香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號: 9688） 截至2025年6月30日止三個月及六個月的未經審計業績 以及公司進展 再鼎醫藥有限公司（「本公司」）謹此公佈根據美國證券交易委員會的適用規則刊發的本公 司及其附屬公司截至2025年6月30日止三個月及六個月的未經審計簡明合併業績（「2025年第 二季度業績」）以及近期產品亮點和公司進展與2025年和2026年上半年的預期重要里程碑事 件。 2025年第二季度業績乃根據有別於國際財務報告準則（「國際財務報告準則」）的美國公認 會計準則（「美國公認會計準則」）編製。 本公司預期於2025年8月31日或之前根據香港聯合交易所有限公司證券上市規則發佈截至2025 年6月30日止六個月的中期業績，其中將載有聲明，顯示根據美國公認會計準則及國際財務報 告準則報告的財務報表之間的任何重大差異的財務影響。 ...

Company Information and Announcements [Company Profile and Interim Results Announcement](index=1&type=section&id=Company%20Profile%20and%20Interim%20Results%20Announcement) The Board of Directors of Liu Chong Hing Investment Limited (Stock Code: 00194) announces the unaudited interim results of the Company and its subsidiaries for the six months ended June 30, 2025 - Company name: Liu Chong Hing Investment Limited, Stock Code: **00194**[2](index=2&type=chunk) - The announcement covers the unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved significant performance improvement for the six months ended June 30, 2025, turning a substantial loss in the prior period into a profit, driven by revenue growth and enhanced comprehensive income Key Data from Condensed Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 551,917 | 363,686 | | Direct costs | (266,177) | (126,828) | | Administrative and operating expenses | (216,029) | (171,639) | | Other losses and gains | (66,309) | (362,123) | | Finance costs | (70,966) | (98,229) | | Share of results of joint ventures | 65,059 | (47,052) | | Profit (Loss) before tax | 1,637 | (439,061) | | Income tax credit | 12,080 | 20,575 | | Profit (Loss) for the period | 13,717 | (418,486) | | Profit (Loss) attributable to owners of the Company | 16,600 | (416,720) | | Profit (Loss) attributable to non-controlling interests | (2,883) | (1,766) | Key Data from Condensed Consolidated Statement of Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit (Loss) for the period | 13,717 | (418,486) | | Fair value loss on equity instruments at fair value through other comprehensive income | (5,894) | (2,633) | | Exchange differences arising from translation of overseas operations | 78,600 | (45,154) | | Share of other comprehensive income (after tax) of joint ventures | 4,406 | (1,464) | | Other comprehensive income (expense) for the period (after tax) | 77,112 | (49,251) | | Total comprehensive income (expense) for the period | 90,829 | (467,737) | | Total comprehensive income (expense) attributable to owners of the Company | 84,898 | (464,725) | | Total comprehensive income (expense) attributable to non-controlling interests | 5,931 | (3,012) | - Profit for the period significantly improved from a loss of **HK$418,486 thousand** in 2024 to a profit of **HK$13,717 thousand** in 2025[3](index=3&type=chunk)[5](index=5&type=chunk) - Total comprehensive income shifted from an expense of **HK$467,737 thousand** in 2024 to an income of **HK$90,829 thousand** in 2025[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's financial position remained stable, with slight increases in total assets and equity, and a reduction in current liabilities Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Investment properties | 9,812,953 | 9,828,109 | | Property, plant and equipment | 660,261 | 653,163 | | Investments in joint ventures | 578,934 | 534,545 | | Total non-current assets | 11,332,516 | 11,313,017 | | **Current assets** | | | | Properties under development for sale | 465,444 | 462,177 | | Properties held for sale | 465,950 | 644,947 | | Bank balances and cash | 1,919,202 | 2,034,271 | | Total current assets | 3,333,765 | 3,578,557 | | **Current liabilities** | | | | Trade and other payables | 363,391 | 442,744 | | Borrowings—due within one year | 1,134,514 | 1,225,123 | | Total current liabilities | 1,635,901 | 1,862,116 | | **Non-current liabilities** | | | | Borrowings—due after one year | 2,132,870 | 2,136,444 | | Total non-current liabilities | 2,466,296 | 2,491,844 | | **Equity and reserves** | | | | Equity attributable to owners of the Company | 10,527,063 | 10,506,524 | | Non-controlling interests | 37,021 | 31,090 | | Total equity | 10,564,084 | 10,537,614 | - Total assets less current liabilities slightly increased from **HK$13,029,458 thousand** as of December 31, 2024, to **HK$13,030,380 thousand** as of June 30, 2025[6](index=6&type=chunk) - Net current assets slightly decreased from **HK$1,716,441 thousand** as of December 31, 2024, to **HK$1,697,864 thousand** as of June 30, 2025[6](index=6&type=chunk) - Equity attributable to owners of the Company increased from **HK$10,506,524 thousand** as of December 31, 2024, to **HK$10,527,063 thousand** as of June 30, 2025[7](index=7&type=chunk) Notes to the Condensed Consolidated Financial Statements [Basis of Preparation and Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the HKEX Listing Rules, presented in HK$. Accounting policies and methods remain consistent with the prior year, with no significant impact from new HKFRS amendments - The financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with the functional currency being **HK$**[8](index=8&type=chunk)[9](index=9&type=chunk) - Accounting policies for the current period are consistent with the prior year, and new HKFRS amendments (e.g., HKAS 21 amendments) have no significant impact on financial performance or position[10](index=10&type=chunk)[11](index=11&type=chunk) [Segment Information](index=6&type=section&id=Segment%20Information) The Group's operations are divided into six reportable segments: property investment, property development, property management, financial investments, trading and manufacturing, and hotel operations. For the six months ended June 30, 2025, property development and financial investments segments saw significant revenue and profit growth, while property investment recorded a loss due to fair value changes - The Group's six reportable segments are: property investment, property development, property management, financial investments, trading and manufacturing, and hotel operations[13](index=13&type=chunk) Segment Revenue and Profit (Loss) Analysis (Six Months Ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2025 Segment Profit (Loss) (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Segment Profit (Loss) (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Property investment | 159,952 | (5,477) | 156,099 | (258,753) | | Property development | 215,096 | (31,480) | 8,978 | (16,074) | | Property management | 24,412 | 4,881 | 24,278 | 7,334 | | Financial investments | 42,735 | 35,746 | 38,148 | (6,517) | | Trading and manufacturing | 40,179 | 2,631 | 43,637 | 2,821 | | Hotel operations | 77,795 | 1,243 | 101,271 | (22,591) | | Total segments | 560,169 | 7,544 | 372,411 | (293,780) | - Property development segment revenue significantly increased from **HK$8,978 thousand** in 2024 to **HK$215,096 thousand** in 2025[15](index=15&type=chunk)[16](index=16&type=chunk) - Financial investments segment shifted from a loss of **HK$6,517 thousand** in 2024 to a profit of **HK$35,746 thousand** in 2025[15](index=15&type=chunk)[16](index=16&type=chunk) - Fair value loss on property investment segment significantly decreased from **HK$334,301 thousand** in 2024 to **HK$77,320 thousand** in 2025[15](index=15&type=chunk)[16](index=16&type=chunk) [Income Tax Credit](index=8&type=section&id=Income%20Tax%20Credit) Total income tax credit for the period was HK$12,080 thousand, a decrease from the prior period, mainly due to reduced deferred tax credits. Hong Kong profits tax is 16.5%, China corporate income tax is 25%, and UK statutory tax rate is 25% Income Tax Credit (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong profits tax for the period | 3,313 | 3,350 | | China corporate income tax | 920 | 339 | | UK corporation tax | – | 1,207 | | Over-provision in prior years: Hong Kong profits tax | (6) | (3) | | China land appreciation tax | 3,682 | 630 | | Deferred tax | (19,989) | (26,098) | | Total income tax credit | (12,080) | (20,575) | - Total income tax credit decreased from **HK$20,575 thousand** in 2024 to **HK$12,080 thousand** in 2025[18](index=18&type=chunk) - Hong Kong profits tax is calculated at **16.5%**, China corporate income tax rate is **25%**, and the UK statutory tax rate is **25%**[18](index=18&type=chunk) [Basic Earnings (Loss) Per Share](index=10&type=section&id=Basic%20Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was HK$0.04, a significant improvement from a loss of HK$1.10 per share in the prior period. The number of ordinary shares outstanding remained unchanged, with no potential ordinary shares, thus no diluted EPS was presented Basic Earnings (Loss) Per Share | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) attributable to owners of the Company | HK$16,600,000 | HK$(416,720,000) | | Number of ordinary shares outstanding | 378,583,440 shares | 378,583,440 shares | | Basic earnings (loss) per share | HK$0.04 | HK$(1.10) | - Basic earnings per share improved from a loss of **HK$1.10** in 2024 to a profit of **HK$0.04** in 2025[3](index=3&type=chunk)[19](index=19&type=chunk) - No potential ordinary shares existed in either period, thus no diluted earnings per share was presented[20](index=20&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Company recognized and paid a