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Company Information [Registered Office and Principal Place of Business](index=3&type=section&id=2.1.1%20Registered%20Office%20and%20Principal%20Place%20of%20Business) The company's registered office is in the Cayman Islands, with its principal place of business in Zibo, Shandong, China, and a main Hong Kong office in Admiralty - The company's registered office is in the Cayman Islands, with its principal place of business in Dongyue Fluorosilicone Material Industrial Park, Zibo, Shandong, China, and its main Hong Kong office at Room 2621, 26/F, Tower 1, Admiralty Centre, 18 Harcourt Road, Admiralty[2](index=2&type=chunk)[3](index=3&type=chunk) - The company's website is www.dongyuechem.com[3](index=3&type=chunk) [Board of Directors and Committees](index=3&type=section&id=2.1.2%20Board%20of%20Directors%20and%20Committees) The Board of Directors comprises executive and independent non-executive directors, supported by audit, remuneration, nomination, corporate governance, and risk management committees to ensure robust governance - Executive Directors include Mr. Zhang Jianhong (Chairman and CEO), Mr. Wang Weidong (President), Mr. Zhang Zefeng (Vice President and CFO), and Ms. Zhong Deli[3](index=3&type=chunk) - Independent Non-Executive Directors include Mr. Ding Lianghui, Mr. Yang Xiaoyong, and Mr. Ma Zhizhong[4](index=4&type=chunk) - Mr. Ding Lianghui chairs the Audit Committee and Risk Management Committee, Mr. Yang Xiaoyong chairs the Remuneration Committee, and Mr. Zhang Jianhong chairs the Nomination Committee and Corporate Governance Committee[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) [Key Service Providers](index=4&type=section&id=2.1.3%20Key%20Service%20Providers) Ms. Zhong Deli serves as Company Secretary and one of the authorized representatives, with the company collaborating with major banks, investor relations consultants, auditors, and external legal counsel, under stock code 189 - Ms. Zhong Deli is the Company Secretary and an authorized representative, with Mr. Zhang Zefeng as the other authorized representative[5](index=5&type=chunk) - Key relationship banks include branches of China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China in Huantai[8](index=8&type=chunk) - Investor relations consultant is Wonderful Sky Financial Group Holdings Limited, auditor is ZH CPA Limited, and external legal counsel is Norton Rose Fulbright Hong Kong[9](index=9&type=chunk) - The company's stock code is **189**[9](index=9&type=chunk) Management Discussion and Analysis [Performance Review](index=6&type=section&id=2.1%20Performance%20Review) In H1 2025, despite complex economic conditions and industry challenges, the Group achieved a **153.28% YoY increase** in profit attributable to owners, driven by refrigerant quota advantages and strong performance in production stability, R&D, and cost control - In H1 2025, the complex domestic and international economic landscape and volatile international trade policies impacted the fluorosilicone chemical industry[10](index=10&type=chunk)[13](index=13&type=chunk) - Profit attributable to owners increased by **153.28% YoY**, primarily due to significant price increases in several refrigerant products influenced by quota factors[11](index=11&type=chunk)[14](index=14&type=chunk) - The Group strictly implemented safety and environmental protection plans, ensuring production stability with no major accidents affecting production and **100% compliance** in emissions during H1[12](index=12&type=chunk)[15](index=15&type=chunk) - R&D investment was approximately **RMB369.226 million**, a **14.87% YoY increase**, accounting for **4.95% of total revenue**; the R&D team comprised **679 individuals**, with doctors and masters accounting for **48.90%**; **25 patents** were obtained during the period, totaling **595 patents**, and **2 national standards** and **1 group standard** were published[16](index=16&type=chunk)[18](index=18&type=chunk) - Distribution and selling expenses decreased by **7.61% YoY**, and administrative expenses decreased by **5.17% YoY**, demonstrating significant cost control effectiveness[17](index=17&type=chunk)[19](index=19&type=chunk) [Future Outlook](index=8&type=section&id=2.2%20Future%20Outlook) Facing an unstable external environment, the Group will adopt a cautious operating strategy in H2, focusing on market-centric growth, internal management for efficiency, market-oriented R&D, and enhanced production efficiency to maintain competitive advantages - The Group will adopt a market-oriented approach, strengthen customer coverage in segmented markets, transform into a "technology + sales" composite team, and balance domestic and international market sales[20](index=20&type=chunk)[22](index=22&type=chunk) - The Group will continue to prioritize cost reduction and efficiency improvement by strengthening strategic cooperation with excellent suppliers and reducing unnecessary outsourcing and resource waste to further control costs and expenses[21](index=21&type=chunk)[23](index=23&type=chunk) - R&D efforts will be market-oriented, concentrating valuable R&D resources on directions closer to the market, and increasing technological transformation investment to achieve technological iteration and enhance the competitiveness of older products[24](index=24&type=chunk)[26](index=26&type=chunk) - The Group will enhance production efficiency across the board through systematic, standardized, and refined management, preventing safety and environmental risks, and leveraging new product development, new technology applications, and energy conservation and emission reduction to maintain its industrial chain competitive advantage[25](index=25&type=chunk)[27](index=27&type=chunk) [Financial Review](index=10&type=section&id=2.3%20Financial%20Review) In H1 2025, the Group's revenue grew by **2.79% YoY** to **RMB7,463.394 million**, with gross profit margin significantly improving to **29.11%**; the refrigerant segment's performance surged by **209.77%**, while fluoropolymer and organosilicon segments faced weak demand and intense competition, yet the Group maintained a robust financial position with improved liquidity and total equity 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 7,463,394 | 7,261,012 | 2.79 | | Gross Profit Margin | 29.11% | 19.83% | 9.28pp | | Consolidated Segment Profit Margin | 19.08% | 8.97% | 10.11pp | | Operating Profit Margin | 19.00% | 9.37% | 9.63pp | | Profit Before Tax | 1,422,483 | 672,878 | 111.39 | | Net Profit | 1,056,888 | 395,208 | 167.42 | | Total Comprehensive Income | 1,151,185 | 382,768 | 200.75 | 2025 H1 Revenue and Performance by Segment | Segment | 2025 H1 Revenue (RMB thousand) | 2024 H1 Revenue (RMB thousand) | Revenue YoY Change (%) | 2025 H1 Performance (RMB thousand) | 2024 H1 Performance (RMB thousand) | Performance YoY Change (%) | 2025 H1 Segment Profit Margin (%) | 2024 H1 Segment Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fluoropolymer Materials | 1,939,795 | 2,032,921 | -4.58 | 259,195 | 303,391 | -14.57 | 13.36 | 14.92 | | Organosilicon | 2,319,120 | 2,759,094 | -15.95 | 8,750 | 53,681 | -83.70 | 0.38 | 1.95 | | Refrigerants | 2,292,067 | 1,551,984 | 47.69 | 1,029,831 | 332,455 | 209.77 | 44.93 | 21.42 | | Dichloromethane and Caustic Soda | 636,444 | 515,594 | 23.44 | 213,693 | 132,756 | 60.97 | 33.58 | 25.75 | | Others | 275,968 | 401,419 | -31.25 | (87,219) | (171,232) | 49.07 (Loss narrowed) | (31.60) | (42.66) | | **Total** | **7,463,394** | **7,261,012** | **2.79** | **1,424,250** | **651,051** | **118.76** | **19.08** | **8.97** | - Significant price increases in major products like R32 and R410a in the refrigerant segment, primarily due to quota restrictions, were the main drivers of its performance growth[41](index=41&type=chunk)[44](index=44&type=chunk) - The fluoropolymer materials and organosilicon segments experienced weaker market demand, intense competition, and lower product prices, leading to decreased revenue and performance[34](index=34&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - Distribution and selling expenses decreased by **7.61% YoY** to **RMB212.644 million**, mainly due to lower freight unit prices[53](index=53&type=chunk)[58](index=58&type=chunk) - Administrative expenses decreased by **5.17% YoY** to **RMB326.574 million**, primarily due to a