2025 Interim Report 中期報告 學標杆, 提服務, 新質發展 Bench-marking and Enhancing Services for High-quality Development 公司資料 董事會 執行董事 楊平先生 （主席） 秦艷女士 （總裁） 劉海燕先生 非執行董事 葛路女士 李巍巍先生 張軍政先生 房昕先生 獨立非執行董事 黃得勝先生 俞漢度先生 楊玉川先生 李博恩先生 審核與風險管理委員會 俞漢度先生 （主席） 房昕先生 黃得勝先生 楊玉川先生 薪酬委員會 黃得勝先生 （主席） 張軍政先生 俞漢度先生 李博恩先生 提名委員會 楊平先生 （主席） 葛路女士 黃得勝先生 俞漢度先生 楊玉川先生 環境、社會及管治委員會 楊平先生 （主席） 李巍巍先生 黃得勝先生 楊玉川先生 李博恩先生 授權代表 楊平先生 鄭桂鈺女士 公司秘書 主要股份過戶登記處 Appleby Global Corporate Services (Bermuda) Limited Canon's Court, 22 Victoria Street, PO Box HM 1179, Hamilton HM E ...

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential company details, including board members, key offices, banking relationships, and auditor information [Board of Directors and Principal Offices](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E4%B8%BB%E8%A6%81%E辦%E4%BA%8B%E8%99%95) This section lists the company's board members, company secretary, registered office, and principal places of business in Hong Kong and China - The company's board members include Executive Directors Mr. Fan Zhixin (Co-Chairman) and Mr. Tian Rui (Co-Chairman), Non-executive Director Mr. Chen Yunwei, and Independent Non-executive Directors Mr. Liang Shuxin, Ms. Shao Qiongqiong, and Ms. Yin Xuhong[1](index=1&type=chunk) - The company's registered office is in the Cayman Islands, its principal place of business in Hong Kong is in Kowloon Bay, and its principal place of business and head office in China is in Yixing City, Jiangsu Province[1](index=1&type=chunk) [Banks, Auditor, and Share Information](index=2&type=section&id=%E9%8A%80%E8%A1%8C%E3%80%81%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%8F%8A%E8%82%A1%E4%BB%BD%E4%BF%A1%E6%81%AF) This section provides basic information on the company's principal bankers, auditor, company website, and stock code - The principal bankers in Hong Kong are Bank of Communications (Hong Kong) Limited and CMB Wing Lung Bank Limited, while in China they are Jiangsu Yixing Rural Commercial Bank and China Construction Bank[2](index=2&type=chunk) - The company's auditor is Tianjian Deyang Certified Public Accountants Limited, its website is www.cnartfin.com.hk, and its stock code is 1572[2](index=2&type=chunk) [Management Discussion and Analysis](index=3&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) This section reviews the group's business performance, financial results, liquidity, and future outlook [Business Review](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) During the review period, the Group's art and asset pawnbroking business revenue significantly decreased, while art and asset auction business revenue grew substantially but still recorded a loss, and art and asset sales business revenue and profit both increased, becoming the main growth driver - The international and domestic markets continue to face challenges, prompting the Group to adjust its marketing strategies to navigate the unstable environment[3](index=3&type=chunk) [Art and Asset Pawnbroking Business](index=3&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E5%85%B8%E7%95%B6%E6%A5%AD%E5%8B%99) Both revenue and profit from the pawnbroking business significantly decreased, primarily due to lower interest rates and the suspension of new business caused by the relocation of the principal place of business in China; despite this, the Group experienced no defaults during the review period through effective risk management | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 4.0 | 10.9 | -63.3% | | Profit | 2.0 | 8.9 | -77.5% | - The decrease in revenue was primarily due to lower pawnbroking loan interest rates and the suspension of new business from March to May 2025 caused by the relocation of the principal place of business in China[4](index=4&type=chunk) - The Group employed a multi-layered internal approval and risk management system and engaged third-party appraisal agencies, resulting in no defaults in the pawnbroking business during H1 2025[5](index=5&type=chunk) [Art and Asset Auction Business](index=3&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8B%8D%E8%B3%A3%E6%A5%AD%E5%8B%99) Auction business revenue significantly increased by approximately 15.3 times, but the loss slightly expanded due to increased operating costs | Metric | H1 2025 (RMB) | H1 2024 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 98,000 | 6,000 | +15.3 times | | Loss | 278,000 | 259,000 | +7.3% | - The increase in loss was mainly due to higher operating costs for this business during the period[6](index=6&type=chunk) [Art and Asset Sales Business](index=3&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E9%8A%B7%E5%94%AE%E6%A5%AD%E5%8B%99) The art and asset sales business achieved significant growth in both revenue and profit, becoming the primary driver for the Group's diversified business and profit growth, as the company strengthened its market position by expanding its customer base and optimizing art trading strategies | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 39.2 | 25.8 | +51.9% | | Profit | 1.5 | 1.3 | +15.4% | - The increase in revenue and profit was primarily due to higher revenue from art trading during the review period[7](index=7&type=chunk) - The Group developed this business by identifying potential buyers, providing staff training, expanding its customer base, and acquiring cost-effective artworks such as Zisha pottery and calligraphy and paintings[7](index=7&type=chunk) [Financial Review](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total revenue increased during the review period, but profit before tax and profit for the period significantly decreased due to reduced revenue from the art and asset pawnbroking business and increased central administrative expenses - Total revenue increased by **17.5% year-on-year** to approximately **RMB 43.2 million**, primarily driven by increased art sales revenue from the art and asset sales business[8](index=8&type=chunk) - Profit before tax decreased by **85.2% year-on-year** to approximately **RMB 1.2 million**, and profit for the period decreased by **94.4% year-on-year** to approximately **RMB 0.3 million**[18](index=18&type=chunk)[20](index=20&type=chunk) [Revenue](index=4&type=section&id=%E6%94%B6%E7%9B%8A) During the review period, the Group's total revenue increased by 17.5% year-on-year, primarily driven by the strong performance of the art and asset sales business | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 43.2 | 36.8 | +17.5% | - The increase in revenue was mainly due to higher art sales revenue from the art and asset sales business[8](index=8&type=chunk) [Other Income](index=4&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income decreased by 33.7% year-on-year, primarily due to a reduction in bank interest income | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Other Income | 0.2 | 0.3 | -33.7% | [Other Gains / (Losses) Net](index=4&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%97%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E6%B7%A8%E9%A1%8D) The