final dividend of HK$0.17 per share for 2024 and declared an interim dividend of HK$0.11 per share for 2025, consistent with the prior period Dividends Declared and Payable (Six Months Ended June 30) | Dividend Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Final dividend declared and paid for 2024 (HK$0.17 per share) | 64,359 | 64,359 | | Interim dividend declared for 2025 (HK$0.11 per share) | 41,644 | 41,644 | - The Board has approved an interim cash dividend of **HK$0.11** per share, payable on September 12, 2025[22](index=22&type=chunk)[27](index=27&type=chunk) - Share transfer registration will be suspended from September 2 to September 4, 2025[28](index=28&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables amounted to HK$226,015 thousand, with HK$196,022 thousand classified as current. The aging analysis of trade receivables indicates most are due within 90 days Trade and Other Receivables (As of June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 27,690 | 34,115 | | Lease receivables | 7,871 | 4,902 | | Deposits paid | 4,237 | 5,271 | | Prepayments and other receivables | 134,856 | 126,993 | | Value-added tax recoverable | 51,361 | 50,053 | | Total | 226,015 | 221,334 | | Current portion | 196,022 | 194,098 | | Non-current portion | 29,993 | 27,236 | Aging Analysis of Trade and Lease Receivables (As of June 30) | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 14,366 | 13,445 | | 31 to 90 days | 15,886 | 17,086 | | Over 90 days | 5,309 | 8,486 | | Total | 35,561 | 39,017 | - The average credit period granted to trade customers or tenants is **30-90 days**[23](index=23&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables were HK$456,624 thousand, with current liabilities amounting to HK$363,391 thousand. The aging analysis of trade payables shows all amounts are due within 30 days Trade and Other Payables (As of June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 8,810 | 9,158 | | Construction costs payable and retention money | 82,358 | 143,607 | | Deposits received for investment properties | 118,908 | 121,321 | | Rental received in advance | 8,502 | 9,351 | | Deposits received | 148,486 | 147,444 | | Other payables | 89,560 | 107,016 | | Total | 456,624 | 537,897 | | Less: Current liabilities due within twelve months | (363,391) | (442,744) | | Non-current liabilities due after twelve months | 93,233 | 95,153 | Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 8,810 | 9,158 | - Construction costs payable and retention money decreased from **HK$143,607 thousand** in 2024 to **HK$82,358 thousand** in 2025[25](index=25&type=chunk) Management Discussion and Analysis [Overall Performance Review](index=13&type=section&id=Overall%20Performance%20Review) The Group achieved significant performance improvement for the period ended June 30, 2025, shifting from a loss of approximately HK$418.5 million in the prior period to a profit of approximately HK$13.7 million, primarily due to reduced fair value losses on investment properties and increased share of results of joint ventures - The Group's unaudited consolidated profit was approximately **HK$13.7 million**, an increase of approximately **HK$432.2 million** compared to a loss of approximately **HK$418.5 million** in the prior period[29](index=29&type=chunk) - The performance change primarily resulted from reduced fair value losses on investment properties and an increased share of results of joint ventures[29](index=29&type=chunk) - Revenue primarily derived from property investment, property development, property management, financial investments, trading and manufacturing, and hotel operations[29](index=29&type=chunk) [Property Investment](index=13&type=section&id=Property%20Investment) The Group's property investment portfolio performed steadily during the reporting period, with overall rental income growing by 3% to HK$159.1 million. Hong Kong properties showed mixed performance, China Shanghai property rental income decreased, while UK London property rental income increased - Overall gross rental income was approximately **HK$159.1 million**, an increase of approximately **HK$4.1 million** (3%) compared to the prior period[32](index=32&type=chunk) - The overall occupancy rate of major investment properties remained at **83.6%**[33](index=33&type=chunk) [Overall Rental Income and Occupancy Rate](index=13&type=section&id=Overall%20Rental%20Income%20and%20Occupancy%20Rate) For the period ended June 30, 2025, the Group recorded gross rental income of approximately HK$159.1 million, a 3% year-on-year increase, with an overall occupancy rate maintained at 83.6% - Gross rental income was approximately **HK$159.1 million**, a year-on-year increase of **3%**[32](index=32&type=chunk) - Overall occupancy rate remained at **83.6%**[33](index=33&type=chunk) [Hong Kong Property Investment](index=14&type=section&id=Hong%20Kong%20Property%20Investment) Hong Kong's major investment properties showed mixed performance: Chong Hing Square rental income grew 3.8% with 100% occupancy; Chong Hing Bank Centre rental income decreased 7.8% due to renewal rent adjustments; Sheung Wan Square rental income decreased 16% but achieved 89% occupancy; Fook Wai Court rental income grew 25% with 100% occupancy; and the hotel property at 181-183 Connaught Road West secured a new ten-year lease, generating HK$13.2 million in rental income Rental Income of Major Hong Kong Properties (Six Months Ended June 30) | Property Name | 2025 Rental Income (HK$ thousand) | 2024 Rental Income (HK$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Chong Hing Square | 30,400 | 29,300 | +3.8% | | Chong Hing Bank Centre | 36,500 | 39,600 | -7.8% | | Sheung Wan Square | 6,800 | 8,100 | -16.0% | | Fook Wai Court | 2,000 | 1,600 | +25.0% | | 181-183 Connaught Road West | 13,200 | N/A | New | - Chong Hing Square achieved **100%** occupancy[34](index=34&type=chunk) - Sheung Wan Square shopping arcade occupancy rate was **89%**, with all car park spaces leased out[36](index=36&type=chunk) - Fook Wai Court property achieved **100%** occupancy[37](index=37&type=chunk) - The property at 181-183 Connaught Road West has entered into a ten-year hotel lease agreement with an associate of Guangdong Yuehai Holdings Limited[38](index=38&type=chunk) [China Property Investment](index=15&type=section&id=China%20Property%20Investment) Shanghai Chong Hing Financial Centre recorded rental income of approximately HK$50.8 million, a 12% year-on-year decrease, with office occupancy at approximately 75% and retail occupancy at 83%. Management is implementing strategies to address abundant office supply and slow economic recovery - Shanghai Chong Hing Financial Centre rental income was approximately **HK$50.8 million**, a year-on-year decrease of **12%**[39](index=39&type=chunk) - Office occupancy rate was approximately **75%**, and retail unit occupancy rate was **83%**[39](index=39&type=chunk) - Management has implemented various strategies to retain existing and attract potential tenants, aiming to improve occupancy and rental income[39](index=39&type=chunk) [UK Property Investment](index=16&type=section&id=UK%20Property%20Investment) Barratt House on Oxford Street, London, recorded rental income of approximately HK$13 million, an increase of approximately HK$0.6 million year-on-year, with an occupancy rate of 86% - Barratt House rental income was approximately **HK$13 million**, a year-on-year increase of approximately **HK$0.6 million**[40](index=40&type=chunk) - The property's occupancy rate was **86%**[40](index=40&type=chunk) [Property Development](index=16&type=section&id=Property%20Development) The Group's property development business achieved strong growth during the reporting period, with a significant increase in sales revenue, primarily driven by new project recognition in China. The Thailand hotel property also performed well, exceeding budget for revenue and operating profit - The Group recorded sales revenue of approximately **HK$215.1 million**, a **2,290%** increase compared to the prior period[41](index=41&type=chunk) - The significant increase in sales revenue was primarily due to new sales recognized from Sanshui Xuanlong Yayuan[41](index=41&type=chunk) [China Property Development](index=16&type=section&id=China%20Property%20Development) China property development sales revenue surged by 2,290% to HK$215.1 million, primarily driven by new sales contributions from Sanshui Xuanlong Yayuan. Both residential units and parking spaces sold at Foshan Cuihu Green Oasis Garden increased, with cumulative sales revenue reaching HK$6 billion - China property sales revenue was approximately **HK$215.1 million**, a year-on-year increase of **2,290%**[41](index=41&type=chunk) - The number of residential units recognized from Foshan Cuihu Green Oasis Garden sales increased from **3** in 2024 to **6** in 2025, and parking spaces sold increased from **18** to **140**[44](index=44&type=chunk) - As of June 30, 2025, Foshan Cuihu Green Oasis Garden had sold all **5,264** residential units (**100%**) and **2,457** out of **4,670** parking spaces (**53%**), with cumulative sales revenue of approximately **HK$6 billion**[45](index=45&type=chunk) - Sanshui Xuanlong Yayuan had launched **600** residential units for sale, with **483** units (**81%**) sold as of June 30, 