reduced impact from impairment of real estate inventories[59](index=59&type=chunk)[63](index=63&type=chunk) - Finance costs decreased by **27.65% YoY** to **RMB1.562 million**, mainly due to reduced bill discount interest expenses[60](index=60&type=chunk)[64](index=64&type=chunk) - Capital expenditure was approximately **RMB688.779 million**, primarily for new project construction, land, and equipment[61](index=61&type=chunk)[65](index=65&type=chunk) - As of June 30, 2025, the Group's total equity reached **RMB18,617.373 million**, an increase of **6.56%** from December 31, 2024[62](index=62&type=chunk)[66](index=66&type=chunk) - As of June 30, 2025, bank balances and cash amounted to **RMB3,540.515 million**, with net cash inflow from operating activities of **RMB1,505.486 million**[62](index=62&type=chunk)[66](index=66&type=chunk) - The current ratio was **2.69**, and the debt ratio was **-18.82%**, indicating the Group was in a "net cash" positive position[62](index=62&type=chunk)[66](index=66&type=chunk)[68](index=68&type=chunk)[72](index=72&type=chunk) - As of June 30, 2025, the Group's borrowings amounted to **RMB35.822 million**[68](index=68&type=chunk)[72](index=72&type=chunk) - The Group used bank deposits of **RMB43.320 million** as collateral for bills payable and regulatory deposits from pre-sold properties[70](index=70&type=chunk)[74](index=74&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedging Activities](index=18&type=section&id=2.4%20Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedging%20Activities) The Group's functional currency is RMB, but overseas transactions involve foreign currencies, primarily USD; to mitigate exchange rate risk, the Group typically converts foreign currency to RMB upon receipt and considers future foreign currency payment arrangements - The Group's functional currency is RMB, and most transactions are settled in RMB[76](index=76&type=chunk)[79](index=79&type=chunk) - The Group receives/pays foreign currencies (primarily USD) when earning revenue from overseas customers and purchasing machinery and equipment from overseas suppliers[76](index=76&type=chunk)[79](index=79&type=chunk) - To reduce foreign currency holding risk, the Group typically converts foreign currency to RMB upon receipt of funds and considers foreign currency payment arrangements for the near future[76](index=76&type=chunk)[80](index=80&type=chunk) [Employees](index=18&type=section&id=2.5%20Employees) As of June 30, 2025, the Group employed 6,050 individuals, implementing performance-based remuneration and bonuses, alongside benefits like medical insurance, employee share option schemes, and pensions to maintain competitiveness - As of June 30, 2025, the Group employed **6,050 employees** (December 31, 2024: 6,922 employees)[77](index=77&type=chunk)[81](index=81&type=chunk) - The Group implements a remuneration policy and bonuses based on performance and employee contributions[77](index=77&type=chunk)[81](index=81&type=chunk) - The Group provides benefits such as medical insurance, employee share option schemes, and pensions to ensure competitiveness[77](index=77&type=chunk)[81](index=81&type=chunk) [Interim Dividend](index=18&type=section&id=2.6%20Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[78](index=78&type=chunk)[82](index=82&type=chunk) Other Information [Purchase, Sale or Redemption of the Company's Listed Securities](index=19&type=section&id=3.1%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Except as disclosed under the employee share option scheme, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Except as disclosed under the employee share option scheme, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[83](index=83&type=chunk)[87](index=87&type=chunk) [Standard Code for Securities Transactions by Directors](index=19&type=section&id=3.2%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code as set out in Appendix C3 of the HKEX Listing Rules, with all directors confirming full compliance 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 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[84](index=84&type=chunk)[88](index=88&type=chunk) - All directors confirmed full compliance with the relevant requirements of the Standard Code for the six months ended June 30, 2025[84](index=84&type=chunk)[88](index=88&type=chunk) [Audit Committee](index=19&type=section&id=3.3%20Audit%20Committee) The Audit Committee, established under Listing Rule Appendix C1 and comprising three independent non-executive directors, reviewed the Group's accounting policies, internal controls, and interim results for the six months ended June 30, 2025, on August 20, 2025 - The Audit Committee comprises Mr. Ding Lianghui (Chairman), Mr. Yang Xiaoyong, and Mr. Ma Zhizhong, all of whom are independent non-executive directors[85](index=85&type=chunk)[89](index=89&type=chunk) - On August 20, 2025, the Audit Committee reviewed the Group's accounting policies and practices, and discussed matters related to internal controls and financial reporting, including the interim results for the six months ended June 30, 2025[85](index=85&type=chunk)[90](index=90&type=chunk) [Remuneration Committee](index=19&type=section&id=3.4%20Remuneration%20Committee) The Remuneration Committee, established with written terms of reference, is responsible for reviewing the remuneration of directors and senior management, and includes independent non-executive directors and an executive director - The Remuneration Committee is responsible for considering the remuneration and other related matters of the company's directors and senior management[86](index=86&type=chunk)[91](index=91&type=chunk) - Members of the Remuneration Committee include independent non-executive directors Mr. Yang Xiaoyong (Chairman) and Mr. Ding Lianghui, and executive director Mr. Zhang Jianhong[86](index=86&type=chunk)[91](index=91&type=chunk) [Nomination Committee](index=20&type=section&id=3.5%20Nomination%20Committee) The Nomination Committee, established on March 18, 2012, is responsible for the appointment of new directors and related matters, comprising Chairman Mr. Zhang Jianhong and two independent non-executive directors - The Nomination Committee is responsible for the appointment of new directors of the company and other related matters[92](index=92&type=chunk)[96](index=96&type=chunk) - Mr. Zhang Jianhong was appointed Chairman of the Nomination Committee, and Mr. Ding Lianghui and Mr. Yang Xiaoyong were appointed as members[92](index=92&type=chunk)[96](index=96&type=chunk) [Corporate Governance Committee](index=20&type=section&id=3.6%20Corporate%20Governance%20Committee) The Corporate Governance Committee, effective March 21, 2013, is responsible for the company's corporate governance matters, comprising Chairman Mr. Zhang Jianhong and two executive directors - The Corporate Governance Committee is responsible for the company's corporate governance and other related matters[93](index=93&type=chunk)[97](index=97&type=chunk) - Mr. Zhang Jianhong was appointed Chairman of the Corporate Governance Committee, and Mr. Wang Weidong and Mr. Zhang Zefeng were appointed as members[93](index=93&type=chunk)[97](index=97&type=chunk) [Risk Management Committee](index=20&type=section&id=3.7%20Risk%20Management%20Committee) The Risk Management Committee, effective August 13, 2015, is responsible for the company's risk management matters, comprising Chairman Mr. Ding Lianghui and two independent non-executive directors - The Risk Management Committee is responsible for the company's risk management and other related matters[94](index=94&type=chunk)[98](index=98&type=chunk) - Mr. Ding Lianghui was appointed Chairman of the Risk Management Committee, and Mr. Yang Xiaoyong and Mr. Ma Zhizhong were appointed as members[94](index=94&type=chunk)[98](index=98&type=chunk) [Risk Management and Internal Control](index=20&type=section&id=3.8%20Risk%20Management%20and%20Internal%20Control) The Board is responsible for assessing and determining the Group's risk appetite and ensuring effective risk management and internal control systems are established and maintained; the company has appointed independent consultants for internal review, implemented comprehensive risk management procedures, and established whistleblowing and anti-corruption policies - The Board is responsible for assessing and determining