period saw a net other gain of RMB 0.1 million, a turnaround from a net loss of RMB 0.2 million in the same period last year | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Other Gains Net | 0.1 | (0.2) | [Cost of Inventories Sold](index=4&type=section&id=%E5%B7%B2%E5%94%AE%E5%AD%98%E8%B2%A8%E6%88%90%E6%9C%AC) The cost of inventories sold increased year-on-year, reflecting the growth in sales volume of the art and asset sales business | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Inventories Sold | 35.6 | 23.0 | +54.8% | [Reversal / (Recognition) of Impairment Losses, Net](index=4&type=section&id=%E6%92%A5%E5%9B%9E%E2%97%95%EF%BC%88%E7%A2%BA%E8%AA%8D%EF%BC%89%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net impairment losses on pawnbroking loans shifted from recognition last year to a reversal this period, indicating an improvement in asset quality | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Impairment Losses | Reversal 13 | Recognition (99) | [Staff Costs](index=4&type=section&id=%E5%93%A1%E5%B7%A5%E6%88%90%E6%9C%AC) Staff costs increased by 31.8% year-on-year, primarily due to an increase in the average number of employees and senior positions | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Staff Costs | 2.9 | 2.2 | +31.8% | [Depreciation of Property, Plant and Equipment](index=4&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E6%8A%98%E8%88%8A) Depreciation of property, plant and equipment remained stable, with no significant additions or disposals during the period | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Depreciation | 0.1 | 0.1 | [Depreciation of Right-of-Use Assets](index=4&type=section&id=%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E6%8A%98%E8%88%8A) Depreciation of right-of-use assets remained stable | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Depreciation | 0.3 | 0.3 | [Advertising and Promotion Expenses](index=4&type=section&id=%E5%BB%A3%E5%91%8A%E5%8F%8A%E6%8E%A8%E5%BB%A3%E9%96%8B%E6%94%AF) Advertising and promotion expenses increased, aiming to enhance brand value and promote business activities | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Advertising and Promotion Expenses | 1.5 | 1.2 | +25.0% | [Other Expenses](index=4&type=section&id=%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Other expenses decreased by 13.0% year-on-year, primarily due to a reduction in legal and professional fees | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Other Expenses | 2.0 | 2.3 | -13.0% | [Profit Before Tax](index=5&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax significantly decreased by 85.2%, mainly impacted by reduced pawnbroking business revenue and increased central administrative expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Profit Before Tax | 1.2 | 8.1 | -85.2% | [Income Tax Expense](index=5&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 66.7% year-on-year, primarily due to a reduction in taxable profit | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 0.9 | 2.7 | -66.7% | [Profit for the Period](index=5&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period significantly decreased by 94.4%, reflecting challenges in the pawnbroking business and overall operating cost pressures | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 0.3 | 5.4 | -94.4% | [Liquidity, Financial Resources, and Capital Structure](index=5&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group's financial position remains robust, primarily funding operations through internal cash flow; despite a decrease in total bank balances and cash, there are no bank borrowings or significant asset pledges, maintaining a low gearing ratio - The Group primarily funds its working capital, capital expenditure, and other capital requirements through internally generated cash flow[21](index=21&type=chunk) - As of June 30, 2025, the Group's total bank balances and cash amounted to approximately **RMB 588.0 million**, a **10.0% decrease** compared to December 31, 2024[22](index=22&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no bank borrowings or significant assets pledged[22](index=22&type=chunk) [Net Cash Flow](index=5&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%B7%A8%E9%A1%8D) Net cash used in operating activities significantly increased, while net cash from investing and financing activities decreased, leading to a reduction in cash and cash equivalents at period-end | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (68,273) | (14,927) | | Net Cash From Investing Activities | 462 | 695 | | Net Cash From Financing Activities | 2,248 | 2,638 | - As of June 30, 2025, total bank balances and cash were approximately **RMB 588.0 million**, a **10.0% decrease** from December 31, 2024[22](index=22&type=chunk) [Gearing Ratio](index=6&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The gearing ratio slightly increased but remains at a low level, indicating minimal financial leverage risk for the company | Date | Gearing Ratio | | :--- | :--- | | June 30, 2025 | 1.8% | | December 31, 2024 | 1.6% | [Contingent Liabilities](index=6&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of the end of the reporting period, the Group had no significant contingent liabilities or off-balance sheet commitments - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities or any other off-balance sheet commitments and arrangements[25](index=25&type=chunk) [Capital Expenditure](index=6&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure significantly increased this period, primarily for the acquisition of property, plant and equipment | Metric | H1 2025 (RMB million) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital Expenditure for Property, Plant and Equipment | 0.5 | 2 | [Capital Commitments](index=6&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of the end of the reporting period, the Group had no significant capital commitments - As of June 30, 2025, and December 31, 2024, the Group had no significant capital commitments[27](index=27&type=chunk) [Events After Reporting Period](index=6&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company received a statutory demand for payment of approximately HKD 8.45 million in outstanding loans and interest - On August 29, 2025, the company received a statutory demand for payment of approximately **HKD 8,453,639.89** in outstanding loans and interest, failing which the creditor may file a winding-up petition[28](index=28&type=chunk) [Human Resources and Training](index=6&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E5%9F%B9%E8%A8%93) The Group's employee count slightly increased, with remuneration policies based on performance, qualifications, experience, and market practices, offering various benefits | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 45 | | December 31, 2024 | 44 | - Employee remuneration policies are determined based on performance, qualifications, experience, and prevailing market practices, including