2025, generating total sales revenue of approximately **RMB497.2 million**[48](index=48&type=chunk) [Thailand Hotel Property Investment](index=18&type=section&id=Thailand%20Hotel%20Property%20Investment) Kimpton Kitalay Samui in Koh Samui, Thailand, recorded total revenue of approximately HK$72.3 million, a 23.8% year-on-year increase, with EBITDA of approximately HK$24.7 million, exceeding budget, driven by marketing activities and enhanced customer experience - Kimpton Kitalay Samui hotel total revenue was approximately **HK$72.3 million**, a year-on-year increase of approximately **HK$13.9 million** (**23.8%**)[51](index=51&type=chunk) - Earnings before interest, tax, depreciation, and amortization (EBITDA) was approximately **HK$24.7 million**, exceeding budget[51](index=51&type=chunk) - The hotel's success is attributed to InterContinental Hotels Group's marketing activities and enhanced guest experience, making it the highest-rated Kimpton hotel in Asia Pacific[51](index=51&type=chunk) [Share of Results of Joint Ventures](index=18&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures) Share of results of joint ventures shifted from a loss of approximately HK$47.1 million in 2024 to a profit of approximately HK$65.1 million in 2025, primarily due to the successful disposal of warehouses in Japan and partial beneficial interests in an Australian property trust - Share of results of joint ventures improved from a loss of approximately **HK$47.1 million** in 2024 to a profit of approximately **HK$65.1 million** in 2025[53](index=53&type=chunk) - The turnaround to profit was primarily due to the disposal of warehouses in Japan (including Hokkaido, Higashimatsuyama, and Hadano) and partial beneficial interests in an Australian property trust[52](index=52&type=chunk)[53](index=53&type=chunk) - The disposal of the Japanese property portfolio generated total proceeds of **JPY9.66 billion** (approximately **HK$511 million**)[52](index=52&type=chunk) [Outlook](index=19&type=section&id=Outlook) Management acknowledges the challenging global economic environment and will maintain a cautious and disciplined strategy, focusing on operational resilience, risk management, and long-term value creation to strengthen the Group's competitive position in future recovery - The global economic environment remains challenging, despite some interest rate reductions[54](index=54&type=chunk) - Management will maintain a cautious and disciplined strategy, focusing on operational resilience, risk management, and long-term value creation[54](index=54&type=chunk) Corporate Governance and Other Information [Compliance with Corporate Governance Code](index=19&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company generally complied with Appendix C1 of the Listing Rules' Corporate Governance Code during the review period, though the roles of Chairman and Chief Executive were not segregated. The Board believes this arrangement is in the Company's best interest, given Mr. Liu Lit Chi's extensive experience in the property and banking sectors - The Company generally complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive were not segregated[55](index=55&type=chunk)[56](index=56&type=chunk) - The Board believes Mr. Liu Lit Chi's dual role as Chairman and Chief Executive is in the Company's best interest, given his extensive market experience[56](index=56&type=chunk) [Changes in Directors' Information and Standard Securities Dealing Code](index=19&type=section&id=Changes%20in%20Directors'%20Information%20and%20Standard%20Securities%20Dealing%20Code) Dr. Cheng Mo Chi, an Independent Non-executive Director, was appointed Chairman of the Hong Kong Maritime and Port Board. All Directors confirmed compliance with the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules - Independent Non-executive Director Dr. Cheng Mo Chi was appointed Chairman of the Hong Kong Maritime and Port Board on July 1, 2025[57](index=57&type=chunk) - All Directors confirmed compliance with the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[58](index=58&type=chunk) [Purchase, Sale or Redemption of Shares](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares - Neither the Company nor its subsidiaries conducted any purchase, sale, or redemption of shares during the reporting period[59](index=59&type=chunk) [Review of Unaudited Interim Financial Report](index=20&type=section&id=Review%20of%20Unaudited%20Interim%20Financial%20Report) The Audit Committee reviewed the Group's accounting policies and standards, and discussed audit, internal controls, and financial reporting. The Company's auditor, Deloitte Touche Tohmatsu, reviewed the condensed consolidated financial statements in accordance with HKSRE 2410 and issued an unmodified review report - The Audit Committee reviewed the Group's accounting policies, standards, audit, internal controls, and financial reporting[60](index=60&type=chunk) - The Company's auditor, Deloitte Touche Tohmatsu, issued an unmodified review report[60](index=60&type=chunk) [Results Announcement and Board of Directors](index=20&type=section&id=Results%20Announcement%20and%20Board%20of%20Directors) The results announcement has been published on the HKEXnews website and the Company's website, with the interim results report to be dispatched to shareholders on August 29, 2025. The announcement lists the Board of Directors as of the announcement date - The results announcement has been published on the HKEXnews website (www.hkexnews.hk) and the Company's website (www.lchi.com.hk)[61](index=61&type=chunk) - The Company's 2025 interim results report will be dispatched to shareholders on August 29, 2025[61](index=61&type=chunk) - The Board of Directors includes Executive Director Mr. Liu Lit Chi (Chairman and Chief Executive), Non-executive Director Mr. Hui Wing Chuen, and Independent Non-executive Directors Dr. Cheng Mo Chi, among others[62](index=62&type=chunk)

[Supplemental Announcement Regarding the Annual Report for the Year Ended December 31, 2024](index=1&type=section&id=%E6%9C%89%E5%85%B3%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E5%8D%81%E4%BA%8C%E6%9C%88%E4%B8%89%E5%8D%81%E4%B8%80%E6%97%A5%E6%AD%A2%E5%B9%B4%E5%BA%A6%E5%B9%B4%E6%8A%A5%E4%B9%8B%E8%A1%A5%E5%85%85%E5%85%AC%E5%91%8A) This announcement supplements the 2024 annual report with additional details on the share option scheme and includes a Board compliance statement [Background of the Announcement and Company Information](index=1&type=section&id=%E5%85%AC%E5%91%8A%E8%83%8C%E6%99%AF%E4%B8%8E%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This supplemental announcement for the 2024 annual report provides additional information on the share option scheme for China Golden Classic Group Limited (stock code: 8281) - This announcement is a supplement to the company's annual report for the year ended December 31, 2024, published on April 24, 2025[3](index=3&type=chunk) - The supplemental announcement aims to provide additional information regarding the share option scheme[3](index=3&type=chunk) - The company is **China Golden Classic Group Limited**, incorporated in the Cayman Islands with stock code **8281**[2](index=2&type=chunk) [Supplemental Information on the Share Option Scheme](index=1&type=section&id=%E8%B4%AD%E8%82%A1%E6%9D%83%E8%AE%A1%E5%88%92) The share option scheme had 100,000,000 shares available for grant throughout 2024, with no options granted and no sub-limit for service providers **Total Shares Available for Grant under the Share Option Scheme** | Date | Total Share Options Available for Grant (Shares) | | :--- | :--- | | January 1, 2024 | 100,000,000 | | December 31, 2024 | 100,000,000 | - No sub-limit for service providers has been established under the share option scheme[4](index=4&type=chunk) - **No options have been granted** under the share option scheme, hence there is no specific vesting period for granted options[4](index=4&type=chunk) - The above supplemental information does not affect other information contained in the 2024 annual report[4](index=4&type=chunk) [Board of Directors and Compliance Statement](index=1&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E5%90%88%E8%A7%84%E5%A3%B0%E6%98%8E) The Board of Directors accepts full responsibility for this announcement's compliance with GEM Listing Rules and confirms its accuracy and completeness - As of the announcement date, the Board comprises **three executive Directors** and **three independent non-executive Directors**[6](index=6&type=chunk) - The Board confirms this announcement complies with the **GEM Listing Rules** and accepts full responsibility for its accuracy and completeness[7](index=7&type=chunk) - This announcement will be published on the HKEXnews website and the company's website for at least seven days[8](index=8&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文檔全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 中國上海─ 2025 年 8 月 7 日─ 國際主要半導體代工製造商中芯國際集成電路製造有限公司(香港聯交所 股份代號：00981；上交所科創板證券代碼：688981)(「中芯國際」、「本公司」或「我們」)於今日公佈 截至 2025 年 6 月 30 日止三個月的綜合經營業績。 *僅供識別 -1- 2025 年第二季的銷售收入為 2,209.1 百萬美元，2025 年第一季的銷售收入為 2,247.2 百萬美元， 2024 年第二季的銷售收入為 1,901.3 百萬美元。 2025 年第二季毛利為 449.8 百萬美元，2025 年第一季毛利為 505.9 百萬美元，2024 年第二季毛 利為 265.1 百萬美元。 2025 年第二季毛利率為 20.4%，2025 年第一季毛利率為 22.5%，2024 年第二季毛利率為 13.9%。 以下聲明爲前瞻性陳述，基於目前的預期並涵蓋風險和不確定性。 SEM ...

