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 ...

中 期 報 告 INTERIM REPORT 2025 2025 Huazhong In- Vehicle Holdings Company Limited 華眾車載控股有限公司 Interim Report 2025 執行董事 周敏峰先生 （主席兼行政總裁） 劉根鈺先生 非執行董事 賴彩絨女士 管欣先生 余卓平先生 中期報告 目錄 1 二零二五年中期報告 華眾車載控股有限公司 2 公司資料 3 管理層討論及分析 9 企業管治及其他資料 15 中期簡明綜合損益表 16 中期簡明綜合全面收入表 17 中期簡明綜合財務狀況表 19 中期簡明綜合權益變動表 20 中期簡明綜合現金流量表 22 中期簡明綜合財務資料附註 公司資料 董事會 獨立非執行董事 徐黎女士（於二零二五年六月三十日獲委任） 王東晨先生 徐家力先生 王聯章先生 （副主席） （於二零二五年六月三十日辭任） 審核委員會 徐黎女士（於二零二五年六月三十日獲委任） 王東晨先生 徐家力先生 王聯章先生 （主席） （於二零二五年六月三十日辭任） 薪酬委員會 王東晨先生 （主席） 周敏峰先生 徐家力先生 提名委員會 周敏峰先生 （主席） 王東晨先生 徐家力先生 ...

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides fundamental information about RoboSense, including its board of directors, committees, registration details, principal place of business, share registrar, auditor, legal counsel, company website, and principal bankers [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) This section lists RoboSense's board members and established committees, including Audit, Remuneration, Nomination, and ESG, along with their members - Board members include **Dr. Qiu Chunxin** (Chairman and Chief Scientist), **Mr. Liu Letian** (CTO), and **Mr. Qiu Chunchao** (CEO) as executive directors[4](index=4&type=chunk) - The company has an Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee to ensure a sound corporate governance structure[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides RoboSense's registration, principal business locations, share registrar, auditor, legal counsel, website, and main bankers - The company's registered office is in the Cayman Islands, with its China headquarters and principal place of business in Nanshan District, Shenzhen[4](index=4&type=chunk) - The principal place of business in Hong Kong changed effective **January 10, 2025**[6](index=6&type=chunk) - The auditor is **PricewaterhouseCoopers**, and the company website is **www.robosense.ai/en**[6](index=6&type=chunk) [CEO's Statement](index=5&type=section&id=%E9%A6%96%E5%B8%AD%E5%9F%B7%E8%A1%8C%E5%AE%98%E8%87%B4%E8%BE%AD) The CEO's statement highlights significant Q2 2025 revenue and LiDAR sales growth, especially in robotics, continuous gross margin improvement, and substantial net loss reduction [Q2 2025 Performance Overview](index=5&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) The CEO's statement highlights significant Q2 2025 revenue and LiDAR sales growth, particularly explosive growth in robotics and other sectors, continuous gross margin improvement, and substantial net loss reduction Q2 2025 Key Financial and Operational Data | Metric | Amount/Quantity | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | | Revenue (RMB million) | 455 | 24.4% | 38.9% | | Total LiDAR Sales (units) | 158,200 | 28.6% | 45.7% | | Robotics & Other Sales (units) | 34,400 | 631.9% | 189.1% | | ADAS Sales (units) | 123,800 | 4.6% | 28.0% | | Gross Margin (%) | 27.7 | - | - | | ADAS Gross Margin (%) | 19.4 | - | - | | Robotics & Other Gross Margin (%) | 41.5 | - | - | | Net Loss Narrowed (%) | - | 63.6 | 49.6 | [Digital LiDAR Technology and Product Progress](index=5&type=section&id=%E6%95%B8%E5%AD%97%E5%8C%96%E6%BF%80%E5%85%89%E9%9B%B7%E9%81%94%E6%8A%80%E8%A1%93%E8%88%87%E7%94%A2%E5%93%81%E9%80%B2%E5%B1%95) LiDAR technology competition shifted to chips, with the company building a digital product matrix based on self-developed SPAD-SoC and VCSEL, expecting next-gen chips next year - LiDAR core technology competition has shifted from system opto-mechanical architecture innovation to deeper chip-level competition[10](index=10&type=chunk) - The company has built the industry's most comprehensive digital product matrix, primarily featuring E-platform and EM-platform, based on self-developed **SPAD-SoC chips** and **VCSEL architecture**[10](index=10&type=chunk) - Development of the next-generation digital chip is progressing smoothly, expected to launch next year, continuing to lead industry development[10](index=10&type=chunk) [Automotive and Robotaxi Market Expansion](index=5&type=section&id=%E8%BB%8A%E8%BC%89%E5%8F%8ARobotaxi%E5%B8%82%E5%A0%B4%E6%8B%93%E5%B1%95) E1 is the sole L3/L4 wide-angle LiDAR for mass production, EM platform secured 46 models from 8 OEMs, and E1/EM4 are preferred for next-gen Robotaxis with over 90% L4 partnerships - **E1** has become the sole choice for mass production of **L3 and L4 autonomous driving wide-angle LiDAR**[10](index=10&type=chunk) - The **EM platform** secured **46 models** from **8 OEMs** within six months, with rapid volume ramp-up expected in **2026**[10](index=10&type=chunk) - In the Robotaxi sector, the company has partnered with **over 90% of L4 leading enterprises**, with **E1 and EM4** officially designated by multiple global leading Robotaxi companies[11](index=11&type=chunk) [Breakthroughs in Robotics and Embodied AI](index=6&type=section&id=%E6%A9%9F%E5%99%A8%E4%BA%BA%E5%8F%8A%E5%85%B7%E8%BA%AB%E6%99%BA%E8%83%BD%E9%A0%98%E5%9F%9F%E7%AA%81%E7%A0%B4) Robotics saw breakthroughs with E1R, including seven-figure orders from TOP5 robotic lawnmower firms and deep partnerships in autonomous delivery; Active Camera launched as 'true eye of robots' for embodied AI - **E1R** and other robotic digital products performed outstandingly in the robotic lawnmower industry, achieving exclusive partnerships with several global **TOP5 manufacturers**, with order volumes reaching **seven figures**[11](index=11&type=chunk) - In the autonomous delivery sector, deep strategic partnerships were established with **Coco Robotics**, a leading North American delivery platform, and domestic leaders such as **Meituan, Neolix, and White Rhino**[11](index=11&type=chunk) - Launched the innovative **Active Camera**, positioned as "the true eye of robots," capable of outputting **RGBD information**, integrating camera, LiDAR, and IMU data, aiming to create an ecological closed-loop for dexterous robot operation[11](index=11&type=chunk)[12](index=12&type=chunk) [Future Outlook and Strategy](index=7&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E8%88%87%E6%88%B0%E7%95%A5) RoboSense aims to be a global robotics leader, increasing investment in chips, algorithms, and digital architecture to build stronger technological moats and create long-term value - The company is committed to becoming a global leading robotics company, with the mission of "making