[Company Information](index=2&type=section&id=Company%20Information) This section provides fundamental details about the company's governance structure, key personnel, and essential administrative contacts [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section details the composition of the Board of Directors and its committees, including key appointments and resignations - Mr. Li Jieming was appointed Co-Chief Executive Officer on **August 29, 2025**[5](index=5&type=chunk) - Mr. Shen Yang resigned as Non-executive Director on **August 29, 2025**[5](index=5&type=chunk) - The composition of the Audit, Remuneration, and Nomination Committees, including their chairpersons and members, is clearly defined[5](index=5&type=chunk) [Company Contact and Audit Information](index=4&type=section&id=Company%20Contact%20and%20Audit%20Information) This section provides essential contact and administrative details, including headquarters, auditor, and stock information - The company's headquarters and principal place of business in China are located in Ningbo, Zhejiang Province, with its principal place of business in Hong Kong on Queen's Road Central[6](index=6&type=chunk) - The independent auditor is Zhongzheng Tianheng Certified Public Accountants Limited[6](index=6&type=chunk) - The company's stock code is **1901**, and its website is http://www.iflying.com[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance indicators for the reporting period [Overview of Financial Performance](index=5&type=section&id=Overview%20of%20Financial%20Performance) The company achieved year-on-year revenue and gross profit growth, successfully turning a net loss into a profit for the period Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 511,201 | 420,970 | | Gross Profit | 27,310 | 25,016 | | Profit/(Loss) for the Period | 6,161 | (16,323) | - Net profit for the current period was **RMB6.2 million**, compared to a net loss of **RMB16.3 million** in the prior period, achieving a turnaround to profitability[7](index=7&type=chunk) - Revenue for the current period increased by **RMB90.2 million** or **21.4%** compared to the prior period, primarily due to increased sales of travel-related products and services[8](index=8&type=chunk) - Gross profit for the current period increased by **RMB2.3 million** or **9.2%** compared to the prior period, driven by the increase in revenue[8](index=8&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides a detailed breakdown of the company's revenues, expenses, and overall profitability for the reporting period [Overview of Profit or Loss and Comprehensive Income](index=6&type=section&id=Overview%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income) The company reported a profit of **RMB6,161 thousand** for the period, a significant improvement from the prior year's loss, with basic earnings per share of **0.80 RMB cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 511,201 | 420,970 | | Cost of Sales | (483,891) | (395,954) | | Gross Profit | 27,310 | 25,016 | | Other Income and Gains | 27,688 | 19,029 | | Selling and Distribution Expenses | (14,667) | (12,042) | | Administrative Expenses | (12,979) | (24,142) | | Net Impairment Losses on Financial Assets | (7,780) | (17,968) | | Other Expenses | (8,718) | (1,038) | | Finance Costs | (4,631) | (4,995) | | Profit/(Loss) Before Income Tax | 6,169 | (16,340) | | Income Tax (Expense)/Credit | (8) | 17 | | Profit/(Loss) for the Period | 6,161 | (16,323) | | Total Comprehensive Income/(Loss) for the Period | 5,333 | (5,162) | Profit/(Loss) for the Period Attributable to Owners of the Company and Earnings Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (RMB'000) | 6,627 | (14,848) | | Basic Earnings/(Loss) Per Share (RMB cents) | 0.80 | (1.78) | - Administrative expenses significantly decreased from **RMB24,142 thousand** to **RMB12,979 thousand**[9](index=9&type=chunk) - Net impairment losses on financial assets decreased from **RMB17,968 thousand** to **RMB7,780 thousand**[9](index=9&type=chunk) [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section outlines the company's assets, liabilities, and equity at the end of the reporting period [Overview of Assets and Liabilities](index=8&type=section&id=Overview%20of%20Assets%20and%20Liabilities) The Group's net current assets turned positive, total net assets increased, and trade receivables and payables saw significant changes Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Non-current Assets | 49,062 | 68,841 | | Current Assets | 480,642 | 337,437 | | Current Liabilities | 472,515 | 350,525 | | Net Current Assets/(Liabilities) | 8,127 | (13,088) | | Net Assets | 53,581 | 51,052 | | Total Equity | 53,581 | 51,052 | - Net current assets improved from **negative RMB13,088 thousand** as of December 31, 2024, to **RMB8,127 thousand** as of June 30, 2025, indicating improved liquidity[11](index=11&type=chunk) - Trade receivables increased from **RMB88,648 thousand** to **RMB133,619 thousand**, and prepayments, deposits, and other receivables increased from **RMB195,648 thousand** to **RMB263,220 thousand**[11](index=11&type=chunk) - Trade payables significantly increased from **RMB33,816 thousand** to **RMB119,686 thousand**[11](index=11&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the movements in the company's equity components over the reporting period [Overview of Equity Changes](index=9&type=section&id=Overview%20of%20Equity%20Changes) Equity attributable to owners increased from **RMB58,636 thousand** to **RMB64,851 thousand**, driven by profit and share-based payments, partially offset by disposals Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Equity Item | January 1, 2025 (RMB'000) | Profit/(Loss) for the Period (RMB'000) | Other Comprehensive Loss for the Period (RMB'000) | Disposal of a Subsidiary (RMB'000) | Equity-settled Share-based Payments Recognized (RMB'000) | June 30, 2025 (RMB'000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 58,636 | 6,627 | (798) | – | 386 | 64,851 | | Non-controlling Interests | (7,584) | (466) | (30) | (3,190) | – | (11,270) | | Total Equity | 51,052 | 6,161 | (828) | (3,190) | 386 | 53,581 | - Accumulated losses attributable to owners of the company decreased from **RMB(286,811) thousand** as of January 1, 2025, to **RMB(280,184) thousand** as of June 30, 2025, reflecting the profit for the period[12](index=12&type=chunk) - Non-controlling interests decreased by **RMB3,190 thousand** due to the disposal of a subsidiary[12](index=12&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents an overview of the company's cash inflows and outflows from operating, investing, and financing activities [Overview of Cash Flows](index=10&type=section&id=Overview%20of%20Cash%20Flows) The Group's cash and cash equivalents increased by **RMB39,194 thousand**, reaching **RMB70,505 thousand** at period-end, with positive cash flows from investing and financing activities Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net Cash Flows Used in Operating Activities | (42,654) | (11,842) | | Net Cash Flows From Investing Activities | 43,152 | 5,338 | | Net Cash Flows From Financing Activities | 38,696 | 35,782 | | Net Increase in Cash and Cash Equivalents | 39,194 | 29,278 | | Cash and Cash Equivalents at End of Period | 70,505 | 86,653 | - Net cash flows used in operating activities expanded from **RMB(11,842) thousand** in the prior period to **RMB(42,654) thousand** in the current period[13](index=13&type=chunk) - Net cash flows from investing activities significantly increased from **RMB5,338 thousand** to **RMB43,152 thousand**[13](index=13&type=chunk) - Net cash flows from financing activities showed stable growth, increasing from **RMB35,782 thousand** to **RMB38,696 thousand**[13](index=13&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated interim financial statements [1. Company Information](index=11&type=section&id=1.