目錄 2 公司資料 4 管理層討論及分析 9 其他資料 21 簡明綜合損益及其他全面收益表 23 簡明綜合財務狀況表 25 簡明綜合權益變動表 26 簡明綜合現金流量表 28 簡明綜合財務報表附註 公司資料 董事會 執行董事 司徒志仁先生 （主席） TAN William先生 （行政總裁（「行政總裁」）） 李耀明先生 獨立非執行董事 施德華先生 ANDERSEN Dee Allen先生 KESEBI Lale女士 劉可瑞先生 審核委員會 提名委員會 司徒志仁先生 （主席） 施德華先生 ANDERSEN Dee Allen先生 KESEBI Lale女士 劉可瑞先生 公司秘書 李耀明先生 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 施德華先生 （主席） ANDERSEN Dee Allen先生 KESEBI Lale女士 劉可瑞先生 薪酬委員會 ANDERSEN Dee Allen先生 （主席） 施德華先生 司徒志仁先生 KESEBI Lale女士 劉可瑞先生 香港主要營業地點 香港 ...

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a 4.1% increase in operating revenue but a significant decline in gross profit and a shift from profit to loss for equity holders for the six months ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,909,838 | 2,794,444 | 4.1 | | Gross Profit | 305,500 | 362,471 | -15.7 | | Gross Profit Margin (%) | 10.5 | 13.0 | | | (Loss) / Profit Attributable to Equity Holders of the Company | (35,070) | 31,575 | -211.1 | | Basic (Loss) / Earnings Per Share (RMB) | (0.035) | 0.031 | | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Operating revenue increased to RMB 2,909,388 thousand, but a 15.7% decline in gross profit and a shift to a loss of RMB 35,070 thousand for equity holders were reported for the six months ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Revenue | 2,909,388 | 2,794,444 | | Cost of Sales | (2,604,338) | (2,431,973) | | Gross Profit | 305,500 | 362,471 | | Operating (Loss) / Profit | (12,317) | 68,266 | | (Loss) / Profit for the Period | (26,415) | 48,028 | | (Loss) / Profit Attributable to Equity Holders of the Company | (35,070) | 31,575 | | Basic and Diluted (Loss) / Earnings Per Share (RMB) | (0.035) | 0.031 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) A loss for the period of RMB 26,415 thousand, combined with exchange differences, resulted in a total comprehensive loss of RMB 24,792 thousand for the six months ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | (Loss) / Profit for the Period | (26,415) | 48,028 | | Exchange Differences on Translation of Financial Statements of Overseas Subsidiaries | 1,623 | (1,246) | | Total Comprehensive Income for the Period | (24,792) | 46,782 | | Attributable to Equity Holders of the Company | (33,330) | 30,197 | | Non-controlling Interests | 8,538 | 16,585 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets and net assets decreased, with net current assets falling to RMB 472,712 thousand due to reduced inventories and receivables, while interest-bearing borrowings decreased and the current ratio remained stable as of June 30, 2025 | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 2,170,428 | 2,209,335 | | Current Assets | 1,516,880 | 1,670,355 | | Current Liabilities | 1,044,168 | 1,079,364 | | Net Current Assets | 472,712 | 590,991 | | Total Assets Less Current Liabilities | 2,643,140 | 2,800,326 | | Non-current Liabilities | 244,557 | 370,635 | | Net Assets | 2,398,583 | 2,429,691 | | Total Equity Attributable to Equity Holders of the Company | 2,137,382 | 2,170,712 | | Total Equity | 2,398,583 | 2,429,691 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Presentation](index=6&type=section&id=Basis%20of%20Presentation) This interim financial report is prepared under HKEX Listing Rules and IAS 34, applying consistent accounting policies with the 2024 annual financial statements, except for anticipated 2025 changes - This interim financial report complies with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34[8](index=8&type=chunk) - The report is prepared based on management's judgments, estimates, and assumptions, and actual results may differ from these estimates[8](index=8&type=chunk) [Changes in Accounting Policies](index=6&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied IFRS 21 (Revised) on exchange rate changes, which had no significant impact on its performance or financial position during this accounting period - The Group has applied International Accounting Standard 21 (Revised), which did not have a significant impact on the financial statements[9](index=9&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective[10](index=10&type=chunk) [Operating Revenue and Segment Reporting](index=7&type=section&id=Operating%20Revenue%20and%20Segment%20Reporting) The Group's three segments are processed food, livestock feed, and meat products, with processed food generating the highest revenue and most gross profit for the six months ended June 30, 2025 | Segment | 2025 Operating Revenue (RMB thousands) | 2024 Operating Revenue (RMB thousands) | 2025 Segment Gross Profit (RMB thousands) | 2024 Segment Gross Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Processed Food | 1,302,264 | 1,249,661 | 227,719 | 268,719 | | Livestock Feed | 826,528 | 827,086 | 55,150 | 69,205 | | Meat Products | 781,046 | 717,697 | 22,631 | 24,547 | | Total | 2,909,838 | 2,794,444 | 305,500 | 362,471 | - The Processed Food segment primarily produces and distributes reprocessed or ready-to-eat meat products, mainly chicken[14](index=14&type=chunk) - The Livestock Feed segment produces and distributes complete feed, base mix feed, and premix feed for pigs, laying hens, broilers, ducks, and breeding poultry[14](index=14&type=chunk) - The Meat Products segment engages in broiler breeding, hatching of broiler eggs, contract farming, and processing and trading of chilled and frozen chicken meat[14](index=14&type=chunk) [Other Operating Income and Other Net (Losses) / Gains](index=8&type=section&id=Other%20Operating%20Income%20and%20Other%20Net%20(Losses)%20%2F%20Gains) Other operating income slightly decreased, while other net gains turned into net losses in the first half of 2025, primarily due to foreign exchange losses and asset disposals | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Other Operating Income** | | | | Interest Income | 2,688 | 4,441 | | Government Grants | 4,028 | 2,509 | | Rental Income | 3,644 | 3,767 | | **Total** | **10,360** | **10,717** | | **Other Net (Losses) / Gains** | | | | Foreign Exchange (Losses) / Gains | (711) | 1,858 | | Net (Losses) / Gains on Disposal of Property, Plant and Equipment | (2,554) | (1,738) | | Others | (3,402) | 635 | | **Total** | **(6,667)** | **755** | [(Loss) / Profit Before Tax](index=8&type=section&id=(Loss)%20%2F%20Profit%20Before%20Tax) The Group reported a loss before tax of RMB 18,212 thousand for the six months ended June 30, 2025, a shift from profit, driven by increased depreciation and inventory write-downs despite reduced finance costs | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Costs | (7,416) | (13,008) | | Amortisation of Prepaid Lease Payments | (2,175) | (2,163) | | Depreciation of Property, Plant and Equipment | (90,721) | (78,822) | | Net Reversal / (Provision) for Impairment of Trade Receivables | 813 | (619) | | Net (Recognition) / Reversal of Write-down of Inventories | (4,154) | 13,111 | [Income Tax](index=9&type=section&id=Income%20Tax) Income tax expense was RMB 8,203 thousand for the six months ended June 30, 2025, with varying tax rates applied across different jurisdictions, including 25% for Mainland China and 16.5% for Hong Kong | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax | (7,354) | (6,404) | | Deferred Tax | (849) | (2,220) | | Total | (8,203) | (8,624) | - Mainland China companies are subject to a corporate income tax rate of **25%**[17](index=17&type=chunk) - Hong Kong profits tax is calculated at **16.5%**, with the first HKD 2 million for eligible companies taxed at **8.25%**[17](index=17&type=chunk) [(Loss) / Earnings Per Share](index=10&type=section&id=(Loss)%20%2F%20Earnings%20Per%20Share) Basic loss per share was RMB 0.035 as of June 30, 2025, a shift from prior year's earnings, primarily due to the loss attributable to ordinary equity holders | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | (Loss) / Profit Attributable to Ordinary Equity Holders of the Company (RMB thousands) | (35,070) | 31,575 | | Weighted Average Number of Ordinary Shares in Issue | 1,016,189,000 | 1,016,189,000 | | Basic (Loss) / Earnings Per Share (RMB) | (0.035) | 0.031 | - There were no potential dilutive ordinary shares outstanding during the period, thus diluted earnings per share were the same as basic earnings per share[18](index=18&type=chunk) [Property, Plant and Equipment](index=10&type=section&id=Property%2C%20Plant%20and%20Equipment) Cost of purchases of property, plant and equipment decreased to RMB 68,668 thousand in the first half of 2025, with disposals resulting in a loss of RMB 2,554 thousand | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Purchases of Property, Plant and Equipment | 68,668 | 98,284 | | Net Book Value of Property, Plant and Equipment Disposed Of | 843 | 1,145 | | Loss on Disposal | 2,554 | 1,738 | [Trade Receivables](index=10&type=section&id=Trade%20Receivables) Total trade receivables slightly decreased to RMB 255,027 thousand as of June 30, 2025, with an increase in overdue amounts but a reduction in doubtful debt provision | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 233,820 | 243,896 | | Overdue 1 to 180 days | 21,951 | 19,292 | | Overdue 181 to 365 days | 1,892 | 2,437 | | Overdue over 365 days | 5,616 | 4,509 | | Total Overdue Amount | 29,459 | 26,238 | | Less: Provision for Doubtful Debts | (8,252) | (9,049) | | Total | 255,027 | 261,085 | - The Group generally allows customers a credit period of **30-60 days**[20](index=20&type=chunk) [Other Receivables and Prepayments](index=11&type=section&id=Other%20Receivables%20and%20Prepayments) Total other receivables and prepayments decreased to RMB 228,814 thousand as of June 30, 2025, mainly due to reduced recoverable VAT and deposits | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Recoverable Value Added Tax | 240,553 | 245,785 | | Deposits and Prepayments | 71,393 | 77,964 | | Advances to Employees | 3,482 | 3,262 | | Others | 11,565 | 9,326 | | Total | 326,993 | 336,337 | | Less: Non-current Recoverable Value Added Tax | 98,179 | 98,179 | | Net Amount | 228,814 | 238,158 | [Trade Payables](index=11&type=section&id=Trade%20Payables) Total trade payables decreased to RMB 387,347 thousand as of June 30, 2025, with reductions in both current and short-term overdue amounts | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 200,750 | 234,542 | | Overdue less than 30 days | 143,534 | 182,338 | | Overdue 31 to 60 days | 25,729 | 18,961 | | Overdue 61 to 90 days | 8,517 | 4,056 | | Overdue over 90 days | 8,817 | 5,976 | | Total Overdue Amount | 186,597 | 211,331 | | Total | 387,347 | 445,873 | [Other Payables](index=12&type=section&id=Other%20Payables) Total other payables decreased to RMB 332,364 thousand as of June 30, 2025, mainly due to reduced sales rebates, salaries, and performance deposits | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales Rebates | 17,034 | 23,859 | | Salaries, Wages, Bonuses and Other Welfare Payables | 54,925 | 67,375 | | Accrued Expenses | 103,420 | 100,458 | | Performance Deposits | 49,667 | 64,168 | | Payables for Purchases of Property, Plant and Equipment | 62,920 | 66,270 | | Amounts Due to Related Parties | 42,600 | 42,600 | | Others | 1,798 | 11,635 | | Total | 332,364 | 376,365 | [Dividends](index=12&type=section&id=Dividends) No interim dividend was declared for the six months ended June 30, 2025, consistent with the prior year - No interim dividend was declared for the six months ended June 30, 2025[24](index=24&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=13&type=section&id=Performance%20Review) Operating revenue grew 4.1% in H1 2025, but a shift to loss for equity holders was driven by falling chicken prices, while the processed food segment showed resilience with 4.2% growth and operating cash flow remained positive | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,909,838 | 2,794,444 | 4.1 | | Gross Profit | 305,500 | 362,471 | -15.7 | | Gross Profit Margin (%) | 10.5 | 13.0 | | | (Loss) / Profit Attributable to Equity Holders of the Company | (35,070) | 31,575 | -211.1 | - The primary reason for the loss was the significant drop in chicken prices due to supply-demand imbalance in the domestic broiler industry, leading to substantial losses in the slaughtering business[26](index=26&type=chunk) - The Processed Food segment achieved a year-on-year growth of **4.2%** in the first half, serving as a core business support[26](index=26&type=chunk) - Net cash inflow from operating activities reached **RMB 60 million** in the first half[26](index=26&type=chunk) [Processed Food Segment](index=16&type=section&id=Processed%20Food%20Segment) Operating revenue for the Processed Food segment grew 4.2% in H1, but gross profit fell 15.3% due to competition, prompting cost reduction, R&D investment, and market expansion efforts | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,302,264 | 1,249,661 | 4.2 | | Total Gross Profit | 227,719 | 268,719 | -15.3 | | Total Gross Profit Margin (%) | 17.5 | 21.5 | | - In the second quarter, the food business operating revenue increased by **8.8%** year-on-year, while gross profit decreased by **5.6%** year-on-year, a narrower decline compared to the first quarter[33](index=33&type=chunk) - The domestic sales team collaborates across R&D, quality control, procurement, and production departments to drive cost reduction and efficiency improvements for key products, while increasing investment in R&D, supply chain, quality control, and digitalization[34](index=34&type=chunk) - The export sales team continues to deepen its presence in the Japanese market, actively expanding new product categories, channels, and customers, and intensifying development efforts in export markets beyond Japan[35](index=35&type=chunk) [Livestock Feed Segment](index=17&type=section&id=Livestock%20Feed%20Segment) Operating revenue for the Livestock Feed segment was flat in H1, but gross profit fell 20.3%, prompting deeper cooperation with large farms, expansion into niche feed, and cost efficiency through integration | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 826,528 | 827,086 | -0.1 | | Gross Profit | 55,150 | 69,205 | -20.3 | | Gross Profit Margin (%) | 6.7 | 8.4 | | - In the second quarter, the feed business operating revenue increased by **3.8%** year-on-year, while gross profit decreased by **13.8%** year-on-year, a narrower decline compared to the first quarter[37](index=37&type=chunk) - Actively adjusting operating strategies, deepening cooperation with medium-to-large farms, and increasing R&D investment and channel expansion for niche feed categories like ruminant feed[37](index=37&type=chunk) - Accelerating middle-platform functional integration, strengthening cross-departmental collaboration, and achieving cost reduction and efficiency improvements through measures such as using alternative raw materials[37](index=37&type=chunk) [Meat Products Segment](index=18&type=section&id=Meat%20Products%20Segment) Operating revenue for the Meat Products segment grew 8.8% in H1, but gross profit fell 7.8% due to declining chicken prices, prompting a shift to a sales-driven model, refined processing, and channel expansion | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 781,046 | 717,697 | 8.8 | | Gross Profit | 22,631 | 24,547 | -7.8 | | Gross Profit Margin (%) | 2.9 | 3.4 | | - In the second quarter, the meat products business operating revenue increased by **12.7%** year-on-year, while gross profit decreased by **40.5%** year-on-year[40](index=40&type=chunk) - The business model is shifting from "production-driven" to "sales-driven" to increase supply chain flexibility[40](index=40&type=chunk) - Optimizing cooperation with contract farmers, promoting production automation and lean management, focusing on refined processing and differentiated product development, and collaborating with the food business to expand into high-quality channels[40](index=40&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) Cash and bank balances decreased, interest-bearing borrowings declined, and capital expenditure was funded by long-term bank loans in H1 2025, while the RMB appreciated, interest expenses reduced, and the Group maintained stable ratios with capital commitments - Other operating income amounted to **RMB 10,360 thousand**, and other net losses were **RMB 6,667 thousand**, primarily impacted by foreign exchange losses and net losses on disposal of property, plant and equipment[41](index=41&type=chunk) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 402,391 | 469,747 | | Interest-bearing Borrowings | 508,234 | 567,237 | | Interest-bearing Borrowings to Equity Ratio | 21.2% | 23.3% | | Current Ratio | 1.45 times | 1.55 times | - Capital expenditure in the first half was **RMB 68,668 thousand**, primarily for purchases of property, plant and equipment, funded by long-term bank loans[43](index=43&type=chunk) - The RMB appreciated by **0.42%** against the USD, with no significant impact on the Group's operations[44](index=44&type=chunk) - Interest expenses decreased by **43.0%** to **RMB 7,416 thousand**, mainly due to interest subsidies received for borrowings related to the Bengbu new plant project[45](index=45&type=chunk) - As of June 30, 2025, the Group had no assets pledged as collateral for bank credit facilities[46](index=46&type=chunk) - As of June 30, 2025, contracted but unprovided capital expenditure amounted to **RMB 120,449 thousand**, and authorized but uncontracted capital expenditure was **RMB 39,947 thousand**[47](index=47&type=chunk) [Market Environment and Strategic Outlook](index=13&type=section&id=Market%20Environment%20and%20Strategic%20Outlook) Facing global uncertainties and domestic overcapacity, the company is shifting focus to processed food investment, reducing broiler and feed inputs, and enhancing digital capabilities, while anticipating improved economic conditions and pursuing a "scaled food, value-added meat, diversified feed" strategy in H2 - The global economy faces multiple uncertainties, including trade frictions, tariff wars, technological barriers, and geopolitical conflicts[27](index=27&type=chunk) - Domestic economic structural overcapacity and insufficient effective demand have not been fundamentally alleviated, with slow recovery in catering channel demand[27](index=27&type=chunk) - The domestic white feather broiler industry faces oversupply, low chicken prices, and suppressed profit margins due to low pork prices weakening the chicken substitution effect[28](index=28&type=chunk) - The company's strategy focuses on investment in processed food production, R&D, and sales, reducing resource allocation to broiler farming, slaughtering, and feed processing, with processed food leading performance growth[28](index=28&type=chunk) - Advancing agile organizational structure, digital system upgrades, professional talent pipeline development, and the penetration of a "customer-centric" corporate culture to achieve deep business model transformation[29](index=29&type=chunk) - Looking ahead to the second half, the domestic economic fundamentals are expected to continue to improve, and the supply-demand relationship in the white feather broiler industry may gradually improve[30](index=30&type=chunk) - Future strategic directions include: 1) using the food business as a performance growth engine; 2) optimizing the meat products business operating model to be "sales-driven" and