the world safer and life smarter"[14](index=14&type=chunk) - Future plans include continuous increased investment in **chips, algorithms, and digital architecture** to build stronger technological moats[14](index=14&type=chunk) [Key Financial and Operational Highlights](index=8&type=section&id=%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E5%8F%8A%E9%81%8B%E7%87%9F%E4%BA%AE%E9%BB%9E) This section summarizes the company's key financial and operational performance, highlighting revenue growth, significant gross margin improvement, and narrowing losses, alongside increased LiDAR sales, market expansion, and technological innovations [Major Financial Highlights](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E4%BA%AE%E9%BB%9E) This section outlines key financial data for H1 2025, showing revenue growth, significant gross margin improvement, and narrowing losses Major Financial Data for the Six Months Ended June 30 | Metric | 2025 (Unaudited, RMB thousand) | 2024 (Unaudited, RMB thousand) | | :--- | :--- | :--- | | Revenue | 783,207 | 727,094 | | Gross Profit | 203,136 | 98,553 | | Gross Margin (%) | 25.9 | 13.6 | | Operating Loss | (197,149) | (322,070) | | Loss Attributable to Owners of the Company | (150,980) | (269,151) | | Total Assets (as of period end) | 4,936,017 | 4,139,138 | | Total Liabilities (as of period end) | 1,096,147 | 1,065,959 | | Total Equity

Corporate Information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors includes executive, non-executive, and independent non-executive directors, and committee leadership - Board members include Mr. Li Xuechun (Chairman), Ms. Zhang Weiping (Vice Chairman), Mr. Zuo Yichen, Mr. Lin Yilong (Executive Directors), Mr. Liang Xingchao, Ms. Li Yanping (Non-executive Directors), and Mr. Chen Yisheng, Mr. Yu Huangcheng, Mr. Wang Weihong (Independent Non-executive Directors)[5](index=5&type=chunk)[6](index=6&type=chunk) - Mr. Chen Yisheng chairs the Audit Committee, Mr. Wang Weihong chairs the Remuneration Committee, and Mr. Yu Huangcheng chairs the Nomination Committee[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Information Details](index=3&type=section&id=Company%20Information%20Details) This section provides essential company information, including legal counsel, auditor, registered office, principal places of business, share registrar, and stock code - The company's legal counsel is Morgan Lewis & Bockius (Hong Kong Law), and its auditor is Ernst & Young[7](index=7&type=chunk) - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in mainland China located in Beijing, and its principal place of business in Hong Kong SAR located in Admiralty[7](index=7&type=chunk)[8](index=8&type=chunk) - The Hong Kong share registrar is Hong Kong Registrars Limited, the principal bankers are Industrial and Commercial Bank of China Chongqing Heyang Branch, and the stock code is 1569[9](index=9&type=chunk) Management Discussion and Analysis [Business Review](index=6&type=section&id=Business%20Review) The Group, a leading "Internet+" vocational education provider, offers integrated services across eight business segments, operating 10 schools with approximately 100,000 students - The Group has established eight major business segments, including campus education, online education services, vocational skills enhancement and training, human resources services, digital industry-education integration services, education informatization services, examination and assessment services, and international education services[10](index=10&type=chunk)[12](index=12&type=chunk) Group Operating Scale as of June 30, 2025 | Indicator | Quantity | | :--- | :--- | | Number of operated/managed schools | 10 schools (7 higher education institutions, 2 secondary vocational schools, 1 high school) | | Total enrolled students | Approximately 100,000 people | | Full-time undergraduate students | Approximately 61,000 people | | Number of learning centers | Over 1,900 (covering 31 provinces, municipalities, and autonomous regions nationwide) | | Partner institutions | Over 1,500 | | Human resources companies | Approximately 950 companies | | Employers | Approximately 44,000 companies | | Linked C-end users | Approximately 3.3 million people | | Job demands | Approximately 4.1 million positions | | Total scale of students and users served | Accumulated over 50 million | - During the reporting period, the company signed a revolving loan facility letter with CITIC Bank International Limited for up to **RMB 300 million**[13](index=13&type=chunk)[17](index=17&type=chunk) - The Group's institutions' enrollment plan for the 2025/2026 academic year increased significantly by approximately **24.0%**, with undergraduate program enrollment increasing by approximately **29.0%**[15](index=15&type=chunk)[17](index=17&type=chunk) [Future Outlook](index=7&type=section&id=Future%20Outlook) Supported by government policies, the Group will continue to advance high-quality higher education, optimize teaching environments and faculty, and build a digital "learning, employment, entrepreneurship" service platform ecosystem, accelerating the application of big data and AI in its operations to empower talent cultivation - The government has allocated **RMB 31.257 billion** to support the modern vocational education quality improvement plan, promoting the modernization and high-quality development of vocational education[16](index=16&type=chunk)[18](index=18&type=chunk) - The Group will continue to increase resource investment, optimize teaching environments and equipment, strengthen its professional teaching team, provide high-quality teaching services, and promote high-quality student employment[19](index=19&type=chunk)[21](index=21&type=chunk) - The Group will comprehensively advance the digitalization and intelligence of learning, employment, and entrepreneurship services, covering the entire chain from enrollment, assessment, teaching, examination, practical training, employment, to entrepreneurship[20](index=20&type=chunk)[22](index=22&type=chunk) - The Group will accelerate the widespread application of cutting-edge technologies such as big data and artificial intelligence in its business areas to empower education and talent development[23](index=23&type=chunk)[25](index=25&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) Total