%20Company%20Information) This section outlines the company's registration, principal business locations, diverse business scope, and ultimate controlling shareholders - The Company was incorporated in the Cayman Islands on **October 18, 2018**, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on **June 28, 2019**[14](index=14&type=chunk)[15](index=15&type=chunk) - Principal businesses include outbound package tours, free-and-easy travel products, travel support services, health products, and information system development products and services[14](index=14&type=chunk) - The ultimate controlling shareholders are Mr. He Binfeng and his spouse, Ms. Qian Jie[14](index=14&type=chunk) [2. Basis of Preparation and Presentation](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%20Presentation) The interim financial statements are prepared under HKAS 34 and Listing Rules, presented in RMB, and affirm the going concern basis despite liquidity pressures - The financial statements are prepared in accordance with **HKAS 34** and **Appendix D2 of the Listing Rules**, presented in **RMB**[16](index=16&type=chunk) - Despite interest-bearing bank and other borrowings of approximately **RMB245,183 thousand** being classified as current liabilities, the Board believes the Group can operate on a going concern basis for at least twelve months through active negotiation for renewal and cost control measures[17](index=17&type=chunk)[20](index=20&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=12&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies remain consistent with annual statements, with the first-time adoption of HKAS 21 (Amendment) 'Lack of Exchangeability' having no material impact - Accounting policies are consistent with the **2024 annual financial statements**, with only the first-time adoption of **HKAS 21 (Amendment) 'Lack of Exchangeability'**[18](index=18&type=chunk)[19](index=19&type=chunk) - As the Group's transaction and functional currencies are convertible, this amendment has no impact on the condensed consolidated financial statements[19](index=19&type=chunk) [4. Operating Segment Information](index=13&type=section&id=4.%20Operating%20Segment%20Information) The Group operates in Mainland China and Hong Kong, with revenue primarily from Mainland China, and decreased Hong Kong revenue and non-current assets - The Group primarily operates in **Mainland China** and **Hong Kong**, but executive directors review overall financial performance without separate operating segments[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue from External Customers and Non-current Assets by Geographical Location | Region | External Customer Revenue 2025 (RMB'000) | External Customer Revenue 2024 (RMB'000) | Non-current Assets 2025 (RMB'000) | Non-current Assets 2024 (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 511,201 | 409,721 | 16,614 | 19,733 | | Hong Kong | – | 11,249 | 8,893 | 30,918 | | Total | 511,201 | 420,970 | 25,507 | 50,651 | - External customer revenue from Hong Kong was **zero** for the current period, and non-current assets also significantly decreased[24](index=24&type=chunk) - No sales revenue from a single customer reached **10% or more** of the Group's total revenue[25](index=25&type=chunk) [5. Revenue, Other Income and Gains](index=14&type=section&id=5.%20Revenue,%20Other%20Income%20and%20Gains) Total revenue reached **RMB511,201 thousand**, mainly from customer contracts, while other income and gains increased to **RMB27,688 thousand** due to asset disposals and miscellaneous income Analysis of Revenue and Other Income and Gains (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 511,201 | 420,872 | | Total Revenue | 511,201 | 420,970 | | Total Other Income | 13,812 | 19,029 | | Gain on Disposal of Property, Plant and Equipment | 13,876 | – | | Total Other Income and Gains | 27,688 | 19,029 | Revenue from Contracts with Customers by Major Product Line (For the Six Months Ended June 30) | Product Line | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Package Tour Sales — Domestic | 190,108 | 130,526 | | Gross Revenue from Free-and-Easy Travel Product Sales | 316,394 | 273,648 | | Health Product Sales | – | 10,122 | | Total | 511,201 | 420,872 | - Gain on disposal of property, plant and equipment amounted to **RMB13,876 thousand** in the current period, compared to zero in the prior period[27](index=27&type=chunk) - Compensation income decreased from **RMB15,120 thousand** in the prior period to **RMB7,560 thousand** in the current period[27](index=27&type=chunk)[28](index=28&type=chunk) - Miscellaneous income increased to **RMB5,945 thousand** due to a Chinese court ruling in favor of the Group and the refund of funds[27](index=27&type=chunk)[28](index=28&type=chunk) [6. Finance Costs](index=16&type=section&id=6.%20Finance%20Costs) The Group's finance costs, comprising interest on borrowings and lease liabilities, saw a slight decrease in the current period Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 4,514 | 4,787 | | Interest on Lease Liabilities | 117 | 208 | | Total | 4,631 | 4,995 | - Total finance costs slightly decreased from **RMB4,995 thousand** in the prior period to **RMB4,631 thousand** in the current period[29](index=29&type=chunk) [7. Profit/(Loss) Before Income Tax](index=16&type=section&id=7.%20Profit/(Loss)%20Before%20Income%20Tax) Profit before income tax improved to **RMB6,169 thousand**, driven by reduced depreciation and impairment losses, despite a loss from subsidiary disposal Components of Profit/(Loss) Before Income Tax (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of Services Provided | 386,283 | 387,182 | | Depreciation of Property, Plant and Equipment | 701 | 6,034 | | Depreciation of Right-of-Use Assets | 1,146 | 3,079 | | Loss on Disposal of a Subsidiary | 4,785 | – | | Impairment Recognized on Financial Assets Included in Prepayments, Deposits and Other Receivables | 7,580 | 17,949 | | Staff Costs | 17,049 | 17,663 | - Depreciation of property, plant and equipment significantly decreased from **RMB6,034 thousand** to **RMB701 thousand**[30](index=30&type=chunk) - Impairment recognized on financial assets included in prepayments, deposits and other receivables decreased from **RMB17,949 thousand** to **RMB7,580 thousand**[30](index=30&type=chunk) - A loss of **RMB4,785 thousand** was incurred from the disposal of a subsidiary during the current period[30](index=30&type=chunk) [8. Income Tax (Expense)/Credit](index=17&type=section&id=8.%20Income%20Tax%20(Expense)/Credit) Income tax expense was **RMB8 thousand**, a shift from the prior period's credit, with Chinese subsidiaries benefiting from preferential tax rates Analysis of Income Tax (Expense)/Credit (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | PRC Enterprise Income Tax (Under)/Over-provision in Prior Years | (8) | 17 | - Chinese subsidiaries are subject to a statutory tax rate of **25%** and enjoy preferential income tax rates for small and micro-enterprises (first **RMB1.0 million** eligible for **75% deduction**, income between **RMB1.0 million** and **RMB3.0 million** eligible for **50% deduction**)[31](index=31&type=chunk) - No assessable profits were generated in Hong Kong during the current period, thus no income tax provision was made[31](index=31&type=chunk) [9. Earnings/(Loss) Per Share](index=18&type=section&id=9.%20Earnings/(Loss)%20Per%20Share) Basic earnings per share improved to **0.80 RMB cents**, a significant turnaround from the prior year's loss, with no diluted earnings per share presented due to anti-dilutive share options Calculation of Basic Earnings/(Loss) Per Share (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (RMB'000) | 6,627 | (14,848) | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 832,000 | 832,000 | | Basic Earnings/(Loss) Per Share (RMB cents) | 0.80 | (1.78) | - Diluted earnings per share was not presented for the six months ended June 30, 2025, as the effect of exercising the share options granted by the Company was anti-dilutive[35](index=35&type=chunk) [10. Interim Dividend](index=18&type=section&id=10.%20Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[36](index=36&type=chunk) [11. Property, Plant and Equipment](index=18&type=section&id=11.%20Property,%20Plant%20and%20Equipment) Acquisitions of property, plant and equipment were minor, while disposals significantly increased for the six months ended June 30, 2025 - Acquisitions of property, plant and equipment amounted to approximately **RMB47 thousand** in the current period, compared to **RMB731 thousand** in the prior period[37](index=37&type=chunk) - Disposals of property, plant and equipment amounted to approximately **RMB21,253 thousand** in the current period, compared to zero in the prior period[37](index=37&type=chunk) [12. Investments in Associates](index=19&type=section&id=12.%20Investments%20in%20Associates) The Group received **RMB56,000 thousand** from divesting its investment in Ningbo Yinjiang Feiyang Culture and Tourism Development Co., Ltd - The Group divested its investment in associate Ningbo Yinjiang Feiyang Culture and Tourism Development Co., Ltd, receiving **RMB56,000 thousand**[38](index=38&type=chunk) [13. Trade Receivables](index=19&type=section&id=13.