salaries, medical insurance, MPF, and discretionary year-end bonuses[29](index=29&type=chunk) [Foreign Exchange Risk](index=6&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group's assets and liabilities are primarily denominated in RMB, and foreign exchange risk is not significant, with continuous monitoring of exchange rate fluctuations - The Group's monetary assets and liabilities are mostly denominated in RMB, and business transactions are primarily conducted in RMB and HKD, thus foreign exchange risk is not significant[30](index=30&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any foreign exchange hedging arrangements but will regularly review and consider using derivative financial instruments to hedge risks when necessary[30](index=30&type=chunk) [Outlook and Prospects](index=6&type=section&id=%E5%B1%95%E6%9C%9B%E5%8F%8A%E5%89%8D%E6%99%AF) Facing global economic challenges and sluggish domestic consumption in China, the Group will maintain a cautious approach and actively adjust strategies across its business segments, including strengthening auction market promotion, prudent lending, expanding digital financial services, and exploring new AI and EV-related businesses to enhance financial performance - The global economic environment remains challenging, including persistent inflation, geopolitical tensions, and divergent growth trajectories; domestic consumption in China is sluggish, particularly in the high-end luxury goods sector[31](index=31&type=chunk) - The Group will maintain a cautious approach, balancing risk management with strategic opportunities in its core business areas[31](index=31&type=chunk) [Art and Asset Auction Business](index=7&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8B%8D%E8%B3%A3%E6%A5%AD%E5%8B%99_%E5%B1%95%E6%9C%9B) The Group is actively adjusting its auction strategy, intensifying regional and multi-channel market promotion, and exploring the use of advanced technologies such as AI-driven sales strategies to enhance the auction experience and unlock new opportunities - The Group is actively adjusting its auction strategy, intensifying regional and multi-channel market promotion, and maintaining communication with local governments to ensure safe and effective auction activities[32](index=32&type=chunk) - It is actively exploring the use of digital platforms and Artificial Intelligence (AI)-driven sales strategies to enhance the auction experience and unlock new opportunities[32](index=32&type=chunk) [Art and Asset Pawnbroking Business](index=7&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E5%85%B8%E7%95%B6%E6%A5%AD%E5%8B%99_%E5%B1%95%E6%9C%9B) In China's interest rate reduction environment, the Group will adopt a prudent lending strategy, prioritizing capital security, while strengthening its risk assessment framework to address the impact of economic uncertainty on collateral valuation - In a declining interest rate environment, the Group adopts a prudent lending strategy, prioritizing capital security, and cautiously expanding its loan business to eligible customers[33](index=33&type=chunk) - Strengthening the risk assessment framework will be a core focus to enhance loan security and operational efficiency, addressing the impact of economic uncertainty on collateral valuation[33](index=33&type=chunk) [Art and Asset Sales Business](index=7&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E9%8A%B7%E5%94%AE%E6%A5%AD%E5%8B%99_%E5%B1%95%E6%9C%9B) Facing increased competition, the Group will leverage its collector network advantage to generate profit through buying and selling spreads, agency services, and auction commissions; simultaneously, it plans to develop county-level digital economic financial services and a secure digital closed-loop for fresh agricultural product supply chains, and explore new AI and EV-related businesses to drive innovation and growth - The Group will leverage its extensive network of collectors to identify and sell artworks in high market demand, generating profit through the spread between acquisition and selling prices, agency service fees, and auction commissions[34](index=34&type=chunk) - It plans to develop county-level digital economic financial services and build a secure digital closed-loop for fresh agricultural product supply chains to expand its business layout in digital financial services[34](index=34&type=chunk) - The Group will explore cooperation opportunities arising from AI and electric vehicle development to launch new related businesses, significantly enhancing overall financial performance[34](index=34&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Related Shares and Debentures](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses the interests and short positions of directors and the chief executive in the company's shares and related securities [Disclosure of Directors' and Chief Executive's Interests](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) As of June 30, 2025, none of the company's directors or chief executive held any interests or short positions in the shares, related shares, or debentures of the company or its associated corporations that are required to be disclosed under the Securities and Futures Ordinance or the Listing Rules - As of June 30, 2025, none of the company's directors or chief executive held any disclosable interests or short positions in the shares, related shares, or debentures of the company or its associated corporations[35](index=35&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares, Related Shares and Debentures](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section details the interests and short positions of substantial shareholders in the company's shares and related securities [Overview of Substantial Shareholders' Holdings](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1%E6%A6%82%E6%B3%81) As of June 30, 2025, several substantial shareholders, including Hanxin Investment, Jinsha Investment, Ziyu Investment, and Mr. Fan Zhijun and parties acting in concert, held approximately 59.64% long positions and 59.62% short positions in the company's shares | Shareholder Name / Company Name | Nature of Interest / Capacity | Number of Shares (thousand shares) | Approximate Percentage of Holding | | :--- | :--- | :--- | :--- | | Hanxin Investment Limited | Beneficial Owner | 1,000,768 (L) | 59.64% | | | | 1,000,384 (S) | 59.62% | | Jinsha Investment Limited | Interest in Controlled Corporation | 1,000,768 (L) | 59.64% | | | | 1,000,384 (S) | 59.62% | | Ziyu Investment Limited | Interest in Controlled Corporation | 1,000,768 (L) | 59.64% | | | | 1,000,384 (S) | 59.62% | | Mr. Fan Zhijun | Interest in Controlled Corporation and Jointly Held with Other Persons | 1,000,768 (L) | 59.64% | | | | 1,000,384 (S) | 59.62% | - Mr. Fan Zhijun, Ms. Fan Qinzi, Mr. Fan Yajun, Ms. Wu Jian, and Ms. Xu Min collectively control approximately **59.64%** of the share interests through Ziyu Investment, Jinsha Investment, and