developing high value-added products; 3) expanding diversified channels and developing new customers for the feed business[30](index=30&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Employee Remuneration and Training](index=20&type=section&id=Employee%20Remuneration%20and%20Training) As of June 30, 2025, the Group had 8,264 employees, offering competitive remuneration and focusing on training and development to enhance skills and meet business needs - As of June 30, 2025, the Group had **8,264** employees[48](index=48&type=chunk) - The company provides competitive remuneration based on industry practice, financial performance, and employee work performance, offering various training programs to enhance employee skills and knowledge[48](index=48&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The company complied with the Corporate Governance Code, with the Chairman and CEO roles combined for efficiency, and the company secretary, though external, ensures compliance through designated contacts - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Wei Junxian, a structure the Board believes facilitates business strategy execution and enhances operational efficiency[49](index=49&type=chunk) - Ms. Cao Yiping, the company secretary, is a partner at an external legal firm and ensures timely access to Group development information through a designated senior management contact, complying with listing rule requirements[50](index=50&type=chunk) [Standard Code for Securities Transactions by Directors](index=21&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted a code for directors' securities transactions, no less exacting than Listing Rules Appendix C3, with all directors confirming compliance during the reporting period - The company has adopted a code no less exacting than the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[51](index=51&type=chunk) - All directors confirmed compliance with the Standard Code and the company's code of conduct throughout the reporting period[51](index=51&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities for the six months ended June 30, 2025 - Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities for the six months ended June 30, 2025[52](index=52&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee, comprising independent non-executive directors, reviewed the interim results and accounting policies, providing oversight on financial reporting, internal control, and risk management systems - The Audit Committee is responsible for evaluating financial statements and providing opinions on financial reporting, internal control, and risk management systems[53](index=53&type=chunk) - The Audit Committee has reviewed the interim results and raised no objections to the accounting policies adopted by the company[53](index=53&type=chunk) - The Audit Committee members include Mr. Ding Yushan (Chairman), Mr. Hsia Lii-Yan, Ms. Tsai Yu-Ling, and Mr. Kao Kung-Lien, all of whom are independent non-executive directors[53](index=53&type=chunk) [Board Composition](index=22&type=section&id=Board%20Composition) As of the announcement date, the Board of Directors consists of two executive directors, five non-executive directors, and four independent non-executive directors - The Board of Directors comprises **2** executive directors, **5** non-executive directors, and **4** independent non-executive directors[55](index=55&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示 概不就因本公布全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * 截至2025年6月30日止六個月 的中期業績公布 太平洋航運集團有限公司（「太平洋航運」或「本公司」）董事會（「董事會」）欣然公布本公司及其附屬公司（統稱「本集團」）截至2025年6月30 日止六個月的未經審核簡明綜合業績如下： 業務摘要 在市況疲弱下展現財務韌性 業務表現 | | 截至6月30日止六個月 | | | --- | --- | --- | | 百萬美元 | 2025年 | 2024年 | | 營業額 | 1,018.7 | 1,281.5 | | 稅息折舊及攤銷前溢利 # | 121.5 | 157.9 | | 基本溢利 | 21.9 | 43.9 | | 股東應佔溢利 | 25.6 | 57.6 | | （港仙） 每股基本盈利 | 3.9 | 8.7 | | 每股中期股息 （港仙） | 1.6 | 4.1 | 稅息折舊及攤銷前溢利乃按毛利減間接一般及行政管理開支計算，不包括折 舊及攤銷、 ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides basic corporate information for Asia Cement (China) Holdings Corporation, including its board and key personnel [Corporate Information](index=3&type=section&id=Corporate%20Information) This chapter provides basic corporate information for Asia Cement (China) Holdings Corporation, including its key personnel and professional advisors - The company's Chairman is Mr Hsu, Hsu-Tung, and the Chief Executive Officer is Mr Chang, Chen-Kuen[8](index=8&type=chunk) - The company's auditor is Deloitte Touche Tohmatsu[12](index=12&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) The company achieved a turnaround to profitability for the six months ended June 30, 2025, despite a revenue decline [Financial Highlights](index=6&type=section&id=Financial%20Highlights) The company turned from a loss to a profit in H1 2025, driven by a significant gross margin improvement despite lower revenue Semi-Annual Performance Overview | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 2,496 million | RMB 2,689 million | -7.2% | | Gross Profit | RMB 411 million | RMB 133 million | +209% | | Profit (Loss) for the period | RMB 117 million | (RMB 411) million | Turnaround | | Profit (Loss) attributable to owners | RMB 114 million | (RMB 405) million | Turnaround | | Gross Profit Margin | 16% | 5% | +11 p.p. | | Basic Earnings (Loss) Per Share | RMB 0.073 | (RMB 0.258) | Turnaround | Key Financial Ratios | Indicator | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 3.59 | 4.77 | Decreased | | Quick Ratio | 3.35 | 4.53 | Decreased | | Gearing Ratio | 0.13 | 0.14 | Slightly Decreased | [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's interim financial statements, including income, financial position, equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's profit for the period turned positive to RMB 117 million, driven by a significant reduction in cost of sales Core Data from the H1 2025 Income Statement | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 2,496,296 | 2,689,407 | | Cost of sales | (2,085,056) | (2,556,427) | | **Gross Profit** | **411,240** | **132,980** | | Profit (loss) before tax | 169,915 | (223,643) | | **Profit (loss) for the period** | **116,972** | **(411,205)** | | Profit (loss) attributable to owners | 114,418 | (404,853) | | Basic earnings (loss) per share | RMB 0.073 | (RMB 0.258) | [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets remained stable at RMB 19.63 billion, with a notable shift from cash to time deposits Key Balance Sheet Items | Item | June 30, 2025 (RMB'000) | Dec 31, 2024 (RMB'000) | | :--- | :--- | :--- | | **Total Assets** | **19,628,972** | **19,677,550** | | Non-current Assets | 11,686,695 | 8,891,959 | | Current Assets | 7,942,277 | 10,785,591 | | **Total Liabilities** | **2,632,005** | **2,797,555** | | Current Liabilities | 2,212,351 | 2,263,184 | | Non-current Liabilities | 419,654 | 534,371 | | **Net Assets** | **16,996,967** | **16,879,995** | | **Total Equity** | **16,996,967** | **16,879,995** | - Bank balances and cash decreased from RMB 8.88 billion to RMB 1.56 billion, while time deposits with original maturity over three months increased by **RMB 7.50 billion**, indicating a shift in cash management strategy[17](index=17&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased to RMB 17.00 billion, primarily due to the profit generated during the period - Equity attributable to owners of the Company increased from RMB 16.52 billion at the beginning of 2025 to **RMB 16.63 billion**, mainly driven by the profit of RMB 114 million for the period[20](index=20&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities increased significantly, while cash used in investing activities decreased sharply Cash Flow Summary | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash from operating activities | 319,885 | 145,761 | | Net cash used in investing activities | (29,523) | (2,756,723) | | Net cash used in financing activities | (20,764) | (833,231) | | Net increase (decrease) in cash | 269,598 | (3,444,193) | | Cash at beginning of period | 1,294,559 | 5,718,017 | | **Cash at end of period** | **1,564,157** | **2,273,824** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue composition, and segment information, with no interim dividend declared [3. Revenue](index=13&type=section&id=3.%20Revenue) Total revenue in H1 2025 was RMB 2.50 billion, with cement products accounting for 97.7% of the total Revenue Breakdown | Product Category | H1 2025 Revenue (RMB'000) | H1 2024 Revenue (RMB'000) | | :--- | :--- | :--- | | Sales of cement products and related products | 2,438,060 | 2,621,481 | | Sales of concrete | 58,236 | 67,926 | | **Total** | **2,496,296** | **2,689,407** | [4. Segment Information](index=13&type=section&id=4.%20Segment%20Information) The cement business segment was the key driver of the Group's turnaround, while the concrete business remained loss-making Segment Results | Business Segment | H1 2025 Segment Results (RMB'000) | H1 2024 Segment Results (RMB'000) | | :--- | :--- | :--- | | Cement business | 221,884 | (203,521) | | Concrete business | (17,089) | (14,924) | | **Total** | **204,795** | **(218,445)** | [9. Dividends](index=17&type=section&id=9.