%20Trade%20Receivables) Total trade receivables increased to **RMB200,156 thousand**, with a notable portion aged over 180 days, while impairment provisions slightly decreased Total Trade Receivables and Impairment Losses (As at Period-end) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Gross Trade Receivables | 200,156 | 155,796 | | Less: Impairment Losses Recognized | (66,537) | (67,148) | | Net | 133,619 | 88,648 | Ageing Analysis of Trade Receivables (As at Period-end) | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 1 to 60 days | 72,985 | 67,448 | | 181 to 360 days | 54,577 | 17,070 | | Over 2 years | 69,704 | 65,145 | - The credit period for trade receivables generally does not exceed **two months**, with some customers extending up to **one year**[39](index=39&type=chunk) - Impairment loss provision for trade receivables slightly decreased from **RMB67,148 thousand** at the beginning of the period to **RMB66,537 thousand** at the end of the period[41](index=41&type=chunk) [14. Prepayments, Deposits and Other Receivables](index=20&type=section&id=14.%20Prepayments,%20Deposits%20and%20Other%20Receivables) Total prepayments, deposits, and other receivables increased to **RMB286,775 thousand**, while recognized impairment losses decreased to **RMB117,412 thousand** Prepayments, Deposits and Other Receivables (As at Period-end) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Prepayments | 159,297 | 125,735 | | Deposits and Other Receivables | 244,890 | 224,757 | | Less: Impairment Losses Recognized | (117,412) | (136,820) | | Total | 286,775 | 213,672 | - Impairment losses recognized decreased from **RMB136,820 thousand** at the beginning of the period to **RMB117,412 thousand** at the end, primarily due to a reduction in impairment provisions from the disposal of a subsidiary[43](index=43&type=chunk) [15. Trade Payables](index=21&type=section&id=15.%20Trade%20Payables) Total trade payables significantly increased to **RMB119,686 thousand**, with most due within **60 days**, and are non-interest-bearing Ageing Analysis of Trade Payables (As at Period-end) | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 1 to 60 days | 114,489 | 19,198 | | Total | 119,686 | 33,816 | - Total trade payables significantly increased from **RMB33,816 thousand** as of December 31, 2024, to **RMB119,686 thousand** as of June 30, 2025[44](index=44&type=chunk) [16. Interest-bearing Bank and Other Borrowings](index=22&type=section&id=16.%20Interest-bearing%20Bank%20and%20Other%20Borrowings) Total interest-bearing borrowings increased to **RMB245,183 thousand**, all secured and current, with guarantees from controlling shareholders and certain directors Interest-bearing Bank and Other Borrowings (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Bank Loans — Secured | 245,183 | 197,460 | - All bank and other borrowings are current, repayable on demand or within **one year**[45](index=45&type=chunk) - Controlling shareholders jointly guaranteed bank facilities of up to **RMB256,410 thousand** for the Group[45](index=45&type=chunk) - Mr. Zhang Dayi and Ms. Zhang Xiaoshan, directors of certain PRC subsidiaries, jointly guaranteed bank facilities of up to **RMB10,000 thousand** for the Group, a decrease from **RMB49,000 thousand** in the prior period[45](index=45&type=chunk) [17. Share Capital](index=23&type=section&id=17.%20Share%20Capital) Issued and fully paid share capital remained unchanged at **RMB7,145 thousand**, comprising **832,000,000 ordinary shares** of **HKD0.01** each Share Capital Information (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 7,145 | 7,145 | | Number of Shares | 832,000,000 shares | 832,000,000 shares | [18. Fair Value and Fair Value Hierarchy of Financial Instruments](index=23&type=section&id=18.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Fair value measurements of financial instruments include Level 1 listed equity securities and Level 2 unlisted fund investments, with no financial liabilities measured at fair value or Level 3 transfers Fair Value Hierarchy of Financial Instruments (As at June 30, 2025) | Item | Level 1 (RMB'000) | Level 2 (RMB'000) | Level 3 (RMB'000) | Total (RMB'000) | | :--- | :--- | :--- | :--- | :--- | | Listed Equity Securities | 3 | – | – | 3 | | Unlisted Fund Investments | – | 337 | – | 337 | - As of **June 30, 2025**, the Group had no financial liabilities measured at fair value[49](index=49&type=chunk) - There were no transfers into or out of Level 3 for the six months ended **June 30, 2025**[50](index=50&type=chunk) [19. Commitments](index=25&type=section&id=19.%20Commitments) Capital commitments totaled **RMB53,734 thousand**, primarily for investment projects and alcoholic beverages, showing a slight decrease from the prior year-end Capital Commitments (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Acquisition of Investment Projects | 45,037 | 45,732 | | Alcoholic Beverages | 6,840 | 6,945 | [20. Disposal of a Subsidiary](index=25&type=section&id=20.%20Disposal%20of%20a%20Subsidiary) The Group disposed of a **60% equity interest** in Zhejiang Feijiada Aviation Services Co., Ltd. for **RMB22,680 thousand**, resulting in a **RMB4,785 thousand** loss and **RMB1,321 thousand** net cash outflow - The Group completed the disposal of a **60% equity interest** in Zhejiang Feijiada Aviation Services Co., Ltd. on **April 2, 2025**, for a consideration of **RMB22,680 thousand**[52](index=52&type=chunk)[107](index=107&type=chunk) - The disposal of the subsidiary resulted in a recognized loss of **RMB4,785 thousand**[53](index=53&type=chunk) - The net cash outflow from the disposal of the subsidiary was **RMB1,321 thousand**[54](index=54&type=chunk) [21. Related Party Transactions](index=26&type=section&id=21.%20Related%20Party%20Transactions) The Group has related party transactions, with amounts due from related parties totaling **RMB8,442 thousand**, and increased key management personnel compensation Outstanding Balances with Related Parties (As at Period-end) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Amount Due from a Director | 3,310 | 3,310 | | Amounts Due from Related Parties (Total) | 8,442 | 8,490 | Key Management Personnel Compensation (For the Six Months Ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 518 | 467 | | Equity-settled Share-based Payments | 70 | – | | Total Compensation | 597 | 482 | - Balances with related parties are non-trade in nature, unsecured, interest-free, and repayable on demand[56](index=56&type=chunk) [22. Events After the Reporting Period](index=28&type=section&id=22.%20Events%20After%20the%20Reporting%20Period) Post-reporting period, the company adopted a new share option scheme, granted **83,200,000 share options**, and completed a placement of **166,400,000 shares**, raising **HKD33.4 million** - A new share option scheme was adopted on **July 14, 2025**[59](index=59&type=chunk) - On **July 25, 2025**, **83,200,000 share options** were granted to **10 eligible persons**[59](index=59&type=chunk) - On **July 29, 2025**, the Company placed a total of **166,400,000 shares** to placees at approximately **HKD0.201 per share**, with issuance completed on **August 25, 2025**[59](index=59&type=chunk) [23. Approval of Condensed Consolidated Interim Financial Statements](index=28&type=section&id=23.