Hanxin Investment, and have entered into a confirmation of acting in concert[39](index=39&type=chunk) - Winwin International Strategic Investment Funds SPC ("WIS") holds a guaranteed interest in **1,000,384,000 shares** of the company[37](index=37&type=chunk)[39](index=39&type=chunk) [Other Information](index=10&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers various corporate governance and operational details, including share option schemes, securities transactions, and audit committee activities [Share Option Scheme](index=10&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company has a share option scheme to incentivize eligible participants, but no share options were granted, exercised, cancelled, lapsed, and/or remained outstanding for the six months ended June 30, 2025 - The share option scheme was adopted on October 14, 2016, to grant share options to employees, directors, and other eligible participants, and will expire on October 13, 2026[40](index=40&type=chunk) - For the six months ended June 30, 2025, and 2024, no share options under the scheme were granted, exercised, cancelled, lapsed, and/or remained outstanding[41](index=41&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=10&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%AD%89%E5%88%B8) During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[43](index=43&type=chunk) [Audit Committee](index=10&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and overseeing the Group's financial reporting process and internal controls, and has reviewed the interim financial statements for the period without objection - The Audit Committee comprises three independent non-executive directors: Mr. Liang Shuxin (Chairman), Ms. Shao Qiongqiong, and Ms. Yin Xuhong[44](index=44&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and had no objections to the accounting treatments adopted[44](index=44&type=chunk) [Rights to Purchase Company's Securities](index=10&type=section&id=%E8%B3%BC%E8%B2%B7%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%AD%89%E5%88%B8%E7%9A%84%E6%AC%8A%E5%88%A9) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries entered into any arrangements that would entitle directors to subscribe for the company's securities or benefit from purchasing shares or debentures of the company or any other corporation - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries entered into any arrangements that would entitle directors to subscribe for the company's securities or benefit from purchasing shares or debentures of the company or any other corporation[45](index=45&type=chunk) [Dividends](index=10&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[46](index=46&type=chunk) [Directors' Securities Transactions](index=10&type=section&id=%E8%91%A3%E4%BA%8B%E7%9A%84%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) All directors confirmed compliance with the standard code adopted by the company for securities transactions during the review period - Following specific inquiries with all directors, all directors confirmed that they had complied with the required standards of dealing as set out in the standard code for the six months ended June 30, 2025[47](index=47&type=chunk) [Compliance with Corporate Governance Report](index=11&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the review period - The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[48](index=48&type=chunk) [Acknowledgement](index=11&type=section&id=%E9%B3%A5%E8%AC%9D) The Board extends its sincere gratitude to the directors, management, and staff for their contributions and excellent performance during the review period - The Board extends its sincere gratitude to the directors, management, and staff for their contributions and excellent performance during the review period[49](index=49&type=chunk) [Condensed Consolidated Financial Statements](index=12&type=section&id=%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 condensed consolidated financial statements, including the income statement, balance sheet, equity changes, and cash flow statement [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=12&type=section&id=%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) This statement presents the Group's revenue, expenses, profit before tax, income tax expense, and profit for the period, as well as other comprehensive income, showing a significant decrease in profit for the period | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 43,220 | 36,778 | | Profit Before Tax | 1,195 | 8,085 | | Income Tax Expense | (940) | (2,669) | | Profit for the Period Attributable to Owners of the Company | 255 | 5,416 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 391 | 5,369 | | Basic and Diluted Earnings Per Share (RMB cents) | 0.02 | 0.32 | [Condensed Consolidated Statement of Financial Position](index=13&type=section&id=%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) This statement presents the Group's non-current assets, current assets, current liabilities, non-current liabilities, and total equity as of June 30, 2025, showing a slight increase in total assets but a decrease in bank balances and cash | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 2,862 | 2,056 | | Current Assets | 1,134,854 | 1,133,123 | | Current Liabilities | 26,594 | 24,714 | | Non-current Liabilities | 452 | 186 | | Total Equity | 1,110,670 | 1,110,279 | - Inventories significantly increased to **RMB 101,000 thousand** (December 31, 2024: RMB 32,000 thousand), primarily comprising Zisha pottery and calligraphy and paintings[53](index=53&type=chunk)[96](index=96&type=chunk) - Bank balances and cash decreased to **RMB 588,009 thousand** (December 31, 2024: RMB 653,570 thousand)[53](index=53&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=14&type=section&id=%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) This statement details the changes in the Group's share capital, share premium, statutory reserve, capital reserve, exchange reserve, and retained profits during the review period, reflecting the impact of profit for the period and other comprehensive income on total equity | Metric | June 30, 2025 (RMB thousand) | June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 14,793 | 14,793 | | Share Premium | 199,999 | 199,999 | | Statutory Reserve | 82,944 | 82,521 | | Capital Reserve | 172,301 | 172,301 | | Exchange Reserve | (1,258) | (1,283) | | Retained Profits | 641,891 | 642,952 | | Total | 1,110,670 | 1,111,283 | - Profit for the period was **RMB 255 thousand**, and other comprehensive income for the period was **RMB 136 thousand**, resulting in a total comprehensive income for the period of **RMB 391 thousand**[55](index=55&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=15&type=section&id=%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) This statement provides details of the Group's cash flows from operating, investing, and financing activities during the review period, showing a significant