revenue decreased by **17.1%** due to reduced online education, leading to a significant decline in profit for the period and adjusted net profit Key Financial Indicators Changes (Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 894.8 | 1,079.8 | -17.1% | Decrease in online education revenue | | Cost of sales | 539.4 | 498.9 | +8.1% | Increase in depreciation, amortization, and staff costs | | Gross profit | 355.4 | 580.8 | -38.8% | Increase in campus education expenses | | Gross profit margin | 39.7% | 53.8% | -14.1% | Increase in campus education expenses | | Other income and gains | 55.8 | 71.5 | -22.1% | Decrease in short-term investment income | | Selling expenses | 54.3 | 98.0 | -44.6% | Decrease in sales and marketing staff salaries and promotion costs | | Administrative expenses | 196.2 | 240.3 | -18.4% | Effective control of administrative expenses | | Other expenses, net | 22.3 | 59.7 | -62.6% | Significant decrease in impairment losses on financial assets | | Finance costs | 67.4 | 68.4 | -1.5% | Remained stable | | Profit for the period | 49.4 | 113.2 | -56.4% | Comprehensive impact of the above factors | | Adjusted net profit | 57.1 | 131.5 | -56.6% | Comprehensive impact of the above factors | | Adjusted net profit margin | 6.4% | 12.2% | -5.8% | Comprehensive impact of the above factors | [Financial and Liquidity Position](index=13&type=section&id=Financial%20and%20Liquidity%20Position) Net current assets increased, but total current assets decreased due to lower cash; interest-bearing borrowings rose, increasing the gearing ratio to **42.3%**, while contingent liabilities and arbitration remain Current Assets and Liabilities (As of June 30, 2025) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net current assets | 903.9 | 758.5 | +19.2% | | Total current assets | 3,733.8 | 4,222.3 | -11.5% | | Total current liabilities | 2,829.9 | 3,463.8 | -18.3% | Interest-Bearing Financial Institution Loans and Other Borrowings (As of June 30, 2025) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total | 2,535.9 | 2,198.3 | +15.4% | | Interest rate range | 2.2% - 24.0% | 2.2% - 24.0% | - | - The Group is in dispute with Lead Group regarding a put option for **49%** equity, with the seller claiming an inflated exercise price, while Minsheng Vocational Education believes the exercise is invalid and it has no obligation to purchase[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Arbitration is ongoing, and the Group has made no provision for this[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The Group provided a **RMB 400 million** loan to Lead Guojiao Education Technology (Beijing) Co., Ltd., secured by **49%** of Lead Group's shares[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - The seller claims the loan obligation has been offset, but the Group believes the outstanding principal and interest, and the pledge, remain in effect, with related arbitration ongoing[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) Pledged Assets (As of June 30, 2025) | Type of Pledged Asset | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Net long-term assets | 78.3 | 79.2 | | Time deposits | 897.6 | 551.3 | - The Group's majority of revenue and expenses are denominated in RMB, with some bank balances denominated in USD and HKD[70](index=70&type=chunk)[74](index=74&type=chunk) - The Group currently has no foreign exchange hedging policy, but management continuously monitors foreign currency exchange risk[70](index=70&type=chunk)[74](index=74&type=chunk) Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 42.3% | 37.0% | Other Information [Directors' and Chief Executive's Interests and Short Positions in Share, Underlying Shares and Debentures](index=17&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Share,%20Underlying%20Shares%20and%20Debentures) Directors and key executives hold long positions in company shares, with Chairman Li Xuechun holding **71.71%** through controlled entities Directors' Long Positions in Company Shares (As of June 30, 2025) | Director Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Equity | | :--- | :--- | :--- | :--- | | Mr. Li Xuechun | Interest in controlled corporation | 3,024,604,000 | 71.71% | | Ms. Zhang Weiping | Beneficial owner | 20,000,000 | 0.47% | | Mr. Zuo Yichen | Beneficial owner | 5,400,000 | 0.13% | | Mr. Lin Yilong | Beneficial owner | 5,400,000 | 0.13% | | Ms. Li Yanping | Beneficial owner | 800,000 | 0.02% | - Save as disclosed above, as of June 30, 2025, no chief executive or any director of the company had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations[81](index=81&type=chunk)[83](index=83&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=18&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) Minsheng Group is the largest shareholder with **71.71%** equity, while Huachang International and its affiliates hold **7.87%** Substantial Shareholders' Long Positions in Company Shares (As of June 30, 2025) | Shareholder Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Equity | | :--- | :--- | :--- | :--- | | Minsheng Group | Beneficial owner | 3,024,604,000 | 71.71% | | Huachang International Limited | Beneficial owner | 332,000,000 | 7.87% | | Huaqin Development Limited | Interest in controlled corporation | 332,000,000 | 7.87% | | OCT (Asia) Holdings Limited | Interest in controlled corporation | 332,000,000 | 7.87% | | Pacific Climax Limited | Interest in controlled corporation | 332,000,000 | 7.87% | | Hong Kong OCT Limited | Interest in controlled corporation | 332,000,000 | 7.87% | | Shenzhen OCT Co., Ltd. | Interest in controlled corporation | 332,000,000 | 7.87% | | OCT Group Co., Ltd. | Interest in controlled corporation | 332,000,000 | 7.87% | - Huachang International Limited is wholly owned by Huaqin Development Limited, which is ultimately traceable to OCT Group Co., Ltd., thus these companies are deemed to have an interest in the shares held by Huachang International Limited[86](index=86&type=chunk)[89](index=89&type=chunk) [Share Option Scheme](index=20&type=section&id=Share%20Option%20Scheme) The share option scheme, adopted in 2017, has **44,700,000** unexercised options, with no grants, exercises, cancellations, or lapses during the period Share Option Details (As of June 30, 2025) | Participant Category and Name | Date of Grant | Exercise Price (HKD) | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Zhang Weiping | 31/8/2017 | 1.39 | 12,000,000 | 12,000,000 | | Zhang Weiping | 27/8/2018 | 1.66 | 8,000,000 | 8,000,000 | | Zuo Yichen | 31/8/2017 | 1.39 | 3,000,000 | 3,000,000 | | Zuo Yichen | 27/8/2018 | 1.66 | 2,400,000 | 2,400,000 | | Lin Yilong | 31/8/2017 | 1.39 | 3,000,000 | 3,000,000 | | Lin Yilong | 27/8/2018 | 1.66 | 2,400,000 | 2,400,000 | | Li Yanping | 27/8/2018 | 1.66 | 800,000 | 800,000 | | Other employees | 31/8/2017 | 1.39 | 3,000,000 | 3,000,000 | | Other employees | 27/8/2018 | 1.66 | 8,300,000 | 8,300,000 | | Other employees | 19/8/2019 | 1.42 | 700,000 | 700,000 | | Other employees | 21/8/2020 | 1.22 | 1,100,000 | 1,100,000 | | **Total** | | | **44,700,000** | **44,700,000** | - As of June 30, 2025, the number of remaining shares available for issue under the share option scheme was **400,000,000** shares, representing approximately **9.48%** of the company's total issued shares[98](index=98&type=chunk)[102](index=102&type=chunk) - During the reporting period, no share options were granted, exercised, cancelled, or lapsed[96](index=96&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [Employee and Remuneration Policies](index=22&type=section&id=Employee%20and%20Remuneration%20Policies) The Group employs approximately **6,800** staff, with remuneration based on performance and market rates, offering comprehensive benefits and training programs - As of June 30, 2025, the Group employed approximately **6,800** staff in mainland China and Hong Kong SAR, a slight increase from **6,700** as of December 31, 2024[100](index=100&type=chunk)[104](index=104&type=chunk) - The Group provides comprehensive training programs for its employees and participates in various employee social security schemes managed by local governments[101](index=101&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[112](index=112&type=chunk) - The Remuneration Committee is responsible for reviewing the remuneration policies and structure for directors and senior management, considering operating results, individual performance, and market practices[106](index=106&type=chunk)[112](index=112&type=chunk) [Compliance and Governance](index=23&type=section&id=Compliance%20and%20Governance) The company complied with relevant laws, corporate governance codes, and director securities trading standards, with no interim dividend recommended - During the reporting period and up to the date of this interim report, the Group has complied with relevant laws and regulations that have a material impact on the company[108](index=108&type=chunk)[113](index=113&type=chunk) - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025[109](index=109&type=chunk)[114](index=114&type=chunk) - The company has complied with all code provisions set out in the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[110](index=110&type=chunk)[115](index=115&type=chunk) - All directors have confirmed compliance with the Model Code set out in Appendix C3 of the Listing Rules throughout the reporting period[111](index=111&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[121](index=121&type=chunk) - The Board's Audit Committee, together with management, has reviewed the accounting standards and policies adopted by the Group, as well as the unaudited interim condensed consolidated financial statements[119](index=119&type=chunk)[123](index=123&type=chunk) [Acquisition in Progress During the Reporting Period](index=25&type=section&id=Acquisition%20in%20Progress%20During%20the%20Reporting%20Period) Two significant acquisitions, Qufu Changyong and Nanchang Hezhitong (both **51%** equity), remain in progress and are not yet completed - Chongqing Yuecheng signed a share transfer agreement on November 23, 2018, to acquire **51%** equity in Qufu Changyong Enterprise Management Consulting Co., Ltd. for **RMB 91.8 million**, thereby indirectly holding **51%** of the school sponsor's rights in Qufu Yuandong Vocational Technical College[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - This acquisition has not yet been completed[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - Chongqing Yiersheng signed an equity transfer agreement on March 15, 2019, to conditionally acquire **51%** equity in Nanchang Hezhitong Education Consulting Co., Ltd. for **RMB 510 million**, thereby indirectly holding **51%** of the school sponsor's rights in Nanchang Vocational University[130](index=130&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - This acquisition has not yet been completed[130](index=130&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Litigation and Arbitration](index=26&type=section&id=Litigation%20and%20Arbitration) This section refers to the put option dispute over **49%** equity in Lead Group and arbitration regarding a loan to Lead Guojiao Education Technology (Beijing) Co., Ltd - For further details on litigation and arbitration, please refer to the "Contingent Liabilities" sub-section under the "Management Discussion and Analysis" section in this interim report[132](index=132&type=chunk)[136](index=136&type=chunk) - No significant events affecting the company or any of its subsidiaries occurred after the reporting period and up to the date of this interim report[132](index=132&type=chunk)[136](index=136&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company](index=26&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, with zero treasury shares held - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities (including sales of treasury shares)[133](index=133&type=chunk)[137](index=137&type=chunk) - As of June 30, 2025, the number of treasury shares held by the company was zero[133](index=133&type=chunk)[137](index=137&type=chunk) [Significant Investments Held and Future Plans for Material Investments or Acquiring Capital Assets](index=27&type=section&id=Significant%20Investments%20Held%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Acquiring%20Capital%20Assets) The Group held equity investments at fair value through profit or loss, with no other material investment or capital asset acquisition plans disclosed - The Group held equity investments at fair value through profit or loss for the six months ended June 30, 2025[138](index=138&type=chunk)[141](index=141&type=chunk) - Save as disclosed in this interim