the nature and extent of risks the Group is willing to accept in achieving its strategic objectives, and for ensuring the establishment and maintenance of appropriate and effective risk management and internal control systems[95](index=95&type=chunk)[99](index=99&type=chunk) - The company has appointed an independent consulting firm as internal control consultant to conduct internal reviews and provide recommendations to the Group[100](index=100&type=chunk)[102](index=102&type=chunk) - The company has initiated a risk management process, including identifying risks, prioritizing assessments, formulating management measures, compiling a risk management manual, reporting to committees, and establishing a whistleblowing policy and anti-corruption system[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The Board, Audit Committee, and Risk Management Committee have reviewed the effectiveness of the risk management and internal control systems and deemed them effective and adequate[103](index=103&type=chunk)[105](index=105&type=chunk) [Compliance with Corporate Governance Code](index=22&type=section&id=3.9%20Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the company complied with the Corporate Governance Code provisions in Appendix C1 Part 2 of the Listing Rules, except for Code Provision A.2.1 regarding the separation of Chairman and CEO roles - The company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules, except for code provision A.2.1[106](index=106&type=chunk)[109](index=109&type=chunk) - Mr. Zhang Jianhong currently holds both the Chairman and Chief Executive Officer positions, an arrangement the Board believes provides stronger and more consistent leadership, benefiting the Group's business prospects[107](index=107&type=chunk)[110](index=110&type=chunk) [The Company's Employee Share Option Scheme](index=23&type=section&id=3.10%20The%20Company's%20Employee%20Share%20Option%20Scheme) The company's employee share option scheme was terminated early on September 27, 2024, to restructure remuneration policy; no further options will be granted, existing shares held by the trustee will be gradually sold, and proceeds remitted to the company; as of June 30, 2025, **16.862 million shares** were sold, with **59.845 million shares** remaining unsold - The company's employee share option scheme was terminated early on September 27, 2024, to restructure the remuneration policy and provide effective incentives[112](index=112&type=chunk)[115](index=115&type=chunk) - No further share options will be granted after termination, and all existing shares held by the trustee will be gradually sold on the stock market, with proceeds remitted to the company[112](index=112&type=chunk)[115](index=115&type=chunk) - For the six months ended June 30, 2025, a cumulative total of **16.862 million shares** were sold, amounting to **HKD167.120 million**[113](index=113&type=chunk)[116](index=116&type=chunk) - As of June 30, 2025, **59.845 million shares** remained unsold under the scheme[113](index=113&type=chunk)[116](index=116&type=chunk) [Dongyue Organosilicon Share Award Scheme](index=23&type=section&id=3.11%20Dongyue%20Organosilicon%20Share%20Award%20Scheme) Dongyue Organosilicon, a Group subsidiary, implemented a share award scheme on December 10, 2024, to incentivize 360 eligible participants, with a maximum of **19.12 million shares** awarded, representing approximately **1.6% of its capital**, placed at **RMB5.9 per share**; as of June 30, 2025, **19.12 million awards** remained unexercised - Dongyue Organosilicon implemented a share award scheme on December 10, 2024, to provide incentives and awards to **360 full-time employees**, executives, senior officers, and directors[114](index=114&type=chunk)[117](index=117&type=chunk) - The maximum number of restricted shares awarded is **19.12 million shares**, representing approximately **1.6%** of Dongyue Organosilicon's capital, placed at **RMB5.9 per share**[114](index=114&type=chunk)[118](index=118&type=chunk) - As of January 1, 2025, and June 30, 2025, the unexercised awards remained at **19.12 million units**, with no awards granted during the period[114](index=114&type=chunk)[118](index=118&type=chunk) - The scheme is not subject to Chapter 17 of the Listing Rules as Dongyue Organosilicon is not a major subsidiary of the company[119](index=119&type=chunk) [Use of Proceeds from Placing](index=24&type=section&id=3.12%20Use%20of%20Proceeds%20from%20Placing) As of June 30, 2025, the Group utilized part of the net proceeds from the September 2021 share placing, with **HKD52.564 million** for PVDF capacity enhancement and **HKD510 million** for general working capital; due to market changes and high-end fluoropolymer development, the Board resolved to reallocate the remaining **HKD191.9 million** to enhance PTFE ultra-high purity product capacity, green intelligent transformation of tetrafluoroethylene production lines, and a pilot project for tetrafluoropropylene production Use of Proceeds from September 2021 Placing | Use | Amount (HKD thousand) | Unutilized as of Dec 31, 2024 (HKD thousand) | Utilized as of Jun 30, 2025 (HKD thousand) | Unutilized as of Jun 30, 2025 (HKD thousand) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Increase PVDF and its raw material production capacity | 2,000,000 | 104,240 | 52,564 | 51,676 | Dec 31, 2025 | | Increase PTFE and its raw material production capacity | 800,000 | 144,480 | 0 | 144,480 | Dec 31, 2025 | | Supplement general working capital | 510,000 | 0 | 510,000 | 0 | Not applicable | - As of July 31, 2025, the latest unutilized net proceeds from the placing amounted to approximately **HKD191.9 million**[125](index=125&type=chunk) - The Board resolved to change the use of the unutilized net proceeds due to factors including lower-than-expected investment returns from PVDF and PTFE products caused by market supply-demand imbalance, and the anticipated development of high-end fluoropolymer materials and new refrigerant markets[125](index=125&type=chunk) Proposed Change in Use of Unutilized Net Proceeds | Use | Allocated Unutilized Net Proceeds (HKD thousand) | Proposed Timeline | | :--- | :--- | :--- | | Enhance PTFE ultra-high purity product capacity | 89,558 | Dec 2026 | | Green intelligent transformation of tetrafluoroethylene production line | 68,234 | Dec 2026 | | Pilot project for tetrafluoropropylene production | 34,117 | Dec 2025 | | **Total** | **191,909** | – | [Directors](index=26&type=section&id=3.13%20Directors) The Board of Directors maintained a stable composition for the six months ended June 30, 2025, and up to the date of this report, comprising four executive directors and three independent non-executive directors - Executive Directors include Mr. Zhang Jianhong (Chairman and CEO), Mr. Wang Weidong (President), Mr. Zhang Zefeng (Vice President and CFO), and Ms. Zhong Deli[128](index=128&type=chunk)[129](index=129&type=chunk) - Independent Non-Executive Directors include Mr. Ding Lianghui, Mr. Yang Xiaoyong, and Mr. Ma Zhizhong[128](index=128&type=chunk)[129](index=129&type=chunk) [Directors' Rights to Acquire Shares](index=26&type=section&id=3.14%20Directors'%20Rights%20to%20Acquire%20Shares) Except for disclosures in the "Company's Employee Share Option Scheme" section, neither the company nor its subsidiaries or associated companies participated in any arrangements enabling directors, their spouses, or minor children to benefit from acquiring shares or debentures of the company or any other body corporate during the six months ended June 30, 2025 - Except for disclosures in the "Company's Employee Share Option Scheme" section of this report, neither the company, its holding company, nor any of its subsidiaries or fellow subsidiaries participated in any arrangements that would enable directors, their respective spouses, or minor children to benefit from acquiring shares or debentures of the company or any other body corporate during the six months ended June 30, 2025[128](index=128&type=chunk)[129](index=129&type=chunk) [Disclosure of Interests](index=27&type=section&id=3.15%20Disclosure%20of%20Interests) This section discloses the interests and short positions of the company's directors, chief executives, and substantial shareholders in the company's shares, underlying shares, and debentures, as well as interests in other Group members, as of June 30, 