increase in net cash used in operating activities, leading to a decrease in cash and cash equivalents | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (68,273) | (14,927) | | Net Cash From Investing Activities | 462 | 695 | | Net Cash From Financing Activities | 2,248 | 2,638 | | Net Decrease in Cash and Cash Equivalents | (65,563) | (11,594) | | Cash and Cash Equivalents at End of Period | 588,009 | 684,226 | - Net cash used in operating activities increased from **RMB 14,927 thousand** to **RMB 68,273 thousand**, primarily due to increased cash outflows from operating activities[57](index=57&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=16&type=section&id=%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) This section provides detailed notes to the condensed consolidated financial statements, explaining accounting policies, segment information, and specific financial items [1. General Information and Basis of Preparation](index=16&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This note explains the basis of preparation for the Group's condensed consolidated financial statements, which comply with HKAS 34 and are presented in RMB, and details the structure for exercising control over Hexin Pawnbroking and Hexin Auction through contractual arrangements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[59](index=59&type=chunk) - The Group exercises effective control over the economic benefits of Hexin Pawnbroking and Hexin Auction through contractual arrangements and treats them as indirect wholly-owned subsidiaries of the company[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [2. Significant Accounting Policies Information](index=17&type=section&id=2.%20%E9%87%8D%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%B3%87%E6%96%99) This note states that the condensed consolidated financial statements are prepared on a historical cost basis and indicates that the application of revised HKFRSs during the period had no significant impact on the financial position and performance - The condensed consolidated financial statements are prepared on a historical cost basis, and the accounting policies and methods of computation used are the same as those adopted in the annual financial statements for the year ended December 31, 2024, except for changes in accounting policies resulting from the application of revised Hong Kong Financial Reporting Standards[65](index=65&type=chunk) - The application of a revised HKFRS (HKAS 21 (Amendment) Lack of Exchangeability) during this interim period had no significant impact on the Group's financial position and performance[66](index=66&type=chunk) [3. Revenue and Segment Information](index=17&type=section&id=3.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This note provides a detailed analysis of the Group's revenue and results by business segment, including pawnbroking, auction, and sales businesses, and offers revenue disaggregation information by asset class, geographical location, and major customers - External reportable segment information is analyzed by art and asset pawnbroking business, art and asset auction business, and art and asset sales business, consistent with internal information regularly reviewed by the chief operating decision maker[72](index=72&type=chunk) [Revenue (Notes)](index=17&type=section&id=%E6%94%B6%E7%9B%8A_%E9%99%84%E8%A8%BB) The Group's revenue primarily derives from interest income from the art and asset pawnbroking business, art sales from the art and asset sales business, and auction revenue from the art and asset auction business, with art sales revenue significantly increasing while pawnbroking interest income substantially decreased | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Art and Asset Pawnbroking Business | 3,963 | 10,931 | | Art Sales from Art and Asset Sales Business | 39,159 | 25,841 | | Auction Revenue from Art and Asset Auction Business | 98 | 6 | | **Total** | **43,220** | **36,778** | - Interest income from the art and asset pawnbroking business decreased by **63.7% year-on-year**, while art sales revenue from the art and asset sales business increased by **51.5% year-on-year**[67](index=67&type=chunk) [Disaggregation of Revenue from Contracts with Customers for Art and Asset Sales Business](index=18&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E9%8A%B7%E5%94%AE%E6%A5%AD%E5%8B%99%E4%B9%8B%E9%8A%B7%E5%94%AE%E8%97%9D%E8%A1%93%E5%93%81%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E7%9B%8A%E5%88%86%E6%8B%86) Art sales revenue primarily comes from Zisha pottery and calligraphy and paintings, with Zisha pottery sales significantly increasing, and all sales originating from China (excluding Hong Kong) | Asset Class Sold | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Zisha Pottery | 37,124 | 14,115 | | Calligraphy and Paintings | 2,035 | 11,726 | | **Total** | **39,159** | **25,841** | - In H1 2025, Zisha pottery sales increased by **163.0% year-on-year**, while calligraphy and painting sales decreased by **82.6% year-on-year**[70](index=70&type=chunk) - All art sales revenue originated from China (excluding Hong Kong)[70](index=70&type=chunk) [Disaggregation of Revenue from Contracts with Customers for Art and Asset Auction Business](index=18&type=section&id=%E8%97%9D%E8%A1%93%E5%93%81%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8B%8D%E8%B3%A3%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%8B%8D%E8%B3%A3%E6%94%B6%E7%9B%8A%E4%B9%8B%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E7%9B%8A%E5%88%86%E6%8B%86) Auction revenue primarily comes from commercial properties and parking spaces, with all auction revenue originating from China (excluding Hong Kong) | Asset Class Auctioned | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Commercial Properties and Parking Spaces | 98 | – | | Others | – | 6 | | **Total** | **98** | **6** | - In H1 2025, auction revenue primarily came from commercial properties and parking spaces, whereas in H1 2024, it mainly came from other categories[70](index=70&type=chunk) - All auction revenue originated from China (excluding Hong Kong)[70](index=70&type=chunk) [Segment Information](index=19&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This section provides a detailed analysis of revenue, results, assets, and liabilities by operating segment, showing that the art and asset sales business was the only segment to achieve profit growth, while the pawnbroking business experienced a significant decline in profit - Segment results refer to the performance of each segment, with other income, other gains/(losses) net, central administrative expenses, and finance costs not allocated[72](index=72&type=chunk) [Segment Revenue and Results](index=19&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE) Segment revenue and results for the art and asset sales business grew significantly, while those for the art and asset pawnbroking business substantially decreased, and the art and asset auction business