中期報告 INTERIM REPORT 2025 2025 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 管理層討論及分析 | 4 | | 其他資料 | 9 | | 簡明綜合損益及其他全面收益表 | 13 | | 簡明綜合財務狀況表 | 14 | | 簡明綜合權益變動表 | 15 | | 簡明綜合現金流量表 | 17 | | 簡明綜合財務報表附註 | 18 | 1 現代中藥集團有限公司 公司資料 劉凌女士 （主席） 張宏麗女士 黃志堅先生 提名委員會 黃志堅先生 （主席） 賈艷茹女士 劉凌女士 聯席公司秘書 董事會 執行董事 孫新磊女士 （主席） 張宏麗女士 （首席執行官） 賈艷茹女士 獨立非執行董事 劉凌女士 梁子榮先生 黃志堅先生 審核委員會 梁子榮先生 （主席） 劉凌女士 黃志堅先生 薪酬委員會 賈艷茹女士 謝婉婷女士 授權代表 張宏麗女士 謝婉婷女士 獨立核數師 富睿瑪澤會計師事務所有限公司 執業會計師及註冊公眾利益實體核數師 香港 灣仔 港灣道18 號 中環廣場42 樓 法律顧問 程彥棋律師樓 香港 德輔道中19 號 環球大廈 24 樓2403 室 主要往 ...

CHINA KANGDA FOOD COMPANY LIMITED （於百慕達註冊成立之有限公司） 香港股票代碼 : 834 新加坡股份代碼 : P74 中期報告 2025 提供安全和 健康的生活方式 全產業鏈 INTERIM REPORT 2025 CHINA KANGDA FOOD COMPANY LIMITED (incorporated in Bermuda with limited liability) Singapore stock code : P74 Hong Kong stock code : 834 Provide Safe and Healthy Lifestyle THE WHOLE INDUSTRY CHAIN 1 中國康大食品有限公司 二零二五年中期報告 目錄 2 公司簡介 3 公司資料 4 管理層討論與分析 10 其他資料 13 簡明綜合全面收益表 14 簡明綜合財務狀況表 16 簡明綜合權益變動表 17 簡明綜合現金流量表 18 簡明綜合財務報表附註 二零二五年中期報告 中國康大食品有限公司 2 公司簡介 中國康大食品有限公司（「本公司」，及其附屬公司，統稱「本集團」）於一九九 ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board of directors is chaired by Mr. Lam Kwok Ching as Chairman and Managing Director, with Mr. Lam Kwok Lun as Vice Chairman, and includes audit, nomination, remuneration, and investment committees to ensure sound corporate governance - Mr. Lam Kwok Ching serves as Chairman and Managing Director of the Board, and Mr. Lam Kwok Lun is Vice Chairman[4](index=4&type=chunk) - The company has an Audit Committee, Nomination Committee, Remuneration Committee, and Investment Committee, composed of several directors (including independent non-executive directors)[4](index=4&type=chunk) [Company Basic Information and Listing Details](index=4&type=section&id=Company%20Basic%20Information%20and%20Listing%20Details) The company is incorporated in Bermuda with its principal place of business in Hong Kong, listed on the Main Board of the Hong Kong Stock Exchange under stock code 679. The Board has declared an interim dividend of HK$0.01 per share and announced relevant book closure and payment dates - The company's registered office is in Bermuda, with its principal place of business in Wan Chai, Hong Kong[5](index=5&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock short name "Asia Tele-Net", stock code "679", with a board lot size of 10,000 shares[5](index=5&type=chunk) Interim Dividend Payment Details | Metric | Date/Amount | | :--- | :--- | | Interim Dividend (per share) | HK$0.01 | | Latest time for lodging transfer documents for registration | 2025-09-18 4:30 p.m. | | Suspension of share transfer registration | 2025-09-19 to 23 | | Record Date | 2025-09-23 | | Payment Date | 2025-10-15 | Management Discussion and Analysis [Performance Overview](index=5&type=section&id=Performance%20Overview) For the six months ended June 30, 2025, profit attributable to owners of the Group was approximately HK$14.481 million, a significant decrease from the prior year, primarily due to increased fair value losses on investment properties, partially offset by fair value gains on trading investments and exchange gains from RMB appreciation Core Financial Performance Comparison | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company | 14,481 | 29,060 | -50.16% | | Basic earnings per share | 3.79 HK Cents | 7.58 HK Cents | -50.00% | - The decrease in profit was mainly due to increased fair value losses on investment properties, partially offset by increased fair value gains on trading investments and exchange gains from RMB appreciation[6](index=6&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) This section details the Group's financial performance across revenue, other gains or losses, costs, impairment provisions, fair value changes in investment properties, finance costs, and taxation. Contract revenue grew by 7.5%, but fair value losses on investment properties significantly increased, while fair value gains on trading investments and exchange gains improved Revenue Composition and Changes | Revenue Source | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers | 213,629 | 198,726 | +7.5% | | Rental income | 7,540 | 5,118 | +47.3% | | Interest income (debt instruments) | 8,223 | 8,954 | -8.16% | | Dividend income | 7,552 | 6,171 | +22.38% | - Within contract revenue, the printed circuit board business share increased from 78.0% to **81.6%**, while the surface finishing business share decreased from 22.0% to **18.4%**[8](index=8&type=chunk) - By geographical location of machine installation base, revenue from China significantly increased from 33.9% to **52.4%**, Thailand and Netherlands contributed revenue for the first time, while US and South Korea shares significantly decreased[8](index=8&type=chunk) Other Gains or Losses | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Net realised and unrealised fair value gains on investments at fair value through profit or loss | 30,705 | 21,563 | +42.40% | | Net exchange gains (losses) | 6,240 | (3,376) | Turned from loss to gain | | Fair value losses on investment properties | (52,999) | (21,482) | +146.71% | - Selling and distribution costs increased by **17.7%** year-on-year, and administrative expenses increased by **5.9%** year-on-year, mainly due to increased staff-related costs[23](index=23&type=chunk)[24](index=24&type=chunk) (Impairment losses) reversals under expected credit loss model, net | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables | (218) | (4,018) | | Contract assets | 1,489 | 5,598 | | Loans receivable | 95 | 420 | | Debt instrument investments | (1,816) | – | | Deferred consideration | (6,288) | (1,394) | | **Total** | **(6,738)** | **606** | - Net carrying amount of loans receivable decreased from HK$31,788 thousand as at December 31, 2024 to **HK$30,883 thousand** as at June 30, 2025[33](index=33&type=chunk) - Net carrying amount of debt instrument investments decreased from HK$415,442 thousand as at December 31, 2024 to **HK$361,066 thousand** as at June 30, 2025[35](index=35&type=chunk) - Fair value of investments at fair value through profit or loss increased from HK$209,975 thousand as at December 31, 2024 to **HK$240,680 thousand** as at June 30, 2025, mainly from equity investments in China Mobile[37](index=37&type=chunk)[38](index=38&type=chunk) [Business Review by Segment](index=19&type=section&id=Business%20Review%20by%20Segment) The Group's business is divided into three segments: Electroplating Equipment, Property Investment, and Fund Management. Electroplating equipment revenue grew, driven by China, Thailand, and Netherlands markets; property investment fair value declined due to a weak commercial real estate market; and the fund management segment achieved stable returns through a diversified portfolio, with increased fair value of listed equity investments and decreased carrying value of debt instrument investments - The Board has reported business activities in three segments since 2024: Electroplating Equipment, Property Investment, and Fund Management, and established an Investment Committee to regularly review investments[42](index=42&type=chunk) [Electroplating Equipment Segment](index=19&type=section&id=Electroplating%20Equipment%20Segment) The Electroplating Equipment segment includes Printed Circuit Board (PCB) business and Surface Finishing business. PCB business revenue grew by 7.1%, driven by smartphone and automotive PCB demand, with significant contributions from China, Thailand, and Netherlands markets. Surface finishing business revenue decreased by 14.5%, affected by the automotive industry's trend of reducing chrome plating, and the Group is exploring new markets Electroplating Equipment Segment Revenue | Business Type | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Printed Circuit Board Business | 136,376 | 127,300 | +7.1% | | Surface Finishing Business | 30,792 | 35,996 | -14.5% | - Printed Circuit Board business revenue primarily came from shipments to China (**56.2%**), Thailand (**18.5%**), and Netherlands (**13.5%**), driven by demand for smartphone and automotive PCBs[43](index=43&type=chunk) - Surface Finishing business revenue decreased, mainly due to the automotive industry's trend of reducing chrome plating, and the Group will explore other new electroplating markets[46](index=46&type=chunk) [Property Investment Segment](index=22&type=section&id=Property%20Investment%20Segment) The Property Investment segment recorded increased rental income, but investment property fair value declined due to the continued weak commercial real estate market. The Group faced requests from tenants for early lease termination, and despite no overall impact on rental income, the market outlook remains challenging Property Investment Segment Performance | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Rental income | 7,540 | 5,118 | +47.3% | | Investment property fair value (period-end) | 644,543 | 689,387 (Dec 31, 2024) | -6.51% | | Fair value losses on investment properties | (52,999) | (21,482) | +146.71% | Investment Property Occupancy Rate | Property Type | City | Occupancy Rate as at Jun 30, 2025 | Occupancy Rate as at Dec 31, 2024 | | :--- | :--- | :--- | :--- | | Retail shops | Shenzhen | 31% | 71% | | Offices | Shenzhen | 57% | 50% | | Offices and industrial buildings | Hong Kong | 92% | 84% | | Car parks | Hong Kong | 100% | 83% | - The commercial real estate markets in Mainland China and Hong Kong are expected to continue facing challenges for the remainder of 2025[49](index=49&type=chunk) [Fund Management Segment](index=23&type=section&id=Fund%20Management%20Segment) The Fund Management segment aims to achieve stable returns and potential capital gains through a diversified investment portfolio. Fair value of listed equity investments increased, mainly benefiting from equity investments in China Mobile. Carrying value of debt instrument investments decreased but still provided better returns than bank time deposits. Idle funds, primarily in time deposits, significantly increased - The Fund Management segment's investment strategy is to balance short-term and long-term investments, building a diversified portfolio to provide stable returns and potential capital gains[51](index=51&type=chunk) Fund Management Segment Investment Overview | Investment Type | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Fair value of listed securities investments | 240,680 | 209,975 | +14.62% | | Carrying value of debt instrument investments | 361,066 | 415,442 | -13.19% | | Time deposits | 277,049 | 96,618 | +186.75% | - The increase in listed equity investments mainly came from equity investments in China Mobile, which provides stable dividend income to the Group[51](index=51&type=chunk) - The debt instrument investment portfolio primarily consists of investment-grade bonds with lower default risk, offering better returns than bank time deposits[53](index=53&type=chunk) [Outlook](index=24&type=section&id=Outlook) Economic growth is expected to slow in the second half of 2025, with ongoing trade disputes leading to a general slowdown, though emerging markets may be an exception due to production base shifts. The Group anticipates 2025 will remain a very challenging year for its business segments - Economic growth is expected to slow to an annual rate of **2.4% to 2.6%** in the second half of 2025[56](index=56&type=chunk) - Ongoing trade disputes will lead to a general slowdown in economic growth, with emerging markets potentially being an exception due to the relocation of production bases from China[56](index=56&type=chunk) - The Group expects 2025 to be a very challenging year for its business segments[56](index=56&type=chunk) [Significant Acquisitions and Disposals](index=25&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group made acquisitions of bonds and deposit products during the review period, with specific holdings disclosed in the financial review. Other than these, the Group did not enter into any other significant transactions - The Group issued announcements on January 9 and April 10, 2025, regarding the acquisition of bonds and deposit products[57](index=57&type=chunk) - As at June 30, 2025, the Group had not entered into any other significant transactions[58](index=58&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HK$0.01 per share for the six months ended June 30, 2025, consistent with the prior year. The dividend will be paid on October 15, 2025 - The Board declared an interim dividend of **HK$0.01 per share** for the six months ended June 30, 2025, consistent with the same period in 2024[59](index=59&type=chunk) - The interim dividend will be paid on or before October 15, 2025, to shareholders whose names appear on the register of members on September 23, 2025[59](index=59&type=chunk) [Other Financial Review](index=26&type=section&id=Other%20Financial%20Review) The Group maintains a robust capital structure with a decreased gearing ratio. Cash on hand significantly increased, but pledged deposits and bank financing utilization also rose. Most of the Group's assets are denominated in RMB, with RMB appreciation positively impacting financials. The company provides bank credit guarantees for subsidiaries and pledges some investment properties for loans Capital Structure and Liquidity | Metric | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 1,433,276 | 1,412,690 | +1.46% | | Gearing ratio | 2.1% | 2.6% | -0.5% | | Cash on hand | 434,126 | 344,596 | +25.98% | | Pledged deposits | 40,447 | 7,038 | +474.7% | - Most of the Group's assets are denominated in RMB, and the **1.55%** appreciation of RMB during the review period had a positive impact on the Group's financials[63](index=63&type=chunk) - The Company provided bank credit guarantees of approximately **HK$1,051.6 million** for its subsidiaries, with approximately **HK$70.035 million** utilized[65](index=65&type=chunk) - The Group holds certain investment properties pledged to licensed banks in Hong Kong to secure mortgage loans[66](index=66&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As at June 30, 2025, the Group employed a total of 337 employees. Employee and director remuneration is determined based on performance, experience, and industry practice, with provident fund schemes, retirement benefits, insurance, and medical coverage provided - As at June 30, 2025, the Group employed a total of **337** employees[68](index=68&type=chunk) - Employee and director remuneration is determined based on performance, experience, and industry practice, with performance-linked bonuses granted at discretion[68](index=68&type=chunk) - The Group provides Hong Kong Mandatory Provident Fund schemes and China's state-managed retirement benefit schemes for Hong Kong and China employees, as well as appropriate insurance and medical coverage[68](index=68&type=chunk) Other Information [Directors' and Major Shareholders' Interests](index=29&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As at June 30, 2025, Mr. Lam Kwok Ching, Chairman and Managing Director, held 73.11% of the company's issued share capital, primarily through his wholly-owned Medusa Group Limited and other associated companies. Major shareholders Medusa, Good Sail, and J & A collectively held the majority of the company's shares Directors' Long Positions in the Company's Shares | Director Name | Personal Interests (shares) | Corporate Interests (shares) | Total (shares) | % of Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Mr. Lam Kwok Ching | 3,474,667 | 275,766,500 | 279,241,167 | 73.11% | - Mr. Lam Kwok Ching's corporate interests are primarily held by Medusa Group Limited (wholly-owned), Good Sail Investment Limited (approximately **98.63%** owned by J & A), and J & A Investment Limited (Mr. Lam Kwok Ching holds **80%** equity)[69](index=69&type=chunk) Major Shareholders' Long Positions in the Company's Shares | Shareholder Name | Capacity | Number of Shares Held (shares) | % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Medusa | Beneficial owner | 48,520,666 | 12.70% | | Good Sail | Beneficial owner | 201,995,834 | 52.89% | | J & A | Beneficial owner | 25,250,000 | 6.61% | [Share Option Scheme](index=31&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted in 2015 expired on June 12, 2025. No share options were granted under the scheme during its validity period and up to the date of this report - The company's share option scheme expired at the close of business on June 12, 2025[73](index=73&type=chunk) - No share options were granted by the Company under the scheme during the period and up to the date of this report[73](index=73&type=chunk) [Corporate Governance](index=31&type=section&id=Corporate%20Governance) The company generally complied with the Corporate Governance Code during the review period, with two deviations: the Chairman and Managing Director roles are held by the same person, and the Managing Director is not subject to rotation. The Board believes the current arrangement provides strong leadership and facilitates long-term strategy execution, with independent non-executive directors safeguarding shareholder interests - The company has complied with Appendix C1 of the Listing Rules, the Corporate Governance Code, during the review period, with two deviations[74](index=74&type=chunk) - Deviation from Code Provision C.2.1: The roles of Chairman and Managing Director are combined and held by Mr. Lam Kwok Ching, which the Board believes provides stronger and more consistent leadership[75](index=75&type=chunk)[76](index=76&type=chunk) - Deviation from Code Provision B.2.2: The Chairman or Managing Director is not subject to retirement by rotation, as the Board believes continuity is most beneficial for the successful execution of long-term business plans[77](index=77&type=chunk) - The Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee have all fulfilled their primary duties, including reviewing financial statements, formulating remuneration policies, reviewing board structure, and monitoring investment projects[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) [Review of Accounts and Securities Dealing Code](index=34&type=section&id=Review%20of%20Accounts%20and%20Securities%20Dealing%20Code) The Audit Committee has reviewed the interim financial statements with management and external auditors. All directors confirmed compliance with the standard code for securities transactions by directors during the review period, and no director was granted rights to purchase company shares or debentures - The Audit Committee has reviewed the unaudited interim financial statements for the review period with management and external auditors[82](index=82&type=chunk) - All directors confirmed compliance with the standard code for securities transactions by directors of listed issuers for the six months ended June 30, 2025[83](index=83&type=chunk) - No director, their spouse, or children under 18 years of age were granted any rights to acquire benefits by purchasing shares or debentures of the Company[84](index=84&type=chunk) [Share Repurchases and Subsequent Events](index=34&type=section&id=Share%20Repurchases%20and%20Subsequent%20Events) The company repurchased and cancelled 700,000 ordinary shares between April 8 and May 21, 2025. Subsequent to the reporting period, the Group purchased debt instruments totaling HK$28.733 million - The company repurchased and cancelled a total of **700,000** ordinary shares from the open market between April 8 and May 21, 2025, at an average price of **HK$0.842 per share**[85](index=85&type=chunk) - Subsequent to June 30, 2025, the Group purchased debt instruments totaling **HK$28,733,000**[126](index=126&type=chunk) Condensed Consolidated Financial Review Report [Review Report Conclusion](index=36&type=section&id=Review%20Report%20Conclusion) Deloitte Touche Tohmatsu has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410. The review found no matters indicating that the financial statements are not prepared, in all material respects, in accordance 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[88](index=88&type=chunk)[89](index=89&type=chunk) - The review concluded that nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[90](index=90&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit or Loss and Comprehensive Income Overview](index=38&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the Group's total revenue increased to HK$237 million, but profit for the period decreased to HK$14.396 million due to a significant increase in fair value losses on investment properties. However, the positive impact of exchange differences resulted in total comprehensive income for the period reaching HK$28.661 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 236,944 | 220,573 | +7.42% | | Cost of revenue | (166,251) | (159,729) | +4.08% | | Other gains or losses | 38,058 | 18,920 | +101.15% | | Fair value losses on investment properties | (52,999) | (21,482) | +146.71% | | Profit