2025 Directors' and Chief Executives' Interests in Shares | Director Name | Nature of Interest | Number of Shares or Underlying Shares (L) | Percentage of Issued Share Capital (L) | | :--- | :--- | :--- | :--- | | Mr. Zhang Jianhong | Beneficial Interest | 7,147,636 | 0.41 | | Mr. Zhang Zefeng | Beneficial Interest | 750,000 | 0.04 | | Ms. Zhong Deli | Beneficial Interest | 188,000 | 0.01 | Substantial Shareholders' and Other Persons' Interests in Shares | Shareholder Name | Nature of Interest | Number of Shares or Underlying Shares (L) | Percentage of Issued Share Capital (L) | | :--- | :--- | :--- | :--- | | Mr. Zhang Ke | Corporate Interest | 258,948,451 | 14.94 | | Dongyue Team Limited | Beneficial Interest | 258,948,451 | 14.94 | - Mr. Zhang Ke holds **100% interest** in Dongyue Team Limited and is therefore deemed to have an interest in the shares held by Dongyue Team Limited; Mr. Zhang Ke is the son of Mr. Zhang Jianhong, the company's Chairman and CEO[135](index=135&type=chunk)[136](index=136&type=chunk) Interests in Other Group Members | Name of Company Subsidiary | Name of Principal Shareholder of Subsidiary | Nature of Interest | Percentage of Issued Share Capital/Registered Capital of Subsidiary (%) | | :--- | :--- | :--- | :--- | | Inner Mongolia Dongyue Jinfeng Fluorochemical Co., Ltd. | Chifeng Zhongxing Information Technology Co., Ltd. | Corporate | 49 | | Chifeng Huasheng Mining Co., Ltd. | Chifeng Zhongxing Information Technology Co., Ltd. | Corporate | 20 | | Shandong Times New Material Technology Co., Ltd. | Jinan Shicheng Organosilicon Technology Co., Ltd. | Corporate | 35 | | Shandong Dongyue Polymer Material Co., Ltd. | Jinshi Manufacturing Transformation and Upgrading New Material Fund (Limited Partnership) | Limited Partnership | 11.45 | | Zibo Xiaoshuo Enterprise Management Co., Ltd. | Zibo Qixin Industrial Investment Co., Ltd. | Corporate | 49 | Review Report on Condensed Consolidated Financial Statements [Introduction](index=30&type=section&id=4.1%20Introduction) This report reviews the condensed consolidated financial statements of Dongyue Group Co., Ltd. and its subsidiaries for the six months ended June 30, 2025, prepared in accordance with HKEX Listing Rules and IAS 34, aiming to provide conclusions to the Board without assuming responsibility to other parties - The review report covers the condensed consolidated financial statements of Dongyue Group Co., Ltd. and its subsidiaries for the six months ended June 30, 2025[141](index=141&type=chunk)[142](index=142&type=chunk) - The financial statements were prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[141](index=141&type=chunk)[142](index=142&type=chunk) - The purpose of the review report is to provide a conclusion to the Board based on the review results, without assuming responsibility to other parties for the report's content[141](index=141&type=chunk)[142](index=142&type=chunk) [Scope of Review](index=31&type=section&id=4.2%20Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, primarily involving inquiries with finance and accounting personnel and analytical procedures; the scope is significantly narrower than an audit, thus no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[143](index=143&type=chunk)[144](index=144&type=chunk) - The review primarily involved making inquiries of personnel responsible for financial and accounting matters and performing analytical and other review procedures[143](index=143&type=chunk)[144](index=144&type=chunk) - The scope of a review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, no audit opinion is expressed[143](index=143&type=chunk)[144](index=144&type=chunk) [Conclusion](index=31&type=section&id=4.3%20Conclusion) Based on the review, no matters were identified that would lead the reviewer to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34 - Based on the review, nothing has come to the reviewer's attention that causes the reviewer to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[145](index=145&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement presents Dongyue Group's unaudited consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a **2.79% YoY revenue increase** to **RMB7,463.394 million**, a **50.87% surge in gross profit** to **RMB2,172.421 million**, and a **167.42% YoY profit increase** to **RMB1,056.888 million**, primarily driven by lower cost of sales, higher other income, and gains from subsidiary disposals Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 7,463,394 | 7,261,012 | 2.79 | | Cost of Sales | (5,290,973) | (5,821,118) | -9.11 | | Gross Profit | 2,172,421 | 1,439,894 | 50.87 | | Other Income and Other Net Gains or Losses | 146,952 | 97,519 | 50.69 | | Distribution and Selling Expenses | (212,644) | (230,157) | -7.61 | | Administrative and Other Expenses | (326,574) | (344,365) | -5.17 | | Research and Development Costs | (369,226) | (321,439) | 14.87 | | Gain on Disposal of Partial Interest in an Associate | – | 139,049 | -100.00 | | Gain/(Loss) on Disposal of Subsidiaries | 7,435 | (100,216) | 107.42 (from loss to gain) | | Finance Costs | (1,562) | (2,159) | -27.65 | | Share of Results of Associates | 5,681 | (5,248) | 208.29 (from loss to gain) | | Profit Before Tax | 1,422,483 | 672,878 | 111.39 | | Income Tax Expense | (365,595) | (277,670) | 31.67 | | Profit for the Period | 1,056,888 | 395,208 | 167.42 | | Total Comprehensive Income for the Period | 1,151,185 | 382,768 | 200.75 | | Profit for the Period Attributable to Owners of the Company | 779,202 | 307,649 | 153.28 | | Profit for the Period Attributable to Non-controlling Interests | 277,686 | 87,559 | 217.15 | | Basic and Diluted Earnings Per Share (RMB) | 0.47 | 0.17 | 176.47 | Condensed Consolidated Statement of Financial Position This statement presents Dongyue Group's unaudited consolidated financial position as of June 30, 2025, showing total assets less current liabilities of **RMB19,209.100 million** and total equity of **RMB18,617.373 million**, with net current assets increasing from year-end 2024 and a significant rise in bank balances and cash, reflecting strong liquidity Summary of Condensed Consolidated Statement of Financial Position | Indicator | 2025 Jun 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 14,287,721 | 14,159,694 | 0.91 | | Current Assets | 7,841,943 | 6,777,176 | 15.71 | | **Liabilities** | | | | | Current Liabilities | 2,920,564 | 2,939,678 | -0.65 | | Non-current Liabilities | 591,727 | 525,355 | 12.63 | | **Equity** | | | | | Equity Attributable to Owners of the Company | 12,975,898 | 12,107,060 | 7.18 | | Non-controlling Interests | 5,641,475 | 5,364,777 | 5.16 | | **Key Ratios** | | | | | Net Current Assets | 4,921,379 | 3,837,498 | 28.25 | | Total Assets Less Current Liabilities | 19,209,100 | 17,997,192 | 6.73 | | Total Equity | 18,617,373 | 17,471,837 | 6.56 | | Bank Balances and Cash | 3,540,515 | 2,470,496 | 43.31 | | Pledged Bank Deposits | 43,320 | 88,745 | -51.18 | | Trade and Other Receivables | 2,821,697 | 2,777,363 | 1.60 | | Trade and Other Payables | 2,533,151 | 2,822,668 | -10.26 | Condensed Consolidated Statement of Changes in Equity This statement details Dongyue Group's equity movements for the six months ended June 30, 2025, showing equity attributable to owners of the company increased from **RMB12,107.060 million** on January 1, 2025, to **RMB12,975.898 million**, primarily influenced by profit for the period, fair value changes of equity instruments at fair value through other comprehensive income, and the sale of shares held under the employee share option scheme Summary of Condensed Consolidated Statement of Changes in Equity | Item | Balance as of Jan 1, 2025 (RMB thousand) | Profit for the Period (RMB thousand) | Fair Value Change of Equity Instruments at FVOCI (RMB thousand) | Sale of Shares Held Under Share Option Scheme (RMB thousand) | Dividends Declared (RMB thousand) | Dividends Paid to Non-controlling Interests (RMB thousand) | Share-based Payment Expense (RMB thousand) | Balance as of Jun 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 12,107,060 | 779,202 | 89,946 | 152,505 | (160,456) | – | 7,641 | 12,975,898 | | Non-controlling Interests | 5,364,777 | 277,686 | 4,351 | – | – | (14,908) | 9,569 | 5,641,475 | | **Total Equity** | **17,471,837** | **1,056,888** | **94,297** | **152,505** | **(160,456)** | **(14,908)** | **17,210** | **18,617,373** | - Statutory