remained in a loss-making state | Segment | 2025 Revenue (RMB thousand) | 2025 Results (RMB thousand) | 2024 Revenue (RMB thousand) | 2024 Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Art and Asset Pawnbroking Business | 3,963 | 1,985 | 10,931 | 8,870 | | Art and Asset Auction Business | 98 | (278) | 6 | (259) | | Art and Asset Sales Business | 39,159 | 1,513 | 25,841 | 1,281 | | **Total** | **43,220** | **3,220** | **36,778** | **9,892** | - The segment results of the art and asset pawnbroking business decreased by **77.6% year-on-year**, while the segment results of the art and asset sales business increased by **18.1% year-on-year**[73](index=73&type=chunk)[75](index=75&type=chunk) [Segment Assets and Liabilities](index=21&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) The art and asset pawnbroking business remains the segment with the largest asset scale, while assets of the art and asset sales business significantly increased, and bank balances and cash account for the largest portion of unallocated assets | Segment | 2025 Assets (RMB thousand) | December 31, 2024 Assets (RMB thousand) | | :--- | :--- | :--- | | Art and Asset Pawnbroking Business | 446,719 | 447,500 | | Art and Asset Auction Business | 234 | 347 | | Art and Asset Sales Business | 101,227 | 32,341 | | **Total Segment Assets** | **548,180** | **480,188** | - Segment assets of the art and asset sales business significantly increased by **213.0%**, primarily reflecting an increase in inventories[77](index=77&type=chunk)[79](index=79&type=chunk) - As of June 30, 2025, bank balances and cash within unallocated assets amounted to **RMB 588,009 thousand**[77](index=77&type=chunk) [Other Segment Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Additions to property, plant and equipment and right-of-use assets during the period primarily occurred in the art and asset pawnbroking business, reflecting capital investment in that segment | Metric | Art and Asset Pawnbroking Business (RMB thousand) | Art and Asset Auction Business (RMB thousand) | Art and Asset Sales Business (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | 2025 Additions to Property, Plant and Equipment | 503 | – | – | 503 | | 2025 Additions to Right-of-Use Assets | 702 | – | – | 702 | | 2025 Depreciation of Property, Plant and Equipment | 98 | – | – | 98 | | 2025 Depreciation of Right-of-Use Assets | 120 | 113 | 114 | 347 | [Geographical Information](index=24&type=section&id=%E5%9C%B0%E5%8D%80%E8%B3%87%E6%96%99) All of the Group's revenue and designated non-current assets are located in China (excluding Hong Kong) | Region | 2025 Revenue from External Customers (RMB thousand) | 2024 Revenue from External Customers (RMB thousand) | 2025 Designated Non-current Assets (RMB thousand) | 2024 Designated Non-current Assets (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | China, excluding Hong Kong | 43,220 | 36,778 | 1,608 | 933 | - The Group's business operations and major assets are concentrated in mainland China[84](index=84&type=chunk) [Information About Major Customers](index=24&type=section&id=%E6%9C%89%E9%97%9C%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E7%9A%84%E8%B3%87%E6%96%99) During the period, three major customers (Customers A, B, and C) contributed over 10% of total revenue, primarily from the art and asset sales business | Customer | 2025 (RMB thousand) | 2024 (RMB thousand) | Revenue Source | | :--- | :--- | :--- | :--- | | Customer A | 18,142 | – | Art and Asset Sales Business | | Customer B | 9,912 | – | Art and Asset Sales Business | | Customer C | 7,080 | 4,425 | Art and Asset Sales Business | - In H1 2025, Customers A, B, and C contributed significant revenue to the Group, with Customer A being the largest contributor[85](index=85&type=chunk) [4. Reversal / (Recognition) of Impairment Losses, Net](index=25&type=section&id=4.%20%E6%92%A5%E5%9B%9E%E2%97%95%EF%BC%88%E7%A2%BA%E8%AA%8D%EF%BC%89%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net impairment losses on pawnbroking loans shifted from recognition last year to a reversal this period, reflecting changes in the assessment of expected credit losses | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Reversal / (Recognition) of Impairment Losses, Net for Customer Loans in Art and Asset Pawnbroking Business | 13 | (99) | - The basis for determining the input data and assumptions for expected credit losses of financial assets is consistent with those used in the preparation of the 2024 annual financial statements[87](index=87&type=chunk) [5. Income Tax Expense](index=25&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense significantly decreased year-on-year, primarily due to a reduction in taxable profit, with Chinese subsidiaries taxed at 25% and no taxable profit in Hong Kong | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax | 983 | 2,732 | | Deferred Tax Credit | (43) | (63) | | **Total** | **940** | **2,669** | - The company's subsidiaries established in China were taxed at a rate of **25%** for the six months ended June 30, 2025, and 2024, with no taxable profit in Hong Kong[88](index=88&type=chunk) [6. Profit for the Period](index=26&type=section&id=6.%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) This note details various income and expenses affecting profit for the period, including staff costs, finance costs, exchange gains/losses, bank interest income, and depreciation | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Staff Costs | 2,896 | 2,240 | | Total Finance Costs | 85 | 25 | | Net Exchange (Gains) / Losses | (222) | 74 | | Bank Interest Income | (462) | (697) | | Depreciation of Property, Plant and Equipment | 98 | 120 | | Depreciation of Right-of-Use Assets | 347 | 320 | - Staff costs increased, finance costs significantly rose, while bank interest income decreased[90](index=90&type=chunk) [7. Dividends](index=27&type=section&id=7.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[92](index=92&type=chunk) [8. Earnings Per Share](index=27&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share significantly decreased this period, consistent with the trend of reduced profit for the period | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period for Calculating Basic and Diluted Earnings Per Share | 255 | 5,416 | | Weighted Average Number of Ordinary Shares (thousand shares) | 1,690,500 | 1,682,533 | | Basic and Diluted Earnings Per Share (RMB cents) | 0.02 | 0.32 | - As there were no potentially dilutive ordinary shares outstanding during both periods, diluted earnings per share are the same as basic earnings per share[93](index=93&type=chunk) [9. Movements in Property, Plant and Equipment and Right-of-Use Assets](index=28&type=section&id=9.