before tax | 15,651 | 26,944 | -41.83% | | Profit for the period | 14,396 | 29,043 | -50.43% | | Exchange differences on translating foreign operations | 14,265 | (6,639) | Turned from loss to gain | | Total comprehensive income for the period | 28,661 | 22,404 | +27.93% | | Profit attributable to owners of the Company | 14,481 | 29,060 | -50.16% | | Basic earnings per share | 3.79 HK Cents | 7.58 HK Cents | -50.00% | Condensed Consolidated Statement of Financial Position [Assets, Liabilities and Equity Overview](index=40&type=section&id=Assets%2C%20Liabilities%20and%20Equity%20Overview) As at June 30, 2025, the Group's total assets slightly increased, and net current assets significantly improved. Fair value of investment properties within non-current assets decreased, but investments at fair value through profit or loss grew. Current liabilities increased, but the gearing ratio improved, and equity attributable to owners of the Company steadily grew Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Investment properties | 644,543 | 689,387 | -6.51% | | Debt instrument investments | 221,851 | 198,653 | +11.68% | | **Current assets** | | | | | Investments at fair value through profit or loss | 240,680 | 209,975 | +14.62% | | Debt instrument investments | 139,215 | 216,789 | -35.78% | | Pledged bank deposits | 40,447 | 7,038 | +474.7% | | Bank deposits | 277,049 | 96,618 | +186.75% | | Bank balances and cash | 157,077 | 247,978 | -36.74% | | **Current liabilities** | | | | | Trade and other payables | 145,652 | 124,090 | +17.38% | | Contract liabilities | 86,316 | 66,609 | +29.59% | | **Total equity** | | | | | Equity attributable to owners of the Company | 1,433,276 | 1,412,690 | +1.46% | - Net current assets increased from **HK$352,404 thousand** as at December 31, 2024 to **HK$394,960 thousand** as at June 30, 2025[95](index=95&type=chunk) Condensed Consolidated Statement of Changes in Equity [Equity Changes Overview](index=43&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, equity attributable to owners of the Company increased from HK$1,412,690 thousand at the beginning of the period to HK$1,433,276 thousand. The increase in profit for the period and currency translation reserve offset the impact of share repurchases and dividend payments Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company at beginning of period | 1,412,690 | 1,469,072 | | Profit (loss) for the period | 14,481 | 29,060 | | Exchange differences on translating foreign operations | 14,336 | (6,669) | | Share repurchases | (592) | (11,304) | | Dividends | (7,639) | (7,653) | | Equity attributable to owners of the Company at end of period | 1,433,276 | 1,472,506 | Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=44&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash from operating activities significantly increased, but investing activities resulted in net cash outflow, mainly due to increased placements of bank deposits and debt instrument investments. Net cash outflow from financing activities decreased, and overall cash and cash equivalents saw a net decrease at period-end Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net cash from operating activities | 79,518 | 37,869 | | Net cash (used in) from investing activities | (166,280) | 131,107 | | Net cash used in financing activities | (9,383) | (13,814) | | Net (decrease) increase in cash and cash equivalents | (96,145) | 155,162 | | Cash and cash equivalents at end of period | 157,077 | 291,959 | - Net cash from operating activities increased, mainly due to a decrease in trade and other receivables and contract assets, and an increase in contract liabilities[98](index=98&type=chunk) - Net cash outflow from investing activities was primarily due to increased placements of bank deposits and debt instrument investments, despite proceeds from redemption of debt instruments[98](index=98&type=chunk) Notes to the Condensed Consolidated Financial Statements [Basis of Preparation and Accounting Policies](index=46&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, using the historical cost convention, and applying revised Hong Kong Financial Reporting Standards issued by the HKICPA, with no significant impact on financial position and performance - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix D2 to the Listing Rules[100](index=100&type=chunk) - These condensed consolidated financial statements are prepared on the historical cost basis, except for certain buildings and financial instruments that are measured at revalued amounts or fair value[102](index=102&type=chunk) - The application of the revised Hong Kong Financial Reporting Standards had no significant impact on the Group's financial position and performance for the current and prior periods[103](index=103&type=chunk) [Revenue and Segment Information](index=47&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue from contracts with customers primarily derives from construction contracts for electroplating machinery and provision of services. Revenue is geographically segmented, with China being the largest contributor. The Group reports segments based on three business natures: electroplating equipment, property investment, and fund management Revenue from Contracts with Customers (by type of goods or services) | Type of Goods or Services | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Construction contracts for electroplating machinery (Printed Circuit Board) | 136,376 | 127,300 | | Construction contracts for electroplating machinery (Surface Finishing) | 30,792 | 35,996 | | Sales of spare parts for electroplating machinery | 4,775 | 6,787 | | Provision of services – repair, maintenance and modification | 41,686 | 28,643 | | **Total** | **213,629** | **198,726** | Geographical Analysis of Revenue from External Customers | Region | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | People's Republic of China | 111,864 | 67,347 | | Thailand | 25,177 | – | | Netherlands | 18,463 | – | | United States | 15,610 | 35,692 | | South Korea | 459 | 53,251 | - The Group is internally organised and reports segments based on three business natures: electroplating equipment, property investment, and fund management[105](index=105&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | 2025 Profit (Loss) (HK$ Thousand) | 2024 Profit (Loss) (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Electroplating Equipment | 213,629 | 198,726 | 17,428 | 16,087 | | Property Investment | 7,540 | 5,118 | (48,042) | (14,158) | | Fund Management | 15,775 | 16,729 | 55,873 | 32,478 | | **Total Segment Revenue/Results** | **236,944** | **220,573** | **25,259** | **34,407** | [Taxation and Profit for the Period Composition](index=49&type=section&id=Taxation%20and%20Profit%20for%20the%20Period%20Composition) The Group's tax expense for the period was HK$1,255 thousand, primarily comprising Hong Kong profits tax, overseas tax, and deferred tax expense. Profit for the period was stated after deducting depreciation, interest income from deferred consideration, interest income from loans receivable, net exchange gains, and net fair value changes on investments at fair value through profit or loss Taxation (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 227 | – | | Overseas tax (current period expense) | 452 | 302 | | Over-provision in prior years | – | (3,909) | | Deferred tax expense | 576 | 1,508 | | **Total** | **1,255** | **(2,099)** | - Profit for the period was stated after deducting depreciation of property, plant and equipment and right-of-use assets of **HK$3,326 thousand**[109](index=109&type=chunk) - Profit for the period included interest income from deferred consideration of **HK$8,593 thousand** and interest income from loans receivable of **HK$807 thousand**[109](index=109&type=chunk) - Profit for the period included net exchange gains of **HK$6,240 thousand** and net fair value changes on investments at fair value through profit or loss of **HK$30,705 thousand**[109](index=109&type=chunk) [Dividends and Earnings Per Share](index=50&type=section&id=Dividends%20and%20Earnings%20Per%20Share) The company declared and paid a final dividend of HK$0.02 per share for 2024 and decided to pay an interim dividend of HK$0.01 per share for 2025. As at June 30, 2025, basic earnings per share were 3.79 HK Cents, a decrease from the prior year - A final dividend of **HK$0.02 per share** for the year ended December 31, 2024, totaling **HK$7,639 thousand**, was declared and paid on July 24, 2025[110](index=110&type=chunk) - The Directors decided to pay an interim dividend of **HK$0.01 per share**, totaling **HK$3,819 thousand**[110](index=110&type=chunk) - For the six months ended June 30, 2025, basic earnings per share were **3.79 HK Cents**, compared to **7.58 HK Cents** for the same period last year[111](index=111&type=chunk) [Investment Properties and Deferred Consideration](index=50&type=section&id=Investment%20Properties%20and%20Deferred%20Consideration) The fair value of investment properties decreased due to market weakness, standing at HK$644,543 thousand as at June 30, 2025. Net deferred consideration was HK$106,212 thousand, with credit impairment incurred and an impairment loss of HK$6,288 thousand recognized Fair Value Changes of Investment Properties | Item | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Fair value at beginning of period | 689,387 | 779,718 | | Currency adjustment | 8,155 | (4,239) | | Net decrease in fair value recognized in profit or loss | (52,999) | (21,482) | | **Fair value at end of period** | **644,543** | **753,997** | - Investment property fair value was assessed by independent valuers using the direct comparison method, with a decrease in market range[114](index=114&type=chunk) - Net deferred consideration was **HK$106,212 thousand**, not expected to be settled within one year, classified as a non-current asset[115](index=115&type=chunk) - During the interim period, an impairment loss of **HK$6,288 thousand** under the expected credit loss model was recognized in profit or loss[115](index=115&type=chunk) [Debt Instruments and Equity Investments](index=52&type=section&id=Debt%20Instruments%20and%20Equity%20Investments) The Group's debt instrument investments are measured at amortized cost, primarily consisting of investment-grade bonds aimed at collecting contractual cash flows. The equity investment portfolio mainly comprises blue-chip companies, with China Mobile accounting for over 70% of the carrying value of investments at fair value through profit or loss - Debt instrument investments are measured at amortized cost, primarily investment-grade bonds with coupon rates from **0% to 8%** and maturities from July 2025 to February 2033[116](index=116&type=chunk) - The Group's equity investment portfolio mainly consists of blue-chip companies, with the largest equity investment being a leading telecommunications service provider in China (China Mobile), accounting for over **70%** of the carrying value of investments at fair value through profit or loss[116](index=116&type=chunk) [Trade and Other Receivables and Payables](index=52&type=section&id=Trade%20and%20Other%20Receivables%20and%20Payables) As at June 30, 2025, net trade receivables were HK$40,549 thousand, with credit terms generally one to two months. Trade payables were HK$96,098 thousand, with most aged within 0-60 days Trade and Other Receivables and Prepayments (As at June 30) | Item | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables (net) | 40,549 | 50,096 | | Rental and management fee receivables | 7,618 | 5,193 | | Balances with brokers | 9,753 | 2,835 | | **Total** | **81,938** | **86,148** | Ageing Analysis of Trade Receivables (As at June 30) | Ageing | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 60 days | 38,558 | 47,485 | | 61 – 120 days | 1,351 | 584 | | 121 – 180 days | 443 | 410 | | Over 180 days | 197 | 1,617 | Trade and Other Payables and Accrued Expenses (As at June 30) | Item | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 96,098 | 63,092 | | Accrued employee costs | 17,355 | 18,178 | | Provision for performance-related bonuses to directors and key management personnel | 72 | 10,072 | | **Total** | **145,652** | **124,090** | Ageing Analysis of Trade Payables (As at June 30) | Ageing | Jun 30, 2025 (HK$ Thousand) | Dec 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 60 days | 26,978 | 35,737 | | 61 – 120 days | 31,040 | 7,789 | | 121 – 180 days | 19,324 | 5,240 | | Over 180 days | 18,756 | 14,326 | [Share Capital and Deferred Tax](index=54&type=section&id=Share%20Capital%20and%20Deferred%20Tax) As at June 30, 2025, the company's issued and fully paid share capital was HK$3,820 thousand, reduced by the repurchase and cancellation of 700,000 own shares. Net deferred tax liabilities were HK$26,554 thousand, primarily arising from deferred consideration Share Capital Movement | Item | Number of Shares (Thousand shares) | Total Amount (HK$ Thousand) | | :--- | :--- | :--- | | As at December 31, 2024 | 382,633 | 3,827 | | Share repurchases and cancellations | (700) | (7) | | As at June 30, 2025 | 381,933 | 3,820 | - Net deferred tax liabilities were approximately **HK$26,554 thousand**, primarily arising from deferred consideration, with a related deferred tax expense of **HK$576 thousand** recognized in the interim period[122](index=122&type=chunk) [Fair Value Measurement of Financial Instruments and Related Party Transactions](index=55&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments%20and%20Related%20Party%20Transactions) The Group's investments in Hong Kong-listed equity securities are measured at fair value through profit or loss, classified as Level 1 in the fair value hierarchy. The Group has loan financing and brokerage service transactions with Good Faith Financial Group (a related party) and pays remuneration to key management personnel - The Group's investments in Hong Kong-listed equity securities have a fair value of **HK$240,680 thousand**, classified as Level 1 in the fair value hierarchy[123](index=123&type=chunk) - The Group provided loan financing to Good Faith Financial Group (a related party), with no interest income earned from it during the interim period[124](index=124&type=chunk) - The Group appointed Good Faith Financial Group as a securities investment broker, and approximately **HK$45 thousand** in securities transaction expenses were paid during the interim period[124](index=124&type=chunk) - Remuneration paid to key management personnel for the six months ended June 30, 2025, was approximately **HK$19,824 thousand**[124](index=124&type=chunk)

[Corporate Profile](index=3&type=section&id=Corporate%20Profile) [Company Overview](index=3&type=section&id=Company%20Overview) EDA Group Holdings Limited is a leading global AI logistics technology service group, providing cross-border logistics, overseas warehousing, and fulfillment services for China's B2C export e-commerce industry - EDA Group Holdings Limited is a leading global AI logistics technology service group, providing cross-border logistics, overseas warehousing, and fulfillment services for China's B2C export e-commerce industry[6](index=6&type=chunk)[9](index=9&type=chunk) - The company's services are integrated into its self-developed Eda Cloud Platform, which features digital supply management tools empowering ecosystem partners[6](index=6&type=chunk)[9](index=9&type=chunk) - The Group has an extensive network of third-party logistics service providers, including over **60** third-party warehousing service providers and **300** international freight forwarding service providers[7](index=7&type=chunk)[9](index=9&type=chunk) - As of the reporting period, the company contracted **61** overseas warehouses in over **40** cities across three continents, **43** of which are franchised warehouses, making its overseas franchised warehouse network a leader among peers[7](index=7&type=chunk)[9](index=9&type=chunk) Overseas Warehouse Distribution | Region | Number of Overseas Warehouses | | :--- | :--- | | United States | 44 | | Canada | 8 | | United Kingdom | 4 | | Germany | 3 | | Australia | 2 | | China (Temporary Inventory Storage) | 4 | [Financial Highlights](index=4&type=section&id=Financial%20Highlights) [Key Financial Metrics](index=4&type=section&id=Key%20Financial%20Metrics) For the six months ended June 30, 2025, revenue increased by 23.2% to RMB 918,661 thousand, but gross profit, profit before tax, profit for the period, and adjusted net profit all significantly decreased, with adjusted net profit falling by 60.8% Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 918,661 | 745,396 | 23.2% | | Gross Profit | 94,355 | 117,254 | (19.5%) | | Profit Before Tax | 19,714 | 36,824 | (46.5%) | | Profit for the Period | 19,303 | 29,958 | (35.6%) | | Profit Attributable to Owners of the Company | 19,303 | 29,958 | (35.6%) | | Adjusted Net Profit (Non-HKFRS Measure) | 22,168 | 56,592 | (60.8%) | | Adjusted EBITDA (Non-HKFRS Measure) | 99,577 | 89,818 | 10.9% | | Basic Earnings Per Share (RMB) | 0.04 | 0.08 | - | | Diluted Earnings Per Share (RMB) | 0.04 | 0.08 | - | - Adjusted net profit (non-HKFRS measure) is defined as profit for the period plus listing expenses and share-based payment expenses, to better reflect actual business operations[12](index=12&type=chunk) - Adjusted EBITDA (non-HKFRS measure) is defined as profit for the period plus listing expenses, share-based payment expenses, net finance costs not related to leases, income tax expense, and depreciation and amortization, to better reflect actual business operations[12](index=12&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [BUSINESS REVIEW](index=5&type=section&id=BUSINESS%20REVIEW) The Group upgraded its long-term strategic goal in February 2025 to become a "leading global AI logistics technology service group," achieving 23.2% revenue growth driven by last-mile fulfillment, despite declines in gross and net profit due to margin compression and increased operating costs - The Group's long-term strategic goal was upgraded in February 2025 to become a **"leading global Artificial Intelligence (AI) logistics technology service group,"** committed to driving the transformation of the cross-border e-commerce logistics industry towards **"intelligence-driven"** through AI and large model technologies[14](index=14&type=chunk)[16](index=16&type=chunk) - The 2025 strategic focus is **"adhering to long-term growth,"** with a concrete action plan formulated until 2030, including building a vertical large model for the cross-border e-commerce industry, optimizing overseas warehouse layout, providing AI+robotics process automation services, implementing smart warehousing plans, optimizing the **"Octopus Management Model,"** and strengthening resource integration capabilities[14](index=14&type=chunk)[16](index=16&type=chunk) Revenue and Profit Overview (Six Months Ended June 30, 2025) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 918,661 | 745,396 | 23.2% | | First-mile International Freight Services Revenue | 68,414 | 115,560 | (40.8%) | | Last-mile Fulfillment Services Revenue | 850,247 | 629,836 | 35.0% | | Gross Profit | 94,355 | 117,254 | (19.5%) | | Net Profit | 19,303 | 29,958 | (35.6%) | | Adjusted Net Profit | 22,168 | 56,592 | (60.8%) | - Net profit margin and adjusted net profit margin decreased from **4.0% and 7.6%** in the prior period to **2.1% and 2.4%**, respectively, primarily due to lower gross profit and increased operating costs from amortization of right-of-use assets for overseas warehouses[18](index=18&type=chunk)[20](index=20&type=chunk) - During the review period, **5 new self-operated overseas warehouses** were expanded, increasing total area by approximately **110,000 square meters**, with a total of **61 overseas warehouses** contracted as of June 30, 2025[22](index=22&type=chunk)[23](index=23&type=chunk) - The number of core customers increased to **109** (73 in the prior period), with core customer sales growing by **17.8%** year-on-year to **RMB 774,561 thousand**[22](index=22&type=chunk)[23](index=23&type=chunk) - SaaS service revenue grew significantly from **RMB 168 thousand** in the prior period to **RMB 1,167 thousand**[22](index=22&type=chunk)[23](index=23&type=chunk) - In terms of sales channels, the company deepened cooperation with major e-commerce platforms such as Amazon, eBay, SHEIN, TEMU, AliExpress, and TikTok Shop, following a strategy of **"deep cultivation of industrial belts + platform cooperation + private domain traffic management"**[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - Technology innovation is a key driver of business growth; the company has achieved comprehensive cooperation with Huawei Cloud Computing to explore the application of AI and big data in overseas warehouses and cross-border e-commerce, fully integrated DeepSeek, and was selected as a global service case by Amazon Web