 percentage points | | Basic Earnings Per Share (RMB) | 0.066 | 0.056 | - | [Total Revenue from Continuing Operations](index=15&type=section&id=4.2.1.1%20Total%20Revenue%20from%20Continuing%20Operations) In the first half of 2025, the Group's total revenue from continuing operations increased, primarily due to significant gains from investments in associates, despite declines in fair value changes of certain financial assets Major Components of Total Revenue from Continuing Operations (RMB million) | Revenue Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 4,444.5 | 4,428.7 | 0.4% | | Fair Value Changes of Non-performing Debt Assets | 309.5 | 2,316.9 | (86.6%) | | Fair Value Changes of Other Financial Assets and Liabilities | 1,406.2 | 13,933.4 | (89.9%) | | Income from Non-performing Debt Assets | 3,786.5 | 7,861.0 | (51.8%) | | Other Income and Other Net Gains/(Losses) | 18,833.1 | 837.5 | 2,148.7% | | Of which: Gains/(Losses) from Investments in Associates and Joint Ventures | 21,317.9 | (10.5) | 203,127.6% | | Total Revenue | 31,136.4 | 30,257.0 | 2.9% | - Interest income increased by **0.4% year-on-year**, primarily from debt instruments measured at amortized cost, excluding non-performing debt assets[35](index=35&type=chunk) - Realized gains from fair value changes of non-performing debt assets increased by **101.6% year-on-year**, but unrealized fair value change losses of **RMB 1,411.6 million** led to a significant overall decrease in fair value changes[37](index=37&type=chunk)[39](index=39&type=chunk) - Fair value changes of other financial assets and liabilities showed significant year-on-year fluctuations due to changes in asset structure and capital market volatility[40](index=40&type=chunk) - Other income and other net gains increased significantly, mainly attributable to gains from investments in associates and joint ventures[44](index=44&type=chunk) [Total Expenses from Continuing Operations](index=18&type=section&id=4.2.1.2%20Total%20Expenses%20from%20Continuing%20Operations) In the first half of 2025, total expenses from continuing operations increased by 22.1% to RMB 35,121.0 million, driven by higher credit and other asset impairment losses, partially offset by lower interest and operating expenses Major Components of Total Expenses from Continuing Operations (RMB million) | Expense Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Interest Expense | (14,388.7) | (16,404.7) | (12.3%) | | Operating Expenses | (1,934.2) | (2,265.2) | (14.6%) | | Credit Impairment Losses | (16,856.7) | (9,766.6) | 72.6% | | Other Asset Impairment Losses | (1,851.8) | (217.2) | 752.6% | | Total Expenses | (35,121.0) | (28,756.9) | 22.1% | - Interest expense decreased by **12.3% year-on-year**, primarily due to proactive expansion of financing sources, optimization of liability structure, and reduction in average financing costs[48](index=48&type=chunk) - Credit impairment losses significantly increased by **72.6%** to **RMB 16,856.7 million**, but the overall provision coverage ratio for debt instruments measured at amortized cost and at fair value through other comprehensive income was **270%**, indicating enhanced risk resilience[53](index=53&type=chunk) - Other asset impairment losses significantly increased by **752.6%**, mainly from impairment provisions for inventories, interests in associates and joint ventures, and assets taken in lieu of debt[55](index=55&type=chunk) [Income Tax Benefit/(Expense) from Continuing Operations](index=22&type=section&id=4.2.1.3%20Income%20Tax%20Benefit%2F%28Expense%29) In the first half of 2025, the Group's income tax from continuing operations shifted from an expense to a benefit, primarily due to changes in China corporate income tax and deferred income tax Income Tax Benefit/(Expense) from Continuing Operations (RMB million) | Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Current Income Tax | (158.4) | (1,014.8) | (84.4%) | | Deferred Income Tax | 619.8 | 861.4 | (28.0%) | | Total | 461.4 | (153.4) | (400.8%) | [Segment Operating Performance](index=22&type=section&id=4.2.1.4%20Segment%20Operating%20Performance) The Group's business is divided into non-performing asset management and asset management and investment segments, with the former being the primary source of revenue and profit, showing significant growth in both, while the latter's revenue decreased but assets slightly increased Total Revenue by Business Segment (RMB million) | Segment | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Non-performing Asset Business Segment | 30,597.8 | 19,326.9 | 58.3% | | Asset Management and Investment Segment | 1,803.4 | 12,102.0 | (85.1%) | | Total | 31,136.4 | 30,257.0 | 2.9% | Profit/(Loss) Before Tax by Business Segment (RMB million) | Segment | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Non-performing Asset Business Segment | 12,140.9 | 1,950.8 | 522.4% | | Asset Management and Investment Segment | (6,654.0) | 3,237.0 | (305.6%) | | Total | 5,044.7 | 4,752.8 | 6.1% | - The non-performing asset business segment's total revenue increased by **58.3%** and profit before tax by **522.4%**, making it the primary contributor to the Group's revenue and profit[65](index=65&type=chunk) [Group Financial Position](index=24&type=section&id=4.2.2%20Group%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by 2.7% to RMB 1,010,933.3 million, total liabilities increased by 2.5% to RMB 958,001.9 million, and total equity increased by 6.4% to RMB 52,931.4 million Group Financial Position Overview (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1,010,933.3 | 984,328.6 | 2.7% | | Total Liabilities | 958,001.9 | 934,564.3 | 2.5% | | Total Equity | 52,931.4 | 49,764.3 | 6.4% | [Assets](index=26&type=section&id=4.2.2.1%20Assets) As of June 30, 2025, the Group's total assets increased by 2.7% from the end of the previous year, with significant growth in financial assets at fair value through profit or loss, interests in associates and joint ventures, and equity instruments at fair value through other comprehensive income, while deposits with financial institutions and debt instruments at amortized cost decreased - Deposits with financial institutions amounted to **RMB 63,631.2 million**, a **27.3% decrease** from the end of the previous year[72](index=72&type=chunk) - Financial assets at fair value through profit or loss amounted to **RMB 354,169.6 million**, a **4.8% increase** from the end of the previous year, mainly due to the growth in acquisition and disposal of non-performing debt assets, unlisted equity instruments, trust products, and bonds[76](index=76&type=chunk) - Equity instruments at fair value through other comprehensive income amounted to **RMB 4,816.3 million**, a **190.1% increase** from the end of the previous year, primarily due to the growth in listed equity investments[82](index=82&type=chunk) - The carrying value of debt instruments at amortized cost was **RMB 229,707.7 million**, a **6.2% decrease** from the end of the previous year, mainly due to proactive adjustment of asset structure, but the carrying value of other debt instruments at amortized cost increased by **6.7%**[87](index=87&type=chunk)[89](index=89&type=chunk) - Interests in associates and joint ventures amounted to **RMB 260,246.2 million**, a **20.3% increase** from the end of the previous year[91](index=91&type=chunk) [Liabilities](index=32&type=section&id=4.2.2.2%20Liabilities) As of June 30, 2025, the Group's total liabilities increased by 2.5% from the end of the previous year, with an increase in borrowings and a decrease in bonds and notes payable, further optimizing the liability structure - Borrowings amounted to **RMB 752,294.4 million**, a **6.5% increase** from the end of the previous year, maintaining stable financing scale and further optimizing the liability structure[93](index=93&type=chunk) - Bonds and notes payable amounted to **RMB 152,910.4 million**, a **7.0% decrease** from the end of the previous year[94](index=94&type=chunk) [Contingent Liabilities](index=32&type=section&id=4.2.3%20Contingent%20Liabilities) As of June 30, 2025, the Group had pending litigation cases as a defendant with a total claim amount of RMB 3,150.0 million, for which a provision of RMB 636.0 million has been made, and the Board believes these will not materially impact the Group's financial position or operations Contingent Liabilities (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Claim Amount of Pending Litigation Cases | 3,150.0 | 2,746.0 | | Provision for Contingent Liabilities | 636.0 | 552.9 | [Differences Between Financial Statements Prepared Under CAS and IFRS](index=33&type=section&id=4.2.4%20Differences%20Between%20Financial%20Statements%20Prepared%20Under%20CAS%20and%20IFRS) This chapter discloses the differences in net profit attributable to shareholders between the Group's financial statements prepared under China Accounting Standards and International Financial Reporting Standards, primarily due to differing accounting treatments for passive dilution of equity in associates and joint ventures Differences in Net Profit Attributable to Shareholders of the Company (RMB million) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Under China Accounting Standards | 8,889.3 | 5,332.3 | | Adjustment for Passive Dilution of Equity in Associates and Joint Ventures | (2,721.7) | – | | Under International Financial Reporting Standards | 6,167.6 | 5,332.3 | - The main difference lies in the treatment of changes in the carrying value of long-term equity investments resulting from passive dilution of equity in associates and joint ventures: China Accounting Standards recognize it in owners' equity, while International Financial Reporting Standards recognize it in profit or loss for the current period[97](index=97&type=chunk) [Business Overview](index=34&type=section&id=4.3%20Business%20Overview) This chapter outlines the Group's performance in non-performing asset management and asset management and investment, with significant growth in revenue and profit for the former, driven by distressed asset revitalization and equity investments, while the latter saw a revenue decrease but strong international company performance, all supported by business synergy and talent strategy Total Revenue and Profit/(Loss) Before Tax by Continuing Operations Business Segment (RMB million) | Item | 2025 Amount | 2025 Proportion | 2024 Amount | 2024 Proportion | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | | | | | | Non-performing Asset Business Segment | 30,597.8 | 98.3% | 19,326.9 | 63.9% | | Asset Management and Investment Segment | 1,803.4 | 5.8% | 12,102.0 | 40.0% | | Total | 31,136.4 | 100.0% | 30,257.0 | 100.0% | | **Profit/(Loss) Before Tax** | | | | | | Non-performing Asset Business Segment | 12,140.9 | 240.7% | 1,950.8 | 41.0% | | Asset Management and Investment Segment | (6,654.0) | (131.9%) | 3,237.0 | 68.1% | | Total | 5,044.7 | 100.0% | 4,752.8 | 100.0% | [Non-performing Asset Business](index=35&type=section&id=4.3.1%20Non-performing%20Asset%20Business) In the first half of 2025, the Group's non-performing asset business segment proactively