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E5%8F%8A%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E8%AE%8A%E5%8B%95) Additions to property, plant and equipment significantly increased this period, new right-of-use assets were recognized, and some property, plant and equipment were disposed of | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 503 | 2 | | Additions to Right-of-Use Assets | 702 | – | | Loss on Disposal of Property, Plant and Equipment | 85 | – | - The Group entered into a lease agreement for office premises during the period, recognizing additions to right-of-use assets of **RMB 702,000**[95](index=95&type=chunk) [10. Inventories](index=28&type=section&id=10.%20%E5%AD%98%E8%B2%A8) Total inventories significantly increased, primarily driven by an increase in calligraphy and painting inventories, reflecting the inventory strategy of the art and asset sales business | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Zisha Pottery | 38,500 | 32,000 | | Calligraphy and Paintings | 62,500 | – | | **Total** | **101,000** | **32,000** | - For the six months ended June 30, 2025, the cost of inventories recognized as an expense and included in "Cost of inventories sold" was **RMB 35,600,000**[96](index=96&type=chunk) [11. Loans Receivable](index=29&type=section&id=11.%20%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE) Total loans receivable slightly decreased, primarily from the art and asset pawnbroking business, with loan terms generally within three months, a maximum of six months, and annual interest rates ranging from approximately 6% to 12%; all loans are collateralized by pawnbroked items and are not overdue | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer Loans for Art and Asset Pawnbroking | 449,587 | 451,283 | | Less: Impairment Provision | (4,028) | (4,015) | | **Total** | **445,572** | **447,255** | - Loan terms are generally within three months, with a maximum term of six months from the initial grant date, and annual interest rates ranging from approximately **6% to 12%**[98](index=98&type=chunk) - All art and asset pawnbroking loans are collateralized by pawnbroked items (primarily Zisha pottery and calligraphy and paintings) and were not overdue at the end of the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk) [12. Accrued Expenses and Other Payables](index=30&type=section&id=12.%20%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total accrued expenses and other payables increased, mainly due to new other loans and payables for property, plant and equipment acquisitions, while some amounts due to directors were settled by other lenders on behalf of the Group | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accrued Expenses | 3,125 | 4,482 | | Loans from a Former Director | 7,316 | 7,243 | | Amount Due to a Director | – | 5,564 | | Amount Due to a Director of a Company Subsidiary | – | 4,897 | | Payables for Acquisition of Property, Plant and Equipment | 503 | – | | Other Loans | 12,618 | – | | **Total** | **25,040** | **23,423** | - Loans from a former director as of June 30, 2025, were unsecured, interest-bearing, and repayable on demand[103](index=103&type=chunk) - New other loans of **RMB 12,618 thousand** were incurred during the period, representing unsecured revolving credit facilities entered into with independent third parties at an annual interest rate of **5%**[103](index=103&type=chunk) [13. Share Capital](index=31&type=section&id=13.%20%E8%82%A1%E6%9C%AC) The company's share capital structure remained stable, with 1,690,500 thousand issued and fully paid shares, each with a par value of HKD 0.01 | Metric | Number of Shares (thousand shares) | Amount (RMB thousand) | | :--- | :--- | :--- | | Authorized Share Capital | 5,000,000 | 43,420 | | Issued and Fully Paid Share Capital | 1,690,500 | 14,793 | - On April 26, 2024, the company completed the issuance of **12,500,000 new ordinary shares** at **HKD 0.12 per share** to an independent third party, with net proceeds of approximately **RMB 1,319,000**[105](index=105&type=chunk) [14. Share-based Payments](index=32&type=section&id=14.%20%E8%82%A1%E4%BB%BD%E5%9F%BA%E7%A4%8E%E4%BB%98%E6%AC%BE) This note details the terms of the share option scheme, including eligible participants, grant limits, exercise price determination, and validity period, reiterating no share option activity during the period - The share option scheme aims to incentivize directors and eligible participants, with the total number not exceeding **10%** of the company's issued shares on the date trading commenced on the Stock Exchange (i.e., **160,000,000 shares**)[108](index=108&type=chunk)[109](index=109&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the grant date, the average closing price for the five business days immediately preceding the grant date, and the nominal value of the shares[110](index=110&type=chunk) - For the six months ended June 30, 2025, and 2024, no share options under the scheme were granted, exercised, cancelled, lapsed, and/or remained outstanding[113](index=113&type=chunk) [15. Related Party Disclosures](index=33&type=section&id=15.%20%E9%97%9C%E8%81%AF%E6%96%B9%E6%8A%AB%E9%9C%B2) This note discloses the remuneration of key management personnel during the period, including salaries, allowances, and contributions to retirement benefit plans | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries and Other Benefits | 943 | 647 | | Contributions to Retirement Benefit Plans | 85 | 85 | | **Total** | **1,028** | **732** | - Remuneration for key management personnel is determined with reference to individual performance and market trends[115](index=115&type=chunk) [16. Major Non-Cash Transactions](index=33&type=section&id=16.%20%E4%B8%BB%E8%A6%81%E9%9D%9E%E7%8F%BE%E9%87%91%E4%BA%A4%E6%98%93) A major non-cash transaction occurred during the period, where amounts due to a director and a director of a subsidiary were settled by lenders of other loans on behalf of the Group - As of June 30, 2025, amounts due to a director of **RMB 5,461,000** and to a director of a company subsidiary of **RMB 4,826,000** were settled by lenders of other loans on behalf of the Group[116](index=116&type=chunk)

(股份代號 Stock Code: 1312) （於開曼群島註冊成立之有限公司） (Incorporated in the Cayman Islands with limited liability) INTERIM REPORT 中期業績報告 2025 目錄 Contents | 公司資料 | Corporate Information | 2 | | --- | --- | --- | | 簡明綜合損益及其他 | Condensed Consolidated Statement of | 5 | | 全面收益表 | Profit or Loss and Other Comprehensive Income | | | 簡明綜合財務狀況表 | Condensed Consolidated Statement of | 7 | | | Financial Position | | | 簡明綜合權益變動表 | Condensed Consolidated Statement of | 9 | | | Changes in Equity | | | 簡明綜合現金流動表 | Condensed Consolidat ...

寶業集團股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 股票代號 : 2355 中期報告 我們的使命 「從建造到製造」 帶領中國建築業走向產業化 | 29 | 中期財務資料的審閱報告 | | --- | --- | | | 中期財務資料 | | 30 | 中期簡明合併資產負債表 | | 32 | 中期簡明合併利潤表 | | 33 | 中期簡明合併綜合收益表 | | 34 | 中期簡明合併權益變動表 | | 36 | 中期簡明合併現金流量表 | | 37 | 中期財務資料的附註 | 61 釋義 2 企業簡介 4 公司資料 5 財務摘要 9 業績回顧 16 業務展望 18 財務回顧 22 企業管治 26 其他資料 2 寶業集團股份有限公司 二零二五年中期報告 企業簡介 業務架構 目錄 管理層討論及分析 寶業集團股份有限公司 建築 施工業務 | 房產 | | --- | | 開發業務 | 建築 材料業務 政府及公共機構樓宇 市政及基礎設施建設 商業樓宇 住宅樓宇 工業廠房 機電設備安裝 消防設施安裝 幕墻安裝 紹興「寶業四季園」 紹興「大坂綠碳園」 紹興「春映堂前園」 紹興「夏履項目」 武漢「璞園」 宜昌 ...