%20Approval%20of%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The unaudited condensed consolidated interim financial statements were approved and authorized for issue by the Board on **August 26, 2025** - The condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on **August 26, 2025**[58](index=58&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's operational and financial performance, along with future outlook [Business Review](index=29&type=section&id=Business%20Review) The Group, a tourism service provider in Ningbo, saw strong revenue growth and a return to profitability driven by the recovery of domestic and international tourism markets - The Group primarily engages in the design, development, and sale of package tours, free-and-easy travel products, travel support services, information system development services, health product sales, and finance lease services[60](index=60&type=chunk) - In **2024**, China's domestic tourism reached **5.615 billion person-times**, with total tourist consumption of **RMB5.75 trillion**, and international tourism recovered to **99%** of pre-pandemic levels[60](index=60&type=chunk)[61](index=61&type=chunk) - Gross revenue from free-and-easy travel product sales significantly increased to **RMB316.4 million**, and package tour sales increased to **RMB190.1 million**[61](index=61&type=chunk) - The current period recorded a net profit of **RMB6.2 million** (prior period: net loss of **RMB16.3 million**), primarily due to increased gross profit from travel-related products and services sales, reduced administrative expenses related to the metaverse platform, and decreased impairment losses on financial assets[61](index=61&type=chunk) [Prospects](index=30&type=section&id=Prospects) The Group targets the silver economy and inbound tourism, positioning itself as 'China's No. 1 Brand for Middle-aged and Elderly Tourism Services' by leveraging AI and overseas live streaming - China's elderly tourism market has immense potential, with the silver tourism market value projected to increase from **RMB1.4 trillion** in **2023** to **RMB2.7 trillion** in **2028**[62](index=62&type=chunk) - The Group is positioned as **'China's No. 1 Brand for Middle-aged and Elderly Tourism Services'**, leveraging **AI technology** to develop senior tourism[63](index=63&type=chunk) - With the Chinese government expanding visa-free entry, the Group will utilize overseas live streaming channels to vigorously expand **'Overseas Chinese Travel'** and **'Global Muslim Inbound Travel to China'**[63](index=63&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) The Group's financial performance significantly improved with revenue and gross profit growth, a return to profitability, controlled expenses, and improved liquidity, though net debt and gearing ratio warrant attention [Revenue](index=31&type=section&id=Revenue) Total revenue grew **21.4%** to **RMB511.2 million**, driven by increased demand for travel-related products, with significant growth in package tours and free-and-easy travel sales Revenue Breakdown by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Revenue (RMB'000) | 2025 % of Revenue | 2024 Revenue (RMB'000) | 2024 % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Package Tour Sales | 190,108 | 37.2 | 130,526 | 31.0 | | Gross Revenue from Free-and-Easy Travel Product Sales | 316,394 | 61.9 | 273,648 | 65.0 | | Travel Support Products and Services Sales | 2,915 | 0.5 | 2,325 | 0.6 | | Information System Development Services | 868 | 0.2 | 797 | 0.2 | | Health Product Sales | – | – | 10,122 | 2.4 | | Finance Lease Income | – | – | 98 | – | | Total | 511,201 | 100.0 | 420,970 | 100.0 | - The Group's revenue increased by **RMB90.2 million** from **RMB421.0 million** in the prior period to **RMB511.2 million** in the current period, primarily due to increased demand for package tours and free-and-easy travel products[65](index=65&type=chunk) - Package tour sales increased by **45.6%** to **RMB190.1 million**, and gross revenue from free-and-easy travel product sales increased by **15.6%** to **RMB316.4 million**[67](index=67&type=chunk)[68](index=68&type=chunk) - Health product sales and finance lease income were both **zero** in the current period due to resource allocation towards travel-related products and services[72](index=72&type=chunk)[73](index=73&type=chunk) [Cost of Sales](index=34&type=section&id=Cost%20of%20Sales) Cost of sales increased by **22.2%** to **RMB483.9 million**, primarily driven by higher costs associated with increased demand for free-and-easy travel products - Cost of sales increased by **RMB87.9 million** or **22.2%** from **RMB396.0 million** in the prior period to **RMB483.9 million** in the current period[74](index=74&type=chunk) - This was primarily due to increased costs from free-and-easy travel product sales, driven by higher demand for products offered by the Group as principal[74](index=74&type=chunk) [Gross Profit and Gross Profit Margin](index=34&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit increased to **RMB27.3 million**, but the overall gross profit margin decreased from **5.9%** to **5.3%** due to product mix changes and increased tour discounts Gross Profit and Gross Profit Margin Breakdown by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Gross Profit (RMB'000) | 2025 Gross Profit Margin (%) | 2024 Gross Profit/(Loss) (RMB'000) | 2024 Gross Profit/(Loss) Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Package Tours — Traditional | 21,530 | 11.8 | 17,321 | 14.4 | | Package Tours — Customized | 708 | 8.8 | 944 | 9.3 | | Gross Revenue from Free-and-Easy Travel Product Sales | 2,771 | 0.9 | (329) | (0.1) | | Marginal Revenue from Free-and-Easy Travel Product Sales | 916 | 100.0 | 3,395 | 98.3 | | Travel Support Products and Services | 1,343 | 46.1 | 1,462 | 62.9 | | Information System Development Services | 42 | 4.8 | 775 | 97.2 | | Health Product Sales | – | – | 1,350 | 13.3 | | Total | 27,310 | 5.3 | 25,016 | 5.9 | - Overall gross profit margin decreased from **5.9%** in the prior period to **5.3%** in the current period, primarily due to changes in product and service mix and increased discounts offered for package tours to attract customers[76](index=76&type=chunk) - Gross profit from free-and-easy travel product sales turned positive, increasing from **RMB(329) thousand** to **RMB2,771 thousand**[75](index=75&type=chunk) [Other Income and Gains](index=35&type=section&id=Other%20Income%20and%20Gains) Total other income and gains increased to **RMB27.7 million**, driven by asset disposal gains and supplier refunds, despite reduced compensation income - Other income and gains increased by **RMB8.7 million** from **RMB19.0 million** in the prior period to **RMB27.7 million** in the current period[77](index=77&type=chunk) - Gain on disposal of property, plant and equipment increased by **RMB13.9 million**[77](index=77&type=chunk) - Supplier refunds related to contract disputes increased by **RMB4.2 million** to **RMB5.3 million**[77](index=77&type=chunk) - Compensation income decreased by **RMB7.6 million** to **RMB7.6 million** due to failure to meet net profit requirements[77](index=77&type=chunk) [Selling and Distribution Expenses](index=36&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by **21.8%** to **RMB14.7 million**, mainly due to higher staff costs from expanding the core service network - Selling and distribution expenses increased by **RMB2.6 million** or **21.8%** from **RMB12.0 million** in the prior period to **RMB14.7 million** in the current period[78](index=78&type=chunk) - This was primarily due to an increase in staff costs of **RMB1.9 million** resulting from an expanded workforce to extend the core service network[78](index=78&type=chunk) [Administrative Expenses](index=36&type=section&id=Administrative%20Expenses) Administrative expenses significantly decreased by **46.2%** to **RMB12.979 million**, driven by reduced depreciation from asset disposals, lower staff numbers, and decreased rental expenses - Administrative expenses decreased by **RMB11.2 million** or **46.2%** to **RMB12,979 thousand** in the current period[79](index=79&type=chunk) - This was primarily due to a **RMB5.5 million** reduction in depreciation following the disposal of property, plant and equipment related to the metaverse platform and cloud storage services[79](index=79&type=chunk) - A reduction in staff related to the metaverse platform led to a **RMB2.5 million** decrease in staff costs[79](index=79&type=chunk) [Finance Costs](index=36&type=section&id=Finance%20Costs) Finance costs slightly decreased from **RMB5.0 million** in the prior period to **RMB4.6 million** in the current period - Finance costs slightly decreased from **RMB5.0 million** in the prior period to **RMB4.6 million** in the current period[80](index=80&type=chunk) [Other Expenses](index=36&type=section&id=Other%20Expenses) Other expenses significantly increased to **RMB8.7 million**, primarily due to a **RMB4.8 million** loss recognized from the disposal of a subsidiary - Other expenses significantly increased from **RMB1.0 million** in

2025 中期報告 2025 INTERIM REPORT (Incorporated in Bermuda with limited liability) (Stock Code : 1180) INTERIM REPORT 2025 中期報告 目 錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 管理層討論及分析 | 3 | | 企業管治及其他資料 | 14 | | 簡明綜合財務報表審閱報告 | 19 | | 簡明綜合損益表 | 20 | | 簡明綜合損益及其他全面收益表 | 21 | | 簡明綜合財務狀況表 | 22 | | 簡明綜合權益變動表 | 24 | | 簡明綜合現金流量表 | 25 | | 簡明綜合財務報表附註 | 26 | | 釋義 | 43 | 公司資料 註冊成立地點 百慕達 董事會 執行董事 陳捷博士（主席兼董事總經理） （亦為單世勇先生的替任董事） 單世勇先生 張建軍先生 （於二零二五年三月二十七日辭任） 獨立非執行董事 李宗揚先生 鄧喬心女士 廖家瑩博士 審核委員會 李宗揚先生 （主席） 鄧喬心女士 廖家瑩博士 薪酬委員會 李宗揚先生 （主席） 陳捷博士 ...