report, as of June 30, 2025, the Group had no plans for material investments or acquiring capital assets[138](index=138&type=chunk)[141](index=141&type=chunk) [Material Acquisitions and Disposals](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals) No material acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the period, other than those disclosed - Save as disclosed in this interim report, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[139](index=139&type=chunk)[142](index=142&type=chunk) [Loan Agreements with Covenant Relating to Specific Performance of the Controlling Shareholders](index=27&type=section&id=Loan%20Agreements%20with%20Covenant%20Relating%20to%20Specific%20Performance%20of%20the%20Controlling%20Shareholders) Loan agreements with financial institutions include covenants requiring controlling shareholders to maintain their stake, with breaches constituting default events - Loan agreements with International Finance Corporation, Bank of China Macau Branch, DEG, and BEA Beijing Branch all require the ultimate controlling shareholder, Mr. Li Xuechun and/or Minsheng Group, to maintain not less than **51%** legal and beneficial ownership or the status of the single largest shareholder and actual control of the company[145](index=145&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[162](index=162&type=chunk)[165](index=165&type=chunk)[168](index=168&type=chunk) - A breach of any specific performance covenant will constitute an event of default under the loan agreements, entitling the lenders to demand repayment of all or part of the loans[149](index=149&type=chunk)[153](index=153&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk) - As of the date of this report, Minsheng Group holds approximately **71.71%** of the company's issued shares[168](index=168&type=chunk)[169](index=169&type=chunk) [Loan from International Finance Corporation](index=27&type=section&id=Loan%20from%20International%20Finance%20Corporation) Loan agreements with IFC, totaling up to **RMB 400 million** and **USD 51 million**, require controlling shareholders to maintain at least **51%** ownership - Chongqing Minsheng signed an RMB loan agreement with International Finance Corporation, initially for a total of up to **RMB 750 million**, later adjusted to **RMB 400 million**[140](index=140&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[147](index=147&type=chunk) - Minsheng Education signed a USD loan agreement with International Finance Corporation for a total of up to **USD 51 million**, equivalent to **RMB 350 million**[144](index=144&type=chunk)[147](index=147&type=chunk) - The loan term is **8** years, with repayment in **11** equal installments starting from June 15, 2023[143](index=143&type=chunk)[147](index=147&type=chunk) [Loan from Bank of China Limited Macau Branch](index=29&type=section&id=Loan%20from%20Bank%20of%20China%20Limited%20Macau%20Branch) A **USD 44.8 million** term loan from Bank of China Macau requires Mr. Li Xuechun to maintain at least **51%** of the company's issued share capital - The company signed a facility agreement with Bank of China Macau Branch for a term loan facility of up to **USD 44.8 million**, with a loan term of **5** years[151](index=151&type=chunk)[156](index=156&type=chunk) - The loan will be used for the Group's mergers and acquisitions and general working capital purposes[151](index=151&type=chunk)[156](index=156&type=chunk) - The agreement requires Mr. Li Xuechun to maintain direct or indirect ownership of not less than **51%** of the company's issued share capital[152](index=152&type=chunk)[156](index=156&type=chunk) [Loan from DEG](index=29&type=section&id=Loan%20from%20DEG) A **USD 28.24 million** loan from DEG, due by June 15, 2028, mandates Mr. Li Xuechun and Minsheng Group to retain at least **51%** control - Minsheng Education signed a loan agreement with DEG for a total of up to **USD 28.24 million**, with the latest repayment date being June 15, 2028[155](index=155&type=chunk)[157](index=157&type=chunk) - The loan began repayment in **11** semi-annual installments on June 15, 2023, for the Group's business expansion and daily operations[155](index=155&type=chunk)[157](index=157&type=chunk) - The agreement requires Mr. Li Xuechun and Minsheng Group to each maintain legal and beneficial ownership of not less than **51%** of Minsheng Group's shares, and Minsheng Group to maintain legal and beneficial ownership of not less than **51%** of the company's shares[158](index=158&type=chunk)[162](index=162&type=chunk) [Loan from BEA Beijing Branch](index=30&type=section&id=Loan%20from%20BEA%20Beijing%20Branch) A **USD 15.12 million** loan from BEA Beijing requires Mr. Li Xuechun to remain the single largest shareholder and maintain actual control - The company signed a loan contract with BEA (China) Limited Beijing Branch for a total of **USD 15.12 million**[160](index=160&type=chunk)[165](index=165&type=chunk) - The loan will be repaid according to the repayment schedule, with the final repayment date being three years from the date of the first drawdown[160](index=160&type=chunk)[165](index=165&type=chunk) - The agreement requires Mr. Li Xuechun to maintain his status as the single largest shareholder and actual control of the company[161](index=161&type=chunk)[165](index=165&type=chunk) [Loan from CITIC Bank International](index=31&type=section&id=Loan%20from%20CITIC%20Bank%20International) A **RMB 300 million** revolving loan from CITIC Bank International requires Mr. Li Xuechun to maintain at least **51%** controlling interest - The company signed a facility letter with CITIC Bank International for a revolving loan facility of up to **RMB 300 million** or its equivalent in foreign currency[167](index=167&type=chunk)[169](index=169&type=chunk) - The final repayment date for the loan is no more than one year from the date of the first drawdown[167](index=167&type=chunk)[169](index=169&type=chunk) - The agreement requires Mr. Li Xuechun to maintain a controlling interest of not less than **51%** in the company[168](index=168&type=chunk)[169](index=169&type=chunk) Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit or Loss Summary](index=31&type=section&id=Profit%20or%20Loss%20Summary) Revenue decreased by **17.1%** to **RMB 894.8 million**, with profit for the period falling **56.4%** to **RMB 49.4 million**, resulting in a loss attributable to parent owners Key Profit or Loss Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 894,786 | 1,079,786 | -17.1% | | Cost of sales | (539,374) | (498,948) | +8.1% | | Gross profit | 355,412 | 580,838 | -38.8% | | Other income and gains | 55,762 | 71,543 | -22.1% | | Selling expenses | (54,297) | (98,046) | -44.6% | | Administrative expenses | (196,236) | (240,309) | -18.4% | | Other expenses, net | (22,332) | (59,675) | -62.6% | | Finance costs | (67,351) | (68,419) | -1.5% | | Profit before tax | 70,958 | 185,932 | -61.8% | | Income tax expense | (21,597) | (72,767) | -70.3% | | Profit for the period | 49,361 | 113,165 | -56.4% | Profit for the Period Attributable (Six Months Ended June 30) | Attributable to | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Owners of the parent | (4,075) | 104,802 | | Non-controlling interests | 53,436 | 8,363 | | **Total** | **49,361** | **113,165** | (Loss)/Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted (loss)/earnings per share | RMB(0.0010) | RMB0.0248 | Interim Condensed Consolidated Statement of Financial Position [Financial Position Summary](index=33&type=section&id=Financial%20Position%20Summary) Total assets less current liabilities were **RMB 7,880.8 million**, with net assets at **RMB 5,992.2 million**, reflecting decreases in current assets and liabilities Key Balance Sheet Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 6,976,905 | 7,033,089 | | Total current assets | 3,733,808 | 4,222,337 | | Total current liabilities | 2,829,903 | 3,463,788 | | Net current assets | 903,905 | 758,549 | | Total assets less current liabilities | 7,880,810 | 7,791,638 | | Total non-current liabilities | 1,888,630 | 1,853,646 | | Net assets | 5,992,180 | 5,937,992 | | Total equity | 5,992,180 | 5,937,992 | - The decrease in current assets was primarily attributable to a decrease in cash and cash equivalents during the reporting period[54](index=54&type=chunk)[59](index=59&type=chunk) - The decrease in current liabilities was primarily due to a decrease in contract liabilities during the reporting period[55](index=55&type=chunk)[59](index=59&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity [Equity Changes Summary](index=35&type=section&id=Equity%20Changes%20Summary) Total equity slightly increased to **RMB 5,992.2 million**, with parent owners' equity at **RMB 5,036.5 million** and non-controlling interests at **RMB 955.7 million** Key Equity Changes Data (Six Months Ended June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share capital | 322 | 322 | | Reserves | 5,036,206 | 5,035,913 | | Equity attributable to owners of the parent | 5,036,528 | 5,036,235 | | Non-controlling interests | 955,652 | 901,757 | | **Total equity** | **5,992,180** | **5,937,992** | - Profit for the period was **RMB 49,361 thousand**, of which **RMB 4,075 thousand** was a loss attributable to owners of the parent, and **RMB 53,436 thousand** was profit attributable to non-controlling interests[175](index=175&type=chunk) - Total other comprehensive income for the period was **RMB 4,815 thousand**, primarily from exchange differences on translation of financial statements[175](index=175&type=chunk) Interim Condensed Consolidated Statement of Cash Flows [Cash Flows Summary](index=37&type=section&id=Cash%20Flows%20Summary) Net cash used in operating, investing, and financing activities totaled **RMB 583.5 million**, **RMB 169.4 million**, and **RMB 66.7 million**, respectively, leading to a significant decrease in period-end cash Key Cash Flow Data (Six Months Ended June 30) | Cash Flow Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash flows used in operating activities | (583,450) | (779,026) | | Net cash flows used in investing activities | (169,385) | (190,407) | | Net cash flows used in financing activities | (66,705) | (20,737) | | Net decrease in cash and cash equivalents | (819,540) | (990,170) | | Cash and cash equivalents at beginning of period | 2,520,311 | 3,189,846 | | Cash and cash equivalents at end of period | 1,695,488 | 2,194,356 | - The decrease in net cash flows used in operating activities was primarily due to an increase in cash used in operations resulting from a decrease in contract liabilities[179](index=179&type=chunk) - Net cash flows used in investing activities were mainly affected by the purchase and maturity of short-term investments[180](index=180&type=chunk) - The increase in net cash flows used in financing activities was primarily due to new bank loans and other borrowings, as well as repayment of bank and other borrowings[181](index=181&type=chunk) Notes to the Interim Condensed Consolidated Financial Information [Corporate and Group Information](index=42&type=section&id=Corporate%20and%20Group%20Information) The company, incorporated in the Cayman Islands on December 13, 2005, primarily provides educational services in China - The company was incorporated in the Cayman Islands as an exempted company with limited liability on December 13, 2005[182](index=182&type=chunk)[185](index=185&type=chunk) - For the six months ended June 30, 2025, the Group primarily provided educational services in the People's Republic of China[183](index=183&type=chunk)[185](index=185&type=chunk) [Basis of Preparation](index=42&type=section&id=Basis%20of%20Preparation) Unaudited interim condensed consolidated financial information is prepared in RMB under IAS 34, consistent with 2024 annual accounting policies - The financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[184](index=184&type=chunk)[186](index=186&type=chunk) - The financial information is presented in RMB, and all amounts are rounded to the nearest thousand[184](index=184&type=chunk)[186](index=186&type=chunk) [Changes in Accounting Policies and Disclosures](index=43&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) Revised IFRS accounting standards, specifically IAS 21 (Revised) 'Lack of Exchangeability,' were adopted but had no impact due to the Group's convertible currencies - International Accounting Standard 21 (Revised) "Lack of Exchangeability" was adopted for the first time in the current period[187](index=187&type=chunk)[189](index=189&type=chunk) - As the currencies used for transactions by the Group and the functional currencies used by Group entities for translation