Services[30](index=30&type=chunk)[32](index=32&type=chunk] [BUSINESS OUTLOOK AND FUTURE STRATEGIES](index=10&type=section&id=BUSINESS%20OUTLOOK%20AND%20FUTURE%20STRATEGIES) Despite global trade uncertainties, the cross-border e-commerce industry is rapidly growing, with overseas warehouse models becoming increasingly important for cost reduction, efficiency improvement, and tariff policy adaptation, driving the company's focus on technology, AI, and market expansion for sustainable growth - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, with total goods trade imports and exports reaching **RMB 21.79 trillion**, a year-on-year increase of **2.9%**, of which exports grew by **7.2%**[34](index=34&type=chunk)[36](index=36&type=chunk) - China's cross-border e-commerce import and export volume reached **RMB 1.32 trillion**, a year-on-year increase of **5.7%**, with industry trends shifting towards branding, localization, and refined operations[35](index=35&type=chunk)[37](index=37&type=chunk) - The overseas warehouse model offers advantages over direct mail in reducing logistics costs, improving delivery timeliness and stability, and effectively addressing increased tariff costs and customs clearance uncertainties from recent cancellations of de minimis thresholds for small parcels in the US and Europe[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - The company believes the overseas warehouse logistics market is vast and fragmented, with significant room for market share growth, and the industry is trending towards scale, automation, and digitalization[39](index=39&type=chunk)[41](index=41&type=chunk) - Future strategies include: strengthening supply chain solution capabilities, increasing investment in IT infrastructure and SaaS platform development, optimizing customer structure, seeking strategic partnerships and M&A opportunities, and fully embracing AI and large model technologies[46](index=46&type=chunk)[47](index=47&type=chunk) - Competitive advantages include: continuous R&D investment in technology and systems, strong global network coordination capabilities, deep insights into customer business scenarios, a high-quality and stable customer structure, an expanding overseas warehouse network, and deepened cooperation with major e-commerce platforms[43](index=43&type=chunk)[45](index=45&type=chunk) [FINANCIAL REVIEW](index=14&type=section&id=FINANCIAL%20REVIEW) Total revenue increased by 23.2% driven by last-mile fulfillment services, but gross profit declined by 19.5% due to lower gross margins, while the company maintained a healthy financial position with sufficient working capital Revenue by Service Type (RMB '000) | Service Type | 2025 | % of Total | 2024 | % of Total | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 68,414 | 7.4 | 115,560 | 15.5 | (40.8%) | | Last-mile Fulfillment Services | 850,247 | 92.6 | 629,836 | 84.5 | 35.0% | | **Total** | **918,661** | **100.0** | **745,396** | **100.0** | **23.2%** | - The decrease in first-mile international freight services revenue was primarily due to reduced ocean container volume, lower freight rates, and the termination of air small parcel direct mail business in March 2024[49](index=49&type=chunk)[50](index=50&type=chunk) - The increase in last-mile fulfillment services revenue was mainly due to an increase in order volume, but order prices decreased due to local delivery service market prices[49](index=49&type=chunk)[50](index=50&type=chunk) Revenue by Country (RMB '000) | Country | 2025 | % of Total | 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | United States | 703,782 | 76.6 | 622,375 | 83.5 | | Canada | 69,896 | 7.6 | 40,621 | 5.4 | | United Kingdom | 44,163 | 4.8 | 36,267 | 4.9 | | Germany | 83,260 | 9.1 | 40,135 | 5.4 | | Australia | 17,560 | 1.9 | 5,998 | 0.8 | | **Total** | **918,661** | **100.0** | **745,396** | **100.0** | - Revenue from the United States, Canada, and Germany combined increased by **RMB 153,807 thousand**, primarily attributed to continuous investment in overseas warehouses and increased sales channel efforts in these regions[54](index=54&type=chunk) Cost of Sales by Service Type (RMB '000) | Service Type | 2025 | % of Total | 2024 | % of Total | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 65,289 | 7.9 | 116,877 | 18.6 | (44.1%) | | Last-mile Fulfillment Services | 759,017 | 92.1 | 511,265 | 81.4 | 48.5% | | **Total** | **824,306** | **100.0** | **628,142** | **100.0** | **31.2%** | Cost of Sales by Nature (RMB '000) | Cost Category | 2025 | % of Total | 2024 | % of Total | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Costs | 520,650 | 63.2 | 450,402 | 71.7 | 15.6% | | Warehouse Operating Costs | 168,105 | 20.3 | 90,925 | 14.4 | 84.9% | | Staff Costs | 135,303 | 16.4 | 86,442 | 13.8 | 56.5% | | Share-based Payment Expenses | 248 | 0.1 | 373 | 0.1 | (33.5%) | | **Total** | **824,306** | **100.0** | **628,142** | **100.0** | **31.2%** | Gross Profit and Gross Margin (Six Months Ended June 30, 2025) | Service Type | 2025 Gross Profit (RMB '000) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB '000) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 3,125 | 4.6 | (1,317) | (1.1) | | Last-mile Fulfillment Services | 91,230 | 10.7 | 118,571 | 18.8 | | **Total** | **94,355** | **10.3** | **117,254** | **15.7** | - The decline in last-mile gross margin was primarily due to the ramp-up period of newly leased overseas warehouses in the second half of 2024 and first half of 2025, increased overseas order prices, overseas warehouse labor costs, and rental costs[70](index=70&type=chunk)[72](index=72&type=chunk) - As of June 30, 2025, total debt was **RMB 1,119,650 thousand**, the debt-to-asset ratio was **34%**, the current ratio was **1.5**, and cash and bank deposits were **RMB 301,131 thousand**; the Board believes working capital is sufficient[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Other Financial Information](index=20&type=section&id=Other%20Financial%20Information) Pledged deposits increased, no significant contingent liabilities, total employees were 397, and 5 new overseas warehouses were leased; the company also engaged in financial investments, fund establishment, and a significant related party transaction involving a subsidiary's equity and acquisition - As of June 30, 2025, pledged deposits were **RMB 44,003 thousand**, a significant increase from **RMB 14,164 thousand** as of December 31, 2024[80](index=80&type=chunk)[85](index=85&type=chunk) - As of the end of the review period, the Group had **397 employees**, with total staff costs (including share-based payment expenses) of **RMB 170,436 thousand**[82](index=82&type=chunk)[87](index=87&type=chunk) - During the review period, **5 new overseas warehouses** were leased, located in the United States, Canada, and the United Kingdom, increasing total area by approximately **110,000 square meters**[83](index=83&type=chunk)[88](index=88&type=chunk) Financial Investment Overview (RMB '000) | Metric | Amount | | :--- | :--- | | Short-term Financial Investments | 49,278 | | Unrealized Investment Loss (at Fair Value) | (3,230) | | Realized Investment Income | 719 | - The company collaborated with Beijing Xizheng Private Equity Fund Management Co., Ltd. to establish **two funds** with an initial total size of **RMB 200 million**, with the Group intending to subscribe for no more than **RMB 100 million**, primarily investing in cross-border e-commerce innovation industries and AI technology, and smart warehousing[93](index=93&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk) - A capital injection of **RMB 83,800,000** by Beijing Liqian into PT Flexlogis Investment Indonesia resulted in the Group's equity interest in PT Flexlogis decreasing from **100% to 48.84%**, making PT Flexlogis and its subsidiaries joint ventures of the Group, no longer subsidiaries[100](index=100&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk)[109](index=109&type=chunk) - A related party transaction was completed to acquire the entire equity of PT Samanea Logistics Property for approximately **RMB 6,179,146**, a company primarily engaged in logistics real estate investment and property management in Indonesia[108](index=108&type=chunk)[111](index=111&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance Overview](index=25&type=section&id=Corporate%20Governance%20Overview) The company maintains high standards of corporate governance, with its audit committee reviewing financial statements, strategically adopting an asset-light model, and complying with Listing Rules and anti-corruption policies - The Audit Committee has reviewed this report and the unaudited condensed consolidated financial statements, which were reviewed by Ernst & Young, independent auditors, in accordance with Hong Kong Standard on Review Engagements 2410[119](index=119&type=chunk)[124](index=124&type=chunk) - The company adopts an asset-light model, optimizing operational efficiency and enhancing customer experience through improvements to the Eda Cloud Platform and investment in R&D activities[120](index=120&type=chunk)[125](index=125&type=chunk) - The company is committed to maintaining high standards of corporate governance, having adopted and complied with the Corporate Governance Code set out in Part 2 of Appendix C1 and the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - The company has established an anti-corruption risk management policy and continuously provides anti-corruption training to employees to promote a culture of integrity and compliance[123](index=123&type=chunk)[125](index=125&type=chunk) [Directors' and Shareholders' Interests](index=27&type=section&id=Directors'%20and%20Shareholders'%20Interests) As of June 30, 2025, directors and major shareholders held significant interests in the company's shares, with Mr. Liu Yong holding 37.8% and a group of directors and Samanea China Holdings Limited collectively holding 40.8% through concert party agreements Directors' and Chief Executive's Interests in Shares (As of June 30, 2025) | Name | Beneficial Owner (Shares) | Controlled Corporation Interest (Shares) | Other Interests (Shares) | Jointly Held Interests with Another Person (Shares) | Total (Shares) | % of Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Yong | 15,414,000 | — | 152,295,000 | — | 167,709,000 | 37.8 | | Li Qin | 13,198,000 | — | — | — | 13,198,000 | 2.9 | | Zhang Wenyu | 3,314,000 | 10,269,000 | — | 167,391,000 | 180,974,000 | 40.8 | | Luo Jianfeng | — | 10,269,000 | — | 170,705,000 | 180,974,000 | 40.8 | | Zuo Manlun | — | 10,269,000 | — | 170,705,000 | 180,974,000 | 40.8 | - Mr. Liu Yong's interests include shares granted under the Pre-IPO Share Option Scheme and Restricted Share Unit Scheme, as well as shares held through trust structures[133](index=133&type=chunk)[135](index=135&type=chunk) - The jointly held interests of Mr. Zhang Wenyu, Mr. Luo Jianfeng, and Mr. Zuo Manlun arise from a concert party agreement signed with Samanea China Holdings Limited[133](index=133&type=chunk)[135](index=135&type=chunk) Other Shareholders' Interests in Shares (As of June 30, 2025) | Shareholder Name | Capacity | Number of Ordinary Shares Held (Shares) | % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Sovereign Fiduciaries (Hong Kong) Limited | Trustee | 152,295,000 | 34.3 | | Edaurora Holdings Limited | Beneficiary of Trust | 152,295,000 | 34.3 | | Skyline Investment International Limited | Controlled Corporation Interest | 152,295,000 | 34.3 | | EDA Shine International Limited | Beneficial Owner | 152,295,000 | 34.3 | | Samanea China Holdings Limited | Beneficial Owner/Controlled Corporation Interest/Jointly Held Interests | 180,974,000 | 40.8 | | China Lesso Group Holdings Limited | Controlled Corporation Interest | 180,974,000 | 40.8 | - The Lesso Consortium members (including Samanea China Holdings Limited and its affiliates) collectively hold approximately **40.1%** of the company's shares and are considered controlling shareholders[233](index=233&type=chunk)[238](index=238&type=chunk) [Share Schemes](index=32&type=section&id=Share%20Schemes) The company operates Pre-IPO and Post-IPO Share Option and Restricted Share Unit Schemes to incentivize employees and attract talent, with repurchases made for future awards and specific grants under the Pre-IPO schemes - During the review period, the company repurchased **6,313,000 shares** on the Stock Exchange for future share payment plans, with a total consideration of approximately **RMB 16.0 million**[144](index=144&type=chunk)[149](index=149&type=chunk)[399](index=399&type=chunk) - The Pre-IPO Share Option Scheme, adopted on May 14, 2024, granted options for a total of **31,212,000 shares** to **32 grantees**, representing **7.05%** of the issued share capital[150](index=150&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) Changes in Pre-IPO Share Option Scheme (As of June 30, 2025) | Name/Category of Grantee | Number of Shares Subject to Unexercised Options as at January 1, 2025 | Granted during the Review Period | Vested during the Review Period | Number of Shares Subject to Unexercised Options as at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Liu Yong | 9,248,000 | — | — | 9,248,000 | | Li Qin | 7,919,000 | — | — | 7,919,000 | | Zhang Wenyu | 1,989,000 | — | — | 1,989,000 | | Li Hongjun (Senior Management Member) | 942,000 | — | 314,000 | 942,000 | | Employees (Other Grantees) | 8,029,500 | — | 2,676,500 | 8,029,500 | | **Total** | **28,127,500** | **—** | **2,990,500** | **28,127,500** | - The Post-IPO Share Option Scheme, adopted on May 14, 2024, has a **10-year** validity, with a total number of shares that can be granted not exceeding **10%** of the issued shares on the listing date (expected maximum of **21,997,000 shares**), and a **12-month** limit of **1%** for a single participant; no grants, exercises, cancellations, or lapses occurred during the review period[163](index=163&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[178](index=178&type=chunk) - The Pre-IPO Restricted Share Unit Scheme, adopted on May 14, 2024, has a **3-year** validity, granted a total of **12,770,000 restricted share units** to **3 grantees**, which fully vested **180 days** after the listing date[182](index=182&type=chunk)[187](index=187&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) Changes in Pre-IPO Restricted Share Unit Scheme (As of June 30, 2025) | Name/Category of Grantee | Outstanding as at January 1, 2025 | Outstanding as at June 30, 2025 | | :--- | :--- | :--- | | Liu Yong | 6,166,000 | 6,166,000 | | Li Qin | 5,279,000 | 5,279,000 | | Zhang Wenyu | 1,325,000 | 1,325,000 | | **Total** | **12,770,000** | **12,770,000** | - The Post-IPO Restricted Share Unit Scheme, adopted on May 14, 2024, has a **10-year** validity, with a scheme limit of **21,997,000 shares** (**4.97%** of issued shares), and a **12-month** limit of **1%** for a single participant; no restricted shares have been granted as of the reporting date[199](index=199&type=chunk)[202](index=202&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[211](index=211&type=chunk)[213](index=213&type=chunk) - The Share Award Scheme, adopted on February 14, 2025, has a **10-year** validity, aiming to recognize and reward eligible participants' contributions and attract talent; the scheme limit is **44,293,050 shares** (**10%** of issued shares), with a sub-limit for service providers of **4,429,305 shares** (**1%**), and an individual limit of **1%**; no shares have been granted as of the reporting date[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[228](index=228&type=chunk)[230](index=230&type=chunk) [Compliance and Other Disclosures](index=44&type=section&id=Compliance%20and%20Other%20Disclosures) Controlling shareholders comply with non-competition undertakings, no director information changes, global offering proceeds were utilized for strategic initiatives, an interim dividend was declared, and a post-period partnership for digital asset payment solutions was formed - The company's controlling shareholders (including Mr. Liu Yong and his affiliates, and the Lesso Consortium members) have entered into a non-competition undertaking, which independent non-executive directors have reviewed and confirmed its compliance and effective enforcement[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - During the review period, there were no changes in directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules[240](index=240&type=chunk)[241](index=241&type=chunk) Use of Net Proceeds from Global Offering (As of June 30, 2025) | Intended Use | Expected Utilization Ratio Disclosed in Prospectus (%) | Expected Utilized Amount (HKD Million) | Amount Utilized as of June 30, 2025 (HKD Million) | Balance as of June 30, 2025 (HKD Million) | Expected Time of Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Strengthening Global Logistics Network | 62 | 100.0 | 91.4 | 8.6 | On or before May 31, 2027 | | Improving Smart Systems to Optimize Operational Efficiency | 16 | 25.8 | 6.3 | 19.5 | On or before May 31, 2027 | | Attracting New Customers and Maintaining Relationships with Core Customers | 16 | 25.8 | 10.5 | 15.3 | On or before May 31, 2027 | | General Working Capital | 6 | 9.7 | 9.7 | — | On or before May 31, 2027 | | **Total** | **100** | **161.3** | **117.9** | **43.4** | | - The Board has resolved to declare an interim dividend of **HKD 3.5 cents per ordinary share** for the six months ended June 30, 2025, expected to be distributed on or about October 31, 2025[245](index=245&type=chunk)[248](index=248&type=chunk) - After the reporting period, on August 27, 2025, the company entered into a cooperation agreement with UTCPAY Limited to provide digital asset payment service solutions for cross-border e-commerce customers, which is considered a normal operating activity within the company's regular business scope[247](index=247&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk) [Report on Review of Condensed Consolidated Financial Statements](index=48&type=section&id=Report%20on%20Review%20of%20Condensed%20Consolidated%20Financial%20Statements) [Independent Auditor's Review Report](index=48&type=section&id=Independent%20Auditor's%20Review%20Report) Ernst & Young reviewed the condensed consolidated financial information for the six months ended June 30, 2025, in accordance with HKSRS 2410, and found no material non-compliance with HKAS 34, though no audit opinion is expressed - Independent auditors Ernst & Young reviewed the company's condensed consolidated financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[253](index=253&type=chunk)[254](index=254&type=chunk)[256](index=256&type=chunk)[258](index=258&type=chunk) - The scope of the review is substantially less than an audit, and therefore no audit opinion is expressed[256](index=256&type=chunk)[258](index=258&type=chunk) - Based on the review, nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[257](index=257&type=chunk)[259](index=259&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=50&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Profit or Loss and Other Comprehensive Income](index=50&type=section&id=Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue increased by 23.2% to RMB 918,661 thousand, but profit for the period decreased by 35.6% to RMB 19,303 thousand, with total comprehensive income at RMB 18,831 thousand and basic and diluted EPS at RMB 0.04 Overview of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30, 2025) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 918,661 | 745,396 | | Cost of Sales | (824,306) | (628,142) | | Gross Profit | 94,355 | 117,254 | | Other Income and Gains | 14,328 | 6,504 | | Selling and Distribution Expenses | (9,811) | (7,891) | | Administrative Expenses | (36,301) | (47,963) | | Research and Development Expenses | (10,583) | (17,488) | | Reversal of Impairment Losses on Financial and Contract Assets / (Impairment Losses) Net | 4,377 | (5,322) | | Other Expenses | (9,984) | (2,501) | | Finance Costs | (26,570) | (5,769) | | Share of Results of Joint Ventures | (97) | — | | Profit Before Tax | 19,714 | 36,824 | | Income Tax Expense | (411) | (6,866) | | **Profit for the Period** | **19,303** | **29,958** | | Exchange Differences Arising from Translation of Foreign Operations | (472) | (239) | | **Total Comprehensive Income for the Period** | **18,831** | **29,719** | | Profit Attributable to Owners of the Parent | 19,303 | 29,958 | | Total Comprehensive Income Attributable to Owners of the Parent | 18,831 | 29,719 | | Basic Earnings Per Share (RMB) | 0.04 | 0.08 | | Diluted Earnings Per Share (RMB) | 0.04 | 0.08 | [Interim Condensed Consolidated Statement of Financial Position](index=52&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Financial Position Overview](index=52&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, total assets less current liabilities were RMB 1,435,423 thousand, with net assets of RMB 587,664 