中期報告 2025 與時創建 2025 公司資料 呂榮梓先生 （主席） 呂聯樸先生 （總裁） 葉思廉先生 （首席財務官） 獨立非執行董事 顏以福先生 陳國威先生 羅煒東先生 陳珮筠女士 審核委員會 陳國威先生 （主席） 顏以福先生 羅煒東先生 提名委員會 呂榮梓先生 （主席） 顏以福先生 羅煒東先生 陳珮筠女士 薪酬委員會 羅煒東先生 （主席） 呂榮梓先生 呂聯樸先生 顏以福先生 陳珮筠女士 董 事 執行董事 授權代表 呂聯樸先生 周小燕女士 公司秘書 周小燕女士 法律顧問 孖士打律師行 高偉紳律師事務所 康德明律師事務所 獨立核數師 德 勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 主要銀行 Clarendon House 2 Church Street Hamilton HM11 Bermuda 主要營業地址 香港灣仔 告士打道一零八號 光大中心二十六樓 電話：(852) 2828 6363 傳真：(852) 2598 6861 電郵：info@seagroup.com.hk 香港股份登記分處 卓佳證券登記有限公司 香 港 夏慤道十六號 遠東金融中心十七樓 電話： (852) 2980 1333 傳真 ...

INTERIM REPORT 中期報告 2025 (Incorporated in the Cayman Islands with limited liability) Stock Code ֵ֭༪: 813 (ᄕફืྊًॻԛվરᄱؽ۬( 目錄 2 公司資料 3 主席報告 6 管理層討論與分析 14 企業管治及其他資料 24 中期簡明綜合損益及其他全面收入報表 26 中期簡明綜合財務狀況表 28 中期簡明綜合權益變動表 30 中期簡明綜合現金流量表 31 中期簡明綜合財務報表附註 世茂集團控股有限公司 2025年中期報告 公司 資料 董事會 執行董事 許世壇 （主席及總裁） 謝琨 趙軍 非執行董事 許薇薇 邵亮 獨立非執行董事 呂紅兵 林清錦 馮子華 審核委員會 馮子華 （委員會主席） 呂紅兵 林清錦 薪酬委員會 呂紅兵 （委員會主席） 林清錦 馮子華 提名委員會 林清錦 （委員會主席） 呂紅兵 馮子華 許薇薇 公司秘書 林綺薇 核數師 中匯安達會計師事務所有限公司 香港主要營業地點 香港 金鐘道89號 力寶中心 第一座38樓 電話： (852) 2511 9968 傳真： (852) 2511 0287 網 ...

PUTIAN COMMUNICATION GROUP LIMITED PUTIAN COMMUNICATION GROUP LIMITED 普天通信集團有限公 司 普天通信集團有限公 司 公司資料 董事會 執行董事 （於開曼群島註冊成立的有限公司） 股份代號：1720 202 5 中期報 告 (incorporated in the Cayman Islands with limited liability) Stock code : 1720 202 5 Interim Report 目錄 | 公司資料 | 2 | | --- | --- | | 公司簡介 | 3 | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 13 | | 中期簡明綜合全面收益表 | 20 | | 中期簡明綜合財務狀況表 | 21 | | 中期簡明綜合權益變動表 | 23 | | 中期簡明綜合現金流量表 | 24 | | 中期簡明綜合財務報表附註 | 26 | 王秋萍女士 （主席兼行政總裁） 趙小寶先生（別名趙保華） 趙默格女士 獨立非執行董事 鄭承欣女士 劉國棟先生 謝海東先生 審核委員會 鄭承欣女士 ...

美麗田園醫療健康產業有限公司 * (於開曼群島註冊成立的有限公司） Stock Code 股份代號：02373 INTERIM REPORT 2025 中期報 告 The character images in this picture are generated by DouBao AI 此圖片中人物部分由豆包AI生成 *For identification purposes only 僅供識別 美麗田園醫療健康產業有限公司 * CONTENTS 目錄 2 Corporate Information 公司資料 4 Financial Summary 財務概要 6 Management Discussion and Analysis 管理層討論及分析 30 Other Information 其他資料 52 Interim Condensed Consolidated Statements of Profit or Loss 中期簡明綜合損益表 53 Interim Condensed Consolidated Statements of Comprehensive Income 中期簡明綜合全面收益表 54 ...

中期報告 2025 Interim Report 2025 中期報告 Shanghai Pioneer Holding Ltd 上海先鋒控股有限公司 7.1 mm 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 公司概覽 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 16 | | 簡明綜合損益及其他全面收益表 | 21 | | 簡明綜合財務狀況表 | 23 | | 簡明綜合權益變動表 | 25 | | 簡明綜合現金流量表 | 26 | | 簡明綜合財務報表附註 | 27 | 公司資料 董事會 執行董事 李新洲先生 （主席） 楊悅文先生 張權先生 非執行董事 胡明非女士 李新洲先生 吳嘉雯女士 公司秘書 獨立非執行董事 張虹先生 賴展樞先生 張長海先生 審核委員會 張長海先生 （主席） 張虹先生 胡明非女士 薪酬委員會 張虹先生 （主席） 賴展樞先生 胡明非女士 提名委員會 李新洲先生 （主席） 賴展樞先生 張虹先生 胡明非女士 張長海先生 授權代表 吳嘉雯女士 註冊辦事處 One Nexus Way, Camana Bay Grand Cayman ...

目 錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 中期簡明綜合損益及其他全面收益表 | 4 | | 中期簡明綜合財務狀況表 | 5 | | 中期簡明綜合權益變動表 | 7 | | 中期簡明綜合現金流量表 | 8 | | 中期簡明綜合財務報表附註 | 9 | | 管理層討論及分析 | 20 | | 其他資料 | 29 | 公司資料 董事會 執行董事 黃春興先生 （主席及行政總裁） 黃康福先生 范佳思女士 獨立非執行董事 楊德泉先生 何永深先生 趙家凱先生 審核委員會 楊德泉先 生（主席） 何永深先生 趙家凱先生 薪酬委員會 何永深先生 （主席） 楊德泉先生 趙家凱先生 黃康福先生 提名委員會 趙家凱先生 （主席） 楊德泉先生 何永深先生 黃康福先生 公司秘書 文潤華先生 (ACG, HKACG) 授權代表 黃康福先生 文潤華先生 新加坡總部及主要營業地點 7 Keppel Road, #03-20/21/22/23/24 Tanjong Pagar Complex Singapore 089053 香港主要營業地點 香港 干諾道中111號 永安中心16樓1601室 開曼群島主要 ...

* （於百慕達註冊成立之有限公司） （股份代號：0166.HK） 中期報告 2025 目錄 1 新時代集團控股有限公司 二零二五年中期報告 目錄 2 公司資料 3 權益人資料 4 簡明綜合損益表 5 簡明綜合全面收益表 6 簡明綜合財務狀況表 8 簡明綜合權益變動表 9 簡明綜合現金流量表 10 簡明綜合中期財務資料附註 29 管理層討論及分析 43 其他資料 公司資料 董事會 執行董事 鄭錦超先生 （主席） 鄧永恩先生 （行政總裁） 非執行董事 李志軒先生 獨立非執行董事 翁振輝先生 招偉安先生 黃偉德先生 梁詩麗女士 審核委員會 招偉安先生 （主席） 李志軒先生 翁振輝先生 黃偉德先生 梁詩麗女士 薪酬委員會 翁振輝先生 （主席） 鄭錦超先生 招偉安先生 黃偉德先生 提名委員會 翁振輝先生 （主席） 李志軒先生 招偉安先生 黃偉德先生 執行委員會 鄭錦超先生 （主席） 鄧永恩先生 公司秘書 李冠賢先生 核數師 安永會計師事務所 執業會計師及註冊公眾利益實體核數師 法律顧問 香港法律 的近律師行 百慕達法律 康德明律師事務所 加拿大法律 Stikeman Elliott LLP 阿根廷法律 Nicholso ...