surplus reserve is part of shareholders' equity; once its balance reaches **50% of registered capital**, no further appropriation is required, and it can be used to offset losses, increase production, or convert into share capital[153](index=153&type=chunk)[155](index=155&type=chunk) - The share premium account is distributable to the owners of the company, provided that the company is able to pay its debts as they fall due in the ordinary course of business after the proposed dividend distribution[155](index=155&type=chunk) Condensed Consolidated Statement of Cash Flows This statement outlines Dongyue Group's cash flow for the six months ended June 30, 2025, showing a significant increase in net cash from operating activities to **RMB1,505.486 million**, net cash used in investing activities of **RMB599.394 million**, and net cash from financing activities of **RMB167.939 million**, resulting in a substantial increase in cash and cash equivalents at period-end to **RMB3,540.515 million** Summary of Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 1,505,486 | 409,516 | 267.63 | | Net Cash Used in Investing Activities | (599,394) | (177,243) | 238.18 | | Net Cash from/(Used in) Financing Activities | 167,939 | (455,390) | 136.87 (from used to from) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 1,074,031 | (223,117) | 581.37 (from decrease to increase) | | Effect of Exchange Rate Changes | (4,012) | (2,991) | 34.14 | | Cash and Cash Equivalents at Beginning of Period | 2,470,496 | 2,547,297 | -3.01 | | Cash and Cash Equivalents at End of Period | 3,540,515 | 2,321,189 | 52.53 | Notes to the Condensed Consolidated Financial Statements [Basis of Preparation](index=38&type=section&id=9.1%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosures of the Listing Rules of The Stock Exchange of Hong Kong Limited[157](index=157&type=chunk)[160](index=160&type=chunk) [Significant Accounting Policies](index=38&type=section&id=9.2%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value through other comprehensive income; the accounting policies adopted are consistent with the 2024 annual consolidated financial statements, and newly issued but not yet effective standards are not expected to have a material impact on the financial statements - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value through other comprehensive income[158](index=158&type=chunk)[161](index=161&type=chunk) - The accounting policies for the six months ended June 30, 2025, are consistent with those presented in the annual financial statements for the year ended December 31, 2024, except for the adoption of new standards effective from January 1, 2025[158](index=158&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - The Group has applied all new and revised International Financial Reporting Standards (IFRS) accounting standards, but these applications have no significant impact on the condensed consolidated financial statements[159](index=159&type=chunk)[163](index=163&type=chunk) - The Group has not yet adopted new IFRS accounting standards that have been issued but are not yet effective, and their application is not expected to have a material impact on the financial statements[164](index=164&type=chunk)[166](index=166&type=chunk) [Segment Information](index=39&type=section&id=9.3%20Segment%20Information) The Group's business is divided into five operating and reportable segments by product type: polymer materials, organosilicon, refrigerants, dichloromethane and caustic soda, and other businesses; the refrigerant segment achieved significant revenue and performance growth in H1 2025, while polymer materials and organosilicon segments faced market challenges - The Group's business is classified into five operating and reportable segments by product type: polymer materials, organosilicon, refrigerants, dichloromethane and caustic soda, and other businesses[165](index=165&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) 2025 H1 Segment Revenue and Performance | Segment | External Sales (RMB thousand) | Segment Performance (RMB thousand) | | :--- | :--- | :--- | | Polymer Materials | 1,939,795 | 259,195 | | Organosilicon | 2,319,120 | 8,750 | | Refrigerants | 2,292,067 | 1,029,831 | | Dichloromethane and Caustic Soda | 636,444 | 213,693 | | Other Businesses | 275,968 | (87,219) | | **Total** | **7,463,394** | **1,424,250** | 2024 H1 Segment Revenue and Performance | Segment | External Sales (RMB thousand) | Segment Performance (RMB thousand) | | :--- | :--- | :--- | | Polymer Materials | 2,032,921 | 303,391 | | Organosilicon | 2,759,094 | 53,681 | | Refrigerants | 1,551,984 | 332,455 | | Dichloromethane and Caustic Soda | 515,594 | 132,756 | | Other Businesses | 401,419 | (171,232) | | **Total** | **7,261,012** | **651,051** | - Segment performance refers to the performance of each segment without allocation of unallocated expenses and central administrative costs, directors' salaries, share of results of associates, gain/(loss) on disposal of subsidiaries, gain on disposal of partial interest in an associate, and finance costs[174](index=174&type=chunk)[176](index=176&type=chunk) [Other Income and Other Gains or Losses](index=42&type=section&id=9.4%20Other%20Income%20and%20Other%20Gains%20or%20Losses) For the six months ended June 30, 2025, the Group's other income and other net gains or losses totaled **RMB146.952 million**, a **50.69% YoY increase**, primarily driven by government grants, with **RMB48.483 million** recognized as current expense-related grants and **RMB45.491 million** as asset acquisition-related grants Details of Other Income and Other Gains or Losses | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 93,974 | 36,007 | | Bank Deposit Interest Income | 13,629 | 14,598 | | Interest Income from Associates | 731 | 954 | | Miscellaneous Income | 30,749 | 26,357 | | Net Exchange Differences | 7,869 | 19,603 | | **Total** | **146,952** | **97,519** | - For the six months ended June 30, 2025, the Group recognized government grants of **RMB48.483 million** as current expenses and **RMB45.491 million** as government grants for the acquisition of property, plant and equipment, with the latter classified as deferred income[180](index=180&type=chunk)[181](index=181&type=chunk) [Gain on Disposal of Partial Interest in an Associate](index=43&type=section&id=9.5%20Gain%20on%20Disposal%20of%20Partial%20Interest%20in%20an%20Associate) In March 2024, Dongyue Fluorosilicone Technology Group Co., Ltd. completed the sale of a **2.32% interest** in its associate, Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd., to Xinhua Lian Holdings Co., Ltd., recognizing a gain of **RMB139.049 million** - On October 23, 2023, Dongyue Fluorosilicone Technology Group Co., Ltd. entered into a share transfer agreement with Xinhua Lian Holdings Co., Ltd. to dispose of a **2.32% interest** in its associate, Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd., for a consideration of **RMB165.000 million**[182](index=182&type=chunk)[183](index=183&type=chunk) - Upon completion of the transaction in March 2024, a gain on disposal of partial interest in Dongyue Future Hydrogen Energy of **RMB139.049 million** was recognized[182](index=182&type=chunk)[184](index=184&type=chunk) [Income Tax Expense](index=43&type=section&id=9.6%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was **RMB365.595 million**, a **31.67% YoY increase**, primarily comprising PRC corporate income tax (25%, with some high-tech enterprises enjoying a **15% preferential rate**) and deferred tax, including a withholding tax of **RMB35.000 million** on undistributed profits of PRC subsidiaries Details of Income Tax Expense | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Current Tax - PRC Corporate Income Tax | 313,057 | 131,962 | | Current Tax - Under-provision in Prior Years | 27,938 | 5,808 | | Current Tax - Land Appreciation Tax | 20 | 105,413 | | Deferred Tax - Withholding Tax | 35,000 | 14,000 | | Deferred Tax - Others | (10,420) | 20,487 | | **Total** | **365,595** | **277,670** | - The tax rate for PRC subsidiaries is **25%**, with some high-tech enterprises eligible for a **15% tax reduction**[188](index=188&type=chunk)[190](index=190&type=chunk) - Hong Kong subsidiaries are subject to income tax at a rate of **16.5%**, but no provision was made for the period as there