thousand, reflecting increased right-of-use assets, investments in joint ventures, borrowings, and lease liabilities Financial Position Overview (As of June 30, 2025) | Metric | 2025 June 30 (RMB '000) | 2024 December 31 (RMB '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 29,986 | 14,033 | | Right-of-use Assets | 866,005 | 735,965 | | Investments in Joint Ventures | 96,622 | 45,461 | | Total Non-current Assets | 1,202,644 | 1,053,100 | | **Current Assets** | | | | Trade Receivables | 167,819 | 197,366 | | Prepayments, Deposits and Other Receivables | 213,991 | 92,102 | | Cash and Bank Deposits | 301,131 | 310,045 | | Total Current Assets | 732,219 | 652,226 | | **Current Liabilities** | | | | Trade Payables | 118,169 | 148,261 | | Borrowings | 200,054 | 118,938 | | Lease Liabilities (Current Portion) | 106,564 | 85,176 | | Total Current Liabilities | 499,440 | 423,874 | | **Net Current Assets** | **232,779** | **228,352** | | **Total Assets Less Current Liabilities** | **1,435,423** | **1,281,452** | | **Non-current Liabilities** | | | | Lease Liabilities (Non-current Portion) | 813,032 | 675,872 | | Other Financial Liabilities | 26,048 | — | | Total Non-current Liabilities | 847,759 | 685,241 | | **Net Assets** | **587,664** | **596,211** | | **Total Equity** | **587,664** | **596,211** | - Right-of-use assets increased from **RMB 735,965 thousand** to **RMB 866,005 thousand**, reflecting overseas warehouse expansion[264](index=264&type=chunk)[265](index=265&type=chunk) - Investments in joint ventures increased from **RMB 45,461 thousand** to **RMB 96,622 thousand**, primarily due to capital injection into PT Flexlogis Investment Indonesia[264](index=264&type=chunk)[265](index=265&type=chunk) - Borrowings increased from **RMB 118,938 thousand** to **RMB 200,054 thousand**, and total lease liabilities increased from **RMB 761,048 thousand** to **RMB 919,596 thousand**[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=54&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Equity Changes Overview](index=54&type=section&id=Equity%20Changes%20Overview) Total equity decreased from RMB 596,211 thousand to RMB 587,664 thousand for the six months ended June 30, 2025, influenced by profit for the period, exchange fluctuations, declared dividends, share repurchases, and loss of subsidiary control Overview of Equity Changes (Six Months Ended June 30, 2025) | Item | Share Capital (RMB '000) | Treasury Shares (RMB '000) | Share Premium (RMB '000) | Capital Reserve (RMB '000) | Statutory Surplus Reserve (RMB '000) | Share-based Payment Reserve (RMB '000) | Exchange Fluctuation Reserve (RMB '000) | Retained Profits (RMB '000) | Total Equity (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As at December 31, 2024 | 31,493 | — | 154,761 | 200,055 | 19,160 | 52,545 | (80) | 138,288 | 596,211 | | Profit for the period | — | — | — | — | — | — | — | 19,303 | 19,303 | | Exchange differences | — | — | — | — | — | — | (472) | — | (472) | | Recognition of share-based payment expenses | — | — | — | — | — | 2,865 | — | — | 2,865 | | Final dividend declared for 2024 | — | — | — | (14,246) | — | — | — | — | (14,246) | | Loss of control of a subsidiary | — | — | — | — | — | — | 46 | — | 46 | | Shares repurchased for share payment scheme | — | (16,043) | — | — | — | — | — | — | (16,043) | | Appropriation to statutory surplus reserve | — | — | — | — | 3,023 | — | — | (3,023) | — | | **As at June 30, 2025** | **31,493** | **(16,043)** | **154,761** | **185,809** | **22,183** | **55,410** | **(506)** | **154,568** | **587,664** | - **RMB 16,043 thousand** was recognized under treasury shares, reflecting the repurchase of shares for the share payment scheme[268](index=268&type=chunk) - Capital reserve decreased by **RMB 14,246 thousand** due to the final dividend declared for 2024[268](index=268&type=chunk) - Statutory surplus reserve increased by **RMB 3,023 thousand**, with a corresponding decrease in retained profits[268](index=268&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=56&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flows Overview](index=56&type=section&id=Cash%20Flows%20Overview) For the six months ended June 30, 2025, net cash from operating activities increased to RMB 73,162 thousand, while investing activities used RMB 72,418 thousand and financing activities used RMB 60,249 thousand, resulting in a net decrease in cash and cash equivalents of RMB 59,505 thousand Overview of Cash Flows (Six Months Ended June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 73,162 | 48,362 | | Net Cash Flows Used in Investing Activities | (72,418) | (158,836) | | Net Cash Flows Used in Financing Activities | (60,249) | 200,006 | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(59,505)** | **89,532** | | Cash and Cash Equivalents at Beginning of Period | 295,787 | 221,009 | | Effect of Exchange Rate Changes, Net | 225 | 801 | | **Cash and Cash Equivalents at End of Period** | **236,507** | **311,342** | - Net cash flow from operating activities increased, primarily due to a decrease in trade receivables and an increase in other payables and accruals[272](index=272&type=chunk) - Net cash flow used in investing activities decreased, primarily due to reduced expenditure on purchasing other financial assets and increased proceeds from disposal of other financial assets[273](index=273&type=chunk) - Cash flow from financing activities shifted from a net inflow in the prior period to a net outflow, mainly due to reduced new borrowings, increased repayment of borrowings, dividend payments, and repayment of lease liabilities[273](index=273&type=chunk) [Notes to Interim Condensed Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [1. CORPORATE AND GROUP INFORMATION](index=59&type=section&id=1.%20CORPORATE%20AND%20GROUP%20INFORMATION) The company, incorporated in the Cayman Islands, primarily provides first-mile international freight services and last-mile fulfillment services, including overseas warehousing, other value-added services, and delivery, for cross-border e-commerce participants in mainland China - The company is incorporated in the Cayman Islands, with its principal business being the provision of first-mile international freight services and last-mile fulfillment services, including overseas warehousing, value-added services, and delivery, serving cross-border e-commerce participants in mainland China[277](index=277&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk) [2. BASIS OF PREPARATION](index=59&type=section&id=2.%20BASIS%20OF%20PREPARATION) The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34, using the historical cost convention, and presented in RMB, with all amounts rounded to the nearest thousand - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 **"Interim Financial Reporting,"** using the historical cost convention, and presented in RMB[279](index=279&type=chunk)[281](index=281&type=chunk) [3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES](index=60&type=section&id=3.%20CHANGES%20IN%20ACCOUNTING%20POLICIES%20AND%20DISCLOSURES) The revised Hong Kong Accounting Standard 21 "Lack of Exchangeability" was adopted for the first time in this period's financial information, but it had no significant impact on the interim condensed consolidated financial information as the Group's transaction and functional currencies are convertible - The revised Hong Kong Accounting Standard 21 **"Lack of Exchangeability"** was adopted for the first time, but it had no impact on the interim condensed consolidated financial information as the Group's transaction and functional currencies are convertible[282](index=282&type=chunk)[283](index=283&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) [4. OPERATING SEGMENT INFORMATION](index=60&type=section&id=4.%20OPERATING%20SEGMENT%20INFORMATION) The Group primarily engages in first-mile international freight and last-mile fulfillment services, with no separate operating segment data presented as the Board manages the Group as a single entity; revenue and non-current assets are concentrated in the US, Canada, and Germany, and a single external customer accounted for 10.8% of total revenue - The Group primarily engages in first-mile international freight services and last-mile fulfillment services, and no separate operating segment information is presented as the Board views the Group as a whole for resource allocation and performance assessment[284](index=284&type=chunk)[285](index=285&type=chunk)[288](index=288&type=chunk) Revenue from External Customers by Location of Service Provision (RMB '000) | Region | 2025 | 2024 | | :--- | :--- | :--- | | China | 68,414 | 115,560 | | United States | 647,178 | 516,775 | | Canada | 65,573 | 38,361 | | United Kingdom | 39,516 | 31,635 | | Germany | 81,069 | 37,275 | | Australia | 16,911 | 5,790 | | **Total** | **918,661** | **745,396** | Non-current Assets by Location of Assets (RMB '000) | Region | 2025 June 30 | 2024 December 31 | | :--- | :--- | :--- | | China | 107,085 | 180,588 | | United States | 748,389 | 642,284 | | United Kingdom | 85,425 | 20,296 | | Canada | 5,391 | 3,439 | | Germany | 97,141 | 92,189 | | Indonesia | 51,258 | 21,550 | | Australia | 226 | 258 | | **Total** | **1,094,915** | **960,604** | - For the six months ended June 30, 2025, transaction revenue from a single external customer accounted for **10.8%** of the Group's total revenue[293](index=293&type=chunk)[296](index=296&type=chunk) [5. REVENUE, OTHER INCOME AND GAINS](index=62&type=section&id=5.%20REVENUE,%20OTHER%20INCOME%20AND%20GAINS) For the six months ended June 30, 2025, total revenue was RMB 918,661 thousand, primarily from last-mile fulfillment services, with other income and gains significantly increasing to RMB 14,328 thousand due to gains from loss of control over a subsidiary, credit card rebates, and rental income Revenue by Service Type (RMB '000) | Service Type | 2025 | 2024 | | :--- | :--- | :--- | | First-mile International Freight Services | 68,414 | 115,560 | | Last-mile Fulfillment Services | 850,247 | 629,836 | | **Total** | **918,661** | **745,396** | - All revenue is recognized for services transferred over time[300](index=300&type=chunk) Other Income and Gains (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest income | 1,175 | 2,416 | | Government grants | — | 32 | | Surcharge for overdue balances | 645 | 609 | | Net exchange gains | 238 | 2,089 | | Gains from fair value changes of financial assets at fair value through profit or loss | — | 558 | | Rebates from credit cards | 2,065 | 342 | | Rental income | 1,158 | — | | Gains on bargain purchase | 192 | — | | Gains on loss of control of a subsidiary | 7,714 | — | | Others | 1,141 | 458 | | **Total** | **14,328** | **6,504** | - Gains on loss of control of a subsidiary of **RMB 7,714 thousand** were the primary reason for the increase in other income and gains during this period[302](index=302&type=chunk)[303](index=303&type=chunk) [6. FINANCE COSTS](index=65&type=section&id=6.%20FINANCE%20COSTS) For the six months ended June 30, 2025, finance costs significantly increased to RMB 26,570 thousand, primarily due to a substantial rise in interest expenses on lease liabilities Analysis of Finance Costs (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest expense on borrowings | 2,733 | 1,075 | | Interest expense on lease liabilities | 23,837 | 4,694 | | **Total** | **26,570** | **5,769** | - Interest expense on lease liabilities significantly increased from **RMB 4,694 thousand** in the prior period to **RMB 23,837 thousand**[306](index=306&type=chunk)[307](index=307&type=chunk) [7. PROFIT BEFORE TAX](index=66&type=section&id=7.%20PROFIT%20BEFORE%20TAX) For the six months ended June 30, 2025, profit before tax decreased to RMB 19,714 thousand from RMB 36,824 thousand, mainly due to increased last-mile fulfillment costs, right-of-use asset depreciation, finance costs, and R&D expenses, despite some offsetting gains Profit Before Tax Adjustment Items (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of providing first-mile international freight services | 65,289 | 116,877 | | Cost of providing last-mile fulfillment services | 759,017 | 511,265 | | Depreciation of property, plant and equipment | 3,962 | 1,608 | | Depreciation of right-of-use assets | 67,813 | 22,428 | | Amortization of other intangible assets | 3,665 | 3,665 | | Listing expenses | — | 10,454 | | Share-based payment expenses | 2,865 | 16,180 | | Research and development expenses | 10,583 | 17,488 | | Fair value changes of financial assets | 2,511 | (558) | | (Reversal of impairment losses)/impairment losses on trade receivables | (4,377) | 5,329 | | Gains on loss of control of a subsidiary | (7,714) | — | - Depreciation of right-of-use assets significantly increased from **RMB 22,428 thousand** to **RMB 67,813 thousand**, a major factor in cost increases[309](index=309&type=chunk)[310](index=310&type=chunk) - R&D expenses decreased from **RMB 17,488 thousand** to **RMB 10,583 thousand**[309](index=309&type=chunk)[310](index=310&type=chunk) [8. INCOME TAX EXPENSE](index=67&type=section&id=8.%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, total income tax expense significantly decreased to RMB 411 thousand, primarily due to deferred tax reversal and changes in current tax expenses across various regions, with mainland China subsidiaries benefiting from preferential tax rates Analysis of Income Tax Expense (RMB '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Current tax** | | | | Mainland China | 3,546 | 3,297 | | Hong Kong | 504 | 2,828 | | United States | 1,410 | 384 | | Canada | 832 | 251 | | Germany | 1,660 | 239 | | United Kingdom | 248 | 73 | | Australia | 106 | 48 | | Indonesia | 44 | — | | **Total current tax** | **8,350** | **7,120** | | **Deferred tax** | **(7,939)** | **(254)** | | **Total tax expense for the period** | **411** | **6,866** | - Mainland China subsidiaries enjoy a **15%** preferential corporate income tax rate, including high-tech enterprise qualifications and preferential policies in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone[314](index=314&type=chunk)[315](index=315&type=chunk)[319](index=319&type=chunk) - US subsidiaries have a federal tax rate of **21%** and state tax rates ranging from **5.39% to 9%**; UK profit tax rate is **19%**, Canada profit tax rate is **26.5%**, Germany profit tax rate is **32.8%**, and Australia profit tax rate is **30%**[321](index=321&type=chunk)[322](index=322&type=chunk) [9. DIVIDENDS](index=69&type=section&id=9.%20DIVIDENDS) The Board has declared an interim dividend of HKD 3.5 cents per ordinary share for the six months ended June 30, 2025, totaling HKD 15,500,000, expected to be distributed on or about October 31, 2025 Dividend Declaration (Six Months Ended June 30, 2025) | Item | HKD per share | HKD '000 | Equivalent RMB '000 | | :--- | :--- | :--- | :--- | | Final dividend declared for 2024 | 0.35 | 15,500 | 14,246 | | Less: Dividend on shares held for share payment scheme | 0.35 | (168) | - | | **Total** | | **15,332** | **14,246** | - Subsequent to the reporting period, the Board has declared an interim dividend of **HKD 3.5 cents per ordinary share** for the six months ended June 30, 2025, totaling **HKD 15,500,000**, to be distributed on or about October 31, 2025[326](index=326&type=chunk) [10. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT](index=70&type=section&id=10.%20EARNINGS%20PER%20SHARE%20ATTRIBUTABLE%20TO%20ORDINARY%20EQUITY%20HOLDERS%20OF%20THE%20PARENT) For the six months ended June 30, 2025, basic and diluted earnings per share both decreased to RMB 0.04 from RMB 0.08 in the prior period, calculated based on profit attributable to ordinary equity holders and adjusted weighted average ordinary shares outstanding Earnings Per Share Calculation (Six Months Ended June 30, 2025) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit (RMB '000) | 19,303 | 29,958 | | Weighted average number of ordinary shares in issue | 440,569,439 | 360,114,033 | | Dilutive effect - share option scheme adjustment | 21,363,125 | 6,365,833 | | Dilutive effect - restricted share unit adjustment | 12,770,000 | 2,604,501 | | Adjusted weighted average number of ordinary shares in issue for calculating diluted earnings per share | 474,702,564 | 369,084,367 | | Basic earnings per share (RMB) | 0.04 | 0.08 | | Diluted earnings per share (RMB) | 0.04 | 0.08 | - Both basic and diluted earnings per share decreased from **RMB 0.08** in the prior period to **RMB 0.04**[330](index=330&type=chunk)[331](index=331&type=chunk) [11. PROPERTY, PLANT AND EQUIPMENT](index=71&type=section&id=11.%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) During the review period, the total cost of property, plant, and equipment purchased by the company was RMB 19,420,000, with depreciation of RMB 3,962,000 recognized - Total cost of property, plant, and equipment purchased during the period was **RMB 19,420,000**, an increase from **RMB 8,970,000** in the prior period[334](index=334&type=chunk) - Depreciation of **RMB 3,962,000** was recognized, and property, plant, and equipment with a total carrying amount of **RMB 17,000** were disposed of[334](index=334&type=chunk) [12. INVESTMENT PROPERTIES](index=72&type=section&id=12.%20INVESTMENT%20PROPERTIES) During the review period, the company added RMB 29,894,000 in investment properties and disposed of RMB 50,786,000 in investment properties due to loss of control over a subsidiary - Additions to investment properties during the period amounted to **RMB 29,894,000**[336](index=336&type=chunk) - Investment properties of **RMB 50,786,000** were disposed of due to loss of control over a subsidiary[336](index=336&type=chunk) [13. LEASES](index=72&type=section&id=13.%20LEASES) During the review period, the company additionally recognized right-of-use assets with a total cost of RMB 188,628,000 and recognized depreciation of RMB 67,813,000. Concurrently, new lease liabilities of RMB 188,628,000 were recognized, lease liabilities of RMB 63,147,000 were paid, and interest expenses of RMB 23,837,000 were recognized - During the period, additional right-of-use assets with a total cost of **RMB 188,628,000** were recognized, and depreciation of **RMB 67,813,000** was recognized[337](index=337&type=chunk)[340](index=340&type=chunk) - During the period, new lease liabilities of **RMB 188,628,000** were recognized, lease liabilities of **RMB 63,147,000** were paid, and interest expenses of **RMB 23,837,000** were recognized[338](index=338&type=chunk)[341](index=341&type=chunk) [14. GOODWILL](index=73&type=section&id=14.%20GOODWILL) As of June 30, 2025, the company's goodwill balance was RMB 76,443 thousand, consistent with December 31, 2024 Goodwill Balance (RMB '000) | Date | Amount | | :--- | :--- | | As at June 30, 2025 | 76,443 | | As at December 31, 2024 | 76,443 | [15. OTHER INTANGIBLE ASSETS](index=73&type=section&id=15.%20OTHER%20INTANGIBLE%20ASSETS) During the review period, the company neither acquired nor disposed of intangible assets, but recognized amortization of RMB 3,665,000 - No intangible assets were acquired or disposed of during the period, and amortization of **RMB 3,665,000** was recognized[344](index=344&type=chunk)[346](index=346&type=chunk) [16. INVESTMENTS IN JOINT VENTURES](index=73&type=section&id=16.%20INVESTMENTS%20IN%20JOINT%20VENTURES) As of June 30, 2025, investments in joint ventures significantly increased to RMB 96,622 thousand, primarily including Hubei Ezhou Yida Cloud Enterprise Management Partnership and PT Flexlogis Investment Indonesia Investments in Joint Ventures (RMB '000) | Date | Amount | | :--- | :--- | | As at June 30, 2025 | 96,622 | | As at December 31, 2024 | 45,461 | Details of Major Joint Ventures | Name | Place of Registration | Group's Attributable Ownership Interest (%) | Principal Activities | | :--- | :--- | :--- | :--- | | Hubei Ezhou Yida Cloud Enterprise Management Partnership (Limited Partnership) | Mainland China | 49.95 | Investment | | PT Flexlogis Investment Indonesia | Indonesia | 48.84 | Property Investment | [17. DEFERRED TAX](index=75&type=section&id=17.%20DEFERRED%20TAX) As of June 30, 2025, deferred tax liabilities totaled RMB 248,618 thousand and assets RMB 258,225 thousand, primarily from right-of-use assets and lease liabilities, with no recognition for Hong Kong tax losses or mainland China undistributed profit withholding tax due to business development

目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 我們的里程碑 | 5 | | 特選品牌及產品 | 6 | | 管理層討論與分析 | 8 | | 企業管治及其他資料 | 18 | | 簡明綜合損益及其他全面收益表 | 23 | | 簡明綜合財務狀況表 | 25 | | 簡明綜合權益變動表 | 26 | | 簡明綜合現金流量表 | 27 | | 簡明綜合財務報表附註 | 28 | 珠峰黃金集團有限公司 | 2025 中期報告 1 珠峰黃金集團有限公司 | 2025 中期報告 公司資料 執行董事 陳和 黃雯 錢鵬程 獨立非執行董事 Hu Qilin 余亮暉 張祖輝 審核委員會 余亮暉 （主席） Hu Qilin 張祖輝 薪酬委員會 張祖輝 （主席） Hu Qilin 余亮暉 開曼群島證券登記總處及過戶辦事處 Intertrust Corporate Services (Cayman) Limited One Nexus Way Camana Bay Grand Cayman KY1-9005 Cayman Islands 香港證券登記處 香港中央證券登記有限公司 香港灣仔 ...