adjusted its structure, significantly expanded distressed asset revitalization, and reduced traditional acquisition and restructuring, resulting in a 2.7% increase in total assets and a 58.3% surge in total revenue, indicating continuous progress in core business transformation - The non-performing asset business segment's total assets amounted to **RMB 856,056.5 million**, a **2.7% increase** from the end of the previous year[102](index=102&type=chunk) - The non-performing asset business segment's total revenue amounted to **RMB 30,597.8 million**, a **58.3% increase** year-on-year[102](index=102&type=chunk) [Acquisition and Disposal Business](index=37&type=section&id=4.3.1.1%20Acquisition%20and%20Disposal%20Business) The company's acquisition and disposal capabilities continued to improve, with new acquisition costs increasing by 52.9% to RMB 23,536.7 million and realized gains surging by 180.8% to RMB 1,690.7 million in the first half, optimizing asset allocation with a focus on key economic regions Acquisition and Disposal Business Key Data (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | New Acquisition Costs | 23,536.7 | 15,398.4 | | Realized Gains | 1,690.7 | 602.2 | | Balance of Non-performing Debt Assets at Period End | 190,633.0 | 185,921.1 | - New acquisition costs increased by **52.9% year-on-year**, and realized gains increased by **180.8% year-on-year**[109](index=109&type=chunk) - Non-performing debt assets acquired from the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions accounted for **74.1%** of new acquisitions[113](index=113&type=chunk) [Distressed Asset Revitalization Business](index=38&type=section&id=4.3.1.2%20Distressed%20Asset%20Revitalization%20Business) The company's distressed asset revitalization business continued to grow, with new investments increasing by 43.6% to RMB 38,924.5 million and revenue rising by 65.5% to RMB 4,227.3 million in the first half, expanding its asset balance by 19.9% primarily in economically developed regions, with real estate remaining the main sector Distressed Asset Revitalization Business Key Data (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | New Investments | 38,924.5 | 27,099.2 | | Distressed Asset Revitalization Business Revenue | 4,227.3 | 2,555.0 | | Asset Balance at Period End | 151,257.7 | 126,170.9 | - New investments increased by **43.6% year-on-year**, and revenue increased by **65.5% year-on-year**[120](index=120&type=chunk) - The asset balance of distressed asset revitalization projects primarily targeted the Bohai Rim region, Yangtze River Delta, and Pearl River Delta regions, accounting for **65.7%**[122](index=122&type=chunk) - The real estate industry accounted for the highest proportion of distressed asset revitalization projects, at **32.8%**[126](index=126&type=chunk) [Equity Investment Business](index=41&type=section&id=4.3.1.3%20Equity%20Investment%20Business) The company's equity investment business focused on national strategic guidance, actively increasing asset allocation, achieving revenue of RMB 28,153.6 million and total assets of RMB 252,806.3 million in the first half of 2025 Equity Investment Business Revenue and Total Assets (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Business Revenue | 28,153.6 | 3,783.9 | | Total Assets | 252,806.3 | 188,224.5 | [Acquisition and Restructuring Business](index=41&type=section&id=4.3.1.4%20Acquisition%20and%20Restructuring%20Business) In the first half of 2025, the company proactively adjusted its asset structure, accelerated the disposal and recovery of existing assets, leading to a decrease in both the number and asset balance of acquisition and restructuring projects, with current period revenue of RMB 3,464.7 million - The number of existing acquisition and restructuring projects decreased from **689 to 581**, and the asset balance decreased from **RMB 161,570.2 million to RMB 132,784.9 million**[132](index=132&type=chunk) Acquisition and Restructuring Business Revenue (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Current Period Revenue | 3,464.7 | 7,628.3 | [NPL-Related Businesses by Subsidiaries](index=43&type=section&id=4.3.1.5%20NPL-Related%20Businesses%20by%20Subsidiaries) Real estate development-related revenue of the industrial company decreased by 25.1% year-on-year, while Huitong Asset's NPL-related revenue increased by 30.3% year-on-year, and Rongde Asset's total revenue decreased by 13.9% year-on-year - The industrial company's real estate development-related revenue was **RMB 250.3 million**, a **25.1% decrease** year-on-year[137](index=137&type=chunk) - Huitong Asset's non-performing asset-related revenue was **RMB 28.8 million**, a **30.3% increase** year-on-year[137](index=137&type=chunk) - Rongde Asset's total revenue was **RMB 325.7 million**, a **13.9% decrease** year-on-year[137](index=137&type=chunk) [Asset Management and Investment Business](index=43&type=section&id=4.3.2%20Asset%20Management%20and%20Investment%20Business) In the first half of 2025, the asset management and investment segment generated RMB 1,803.4 million in revenue, with the international company demonstrating strong performance through increased total revenue, profit before tax, and steady asset growth - The asset management and investment segment's revenue was **RMB 1,803.4 million**[138](index=138&type=chunk) International Company Key Indicators (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 4,908.5 | 4,307.7 | | Profit Before Tax | 1,764.2 | 803.3 | | Total Assets | 180,088.7 | 174,754.1 | [Business