was no estimated assessable profit[191](index=191&type=chunk) - For the six months ended June 30, 2025, deferred tax liability for undistributed profits of PRC subsidiaries was **RMB35.000 million**[193](index=193&type=chunk) [Profit for the Period](index=45&type=section&id=9.7%20Profit%20for%20the%20Period) For the six months ended June 30, 2025, the Group's profit for the period was net of various expenses and gains, including depreciation of property, plant and equipment of **RMB661.228 million**, government grants of **RMB93.974 million**, and impairment of property, plant and equipment of **RMB85.571 million** Profit for the Period Adjustment Items | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Amortization of Intangible Assets | 1,890 | 2,766 | | Depreciation of Property, Plant and Equipment | 661,228 | 577,621 | | Depreciation of Right-of-Use Assets | 17,582 | 16,059 | | Government Grants | (93,974) | (36,007) | | Loss on Disposal of Property, Plant and Equipment | 61,284 | 20,544 | | Impairment of Property, Plant and Equipment | 85,571 | – | | Impairment of Intangible Assets | 2,273 | – | | Impairment of Trade and Other Receivables | 12,108 | 52,504 | | Write-down of Inventories | 12,144 | 17,388 | | Equity-settled Share-based Payments | 17,210 | – | | Impairment of Properties Held for Sale | – | 90,976 | [Dividends](index=45&type=section&id=9.8%20Dividends) For the six months ended June 30, 2025, the company declared and paid a final dividend of **HKD0.10 per share** for the year ended December 31, 2024, totaling approximately **RMB160.456 million** - For the six months ended June 30, 2025, a final dividend of **HKD0.10 per share** for the year ended December 31, 2024, was declared and paid, totaling **HKD173.271 million** (approximately **RMB160.456 million**)[197](index=197&type=chunk)[198](index=198&type=chunk) [Earnings Per Share](index=46&type=section&id=9.9%20Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share attributable to owners of the company were **RMB0.47**, a significant increase from **RMB0.17** in the prior period, with a weighted average of **1,657,350,167 ordinary shares** Basic Earnings Per Share Calculation | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (RMB) | 779,202,000 | 307,649,000 | | Weighted Average Number of Ordinary Shares | 1,657,350,167 | 1,839,206,000 | | **Basic Earnings Per Share (RMB)** | **0.47** | **0.17** | Diluted Earnings Per Share Calculation | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (RMB) | 779,202,000 | 307,649,000 | | Adjustment for Profit Attributable to Share Option Scheme Issued by Subsidiary (RMB) | (67,000) | – | | Profit for the Purpose of Calculating Diluted Earnings Per Share (RMB) | 779,135,000 | 307,649,000 | | Weighted Average Number of Ordinary Shares | 1,657,350,167 | 1,839,206,000 | | **Diluted Earnings Per Share (RMB)** | **0.47** | **0.17** | - For the six months ended June 30, 2025, the company did not repurchase or cancel any shares; for the six months ended June 30, 2024, the company repurchased and canceled **520,978,000 shares**[204](index=204&type=chunk)[205](index=205&type=chunk) - The weighted average number of ordinary shares excludes shares held in trust under the company's employee share option scheme; during the period, the company sold **16,862,000 shares** held in trust[204](index=204&type=chunk)[206](index=206&type=chunk) [Movements in Property, Plant and Equipment](index=48&type=section&id=9.10%20Movements%20in%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's additions to property, plant and equipment amounted to approximately **RMB565.216 million**, primarily for business expansion in the refrigerant, polymer materials, and organosilicon segments; during the period, some property, plant and equipment were disposed of, resulting in a loss of **RMB61.284 million** - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to approximately **RMB565.216 million**, primarily for business expansion in the refrigerant, polymer materials, and organosilicon segments[207](index=207&type=chunk)[208](index=208&type=chunk) - During the period, certain property, plant and equipment with a gross book value of **RMB111.787 million** were disposed of for proceeds of **RMB50.503 million**, resulting in a loss on disposal of **RMB61.284 million**[207](index=207&type=chunk)[209](index=209&type=chunk) [Trade and Other Receivables](index=48&type=section&id=9.11%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables were **RMB2,821.697 million**, a slight increase from year-end 2024; trade receivables (including bills receivable) amounted to **RMB2,279.742 million**, with customer credit terms typically 30 to 90 days; additionally, the Group recovered some pledged deposits and transferred part of Hualian Ceramic's equity to offset deposits Details of Trade and Other Receivables | Item | 2025 Jun 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (net of impairment allowance) | 2,279,742 | 1,949,945 | | Prepayments for Raw Materials | 75,756 | 28,920 | | Recoverable Taxes | 108,796 | 165,093 | | Receivables for Undrawn Deposit Balances | 123,138 | 309,888 | | Loans | – | 45,100 | | Deposits and Other Receivables | 234,265 | 278,417 | | **Total** | **2,821,697** | **2,777,363** | - Trade receivables include bills receivable of **RMB1,669.632 million**; customer credit terms typically range from **30 to 90 days**, and bills receivable generally mature within **90 or 180 days**[212](index=212&type=chunk)[213](index=213&type=chunk) - In April 2025, the court ruled to transfer a **5.96% equity interest** in Hunan Hualian Ceramic Co., Ltd. to Dongyue Polymer Material to offset part of the deposit of **RMB186.750 million**; as of June 30, 2025, the market value of the remaining pledged equity was approximately **RMB202.500 million**[214](index=214&type=chunk)[215](index=215&type=chunk) [Trade and Other Payables](index=50&type=section&id=9.12%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables were **RMB2,533.151 million**, a decrease from year-end 2024; trade payables (including bills payable) amounted to **RMB1,597.971 million**, with bills payable secured by pledged bank deposits Details of Trade and Other Payables | Item | 2025 Jun 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 1,597,971 | 1,988,169 | | Contract Liabilities — Sales of Chemical Products | 176,824 | 137,585 | | Contract Liabilities — Sales of Properties | 14,223 | 17,334 | | Accrued Staff Costs | 180,547 | 216,294 | | Payables for Property, Plant and Equipment | 382,209 | 292,045 | | Other Taxes Payable | 65,149 | 48,720 | | Construction Costs Payable for Properties Held for Sale | – | 4,729 | | Other Payables and Accruals | 116,228 | 117,792 | | **Total** | **2,533,151** | **2,822,668** | - Trade payables include bills payable of **RMB278.629 million**, secured by the Group's pledged bank deposits[219](index=219&type=chunk) - Contract liabilities for property sales are secured by pledged bank deposits of approximately **RMB471 thousand**[219](index=219&type=chunk) Ageing Analysis of Trade Payables | Ageing | 2025 Jun 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 751,707 | 671,760 | | 31 to 90 days | 372,275 | 579,692 | | 91 to 180 days | 125,421 | 107,374 | | 181 to 365 days | 191,766 | 475,940 | | 1 to 2 years | 99,842 | 119,004 | | Over 2 years | 56,960 | 34,399 | | **Total** | **1,597,971** | **1,988,169** | [Share Capital](index=51&type=section&id=9.13%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was **4,000,000 thousand shares** with a par value of **HKD0.1 per share**, and its issued and fully paid share capital was **1,732,711 thousand shares**, amounting to **RMB163.506 million**, consistent with year-end 2024 Share Capital Structure | Item | Number of Shares (thousand shares) | Share Capital (RMB thousand) | | :--- | :--- | :--- | | Authorized Share Capital (par value HKD0.1 per share) | 4,000,000 | 382,200 | | Issued and Fully Paid Share Capital (Jun 30, 2025) | 1,732,711 | 163,506 | | Issued and Fully Paid Share Capital (Jan 1, 2024) | 2,253,689 | 212,196 | | Repurchased and Cancelled Shares | (520,978) | (48,690) | [Employee Share Option Scheme](index=52&type=section&id=9.14%20Employee%20Share%20Option%20Scheme) The company's employee share option scheme was terminated early on September 27, 2024, with all existing shares to be gradually sold; concurrently, subsidiary