2025 INTERIM FINANCIAL REPORT 中期財務報告 CORPORATE PHILOSOPHY 企業理念 OUR VALUES We strive to be a GREAT company in all of our operations and dealings with people. The GREAT values are the foundation of our Company, and provide a core commitment to achieve the best we can for all of G-Resources' stakeholders. GREAT VALUES GROWTH in value for all our stakeholders ACTION to deliver on our commitments TRANSPARENCY openness, honesty and good governance G-Resources is a company listed on the Hong Kong Stock Exchange fo ...

目 錄 | 公司資料 | 2 | | --- | --- | | 中期業績摘要 | 4 | | 管理層討論及分析 | 5 | | 企業管治及其他資料 | 14 | | 未經審核綜合中期損益及其他全面收益表 | 19 | | 未經審核綜合中期財務狀況表 | 20 | | 未經審核綜合中期權益變動表 | 21 | | 未經審核簡明綜合中期現金流量表 | 22 | | 未經審核簡明綜合中期財務報表附註 | 23 | 公司資料 董事會 執行董事 陳亮先生 （主席兼行政總裁） 獨立非執行董事 麥曉峯先生 陳美樺小姐 胡克平先生 審核委員會 陳美樺小姐 （主席） 麥曉峯先生 胡克平先生 薪酬委員會 麥曉峯先生 （主席） 陳美樺小姐 胡克平先生 提名委員會 胡克平先生 （主席） 陳美樺小姐 麥曉峯先生 公司秘書 梁秀芳女士 （香港公司治理公會會士） 授權代表 陳亮先生 麥曉峯先生 核數師 奧柏國際會計師事務所 執業會計師 香港中環 些利街2–4號 LL Tower 21樓A室 主要往來銀行 南洋商業銀行有限公司 香港 德輔道中151號 開曼群島註冊辦事處 71 Fort Street PO Box 500 George T ...

Corporate Information This section provides basic corporate information for Top Form International Holdings Limited, including board members, key committee compositions, share registrars, principal bankers, registered office, principal place of business in Hong Kong, and stock code - The Board of Directors comprises executive directors (including Chairman, CEO, COO, CFO & Company Secretary, CSO) and independent non-executive directors[4](index=4&type=chunk)[5](index=5&type=chunk) - Key committees include the Audit Committee, Remuneration Committee, and Nomination Committee[4](index=4&type=chunk)[5](index=5&type=chunk) - The company's auditor is Deloitte Touche Tohmatsu[6](index=6&type=chunk) - The company's stock code is **2111**[10](index=10&type=chunk) Management Discussion and Analysis [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's market environment, business performance, and financial position for the first half of 2025, outlining future strategies amidst global economic uncertainties and tariff impacts Market and Business Review [Market and Business Review](index=6&type=section&id=Market%20and%20Business%20Review) Global economic uncertainty, driven by US tariff policies, led to a decline in the Group's first-half revenue and profit, with growth in Sri Lanka offsetting a decrease in Vietnam - US tariff policies profoundly reshaped the global economic landscape, shifting from stable expansion to uncertainty and volatility, with initial tariffs of 10%-50% later suspended for 90 days[13](index=13&type=chunk)[16](index=16&type=chunk) - The International Monetary Fund (IMF) adjusted its 2025 global growth forecast multiple times, from 3.3% in January to 2.8% in April, then up to 3.0% in July[17](index=17&type=chunk)[19](index=19&type=chunk) - US GDP grew by **3.0%** in Q2 2025, while China's GDP grew by **5.3%** in H1 2025[17](index=17&type=chunk)[19](index=19&type=chunk) - US tariff policies severely impacted the textile and apparel industry, forcing brands to adopt cautious, short-term procurement strategies and demand suppliers bear some tariff costs[18](index=18&type=chunk)[20](index=20&type=chunk) Group's Overall Performance (Six Months Ended June 30, 2025) | Indicator | H1 2025 (million HKD) | H1 2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Sales Revenue | 2,329.8 | 2,385.4 | (2.3)% | | Gross Profit | 620.4 | 645.2 | (3.8)% | | Profit Attributable to Owners of the Company | 260.4 | 277.4 | (6.1)% | | Basic Earnings Per Share (HK cents) | 25.05 | 26.67 | (6.1)% | - Vietnam business sales revenue recorded a low single-digit decline, primarily due to reduced orders from US apparel brands; investment plans for new production bases in Vietnam have been delayed and associated cash outflow reduced[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) - Sri Lanka operations continued to improve, with sales revenue recording low single-digit growth[30](index=30&type=chunk)[32](index=32&type=chunk) Financial Review [Financial Review](index=10&type=section&id=Financial%20Review) The Group's total revenue and gross profit both decreased, mainly due to US tariff policies, with elastic fabric sales declining while elastic webbing sales saw moderate growth Revenue Composition and Changes (Six Months Ended June 30, 2025) | Product Category | H1 2025 (thousand HKD) | Share (%) | H1 2024 (thousand HKD) | Share (%) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Elastic Fabric | 1,807,144 | 77.6 | 1,889,447 | 79.2 | (82,303) | (4.4) | | – Sportswear & Apparel | 1,230,597 | 52.8 | 1,301,906 | 54.6 | (71,309) | (5.5) | | – Intimate Wear | 576,547 | 24.8 | 587,541 | 24.6 | (10,994) | (1.9) | | Elastic Webbing | 500,616 | 21.5 | 468,161 | 19.6 | 32,455 | 6.9 | | Lace | 22,076 | 0.9 | 27,800 | 1.2 | (5,724) | (20.6) | | **Total** | **2,329,836** | **100.0** | **2,385,408** | **100.0** | **(55,572)** | **(2.3)** | - Cost of sales was approximately **HKD 1,709.4 million**, a year-on-year decrease of approximately **1.8%**, mainly due to lower overall sales revenue[44](index=44&type=chunk)[45](index=45&type=chunk) Gross Profit and Gross Profit Margin (Six Months Ended June 30, 2025) | Product Category | H1 2025 Gross Profit (thousand HKD) | H1 2025 Gross Profit Margin (%) | H1 2024 Gross Profit (thousand HKD) | H1 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Elastic Fabric | 504,013 | 27.9 | 523,534 | 27.7 | | Elastic Webbing | 115,160 | 23.0 | 117,057 | 25.0 | | Lace | 1,261 | 5.7 | 4,571 | 16.4 | | **Total** | **620,434** | **26.6** | **645,162** | **27.0** | - Raw material costs as a percentage of total revenue decreased from **34.0%** in H1 2024 to **32.8%** in H1 2025, helping to alleviate cost pressure[48](index=48&type=chunk)[49](index=49&type=chunk) Other Income (Six Months Ended June 30, 2025) | Income Source | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Bank Interest Income | 5,036 | 6,215 | | Government Grants | 3,589 | 3,625 | | Net Proceeds from Sale of Scraps | 7,642 | 4,723 | | Performance Bonus | 21,000 | – | | Others | 6,940 | 4,865 | | **Total** | **44,207** | **19,428** | - A net exchange loss of approximately **HKD 0.7 million** was recorded in H1 2025, compared to a net exchange gain of approximately **HKD 20.4 million** in H1 2024, mainly due to the mild appreciation of RMB[52](index=52&type=chunk)[54](index=54&type=chunk) - Finance costs were approximately **HKD 41.8 million**, a year-on-year decrease of approximately **4.3%**, primarily due to lower overall borrowing interest rates during the reporting period[59](index=59&type=chunk)[63](index=63&type=chunk) - Net profit was approximately **HKD 270.7 million**, a year-on-year decrease of approximately **4.4%**; net profit margin was approximately **11.6%** (H1 2024: 11.9%), mainly affected by lower gross profit[66](index=66&type=chunk)[69](index=69&type=chunk) - Net working capital was approximately **HKD 1,383.1 million**, with a current ratio of **1.7 times**; net gearing ratio was approximately **8.2%** (end of 2024: 13.5%)[67](index=67&type=chunk)[70](index=70&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk) - Net cash generated from operating activities was approximately **HKD 348.2 million**, an increase of approximately **14.2%** year-on-year, mainly due to overall optimized working capital management[73](index=73&type=chunk)[77](index=77&type=chunk) - Inventory turnover days increased from approximately **111.8 days** at the end of 2024 to approximately **131.1 days** in H1 2025, primarily due to higher-than-expected average inventory levels impacted by US tariff policies[79](index=79&type=chunk)[82](index=82&type=chunk) - Total additions to property, plant and equipment amounted to approximately **HKD 171.9 million**, mainly for construction in progress and machinery additions[80](index=80&type=chunk)[83](index=83&type=chunk) - Pledged bank deposits amounted to approximately **HKD 68.1 million**, serving as collateral for bills payable[85](index=85&type=chunk)[87](index=87&type=chunk) Employees and Remuneration Policies [Employees and Remuneration Policies](index=19&type=section&id=Employees%20and%20Remuneration%20Policies) The Group offers competitive remuneration and additional benefits, along with continuous employee training, increasing its total workforce to 11,685 as of June 30, 2025, to support business expansion - The Group's remuneration package includes salaries, bonuses, allowances, and retirement benefits, along with additional benefits such as accommodation, meals, accident and medical insurance, and share incentives[89](index=89&type=chunk)[94](index=94&type=chunk) - As of June 30, 2025, the Group employed a total of **11,685** employees, an increase from **11,037** at the end of 2024, mainly due to new hires in Q1 to support planned business expansion[90](index=90&type=chunk)[94](index=94&type=chunk) Contingent Liabilities [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[91](index=91&type=chunk)[95](index=95&type=chunk) Significant Investments held, material acquisitions and disposals of subsidiaries, and future plans for material investments or capital assets [Significant Investments held, material acquisitions and disposals of subsidiaries, and future plans for material investments or capital assets](index=19&type=section&id=Significant%20Investments%20held,%20material%20acquisitions%20and%20disposals%20of%20subsidiaries,%20and%20future%20plans%20for%20material%20investments%20or%20capital%20assets) Aside from those disclosed in the interim report, there were no other significant investments, acquisitions, or disposals during the review period, nor has the Board authorized any material future investments or capital asset additions - Other than as disclosed in this interim report, no other significant investments were held, nor were there any material acquisitions or disposals of subsidiaries during the review period[92](index=92&type=chunk)[96](index=96&type=chunk) - As of the date of this interim report, the Board has not authorized any material investments or additions to capital assets[92](index=92&type=chunk)[96](index=96&type=chunk) Events after the Reporting Period [Events after the Reporting Period](index=19&type=section&id=Events%20after%20the%20Reporting%20Period) As of the date of the interim report, no events after the reporting period had a significant impact on the Group - Other than as disclosed in other sections of this interim report, no events after the reporting period and up to the date of this interim report had a significant impact on the Group[93](index=93&type=chunk)[97](index=97&type=chunk) Prospects and Future Strategies [Prospects and Future Strategies](index=20&type=section&id=Prospects%20and%20Future%20Strategies) Despite geopolitical tensions, the global economic outlook is optimistic, with the textile and apparel industry anticipating a peak season in the second half of the year, prompting the Group to strategically invest in R&D, consolidate its international business footprint, and cautiously advance its Vietnam production base expansion plans to seize market opportunities and achieve sustainable growth - The International Monetary Fund (IMF) forecasts global economic growth of **3.0%** in 2025 and **3.1%** in 2026, indicating an optimistic outlook[99](index=99&type=chunk)[102](index=102&type=chunk) - The second half of the year is traditionally the peak season for the textile and apparel industry, a trend expected to continue in 2025, with increased sales orders from key customers potentially driving higher capacity utilization and overall profit[100](index=100&type=chunk)[102](index=102&type=chunk) - The Group will strategically invest in R&D capabilities to meet the continuous demand for innovative sportswear and apparel products[104](index=104&type=chunk)[108](index=108&type=chunk) - The Group remains committed to its multi-location production strategy, with its international business footprint being one of its core competitive advantages[105](index=105&type=chunk)[109](index=109&type=chunk) - Given the potential impact of US tariff policies, the Group is taking a more cautious approach to capital investment in its second production base in Vietnam, planning to proceed with expansion when market confidence recovers[106](index=106&type=chunk)[109](index=109&type=chunk) - As of June 30, 2025, the overall annual design capacities for elastic fabric, elastic webbing, and lace were approximately **277.5 million meters**, **2,014.8 million meters**, and **45.0 million meters**, respectively[105](index=105&type=chunk)[109](index=109&type=chunk) Disclosure of Interests [Disclosure of Interests](index=22&type=section&id=Disclosure%20of%20Interests) This section discloses the interests and short positions of directors, chief executives, and substantial shareholders in the company's shares and related shares as of June 30, 2025, with Mr. Lo Yuk Cheung and his controlled corporations holding 61.59% of the company's shares, making him the largest shareholder Shareholdings of Directors and Chief Executives (As of June 30, 2025) | Director Name | Long/Short Position | Capacity | Number of Shares/Related Shares (shares) | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Mr. Lo Yuk Cheung | Long Position | Beneficial Owner & Controlled Corporation | 640,500,000 | 61.59 | | Mr. Cheung Hoi To | Long Position | Interest of Spouse | 78,292,000 | 7.52 | | Ms. Cheng Ting Ting | Long Position | Beneficial Owner & Controlled Corporation | 78,292,000 | 7.52 | | Mr. Ng Siu Lun | Long Position | Beneficial Owner & Controlled Corporation | 40,500,000 | 3.89 | | Mr. Chan Yiu Sing | Long Position | Beneficial Owner | 1,400,000 | 0.13 | Shareholdings of Substantial Shareholders (As of June 30, 2025) | Substantial Shareholder Name | Long/Short Position | Capacity | Number of Shares/Related Shares (shares) | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Grandview Capital Investment Limited | Long Position | Beneficial Owner | 637,500,000 | 61.30 | | FMR LLC | Long Position | Interest of Controlled Corporation | 103,876,900 | 9.99 | | Mega Brilliant Enterprises Limited | Long Position | Beneficial Owner | 75,000,000 | 7.21 | | Pandanus Associates Inc. | Long Position | Interest of Controlled Corporation | 71,954,976 | 6.92 | | Pandanus Partners L.P. | Long Position | Interest of Controlled Corporation | 71,954,976 | 6.92 | | FIL Limited | Long Position | Interest of Controlled Corporation | 71,954,976 | 6.92 | Share Schemes [Share Schemes](index=28&type=section&id=Share%20Schemes) The company adopted new share option and share award schemes on June 27, 2023, to incentivize directors and eligible employees, with no options or awards granted as of the date of this interim report - The company adopted a share option scheme and a share award scheme on June 27, 2023, aiming to provide incentives to directors and eligible employees[130](index=130&type=chunk)[132](index=132&type=chunk) - As of the date of this interim report, no share options or share awards have been granted since the adoption of the share option scheme and share award scheme[130](index=130&type=chunk)[132](index=132&type=chunk) - The total number of shares that may be issued upon exercise of all share options and share awards under the schemes is **103,980,800** shares, representing **10%** of the issued shares as of June 30, 2025[131](index=131&type=chunk)[132](index=132&type=chunk) Corporate Governance Code and Other Information [Corporate Governance Code and Other Information](index=29&type=section&id=Corporate%20Governance%20Code%20and%20Other%20Information) The company complied with the Corporate Governance Code and Model Code for Securities Transactions by Directors during the reporting period, made no purchases, redemptions, or sales of listed securities, disclosed changes in Board members, declared an interim dividend of HKD 12.5 cents per share, and had its interim results reviewed by Deloitte with no disagreement from the Audit Committee - The company has complied with the Code Provisions of Appendix C1 to the Listing Rules on Corporate Governance Code for the six months ended June 30, 2025[133](index=133&type=chunk)[137](index=137&type=chunk) - Directors have confirmed their compliance with the Model Code set out in Appendix C3 to the Listing Rules for their securities transactions, if any, during the six months ended June 30, 2025[134](index=134&type=chunk)[138](index=138&type=chunk) - During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[136](index=136&type=chunk)[139](index=139&type=chunk) - Effective April 30, 2025, Mr. Lo Yuk Cheung ceased to be Chairman and member of the Nomination Committee; Ms. Cheng Ting Ting was appointed as a member of the Nomination Committee; and Mr. Kwok Tai Chi was appointed as Chairman of the Nomination Committee[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - The Board has resolved to declare an interim dividend of **HKD 12.5 cents** per ordinary share for the six months ended June 30, 2025, expected to be paid on October 10, 2025[146](index=146&type=chunk)[149](index=149&type=chunk) - The company's share transfer registration will be suspended from September 22 to September 24, 2025 (both dates inclusive), to determine eligibility for the interim dividend[147](index=147&type=chunk)[150](index=150&type=chunk) - The unaudited condensed consolidated results of the Group for the six months ended June 30, 2025, have been reviewed by Deloitte Touche Tohmatsu, and the company's Audit Committee had no disagreement[148](index=148&type=chunk)[151](index=151&type=chunk) Report on Review of Condensed Consolidated Financial Statements [Report on Review of Condensed Consolidated Financial Statements](index=33&type=section&id=Report%20on%20Review%20of%20Condensed%20Consolidated%20Financial%20Statements) Deloitte Touche Tohmatsu reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, concluding no material non-compliance with Hong Kong Accounting Standard 34 - Deloitte Touche Tohmatsu has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410[155](index=155&type=chunk)[157](index=157&type=chunk) - The scope of a review is substantially less than an audit, thus no audit opinion is expressed[157](index=157&type=chunk)[159](index=159&type=chunk) - Based on the review, nothing has come to their attention that causes them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[158](index=158&type=chunk)[160](index=160&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=35&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue was HKD 2,329.8 million, profit for the period was HKD 270.7 million, profit attributable to owners of the company was HKD 260.4 million, and total comprehensive income for the period was HKD 287.2 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30, 2025) | Indicator | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 2,329,836 | 2,385,408 | | Cost of Sales | (1,709,402) | (1,740,246) | | Gross Profit | 620,434 | 645,162 | | Other Income | 44,207 | 19,428 | | Other Gains and Losses | (1,134) | 20,998 | | Selling and Distribution Expenses | (105,266) | (101,464) | | Administrative Expenses | (157,482) | (164,799) | | Research and Development Expenses | (55,080) | (51,046) | | Finance Costs | (41,793) | (43,712) | | Profit Before Taxation | 309,761 | 324,220 | | Income Tax Expense | (39,103) | (41,051) | | **Profit for the Period** | **270,658** | **283,169** | | Profit Attributable to Owners of the Company | 260,438 | 277,358 | | Profit Attributable to Non-controlling Interests | 10,220 | 5,811 | | **Basic Earnings Per Share (HK cents)** | **25.05** | **26.67** | - Other comprehensive income for the period was **HKD 16,502 thousand**, mainly from exchange differences on translation of overseas operations (H1 2024: loss of HKD 73,086 thousand)[164](index=164&type=chunk) - Total comprehensive income for the period was **HKD 287,160 thousand**, an increase from **HKD 209,945 thousand** in H1 2024[164](index=164&type=chunk) Condensed Consolidated Statement of Financial Position [Condensed Consolidated Statement of Financial Position](index=37&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were HKD 4,546.8 million, and net assets were HKD 3,656.0 million, with net current assets decreasing to HKD 1,383.1 million from the end of 2024 Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 2,680,334 | 2,697,407 | | Right-of-Use Assets | 301,681 | 301,942 | | Deferred Tax Assets | 22,310 | 13,207 | | **Current Assets** | | | | Inventories | 1,220,707 | 1,255,420 | | Trade and Bills Receivables | 675,890 | 874,506 | | Pledged Bank Deposits | 68,144 | 103,697 | | Bank Balances and Cash | 1,149,739 | 980,278 | | **Current Liabilities** | | | | Trade Payables | 290,066 | 367,869 | | Bank and Other Borrowings (Current) | 786,858 | 613,681 | | Lease Liabilities (Current) | 50,658 | 44,525 | | **Non-current Liabilities** | | | | Bank and Other Borrowings (Non-current) | 731,375 | 947,580 | | Lease Liabilities (Non-current) | 114,330 | 119,531 | | **Total Equity** | **3,656,006** | **3,534,279** | - Net current assets as of June 30, 2025, were **HKD 1,383.1 million**, a decrease from **HKD 1,495.0 million** as of December 31, 2024[165](index=165&type=chunk) Condensed Consolidated Statement of Changes in Equity [Condensed Consolidated Statement of Changes in Equity](index=39&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, equity attributable to owners of the company was HKD 3,558.6 million, non-controlling interests were HKD 97.4 million, and total equity was HKD 3,656.0 million, with total comprehensive income for the period at HKD 287.2 million and dividends of HKD 165.4 million recognized Total Equity (As of June 30, 2025) | Indicator | June 30, 2025 (thousand HKD) | January 1, 2024 (thousand HKD) | | :--- | :--- | :--- | | Share Capital | 10,398 | 10,398 | | Share Premium | 593,250 | 593,250 | | Other Reserves | 106,715 | 106,715 | | Retirement Benefit Reserve | 1,551 | 1,649 | | Special Reserve | (13,070) | (13,070) | | PRC Statutory Reserve | 267,576 | 249,407 | | Translation Reserve | (435,419) | (333,575) | | Retained Profits | 3,027,564 | 2,599,544 | | **Total Equity Attributable to Owners of the Company** | **3,558,565** | **3,214,318** | | Non-controlling Interests | 97,441 | 101,223 | | **Total Equity** | **3,656,006** | **3,315,541** | - Profit for the period was **HKD 260,438 thousand**, and other comprehensive income for the period was **HKD 16,502 thousand**, resulting in a total comprehensive income for the period of **HKD 287,160 thousand**[169](index=169&type=chunk) - Dividends of **HKD 165,433 thousand** were recognized during the period[169](index=169&type=chunk) Condensed Consolidated Statement of Cash Flows [Condensed Consolidated Statement of Cash Flows](index=41&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities was HKD 348.2 million, net cash used in investing activities was HKD 75.3 million, and net cash used in financing activities was HKD 114.9 million, with cash and cash equivalents at period-end totaling HKD 1,149.7 million Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30, 2025) | Activity Category | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 348,225 | 304,838 | | Net Cash Used in Investing Activities | (75,258) | (120,363) | | Net Cash Used in Financing Activities | (114,931) | (350,269) | | Net Increase (Decrease) in Cash and Cash Equivalents | 158,036 | (165,794) | | Cash and Cash Equivalents at End of Period | 1,149,739 | 756,812 | - In investing activities, **HKD 118.0 million** was paid for the purchase of property, plant and equipment[172](index=172&type=chunk) - In financing activities, new bank borrowings amounted to **HKD 957.0 million**, and repayment of bank borrowings amounted to **HKD 777.1 million**[172](index=172&type=chunk) Notes to the Condensed Consolidated Financial Statements [Notes to the Condensed Consolidated Financial Statements](index=42&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, basis of preparation, accounting policies, revenue and segment information, profit before taxation, income tax expense, dividends, earnings per share, movements in property, plant and equipment, trade receivables and payables, bank borrowings, pledge of assets, capital commitments, share-based payments, and related party transactions General Information [General Information](index=42&type=section&id=General%20Information) Top Form International Holdings Limited was incorporated in the Cayman Islands on June 14, 2013, and listed on the Main Board of the Hong Kong Stock Exchange on May 23, 2014, with Grandview Capital Investment Limited as its ultimate controlling company, and its functional and presentation currency being HKD - The company was incorporated in the Cayman Islands as an exempted company with limited liability on June 14, 2013, and has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since May 23, 2014[173](index=173&type=chunk)[176](index=176&type=chunk) - Its immediate and ultimate controlling company is Grandview Capital Investment Limited, wholly owned by Mr. Lo Yuk Cheung[173](index=173&type=chunk)[176](index=176&type=chunk) - The functional currency of the company and the presentation currency of the condensed consolidated financial statements is Hong Kong dollars[174](index=174&type=chunk)[177](index=177&type=chunk) Basis of Preparation [Basis of Preparation](index=42&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange - The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 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[175](index=175&type=chunk)[178](index=178&type=chunk) Material Accounting Policy Information [Material Accounting Policy Information](index=43&type=section&id=Material%20Accounting%20Policy%20Information) The financial statements are prepared on a historical cost basis, and the first-time application of HKFRS amendments during this period had no significant impact on financial position or performance - The condensed consolidated financial statements are prepared on the historical cost basis[179](index=179&type=chunk)[182](index=182&type=chunk) - The first-time application of HKAS 21 (Amendment) 'Lack of Exchangeability' during this interim period had no significant impact on the Group's financial position and performance and/or disclosures for the current and prior periods[181](index=181&type=chunk)[183](index=183&type=chunk) Revenue and Segment Information [Revenue and Segment Information](index=44&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily stems from the manufacturing and trading of elastic fabric, elastic webbing, and lace, with sportswear and intimate wear elastic fabrics being the main revenue sources by product category, and the elastic fabric and lace segment contributing the majority of revenue and gross profit - The Group's revenue is derived from the manufacturing and trading of elastic fabric, lace, and elastic webbing in Mainland China, Hong Kong, Vietnam, and Sri Lanka[184](index=184&type=chunk)[187](index=187&type=chunk) Revenue by Product Category (Six Months Ended June 30, 2025) | Product Category | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Elastic Fabric – Sportswear & Apparel | 1,230,597 | 1,301,906 | | Elastic Fabric – Intimate Wear | 576,547 | 587,541 | | Lace | 22,076 | 27,800 | | Elastic Webbing | 500,616 | 468,161 | | **Total** | **2,329,836** | **2,385,408** | - The Group's operating and reportable segments include the manufacturing and trading of elastic fabric and lace, and the manufacturing and trading of elastic webbing[195](index=195&type=chunk) Segment Revenue and Gross Profit (Six Months Ended June 30, 2025) | Segment | Revenue (thousand HKD) | Gross Profit (thousand HKD) | | :--- | :--- | :--- | | Elastic Fabric and Lace | 1,829,220 | 505,274 | | Elastic Webbing | 500,616 | 115,160 | | **Total** | **2,329,836** | **620,434** | - All