Synergy](index=44&type=section&id=4.3.3%20Business%20Synergy) Leveraging CITIC Group's "industry-finance integration" advantage, the Group deepens "industry-finance" and "finance-finance" collaborations with affiliates, innovating business synergy models for distressed asset resolution and existing asset revitalization to support real economic development - The company integrates internal and external advantageous resources, collaborating with the "CITIC Fleet" to provide comprehensive financial services across all licenses, cycles, and scenarios for enterprises[141](index=141&type=chunk) - Innovative business synergy models for distressed asset resolution and existing asset revitalization have been implemented, leading to a number of typical collaborative projects[141](index=141&type=chunk) [Human Resources Management](index=44&type=section&id=4.3.4%20Human%20Resources%20Management) The Group implements a talent-strengthening strategy, building a high-quality professional workforce, optimizing its structure, improving incentive and restraint mechanisms, and enhancing employee capabilities to ensure talent support for strategic goals - As of June 30, 2025, the Group had a total of **4,761 employees**, with **53%** holding a master's degree or above[143](index=143&type=chunk) - Employees possess over **50 types of professional qualifications**, including Certified Public Accountants, lawyers, and Chartered Financial Analysts[143](index=143&type=chunk) - The compensation policy is linked to the company's strategy, business development, and talent acquisition, based on operating performance, establishing a market-competitive yet internally equitable compensation management system[144](index=144&type=chunk) [No Material Changes](index=44&type=section&id=4.3.5%20No%20Material%20Changes) Except as disclosed in this interim report, there are no other material matters affecting the company's performance that require disclosure under Appendix D2 of the Listing Rules - No other material changes affecting the company's performance beyond those already disclosed[146](index=146&type=chunk) [Risk Management](index=45&type=section&id=4.4%20Risk%20Management) The Group adheres to its "seek progress while maintaining stability" principle and "optimize assets, increase revenue, capture cash recovery, reduce non-performing assets, promote reform, and strengthen internal capabilities" operational guidelines, continuously enhancing its comprehensive risk management system, strengthening asset quality control, and effectively managing credit, market, liquidity, operational, and reputational risks, while also reinforcing internal audit and anti-money laundering efforts - The Group implements a risk management approach characterized by "effective risk control, strong development promotion, robust system building, and capable enhancement"[149](index=149&type=chunk) [Comprehensive Risk Management System](index=45&type=section&id=4.4.1%20Comprehensive%20Risk%20Management%20System) The Group continuously enhances its comprehensive risk management system, implementing the "Deepening Comprehensive Risk Management System Construction Plan (2023-2025)," strengthening consolidated risk management, and improving full-process risk prevention and control capabilities through measures such as industry research, optimized authorization, and stricter business access [Credit Risk Management](index=45&type=section&id=4.4.2%20Credit%20Risk%20Management) The Group continuously strengthens its credit risk management system, improving management policies and tools, enhancing full-process control from pre-investment to post-investment, strictly controlling business access, and effectively improving asset quality and promoting risk resolution through risk early warning and asset quality management [Market Risk Management](index=45&type=section&id=4.4.3%20Market%20Risk%20Management) The Group continuously strengthens market risk management, improving management mechanisms and enhancing tracking analysis and monitoring reports on market fluctuations in stocks, bonds, and foreign exchange, effectively controlling stock, interest rate, and exchange rate risks through market value monitoring, professional institutional management, asset-liability currency matching, and hedging tools [Liquidity Risk Management](index=46&type=section&id=4.4.4%20Liquidity%20Risk%20Management) The Group closely monitors market liquidity, strengthening proactive and forward-looking liquidity management through indicator monitoring, early warning management, stress testing, and contingency plans, while actively expanding diversified financing channels and optimizing its liability structure to ensure overall sufficient liquidity and controllable risk [Operational Risk Management](index=46&type=section&id=4.4.5%20Operational%20Risk%20Management) The Group focuses on source governance and process control, strengthening process management, and conducting operational risk identification and assessment, continuously establishing and improving information technology risk prevention mechanisms, enhancing cybersecurity and stable operation capabilities of information systems, with no major or above cybersecurity incidents occurring in the first half [Reputational Risk Management](index=47&type=section&id=4.4.6%20Reputational%20Risk%20Management) The Group systematically conducts reputational risk management, adhering to proactive, prudent, full-process, and comprehensive principles, timely identifying potential reputational risks, taking measures to prevent, control, and mitigate them, maintaining overall