[Company Information](index=2&type=section&id=2%20Company%20Information) This section details the company's board and committee structures, legal and audit advisors, and key contact information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section outlines the composition of the Board of Directors, including executive, non-executive, and independent non-executive directors, along with members of key committees - Executive Directors include Mr. Li Xiaoping (Chairman) and Mr. Yang Zhidong[6](index=6&type=chunk) - Independent Non-executive Directors include Professor Cui Haitao (Chairman), Mr. Gan Zhicheng, and Ms. Liu Xiaolan[6](index=6&type=chunk) - Joint Company Secretary Ms. Cheng Shuhua was appointed from August 26, 2025, with Mr. Zhang Qichang resigning on the same date[6](index=6&type=chunk) [Legal Advisors and Auditor](index=3&type=section&id=Legal%20Advisors%20and%20Auditor) This section identifies the company's legal advisors in Hong Kong and China, along with its auditor, KPMG - The company's auditor is KPMG[7](index=7&type=chunk) - Hong Kong legal advisor is Dechert LLP[6](index=6&type=chunk) - China legal advisors include Guangdong Putian Ge Law Firm and Dentons (Shenzhen) Law Offices[6](index=6&type=chunk) [Company Contact Information](index=4&type=section&id=Company%20Contact%20Information) This section provides the company's key contact and registration details, including headquarters, principal place of business, stock code, website, and investor relations email - The company's stock code is **6989**[10](index=10&type=chunk) - The company's website is http://www.excepm.com[10](index=10&type=chunk) - The investor relations email is ir@exceam.com[10](index=10&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=4%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the group's business performance, financial results, core competencies, and future outlook [Business Review](index=5&type=section&id=Business%20Review) In the first half of 2025, the Group maintained steady operations and growth by optimizing its business structure, diversifying value-added services, and advancing digital transformation despite economic pressures - The Group adheres to a long-term development strategy, operating steadily, continuously optimizing its business structure, and reducing reliance on related businesses[12](index=12&type=chunk) - Embracing the concept of synergistic development of strategic three pillars and core capabilities, the Group focuses on commercial property services and diversifies value-added services[12](index=12&type=chunk) - The Group is committed to digital transformation, building core competitiveness, and exploring industry and company changes based on customer pain points and market demands[12](index=12&type=chunk) [I. Business Overview](index=5&type=section&id=I.%20Business%20Overview) As a leading commercial real estate service operator in China, the Group offers comprehensive asset maintenance and service solutions, encompassing basic property management and diversified value-added services - The Group's main businesses include basic property management services, value-added services, and other related businesses[13](index=13&type=chunk) - Basic property management services cover various business types, including commercial, public and industrial, and residential properties[13](index=13&type=chunk) - Key development areas for value-added services include asset services, Zhuopin commercial general administrative services, and M&E services[18](index=18&type=chunk) [II. Performance Summary](index=8&type=section&id=II.%20Performance%20Summary) In the first half of 2025, the company achieved stable operating performance, met budget targets, saw robust third-party business growth, and optimized its value-added service structure - In the first half of 2025, the company's overall operating performance was stable and positive, meeting budget targets, and maintaining steady growth in third-party business and advantages in the commercial property sector[22](index=22&type=chunk) Revenue Contribution by Business Type (H1 2025) | Business Type | Contribution | | :--- | :--- | | Commercial Property | 61.1% | | Public and Industrial Property | 10.0% | | Residential Property | 18.3% | | Value-added Services | 9.7% | | Other Services | 0.9% | Business Scale Growth | Metric | 2025 (Thousand sq.m.) | 2024 (Thousand sq.m.) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Contracted GFA | 82,500 | 80,097 | 3.0% | | GFA Under Management | 74,284 | 68,120 | 9.0% | | Third-party GFA Under Management Contribution | 62.7% | - | - | Changes in GFA Under Management (Thousand sq.m.) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | At beginning of period | 72,200 | 64,066 | | Newly signed | 4,524 | 6,784 | | Terminated | (2,440) | (2,730) | | At end of period | 74,284 | 68,120 | - Strategic client contract retention rate was close to **100.0%**, with strategic client revenue reaching **RMB 507.7 million**, a **30.2% year-on-year increase** compared to the same period in 2024[34](index=34&type=chunk) GFA Under Management and Revenue Details (Six Months Ended June 30) | Business Type | 2025 GFA Under Management (Thousand sq.m.) | 2025 Revenue (RMB Thousand) | 2024 GFA Under Management (Thousand sq.m.) | 2024 Revenue (RMB Thousand) | | :--- | :--- | :--- | :--- | :--- | | Commercial Property | 32,195 | 1,229,380 | 27,335 | 1,110,517 | | －Excellence Group | 3,050 | 339,252 | 3,050 | 367,079 | | －Third-party Property Developers | 29,145 | 890,128 | 24,285 | 743,438 | | Public and Industrial Property | 14,290 | 201,016 | 14,737 | 275,294 | | Residential Property | 27,799 | 369,386 | 26,048 | 328,165 | | **Total** | **74,284** | **1,799,782** | **68,120** | **1,713,796** | [Core Competency Analysis](index=12&type=section&id=Core%20Competency%20Analysis) The Group's core competencies, including strong brand image, comprehensive service standards, strategic talent development, and ongoing digital transformation, reinforce its leading position in commercial property services - Awarded industry honors such as "2025 China Property Service Top 100 Enterprises (TOP11)" and "2025 China IFM Service Excellent Enterprises (TOP2)", and received a Wind ESG rating of **"AA"**[38](index=38&type=chunk) - Certified with multiple management systems including ISO9001, ISO14001, ISO45001, ISO50001, ISO41001, and is a BOMA Platinum Member, IFMA Gold Member, and RICS Member[39](index=39&type=chunk) - Established a comprehensive talent management system, cultivating talent through "New Wing Management Trainee," "Zhuo Jiang," and "Zhuo Yue Program," covering **over 2,800 key positions** for training in H1 2025[42](index=42&type=chunk) - Steadfastly advancing digital transformation, completing the initial 1.0 phase with core business systems deployed, achieving integrated business and finance management and refined operations[44](index=44&type=chunk) [Future Outlook](index=14&type=section&id=Future%20Outlook) The Group aims to become China's leading commercial real estate service operator by integrating strategic pillars with digital transformation, focusing on growth and core capability building for sustainable value creation - The Group's vision is to be "China's leading commercial real estate service operator," with a strategic direction of "combining strategic three pillars and digital transformation"[45](index=45&type=chunk) - Foundations are solidified through "organizational building, business development, and capability building," supported by "value distribution and management culture" as driving forces[45](index=45&type=chunk) [I. Strategic Planning](index=14&type=section&id=I.%20Strategic%20Planning) The Group's strategic planning aims to establish it as China's leading commercial real estate service operator, integrating strategic pillars with digital transformation, supported by organizational, business, and capability building - The Group consistently pursues the vision of becoming "China's leading commercial real estate service operator," adhering to the strategic direction of "combining strategic three pillars and digital transformation"[45](index=45&type=chunk) - Foundations are solidified through "organizational building, business development, and capability building," supported by "value distribution and management culture" as driving forces[45](index=45&type=chunk) [II. Business Development Strategy](index=14&type=section&id=II.%20Business%20Development%20Strategy) The company will pursue a long-term strategy for independent market development, focusing on strategic clients, diversified value-added services, new sector breakthroughs, and digital capability building to enhance efficiency - Adhering to a multi-engine business strategy, the Group deepens strategic client relationships, expands multi-channel resources, and increases market share[46](index=46&type=chunk) - In new business areas, the Group will build diversified business segments across public construction, new consumption, and commercial retail[47](index=47&type=chunk) - In value-added services, leveraging an integrated platform, the Group continuously optimizes service processes and provides customized service solutions[48](index=48&type=chunk) - Digital capability building is a key focus for the company's core capabilities, integrating internal systems, optimizing business processes, and building a digital platform[50](index=50&type=chunk)[51](index=51&type=chunk) [II. Financial Review](index=16&type=section&id=II.%20Financial%20Review) In H1 2025, total revenue decreased by **3.2%** to **RMB 2,015.15 million**, driven by a **43.7% decline** in value-added services, while net profit and margin also fell, and loans receivable significantly reduced due to financial services divestment - For the six months ended June 30, 2025, the Group's revenue was **RMB 2,015.15 million**, a **3.2% decrease** compared to the same period last year[52](index=52&type=chunk) Revenue Composition and Changes (Six Months Ended June 30) | Business Type | 2025 (RMB Thousand) | 2025 (%) | 2024 (RMB Thousand) | 2024 (%) | Change (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 1,799,782 | 89.4 | 1,713,976 | 82.3 | 85,806 | 5.0 | | Value-added Services | 196,401 | 9.7 | 349,147 | 16.8 | (152,746) | (43.7) | | Other Businesses | 18,962 | 0.9 | 19,355 | 0.9 | (393) | 2.0 | | **Total Revenue** | **2,015,145** | **100.0** | **2,082,478** | **100.0** | **(67,333)** | **(3.2)** | - Value-added service revenue decreased by **43.7%**, primarily due to the reduction in M&E installation business and a decrease in leasing operation services provided[55](index=55&type=chunk)[56](index=56&type=chunk) Gross Profit and Gross Profit Margin Details (Six Months Ended June 30) | Business Type | 2025 Gross Profit (RMB Thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB Thousand) | 2024 Gross Profit Margin (%) | Gross Profit Margin Change (Percentage Points) | | :--- | :--- | :--- | :--- | :--- | :--- | | Basic Property Management Services | 314,775 | 17.5 | 317,516 | 18.5 | (1.0) | | Value-added Services | 45,634 | 23.2 | 86,917 | 24.9 | (1.7) | | Other Businesses | 18,652 | 98.4 | 17,734 | 91.6 | 6.8 | | **Total** | **379,061** | **18.8** | **422,167** **(1.5)** | **20.3** | | - Net profit was **RMB 162.31 million**, a **11.7% decrease** year-on-year; profit attributable to equity holders of the company was **RMB 146.99 million**, a **13.8% decrease**[73](index=73&type=chunk) - Net profit margin was **8.1%** (H1 2024: 8.8%)[74](index=74&type=chunk) - Loans receivable were approximately **RMB zero**, a decrease of approximately **RMB 629.45 million** from December 31, 2024, primarily due to the divestment of the financial services business segment[81](index=81&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents were **RMB 689.34 million**, a **26.3% decrease** from December 31, 2024[91](index=91&type=chunk) [Corporate Governance / Other Information](index=23&type=section&id=22%20Corporate%20Governance%20%2F%20Other%20Information) This section details corporate governance practices, IPO proceeds utilization, significant investments, employee policies, share option schemes, and post-reporting period events [Use of Proceeds from Listing](index=23&type=section&id=Use%20of%20Proceeds%20from%20Listing) The company utilized approximately **RMB 2,333.8 million (84.5%)** of its **RMB 2,760.4 million** net listing proceeds by June 30, 2025, primarily for business expansion, talent development, and IT system development - Total net proceeds from listing were approximately **HKD 3,359.5 million (RMB 2,760.4 million)**[94](index=94&type=chunk) - As of June 30, 2025, approximately **RMB 2,333.8 million** of net proceeds had been utilized, representing **84.5%**, with **RMB 426.6 million** remaining unutilized[94](index=94&type=chunk) Planned and Actual Use of Listing Proceeds (As of June 30, 2025) | Main Category | Revised Planned Use Amount (RMB Million) | Actual Amount Utilized as of June 30, 2025 (RMB Million) | | :--- | :--- | :--- | | Business Expansion | 1,518.2 | 610.5 | | Development of Information Technology Systems | 82.8 | 6.7 | | Facility Upgrades for Properties Under Management | 110.4 | 28 | | Talent Acquisition and Cultivation | 496.9 | 244.8 | | General Corporate Purposes | 552.1 | 61.5 | - The estimated utilization period for the reallocated unutilized net proceeds is before **December 31, 2026**[99](index=99&type=chunk) [Significant Investments Held, Major Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=26&type=section&id=Significant%20Investments%20Held%2C%20Major%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the reporting period, the Group divested its financial services business, with no other significant investments, acquisitions, or disposals, and entered a settlement agreement post-period - During the reporting period, the Group divested its financial services business[101](index=101&type=chunk) - On August 24, 2025, Shenzhen Excellence Property Management Co., Ltd. entered into a settlement agreement with Excellence Real Estate Group Co., Ltd[102](index=102&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **18,991** full-time staff in China and **88** in India, offering competitive remuneration packages including salaries, allowances, bonuses, and social benefits - As of June 30, 2025, the Group had a total of **18,991** and **88** full-time employees in China and India, respectively (December 31, 2024: 17,787 and 86 employees)[104](index=104&type=chunk) - The Group provides competitive remuneration packages to employees, including directors' fees, salaries, allowances and benefits in kind, bonuses, provident fund contributions, and social welfare[104](index=104&type=chunk) [Share Option Schemes](index=26&type=section&id=Share%20Option%20Schemes) The company's 2020 share option scheme has not granted any options, and all pre-IPO options adopted in 2020 lapsed by June 30, 2025, due to unfulfilled vesting conditions - The company's share option scheme was approved and adopted on September 28, 2020, and no share options have been granted under the scheme from the adoption date up to the date of this report[105](index=105&type=chunk) - The remaining term of the share option scheme is approximately **4 years**[106](index=106&type=chunk) - The pre-IPO share option scheme was approved and adopted on September 9, 2020, but as of June 30, 2025, all share options had lapsed due to unfulfilled vesting conditions[111](index=111&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025, prioritizing capital for business operations to ensure long-term stability and enhance shareholder value - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[116](index=116&type=chunk) - This decision aims to prioritize capital investment in business operations to maintain long-term stable operations and continuous enhancement of shareholder value[116](index=116&type=chunk) [Corporate Governance Practices](index=29&type=section&id=Corporate%20Governance%20Practices) The Group maintains high corporate governance standards, complying with all applicable Listing Rules, and its Audit Committee has reviewed and approved accounting principles and interim results - The company has consistently complied with all applicable code provisions of the Corporate Governance Code[118](index=118&type=chunk) - The Audit Committee has reviewed and approved the accounting principles and practices adopted by the Group, and has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2025[123](index=123&type=chunk) [Directors' and Major Shareholders' Interests](index=31&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As of June 30, 2025, directors and major shareholders held interests in the company's shares, with Mr. Li Xiaoping holding **9.68%** via spouse's interest and Mr. Li Hua holding **59.20%** via controlled corporation interest Directors' Interests in the Company's Shares (As of June 30, 2025) | Director's Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Li Xiaoping | Spouse's Interest | 118,120,000 | 9.68% | | | Beneficial Owner | 272,000 | 0.02% | | Ms. Guo Ying | Beneficial Owner | 75,000 | 0.01% | Major Shareholders' Interests in Shares (As of June 30, 2025) | Shareholder's Name/Entity | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Li Hua | Controlled Corporation Interest | 722,440,000 | 59.20% | | Dongrun Holdings Group Co., Ltd. | Controlled Corporation Interest | 722,440,000 | 59.20% | | Urban Hero Investments Limited | Beneficial Owner | 722,440,000 | 59.20% | | Ms. Xiao Xingping | Controlled Corporation Interest | 117,900,000 | 9.66% | | | Beneficial Owner | 220,000 | 0.02% | | | Spouse's Interest | 272,000 | 0.02% | | Ever Rainbow Holdings Limited | Beneficial Owner | 117,900,000 | 9.66% | | Mr. Li Yuan | Controlled Corporation Interest | 63,000,000 | 5.16% | | Autumn Riches Limited | Beneficial Owner | 63,000,000 | 5.16% | [Events After Reporting Period](index=33&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, the Group entered a settlement agreement for conditional asset acquisition and received a final court judgment confirming joint and several guarantee liability for a loan dispute - On August 24, 2025, Shenzhen Excellence Property Management Co., Ltd. entered into a settlement agreement with Excellence Real Estate Group Co., Ltd[131](index=131&type=chunk) - In August 2025, the Beijing High People's Court issued a final judgment on the Beijing Global dispute, ruling that the Group is jointly and severally liable for the loan principal and interest[131](index=131&type=chunk) [Review Report to the Board of Directors of Excellence Commercial Property & Facilities Management Group Limited](index=34&type=section&id=33%20Review%20Report%20to%20the%20Board%20of%20Directors%20of%20Excellence%20Commercial%20Property%20%26%20Facilities%20Management%20Group%20Limited) KPMG reviewed the interim financial report for the six months ended June 30, 2025, finding no material non-compliance with Hong Kong Accounting Standard 34 - KPMG has reviewed the interim financial report published on pages 34 to 60[133](index=133&type=chunk) - The scope of review is significantly smaller than an audit, thus it cannot guarantee that all material matters discoverable in an audit would be known, and therefore no audit opinion is expressed[134](index=134&type=chunk) - Based on the review, no matters were found to indicate that the interim financial report for the six months ended June 30, 2025, was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 – "Interim Financial Reporting"[135](index=135&type=chunk) [Consolidated Statement of Profit or Loss](index=35&type=section&id=34%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This consolidated statement presents the financial performance for the six months ended June 30, 2025, with a profit of **RMB 162.31 million** and basic earnings per share of **RMB 12.05 cents** Key Data from Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 1,996,183 | 2,063,123 | | Cost of sales | (1,635,774) | (1,659,585) | | Gross profit | 360,409 | 403,538 | | Operating profit | 207,930 | 222,596 | | Profit before tax | 211,383 | 227,674 | | Income tax expense | (53,783) | (42,016) | | Profit for the period (continuing operations) | 157,600 | 185,658 | | Profit for the period (discontinued operations) | 4,706 | (1,859) | | **Profit for the period** | **162,306** | **183,799** | | Attributable to equity holders of the Company | 146,992 | 170,499 | | Non-controlling interests | 15,314 | 13,300 | | Basic earnings per share (RMB cents) | 12.05 | 13.97 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=36&type=section&id=35%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This consolidated statement presents the total comprehensive income for the six months ended June 30, 2025, which was **RMB 162.61 million**, including profit for the period and exchange differences Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Profit for the period | 162,306 | 183,799 | | Other comprehensive income (Exchange differences) | 308 | 424 | | **Total comprehensive income for the period** | **162,614** | **184,223** | | Attributable to equity holders of the Company | 147,300 | 170,923 | | Non-controlling interests | 15,314 | 13,300 | [Consolidated Statement of Financial Position](index=37&type=section&id=36%20Consolidated%20Statement%20of%20Financial%20Position) This consolidated statement presents the financial position as of June 30, 2025, with total assets of **RMB 5,346.26 million** and total equity of **RMB 3,887.81 million**, noting a significant increase in trade and other receivables and zero loans receivable Key Data from Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 41,332 | 52,936 | | Right-of-use assets | 670,823 | 589,306 | | Intangible assets | 268,770 | 287,857 | | Goodwill | 225,287 | 225,287 | | Interests in associates | 51,546 | 52,861 | | Interests in joint ventures | 164,346 | 11,280 | | Deferred tax assets | 97,234 | 97,898 | | **Total non-current assets** | **1,519,338** | **1,317,425** | | **Current assets** | | | | Inventories | 416,991 | 295,338 | | Trade and other receivables | 2,428,282 | 1,808,575 | | Loans receivable | – | 629,449 | | Cash and cash equivalents | 689,337 | 935,434 | | **Total current assets** | **3,826,922** | **3,822,768** | | **Current liabilities** | | | | Contract