assets and liabilities are allocated to operating and reportable segments, except for certain property, plant and equipment, right-of-use assets, interests in joint ventures, deferred tax assets, recoverable taxes, pledged bank deposits, bank balances and cash, and certain other corporate assets and liabilities used for corporate purposes[208](index=208&type=chunk) Profit Before Taxation [Profit Before Taxation](index=52&type=section&id=Profit%20Before%20Taxation) Profit before taxation is stated after deducting (or including) items such as depreciation, cost of inventories, bank interest income, government grants, net proceeds from sale of scraps, performance bonuses, and net exchange losses Key Items Affecting Profit Before Taxation (Six Months Ended June 30, 2025) | Item | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 191,873 | 203,463 | | Depreciation of Right-of-Use Assets | 30,455 | 26,658 | | Depreciation Capitalized in Inventories | (203,870) | (208,940) | | Cost of Inventories Recognized as Expense | 1,709,402 | 1,740,246 | | Bank Interest Income | (5,036) | (6,215) | | Government Grants | (3,589) | (3,625) | | Net Proceeds from Sale of Scraps | (7,642) | (4,723) | | Performance Bonus | (21,000) | – | | Net Exchange Loss (Gain) | 658 | (20,354) | Income Tax Expense [Income Tax Expense](index=53&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HKD 39.1 million, with Hong Kong applying a two-tiered profits tax, Chinese high-tech enterprises enjoying a 15% preferential tax rate, Vietnamese subsidiaries a 5% preferential tax rate, and Sri Lankan subsidiaries a 15% preferential tax rate Income Tax Expense (Six Months Ended June 30, 2025) | Item | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 27,593 | 19,048 | | PRC Enterprise Income Tax | 11,975 | 10,716 | | Income Tax in Other Jurisdictions | 9,399 | 8,654 | | Over-provision in Prior Years (PRC Enterprise Income Tax) | (1,465) | (1,619) | | Deferred Tax | (8,399) | 4,252 | | **Total** | **39,103** | **41,051** | - Hong Kong profits tax adopts a two-tiered system, taxing the first **HKD 2 million** of assessable profits at **8.25%** and the remainder at **16.5%**[213](index=213&type=chunk) - Chinese high-tech enterprises (Dongguan Top Form and Dongguan Runxin) are subject to a **15%** preferential tax rate[215](index=215&type=chunk) - Vietnamese subsidiaries are subject to a **5%** preferential tax rate[217](index=217&type=chunk)[219](index=219&type=chunk) - Sri Lankan subsidiaries are subject to an income tax rate of **30%** from July 1, 2022, with one subsidiary currently enjoying a **15%** preferential tax rate (H1 2024: tax exemption)[221](index=221&type=chunk)[225](index=225&type=chunk) Dividends [Dividends](index=55&type=section&id=Dividends) The company declared a final dividend of HKD 15.91 cents per share for the year ended December 31, 2024, totaling HKD 165.4 million, and the Board has resolved to declare an interim dividend of HKD 12.5 cents per share for the six months ended June 30, 2025 - The company declared a final dividend of **HKD 15.91 cents** per ordinary share for the year ended December 31, 2024, totaling approximately **HKD 165.4 million**, which was paid in July 2025[223](index=223&type=chunk)[227](index=227&type=chunk) - The Board has resolved to declare an interim dividend of **HKD 12.5 cents** per ordinary share for the six months ended June 30, 2025 (H1 2024: HKD 13.33 cents)[224](index=224&type=chunk)[227](index=227&type=chunk) Earnings Per Share [Earnings Per Share](index=56&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company was HKD 25.05 cents, with no diluted earnings per share presented due to the absence of potential ordinary shares Basic Earnings Per Share (Six Months Ended June 30, 2025) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (thousand HKD) | 260,438 | 277,358 | | Number of Ordinary Shares (shares) | 1,039,808,000 | 1,039,808,000 | | **Basic Earnings Per Share (HK cents)** | **25.05** | **26.67** | - Diluted earnings per share are not presented as there were no potential ordinary shares outstanding for the six months ended June 30, 2025, and 2024[231](index=231&type=chunk) Movement in Property, Plant and Equipment and Right-of-Use Assets [Movement in Property, Plant and Equipment and Right-of-Use Assets](index=56&type=section&id=Movement%20in%20Property,%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) For the six months ended June 30, 2025, total additions to property, plant and equipment amounted to HKD 171.9 million, primarily for construction in progress and machinery, with HKD 58.2 million transferred from construction in progress, and new right-of-use assets totaling HKD 31.1 million - Total additions to property, plant and equipment for the six months ended June 30, 2025, amounted to approximately **HKD 171.9 million** (H1 2024: approximately HKD 164.4 million)[230](index=230&type=chunk)[232](index=232&type=chunk) - This primarily included new construction in progress of approximately **HKD 131.2 million** and new machinery of approximately **HKD 34.2 million**[230](index=230&type=chunk)[232](index=232&type=chunk) - Total transfers out of construction in progress amounted to approximately **HKD 58.2 million**, mainly comprising transfers to machinery of approximately **HKD 48.0 million** and transfers to buildings of approximately **HKD 10.1 million**[233](index=233&type=chunk)[236](index=236&type=chunk) - Total additions to right-of-use assets amounted to approximately **HKD 31.1 million**, primarily for leased factory properties located in China[234](index=234&type=chunk)[236](index=236&type=chunk) Trade and Bills Receivables [Trade and Bills Receivables](index=57&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were HKD 675.9 million, a decrease from the end of 2024, with a net remeasurement of credit loss allowance resulting in a HKD 4.2 million reversal, and trade receivables from related parties totaling HKD 191.6 million - As of June 30, 2025, total trade and bills receivables amounted to **HKD 675.9 million** (December 31, 2024: HKD 874.5 million)[238](index=238&type=chunk) - The net remeasurement of credit loss allowance resulted in a reversal of **HKD 4.2 million**, with the credit loss allowance balance at period-end being **HKD 4.1 million**[238](index=238&type=chunk)[244](index=244&type=chunk) Trade Receivables Aging (Net of Credit Loss Allowance, As of June 30, 2025) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | 0–90 Days | 616,649 | 713,042 | | 91–180 Days | 53,700 | 142,658 | | Over 180 Days | 2,907 | 1,485 | | **Total** | **673,256** | **857,185** | - Trade receivables from related parties amounted to **HKD 191.6 million** (December 31, 2024: HKD 237.2 million), which are unsecured, interest-free, and have credit terms of 30 to 90 days[244](index=244&type=chunk)[245](index=245&type=chunk)[247](index=247&type=chunk) Trade and Bills Payables [Trade and Bills Payables](index=61&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade payables were HKD 290.1 million, and total bills payables were HKD 207.7 million, with trade payables to joint ventures amounting to HKD 16.2 million Trade Payables Aging (As of June 30, 2025) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | 0–90 Days | 270,712 | 342,303 | | 91–180 Days | 19,354 | 25,566 | | **Total** | **290,066** | **367,869** | - Amounts payable to joint ventures included in trade payables were approximately **HKD 16.2 million**, which are unsecured, interest-free, and have credit terms of 30 days[251](index=251&type=chunk) Bills Payables Aging (As of June 30, 2025) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | 0–90 Days | 85,778 | 230,050 | | 91–180 Days | 121,907 | 128,492 | | **Total** | **207,685** | **358,542** | Bank and Other Borrowings [Bank and Other Borrowings](index=63&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings amounted to HKD 1,518.2 million, comprising HKD 786.9 million in current liabilities and HKD 731.4 million in non-current liabilities, with interest rates linked to HIBOR or SOFR, and unsecured bank borrowings guaranteed by the company or its subsidiaries Total Bank and Other Borrowings and Composition (As of June 30, 2025) | Borrowing Type | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Unsecured Syndicated Loan | 280,000 | 500,000 | | Unsecured Bank Borrowings | 1,100,222 | 920,373 | | Unsecured Other Borrowings | 138,011 | 140,888 | | **Total** | **1,518,233** | **1,561,261** | - Borrowing repayment terms: **HKD 786.9 million** within one year, and **HKD 731.4 million** over one year[256](index=256&type=chunk) - The Group's floating rate borrowings bear annual interest rates linked to the Hong Kong Interbank Offered Rate (HIBOR) or the Secured Overnight Financing Rate (SOFR)[257](index=257&type=chunk) - Unsecured bank borrowings are guaranteed by the company and/or certain of its subsidiaries[258](index=258&type=chunk) Pledge of Assets [Pledge of Assets](index=64&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had pledged bank deposits of HKD 68.1 million as collateral for bills payable - As of the end of the reporting period, the Group had pledged certain bank deposits of approximately **HKD 68.1 million** (December 31, 2024: approximately HKD 103.7 million) as collateral for bills payable issued by the Group[259](index=259&type=chunk)[261](index=261&type=chunk) Capital and Other Commitments [Capital and Other Commitments](index=65&type=section&id=Capital%20and%20Other%20Commitments) As of June 30, 2025, contracted but unprovided capital expenditure for property, plant and equipment additions was HKD 81.4 million, and the company committed to inject RMB 140.5 million into a proposed insurance business company, pending approval and contribution - As of June 30, 2025, capital expenditure contracted but not provided for in respect of additions to property, plant and equipment amounted to approximately **HKD 81.4 million** (December 31, 2024: approximately HKD 143.7 million)[262](index=262&type=chunk) - The company has agreed to inject **RMB 140.5 million** (approximately HKD 154.1 million) into a proposed insurance business company to be established in China, but the establishment is pending approval, and the Group has not yet made any contributions[262](index=262&type=chunk) Share-Based Payments [Share-Based Payments](index=66&type=section&id=Share-Based%20Payments) The company adopted new share option and share award schemes on June 27, 2023, but no options or awards have been granted, nor have any share-based payments been recognized, for the six months ended June 30, 2025, since their adoption - The company adopted new share option and share award schemes on June 27, 2023[263](index=263&type=chunk)[265](index=265&type=chunk) - Since the adoption of the share option scheme, new share option scheme, and new share award scheme, no share options or share awards have been granted, and no share-based payments have been recognized for the six months ended June 30, 2025, and 2024[264](index=264&type=chunk)[266](index=266&type=chunk) Related Party Transactions [Related Party Transactions](index=67&type=section&id=Related%20Party%20Transactions) The Group engages in various related party transactions, including sales of goods to joint ventures and associated companies, purchases of raw materials from joint ventures, interest expenses on other borrowings, operating expenses, and lease liabilities with related parties, with key management personnel compensation totaling HKD 8.7 million Major Related Party Transactions (Six Months Ended June 30, 2025) | Transaction Nature | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Sales of Goods to Joint Ventures | 569 | 650 | | Purchases of Raw Materials and Goods from Joint Ventures | 26,712 | 23,246 | | Sales of Goods to Associated Companies | 102,999 | 80,764 | | Sales of Goods to Other Associated Companies | 426,773 | 404,593 | | Interest Expense on Other Borrowings (from Other Associated Companies) | 4,743 | 5,829 | | Operating Expenses (Paid to Associated Companies) | 2,655 | – | | Operating Expenses (Paid to Other Associated Companies) | 20,617 | 28,566 | Key Management Personnel Compensation (Six Months Ended June 30, 2025) | Item | H1 2025 (thousand HKD) | H1 2024 (thousand HKD) | | :--- | :--- | :--- | | Salaries and Allowances | 8,593 | 8,248 | | Retirement Benefit Scheme Contributions | 128 | 122 | | **Total** | **8,721** | **8,370** | Lease Liabilities with Related Parties (As of June 30, 2025) | Balance Nature | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Repayment of Lease Liabilities to Associated Companies | 76,296 | 65,633 | | Repayment of Lease Liabilities to a Director as Landlord | 852 | 4,052 | | Repayment of Lease Liabilities to One of Other Associated Companies | 12,223 | 15,858 | - As of June 30, 2025, amounts due from associated companies in other receivables were **HKD 8.4 million**, and amounts due to other associated companies in other payables were **HKD 20.5 million**, these balances are unsecured, interest-free, and repayable on demand[273](index=273&type=chunk) Contingent Liabilities [Contingent Liabilities](index=69&type=section&id=Contingent%20Liabilities) As of June 30, 2025, management was not aware of any pending or threatening contingent liabilities for the Group - To the best of management's knowledge, the Group has no pending or threatening contingent liabilities[274](index=274&type=chunk)[276](index=276&type=chunk)

中 期 報 告 INTERIM REPORT 2025 2025 (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code: 6117 2025 中期報告 (於中華人民共和國註冊成立的股份有限公司) 股份代號：6117 公司資料 公司中文名稱 日照港裕廊股份有限公司 公司英文名稱 RIZHAO PORT JURONG CO., LTD. 法定代表人 INTERIM REPORT 目 錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 管理層討論與分析 | 6 | | 其他資料 | 17 | | 簡明損益及其他全面收益表 | 22 | | 簡明財務狀況表 | 23 | | 簡明權益變動表 | 25 | | 簡明現金流量表 | 26 | | 簡明中期財務報表附註 | 27 | 周 濤先生 註冊辦事處及中國總部 中國 山東省日照市 海濱五路 南首 香港主要營業地點 香港 灣仔 皇后大道東248號 大新金融中心40樓 上市日期 2019 ...