stable public opinion, and safeguarding the company's reputation and brand image [Internal Audit](index=47&type=section&id=4.4.7%20Internal%20Audit) The Group's internal audit department independently performs its oversight duties, focusing on policy implementation, corporate governance, key businesses, financial management, risk management, and internal control, conducting economic responsibility audits, operational project audits, and special audits to continuously enhance the quality and effectiveness of internal audit oversight [Anti-Money Laundering Efforts](index=47&type=section&id=4.4.8%20Anti-Money%20Laundering%20Efforts) The Group strictly adheres to anti-money laundering and anti-terrorist financing laws and regulations, continuously strengthening money laundering risk prevention and control, actively conducting anti-money laundering publicity and training, and continuously improving risk prevention and control capabilities [Capital Management](index=47&type=section&id=4.5%20Capital%20Management) The Group continuously deepens its capital constraint philosophy, improves its capital management system, and optimizes capital structure and quality through multiple measures, enhancing internal capital accumulation capabilities, with a capital adequacy ratio of 15.97% and a leverage ratio of 8.6:1 as of June 30, 2025, indicating continuous improvement in capital adequacy Capital Adequacy Ratio and Leverage Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Adequacy Ratio | 15.97% | 15.69% | | Leverage Ratio | 8.6:1 | 10.1:1 | - The company continuously optimizes its capital structure and quality, enhances its internal capital accumulation capabilities, accelerates the repair of financial conditions of non-financial subsidiaries, and improves capital utilization efficiency[160](index=160&type=chunk) [Development Outlook](index=48&type=section&id=4.6%20Development%20Outlook) Looking ahead to the second half, global economic recovery faces challenges, while China's economy is expected to remain stable and improve, with the non-performing asset industry entering a strategic opportunity period of expanding market supply, emerging policy opportunities, and industry transformation, as the company aims to achieve its "three-year significant quality and efficiency improvement" strategic goal and become an industry benchmark - In the second half, global economic recovery faces headwinds, with geopolitical conflicts and trade frictions remaining challenges, but China's economy is expected to remain stable and improve[164](index=164&type=chunk) - The non-performing asset industry will continue to be in a strategic opportunity period characterized by expanding market supply, emerging policy opportunities, and industry transformation[165](index=165&type=chunk) - The company will firmly implement the third step of its "two-year, three-step" strategy, fully achieving the "three-year significant quality and efficiency improvement" strategic goal, and establishing "six benchmarks" in Party building leadership, operating performance, core business capabilities, compliance and risk control, reform and innovation, and talent team[166](index=166&type=chunk) [Share Capital Changes and Major Shareholders](index=49&type=section&id=5.%20Share%20Capital%20Changes%20and%20Major%20Shareholders) [Share Capital Changes](index=49&type=section&id=5.1%20Share%20Capital%20Changes) As of June 30, 2025, the company's total share capital was 80,246,679,047 shares, with domestic shares accounting for 55.93% and H-shares for 44.07%, and no changes in share capital structure during the reporting period Share Capital Structure (as of June 30, 2025) | Category | Number of Shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | | Domestic Shares | 44,884,417,767 | 55.93% | | H-shares | 35,362,261,280 | 44.07% | | Total Number of Shares | 80,246,679,047 | 100.00% | [Major Shareholders](index=49&type=section&id=5.2%20Major%20Shareholders) As of June 30, 2025, China CITIC Group Corporation, the Ministry of Finance, Zhongbao Rongxin Private Equity Fund Management Co., Ltd., China Cinda Asset Management Co., Ltd., National Council for Social Security Fund, China Life Insurance (Group) Company, and ICBC Financial Asset Investment Co., Ltd. were the company's major shareholders, each holding over 5% of the shares Major Shareholders' Shareholdings (as of June 30, 2025) | Shareholder Name | Share Class | Number of Shares | Approximate Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | | China CITIC Group Corporation | Domestic Shares | 21,230,929,783 | 26.46 | | Ministry of Finance | Domestic Shares/H-shares | 19,870,039,607 | 24.76 | | Zhongbao Rongxin Private Equity Fund Management Co., Ltd. | Domestic Shares | 14,509,803,921 | 18.08 | | China Cinda Asset Management Co., Ltd. | H-shares | 3,921,568,627 | 4.89 | | National Council for Social Security Fund | H-shares | 2,475,271,109 | 3.08 | | China Life Insurance (Group) Company | Domestic Shares/H-shares | 3,610,784,313 | 4.50 | | ICBC Financial Asset Investment Co., Ltd. | H-shares | 1,960,784,313 | 2.44 | - CITIC Group is a large state-owned comprehensive multinational enterprise group, with the Ministry of Finance as its ultimate beneficial owner[169](index=169&type=chunk) - China Cinda Asset Management Co., Ltd. is the first financial asset management company approved by the State Council, with its core business being non-performing asset management[175](index=175&type=chunk) [Directors, Supervisors and Senior Management](index=52&type=section&id=6.