%20Dividends) The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for 2025 (H1 2024: Nil)[48](index=48&type=chunk)[49](index=49&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance, financial position, and future outlook amid challenging market conditions [Business and Financial Review](index=24&type=section&id=Business%20and%20Financial%20Review) The Group achieved a turnaround despite a sluggish market by improving cement selling prices and reducing coal costs - Market Environment: In H1 2025, real estate development investment **decreased by 11.2% year-on-year**, leading to continued weak demand in the national cement market, with national cement output falling by 4.3%[75](index=75&type=chunk)[76](index=76&type=chunk) - Performance Attribution: Despite lower sales volume, the company improved its average cement selling price through industry coordination and benefited from lower coal costs, boosting its **gross margin from 5% to 16%** and achieving a turnaround[77](index=77&type=chunk)[78](index=78&type=chunk)[84](index=84&type=chunk) Sales Analysis by Region | Region | H1 2025 Revenue (RMB'000) | H1 2024 Revenue (RMB'000) | | :--- | :--- | :--- | | Southeast region | 1,406,488 | 1,604,298 | | Central China region | 368,955 | 282,491 | | Southwest region | 720,853 | 802,618 | | **Total** | **2,496,296** | **2,689,407** | [Financial Resources and Liquidity](index=28&type=section&id=Financial%20Resources%20and%20Liquidity) The Group maintained a healthy financial position with a low gearing ratio of 13% as of June 30, 2025 - As of June 30, 2025, the Group held **RMB 1.56 billion in cash and cash equivalents**, along with RMB 7.50 billion in time deposits with original maturity over three months[95](index=95&type=chunk)[98](index=98&type=chunk) - The Group's gearing ratio (total liabilities to total assets) **decreased from 14% at the end of 2024 to 13%** as of June 30, 2025[96](index=96&type=chunk)[98](index=98&type=chunk) [Prospects](index=31&type=section&id=Prospects) Management anticipates continued market challenges but expects performance to improve through supply-side discipline and cost control - Market Expectation: The downward trend in overall cement demand is expected to continue, with industry profitability dependent on **supply-side improvements and corporate self-discipline**[121](index=121&type=chunk)[123](index=123&type=chunk) - Industry Policy: The China Cement Association's push to curb excessive competition by requiring production according to filed capacity is expected to **reduce supply and rationalize the market**[121](index=121&type=chunk)[123](index=123&type=chunk) - Company Strategy: The Group will adhere to its high-efficiency and high-quality strategy, continue cost reduction efforts, and strengthen industry communication, expecting **further performance improvement in H2**[122](index=122&type=chunk)[123](index=123&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) This section covers shareholder interests and corporate governance practices during the reporting period [Disclosure of Interests](index=32&type=section&id=Disclosure%20of%20Interests) This section discloses the interests of directors and substantial shareholders, with Asia Cement being the controlling shareholder Substantial Shareholders' Interests | Name of shareholder | Capacity | Number of shares held | Approximate percentage of issued share capital | | :--- | :--- | :--- | :--- | | Asia Cement | Beneficial owner & controlled corporation | 1,144,862,000 | 73.07% | | Far Eastern New Century Corporation | Beneficial owner & controlled corporation | 1,144,862,000 | 73.07% | [Corporate Governance](index=35&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code and its Audit Committee reviewed the interim financial statements - The company has complied with all provisions of the Corporate Governance Code for the six months ended June 30, 2025[135](index=135&type=chunk)[141](index=141&type=chunk) - The Audit Committee has reviewed the interim financial statements and considers their preparation to be in compliance with accounting standards and adequately disclosed[137](index=137&type=chunk)[142](index=142&type=chunk)

Financial Performance - Revenue for the period reached 566,065,000, an increase of 18.3% compared to the previous period[11] - Gross profit margin improved to 10.9%, up from 10.5% in the prior period[11] - Operating income was reported at 10,602,000, reflecting a significant increase of 54.0%[25] - The company achieved a net income of 7,952,000, representing a growth of 19.2% year-over-year[11] - Total revenue for the period was $6,101,971 million, an increase from $5,967,555 million in the previous period[35] - The company reported a net loss of $(25,704) million, compared to a loss of $(33,380) million in the prior period, indicating an improvement[37] - The company achieved a gross profit of $218,468 million, slightly up from $209,257 million[35] - Operating expenses were $407,728 million, a significant increase from $196,830 million, impacting overall profitability[37] Market Expansion and Strategy - The company plans to expand its market presence in the 65nm and 90nm technology segments, which accounted for 22.2% and 25.7% of revenue respectively[18] - The company plans to expand its market presence in Asia, targeting a 10% increase in market share by the end of the year[35] - The company is exploring potential mergers and acquisitions to bolster its technology portfolio and market share[11] - The company is exploring potential acquisitions to enhance its product offerings and market reach, with a budget of $1 billion allocated for this purpose[35] User Growth and Data - The company reported a significant increase in user data, with a 27.5% growth in active users compared to the previous year[28] - User data showed an increase in active users to 1,726,241,791, up from 1,716,917,408 in the previous period[33] Future Guidance and Projections - Future guidance indicates a projected revenue growth of approximately 10% for the next quarter[11] - Future guidance indicates expected revenue growth of approximately 5% for the next quarter[35] - New product launches are anticipated to contribute an additional $500 million in revenue over the next fiscal year[35] Research and Development - New product development efforts are focused on enhancing MOSFET and MCU technologies, which have shown growth rates of 19.8% and 16.6% respectively[21] - Research and development expenses increased to $144,421 million, reflecting a commitment to innovation and new technology[35]

[Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides fundamental information about the company [Financial Highlights](index=5&type=section&id=2025%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For H1 2025, the Group's total revenue decreased by 16.7% to S$3.7 million, with gross profit down 17.5% to S$2.5 million, primarily due to market competition, macroeconomic pressures, and regulatory changes. Increased investment in the Philippine education business led to a net loss of S$1.2 million, significantly higher than S$0.15 million in the prior year, with no interim dividend declared 2025 H1 Key Financial Indicators | Indicator | 2025 H1 (S$) | 2024 H1 (S$) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3.7 million | 4.5 million | -16.7% | | Gross Profit | 2.5 million | 3.1 million | -17.5% | | Net Loss After Tax | 1.20 million | 0.15 million | +700% | - The **16.7% decrease in medical business sales** is primarily attributed to increased market competition, macroeconomic pressures, and regulatory developments[9](index=9&type=chunk)[11](index=11&type=chunk) - **Increased market competition**: New entrants and existing providers expanding their reach have diverted patient groups - **Macroeconomic pressures**: Rising cost of living and economic uncertainty have made patients more price-sensitive, leading to delayed non-essential treatments or seeking more economical options - **Regulatory developments**: New healthcare regulations have increased compliance costs and operational burdens - The expansion of net loss is mainly due to increased investment in the Philippine education business, resulting in approximately **S$0.49 million increase in other operating expenses**[10](index=10&type=chunk) - The Board has resolved not to declare any dividend for the period, consistent with the prior year[14](index=14&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's unaudited financial statements for the six months ended June 30, 2025, including the statements of profit or loss, financial position, changes in equity, and cash flows, along with relevant accounting policies and notes. The statements indicate a decline in revenue, expanded losses, and increased cash outflows, yet maintain a stable asset and liability structure with no external borrowings [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, Group revenue was S$3.73 million, a 16.7% year-on-year decrease. Due to reduced revenue and other operating expenses increasing from S$0.99 million to S$1.48 million, the net loss for the period significantly widened from S$0.149 million in the prior year to S$1.217 million, resulting in a basic loss per share of 0.20 Singapore cents Key Items from Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item | 2025 (S$) | 2024 (S$) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3,734,532 | 4,481,738 | -16.7% | | Other Operating Expenses | (1,482,966) | (989,395) | +49.9% | | Net Loss for the Period | (1,216,725) | (149,149) | +715.8% | | Basic Loss Per Share (Singapore cents) | (0.20) | (0.03) | +566.7% | [Consolidated Statement of Financial Position](index=8&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were S$13.65 million, a slight decrease from S$14.48 million at the end of 2024. Total liabilities increased to S$2.34 million, mainly due to higher lease liabilities. Net assets (equity) decreased to S$11.31 million, while cash and cash equivalents remained strong at S$9.61 million, indicating robust liquidity Key Items from Consolidated Statement of Financial Position | Item | June 30, 2025 (S$) | December 31, 2024 (S$) | Period Change | | :--- | :--- | :--- | :--- | | Total