Apollo智慧出行集團有限公司（「AFMG」或「本公司」）董事（「董事」）會（「董事會」）公佈本公 司及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月（「本期間」）之未經審核簡明 綜合中期業績，連同截至二零二四年六月三十日止六個月之比較數字。本期間的未經審核中 期簡明綜合財務資料經由本公司審核委員會（「審核委員會」）審閱。 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收入 | 5 | 84,898 | 126,235 | | 銷售成本 | | (79,643) | (113,925) | | 毛利 | | 5,255 | 12,310 | | 其他收入 | 6 | 17,064 | 19,488 | | 其他虧損淨額 | 7 | (3,320) | (287,033) | | 銷售及經銷費用 | | (3,364) | (4,878) | | 行政及其他經營費用 | | (95,826) | (56,78 ...

利特米有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1936 2025 利特米有限公司 B I O T E C H 2025中期報告 INTERIM B I O T E C H (Incorporated in the Cayman Islands with limited liability) Stock code: 1936 REPORT 2025 利特米有限公司 中期報告 INTERIM REPORT 公司資料 董事會 執行董事 拿督斯里Lee Haw Yih （主席兼行政總裁） 拿汀斯里Yaw Sook Kean 非執行董事 Lee Haw Shyang先生 獨立非執行董事 Ng Siok Hui女士 Lim Chee Hoong先生 Tee Pao Hwei女士 公司秘書 黃寶琳女士， CPA (HKICPA) 授權代表 黃寶琳女士， CPA (HKICPA) 拿督斯里Lee Haw Yih 董事會委員會 審核委員會 Lim Chee Hoong先生 （主席） Ng Siok Hui女士 Tee Pao Hwei女士 薪酬委員會 Ng Siok Hui女士 （主席） Lim Chee Hoo ...

股份代號：2427 （於開曼群島註冊成立的有限責任公司） 中期報告 2025 Stock Code: 2427 (Incorporated in the Cayman Islands with limited liability) Interim Report 2025 Interim Report 2025 中期報告 目錄 2 公司資料 3 管理層討論及分析 11 企業管治及其他資料 20 獨立會計師審閱報告 22 中期簡明綜合損益及其他全面收益表 23 中期簡明綜合財務狀況表 24 中期簡明綜合權益變動表 25 中期簡明綜合現金流量表 26 中期簡明綜合財務報表附註 公司資料 董事會 執行董事 孟憲震先生 （主席及行政總裁） 郭振宇先生 非執行董事 Meng Cathy女士 獨立非執行董事 趙斌博士 常世旺博士 黃文顯博士 董事委員會 審核委員會 黃文顯博士 （主席） 趙斌博士 常世旺博士 薪酬委員會 常世旺博士 （主席） 孟憲震先生 趙斌博士 提名委員會 趙斌博士 （主席） Meng Cathy女士（於2025年6月30日獲委任） 常世旺博士 孟憲震先生 （主席） （於2025年6月30日不再擔任主席兼 ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of the company's board of directors, administrative structure, and contact details [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's board comprises executive, non-executive, and independent non-executive directors, with Li Xin as Chairman, Xu Rong as President, and Zhang Dawei as Vice Chairman - Executive Directors include **Li Xin (Chairman)**, **Xu Rong (President)**, **Zhang Dawei (Vice Chairman)**, Guo Shiqing, and Chen Wei[2](index=2&type=chunk) - Non-Executive Directors include Huang Ting, Wei Chenglin, and Wang Yuhang (appointed on June 25, 2025)[2](index=2&type=chunk) - Independent Non-Executive Directors include Zhong Wei, Sun Zhe, Chen Fan, Leung Kwok Kuen, and Qin Hong[2](index=2&type=chunk) [Company Administration and Contact Information](index=3&type=section&id=Company%20Administration%20and%20Contact%20Information) The company's authorized representatives are Li Xin and Guo Shiqing, the company secretary is Wei Weifeng, and the auditor is KPMG. The registered office is in the Cayman Islands, with the principal place of business in Hong Kong - Authorized Representatives: **Li Xin**, **Guo Shiqing**[3](index=3&type=chunk) - Company Secretary: **Wei Weifeng**[3](index=3&type=chunk) - Auditor: **KPMG**[3](index=3&type=chunk) - Principal Place of Business: **46th Floor, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong**[5](index=5&type=chunk) [Group Structure](index=4&type=section&id=Group%20Structure) This section details the ownership and business composition of China Resources Land Limited [China Resources Land Business Composition](index=4&type=section&id=China%20Resources%20Land%20Business%20Composition) China Resources Land Limited (Stock Code: 01109.HK) is 59.55% owned by China Resources (Holdings) Company Limited, with businesses spanning development and sales, investment properties and asset management, asset-light management, and ecosystem-driven services, further expanding through China Resources Mixc Lifestyle Services Limited (Stock Code: 01209.HK) in shopping mall and property management services - China Resources (Holdings) Company Limited holds **59.55%** of China Resources Land Limited shares[6](index=6&type=chunk) - China Resources Land's main businesses include **development and sales**, **investment properties + asset management**, **asset-light management**, and **ecosystem-driven services**[6](index=6&type=chunk) - China Resources Mixc Lifestyle Services Limited (Stock Code: 01209.HK) is a subsidiary of China Resources Land, with businesses covering **shopping malls (94 operational, 33 under development)** and **property management**[6](index=6&type=chunk) [Chairman's Report](index=5&type=section&id=Chairman%27s%20Report) This section provides an overview of the macroeconomic environment, real estate market, and the Group's overall performance, business segments, ESG initiatives, financial management, and future outlook [Macroeconomic and Real Estate Market Overview](index=5&type=section&id=Macroeconomic%20and%20Real%20Estate%20Market%20Overview) In the first half of 2025, China's economy maintained stable growth, with GDP reaching RMB 66.05 trillion, a 5.3% year-on-year increase, while the real estate market showed positive signs due to policy optimizations, narrowing the year-on-year decline in new commercial housing sales to 5.5% 2025 H1 China Macroeconomic Data | Indicator | Amount/Growth Rate | | :--- | :--- | | GDP | RMB 66.05 trillion, 5.3% YoY increase | | Total Retail Sales of Consumer Goods | RMB 24.55 trillion | | New Commercial Housing Sales | RMB 4.42 trillion, YoY decline narrowed to 5.5% | - Real estate market policies were optimized, including adjustments to purchase restrictions, lower down payment ratios, and reduced mortgage interest rates, contributing to market confidence recovery[8](index=8&type=chunk)[11](index=11&type=chunk) [Group Overall Performance](index=5&type=section&id=Group%20Overall%20Performance) Despite intense market competition, China Resources Land achieved operating revenue of RMB 94.92 billion in H1 2025, a 19.9% year-on-year increase, with profit attributable to owners of the company reaching RMB 11.88 billion, up 16.2%, while recurring operating revenue accounted for 21.7% of total revenue, and core net profit contribution rose to 60.2%, with an interim dividend of RMB 0.20 per share proposed, maintaining its position as the top-ranked domestic property stock by market capitalization 2025 H1 Group Key Financial Indicators | Indicator | Amount (RMB) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 94.92 billion | 19.9% | | Profit Attributable to Owners of the Company | 11.88 billion | 16.2% | | Recurring Operating Revenue | 20.56 billion | 2.5% | | Recurring Revenue as % of Total Revenue | 21.7% | - | | Core Net Profit Contribution | 60.2% | Increased | | Interim Dividend | 0.20 per share | Flat | - The company's market capitalization remained the **top-ranked domestic property stock** as of June 30, 2025, reflecting capital market recognition of its stable performance and long-term value[9](index=9&type=chunk)[12](index=12&type=chunk) [Investment Properties and Asset Management Business](index=6&type=section&id=Investment%20Properties%20and%20Asset%20Management%20Business) Investment properties and asset management became a new growth engine for the Group, with H1 revenue reaching RMB 12.11 billion, a 5.5% year-on-year increase, while shopping mall retail sales grew by 20.2%, operating profit margin hit 65.9%, and the number of operational malls increased to 94, alongside a 74.5% average occupancy rate for office buildings, leading regional market performance for hotels, and an asset management scale of RMB 483.5 billion, with China Resources Commercial REIT's market capitalization exceeding RMB 10 billion and China Resources Youchao REIT showing stable performance 2025 H1 Investment Properties and Asset Management Business Performance | Indicator | Amount/Data | YoY Growth | | :--- | :--- | :--- | | Investment Properties Business Revenue | RMB 12.11 billion | 5.5% | | Shopping Mall Retail Sales | RMB 110.15 billion | 20.2% | | Overall Shopping Mall Operating Profit Margin | 65.9% | Record high | | Number of Operational Shopping Malls | 94 | Opened 2 new | | Office Building Average Occupancy Rate | 74.5% | Maintained leading position | | Asset Management Scale | RMB 483.5 billion | Increased by RMB 21.4 billion from end of 2024 | | China Resources Commercial REIT Total Market Cap | Exceeded RMB 10 billion | Stock price cumulatively rose 52.2% since listing | | China Resources Youchao REIT Revenue | RMB 39.29 million | Flat | | China Resources Youchao REIT EBITDA | RMB 25.79 million | 5% | - The Group actively promotes the **normalized expansion of public REITs**, exploring multi-level products like Pre-REITs and private REITs, accelerating the virtuous cycle of assets and capital[19](index=19&type=chunk) [China Resources Mixc Lifestyle Services](index=8&type=section&id=China%20Resources%20Mixc%20Lifestyle%20Services) China Resources Mixc Lifestyle Services (01209.HK) served as a key growth driver for the Group, achieving operating revenue of RMB 8.52 billion in H1 2025, a 6.5% year-on-year increase, with core net profit reaching RMB 2.01 billion, up 15.0%, while its commercial management business managed 125 shopping malls, 104 of which ranked among the top three in local retail sales, and its property management business managed 420 million square meters, with non-residential revenue share increasing, and its loyalty program achieving a breakthrough through the acquisition of "CR Link," reaching 72.37 million members 2025 H1 China Resources Mixc Lifestyle Services Key Data | Indicator | Amount/Data | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | RMB 8.52 billion | 6.5% | | Core Net Profit | RMB 2.01 billion | 15.0% | | Managed Operational Shopping Malls | 125 | - | | Projects Ranked Top 3 in Local Retail Sales | 104 | 20.9% | | Property Managed Area | 420 million square meters | - | | Property Contracted Area | 452 million square meters | - | | Non-Residential Revenue Share | 18.4% | Increased by 2.2 percentage points | | Non-Residential Gross Profit Share | 14.0% | Increased by 1.0 percentage point | | Mixc Star Members Total | 72.37 million | Increased by 18.5% from end of 2024 | - China Resources Mixc Lifestyle Services' stock price **outperformed the broader market and industry**, with market capitalization and P/E ratio consistently ranking first in the industry[21](index=21&type=chunk) - Successfully acquired "CR Link," achieving **year-on-year revenue growth and turning around operating losses**, enhancing member operations and digital service efficiency[24](index=24&type=chunk) [Ecosystem-Driven Business](index=9&type=section&id=Ecosystem-Driven%20Business) The ecosystem-driven business, as an accelerator for the Group's transformation, saw its cultural and sports venue operations achieve RMB 510 million in H1 2025 revenue, with event and performance revenue exceeding RMB 100 million and managed projects increasing to 19, while the rental housing business generated RMB 415 million in revenue, managing 85,000 units with a brand value of RMB 16.783 billion, and the urban agency construction business recorded RMB 480 million in revenue, with newly signed government agency construction area ranking first in the industry 2025 H1 Ecosystem-Driven Business Performance | Business Type | Operating Revenue (RMB) | Key Data | | :--- | :--- | :--- | | Cultural and Sports Venue Operations | 510 million | Event and performance revenue exceeded RMB 100 million, 19 managed projects, 4.37 million square meters managed area | | Rental Housing | 415 million | Layout in 15 cities nationwide, 85,000 managed units, ranked sixth in industry for management scale, brand value RMB 16.783 billion | | Urban Agency Construction | 480 million | Managed area of 79.92 million square meters at period-end, newly signed government agency construction area ranked first in industry | - Cultural and sports venue operations became the **first leading enterprise to achieve a national strategic layout of large-scale sports venues**, successfully ensuring the opening and closing ceremonies of the 9th Asian Winter Games[28](index=28&type=chunk) - The "Youchao" brand was **re-elected to the 2025 "China's 500 Most Valuable Brands" list**, the only brand from the long-term rental sector to be listed[29](index=29&type=chunk) [Development and Sales Business](index=10&type=section&id=Development%20and%20Sales%20Business) The development and sales business, as the Group's fundamental pillar, achieved contracted sales of RMB 110.30 billion in H1 2025, maintaining its position among the top three in the industry by sales scale, while the Group adhered to strategy-led investment, acquiring 18 projects with an equity investment of RMB 32.28 billion, focusing its investment layout on first and second-tier cities, and simultaneously strengthened lean management, launching the "Three Goods and Twelve Excellences" and "Good House" systems, creating multiple