%20Directors,%20Supervisors%20and%20Senior%20Management) [Basic Information](index=52&type=section&id=6.1%20Basic%20Information) As of the publication date of this interim report, the company's Board of Directors consists of 10 members, the Supervisory Board comprises 4 members, and the list of senior management personnel is provided - The Board of Directors includes Executive Directors Mr. Liu Zhengjun (Chairman) and Mr. Li Zimin, as well as several Non-executive Directors and Independent Non-executive Directors[178](index=178&type=chunk) - The Supervisory Board members include External Supervisors Mr. Cheng Fengchao and Mr. Han Xiangrong, and Employee Representative Supervisors Ms. Sun Hongbo and Ms. Guo Jinghua[179](index=179&type=chunk) - Senior management includes President Mr. Li Zimin and several Vice Presidents[180](index=180&type=chunk) [Changes](index=52&type=section&id=6.2%20Changes) During the reporting period, there were changes in the Board of Directors, with Ms. Yuan Xin elected and commencing duties as a Non-executive Director, and Mr. Liu Zhengjun and Mr. Xu Wei re-elected, while Mr. Zhu Ning resigned as an Independent Non-executive Director; for senior management, Mr. Chen Pengjun and Mr. Yang Yi were appointed and commenced duties as Vice Presidents, and Mr. Xu Jiongwei resigned as Vice President due to job relocation - Ms. Yuan Xin commenced duties as a Non-executive Director on July 2, 2025, after approval by the National Financial Regulatory Administration[181](index=181&type=chunk) - Mr. Liu Zhengjun was re-elected as an Executive Director and continues to serve as Chairman, and Mr. Xu Wei was re-elected as a Non-executive Director[181](index=181&type=chunk) - Mr. Zhu Ning resigned as an Independent Non-executive Director on March 28, 2025[183](index=183&type=chunk) - Mr. Chen Pengjun and Mr. Yang Yi commenced duties as Vice Presidents on February 13, 2025, and March 27, 2025, respectively[184](index=184&type=chunk) - Mr. Xu Jiongwei resigned from his position as Vice President on February 14, 2025[184](index=184&type=chunk) [Information Changes During the Reporting Period](index=53&type=section&id=6.3%20Information%20Changes%20During%20the%20Reporting%20Period) During the reporting period, the appointment information of directors and supervisors was consistent with the company's 2024 annual report, with no other changes requiring disclosure under Rule 13.51B of the Listing Rules - Director and supervisor appointment information is consistent with the 2024 annual report, with no other changes requiring disclosure[185](index=185&type=chunk) [Significant Matters](index=54&type=section&id=7.%20Significant%20Matters) [Corporate Governance](index=54&type=section&id=7.1%20Corporate%20Governance) The company strictly adheres to relevant laws, regulations, and its articles of association, deepening corporate governance reform to establish an effective checks and balances mechanism, continuously improving governance systems, mechanisms, and culture, strengthening Party leadership, safeguarding shareholders' right to information, treating investors fairly, and maintaining market value stability and shareholder interests - The company deepens governance reform, establishing a governance mechanism where each party performs its duties, coordinates operations, and maintains effective checks and balances[186](index=186&type=chunk) - Party leadership is integrated into all aspects of corporate governance, ensuring shareholders' right to information and fair treatment of domestic and international investors[186](index=186&type=chunk) [Board of Directors](index=54&type=section&id=7.2%20Board%20of%20Directors) As of the publication date of this interim report, the Board of Directors comprises 10 members, with independent non-executive directors accounting for over one-third, and during the reporting period, the Board held 5 meetings, approved 25 proposals, and reviewed 16 reports, effectively playing its strategic leadership role - The Board of Directors consists of **10 members**, including **2 Executive Directors, 4 Non-executive Directors, and 4 Independent Non-executive Directors**[187](index=187&type=chunk) - During the reporting period, **5 Board meetings** were held, **25 proposals** were approved, and **16 reports** were reviewed[187](index=187&type=chunk) [Supervisory Board](index=54&type=section&id=7.3%20Supervisory%20Board) As of the publication date of this interim report, the Supervisory Board consists of 4 members, including 2 external supervisors and 2 employee representative supervisors, and during the reporting period, the Supervisory Board held 2 meetings, approved 6 proposals, faithfully performing its duties and safeguarding the legitimate rights and interests of the company and its shareholders - The Supervisory Board consists of **4 members**, including **2 external supervisors and 2 employee representative supervisors**[188](index=188&type=chunk) - During the reporting period, **2 meetings** were held, and **6 proposals** were approved[189](index=189&type=chunk) [Senior Management](index=55&type=section&id=7.4%20Senior%20Management) During the reporting period, senior management organized and implemented business operations within the scope of authorization by the Board of Directors, focusing on the "three-year significant quality and efficiency improvement" strategic goal, promoting business development, risk control, and deepening reforms, holding 11 President's Office meetings and 21 special meetings to discuss and approve 62 important operational and management issues - Senior management implemented