[Definitions](index=3&type=section&id=Definitions) This chapter provides definitions of key terms and abbreviations used in the report, ensuring a clear understanding of professional terminology - This section defines key terms and abbreviations such as "Articles of Association," "Corporate Governance Code," "Directors' Restricted Share Unit Scheme," "the Group," and "Controlling Shareholder" to ensure clear understanding[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This chapter provides key company information including board members, committee compositions, registered office, auditors, and principal bankers - The company's board of directors includes executive directors Mr. Xu Bingzhong (Chairman and CEO), Ms. Cai Wenjun, Ms. Yu Zhen, Mr. He Daqing, and independent non-executive directors Mr. Li Dong, Mr. Wang Renrong, Mr. Huang Xiangming (resigned), and Mr. Lu Xunfu (newly appointed)[11](index=11&type=chunk) - The composition and chairpersons of the Audit, Remuneration, and Nomination Committees are specified, with Mr. Huang Xiangming resigning from the Audit Committee and Mr. Lu Xunfu being appointed[11](index=11&type=chunk) - The company's registered office is in the Cayman Islands, its headquarters and principal place of business in China are in Wuhan, Hubei Province, and its principal place of business in Hong Kong is on Castle Peak Road, Tuen Mun[11](index=11&type=chunk)[12](index=12&type=chunk) - The company's auditor is PricewaterhouseCoopers, and its principal bankers include China Merchants Bank Wuhan Optics Valley Technology Sub-branch and Industrial and Commercial Bank of China (Asia) Limited[14](index=14&type=chunk) - The company's stock codes are Hong Kong: 9869, Singapore: HLS, and its website is www.helensbar.com[14](index=14&type=chunk) [Financial Highlights](index=8&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company experienced a significant decrease in both revenue and profit attributable to owners Financial Highlights for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 291,145 | 441,294 | | Profit before income tax | 51,899 | 69,459 | | Profit for the period attributable to owners of the Company | 50,331 | 69,677 | - For the six months ended June 30, 2025, the company's revenue decreased by **34.0%** year-on-year, and profit attributable to owners of the Company decreased by **27.8%** year-on-year[16](index=16&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) This chapter outlines the company's tavern network expansion, operational metrics, same-store performance, and gross profit contribution from signature products [Tavern Network Distribution](index=9&type=section&id=Tavern%20Network%20Distribution) As of June 30, 2025, the Group's total store network increased to 580, further growing to 583 by August 26, with continued expansion of the "Helen's Partner" network and a restart of self-operated store plans in May 2025 to enhance operational performance through new openings and upgrades - As of June 30, 2025, the Group's total store network increased from **560** at the beginning of 2025 to **580**, further growing to **583** by August 26, 2025[18](index=18&type=chunk) - In May 2025, the company relaunched its self-operated store plan, aiming to enhance operational performance by opening new stores in new markets and upgrading existing stores in established markets, thereby improving store environment and experience while reducing rent and labor costs[18](index=18&type=chunk) Tavern Network Distribution (by City Tier) | City Tier | As of August 26, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Tier 1 City Taverns | 36 | 36 | 35 | 37 | | Tier 2 City Taverns | 140 | 140 | 146 | 172 | | Tier 3 and Below City Taverns | 402 | 399 | 375 | 323 | | Taverns Outside Mainland China | 5 | 5 | 4 | 5 | | **Total** | **583** | **580** | **560** | **537** | Tavern Network Distribution (by Operating Model) | Store Type | As of August 26, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Self-operated Taverns | 109 | 109 | 112 | 187 | | Franchise Taverns | 39 | 39 | 42 | 67 | | "Helen's Partner" Taverns | 435 | 432 | 406 | 283 | | **Total** | **583** | **580** | **560** | **537** | [Operating Metrics](index=10&type=section&id=Operating%20Metrics) In the first half of 2025, the average daily turnover of self-operated and franchise taverns generally increased, with Tier 2 cities showing prominent performance, while "Helen's Partner" taverns experienced a general decline in average daily turnover Average Daily Turnover per Self-operated and Franchise Tavern (RMB thousands) | City Tier | 2025 | 2024 | | :--- | :--- | :--- | | Tier 1 Cities | 9.0 | 8.7 | | Tier 2 Cities | 8.8 | 7.4 | | Tier 3 and Below Cities | 7.7 | 7.2 | | **Overall** | **8.3** | **7.5** | Average Daily Turnover per 'Helen's Partner' Tavern (RMB thousands) | Store Type | Store Area (square meters) | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Premium Store | 240–260 | 5.0 | 6.1 | | Quality Store | 150–240 | 4.0 | 5.3 | | Boutique Store | 90–150 | 3.6 | 4.7 | | **Overall** | **90–260** | **4.2** | **5.4** | [Same-Store Performance](index=11&type=section&id=Same-Store%20Performance) Despite a **17.6%** decrease in same-store average daily sales in H1 2025, Q2 same-store operating profit margin improved year-on-year due to enhanced product gross margin, reduced rent, and increased labor efficiency, with the company actively implementing measures to restore same-store performance Same-Store Sales Performance | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Number of Same Stores | 142 | 142 | | Same-Store Turnover | 229,239.53 | 279,116.30 | | Same-Store Turnover Growth Rate (%) | -17.9 | - | | Same-Store Average Daily Turnover | 1,274.40 | 1,546.22 | | Same-Store Average Daily Turnover Growth Rate (%) | -17.6 | - | | Same-Store Average Daily Turnover per Store | 9.0 | 10.9 | | Same-Store Average Daily Turnover per Store Growth Rate (%) | -17.6 | - | - In the first half of 2025, same-store average daily sales decreased, but the second quarter's same-store operating profit margin at the store level improved year-on-year due to measures such as increasing product gross margin, reducing rent costs, and improving labor efficiency[26](index=26&type=chunk) - The company is actively implementing measures to restore same-store performance, including deepening performance incentives, optimizing operational management, refining the product matrix, and strengthening marketing system construction[26](index=26&type=chunk) [Contribution Gross Profit of Signature Products](index=11&type=section&id=Contribution%20Gross%20Profit%20of%20Signature%20Products) Under scientific supply chain management and brand effects from scale expansion, the contribution gross profit margins for both self-owned and third-party brand alcoholic beverages in self-operated taverns significantly increased year-on-year Contribution Gross Profit of Signature Products in Self-operated Taverns | Product Type | Metric | 2025 (RMB thousands/%) | 2024 (RMB thousands/%) | | :--- | :--- | :--- | :--- | | All Helen's Self-owned Alcoholic Beverages | Contribution Gross Profit | 73,777 | 124,458 | | | Contribution Gross Profit Margin | 80.2% | 78.3% | | All Third-party Brand Alcoholic Beverages | Contribution Gross Profit | 28,014 | 42,773 | | | Contribution Gross Profit Margin | 57.8% | 53.7% | - The contribution gross profit margin for self-owned alcoholic beverages increased from **78.3%** to **80.2%**, and for third-party brand alcoholic beverages from **53.7%** to **57.8%**, primarily due to enhanced supply chain management capabilities and increased scale[28](index=28&type=chunk)[29](index=29&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides an in-depth analysis of the company's financial performance, balance sheet position, and future development strategies for the first half of 2025 [Performance Review and Outlook](index=12&type=section&id=Performance%20Review%20and%20Outlook) In H1 2025, revenue decreased to **RMB 291.1 million** due to fewer existing stores and lower same-store daily sales, yet the company achieved a healthy profit of **RMB 50.3 million**; it continues to expand the "Helen's Partner" network, restart self-operated store plans, and optimize supply chain management and gross margins to counter market weakness, with future plans to stabilize the self-operated network, develop franchise