popular projects 2025 H1 Development and Sales Business Key Data | Indicator | Amount/Data | | :--- | :--- | | Contracted Sales | RMB 110.30 billion | | Sales Scale | Maintained top three in industry | | Number of Projects Acquired | 18 | | Equity Investment | RMB 32.28 billion | | Investment Intensity | Maintained top three in industry | | Investment Layout | All in first and second-tier cities | - The Group released the China Resources Land **"Three Goods and Twelve Excellences" and "Good House" systems**, and won the China Good House Special Award, promoting the transition from "housing for all" to "comfortable living"[35](index=35&type=chunk) [Environmental, Social, and Governance (ESG)](index=10&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20%28ESG%29) The Group adheres to a full-lifecycle sustainable development philosophy, updating its dual-carbon goals to achieve peak emissions before 2030 and carbon neutrality before 2060, while in H1, it undertook 20.69 million square meters of affordable housing construction, cumulatively completed and delivered 14 China Resources Hope Towns, and its ESG performance continued to receive recognition from domestic and international capital markets, maintaining its constituent status in the Hang Seng Sustainable Development Index and Hang Seng ESG 50 Index - Dual-carbon goals: **Achieve peak emissions before 2030**, and **carbon neutrality before 2060**[32](index=32&type=chunk)[36](index=36&type=chunk) - Undertook construction of **20.69 million square meters of affordable housing**[32](index=32&type=chunk)[36](index=36&type=chunk) - Cumulatively completed and delivered **14 China Resources Hope Towns**, with 5 more under planning and construction[32](index=32&type=chunk)[36](index=36&type=chunk) - Maintained constituent status in the **Hang Seng Sustainable Development Index** and **Hang Seng ESG 50 Index**[32](index=32&type=chunk)[36](index=36&type=chunk) [Financial Management and Credit Ratings](index=11&type=section&id=Financial%20Management%20and%20Credit%20Ratings) The Group adheres to cash flow safety principles, with cash reserves reaching RMB 120.24 billion as of June 30, 2025, while both total and net interest-bearing debt ratios remained at industry-low levels, and the weighted average financing cost hit a historical low, with S&P, Moody's, and Fitch maintaining the company's industry-best credit ratings of BBB+, Baa1, and BBB+ 2025 H1 Financial Management Key Data | Indicator | Amount/Data | | :--- | :--- | | Cash Reserves | RMB 120.24 billion | | Total Interest-Bearing Debt Ratio | Maintained industry-low level | | Net Interest-Bearing Debt Ratio | Maintained industry-low level | | Weighted Average Financing Cost | Hit historical low | | Credit Ratings | S&P BBB+, Moody's Baa1, Fitch BBB+ | [Future Outlook](index=11&type=section&id=Future%20Outlook) The Group will continue to deepen its "urban investment, development, and operator" strategy, refining its development and sales business, specializing and optimizing its investment properties and asset management business, expanding the asset-light management advantages of China Resources Mixc Lifestyle Services, and actively cultivating ecosystem-driven businesses to build a synergistic development pattern across all business segments, aiming to create long-term stable returns for investors and achieve the strategic goals of becoming a "leading urban investment, development, and operator with comprehensive industry strength" and a "world-class enterprise" amidst industry transformation - China's economic new and old growth drivers are deepening, macroeconomic resilience is prominent, a new real estate model is accelerating, and policy dividends such as urban renewal and affordable housing construction continue to be released[40](index=40&type=chunk) - The Group will focus on its "urban investment, development, and operator" strategic positioning, refining its development and sales business, specializing and optimizing its investment properties and asset management business, expanding the asset-light management advantages of China Resources Mixc Lifestyle Services, and cultivating ecosystem-driven businesses[42](index=42&type=chunk)[43](index=43&type=chunk) - The goal is to become a **"leading urban investment, development, and operator with comprehensive industry strength"** and a **"world-class enterprise"**[44](index=44&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's revenue and profit performance, main business operations, land bank, leverage, financing, foreign exchange risk management, and employee and remuneration policies [Revenue and Profit Performance Review](index=13&type=section&id=Revenue%20and%20Profit%20Performance%20Review) In H1 2025, the Group's consolidated operating revenue increased by 19.9% year-on-year to RMB 94.92 billion, while core net profit slightly decreased by 6.6% to RMB 10.00 billion, with the share of recurring profit rising to 60.2%, indicating a continuous optimization of the profit structure, and the overall gross profit margin improved to 24.0%, with a decrease in the proportion of selling and administrative expenses 2025 H1 Revenue and Core Net Profit Overview | Indicator | 2025 H1 (RMB billion) | YoY Change (%) | Share (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Development and Sales Business | 74.36 | 25.8% | 78.3% | | Recurring Business | 20.56 | 2.5% | 21.7% | | - Investment Properties Business | 12.11 | 5.5% | 12.8% | | - Asset-Light Management Business | 6.00 | 1.1% | 6.3% | | - Ecosystem-Driven Business | 2.45 | -7.7% | 2.6% | | **Total Revenue** | 94.92 | 19.9% | 100.0% | | **Core Net Profit** | | | | | Development and Sales Business | 3.98 | -23.8% | 39.8% | | Recurring Business | 6.02 | 9.6% | 60.2% | | - Investment Properties Business | 4.99 | 10.7% | 49.9% | | - Asset-Light Management Business | 0.71 | 0.8% | 7.1% | | - Ecosystem-Driven Business | 0.32 | 15.3% | 3.2% | | **Total Core Net Profit** | 10.00 | -6.6% | 100.0% | - Consolidated gross profit margin was **24.0%**, an increase of 1.8 percentage points year-on-year[51](index=51&type=chunk)[55](index=55&type=chunk) - Selling expenses as a percentage of revenue decreased by **0.5 percentage points to 2.9%**; general and administrative expenses as a percentage of revenue decreased by **0.3 percentage points to 2.1%**[52](index=52&type=chunk)[56](index=56&type=chunk) - Share of profits from investments in joint ventures and associates totaled **RMB 1.25 billion**, a year-on-year decrease of **RMB 174 million**[53](index=53&type=chunk)[57](index=57&type=chunk) - Income tax expense was **RMB 7.21 billion**, a year-on-year decrease of **11.4%**[54](index=54&type=chunk)[58](index=58&type=chunk) [Main Business Operations Review](index=15&type=section&id=Main%20Business%20Operations%20Review) Each of the Group's main businesses showed detailed performance in H1 2025, with investment properties business revenue growing by 5.5%, shopping mall retail sales increasing by 9.9% with an occupancy rate of 97.3%, while office building revenue decreased by 14.2% with an occupancy rate of 74.5%, and hotel revenue decreased by 16.3% with an average occupancy rate of 63.7%, alongside asset-light management business revenue of RMB 6.00 billion, China Resources Mixc Lifestyle Services revenue of RMB 8.52 billion, ecosystem-driven business revenue of RMB 2.45 billion, and development and sales business contracted sales of RMB 110.30 billion, a 11.6% year-on-year decrease, with recognized revenue of RMB 74.36 billion, a 25.8% year-on-year increase 2025 H1 Investment Properties Business Performance | Business Type | Revenue (RMB) | YoY Change (%) | Occupancy Rate/Utilization Rate | Revaluation Gain (RMB) | Number of Operational Units | | :--- | :--- | :--- | :--- | :--- | :--- | | Investment Properties Business | 12.11 billion | 5.5% | - | - | - | | Shopping Malls | 10.42 billion | 9.9% | 97.3% | 5.14 billion | 94 (2 new) | | Office Buildings | 820 million | -14.2% | 74.5% | - | 23 | | Hotels | 870 million | -16.3% | 63.7% | - | 18 (1 new) | 2025 H1 Asset-Light Management and Ecosystem-Driven Business Revenue | Business Type | Revenue (RMB) | | :--- | :--- | | Asset-Light Management Business | 6.00 billion | | China Resources Mixc Lifestyle Services Revenue | 8.52 billion | | Ecosystem-Driven Business | 2.45 billion | | - Construction Business | 610 million | | - Agency Construction and Operation | 990 million | | - Rental Housing Business | 240 million | 2025 H1 Development and Sales Business Contracted Sales and Recognized Revenue | Indicator | Amount/Area | YoY Change (%) | | :--- | :--- | :--- | | Contracted Sales | RMB 110.30 billion | -11.6% | | Contracted Area | 4.12 million square meters | -21.0% | | Recognized Revenue | RMB 74.36 billion | 25.8% | | Recognized Area | 3.21 million square meters | -7.2% | - As of June 30, 2025, the Group had locked in **RMB 251.37 billion** in contracted but unrecognized development property revenue, of which an estimated **RMB 159.53 billion** is expected to be recognized in H2 2025[77](index=77&type=chunk)[80](index=80&type=chunk) [Land Bank](index=19&type=section&id=Land%20Bank) In H1 2025, the Group acquired 18 high-quality land reserves for RMB 44.73 billion (equity land premium of RMB 32.28 billion), adding a total gross floor area of 1.48 million square meters, bringing the total land bank area to 48.95 million square meters as of June 30, 2025, comprising 7.76 million square meters for investment properties and 41.19 million square meters for property development 2025 H1 Land Bank Situation | Indicator | Data | | :--- | :--- | | New Land Projects | 18 | | Total Land Premium | RMB 44.73 billion | | Equity Land Premium | RMB 32.28 billion | | New Total Gross Floor Area | 1.48 million square meters | | Total Land Bank Area (as of June 30, 2025) | 48.95 million square meters | Investment Properties Land Bank Details as of June 30, 2025 | Product | Total GFA (sqm) | Equity GFA (sqm) | | :--- | :--- | :--- | | Total GFA | 7,762,862 | 5,541,655 | | Of which: Commercial | 5,145,214 | 3,612,998 | | Office Buildings | 1,387,228 | 1,013,414 | | Hotels | 771,806 | 601,480 | | Apartments | 283,529 | 182,263 | | Industrial Parks | 175,085 | 131,500 | Property Development Land Bank Details as of June 30, 2025 | Region | Total GFA (sqm) | Equity GFA (sqm) | | :--- | :--- | :--- | | Shenzhen Region | 6,535,774 | 3,843,617 | | South China Region | 5,595,182 | 3,750,428 | | Central-Western Region | 12,770,895 | 9,922,917 | | East China Region | 6,588,945 | 4,273,194 | | North China Region | 9,473,980 | 6,940,947 | | Hong Kong Company | 223,853 | 105,722 | | **Total** | **41,188,629** | **28,836,825** | [Leverage, Financing, and Foreign Exchange Risk Management](index=21&type=section&id=Leverage%2C%20Financing%2C%20and%20Foreign%20Exchange%20Risk%20Management) As of June 30, 2025, the Group's consolidated borrowings amounted to RMB 281.27 billion, with cash reserves of RMB 120.24 billion, and a net interest-bearing debt to equity ratio of 39.2%, remaining at a low level in the industry, while the weighted average financing cost reached a historical low of approximately 2.79%, with RMB 11.5 billion raised through medium-term notes in H1, and S&P, Moody's, and Fitch maintaining the Group's industry-best credit ratings, with foreign exchange exposure remaining low at 4.0%, and the Board deeming the fair value of stage guarantees for property buyers' mortgage loans to be immaterial 2025 H1 Leverage, Financing, and Credit Ratings | Indicator | Data | | :--- | :--- | | Consolidated Borrowings | RMB 281.27 billion | | Cash and Bank Balances | RMB 120.24 billion | | Net Interest-Bearing Debt to Equity Ratio | 39.2% (up 7.3 percentage points from end of 2024) | | Weighted Average Financing Cost | 2.79% (down 32 basis points from end of 2024) | | H1 Public Market Financing | RMB 11.5 billion (medium-term notes, coupon rate 1.9%-2.2%) | | Credit Ratings | S&P BBB+, Moody's Baa1, Fitch BBB+ | - As of June 30, 2025, approximately **21.9% of interest-bearing debt** is due within one year, with the remainder being long-term interest-bearing debt[93](index=93&type=chunk) - As of June 30, 2025, the Group obtained **RMB 129.82 billion** in financing facilities through asset pledges, with a loan balance of **RMB 101.71 billion**[98](index=98&type=chunk)[100](index=100&type=chunk) - Foreign exchange exposure remained low at **4.0%**, indicating that RMB exchange rate fluctuations will not have a significant impact on financial position[101](index=101&type=chunk)[104](index=104&type=chunk) - The Group provides stage guarantees to banks for certain property