liabilities | 168,830 | 145,758 | | Trade and other payables | 1,043,494 | 944,354 | | Financial guarantees issued | 72,433 | 72,433 | | Lease liabilities | 6,891 | 8,852 | | Current taxation | 99,074 | 97,686 | | **Total current liabilities** | **1,390,722** | **1,269,083** | | **Non-current liabilities** | | | | Lease liabilities | 3,668 | 5,681 | | Deferred tax liabilities | 64,064 | 67,916 | | **Total non-current liabilities** | **67,732** | **73,597** | | **Total equity** | **3,887,806** | **3,797,513** | [Consolidated Statement of Changes in Equity](index=39&type=section&id=38%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This consolidated statement details equity changes for the six months ended June 30, 2025, with total equity increasing by **2.4%** to **RMB 3,887.81 million**, primarily driven by profit for the period Key Data from Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Balance at beginning of period | 3,797,513 | 3,652,696 | | Profit for the period | 162,306 | 183,799 | | Other comprehensive income | 308 | 424 | | Total comprehensive income | 162,614 | 184,223 | | Dividends declared to non-controlling interests | (1,619) | (10,825) | | Final dividend declared for previous year | (70,744) | (75,569) | | **Balance at end of period** | **3,887,806** | **3,750,525** | [Condensed Consolidated Statement of Cash Flows](index=41&type=section&id=40%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This condensed consolidated statement shows a net decrease of **RMB 245.71 million** in cash and cash equivalents for the six months ended June 30, 2025, mainly due to outflows from operating and investing activities Key Data from Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (9,623) | (594,100) | | Net cash used in investing activities | (229,698) | (464,132) | | Net cash used in financing activities | (6,389) | (19,436) | | **Net decrease in cash and cash equivalents** | **(245,710)** | **(1,077,668)** | | Cash and cash equivalents at January 1 | 935,434 | 2,156,703 | | Cash and cash equivalents at June 30 | 689,337 | 1,079,136 | [Notes to the Unaudited Interim Financial Report](index=41&type=section&id=41%20Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the unaudited interim financial report, covering accounting policies, non-continuing operations, revenue, profit before tax, income tax, and financial instruments [1 Basis of Preparation](index=42&type=section&id=1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with HKAS 34 and Listing Rules, and has been reviewed by KPMG, though it remains unaudited - This interim financial report has been prepared in accordance with the applicable disclosure provisions 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[150](index=150&type=chunk) - This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[151](index=151&type=chunk) [2 Changes in Accounting Policies](index=42&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 amendments regarding exchange rate changes, which had no significant impact on this interim report as no non-exchangeable foreign currency transactions occurred - The Group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" issued by the Hong Kong Institute of Certified Public Accountants to the interim financial report for the current accounting period[152](index=152&type=chunk) - As the Group has not entered into any foreign currency transactions where one foreign currency is not exchangeable into another, these amendments have no significant impact on this interim announcement[152](index=152&type=chunk) [3 Discontinued Operations](index=43&type=section&id=3%20Discontinued%20Operations) The Group divested its financial services business for **RMB 337.79 million** in equity, commercial apartments, and cash, resulting in a post-tax profit of **RMB 4.71 million** - The Group entered into an equity agreement with Excellence Group to dispose of its entire equity interest in certain wholly-owned subsidiaries ("Disposal"), for a total consideration of **RMB 337,789,000**[154](index=154&type=chunk) - The consideration was settled by equity interest in Shenzhen Excellence Real Estate Investment Co., Ltd., certain commercial apartments, and cash[154](index=154&type=chunk) - Profit/(loss) for the period from discontinued operations, net of tax, was **RMB 4,706 thousand** (2024: (RMB 1,859) thousand)[155](index=155&type=chunk) - Impact of the Disposal on the Group's financial position: net cash inflow of **RMB 52,970 thousand**[157](index=157&type=chunk) [4 Revenue and Segment Reporting](index=45&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group's revenue primarily stems from basic property management services (**RMB 1,799.78 million**) and value-added services (**RMB 184.28 million**), with a decrease in revenue from Excellence Group and other related parties Revenue from Contracts with Customers by Major Category (Six Months Ended June 30) | Revenue Source | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Basic property management services | 1,799,782 | 1,713,976 | | Value-added services | 184,284 | 349,147 | | Car park sales | 12,117 | – | | Financial services income (discontinued operations) | 18,962 | 19,355 | | **Total** | **2,015,145** | **2,082,478** | - For the six months ended June 30, 2025, revenue from Excellence Real Estate Group Co., Ltd. and its subsidiaries and other related parties was **RMB 162,451,000** (six months ended June 30, 2024: RMB 262,334,000)[160](index=160&type=chunk) - The Group manages its business through two reportable segments: property management services and financial services (disposed of in 2025)[163](index=163&type=chunk) [5 Profit Before Tax](index=48&type=section&id=5%20Profit%20Before%20Tax) Profit before tax is reported after accounting for finance costs, depreciation, amortization, impairment losses, and subcontracting costs, with finance costs significantly decreasing due to reduced borrowings Finance Costs (Six Months Ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Interest on bank loans | – | 615 | | Interest on lease liabilities | 233 | 364 | | **Total** | **233** | **979** | Depreciation and Amortization Expenses (Six Months Ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Owned property, plant and equipment | 5,313 | 8,089 | | Right-of-use assets for property, plant and equipment | 5,462 | 7,360 | | Right-of-use assets for car parks | 9,413 | – | | Intangible assets | 20,301 | 25,092 | | **Total** | **40,489** | **40,541** | - Impairment losses on receivables and financial guarantees issued were **RMB 31,084 thousand** (2024: RMB 23,990 thousand)[169](index=169&type=chunk) - Subcontracting costs were **RMB 328,421 thousand** (2024: RMB 308,328 thousand)[169](index=169&type=chunk) [6 Income Tax](index=49&type=section&id=6%20Income%20Tax) Income tax expense for the six months ended June 30, 2025, increased to **RMB 53.78 million**, mainly due to deferred tax asset recognition in 2024, with Chinese subsidiaries subject to 25% or preferential 15% corporate income tax rates Income Tax Expense (Six Months Ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current tax | 63,357 | 67,950 | | Deferred tax | (9,574) | (25,934) | | **Total** | **53,783** | **42,016** | - The increase in income tax expense was primarily due to the recognition of deferred tax assets in 2024 arising from unused tax losses expected to be utilized based on future business plans[71](index=71&type=chunk) - The Group's principal PRC subsidiaries are subject to Corporate Income Tax at a statutory rate of **25%** on their respective assessable income, with some enjoying a preferential income tax rate of **15%**[172](index=172&type=chunk) [7 Basic Earnings Per Share](index=50&type=section&id=7%20Basic%20Earnings%20Per%20Share) For the six months ended June 30, 2025, profit attributable to equity holders was **RMB 146.99 million**, resulting in basic earnings per share of **RMB 12.05 cents**, based on **1,220,348,000** weighted average ordinary shares - Basic earnings per share is calculated based on the profit attributable to equity holders of the Company of **RMB 146,992,000** for the six months ended June 30, 2025, and the weighted average of **1,220,348,000** ordinary shares in issue[173](index=173&type=chunk) - For the six months ended June 30, 2025, and June 30, 2024, the Group had no potentially dilutive ordinary shares in issue[173](index=173&type=chunk) [8 Right-of-Use Assets and Other Property, Plant and Equipment](index=50&type=section&id=8%20Right-of-Use%20Assets%20and%20Other%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group recognized an **RMB 2.08 million** increase in right-of-use assets for leased properties and acquired car park right-of-use assets for **RMB 90.93 million** from Excellence Group - For the six months ended June 30, 2025, the Group entered into several lease agreements for office space and dormitories, recognizing an increase in right-of-use assets for self-occupied leased properties of **RMB 2,082,000**[174](index=174&type=chunk) - The Group entered into multiple right-of-use transfer agreements to acquire right-of-use assets for car parks from Excellence Group for a consideration of **RMB 90,930,000**[174](index=174&type=chunk) [9 Interests in Joint Ventures](index=50&type=section&id=9%20Interests%20in%20Joint%20Ventures) For the six months ended June 30, 2025, the Group acquired a **50%** equity interest in Shenzhen Excellence Real Estate Investment Co., Ltd. for **RMB 151.48 million**, as part of the non-monetary consideration for a subsidiary disposal - For the six months ended June 30, 2025, the Group acquired a **50%** equity interest in Shenzhen Excellence Real Estate Investment Co., Ltd. for a total consideration of **RMB 151,478,000**[176](index=176&type=chunk) - This was part of the non-monetary consideration for the disposal of a subsidiary as described in Note 3[176](index=176&type=chunk) [10 Inventories](index=51&type=section&id=10%20Inventories) As of June 30, 2025, total inventories were **RMB 416.99 million**, primarily properties held for sale, with the increase mainly attributed to commercial apartments from the financial services business disposal Inventories (As of June 30) | Item | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Properties held for sale | 403,553 | 292,059 | | Others | 13,438 | 3,279 | | **Total** | **416,991** | **295,338** | - Properties held for sale include certain commercial apartments amounting to **RMB 103,325,000**, which was part of the non-monetary consideration for the disposal of a subsidiary as described in Note 3[178](index=178&type=chunk) [11 Trade and Other Receivables](index=51&type=section&id=11%20Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables increased by **RMB 619.70 million** to **RMB 2,428.28 million**, driven by revenue growth and the disposal of financial services business - As of June 30, 2025, the Group's net trade and other receivables were approximately **RMB 2,428.28 million**, an increase of approximately **RMB 619.70 million** from December 31, 2024[80](index=80&type=chunk) - Net trade receivables increased by approximately **RMB 251.03 million**, and net other receivables increased by approximately **RMB 369.54 million**, due to the disposal of the financial services business[80](index=80&type=chunk) - Other receivables from related parties primarily include outstanding loans of **RMB 300,000,000** and dividends receivable from a disposed subsidiary of **RMB 27,059,000**[180](index=180&type=chunk) Ageing Analysis of Trade Receivables (Net of Loss Allowance) (As of June 30) | Ageing | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 1 year | 1,380,463 | 1,155,913 | | 1 to 2 years | 286,914 | 278,443 | | 2 to 3 years | 49,201 | 31,194 | | **Total** | **1,716,578** | **1,465,550** | [12 Loans Receivable](index=52&type=section&id=12%20Loans%20Receivable) As of June 30, 2025, loans receivable decreased significantly to **RMB zero** from **RMB 629.45 million** at year-end 2024, due to the divestment of the financial services business - As of June 30, 2025, the Group's loans receivable were approximately **RMB zero**, a decrease from approximately **RMB 629.45 million** as of December 31, 2024[81](index=81&type=chunk) - This was primarily due to the Group's divestment of its financial services business segment during the reporting period, with all loans receivable sold as part of the disposal of a subsidiary[81](index=81&type=chunk)[182](index=182&type=chunk) [13 Financial Assets Measured at Fair Value Through Profit or Loss](index=53&type=section&id=13%20Financial%20Assets%20Measured%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets measured at fair value through profit or loss increased to **RMB 176.42 million**, primarily comprising wealth management products and other investment products Financial Assets Measured at Fair Value Through Profit or Loss (As of June 30) | Item | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Wealth management products | 140,214 | 30,195 | | Other investment products | 36,202 | – | | **Total** | **176,416** | **30,195** | - The fair value of wealth management products is determined based on the expected rates of return stipulated in the relevant contracts with counterparties[184](index=184&type=chunk) - Other investment products refer to investments in public money market funds, whose fair value is determined based on valuation reports provided by fund managers[185](index=185&type=chunk) [14 Restricted Deposits and Cash and Cash Equivalents](index=53&type=section&id=14%20Restricted%20Deposits%20and%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, restricted deposits totaled **RMB 108.72 million**, while cash and cash equivalents decreased by **26.3%** to **RMB 689.34 million**, primarily due to investment product and right-of-use asset purchases Restricted Deposits (As of June 30) | Item | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cash collected on behalf of owners' committees | 25,738 | 24,572 | | Housing maintenance funds received | 24,882 | 21,023 | | Cash frozen due to litigation | 44,014 | 57,426 | | Other restricted deposits | 14,086 | 15,836 | | **Total** | **108,720** | **118,857** | Cash and Cash Equivalents (As of June 30) | Item | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cash on hand | 542 | 645 | | Deposits with banks and other financial institutions | 688,795 | 934,789 | | **Total** | **689,337** | **935,434** | - As of the end of the reporting period, cash and cash equivalents held in Mainland China amounted to **RMB 671,527,000** (December 31, 2024: RMB 924,281,000)[188](index=188&type=chunk) [15 Trade and Other Payables](index=55&type=section&id=15%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased by **RMB 99.14 million** to **RMB 1,043.49 million**, primarily due to dividends payable to equity holders and funds collected for owners' committees Trade and Other Payables (As of June 30) | Item | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade payables | 463,769 | 414,587 | | Other payables | 70,699 | 64,443 | | Consideration payable for business combinations | 15,437 | 15,437 | | Dividends payable to equity holders of the Company | 69,952 | – | | Dividends payable to non-controlling interests | 6,205 | 6,205 | | Cash collected on behalf of owners' committees | 25,738 | 24,572 | | Housing maintenance funds held on behalf of owners | 24,882 | 21,023 | | Financial liabilities measured at amortized cost | 676,682 | 546,267 | | Accrued salaries and other benefits | 200,922 | 233,197 | | Deposits | 133,738 | 129,877 | | Accrued expenses | 32,152 | 35,013 | | **Total** | **1,043,494** | **944,354** | - Trade payables primarily refer to amounts payable for subcontracting services such as cleaning, security, landscaping, engineering materials or facilities, and maintenance services provided by suppliers, as well as amounts related to facility or car park leases[190](index=190&type=chunk) Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 1 month | 139,448 | 136,439 | | 1 to 3 months | 165,607 | 141,990 | | 3 to 6 months | 58,996 | 37,466 | | 6 to 12 months | 42,453 | 25,223 | | Over 12 months | 57,265 | 73,469 | | **Total** | **463,769** | **414,587** | [16 Financial Guarantees Issued](index=56&type=section&id=16%20Financial%20Guarantees%20Issued) As of June 30, 2025, financial guarantees issued remained at **RMB 72.43 million**, primarily for a seller's loan, with a final court judgment in August 2025 confirming the Group's joint and several liability for the loan - Financial guarantees issued amounted to **RMB 72,433 thousand** (December 31, 2024: RMB 72,433 thousand)[192](index=192&type=chunk) - Beijing Global provided a guarantee for a seller's loan with a principal of **RMB 183,433,000**[192](index=192&type=chunk) - In August 2025, the Beijing High People's Court issued a final judgment, ruling that the Group is jointly and severally liable for the principal and interest of the aforementioned loan[192](index=192&type=chunk) [17 Capital and Dividends](index=57&type=section&id=17%20Capital%20and%20Dividends) The company's issued and paid-up share capital remained unchanged, with no interim dividend recommended for H1 2025, though a final dividend of **HKD 6.28 cents (RMB 5.80 cents)** per ordinary share was approved for the prior year - Issued and fully paid share capital consists of **1,220,348,000** ordinary shares of **HKD 0.01** each[194](index=194&type=chunk) - Interim dividend declared after the interim period was **zero HK cents** (2024: HKD 7.66 cents per ordinary share)[195](index=195&type=chunk) - A final dividend for the previous financial year of **HKD 6.28 cents** (equivalent to **RMB 5.80 cents**) per ordinary share, totaling **RMB 70,744 thousand**, was approved during the period[195](index=195&type=chunk) [18 Fair Value Measurement of Financial Instruments](index=58&type=section&id=18%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's financial instruments are primarily classified as Level 2 for fair value measurement, encompassing wealth management and other investment products, with no transfers between levels during the six months ended June 30, 2025 - The Group's financial instruments are classified as Level 2 for fair value measurement, including wealth management products and other investment products[199](index=199&type=chunk) - For the six months ended June 30, 2025, there were no transfers between Level 1 and Level 2, nor any transfers into or out of Level 3[199](index=199&type=chunk) - The fair value of wealth management products is the estimated amount the Group would receive upon selling the products at the end of the reporting period, taking into account current interest rates[200](index=200&type=chunk) [19 Commitments](index=60&type=section&id=19%20Commitments) Total unfulfilled commitments not yet provided for in the interim financial report amounted to **RMB 12.73 million**, mainly for authorized but uncontracted acquisitions of property, plant, equipment, and intangible assets Commitments (As of June 30) | Item | 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Authorized but not contracted – acquisition of property, plant and equipment | 1,782 | 11,132 | | Authorized but not contracted – acquisition of intangible assets | 10,944 | 13,867 | | **Total** | **12,726** | **24,999** | [20 Contingent Liabilities](index=60&type=section&id=20%20Contingent%20Liabilities) The Group faces a contingent liability from an arbitration notice concerning a **40%** equity acquisition, for which no provision has been recognized due to an unreliable outcome estimate - Shenzhen Excellence Property Management Co., Ltd., an indirect wholly-owned subsidiary of the Company, received an arbitration notice from the Shanghai Arbitration Commission regarding a dispute over the acquisition of a **40%** equity interest in a project company[204](index=204&type=chunk) - The applicant claimed **RMB 20.8 million** in liquidated damages and other fees from the disposed subsidiary and Excellence Property Management[205](index=205&type=chunk) - As the outcome of the arbitration cannot be reliably estimated, no provision has been recognized for the arbitration[204](index=204&type=chunk) [21 Significant Related Party Transactions](index=61&type=section&id=21%20Significant%20Related%20Party%20Transactions) The Group engaged in significant related party transactions with Excellence Group, including providing property management and value-added services, procuring maintenance, leasing properties, and acquiring IT system support - For the six months ended June 30, 2025, the Group provided property management services and value-added services to Excellence Group and other related parties, with revenues of **RMB 109,380,000** and **RMB 53,071,000**, respectively[209](index=209&type=chunk) - The Group purchased IT system support services from Excellence Group for **RMB 9,405,000**[209](index=209&type=chunk) - The Group entered into lease agreements for certain leased properties from its related parties, with rent payable amounting to **RMB 11,952,000**[209](index=209&type=chunk) [22 Non-Adjusting Events After Reporting Period](index=61&type=section&id=22%20Non-Adjusting%20Events%20After%20Reporting%20Period) Post-reporting period, the Group entered a settlement agreement for conditional asset acquisition and received a civil judgment confirming joint and several guarantee liability for a loan dispute - On August 24, 2025, Shenzhen Excellence Property Management Co., Ltd. entered into a settlement agreement with Excellence Real Estate Group Co., Ltd. for the conditional acquisition of offsetting assets[209](index=209&type=chunk) - In August 2025, the Group received a civil judgment from the court regarding the Beijing Global dispute, confirming joint and several guarantee liability[209](index=209&type=chunk)

年報 目錄 | 2 | 集團架構 | | --- | --- | | 3 | 財務摘要 | | 4 | 主席報告書 | | 6 | 行政總裁報告書 | | 28 | 香港主要物業項目 | | 30 | 中國內地主要物業項目 | | 32 | 董事簡介 | | 46 | 企業可持續發展 | | 102 | 企業管治報告 | | 140 | 投資者關係 | | 142 | 公司資料 | | 143 | 董事會報告 | | 164 | 管理層討論及分析 | | 170 | 獨立核數師報告 | | 176 | 綜合收益表 | | 177 | 綜合全面收益表 | | 178 | 綜合財務狀況表 | | 180 | 綜合權益變動表 | | 182 | 綜合現金流量表 | | 184 | 財務報表附註 | | 276 | 五年財務概要 | | 278 | 物業概覽 | | 294 | 詞彙釋義 | 聲明 本年報內載列的相片、圖像、繪圖或素描顯示純屬畫家對有關發展項目之想像。有關相片、圖像、繪圖或素描並非按照比例繪畫及╱或可能經 過電腦修飾處理。準買家如欲了解發展項目的詳情，請參閱售樓說明書。賣方亦建議準買家到有關發展地盤作 ...