models, and explore new concepts like "third spaces" - Revenue for the first half of 2025 was **RMB 291.1 million**, a decrease from **RMB 441.3 million** in the first half of 2024, primarily due to a reduction in the number of existing stores and lower same-store daily sales[30](index=30&type=chunk) - Despite a weak catering consumer market, profit for the period attributable to owners of the Company still reached **RMB 50.3 million** in the first half of 2025[30](index=30&type=chunk) - The contribution gross profit margin for self-operated taverns increased from **70%** in H1 2024 to **74%** in H1 2025, and for self-owned alcoholic beverages from **78.3%** to **80.2%**, benefiting from supply chain management and brand effects[31](index=31&type=chunk) - Looking ahead, the company will stabilize and expand its self-operated store network, develop its franchise network through continuously optimized "Helen's Partner" store models, strengthen integrated supply chain management and space environment creation capabilities, and explore new models such as "third spaces"[32](index=32&type=chunk) [Revenue](index=13&type=section&id=Revenue) For the six months ended June 30, 2025, the company's revenue decreased by **34.0%** year-on-year to **RMB 291.1 million**, primarily due to fewer existing stores and lower same-store daily sales, with self-operated business revenue accounting for **62.9%** and franchise business revenue for **37.1%** of total revenue - Revenue decreased by **34.0%** from **RMB 441.3 million** in the first half of 2024 to **RMB 291.1 million** in the first half of 2025[34](index=34&type=chunk) - The decrease in revenue was primarily due to a reduction in the number of existing stores (self-operated taverns and franchise taverns) and lower same-store daily sales[34](index=34&type=chunk) Revenue Breakdown by Segment and Service | Item | 2025 Revenue (RMB thousands) | 2025 % of Total Revenue | 2024 Revenue (RMB thousands) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Helen's Self-owned Products | 128,264 | 44.1 | 222,568 | 50.4 | | Third-party Brand Alcoholic Beverages | 48,462 | 16.6 | 79,692 | 18.1 | | Other Products and Revenue | 6,400 | 2.2 | 8,674 | 2.0 | | **Subtotal Self-operated Business Revenue** | **183,126** | **62.9** | **310,934** | **70.5** | | Franchise Business Revenue | 108,019 | 37.1 | 130,360 | 29.5 | | **Total** | **291,145** | **100** | **441,294** | **100** | [Other Income](index=13&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income increased by **250.0%** year-on-year to **RMB 0.7 million**, primarily due to rental income from office assets used for leasing - Other income increased by **250.0%** from **RMB 0.2 million** in the first half of 2024 to **RMB 0.7 million** in the first half of 2025[38](index=38&type=chunk) - The increase was primarily due to rental income generated from leasing out a portion of office building assets[38](index=38&type=chunk) [Cost of Raw Materials and Consumables Used](index=14&type=section&id=Cost%20of%20Raw%20Materials%20and%20Consumables%20Used) For the six months ended June 30, 2025, the cost of raw materials and consumables used decreased by **27.1%** year-on-year to **RMB 116.1 million**, primarily due to reduced revenue and quantity of raw materials required - The cost of raw materials and consumables used decreased by **27.1%** from **RMB 159.3 million** in the first half of 2024 to **RMB 116.1 million** in the first half of 2025[39](index=39&type=chunk) - The decrease was primarily due to reduced revenue and a lower quantity of raw materials and consumables required[39](index=39&type=chunk) [Employee Benefits and Human Resources Service Expenses](index=14&type=section&id=Employee%20Benefits%20and%20Human%20Resources%20Service%20Expenses) For the six months ended June 30, 2025, employee benefits and human resources service expenses decreased by **36.2%** year-on-year to **RMB 61.6 million**, primarily due to a reduction in the number of employees - Employee benefits and human resources service expenses decreased by **36.2%** from **RMB 96.5 million** in the first half of 2024 to **RMB 61.6 million** in the first half of 2025[40](index=40&type=chunk) - The decrease was primarily due to a reduction in the number of employees, leading to a corresponding decrease in employee wages and benefits[40](index=40&type=chunk) [Depreciation of Right-of-Use Assets](index=14&type=section&id=Depreciation%20of%20Right-of-Use%20Assets) For the six months ended June 30, 2025, depreciation of right-of-use assets decreased by **47.3%** year-on-year to **RMB 16.7 million**, primarily due to the termination of lease contracts for certain self-operated taverns under the company's strategic transformation - Depreciation of right-of-use assets decreased by **47.3%** from **RMB 31.7 million** in the first half of 2024 to **RMB 16.7 million** in the first half of 2025[41](index=41&type=chunk) - The decrease was primarily due to the termination of lease contracts for certain self-operated taverns as part of the company's strategic transformation and optimization adjustments[41](index=41&type=chunk) [Depreciation of Property, Plant and Equipment](index=14&type=section&id=Depreciation%20of%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, depreciation of property, plant and equipment decreased by **50.6%** year-on-year to **RMB 15.9 million**, primarily due to a reduction in related assets as the number of self-operated taverns declined - Depreciation of property, plant and equipment decreased by **50.6%** from **RMB 32.2 million** in the first half of 2024 to **RMB 15.9 million** in the first half of 2025[42](index=42&type=chunk) - The decrease was primarily due to a reduction in property, plant and equipment for self-operated taverns as the number of taverns declined[42](index=42&type=chunk) [Depreciation of Investment Properties](index=14&type=section&id=Depreciation%20of%20Investment%20Properties) For the six months ended June 30, 2025, the company incurred **RMB 1.7 million** in depreciation of investment properties, primarily due to the reclassification of certain office building assets for rental purposes - Depreciation of investment properties was **RMB 1.7 million** in the first half of 2025 (first half of 2024: nil)[43](index=43&type=chunk) - This was primarily due to the reclassification of certain office building assets for rental purposes into investment properties, subsequently incurring depreciation[43](index=43&type=chunk) [Short-term Leases and Other Related Expenses](index=14&type=section&id=Short-term%20Leases%20and%20Other%20Related%20Expenses) For the six months ended June 30, 2025, short-term leases and other related expenses decreased by **47.6%** year-on-year to **RMB 9.7 million**, primarily due to reduced short-term staff dormitory leases resulting from tavern network optimization and a decrease in self-operated tavern employees - Short-term leases and other related expenses decreased by **47.6%** from **RMB 18.5 million** in the first half of 2024 to **RMB 9.7 million** in the first half of 2025[44](index=44&type=chunk) - The decrease was primarily due to tavern network optimization adjustments and a reduction in the number of self-operated tavern employees, leading to fewer short-term staff dormitory leases[44](index=44&type=chunk) [Energy Consumption Expenses](index=14&type=section&id=Energy%20Consumption%20Expenses) For the six months ended June 30, 2025, energy consumption expenses decreased by **50.5%** year-on-year to **RMB 4.8 million**, primarily due to a corresponding reduction in electricity, network, and dormitory utility costs as the number of taverns decreased - Energy consumption expenses decreased by **50.5%** from **RMB 9.7 million** in the first half of 2024 to **RMB 4.8 million** in the first half of 2025[45](index=45&type=chunk) - The decrease was primarily due to a reduction in the number of taverns, leading to a corresponding decrease in electricity, network energy, and dormitory utility costs[45](index=45&type=chunk) [Travel and Related Expenses](index=15&type=section&id=Travel%20and%20Related%20Expenses) For the six months ended June 30, 2025, travel and related expenses decreased by **50.0%** year-on-year to **RMB 2.4 million**, primarily due to the company's implementation of refined management and cost-saving measures - Travel and related expenses decreased by **50.0%** from **RMB 4.8 million** in the first half of 2024 to **RMB 2.4 million** in the first half of 2025[47](index=47&type=chunk) - The decrease was primarily due to the company's implementation of refined management and cost-saving measures[47](index=47&type=chunk) [Secondary Listing Expenses](index=15&type=section&id=Secondary%20Listing%20Expenses) For the six months ended June 30, 2025, the company incurred no secondary listing expenses, compared to **RMB 12.2 million** in the same period last year - There were no secondary listing expenses in the first half of 2025, compared to **RMB 12.2 million** in the first half of 2024[48](index=48&type=chunk) [Advertising and Promotion Expenses](index=15&type=section&id=Advertising%20and%20Promotion%20Expenses) For the six months ended June 30, 2025, advertising and promotion expenses decreased by **72.8%** year-on-year to **RMB 2.2 million**, primarily due to refined management of online promotions - Advertising and promotion expenses decreased by **72.8%** from **RMB 8.1 million** in the first half of 2024 to **RMB 2.2 million** in the first half of 2025[49](index=49&type=chunk) - The decrease was primarily due to refined management of online promotions[49](index=49&type=chunk) [Net Reversal/(Provision) for Impairment Loss on Trade Receivables](index=15&type=section&id=Net%20Reversal%2F%28Provision%29%20for%20Impairment%20Loss%20on%20Trade%20Receivables) For the six months ended June 30, 2025, the company recorded a net reversal of impairment loss on trade receivables of **RMB 19,000**, compared to an impairment loss of **RMB 0.4 million** in the same period last year - The net reversal of impairment loss on trade receivables was **RMB 19,000** in the first half of 2025, compared to an impairment loss of **RMB 0.4 million** in the first half of 2024[50](index=50&type=chunk) [Other Expenses](index=15&type=section&id=Other%20Expenses) For the six months ended June 30, 2025, other expenses decreased by **33.0%** year-on-year to **RMB 20.1 million**, primarily due to a corresponding reduction in daily operating and maintenance expenses as the number of taverns decreased - Other expenses decreased by **33.0%** from **RMB 30.0 million** in the first half of 2024 to **RMB 20.1 million** in the first half of 2025[51](index=51&type=chunk) - The decrease was primarily due to a reduction in the number of taverns, leading to a corresponding decrease in daily operating and maintenance expenses[51](index=51&type=chunk) [Net Other Losses](index=15&type=section&id=Net%20Other%20Losses) For the six months ended June 30, 2025, the company recorded net other losses of **RMB 4.2 million**, primarily comprising gains from tavern optimization adjustments, exchange losses, and fair value changes of financial assets - Net other losses for the first half of 2025 amounted to **RMB 4.2 million**[52](index=52&type=chunk) - This primarily includes **RMB 3.5 million** in gains from tavern optimization and adjustments (comprising gains on disposal of property, plant and equipment, losses on lease deposits, penalties and compensation for early lease termination, and gains on lease termination), **RMB 8.0 million** in exchange losses, and approximately **RMB 0.3 million** in fair value changes of financial assets at fair value through profit or loss[52](index=52&type=chunk) [Finance Income](index=15&type=section&id=Finance%20Income) For the six months ended June 30, 2025, finance income decreased to **RMB 19.2 million**, primarily due to a reduction in bank deposit amounts - Finance income decreased from **RMB 29.8 million** in the first half of 2024 to **RMB 19.2 million** in the first half of 2025[53](index=53&type=chunk) - The decrease was primarily due to a reduction in bank deposit amounts[53](index=53&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased by **37.7%** year-on-year to **RMB 3.8 million**, primarily due to reduced lease liabilities and consequently lower interest expenses as the number of taverns decreased - Finance costs decreased by **37.7%** from **RMB 6.1 million** in the first half of 2024 to **RMB 3.8 million** in the first half of 2025[54](index=54&type=chunk) - The decrease was primarily due to reduced lease liabilities resulting from a decrease in the number of taverns, which in turn led to lower related interest expenses[54](index=54&type=chunk) [Profit Before Income Tax](index=16&type=section&id=Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax was **RMB 51.9 million** with a profit margin of **17.8%**, compared to **RMB 69.5 million** and a **15.7%** profit margin in the same period last year - Profit before income tax for the first half of 2025 was **RMB 51.9 million**, with a profit margin of **17.8%**[55](index=55&type=chunk) - Profit before income tax for the first half of 2024 was **RMB 69.5 million**, with a profit margin of **15.7%**[55](index=55&type=chunk) [Income Tax (Expense)/Credit](index=16&type=section&id=Income%20Tax%20%28Expense%29%2FCredit) For the six months ended June 30, 2025, income tax expense was **RMB 1.6 million**, compared to an income tax credit of **RMB 0.2 million** in the same period last year, primarily due to the expiry of previously recognized unused tax losses as deferred tax assets - Income tax expense for the first half of 2025 was **RMB 1.6 million**, compared to an income tax credit of **RMB 0.2 million** in the first half of 2024[56](index=56&type=chunk) - The change was primarily due to the expiry of unused tax losses previously recognized as deferred tax assets[56](index=56&type=chunk) [Property, Plant and Equipment](index=16&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, property, plant and equipment decreased from **RMB 217.9 million** to **RMB 180.0 million**, primarily due to depreciation and the reclassification of certain assets as investment properties - Property, plant and equipment decreased from **RMB 217.9 million** as of December 31, 2024, to **RMB 180.0 million** as of June 30, 2025[57](index=57&type=chunk) - The decrease was primarily due to depreciation and the reclassification of certain property, plant and equipment as investment properties[57](index=57&type=chunk) [Intangible Assets](index=16&type=section&id=Intangible%20Assets) As of June 30, 2025, intangible assets were **RMB 32,000**, remaining largely stable compared to **RMB 41,000** as of December 31, 2024 - Intangible assets slightly decreased from **RMB 41,000** as of December 31, 2024, to **RMB 32,000** as of June 30, 2025, remaining largely stable[58](index=58&type=chunk) [Right-of-Use Assets](index=16&type=section&id=Right-of-Use%20Assets) As of June 30, 2025, right-of-use assets decreased from **RMB 95.7 million** to **RMB 91.7 million**, primarily due to depreciation and the termination of lease contracts for certain self-operated taverns - Right-of-use assets decreased from **RMB 95.7 million** as of December 31, 2024, to **RMB 91.7 million** as of June 30, 2025[59](index=59&type=chunk) - The decrease was due to depreciation and the termination of lease contracts for certain self-operated taverns as part of the company's strategic transformation and optimization adjustments[59](index=59&type=chunk) [Investment Properties](index=16&type=section&id=Investment%20Properties) As of June 30, 2025, investment properties increased from **RMB 33.0 million** to **RMB 56.9 million**, primarily due to further reclassification of office building assets for rental purposes - Investment properties increased from **RMB 33.0 million** as of December 31, 2024, to **RMB 56.9 million** as of June 30, 2025[60](index=60&type=chunk) - The increase was primarily due to the further reclassification of a portion of office building assets for rental purposes into investment properties in the first half of 2025[60](index=60&type=chunk) [Deferred Tax Assets](index=16&type=section&id=Deferred%20Tax%20Assets) As of June 30, 2025, deferred tax assets slightly decreased to **RMB 73.6 million**, primarily due to the expiry of previously recognized unused tax losses - Deferred tax assets slightly decreased from **RMB 75.2 million** as of December 31, 2024, to **RMB 73.6 million** as of June 30, 2025[61](index=61&type=chunk) - The decrease was primarily due to the expiry of unused tax losses previously recognized as deferred tax assets[61](index=61&type=chunk) [Inventories](index=17&type=section&id=Inventories) As of June 30, 2025,