the work requirements of "optimizing assets, increasing revenue, capturing cash recovery, reducing non-performing assets, promoting reform, and strengthening internal capabilities"[191](index=191&type=chunk) - A total of **11 President's Office meetings** and **21 special meetings** were held to discuss and approve **62 important operational and management issues**[191](index=191&type=chunk) [Corporate Governance Code](index=55&type=section&id=7.5%20Corporate%20Governance%20Code) During the reporting period, the company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules and adopted applicable best practice recommendations based on actual circumstances - The company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules[192](index=192&type=chunk) [Internal Control](index=55&type=section&id=7.6%20Internal%20Control) The company continuously improves its internal control organizational structure, system management, and control measures, optimizing its internal control system, conducting post-evaluation of systems and self-assessment of the internal control system in the first half, and establishing a sanctions risk blacklist database to strengthen sanctions risk prevention and control - The company continuously improves its institutional system, organizes post-evaluation of systems, and strengthens institutional governance[193](index=193&type=chunk) - The 2025 internal control system self-assessment work has been initiated to evaluate the applicability of the process framework, the reasonableness of control responsibilities, the adequacy of risk identification, and the effectiveness of control measures[193](index=193&type=chunk) - A sanctions risk blacklist database has been established and updated daily, with identity verification against the blacklist during business operations, and specialized training on sanctions risk prevention and control is continuously conducted[194](index=194&type=chunk) [Profit and Dividend Distribution](index=56&type=section&id=7.7%20Profit%20and%20Dividend%20Distribution) The company will not declare an interim dividend for 2025 - The company will not declare an interim dividend for 2025[195](index=195&type=chunk) [Use of Proceeds](index=56&type=section&id=7.8%20Use%20of%20Proceeds) The Group's proceeds from its initial public offering were fully utilized in 2022, and proceeds from non-public directed issuance of domestic shares and H-shares were fully used to supplement the company's core tier-one capital in 2021 - The **HKD 19,696.7 million** proceeds from the initial public offering were fully utilized in 2022, consistent with the prospectus commitments[196](index=196&type=chunk) - The **RMB 40,000 million** and **HKD 2,449 million** proceeds from the non-public directed issuance of domestic shares and H-shares were fully used to supplement the company's core tier-one capital in 2021[197](index=197&type=chunk)[198](index=198&type=chunk) [Future Business of Debt-to-Equity Swap Enterprises and Investment Plans](index=56&type=section&id=7.9%20Future%20Business%20of%20Debt-to-Equity%20Swap%20Enterprises%20and%20Investment%20Plans) The company will focus on deepening state-owned enterprise reform, optimizing asset liquidity, increasing disposal and revitalization efforts, and actively expanding market-oriented debt-to-equity swap businesses, targeting key industries and regions to leverage its distressed relief function and enhance investment returns - For acquired equity assets, the company will focus on deepening state-owned enterprise reform, seizing M&A opportunities, optimizing asset liquidity, and striving for reasonable equity restructuring returns[199](index=199&type=chunk) - For market-oriented debt-to-equity swap businesses, the company will closely follow national strategies, focus on key industries and regions, promote project implementation and high-quality resource reserves, helping enterprises reduce leverage, stabilize growth, and improve efficiency[199](index=199&type=chunk) [Material Litigation and Arbitration](index=57&type=section&id=7.10%20Material%20Litigation%20and%20Arbitration) During the reporting period, the company did not experience any litigation or arbitration matters that had a material adverse impact on its business, financial position, or operating results - No material adverse litigation or arbitration matters occurred during the reporting period[201](index=201&type=chunk) [Material Acquisitions, Disposals, Mergers and Major Investments](index=57&type=section&id=7.11%20Material%20Acquisitions,%20Disposals,%20Mergers%20and%20Major%20Investments) The Group's investments in Bank of China Limited and CITIC Limited have been disclosed in the notes to the financial information; other than these, no material asset acquisitions, disposals, mergers, or other major investment matters requiring disclosure occurred during the reporting period - The Group's investments in Bank of China Limited and CITIC Limited have been disclosed[202](index=202&type=chunk) - No material asset acquisitions, disposals, mergers, or major investment matters occurred beyond those already disclosed[202](index=202&type=chunk) [Implementation of Equity Incentive Plans](index=57&type=section&id=7.12%20Implementation%20of%20Equity%20Incentive%20Plans) During the reporting period, the company did not implement any equity incentive plans - No equity incentive plans were implemented during the reporting period[203](index=203&type=chunk) [Material Related Party Transactions](index=57&type=section&id=7.13%20Material%20Related%20Party%20Transactions) During the reporting