Assets | 13,649,957 | 14,478,888 | -5.7% | | Total Liabilities | 2,342,840 | 1,928,113 | +21.5% | | Net Assets | 11,307,117 | 12,550,775 | -9.9% | | Cash and Cash Equivalents | 9,613,162 | 11,367,752 | -15.4% | [Consolidated Statement of Changes in Equity](index=10&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to equity holders decreased from S$12.55 million at the beginning of the period to S$11.31 million at the end, primarily due to a total comprehensive loss of S$1.24 million recorded during the period - Total equity decreased from **S$12,550,775** at the beginning of the period to **S$11,307,117** at the end, primarily due to a **total comprehensive loss of S$1,243,658** for the current period[20](index=20&type=chunk) [Consolidated Statement of Cash Flows](index=11&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the Group's net decrease in cash and cash equivalents was S$1.75 million. Operating activities shifted from a net cash inflow in the prior year to a net outflow of S$0.82 million, reflecting deteriorating business performance. Investing and financing activities recorded net cash outflows of S$0.64 million and S$0.29 million, respectively Cash Flow Statement Summary (For the six months ended June 30) | Item | 2025 (S$) | 2024 (S$) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (823,484) | 448,743 | | Net Cash from Investing Activities | (637,220) | (1,971,837) | | Net Cash from Financing Activities | (293,886) | (265,120) | | Net Decrease in Cash and Cash Equivalents | (1,754,590) | (1,788,214) | [Notes to the Financial Statements](index=12&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail the basis of preparation, accounting policies, and specifics of various financial statement items. The Group's main businesses include operating medical diagnostic centers and providing healthcare-related education in Singapore. Revenue is disaggregated by service type, showing a year-on-year decline across all medical services (treatment, medical examination, consultation). The notes also disclose changes in non-current items such as property, plant and equipment, right-of-use assets, and lease liabilities. As of the reporting period end, the Group had no significant contingent liabilities - The Group primarily engages in two main businesses: (i) operating medical diagnostic centers and providing management consultancy services in Singapore; and (ii) healthcare-related education business[22](index=22&type=chunk) Revenue by Type of Medical Services (For the six months ended June 30) | Type of Medical Services | 2025 (S$) | 2024 (S$) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Treatment Services | 2,238,278 | 2,763,858 | -19.0% | | Medical Examination Services | 964,449 | 1,074,389 | -10.2% | | Consultation Services | 531,805 | 643,491 | -17.3% | | **Total** | **3,734,532** | **4,481,738** | **-16.7%** | - As of June 30, 2025, the Group had no significant contingent liabilities or guarantees[71](index=71&type=chunk) [Management Discussion and Analysis](index=28&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) Management attributes the 16.7% revenue decline to intense market competition and macroeconomic pressures. To address challenges, the company is actively pursuing strategic initiatives, including a planned investment in Long Valley Bio's dendritic cell (DC) vaccine technology to expand into Southeast Asia and Greater China, and positioning healthcare education as a new strategic growth pillar. Despite short-term investment-driven losses, the company maintains a robust financial position with no bank borrowings and S$9.6 million in cash. IPO proceeds have been fully utilized, with remaining placement proceeds earmarked for future acquisitions [Business Review and Outlook](index=28&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) The Group operates a network of medical clinics in Singapore under the "DTAP" brand. Facing a challenging market, the company is pursuing long-term value through strategic expansion and innovation. A key initiative involves an intended investment agreement with Long Valley Bio for its approved proprietary dendritic cell (DC) vaccine technology to treat malignant tumors, aiming to deepen its Southeast Asian presence and explore opportunities in Greater China. Additionally, healthcare education is a strategic development pillar to cultivate new sustainable revenue streams, with investments in technologies like telemedicine to enhance service quality - The company plans to invest in Long Valley Bio, leveraging its approved proprietary dendritic cell (DC) vaccine technology, to deepen its presence in Southeast Asia and explore high-growth opportunities in Greater China[74](index=74&type=chunk)[75](index=75&type=chunk) - The company views healthcare education as a strategic focus area and a new sustainable revenue source, having launched a series of training programs[76](index=76&type=chunk) - To address intense competition, the company prioritizes enhancing service quality, integrating technology (such as telemedicine platforms and electronic medical records), and diversifying clinical services[76](index=76&type=chunk) [Financial Review](index=30&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, revenue decreased by 16.7% year-on-year to S$3.7 million, and gross profit fell to S$2.5 million, though the gross profit margin remained relatively stable. Net loss expanded from S$0.1 million in the prior year to S$1.2 million, primarily due to lower revenue, a 3.9% increase in employee benefits expenses, and a significant rise in other operating expenses driven by investments in education business expansion and foreign exchange losses Financial Performance Review (For the six months ended June 30) | Indicator | 2025 H1 (S$) | 2024 H1 (S$) | Change | | :--- | :--- | :--- | :--- | | Revenue | approx 3.7 million | approx 4.4 million | -16.7% | | Gross Profit | approx 2.5 million | approx 3.1 million | -19.4% | | Employee Benefits Expenses | approx 2.05 million | approx 1.98 million | +3.9% | | Loss for the Period | approx 1.2 million | approx 0.1 million | Loss widened | - The increase in other operating expenses is primarily due to ongoing investments in education business expansion and foreign exchange losses related to foreign currency denominated balances[84](index=84&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E8%88%87%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The Group primarily relies on internal cash flow and shareholder contributions for operations. As of June 30, 2025, cash and cash equivalents were approximately S$9.6 million, with no bank borrowings. The gearing ratio (total liabilities/total equity) increased from 6% at the end of 2024 to 11%, mainly due to higher lease liabilities. The capital structure is entirely equity-funded Liquidity and Capital Structure Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 9.6 million S$ | 11 million S$ | | Bank Borrowings | None | None | | Gearing Ratio | 11% | 6% | [Use of Proceeds and Progress on Business Objectives](index=33&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94%E8%88%87%E6%A5%AD%E5%8B%99%E7%9B%AE%E6%A8%99%E9%80%B2%E5%B1%95) The net IPO proceeds of S$9.1 million were fully utilized by June 30, 2025. Of the approximately HK$20 million (S$3.6 million) net proceeds from the 2021 placement, S$1.265 million remains unutilized, expected to be used in H2 2025 for acquiring potential businesses and expanding allied health services. The report details the comparison between business objectives in the prospectus and actual progress, showing most plans completed according to the revised allocation - The net IPO proceeds of approximately **S$9.1 million** have been fully utilized[100](index=100&type=chunk)[101](index=101&type=chunk) Placement Proceeds Utilization Summary (As of June 30, 2025) | Purpose | Allocated Amount (S$ '000) | Utilized Amount (S$ '000) | Remaining Amount (S$ '000) | Expected Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Acquisition of Interests in Potential Businesses | 500 | 0 | 500 | H2 2025 | | Allied Health and Ancillary Healthcare Services | 1,000 | 441 | 559 | H2 2025 | | Other Utilized | 2,100 | 2,100 | 0 | - | | **Total** | **3,600** | **2,541** | **1,059** | | [Corporate Governance and Other Information](index=37&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) The company is committed to maintaining high standards of corporate governance and has complied with most code provisions of the GEM Listing Rules. The sole deviation is the non-separation of the Chairman and Chief Executive Officer roles, both held by founder Dr. Tan Chee Siang, which the Board believes facilitates efficient management. The report discloses that Dr. Tan, as the controlling shareholder, holds a 56.29% interest in the company. No share options were granted, nor were any share repurchases made during the period. The Audit Committee has reviewed this interim report and financial statements - The company has one corporate governance deviation: the roles of Chairman and Chief Executive Officer are not separated, both held by Dr. Tan Chee Siang. The Board believes this arrangement is in the best interest of the Group[107](index=107&type=chunk) - No share options have been granted since the adoption of the share option scheme[110](index=110&type=chunk) - Controlling shareholder Dr. Tan Chee Siang beneficially owns a total of **351,275,000 shares**, representing **56.29%** of the company's issued share capital, through controlled corporations and personally[111](index=111&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements and this interim report[121](index=121&type=chunk)