[Definitions](index=3&type=section&id=%E9%87%8B%20%E7%BE%A9) This chapter defines key terms across company operations, governance, finance, and legal aspects for clear report understanding - This section provides definitions of key terms used in the report, covering specialized terminology related to company operations, governance, finance, and legal aspects, such as **AI**, **Share Award Scheme**, and **Stock Exchange**, to ensure clear understanding of the report content[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board and Committee Members](index=6&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83%E6%88%90%E5%93%A1) The Board of Directors includes executive and independent non-executive members, with specific individuals appointed to the Audit, Remuneration, and Nomination Committees - Executive Directors include Mr. Jiang Xiaohuang (Chairman of the Board and Chief Executive Officer), Mr. Xu Lin, and Mr. Sun Bo[7](index=7&type=chunk) - Independent Non-Executive Directors include Mr. Zhu Wei, Mr. Zhang Jinsong, and Ms. Tang Haiyan[7](index=7&type=chunk) - The Audit Committee Chairman is Mr. Zhu Wei, the Remuneration Committee Chairman is Mr. Zhang Jinsong, and the Nomination Committee Chairman is Mr. Jiang Xiaohuang[7](index=7&type=chunk) [Company Contact and Professional Advisors](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%AF%E7%B5%A1%E5%8F%8A%E5%B0%88%E6%A5%AD%E9%A1%A7%E5%95%8F) The company's registered office is in the Cayman Islands, with principal operations in Suzhou and Hong Kong, and detailed contact information is provided - The Company's website is www.friendtimes.net, and its stock code is **6820**[7](index=7&type=chunk) - The auditor is KPMG, and principal bankers include China Construction Bank Suzhou Branch and The Hongkong and Shanghai Banking Corporation Limited[9](index=9&type=chunk) [Financial Highlights](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Performance Overview](index=8&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) For the six months ended June 30, 2025, revenue grew by **18.5%** to **RMB 623,463 thousand**, achieving a profit of **RMB 40,713 thousand** Performance Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 623,463 | 526,072 | | Gross Profit | 459,113 | 360,287 | | Profit/(Loss) for the Period | 40,713 | (72,328) | [Assets, Liabilities, and Equity Overview](index=8&type=section&id=%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%AC%8A%E7%9B%8A%E6%A6%82%E8%A6%BD) As of June 30, 2025, total assets increased to **RMB 1,415,713 thousand**, liabilities decreased, and equity rose to **RMB 1,190,760 thousand** Assets, Liabilities, and Equity Summary | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 1,415,713 | 1,402,476 | | Total Liabilities | 224,953 | 252,400 | | Total Equity | 1,190,760 | 1,150,076 | [Management Discussion and Analysis](index=9&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Overview](index=9&type=section&id=%E6%A6%82%E8%A6%BD) The Group, a leading integrated R&D and operations mobile game developer, focuses on high-quality cultural products and global market expansion - The Group adheres to a content-first, quality-first approach, aiming to become a globally outstanding cultural and creative enterprise[13](index=13&type=chunk) - Since its establishment in 2010, the Group has successfully launched several core products, including *Legend of Concubine*, *A Story of Floating Life*, and *Fleeting Life: Linglong*[13](index=13&type=chunk) - The Group actively explores general user, mini-game, and overseas markets, committed to disseminating traditional Chinese culture globally[13](index=13&type=chunk) [Performance Review](index=9&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, total revenue reached **RMB 623.5 million** (up **18.5%**), with profit of **RMB 40.7 million** (up **156.3%**), driven by new games and improved margins - Total revenue was approximately **RMB 623.5 million**, an increase of approximately **18.5%** compared to the same period in 2024[14](index=14&type=chunk) - Profit for the period was approximately **RMB 40.7 million**, turning a loss into profit, an increase of approximately **156.3%** compared to the same period in 2024[14](index=14&type=chunk) - Profit growth was primarily attributable to increased revenue from new games (especially mini-games *Du Lala's Promotion* and *Ling Yun Nuo*), a higher proportion of high-margin channel income leading to a gross margin increase of approximately **5 percentage points**, and a decrease in both R&D expense ratio and selling expense ratio[14](index=14&type=chunk) [Business Review](index=10&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group pursues 'premiumization, diversification, globalization' and 'AI+Gaming' strategies, enhancing player experience and achieving strong market performance through long-term operations [Product Strategy and Cultural Dissemination](index=10&type=section&id=%E7%94%A2%E5%93%81%E7%AD%96%E7%95%A5%E8%88%87%E6%96%87%E5%8C%96%E5%82%B3%E6%92%AD) The Group's product strategy emphasizes premiumization, diversification, and globalization, integrating oriental aesthetics to disseminate traditional Chinese culture globally - The Group adheres to a 'premiumization, diversification, globalization' strategy, expanding into multiple product categories such as ancient-style female protagonists, Xianxia, classic Wuxia, new national style, modern workplace, casual competitive, and mini-games[15](index=15&type=chunk) - Upholding the philosophy of 'digital empowerment of culture, innovation-driven heritage', the Group deeply embeds the essence of oriental aesthetics in games and disseminates excellent traditional Chinese culture through cross-industry integration and global deployment[15](index=15&type=chunk) [AI+Gaming Strategy](index=10&type=section&id=AI%2B%E9%81%8A%E6%88%B2%E6%88%B0%E7%95%A5) The 'AI+Gaming' strategy drives industrial upgrades and player experience innovation through a full-chain AI application system and platform collaborations - Adopting 'AI+Gaming' as a strategic direction, driving game industrialization upgrades and player experience innovation through technological advancements[16](index=16&type=chunk) - Building a full-chain AI application system covering R&D, publishing, operations, and enterprise management, focusing on four key areas: platform tool development, data asset accumulation, intelligent agent innovation, and AI-native gameplay experimentation[16](index=16&type=chunk) - Several of its games have completed native application development for Huawei HarmonyOS, exploring more technical application scenarios for cooperation[16](index=16&type=chunk) [Long-term Operation Strategy](index=10&type=section&id=%E9%95%B7%E7%B7%9A%E9%81%8B%E7%87%9F%E7%AD%96%E7%95%A5) The long-term operation strategy focuses on extending product lifecycles through frequent updates, activities, and localized approaches for global market success - Adhering to a long-term operation strategy, extending product lifecycles through frequent version iterations, content updates, operational activities, and IP collaborations[16](index=16&type=chunk) - Implementing differentiated and localized game content and promotional materials tailored to the characteristics of overseas users in different regions[16](index=16&type=chunk) - Products launched years ago, such as *Legend of Concubine*, *A Story of Floating Life*, and *Ling Yun Nuo*, maintain strong revenue performance[16](index=16&type=chunk) [Baochao Mengchu](index=11&type=section&id=%E3%80%8A%E6%9A%B4%E5%91%B5%E8%90%8C%E5%BB%9A%E3%80%8B) *Baochao Mengchu*, a multiplayer kitchen party mobile game, launched on May 28, 2025, quickly topped charts and expanded content through collaborations - *Baochao Mengchu*, a multiplayer cooperative real-time competitive kitchen party mobile game, officially launched on May 28, 2025[18](index=18&type=chunk) - After its launch, the game quickly topped charts on various platforms including Apple App Store, Huawei, Xiaomi, VIVO, and Tap Tap[18](index=18&type=chunk) - Cross-industry collaborations with over **30** food, snack, and beverage brands, along with multiple seasonal updates, enriched game content and gameplay[18](index=18&type=chunk)[19](index=19&type=chunk) [Du Lala's Promotion](index=12&type=section&id=%E3%80%8A%E6%9D%9C%E6%8B%89%E6%8B%89%E5%8D%87%E8%81%8C%E8%A8%98%E3%80%8B) *Du Lala's Promotion* mini-game achieved strong performance in China and Korea, reaching top charts and engaging in cross-game collaborations - The female-oriented workplace mobile game *Du Lala's Promotion*, integrating gameplay such as promotion, dress-up, and casual elements, saw its mini-game version perform exceptionally well, reaching the top **50** on WeChat Mini-Game best-selling list and top **30** on Douyin Mini-Game popularity list[21](index=21&type=chunk) - In overseas markets, it successfully attracted a large number of Korean players, reaching the top **30** on the Korean iOS game best-selling list[21](index=21&type=chunk) - On June 11, 2025, a collaboration event with *Legend of Concubine* was launched, unlocking exclusive gameplay, skins, and items[21](index=21&type=chunk) [Fleeting Life: Linglong](index=12&type=section&id=%E3%80%8A%E6%B5%AE%E7%94%9F%E6%86%B6%E7%8E%B2%E7%93%9A%E3%80%8B) *Fleeting Life: Linglong*, launched January 2, 2024, is a key cultural export project maintaining stable revenue through frequent updates and global presence - The ancient-style sweet romance detective mobile game *Fleeting Life: Linglong*, launched on January 2, 2024, is the Group's flagship female-oriented ancient-style product[22](index=22&type=chunk) - It has been launched in multiple regions including Hong Kong, Macau, Taiwan, South Korea, Japan, North America, and Southeast Asia, and was selected as a key national cultural export project[22](index=22&type=chunk) - Through high-frequency version updates at least **twice a month** and long-term user acquisition campaigns, the product's revenue remains stable[22](index=22&type=chunk) [Other Mini-Games](index=12&type=section&id=%E5%85%B6%E4%BB%96%E5%B0%8F%E9%81%8A%E6%88%B2) Mini-games, offering convenient and lightweight experiences, help the Group attract new users, with *Ling Yun Nuo* and *Legend of Concubine* showing strong performance - The mini-game segment, with its convenient access, fragmented gameplay, and lightweight experience, helps the Group tap into new user demographics[23](index=23&type=chunk) - Multiple mini-game products were launched during the reporting period, with *Ling Yun Nuo* and *Legend of Concubine* performing exceptionally well[23](index=23&type=chunk) [Shareholder Returns](index=12&type=section&id=%E8%82%A1%E6%9D%B1%E5%9B%9E%E9%A5%8B) The Group has distributed over **RMB 750 million** in cash dividends, increased shareholdings via a share award scheme, and the CEO pledged no share reduction for **12 months** - The cumulative total cash dividends distributed to shareholders exceeded **RMB 750 million**, significantly surpassing the net proceeds from listing of **RMB 434 million**[24](index=24&type=chunk) - Through the trustee's increased shareholding under the Share Award Scheme, the cumulative total accounts for approximately **3.7%** of the Company's total issued share capital[24](index=24&type=chunk) - Mr. Jiang Xiaohuang, Executive Director, Chairman of the Board, Chief Executive Officer, and controlling shareholder, pledged not to sell any Company shares directly or indirectly held by him through the open market of the Stock Exchange for the next **12 months** from July 17, 2025[25](index=25&type=chunk) [Outlook](index=13&type=section&id=%E5%B1%95%E6%9C%9B) The Group plans to deepen integrated R&D and operations, accelerate AI adoption, expand globally with a 'regional deep cultivation + category breakthrough' strategy, and build a premium game matrix - Reserved games, including *Code: Lover*, *Code: Flower*, *Code: Relic*, and *Code: MX*, are currently under R&D and testing[26](index=26&type=chunk) - In the future, the Group will continuously deepen its integrated R&D and operations, strengthening core technological R&D capabilities and refined operational systems[26](index=26&type=chunk) - Accelerating the implementation of AI technology applications and innovative experiments, driving full-scenario process innovation, and firmly pursuing a global development path to create a matrix of premium games with both cultural characteristics and global aesthetic appeal[26](index=26&type=chunk) [Social Responsibility](index=13&type=section&id=%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) The Group actively integrates ESG into its management, engages in philanthropy, and strictly adheres to national policies for minor protection, including anti-addiction systems [Environmental, Social, and Governance](index=13&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB) The Group integrates ESG into management, participates in various charitable activities, and establishes robust network and data security systems - The Group actively fulfills its corporate social responsibility, integrating Environmental, Social, and Governance issues into its entire corporate management framework and conducting charitable activities[27](index=27&type=chunk) - Long-term commitment to social responsibility in various areas such as educational assistance, animal rescue, red education, environmental protection, and epidemic prevention and control, and supported the 'Pomegranate Seed Project' charity donation event for Sanhe Primary School in Ergun City, Inner Mongolia[27](index=27&type=chunk) - Establishing systems for network content security, data security, and account management, strictly complying with relevant laws and regulations in all operating locations worldwide to ensure data security[27](index=27&type=chunk) [Minor Protection](index=13&type=section&id=%E6%9C%AA%E6%88%90%E5%B9%B4%E4%BF%9D%E8%AD%B7) The Group strictly adheres to national policies for minor protection, implementing real-name authentication, anti-addiction systems, and parental supervision, with strict game time limits - Strictly adhering to relevant national policies, all games are fully integrated with real-name authentication, anti-addiction systems, and age-appropriate game reminders[28](index=28&type=chunk) - Implementing regulations restricting low-age consumption, promoting parental supervision projects, and dedicated complaint channels for minors[28](index=28&type=chunk) - Strictly enforcing the National Press and Publication Administration's new anti-addiction restrictions for minors, providing only **1 hour** of online game service to minors between 8 PM and 9 PM on Fridays, Saturdays, Sundays, and statutory holidays[28](index=28&type=chunk) [Financial Review](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group achieved significant revenue growth and improved gross margin, turning a loss into profit, driven by mini-game performance and cost control [Revenue](index=14&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, revenue grew by **18.5%** to **RMB 623.5 million**, primarily driven by mini-game performance - For the six months ended June 30, 2025, the Group's revenue was approximately **RMB 623.5 million**, an increase of approximately **RMB 97.4 million** or **18.5%** compared to the same period in 2024[29](index=29&type=chunk) - Revenue growth was primarily driven by the outstanding performance of mini-games such as *Du Lala's Promotion* and *Ling Yun Nuo*[29](index=29&type=chunk) [Game Revenue by Activity](index=14&type=section&id=%E6%8C%89%E6%B4%BB%E5%8B%95%E5%8A%83%E5%88%86%E9%81%8A%E6%88%B2%E6%94%B6%E7%9B%8A) Game revenue, primarily from self-developed game publishing, constitutes **99.98%** of total revenue, indicating high core business concentration Revenue Breakdown by Activity | | 2025 (RMB thousands) | Percentage | 2024 (RMB thousands) | Percentage | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue from the Group's publishing of self-developed games | 623,309 | 99.98% | 525,607 | 99.91% | 18.6% | | Revenue from publishing self-developed games through intellectual property licensing arrangements and other | 154 | 0.02% | 465 | 0.09% | –66.8% | | Total Revenue | 623,463 | 100.00% | 526,072 | 100.00% | 18.5% | [Game Revenue by Geographical Market](index=14&type=section&id=%E6%8C%89%E5%9C%B0%E5%8D%80%E5%B8%82%E5%A0%B4%E5%8A%83%E5%88%86%E9%81%8A%E6%88%B2%E6%94%B6%E7%9B%8A) Domestic market game revenue increased to **80.1%** (up **26.0%**), while overseas revenue slightly declined, making the domestic market the primary growth driver Game Revenue Breakdown by Geographical Market | | 2025 (RMB thousands) | Percentage | 2024 (RMB thousands) | Percentage | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Market | 499,181 | 80.1% | 396,209 | 75.4% | 26.0% | | Overseas Market | 124,128 | 19.9% | 129,398 | 24.6% | -4.1% | | Total Game Revenue | 623,309 | 100.0% | 525,607 | 100.0% | 18.6% | [Cost of Sales](index=15&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales decreased by **0.9%** to **RMB 164.4 million**, primarily due to lower revenue sharing cost rates from mini-games - Cost of sales decreased by approximately **0.9%** from approximately **RMB 165.8 million** in the same period of 2024 to approximately **RMB 164.4 million** in the same period of 2025[34](index=34&type=chunk) - Primarily due to a decrease in revenue sharing cost rates after mini-game launches[34](index=34&type=chunk) [Gross Profit and Gross Margin](index=15&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased by **27.4%** to **RMB 459.1 million**, with gross margin rising to **73.6%**, driven by higher-margin channel income - Gross profit increased by approximately **27.4%** from approximately **RMB 360.3 million** in the same period of 2024 to approximately **RMB 459.1 million** in the same period of 2025[35](index=35&type=chunk) - Gross margin increased from approximately **68.5%** in the same period of 2024 to approximately **73.6%** in the same period of 2025, primarily benefiting from an increased proportion of high-margin channel income[35](index=35&type=chunk) [Selling and Marketing Expenses](index=15&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E7%87%9F%E9%8Š%B7%E9%96%8B%E6%94%AF) Selling and marketing expenses increased by **1.7%** to **RMB 292.1 million**, indicating sustained investment in market promotion - Selling and marketing expenses were approximately **RMB 292.1 million**, an increase of approximately **1.7%** compared to the same period in 2024[36](index=36&type=chunk) [Research and Development Expenses](index=15&type=section&id=%E7%A0%94%E7%99%BC%E8%B2%BB%E7%94%A8) R&D expenses decreased by **13.7%** to **RMB 131.8 million**, mainly due to reduced personnel and audio-visual animation costs - Research and development expenses were approximately **RMB 131.8 million**, a decrease of approximately **13.7%** compared to the same period in 2024[37](index=37&type=chunk) - Primarily due to reduced expenses related to R&D personnel and audio-visual animation[37](index=37&type=chunk) [General and Administrative Expenses](index=15&type=section&id=%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by **1.5%** to **RMB 17.8 million**, reflecting effective control over management costs - Administrative expenses were approximately **RMB 17.8 million**, a decrease of approximately **1.5%** compared to the same period in 2024[38](index=38&type=chunk) [Finance Costs](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs decreased by **RMB 0.3 million** to **RMB 1.4 million**, mainly due to lower financing cost rates - Finance costs were approximately **RMB 1.4 million**, a decrease of approximately **RMB 0.3 million** compared to the same period in 2024, primarily due to a reduction in financing cost rates[39](index=39&type=chunk) [Income Tax Expense](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense significantly increased to **RMB 9.9 million** from **RMB 3.071 million**, due to prior year under-provision and current period's positive profit - Income tax expense was approximately **RMB 9.9 million**, an increase of approximately **RMB 6.8 million** compared to the same period in 2024[40](index=40&type=chunk) - Primarily due to the positive profit for the reporting period, increasing current income tax expense[40](index=40&type=chunk) [Profit for the Period](index=15&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period was **RMB 40.7 million**, a **156.3%** increase from a **RMB 72.3 million** loss in 2024, successfully turning profitable - Profit for the period was approximately **RMB 40.7 million**, an increase of approximately **RMB 113.0 million** or **156.3%** compared to a loss of approximately **RMB 72.3 million** in the same period of 2024, successfully turning a loss into profit[41](index=41&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E4%BE%86%E6%BA%90) As of June 30, 2025, the Group's net current liabilities/assets ratio was **0.18**, with **RMB 137.8 million** in cash, positive operating cash flow, and increased investing outflows [Cash Flow Summary for the Six Months Ended June 30](index=16&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%91%98%E8%A6%81) Operating cash flow turned positive, investing outflows increased, and financing outflows were for loan repayments, leading to a net decrease in cash and equivalents Cash Flow Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 32,855 | (116,276) | | Net Cash (Used In)/Generated From Investing Activities | (188,195) | 163,936 | | Net Cash (Used In)/Generated From Financing Activities | (40,621) | 8,660 | | Net Change in Cash and Cash Equivalents | (195,961) | 56,320 | | Cash and Cash Equivalents at End of Period | 137,846 | 452,704 | [Operating Activities](index=16&type=section&id=%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95) Net cash generated from operating activities was **RMB 32.9 million**, a significant improvement from a **RMB 116.3 million** net outflow in 2024 - For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 32.9 million**, a significant improvement from a net outflow of **RMB 116.3 million** in the same period of 2024[45](index=45&type=chunk) [Investing Activities](index=16&type=section&id=%E6%8A%95%E8%B3%87%E6%B4%BB%E5%8B%95) Net cash used in investing activities was **RMB 188.2 million**, mainly for investments measured at fair value through profit or loss and fixed deposits - For the six months ended June 30, 2025, net cash used in investing activities was **RMB 188.2 million**[46](index=46&type=chunk) - Primarily included payments of **RMB 760.3 million** for the purchase of investments measured at fair value through profit or loss, and payments of **RMB 209.3 million** for the purchase of fixed deposit investments[46](index=46&type=chunk) [Financing Activities](index=16&type=section&id=%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95) Net cash used in financing activities was **RMB 40.6 million**, primarily for repaying unsecured bank borrowings, partially offset by new borrowings - For the six months ended June 30, 2025, net cash used in financing activities was **RMB 40.6 million**[47](index=47&type=chunk) - Primarily included repayments of unsecured bank borrowings of **RMB 79.3 million**, and proceeds from unsecured bank borrowings of **RMB 38.9 million**[47](index=47&type=chunk) [Capital Expenditure](index=17&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure for the six months ended June 30, 2025, increased, primarily for equipment, intangible assets, and new right-of-use assets Capital Expenditure for the Six Months Ended June 30 | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Equipment | 320 | 178 | | Intangible Assets | 1,253 | 1,526 | | Right-of-use Assets | 1,370 | – | [Gearing Ratio and Capital Structure](index=17&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of June 30, 2025, the gearing ratio improved to **9.3%**, bank loans decreased to **RMB 110.4 million**, and share capital remained stable - As of June 30, 2025, the gearing ratio was **9.3%**, a decrease from **13.0%** as of December 31, 2024[49](index=49&type=chunk) - The bank loan balance was **RMB 110.4 million** (December 31, 2024: **RMB 149.4 million**)[49](index=49&type=chunk) - The Company's share capital remained unchanged at **2,180,850,000 shares**[49](index=49&type=chunk) [Contingent Liabilities](index=17&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no unrecorded material contingent liabilities or guarantees - As of June 30, 2025, the Group had no unrecorded material contingent liabilities or any guarantees[50](index=50&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had **895** employees in China, with remuneration based on performance and market rates, and no major labor disputes - As of June 30, 2025, the Group had **895** employees (December 31, 2024: **887** employees), all based in China[51](index=51&type=chunk) - Remuneration policy is determined based on employee performance, work experience, and current market salary levels[51](index=51&type=chunk) - For the six months ended June 30, 2025, no significant labor disputes occurred[51](index=51&type=chunk) [Reorganization and Material Investments](index=17&type=section&id=%E9%87%8D%E7%B5%84%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the six months ended June 30, 2025, and up to the report date, the Group had no reorganization or material investments - For the six months ended June 30, 2025, the Group had no reorganization or material investments[52](index=52&type=chunk) [Financial Assets](index=18&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group held structured deposits and limited partnership investments, with some exceeding **5%** of total assets, managed by robust policies Financial Assets Exceeding 5% of Total Assets as of June 30, 2025 | Product Type | Bank Name | Subscribed Principal (RMB millions) | Expected Return Rate | Fair Value (RMB millions) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Structured deposits | Shanghai Pudong Development Bank | 30 | 0.85%~2.2% | 30.13 | - | | Structured deposits | Shanghai Pudong Development Bank | 20 | 0.85%~2.2% | 20.06 | 6.37% | | Structured deposits | Shanghai Pudong Development Bank | 40 | 0.7%~2.05% | 40.05 | - | | Limited partnership investments | Suzhou Yongxin Ronghui Venture Capital Partnership | 30 | - | 34.5 | - | | Limited partnership investments | Suzhou Yongxin Kaituo Venture Capital Partnership | 30 | - | 32.6 | - | | Limited partnership investments | Suzhou Yongxin Rongchang Venture Capital Partnership | 5 | - | 20.5 | - | | Limited partnership investments | Suzhou Yongxin Rongyao Venture Capital Partnership | 5 | - | 4.9 | 7.24% | | Limited partnership investments | Suzhou Yongxin Rongke Venture Capital Partnership | 5 | - | 5.0 | - | | Limited partnership investments | Suzhou Yongxin Ronglun Equity Investment Partnership | 5 | - | 5.0 | - | - The Company has established standardized capital and investment management policies, regularly reviewing investment portfolios and policies to monitor and control potential risks related to investment activities[63](index=63&type=chunk) [Material Acquisitions and Disposals of Assets](index=20&type=section&id=%E8%B3%87%E7%94%A2%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) For the six months ended June 30, 2025, and up to the report date, the Group had no material acquisitions or disposals of assets - For the six months ended June 30, 2025, and up to the date of this report, there were no material acquisitions or disposals of assets[58](index=58&type=chunk) [Off-Balance Sheet Arrangements](index=20&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8%E5%A4%96%E5%AE%89%E6%8E%92) The Group has no off-balance sheet arrangements, financial guarantees, or commitments to guarantee third-party payment obligations - The Group has no and does not intend to enter into any off-balance sheet arrangements[59](index=59&type=chunk) - The Group has not entered into any financial guarantees or other commitments to guarantee third-party payment obligations[59](index=59&type=chunk) [Pledge of the Group's Assets](index=20&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E8%B3%87%E7%94%A2%E8%B3%AA%E6%8A%BC) As of June 30, 2025, **RMB 60.0 million** of subsidiary borrowings were pledged by other subsidiaries' fixed deposits - As of June 30, 2025, some borrowings of the Group's subsidiaries were pledged by fixed deposits of other subsidiaries, with a pledged amount of **RMB 60.0 million**[60](index=60&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) Most non-RMB transactions are in USD and HKD; management closely monitors foreign exchange risk, incurring no significant losses - Most of the Group's transactions other than RMB for the six months ended June 30, 2025, were denominated in USD and HKD[61](index=61&type=chunk) - The management team closely monitors foreign exchange risk, ensuring appropriate measures are implemented in a timely and effective manner, and has not incurred any significant foreign currency exchange losses in the past[61](index=61&type=chunk) [Events After Reporting Period](index=20&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred for the Group from June 30, 2025, up to the report date - From June 30, 2025, up to the date of this report, no significant events have occurred for the Group[62](index=62&type=chunk) [Other Information](index=21&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Compliance with Corporate Governance Code](index=21&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company complies with the Corporate Governance Code, with the Chairman and CEO roles combined, which the Board believes ensures policy continuity and operational efficiency - The Company has complied with the code provisions set out in the Corporate Governance Code, except for code provision C.2.1 (roles of Chairman and Chief Executive Officer should be separate)[64](index=64&type=chunk) - Mr. Jiang Xiaohuang currently serves as both Chairman of the Board and Chief Executive Officer of the Company, an arrangement the Board believes helps maintain the Company's policy continuity, operational efficiency, and stability[65](index=65&type=chunk) - The Board believes that adequate checks and balances and appropriate safeguards are in place, and will continue to regularly monitor and review the current structure[65](index=65&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=21&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) All Directors confirmed compliance with the Model Code for securities transactions, and the Company's employee trading rules for price-sensitive information also showed no breaches - Following specific enquiries made to all Directors, each Director confirmed compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[66](index=66&type=chunk) - The Company also established employee share dealing rules equivalent to the Model Code for employees who may possess unpublished price-sensitive information, with no breaches identified[66](index=66&type=chunk) [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[67](index=67&type=chunk) [Audit Committee](index=22&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, chaired by Mr. Zhu Wei, reviewed the interim financial statements, discussing accounting principles, risk management, internal controls, and financial reporting - Audit Committee members include Mr. Zhu Wei (Chairman), Mr. Zhang Jinsong, and Ms. Tang Haiyan, all of whom are independent non-executive directors[68](index=68&type=chunk) - The Committee reviewed and discussed the Group's unaudited consolidated interim financial statements and this interim report for the six months ended June 30, 2025, and met with the auditor[68](index=68&type=chunk) - The Audit Committee also reviewed the accounting principles and practices adopted by the Group, and discussed audit, risk management, internal control, and financial reporting matters[68](index=68&type=chunk) [Changes in Directors' Information](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E4%B9%8B%E8%AE%8A%E5%8B%95) Ms. Tang Haiyan ceased an independent directorship and joined the Nomination Committee from August 28, 2025, while Mr. Zhu Wei resigned from the Nomination Committee - Ms. Tang Haiyan ceased to be an independent director of Suzhou Weichuang Electric Technology Co., Ltd. and was appointed as a member of the Company's Nomination Committee, effective from August 28, 2025[72](index=72&type=chunk) - Mr. Zhu Wei ceased to be a member of the Nomination Committee, effective from August 28, 2025[72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, holding no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[70](index=70&type=chunk) - As of June 30, 2025, the Company held no treasury shares[70](index=70&type=chunk) [Sufficiency of Public Float](index=22&type=section&id=%E5%85%85%E8%B6%B3%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) At all times since listing, at least **25%** of the Company's issued shares have been publicly held, meeting public float requirements - As of the date of this report, at all times since the listing date, at least **25%** of the Company's total issued shares have been held by the public[71](index=71&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Jiang Xiaohuang held **57.10%** equity, Mr. Xu Lin **0.41%**, and Mr. Sun Bo **0.24%** equity and **0.02%** short position Directors' and Chief Executive's Interests in the Company's Shares or Underlying Shares as of June 30, 2025 | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Jiang Xiaohuang | Interest in controlled corporation/Founder of discretionary trust | 1,245,176,157 (L) | 57.10% | | Mr. Xu Lin | Interest in controlled corporation | 7,141,974 (L) | 0.33% | | | Beneficial owner | 1,776,000 (L) | 0.08% | | Mr. Sun Bo | Interest in controlled corporation | 3,570,987 (L) | 0.16% | | | Beneficial owner | 1,650,000 (L) | 0.08% | | | Person entitled to call for underlying shares | 502,000 (S) | 0.02% | [Arrangements to Acquire Shares or Debentures by Directors](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E6%94%B6%E8%B3%BC%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E5%AE%89%E6%8E%92) For the six months ended June 30, 2025, no arrangements existed for Directors to acquire benefits through the acquisition of Company shares or debentures - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries had any arrangements enabling Directors to acquire benefits through the acquisition of shares or debentures of the Company or any other body corporate[75](index=75&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=25&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr. Jiang Xiaohuang and Ms. Mao Yuyan each held **57.10%** equity, while TMF (Cayman) Ltd. and Gorgeous Sunshine Holding Limited each held **47.33%** Substantial Shareholders' and Other Persons' Interests in the Company's Shares or Underlying Shares as of June 30, 2025 | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Jiang Xiaohuang | Interest in controlled corporation/Founder of discretionary trust | 1,245,176,157 (L) | 57.10% | | Ms. Mao Yuyan | Interest of spouse | 1,245,176,157 (L) | 57.10% | | TMF (Cayman) Ltd. | Trustee of trust | 1,032,274,116 (L) | 47.33% | | Gorgeous Sunshine Holding Limited | Interest in controlled corporation | 1,032,274,116 (L) | 47.33% | | Eternal Heart Holdings Limited | Beneficial owner | 941,774,116 (L) | 43.18% | | Ling Long Holdings Limited | Beneficial owner | 90,500,000 (L) | 4.15% | | Future Wisdom

晉商銀行股份有限公司 JINSHANG BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號：2558 2025 中 期 報 告 2025 中 期 報 告 晉商銀行股份有限公司 目錄 | 釋義 | 02 | | --- | --- | | 公司簡介 | 04 | | 會計數據及財務指標概要 | 08 | | 管理層討論與分析 | 12 | | 股本變動及股東資料 | 70 | | 董事、監事、高級管理層及僱員 | 78 | | 企業管治及其他資料 | 106 | | 中期財務資料的審閱報告 | 118 | | 簡要合併損益及其他綜合收益表 | 119 | | 簡要合併財務狀況表 | 121 | | 簡要合併股東權益變動表 | 123 | | 簡要合併現金流量表 | 126 | | 簡要合併中期財務報表附註 | 129 | | 未經審計補充財務信息 | 227 | | 分支機構一覽表 | 232 | 釋義 在本中期報告中，除非文義另有所指，否則下列詞語具有如下涵義： | 「公司章程」 | 指 | 本行的公司章程，或會不時修訂、補充或以其他方式修改 | | --- | --- | - ...

NEWTREND GROUP HOLDING CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號：2573 中期報告 2025 目 錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 管理層討論及分析 | 6 | | 企業管治及其他資料 | 16 | | 簡明綜合損益及其他全面收益表 | 22 | | 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 | 28 | 公司資料 董事會 執行董事 王小強先生 （主席、總經理） 王皓先生 （副總經理） 陳麗君女士 （財務總監） 吳丁峰先生 左玥女士 非執行董事 肖帆先生 審核委員會 宋京津博士 （主席） 盧炯宇先生 李玲博士 獨立非執行董事 宋京津博士 李玲博士 盧炯宇先生 監事 施越強先生 （主席） 郭麗燈女士 劉鈥金先生 聯席公司秘書 鄭莫先生 黃慧兒女士 授權代表 左玥女士 黃慧兒女士 薪酬委員會 王小強先生 （主席） 宋京津博士 李玲博士 註冊辦事處、總部及中國主要營業地點 中國 江西省 吉安市 井岡山經濟技術開發區 香 ...