into the Group's presentation currency are convertible, these amendments had no impact on the interim condensed consolidated financial information[188](index=188&type=chunk)[189](index=189&type=chunk) [Operating Segment Information](index=44&type=section&id=Operating%20Segment%20Information) The Group operates two segments, campus and online education, with campus education revenue at **RMB 782.8 million** and online education at **RMB 112.0 million** - The Group has two reportable operating segments: campus education and online education[190](index=190&type=chunk)[194](index=194&type=chunk) Segment Revenue (Six Months Ended June 30) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Campus education | 782,801 | 752,217 | | Online education | 111,985 | 327,569 | | **Total** | **894,786** | **1,079,786** | Segment Results (Six Months Ended June 30) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Campus education | 268,826 | 283,924 | | Online education | (98,177) | (2,372) | | **Total** | **170,649** | **281,552** | Segment Assets and Liabilities (As of June 30, 2025) | Segment | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Campus education assets | 9,983,401 | 10,463,743 | | Online education assets | 2,436,361 | 2,516,331 | | Campus education liabilities | 2,781,874 | 3,515,987 | | Online education liabilities | 2,441,343 | 2,426,207 | [Revenue, Other Income and Gains](index=47&type=section&id=Revenue,%20Other%20Income%20and%20Gains) Total revenue was **RMB 894.8 million**, primarily from tuition and accommodation fees, with other income at **RMB 55.8 million**, while online education revenue significantly declined Revenue from Contracts with Customers (Six Months Ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Tuition fees | 717,682 | 690,920 | +3.9% | | Accommodation fees | 65,119 | 61,297 | +6.2% | | Distance education services | 50,184 | 209,296 | -76.0% | | Teacher training services | 9,262 | 13,570 | -31.7% | | Online course services | 14,567 | 10,676 | +36.4% | | Sale of books | 6,406 | 15,615 | -59.0% | | Other education services | 31,566 | 78,412 | -59.7% | | **Total** | **894,786** | **1,079,786** | **-17.1%** | Other Income and Gains (Six Months Ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Short-term investment income | 8,809 | 22,071 | -60.1% | | Rental income | 10,693 | 3,756 | +184.7% | | Bank interest income | 4,271 | 4,080 | +4.7% | | Government grants | 14,644 | 13,382 | +9.4% | | Net exchange gains | 4,763 | 9,202 | -48.3% | | **Total** | **55,762** | **71,543** | **-22.1%** | - Government grants are primarily used to compensate for operating expenses and teaching facility expenditures for school teaching activities, with no unfulfilled conditions or contingencies[202](index=202&type=chunk)[204](index=204&type=chunk) [Profit Before Tax](index=50&type=section&id=Profit%20Before%20Tax) Profit before tax was **RMB 71.0 million**, influenced by various expenses and income, including depreciation, amortization, employee benefits, and financial asset impairment Expenses/Income Affecting Profit Before Tax (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 85,013 | 83,433 | | Depreciation of right-of-use assets | 15,603 | 19,340 | | Amortization of other intangible assets | 15,491 | 40,053 | | Total employee benefit expenses | 367,095 | 391,146 | | Total impairment of financial assets | 17,867 | 58,141 | | Investment income from short-term investments | (8,809) | (22,071) | | Bank interest income | (4,271) | (4,080) | | Fair value loss/(gain) on equity investments | 2,676 | (4,182) | - Total employee benefit expenses (including directors' emoluments) amounted to **RMB 367,095 thousand**, a decrease from **RMB 391,146 thousand** in the prior period[212](index=212&type=chunk) - Impairment losses on financial assets significantly decreased from **RMB 58,141 thousand** in 2024 to **RMB 17,867 thousand** in 2025[215](index=215&type=chunk) [Income Tax](index=52&type=section&id=Income%20Tax) Income tax expense significantly decreased to **RMB 21.6 million**, with various corporate income tax rates applied, including preferential rates for certain entities Income Tax Expense (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current - Mainland China | 23,875 | 127,203 | | Deferred | (2,278) | (54,436) | | **Total** | **21,597** | **72,767** | - Companies operating in mainland China are subject to a corporate income tax rate of **25%** on their respective taxable income[222](index=222&type=chunk)[223](index=223&type=chunk) - Some companies enjoy preferential tax rates of **15%** (e.g., schools under the Western Development Tax Incentive Program and high-tech enterprises) and **20%** (e.g., small and micro enterprises)[222](index=222&type=chunk)[223](index=223&type=chunk) - The Group's operating school in Yunnan, China, has been re-designated as a for-profit private school and enjoys a **15%** preferential tax rate under the Western Development Tax Incentive Program[224](index=224&type=chunk)[228](index=228&type=chunk) [Interim Dividend](index=54&type=section&id=Interim%20Dividend) 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 dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[225](index=225&type=chunk)[229](index=229&type=chunk) [Losses/Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=54&type=section&id=Losses/Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) Basic and diluted loss per share attributable to parent owners was **RMB (0.0010)**, with share options having an anti-dilutive effect (Loss)/Earnings Per Share Calculation (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | (Loss)/profit attributable to owners of the parent | (4,075) | 104,802 | | Weighted average number of ordinary shares in issue | 4,217,720,000 | 4,217,720,000 | | Basic and diluted (loss)/earnings per share | RMB(0.0010) | RMB0.0248 | - No adjustment has been made to the basic earnings per share amount for the dilutive impact of share options, as they had an anti-dilutive effect on the basic earnings per share amount presented[227](index=227&type=chunk)[230](index=230&type=chunk) [Property, Plant and Equipment](index=56&type=section&id=Property,%20Plant%20and%20Equipment) The Group acquired **RMB 62.4 million** in property, plant, and equipment, and disposed of assets with a net book value of **RMB 0.3 