Dongyue Organosilicon implemented a share award scheme on December 10, 2024, granting **19.12 million restricted shares** to 360 eligible participants at **RMB5.9 per share**, subject to vesting periods and performance requirements - The company's employee share option scheme was terminated early on September 27, 2024, to restructure the remuneration policy, with no further share options to be granted after termination[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[233](index=233&type=chunk) - Dongyue Organosilicon implemented a share award scheme on December 10, 2024, to provide incentives to **360 full-time employees**, executives, senior officers, and directors[232](index=232&type=chunk)[235](index=235&type=chunk) - The maximum number of restricted shares awarded is **19.12 million shares**, representing approximately **1.6%** of Dongyue Organosilicon's capital, placed at **RMB5.9 per share**[232](index=232&type=chunk)[236](index=236&type=chunk) Dongyue Organosilicon Share Award Scheme Details | Grant Date | Number of Awarded Shares | Vesting Period | | :--- | :--- | :--- | | Dec 10, 2024 | 7,268,000 | 40% of shares vest from the first working day after 12 months to the last working day after 24 months from the grant date of restricted shares | | Dec 10, 2024 | 5,451,000 | 30% of shares vest from the first working day after 24 months to the last working day after 36 months from the grant date of restricted shares | | Dec 10, 2024 | 5,451,000 | 30% of shares vest from the first working day after 36 months to the last working day after 48 months from the grant date of restricted shares | - The valuation of awarded shares uses a binomial option pricing model, with key inputs including a grant date share price of **RMB8.60**, an exercise price of **RMB5.9**, expected volatility, **0% expected dividend yield**, and a risk-free interest rate[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) - Dongyue Organosilicon recognized share-based payment expenses of approximately **RMB17.210 million** for the period ended June 30, 2025[247](index=247&type=chunk)[248](index=248&type=chunk) [Commitments](index=57&type=section&id=9.15%20Commitments) As of June 30, 2025, the Group's total capital commitments amounted to **RMB1,173.322 million**, primarily for the acquisition of property, plant and equipment and equity instruments at fair value through other comprehensive income Capital Commitments and Property Development Expenses | Item | 2025 Jun 30 (RMB thousand) | 2024 Dec 31 (RMB thousand) | | :--- | :--- | :--- | | Capital Expenditure for Acquisition of Property, Plant and Equipment | 586,329 | 389,621 | | Capital Expenditure for Equity Instruments at Fair Value Through Other Comprehensive Income | 586,993 | 586,993 | | **Total** | **1,173,322** | **976,614** | [Disposal of Subsidiaries](index=57&type=section&id=9.16%20Disposal%20of%20Subsidiaries) The Group undertook several subsidiary disposals in 2024 and H1 2025, including Zhangjiajie Xinyie Real Estate Development Co., Ltd., Shandong Boda Real Estate Development Co., Ltd., and Huantai Kehui Environmental New Building Materials Co., Ltd., which resulted in varying gains or losses and impacted the Group's cash flows - On May 31, 2024, the Group disposed of a **52% interest** in Zhangjiajie Xinyie Real Estate Development Co., Ltd., resulting in a loss on disposal of **RMB100.216 million** and a net cash outflow of **RMB11.681 million**[251](index=251&type=chunk)[252](index=252&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk) - On June 16, 2024, the Group disposed of a **100% interest** in Shandong Boda Real Estate Development Co., Ltd., resulting in no gain or loss on disposal and a net cash outflow of **RMB29.195 million**[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) - In January 2025, the Group disposed of its entire interest in Huantai Kehui Environmental New Building Materials Co., Ltd., resulting in a gain on disposal of **RMB7.435 million** and a net cash inflow of **RMB25.793 million**[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk) [Fair Value Measurement](index=61&type=section&id=9.17%20Fair%20Value%20Measurement) The Group measures certain financial instruments at fair value, including listed and unlisted equity instruments; listed instruments use Level 1 active market quotes, while unlisted instruments use Level 3 valuation models considering comparable public company multiples and discounts for lack of marketability; the Group's CFO is responsible for fair value measurements and engages external valuation experts for Level 3 valuations - The Group measures certain financial instruments at fair value, including equity instruments at fair value through other comprehensive income[264](index=264&type=chunk)[265](index=265&type=chunk) Equity Instruments at Fair Value Through Other Comprehensive Income | Financial Asset | 2025 Jun 30 Fair Value (RMB thousand) | 2024 Dec 31 Fair Value (RMB thousand) | Fair Value Hierarchy Level | Valuation Techniques and Key Input Data | | :--- | :--- | :--- | :--- | :--- | | Listed Equity Instruments | 202,500 | – | Level 1 | Unadjusted quoted prices in active markets for identical investments | | Unlisted Equity Instruments | 208,176 | 129,629 | Level 3 | Market approach — based on transaction multiples from listed companies similar to the investee company | | **Total** | **410,676** | **129,629** | | | - Level 3 fair value measurements involve investments in unlisted entities, with fair values determined using valuation models that consider discount rates and discounts for lack of marketability (DLOM); the DLOM was **20.4%** (2024: **20.5%**)[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) - The Group's Chief Financial Officer is responsible for fair value measurements for financial reporting purposes and reports directly to the Board; the Group typically engages external valuation experts with recognized professional qualifications and recent experience to perform Level 3 fair value measurements[268](index=268&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) Movements in Equity Instruments at Fair Value Through Other Comprehensive Income | Item | Amount (RMB thousand) | | :--- | :--- | | As of Jan 1, 2024 | 103,174 | | Total Loss: In Other Comprehensive Expenses | (12,440) | | As of Jun 30, 2024 | 90,734 | | As of Jan 1, 2025 | 129,629 | | Additions | 186,750 | | Total Loss: In Other Comprehensive Income | 94,297 | | As of Jun 30, 2025 | 410,676 | [Related Party Transactions](index=64&type=section&id=9.18%20Related%20Party%20Transactions) During the period, the Group engaged in related party transactions with several associates, including purchases of raw materials, sales of chemical products, rent payments, and interest income; additionally, key management personnel compensation totaled **RMB10.829 million** Related Party Transactions with the Group's Associates | Associate Name | Transaction Type | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | :--- | | Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. | Purchase of Raw Materials | 53,364 | 54,538 | | | Purchase of Right-of-Use Assets | – | 1,873 | | | Rent Paid as Lessee | 1,051 | 1,051 | | | Sale of Chemical Products | 16,916 | 62,119 | | | Sale of Equipment | – | 876 | | Sichuan Jingyuan Silicon Industry Co., Ltd. | Purchase of Raw Materials | – | 56,427 | | | Interest Income | – | 286 | | Sichuan Leshan Xinhe Power Comprehensive Development Co., Ltd. | Purchase of Raw Materials | – | 80,472 | | | Interest Income | – | 382 | | Sichuan Leshan Chuanhui Furnace Material Co., Ltd. | Purchase of Raw Materials | – | 5,086 | | | Interest Income | – | 286 | | Zhangjiajie Xinyie | Interest Income | 731 | – | Key Management Personnel Compensation | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Short-term Employee Benefits | 10,829 | 28,589 |

目錄 1 國際商業數字技術有限公司 2025年中報 1 目錄 2 公司資料 4 財務摘要 5 管理層討論與分析 14 其他資料 19 中期簡明綜合損益及其他全面收益表 20 中期簡明綜合財務狀況表 22 中期簡明綜合權益變動表 23 中期簡明綜合現金流量表 25 中期簡明綜合財務報表附註 授權代表 石志敏先生 陳毅馳先生 （FCPA、FCCA、CFA） 審核委員會 楊敏先生 （主席） 胡建軍先生 汝婷婷女士 公司資料 董事會 執行董事 石志敏先生 （首席執行官兼主席） 非執行董事 管海卿先生 獨立非執行董事 楊敏先生 胡建軍先生 汝婷婷女士 公司秘書 陳毅馳先生 （FCPA、FCCA、CFA） 薪酬委員會 胡建軍先生 （主席） 汝婷婷女士 楊敏先生 石志敏先生 提名委員會 汝婷婷女士 （主席） 楊敏先生 胡建軍先生 石志敏先生 獨立核數師 安永會計師事務所 註冊辦事處 Windward 3, Regatta Office Park PO Box 1350, Grand Cayman KY1-1108 Cayman Islands 國際商業數字技術有限公司 2025年中報 2 公司資料 中國內地主要營業地點 中 ...