period, the company did not engage in any related party transactions requiring disclosure under Chapter 14A of the Listing Rules - No material related party transactions requiring disclosure occurred during the reporting period[204](index=204&type=chunk) [Material Contracts and Their Performance](index=57&type=section&id=7.14%20Material%20Contracts%20and%20Their%20Performance) During the reporting period, the company did not engage in any material entrustment, contracting, or leasing of assets from other companies, nor did other companies entrust, contract, or lease assets from the company, and there were no material guarantees requiring disclosure - No material entrustment, contracting, or leasing matters occurred during the reporting period[205](index=205&type=chunk) - No material guarantees requiring disclosure existed during the reporting period[206](index=206&type=chunk) [Post-Reporting Period Events](index=58&type=section&id=7.15%20Post-Reporting%20Period%20Events) Subsequent to the reporting period, the Group completed the establishment and issuance of asset-backed securities on July 29, 2025, raising a total of RMB 10,010 million, and a Group subsidiary will redeem permanent debt capital issued in 2020 on September 30, 2025 - On July 29, 2025, the Group completed the establishment and issuance of asset-backed securities, raising a total of **RMB 10,010 million**[363](index=363&type=chunk) - A Group subsidiary will redeem **USD 250 million** in permanent debt capital issued on September 30, 2020, on September 30, 2025[363](index=363&type=chunk) [Purchase, Sale and Redemption of Listed Securities](index=58&type=section&id=7.16%20Purchase,%20Sale%20and%20Redemption%20of%20Listed%20Securities) During the reporting period, except as disclosed in this interim report, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and held no treasury shares at the end of the reporting period - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[208](index=208&type=chunk) - As of the end of the reporting period, neither the company nor its subsidiaries held any treasury shares[208](index=208&type=chunk) [Securities Transactions by Directors, Supervisors and Senior Management](index=58&type=section&id=7.17%20Securities%20Transactions%20by%20Directors,%20Supervisors%20and%20Senior%20Management) The company has adopted the "Code for Securities Transactions by Directors, Supervisors and Relevant Employees" and has confirmed with all directors and supervisors that they have complied with this code and Appendix C3 "Model Code for Securities Transactions by Directors of Listed Issuers" of the Listing Rules throughout the reporting period - The company has adopted a securities transaction code, and all directors and supervisors confirmed compliance with the code during the reporting period[209](index=209&type=chunk) [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares and Underlying Shares](index=58&type=section&id=7.18%20Interests%20and%20Short%20Positions%20of%20Directors,%20Supervisors%20and%20Chief%20Executive%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, none of the company's directors, supervisors, or chief executive held any disclosable interests or short positions in the shares or underlying shares of the company or any associated corporation - As of June 30, 2025, directors, supervisors, and the chief executive held no disclosable interests or short positions in shares[210](index=210&type=chunk) [Review of Interim Report](index=58&type=section&id=7.19%20Review%20of%20Interim%20Report) The company's interim condensed consolidated financial information for the six months ended June 30, 2025, prepared in accordance with International Financial Reporting Standards, has been reviewed by BDO Limited, Hong Kong, which issued an unmodified review report, and was approved by the Board of Directors and the Audit Committee of the Board - The interim condensed consolidated financial information has been reviewed by BDO Limited, Hong Kong, which issued an unmodified review report[211](index=211&type=chunk) - This interim report has been approved by the Board of Directors and the Audit Committee of the Board[212](index=212&type=chunk) [Review Report and Interim Condensed Consolidated Financial Information](index=59&type=section&id=8.%20Review%20Report%20and%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Independent Review Report and Financial Information](index=59&type=section&id=8.%20Review%20Report%20and%20Interim%20Condensed%20Consolidated%20Financial%20Information) This chapter includes the independent review report and the interim condensed consolidated financial information for the six months ended June 30, 2025, comprising the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows, and related notes, with the review report concluding no matters indicating non-compliance with IAS 34 - The independent review report concluded that nothing came to the attention of the reviewers that caused them to believe the interim condensed consolidated financial information was not prepared, in all material respects, in accordance with International Accounting Standard 34[219](index=219&type=chunk) - The interim condensed consolidated financial information is presented in the company's functional currency, RMB, and prepared on a going concern basis[237](index=237&type=chunk)[239](index=239&type=chunk) - The Group adopted IAS 21 (Amendment) "Lack of Exchangeability" during the period, which did not have a material impact on the financial information[242](index=242&type=chunk)[243](index=243&type=chunk)