buyers' mortgage loans, and the Board considers the fair value to be **immaterial**[102](index=102&type=chunk)[105](index=105&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had a total of 60,740 employees in mainland China and Hong Kong, with a remuneration policy based on employee performance, work experience, and market wage levels, offering discretionary performance bonuses, provident funds, and insurance and medical plans - As of June 30, 2025, the total number of employees was **60,740**[103](index=103&type=chunk)[106](index=106&type=chunk) - Remuneration policy is based on **employee performance, work experience, and market wage levels**, offering performance bonuses, provident funds, and insurance and medical plans[103](index=103&type=chunk)[106](index=106&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers directors' interests in securities, shareholders with disclosable interests, transactions involving listed securities, material investments and acquisitions/disposals, specific performance obligations of the controlling shareholder, connected transactions, continuing connected transactions, corporate governance, standard code for securities transactions by directors, review by the audit committee and auditor, interim dividend, and changes in directors' information [Directors' Interests in Securities](index=24&type=section&id=Directors%27%20Interests%20in%20Securities) As of June 30, 2025, the company's directors and chief executives held interests in the shares of the company and its associated corporations, with Li Xin holding 40,000 ordinary shares of the company, representing approximately 0.00056% of the issued shares, and Guo Shiqing holding 60,000 shares of China Resources Jiangzhong through spousal interests, representing approximately 0.0095% Directors' Interests in the Company's Issued Ordinary Shares and Related Shares | Director Name | Long/Short Position | Number of Ordinary Shares | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Li Xin | Long Position | 40,000 | 0.00056% | Directors' Interests in China Resources Jiangzhong's Issued Ordinary Shares and Related Shares | Director Name | Long/Short Position | Number of Ordinary Shares | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Guo Shiqing | Long Position | 60,000 | 0.0095% | [Shareholders with Disclosable Interests](index=25&type=section&id=Shareholders%20with%20Disclosable%20Interests) As of June 30, 2025, China Resources Group (Land) Company Limited directly held 59.51% of the company's shares, while China Resources (Holdings) Company Limited, CRC Bluesky Limited, China Resources Company Limited, and China Resources (China) Company Limited were all deemed to have interests in 59.55% of the company's shares, serving as the company's controlling shareholders Shareholders with Disclosable Interests | Shareholder Name | Capacity | Nature of Interest | Long/Short Position | Number of Ordinary Shares | Percentage of Company's Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | China Resources Group (Land) Company Limited | Beneficial Owner | Beneficial Interest | Long Position | 4,243,788,418 | 59.51% | | China Resources (Holdings) Company Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | | CRC Bluesky Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | | China Resources Company Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | | China Resources (China) Company Limited | Interest in Controlled Corporation | Corporate Interest | Long Position | 4,246,618,418 | 59.55% | [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities of the company or any of its subsidiaries, and as of that date, the company held no treasury shares - For the six months ended June 30, 2025, the company and its subsidiaries **did not purchase, sell, or redeem any listed securities**[115](index=115&type=chunk)[121](index=121&type=chunk) - As of June 30, 2025, the company **held no treasury shares**[115](index=115&type=chunk)[121](index=121&type=chunk) [Material Investments and Acquisitions/Disposals](index=26&type=section&id=Material%20Investments%20and%20Acquisitions%2FDisposals) As of June 30, 2025, the Group held no material equity investments in other companies and had not undertaken any material acquisitions or disposals of subsidiaries, associates, or joint ventures, with no material events occurring after the reporting period and no future plans for material investments or capital assets - As of June 30, 2025, the Group **held no material equity investments**[116](index=116&type=chunk)[122](index=122&type=chunk) - For the six months ended June 30, 2025, the Group **did not undertake any material acquisitions or disposals** of subsidiaries, associates, or joint ventures[117](index=117&type=chunk)[123](index=123&type=chunk) - As of the date of this interim report, the Group had **no material post-reporting period events**[118](index=118&type=chunk)[124](index=124&type=chunk) - As of June 30, 2025, the Group had **no future plans for material investments or capital assets**[119](index=119&type=chunk)[125](index=125&type=chunk) [Specific Performance Obligations of Controlling Shareholder](index=27&type=section&id=Specific%20Performance%20Obligations%20of%20Controlling%20Shareholder) Certain loan agreements and bond terms of the Group contain specific performance obligations for the controlling shareholder, China Resources Group, requiring it to maintain its shareholding percentage, status as the largest shareholder, beneficial ownership by the Chinese central government, and control over board member appointments in the company, with the total standby amount subject to these conditions being approximately RMB 42.547 billion as of June 30, 2025, expiring no later than October 28, 2029 - The controlling shareholder, China Resources Group, must maintain **beneficial ownership of at least 35% or 50% of the company's issued share capital** and its status as the sole largest shareholder[128](index=128&type=chunk) - China Resources Group must maintain **beneficial ownership of over 50% by the Chinese central government** and retain the ability to control the appointment of the company's board members[128](index=128&type=chunk) Total Standby Amount Related to Controlling Shareholder's Specific Performance Obligations | Indicator | Amount (RMB) | | :--- | :--- | | Total Standby Amount | 42,547,054,376 | | Expiry Date | No later than October 28, 2029 | [Connected Transactions](index=28&type=section&id=Connected%20Transactions) In May 2025, Beijing CR Land Commercial Operation Management Co., Ltd. acquired 100% equity of China Resources Life Science Industrial Development Co., Ltd. for RMB 200.791 million, making it an indirect wholly-owned subsidiary of the company, with this transaction involving an indirect wholly-owned subsidiary of China Resources Company Limited, thus constituting a connected transaction under the Listing Rules, and the Board believes the transaction was determined on normal commercial terms, fair and reasonable, and in the overall interests of the company and its shareholders - On May 23, 2025, Beijing CR Land Commercial Operation Management Co., Ltd. (an indirect wholly-owned subsidiary of the company) acquired **100% equity of China Resources Life Science Industrial Development Co., Ltd. for RMB 200.791 million**[129](index=129&type=chunk)[131](index=131&type=chunk) - China Resources Life Science Industrial Development Co., Ltd. holds the **land use rights and above-ground properties for two plots in Beijing Zhongguancun Science Park Daxing Biomedical Industrial Base**[129](index=129&type=chunk)[132](index=132&type=chunk) - As China Resources Company Limited is the controlling shareholder of the company, and China Resources Life Science Group is an indirect wholly-owned subsidiary of China Resources Company Limited, this transaction constitutes a **connected transaction under the Listing Rules**[130](index=130&type=chunk)[134](index=134&type=chunk) [Continuing Connected Transactions](index=29&type=section&id=Continuing%20Connected%20Transactions) The Group has multiple continuing connected transactions with China Resources Group and its associates, including inter-group fund lending, strategic cooperation agreements (involving deposits and financial services from China Resources Bank and China Resources Trust), provision of construction/decoration/furniture services and sale/procurement of building materials, property leasing and licensing, factoring services and lease financing, platform and marketing services, information technology services and product procurement, and project agency construction management services, all with annual caps and executed as stipulated in H1 2025 - China Resources Company Limited is the controlling shareholder of the company, and China Resources Group and its subsidiaries and associates are all **connected persons of the company**[139](index=139&type=chunk)[145](index=145&type=chunk)[151](index=151&type=chunk)[159](index=159&type=chunk)[165](index=165&type=chunk)[170](index=170&type=chunk)[176](index=176&type=chunk)[181](index=181&type=chunk)[189](index=189&type=chunk) [Inter-Group Fund Lending with China Resources Group](index=29&type=section&id=Inter-Group%20Fund%20Lending%20with%20China%20Resources%20Group) Under the 2022 framework loan agreement, the Group can provide or obtain loans from China Resources Group and its associates, with an annual loan cap of RMB 5.5 billion, and as of H1 2025, the Group had not provided loans to connected persons 2022 Framework Loan Agreement Annual Loan Caps | Year | Daily Loan Cap (RMB million) | | :--- | :--- | | 2023 | 5,500 | | 2024 | 5,500 | | 2025 | 5,500 | - For the six months ended June 30, 2025, the Group **did not provide loans to connected persons**[140](index=140&type=chunk) [Strategic Cooperation Agreement with China Resources Group](index=30&type=section&id=Strategic%20Cooperation%20Agreement%20with%20China%20Resources%20Group) The Group signed strategic cooperation agreements with China Resources Bank and China Resources Trust, involving deposits and financial services, with the highest single-day deposit amount in China Resources Bank being RMB 3.976 billion in H1 2025, generating RMB 28.524 million in interest income, and the highest single-day amount for financial services provided by China Resources Bank and China Resources Trust to the Group being RMB 235 million, generating RMB 388,000 in income 2022 Strategic Cooperation Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | China Resources Bank Daily Deposit Cap | 4,700 | 4,700 | 4,700 | | China Resources Bank and China Resources Trust Financial Services and Products Daily Cap | 5,000 | 5,000 | 5,000 | 2025 H1 Actual Transaction Amounts with China Resources Bank and China Resources Trust | Service Type | Highest Single-Day Amount (RMB) | Total Interest Income/Revenue (RMB) | | :--- | :--- | :--- | | China Resources Bank Deposits | 3,975,655,000 | 28,524,000 | | Financial Services and Products | 235,000,000 | 388,000 | [Framework Agreement for Provision of Construction, Decoration and Furniture Services and Sale of Building Materials](index=31&type=section&id=Framework%20Agreement%20for%20Provision%20of%20Construction%2C%20Decoration%20and%20Furniture%20Services%20and%20Sale%20of%20Building%20Materials) The Group signed a framework agreement with China Resources Group to provide construction, decoration, and furniture services and sell building materials, with actual transaction amounts in H1 2025 being RMB 17 million for construction services and RMB 39 million for building materials procurement, while the decoration service provider ceased to be a subsidiary of the company from January 27, 2025, and related transactions no longer constitute continuing connected transactions 2022 Framework Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Construction Services Cap | 1,800 | 1,800 | 1,800 | | Decoration Services Cap | 650 | 650 | 650 | | Building Materials Sales Cap | 200 | 200 | 200 | | Building Materials Procurement Cap | 800 | 800 | 800 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Construction Services | 1,800 | 17 | | Decoration Services | 650 | 0 (Note 1) | | Building Materials Sales | 200 | 0 | | Building Materials Procurement | 800 | 39 | - Note 1: From January 27, 2025, the decoration service provider ceased to be a subsidiary of the company, and related transactions **no longer constitute continuing connected transactions**[155](index=155&type=chunk) [Property Leasing and Licensing Framework Agreement](index=34&type=section&id=Property%20Leasing%20and%20Licensing%20Framework%20Agreement) The Group signed a property leasing