否 2025 中期報告 重要提示 不適用 本報告所涉及的未來計劃、發展戰略等前瞻性描述不構成公司對投資者的實質承諾，敬請投資者注意投資風險。 七、 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 十、 重大風險提示 公司已在本報告中描述可能存在的相關風險，具體內容詳見本報告「第三節管理層討論與分析」之「七、（一）可能面對的風險」。 十一、 其他 □適用 √ 不適用 一、 本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔 個別和連帶的法律責任。 二、 公司全體董事出席董事會會議。 三、 本半年度報告未經審計。 四、 公司負責人張小強、主管會計工作負責人卜周慶及會計機構負責人（會計主管人員）韓巧豔聲明：保證半年度報告中財務報告的真實、準 確、完整。 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 六、 前瞻性陳述的風險聲明 √ 適用 □不適用 八、 是否存在違反規定決策程序對外提供擔保的情況 否 九、 是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 目錄 | 第一節 | 釋義 | 2 | | ...

2025 中期 報告 崔明壽先生 （主席） 王宜美先生 （副主席） 胡亮先生 獨立非執行董事： 尹德勝先生 李雪先生 王亞平先生 祁艷女士（於2025年6月27日獲委任） 趙美然女士（於2025年6月26日退任） 行政總裁： 陳博先生 目錄 2 企業資料 4 中期簡明綜合損益表 5 中期簡明綜合全面收益表 6 中期簡明綜合財務狀況表 8 中期簡明綜合權益變動表 9 中期簡明綜合現金流量表 10 中期簡明綜合財務資料附註 22 管理層討論及分析 27 公司管治及其他資料 企業資料 董事會 執行董事： 審核委員會 李雪先生 （主席） 尹德勝先生 王亞平先生 祁艷女士（於2025年6月27日獲委任） 趙美然女士（於2025年6月26日退任） 薪酬委員會 王亞平先生 （主席） 尹德勝先生 李雪先生 祁艷女士（於2025年6月27日獲委任） 趙美然女士（於2025年6月26日退任） 提名委員會 崔明壽先生 （主席） 尹德勝先生 李雪先生 王亞平先生 祁艷女士（於2025年6月27日獲委任） 趙美然女士（於2025年6月26日退任） 公司秘書 陳鄺良先生 授權代表 王宜美先生 陳鄺良先生 香港法律顧問 企業資料 總辦事處 ...

2025 INTERIM REPORT (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號: 6966 No.48, Louzhuang Road, Langfang Development Area, Langfang, Hebei, PRC 中國河北省廊坊市 廊坊開發區樓莊路48號 China Wan Tong Yuan (Holdings) Limited 中國萬桐園(控股)有限公司 中國萬桐園 控股 ( 有限 ) www.chinawty.com Unit 6A02, 6/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong 香港德輔道中302號 華傑商業中心6樓6A02室 China Wan Tong Yuan (Holdings) Limited 中期報告 CONTENTS 目錄 2 Corporate Information 公司資料 4 Financial Highlights ...

股份代號：2438 (於開曼群島註冊成立的有限公司) 中期報告 2025 (Incorporated in the Cayman Islands with limited liability) Stock Code : 2438 INTERIM REPORT 2025 執行董事 李志飛先生 （董事長） 李媛媛女士 獨立非執行董事 陳億律先生 盧遠矚教授 楊喆先生 INTERIM REPORT 2025 中期報告 | 目錄 | | --- | | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 業績回顧及策略展望 | 5 | | 管理層討論及分析 | 9 | | 其他資料 | 14 | | 綜合損益及其他全面收益表 | 22 | | 綜合財務狀況表 | 23 | | 綜合權益變動表 | 25 | | 簡明綜合現金流量表 | 27 | | 未經審核中期財務報告附註 | 28 | | 釋義 | 48 | 公司資料 董事會 審核委員會 陳億律先生 （主席） 盧遠矚教授 楊喆先生 薪酬委員會 盧遠矚教授 （主席） 李媛媛女士 陳億律先生 提名委員會 楊喆先生 （主席） 陳億律先生 李媛媛 ...

GOME RETAIL HOLDINGS LIMITED 國美零售控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：493） 中期報告 2025 * 僅 供 識 別 目錄 | 財務及運營摘要 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 財務資料 | | | 中期簡明綜合損益表 | 15 | | 中期簡明綜合全面利潤表 | 16 | | 中期簡明綜合財務狀況表 | 17 | | 中期簡明綜合權益變動表 | 19 | | 中期簡明綜合現金流量表 | 20 | | 中期簡明綜合財務資料附註 | 21 | | 額外資料 | | | 權益披露 | 47 | | 受限制股份獎勵計劃 | 48 | | 購股權計劃 | 49 | | 主要股東之權益及淡倉 | 49 | | 其他資料 | 50 | | 公司資料 | 52 | 國美零售控股有限公司 2025年中期報告 財務及運營摘要 財務摘要 | | 2025年上半年 | 2024年上半年 | | --- | --- | --- | | | 人民幣百萬元 | 人民幣百萬元 | | 收入 | 297 | 169 | | 歸屬予母公司擁有 ...

CONTENTS 目錄 2 Corporate Information 公司資料 5 Highlights 摘要 6 Interim Condensed Consolidated Statement of Comprehensive Income 中期簡明綜合全面收益表 8 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 Ms. Jin Keli Ms. Xu Yaping INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Chan Wai Cheung, Admiral Mr. Chan Ka Leung, Kevin Mr. Yin Weizhong (1) (Resigned on 5 June 2025) Mr. Yang Jianpeng (2) AUDIT COMMITTEE Mr. Chan Wai Cheung, Admiral (Chairman) Mr. Chan Ka Leung, Kevin Mr. Yin Weizhong (1) (Resigned o ...