CONTENTS 目錄 INTERIM REPORT 2025 中期報告 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Key Information for Shareholders | 5 | | 股東主要資料 | | | Condensed Consolidated Financial Statements | | | 簡明綜合財務報表 | | | Condensed Consolidated Statement of Profit or Loss | 6 | | 簡明綜合損益表 | | | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 8 | | | 簡明綜合損益表及其他全面收益表 | | | Condensed Consolidated Statement of Financial Position | 9 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statem ...

二○二五年中期報告書 乘資產值下滑 持續減債 摘要 集團業績 未經審核基礎淨盈利保持穩定，為港幣三十一億一千九百萬元（二○二四年：港幣三十一億二千 三百萬元），相當於每股港幣1.03元（二○二四年：港幣1.03元）。 若計入投資物業重估減值淨額港幣五十一億一千八百萬元（二○二四年：港幣四十四億二千六百 萬元），股東應佔集團虧損為港幣二十四億零六百萬元（二○二四年：港幣十億五千二百萬元）。 每股基本虧損為港幣0.79元（二○二四年：港幣0.35元）。 中期股息 第一次中期股息每股港幣0.66元（二○二四年：港幣0.64元）將於二○二五年九月十一日派付予在 二○二五年八月二十七日下午六時正名列股東登記冊內的股東。派息總額為港幣二十億零四百萬 元（二○二四年：港幣十九億四千三百萬元），佔香港投資物業及酒店基礎淨盈利的65%。 1 九龍倉置業地產投資有限公司 二○二五年中期報告書 H2遇H1， 請取消H2段前！ H2遇table，請用 02 H2 (Table) 的段落樣式！ H2遇H1， 請取消H2段前！ H2遇table，請用 02 H2 (Table) 的段落樣式！ • 投資物業收入和營業盈利下跌 • 借貸成本 ...

中期報告 2025 重要提示 經本公司董事會決議，本公司將以實施權益分派股權登記日登記的已發行股份總數為基數分配利 潤，向全體股東每股派發現金紅利人民幣0.40元（含稅）。截至2025年6月30日，本公司總股本為 1,625,790,949股，以此計算合計擬派發現金紅利人民幣650,316,379.60元（含稅）。本次不送紅股，也 不進行資本公積金轉增股本。 1 廣州白雲山醫藥集團股份有限公司 • 二零二五年中期報告 （一） 本公司董事會、監事會及其董事、監事、高級管理人員保證本半年度報告內容的真實、準確、完整， 不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 （二） 於本公告日，本公司董事會成員包括執行董事李小軍先生、程寧女士、程洪進先生、唐和平先生與黎 洪先生，及獨立非執行董事陳亞進先生、黃民先生、黃龍德先生與孫寶清女士。本公司全體董事出席 了第九屆董事會第二十八次會議，其中，獨立非執行董事陳亞進先生、黃龍德先生及孫寶清女士以通 訊方式參加了會議。 （三） 本公司負責人李小軍先生、主管會計工作負責人劉菲女士及會計機構負責人吳楚玲女士聲明：保證本 半年度報告中財務報告的真實、準確、完整 ...

CASABLANCA GROUP LIMITED 卡撒天嬌集團有限公司 (INCORPORATED IN THE CAYMAN ISLANDS WITH LIMITED LIABILITY) （於開曼群島註冊成立之有限公司） STOCK CODE 股份代號：2223 2025 INTERIM REPORT 中期報告 2025 CASABLANCA GROUP LIMITED 卡撒天嬌集團有限公司 www.casablanca.com.hk C004888 Interim Report 中期報告 Casablanca Group Limited 卡撒天嬌集團有限公司 Contents 目錄 Corporate Information 2 公司資料 Management Discussion and Analysis 4 管理層討論及分析 Corporate Governance and Other Information 21 企業管治及其他資料 Report on Review of Condensed Consolidated Financial Statements 32 簡明綜合財務報表審閱報告 Con ...

Contents 目錄 | Corporate information | 2 | | --- | --- | | 公司資料 | | | Management discussion and analysis | 5 | | 管理層討論及分析 | | | Other information | 15 | | 其他資料 | | | Report on review of condensed consolidated financial statements | 20 | | 簡明綜合財務報表審閱報告 | | | Condensed consolidated statement of comprehensive income | 22 | | 簡明綜合全面收益報表 | | | Condensed consolidated statement of financial position | 25 | | 簡明綜合財務狀況報表 | | | Condensed consolidated statement of changes in equity | 28 | | 簡明綜合權益變動表 | | | Condensed co ...

CHINA RUYI HOLDINGS LIMITED CHINA RUYI HOLDINGS LIMITED 中國儒意控股有限公 司 中國儒意控股有限公 司 （於百慕達註冊成立之有限公司） （股份代號 : 136） (a company incorporated in Bermuda with limited liability) (Stock Code: 136) CHINA RUYI HOLDINGS LIMITED INTERIM REPORT 中期報告 中國儒意控股有限公司 2024 CHINA RUYI HOLDINGS LIMITED 中國儒意控股有限公司 INTERIM REPORT 中期報告 2025 目 錄 2 公司資料 30 32 中期簡明綜合損益及 其他全面收益表 中期簡明綜合權益變動表 26 獨立核數師審閱報告 36 簡明綜合中期財務資料附註 3 管理層討論及分析 34 中期簡明綜合現金流量表 28 中期簡明綜合財務狀況表 公司資料 董事 執行董事 柯利明先生 （董事長） 張強先生 非執行董事 楊明先生 獨立非執行董事 周承炎先生 聶志新先生 陳海權先生 施卓敏教授 審核委員會 周承 ...

BOARD OF DIRECTORS Executive Directors EVER HARVEST GROUP HOLDINGS LIMITED 永豐集團控股有限公司 INTERIM REPORT 2025 中期報告 | CONTENTS | 目錄 | | | --- | --- | --- | | Corporate Information | 公司資料 | 2 | | Financial Highlights | 財務摘要 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 6 | | Other Information | 其他資料 | 10 | | Condensed Consolidated Income Statement | 簡明綜合收益表 | 16 | | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收益表 | 17 | | Condensed Consolidated Statement of Financial Position | 簡明綜合 ...