and licensing framework agreement with China Resources Group, with actual transaction amounts for leasing and licensing services in H1 2025 being RMB 257 million, not exceeding the annual cap of RMB 1.4 billion 2022 Leasing and Licensing Framework Agreement Annual Caps | Year | Leasing and Licensing Services Cap (RMB million) | | :--- | :--- | | 2023 | 1,000 | | 2024 | 1,200 | | 2025 | 1,400 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Leasing and Licensing Services | 1,400 | 257 | [Factoring Services Framework Agreement and Lease Financing Framework Agreement](index=35&type=section&id=Factoring%20Services%20Framework%20Agreement%20and%20Lease%20Financing%20Framework%20Agreement) The Group signed lease financing and factoring services framework agreements with China Resources Leasing Group, with actual transaction amounts for such transactions in H1 2025 being RMB 0, not exceeding the annual cap of RMB 2 billion 2022 Lease Financing and Factoring Services Framework Agreement Annual Caps | Year | Transaction Amount and Interest Service Fee Cap (RMB million) | | :--- | :--- | | 2023 | 2,000 | | 2024 | 2,000 | | 2025 | 2,000 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Transaction Amount and Interest Service Fee | 2,000 | 0 | [Platform and Marketing Services Framework Agreement](index=37&type=section&id=Platform%20and%20Marketing%20Services%20Framework%20Agreement) The Group signed a platform and marketing services framework agreement with CR Network Data Technology (Guangzhou) Co., Ltd., with actual transaction amounts in H1 2025 being RMB 29 million for platform services and RMB 0 for marketing services, both not exceeding the annual caps 2022 Platform and Marketing Services Framework Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Marketing Services | 200 | 400 | 600 | | Platform Services | 400 | 600 | 900 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Marketing Services | 600 | 0 | | Platform Services | 900 | 29 | [Information Technology Services and Product Procurement Framework Agreement](index=38&type=section&id=Information%20Technology%20Services%20and%20Product%20Procurement%20Framework%20Agreement) The Group signed an information technology services and product procurement framework agreement with China Resources Digital Technology Co., Ltd., with actual transaction amounts for procurement of information technology services and products in H1 2025 being RMB 59 million, not exceeding the annual cap of RMB 400 million 2022 Information Technology Services and Product Procurement Framework Agreement Annual Caps | Year | Procurement of Information Technology Services and Products Cap (RMB million) | | :--- | :--- | | 2023 | 300 | | 2024 | 350 | | 2025 | 400 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Procurement of Information Technology Services and Products | 400 | 59 | [Property Management Services Framework Agreement](index=40&type=section&id=Property%20Management%20Services%20Framework%20Agreement) China Resources Mixc Lifestyle Services signed a property management services framework agreement with China Resources Group, with commercial property management fee income in H1 2025 being RMB 125 million and residential and other non-commercial facility property management fee income being RMB 220 million, both not exceeding the annual caps 2022 Property Management Services Framework Agreement Annual Caps | Service Type | 2023 (RMB million) | 2024 (RMB million) | 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Commercial Property Management Fees | 295 | 395 | 495 | | Residential and Other Non-Commercial Facility Property Management Fees | 570 | 1,000 | 1,250 | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Commercial Property Management Fees | 495 | 125 | | Residential and Other Non-Commercial Facility Property Management Fees | 1,250 | 220 | [Project Agency Construction Management Services Framework Agreement](index=42&type=section&id=Project%20Agency%20Construction%20Management%20Services%20Framework%20Agreement) Shenzhen CR Land Urban Construction Management Co., Ltd. signed a project agency construction management services framework agreement with China Resources Beverage, with actual transaction amounts in H1 2025 being RMB 64 million for project construction funds and RMB 8 million for service fees, both not exceeding the annual caps 2024 Project Agency Construction Management Services Framework Agreement Annual Caps | Service Type | 2024 (RMB million) | 2025 (RMB million) | 2026 (RMB million) | | :--- | :--- | :--- | :--- | | Project Construction Funds (excluding interest) | 410 | 1,650 | 1,060 | | Service Fees for Project Agency Construction Management Services | 10 | 50 | 30 | | **Total** | **420** | **1,700** | **1,090** | 2025 H1 Actual Transaction Amounts | Service Type | 2025 Annual Cap (RMB million) | 2025 H1 Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | Project Construction Funds (excluding interest) | 1,650 | 64 | | Service Fees for Project Agency Construction Management Services | 50 | 8 | | **Total** | **1,700** | **72** | [Corporate Governance](index=44&type=section&id=Corporate%20Governance) The company strictly adheres to the Corporate Governance Code set out in Appendix C1 of the Listing Rules, with one deviation in H1 2025 where Chairman Mr. Li Xin was unable to attend the Annual General Meeting due to official duties, and Vice Chairman Mr. Zhang Dawei presided, with members of the Audit, Remuneration, Nomination, Corporate Governance, Executive, and Sustainability Committees attending to address shareholder questions and ensure effective communication - The company strictly complies with the Corporate Governance Code, but there was one deviation: **Chairman Mr. Li Xin was unable to attend the 2025 Annual General Meeting**[193](index=193&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - Vice Chairman Mr. Zhang Dawei presided over the 2025 Annual General Meeting, with chairmen and members of various committees attending to **address shareholder questions and ensure effective communication**[196](index=196&type=chunk) [Standard Code for Securities Transactions by Directors](index=44&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code as the code of conduct for directors' securities transactions, and all directors confirmed compliance with its provisions for the six months ended June 30, 2025 - The company has adopted the **Standard Code as the code of conduct for directors' securities transactions**[194](index=194&type=chunk)[197](index=197&type=chunk) - All directors confirmed compliance with the provisions of the Standard Code for the six months ended June 30, 2025[194](index=194&type=chunk)[197](index=197&type=chunk) [Review by Audit Committee and Auditor](index=45&type=section&id=Review%20by%20Audit%20Committee%20and%20Auditor) The company's Audit Committee reviewed the 2025 interim report without objection, and the interim financial report was reviewed by independent auditor KPMG in accordance with Hong Kong Standard on Review Engagements 2410, resulting in an unmodified review report - The Audit Committee reviewed the 2025 interim report with **no objections**, and the committee consists of five independent non-executive directors and one non-executive director[198](index=198&type=chunk)[200](index=200&type=chunk) - Independent auditor KPMG reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 and issued an **unmodified review report**[198](index=198&type=chunk)[201](index=201&type=chunk) [Interim Dividend and Closure of Register of Members](index=45&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board recommended an interim dividend of RMB 0.20 per share (equivalent to HKD 0.219) for 2025, consistent with the previous year, to be paid on October 27, 2025, to shareholders on record as of September 11, 2025, with the register of members to be closed from September 11 to September 12, 2025, and shareholders having until 4:30 p.m. on October 8, 2025, to submit their dividend currency election forms to choose between HKD or RMB 2025 Interim Dividend Details | Indicator | Data | | :--- | :--- | | Interim Dividend | RMB 0.200 per share (equivalent to HKD 0.219) | | Payment Date | October 27, 2025 | | Record Date | September 11, 2025 | | Register of Members Closure Period | September 11 to September 12, 2025 | | Dividend Currency Election Deadline | 4:30 p.m. on October 8, 2025 | - Shareholders can choose to receive dividends in **HKD or RMB**; if no choice is made, dividends will automatically be received in HKD[203](index=203&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk) [Changes in Directors' Information](index=47&type=section&id=Changes%20in%20Directors%27%20Information) Several changes in directors' information have occurred since the date of the 2024 annual report, with Ms. Qin Hong appointed as a member of the Nomination Committee on May 19, 2025, Mr. Chen Fan appointed as an independent non-executive director of Beijing Urban Construction Design and Development Group Co., Ltd. on June 16, 2025, Mr. Wang Yuhang appointed as a non-executive director and member of the Sustainability Committee on June 25, 2025, and Mr. Leung Kwok Kuen retiring as a council and executive committee member of the Hong Kong Management Association on July 3, 2025 - Ms. Qin Hong was appointed as a **member of the company's Nomination Committee** on May 19, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - Mr. Chen Fan was appointed as an **independent non-executive director of Beijing Urban Construction Design and Development Group Co., Ltd.** on June 16, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - Mr. Wang Yuhang was appointed as a **non-executive director and member of the company's Sustainability Committee** on June 25, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - Mr. Leung Kwok Kuen retired as a **council and executive committee member of the Hong Kong Management Association** on July 3, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) [Review Report to the Board of Directors](index=47&type=section&id=Review%20Report%20to%20the%20Board%20of%20Directors) This section presents the independent auditor's review report on the interim financial information, including the introduction, scope of review, and conclusion [Introduction](index=48&type=section&id=Introduction) KPMG reviewed the interim financial report of China Resources Land Limited and its subsidiaries for the six months ended June 30, 2025, which complies with the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, with the Board of Directors responsible for the preparation and presentation of the condensed consolidated interim financial information - KPMG reviewed the interim financial report for the six months ended June 30, 2025[215](index=215&type=chunk)[217](index=217&type=chunk) - The interim financial report complies with the **Listing Rules of The Stock Exchange of Hong Kong Limited** and **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants[215](index=215&type=chunk)[217](index=217&type=chunk) - The Board of Directors is responsible for the **preparation and presentation of the condensed consolidated interim financial information**[215](index=215&type=chunk)[217](index=217&type=chunk) [Scope of Review](index=48&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants, primarily involving inquiries of personnel responsible for financial and accounting matters and applying analytical and other review procedures, with a scope smaller than an audit, thus no audit opinion is expressed - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"**[216](index=216&type=chunk)[219](index=219&type=chunk) - The scope of review primarily includes **inquiries and application of analytical procedures**, which is smaller than an audit, therefore **no audit opinion is expressed**[216](index=216&type=chunk)[219](index=219&type=chunk) [Conclusion](index=49&type=section&id=Conclusion) KPMG's review concluded that the interim financial report as of June 30, 2025, was prepared in all material respects in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting," with no non-compliance found - The review found no matters indicating that the interim financial report as of June 30, 2025, was not prepared in all material respects in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[220](index=220&type=chunk)[221](index=221&type=chunk) [Consolidated Statement of Profit or Loss](index=49&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the Group's consolidated statement of profit or loss for the six months ended June 30, 2025 [2025 H1 Consolidated Statement of Profit or Loss Performance](index=49&type=section&id=2025%20H1%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20Performance) For the six months ended June 30, 2025, the Group's operating revenue reached RMB 94.92 billion, a 19.9% year-on-year increase, with gross profit of RMB 22.78 billion, and profit for the period of RMB 14.687 billion, of which RMB 11.88 billion was attributable to owners of the company, and basic and diluted earnings per share were RMB 1.67 2025 H1 Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Operating Revenue | 94,921,257 | 79,191,662 | | Cost of Sales | (72,136,564) | (61,572,247) | | Gross Profit | 22,784,693 | 17,619,415 | | Fair Value Gains on Investment Properties | 2,556,212 | 3,548,770 | | Other Income, Other Gains and Losses | 1,582,283 | 3,407,995 | | Selling and Marketing Expenses | (2,741,444) | (2,726,511) | | General and Administrative Expenses | (2,039,965) | (1,863,712) | | Share of Profits Less Losses of Joint Ventures | 1,189,841 | 1,156,668 | | Share of Profits Less Losses of Associates | 60,641 | 268,091 | | Finance Costs | (1,521,382) | (882,734) | | Profit Before Tax | 21,899,152 | 20,623,104 | | Income Tax Expense | (7,212,129) | (8,138,792) | | Profit for the Period | 14,687,023 | 12,484,312 | | Profit Attributable to Owners of the Company | 11,879,974 | 10,222,467 | | Profit Attributable to Non-Controlling Interests | 2,807,049 | 2,261,845 | | Basic and Diluted Earnings Per Share | 1.67 | 1.43 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=50&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the Group's consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025 [2025 H1 Consolidated Statement of Profit or Loss and Other Comprehensive Income Performance](index=50&type=section&id=2025%20H1%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20Performance) For the six months ended June 30, 2025, the Group's profit for the period was RMB 14.687 billion, with total other comprehensive income being RMB (133) million, primarily due to exchange differences on translation of overseas operations (RMB (120) million) and fair value losses on equity instruments designated at fair value through other comprehensive income (RMB (13) million), resulting in total comprehensive income for the period of RMB 14.554 billion, of which RMB 11.796 billion was attributable to owners of the company 2025 H1 Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 14,687,023 | 12,484,312 | | Exchange Differences on Translation of Overseas Operations | (120,265) | 394,009 | | Fair Value Losses on Equity Instruments Designated at Fair Value Through Other Comprehensive Income | (13,035) | (6,386) | | Other Comprehensive Income for the Period | (133,300) | 451,377 | | Total Comprehensive Income for the Period | 14,553,723 | 12,935,689 | | Total Comprehensive Income Attributable to Owners of the Company | 11,795,801 | 10,632,558 | | Total Comprehensive Income Attributable to Non-Controlling Interests | 2,757,922 | 2,303,131 | [Consolidated Statement of Financial Position](index=51&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's consolidated statement of financial position as of June 30, 2025 [2025 H1 Consolidated Statement of Financial Position](index=51&type=section&id=2025%20H1%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 1,148.67 billion, comprising non-current assets of RMB 422.75 billion and current assets of RMB 725.92 billion, while total liabilities were RMB 738.25 billion, including current liabilities of RMB 478.48 billion and non-current liabilities of RMB 259.77 billion, and total equity was RMB 410.41 billion, with RMB 276.23 billion attributable to owners of the company 2025 H1 Consolidated Statement of Financial Position Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H2 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-Current Assets | 422,749,008 | 418,814,285 | | Current Assets | 725,919,773 | 710,687,002 | | **Total Assets** | **1,148,668,781** | **1,129,501,287** | | **Liabilities** | | | | Current Liabilities | 478,480,962 | 503,917,528 | | Non-Current Liabilities | 259,773,569 | 228,631,453 | | **Total Liabilities** | **738,254,531** | **732,548,981** | | **Equity** | | | | Equity Attributable to Owners of the Company | 276,230,394 | 272,720,057 | | Non-Controlling Interests | 134,183,856 | 124,232,249 | | **Total Equity** | **410,414,250** | **396,952,306** | [Consolidated Statement of Changes in Equity](index=54&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the Group's consolidated statement of changes in equity for the six months ended June 30, 2025 [2025 H1 Equity Changes](index=54&type=section&id=2025%20H1%20Equity%20Changes) For the six months ended June 30, 2025, equity attributable to owners of the company increased from approximately RMB 272.72 billion as of December 31, 2024, to RMB 276.23 billion, primarily driven by profit for the period of RMB 11.88 billion, partially offset by the 2024 final dividend payment of RMB 7.964 billion, while non-controlling interests increased to RMB 134.18 billion, mainly from net contributions of RMB 7.065 billion and profit for the period 2025 H1 Consolidated Statement of Changes in Equity Key Data | Item | Total Attributable to Owners of the Company (RMB thousand) | Non-Controlling Interests (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | As of January 1, 2025 (restated) | 272,720,057 | 124,232,249 | 396,952,306 | | Profit for the Period | 11,879,974 | 2,807,049 | 14,687,023 | | Total Comprehensive Income for the Period | 11,795,801 | 2,757,922 | 14,553,723 | | Net Contributions from Non-Controlling Interests | - | 7,065,477 | 7,065,477 | | 2024 Final Dividend | (7,963,635) | - | (7,963,635) | | As of June 30, 2025 (unaudited) | 276,230,394 | 134,183,856 | 410,414,250 | - Other reserves primarily include **capital reserve, general reserve, special reserve, merger reserve, revaluation gains on transfer of property, plant and equipment to investment properties, and fair value changes of equity instruments designated at fair value through other comprehensive income**[234](index=234&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=57&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the Group's condensed consolidated statement of cash flows for the six months ended June 30, 2025 [2025 H1 Cash Flows](index=57&type=section&id=2025%20H1%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash used in operating activities was RMB 18.867 billion, net cash used in investing activities was RMB 14.141 billion, and net cash generated from financing activities was RMB 20.415 billion, resulting in cash and cash equivalents at period-end of RMB 118.626 billion, a decrease of RMB 12.592 billion from the beginning of the period 2025 H1 Condensed Consolidated Statement of Cash Flows Key Data | Cash Flow Type | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (18,866,634) | (318,687) | | Net Cash Used in Investing Activities | (14,140,664) | (8,311,069) | | Net Cash Generated from Financing Activities | 20,415,356 | 12,284,425 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (12,591,942) | 3,654,669 | | Cash and Cash Equivalents at Beginning of Period | 131,380,988 | 112,966,350 | | Cash and Cash Equivalents at End of Period | 118,625,563 | 116,728,437 | [Notes to the Condensed Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, basis of preparation, common control business combinations, changes in accounting policies, segment information, other income, finance costs, income tax expense, profit for the period, dividends, earnings per share, property, plant and equipment, investment properties, equity instruments designated at fair value through other comprehensive income, financial assets/liabilities at fair value through profit or loss, time deposits, prepayments for non-current assets, trade and other receivables, amounts due from/to related parties/non-controlling interests, restricted bank deposits, trade and other payables, contract liabilities, bank and other borrowings, share capital, senior notes, super short-term commercial papers, medium-term notes, cash flows from operating activities, acquisition of subsidiaries, disposal of subsidiaries, offsetting financial assets and financial liabilities, financial risk management, commitments, financial guarantee contracts, and related party transactions [General Information](index=60&type=section&id=General%20Information) China Resources Land Limited is a listed company incorporated in the Cayman Islands, with its ultimate holding company being China Resources (China) Company Limited and its intermediate holding company being China Resources (Holdings) Company Limited, and the Group's principal activities include development and sales, investment properties, asset-light management, and ecosystem-driven businesses in China - The company is a **listed company incorporated in the Cayman Islands**, with its shares listed on The Stock Exchange of Hong Kong[240](index=240&type=chunk)[242](index=242&type=chunk) - The ultimate holding company is **China Resources (China) Company Limited**, and the intermediate holding company is **China Resources (Holdings) Company Limited**[240](index=240&type=chunk)[242](index=242&type=chunk) - The Group's principal activities include **development and sales, investment properties, asset-light management, and ecosystem-driven businesses**[240](index=240&type=chunk)[242](index=242&type=chunk) [Basis of Preparation](index=60&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, and while it is unaudited, it has been reviewed by KPMG, with its preparation involving management's judgments, estimates, and assumptions - The interim financial report is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** and was authorized for issue on August 26, 2025[241](index=241&type=chunk)[243](index=243&type=chunk) - The report is unaudited but has been **reviewed by KPMG** in accordance with Hong Kong Standard on Review Engagements 2410[245](index=245&type=chunk)[249](index=249&type=chunk) - The preparation of the interim financial report requires management to make **judgments, estimates, and assumptions**, and actual results may differ[245](index=245&type=chunk)[247](index=247&type=chunk) [Common Control Business Combinations](index=61&type=section&id=Common%20Control%20Business%20Combinations) In May and June 2025, the Group acquired equity interests in China Resources Life Science Industrial Development Co., Ltd., CR Network (Shenzhen) Co., Ltd., and CR Network Data Technology (Guangzhou) Co., Ltd., and since these entities were under common control by China Resources (China) Company Limited before and after the acquisitions, common control accounting principles were applied, treating them as subsidiaries of the company from the date of common control, leading to the restatement of comparative information such as the consolidated statement of financial position as of December 31, 2024, and the consolidated statement of profit or loss for H1 2024 - In May 2025, the Group acquired **100% equity of China Resources Life Science Industrial Development Co., Ltd. for RMB 200.791 million**[246](index=246&type=chunk)[250](index=250&type=chunk) - In June 2025, the Group acquired **CR Network (Shenzhen) Co., Ltd. and CR Network Data Technology (Guangzhou) Co., Ltd. for a total consideration of RMB 121.038 million**[251](index=251&type=chunk)[252](index=252&type=chunk) - As all participating entities were under **common control by China Resources (China) Company Limited** before and after the acquisitions, common control accounting principles were applied, treating them as subsidiaries from the date of common

安徽海螺 材 料科技 股 份 有 限 公 司 Anhui Conch Material Technology Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股票代碼：2560 2025 中期報 告 安徽海螺 材 料科技 股 份 有 限 公 司 Anhui Conch Material Technology Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code: 2560 INTERIM REPORT 2025 安徽海螺 材 料科技 股 份 有 限 公 司 Anhui Con ch Material Technolog y Co., Ltd. INTERIM REPORT 2025 中期報告 目錄 釋義 2 一、 公司資料 4 二、 財務資料摘要 6 三、 業績回顧與展望 7 四、 管理層討論與分析 10 五、 其他資料 20 六、 未經審核中期財務報告 27 釋義 本報告中，除非文義另有所指，下列詞語具有如下意義： | ...

Sunfonda Group Holdings Limited 新豐泰集團控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 Sunfonda Group Holdings Limited 新豐泰集團控股有限公司 2 0 2 5 INTERIM REPORT 2 0 2 5 中期業績報告 Sunfonda Group Holdings Limited 新豐泰集團控股有限公司 Interim Report 2025 中期業績報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論與分析 | 6 | | 企業管治及其他資料 | 27 | | 中期簡明綜合損益表 | 32 | | 中期簡明綜合全面收益表 | 33 | | 中期簡明綜合財務狀況表 | 34 | | 中期簡明綜合權益變動表 | 36 | | 中期簡明綜合現金流量表 | 37 | | 中期簡明綜合財務報表附註 | 39 | 公司資料 公司中文名稱 新豐泰集團控股有限公司 公司英文名稱 Sunfonda Group Holdings Limited 投資者查詢 電話：+852 2565 9898 傳真 ...