million**, realizing a net gain of **RMB 0.4 million** Property, Plant and Equipment Changes (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of additions | 62,353 | 179,787 | | Net book value of assets disposed | 269 | 8,826 | | Net gain on disposal | 411 | 382 | [Financial Assets at Fair Value Through Profit or Loss](index=56&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Total financial assets at fair value through profit or loss amounted to **RMB 120.7 million**, primarily comprising contingent consideration, short-term, and equity investments Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current assets: Contingent consideration | 107,301 | 107,301 | | Current assets: Short-term investments | 2,500 | – | | Non-current assets: Equity investments | 10,850 | 13,729 | | **Total** | **120,651** | **121,030** | [Other Non-Current Assets](index=57&type=section&id=Other%20Non-Current%20Assets) Other non-current assets totaled **RMB 264.0 million**, mainly advance payments for land use rights and acquisitions of private schools and companies Other Non-Current Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments for acquisition of land use rights | 234,575 | 234,575 | | Prepayments for acquisition of private schools and companies | 19,260 | 19,260 | | Long-term prepayments, other receivables and other assets | 10,191 | 9,852 | | **Total** | **264,026** | **263,687** | [Trade Receivables](index=57&type=section&id=Trade%20Receivables) Total trade receivables were **RMB 367.4 million**, with the largest portion due within one year Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 212,199 | 295,130 | | 1 to 2 years | 134,363 | 78,513 | | 2 to 3 years | 19,220 | 9,360 | | Over 3 years | 1,650 | 848 | | **Total** | **367,432** | **383,851** | [Trade Payables](index=58&type=section&id=Trade%20Payables) Total trade payables decreased to **RMB 449.4 million**, are interest-free, and typically settled within **30-60** days Ageing Analysis of Trade Payables (As of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 277,190 | 407,255 | | 1 to 2 years | 90,148 | 86,539 | | 2 to 3 years | 76,991 | 6,714 | | Over 3 years | 5,054 | 25 | | **Total** | **449,383** | **500,533** | - Trade payables are interest-free and generally settled within **30** to **60** days[243](index=243&type=chunk)[244](index=244&type=chunk) [Contract Liabilities](index=59&type=section&id=Contract%20Liabilities) Total contract liabilities significantly decreased to **RMB 94.0 million**, primarily comprising prepaid tuition, accommodation, and distance education service fees Contract Liabilities Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Tuition fees | 10,200 | 685,090 | | Accommodation fees | 15,960 | 77,899 | | Distance education service fees | 8,342 | 8,888 | | Teacher training services | 135 | 107 | | Other education businesses | 59,397 | 63,171 | | **Total** | **94,034** | **835,155** | - Tuition and accommodation fees are collected in advance before the start of each academic year and recognized as revenue proportionally over the relevant course period[247](index=247&type=chunk)[249](index=249&type=chunk) - Students have the right to recover relevant amounts for services not yet provided[247](index=247&type=chunk)[249](index=249&type=chunk) - Contract liabilities primarily include short-term prepayments received from partner institutions and other customers, expected to be settled within one year[247](index=247&type=chunk)[249](index=249&type=chunk) [Other Payables and Accruals](index=60&type=section&id=Other%20Payables%20and%20Accruals) Other payables and accruals decreased to **RMB 652.5 million**, including accrued bonuses, property, plant, and equipment payables, and student expenses Other Payables and Accruals (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accrued bonuses and other employee benefits | 65,832 | 87,901 | | Payables for purchase of property, plant and equipment | 168,254 | 281,677 | | Miscellaneous expenses collected from students | 173,570 | 138,234 | | Tuition fees collected from students | 66,371 | 62,043 | | **Total** | **652,466** | **776,711** | - Other payables are interest-free and repayable on demand[250](index=250&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=61&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) Total interest-bearing bank and other borrowings increased to **RMB 2,535.9 million**, with rates ranging from **2.2%** to **24.0%**, secured by various assets Total Interest-Bearing Bank and Other Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current | 1,196,657 | 910,937 | | Non-current | 1,339,254 | 1,287,387 | | **Total** | **2,535,911** | **2,198,324** | - The effective interest rate range for borrowings is **2.2%** to **24.0%**[253](index=253&type=chunk) - Some bank loans and government loans are secured by property, plant and equipment, leasehold land, equity pledges (Chongqing Lion Industry Co., Ltd., Chongqing Minsheng Education Management Co., Ltd., Leling Minsheng Education High School Co., Ltd., Duxue Network Technology (Beijing) Co., Ltd.), and pledges of rights to tuition fees of Yunnan University Dianchi College[255](index=255&type=chunk)[256](index=256&type=chunk) - Time deposits of **RMB 897,585 thousand** (December 31, 2024: **RMB 551,250 thousand**) have been pledged to secure bank loans and other borrowings[255](index=255&type=chunk)[256](index=256&type=chunk) - Buildings and equipment with a carrying value of **RMB 502,454 thousand** (December 31, 2024: **RMB 251,450 thousand**) held under sale and leaseback liabilities are pledged as collateral for the related sale and leaseback liabilities[255](index=255&type=chunk)[256](index=256&type=chunk) - All borrowings are denominated in RMB, except for certain bank loans denominated in HKD and USD[255](index=255&type=chunk)[256](index=256&type=chunk) [Share Capital](index=64&type=section&id=Share%20Capital) The company's authorized share capital is **10 billion** ordinary shares at **USD 0.00001** par value, with **4.217 billion** issued and fully paid shares Share Capital Details (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Authorized share capital (10,000,000,000 ordinary shares) | 747 | 747 | | Issued and fully paid (4,217,720,000 ordinary shares) | 322 | 322 | [Contingent Liabilities](index=65&type=section&id=Contingent%20Liabilities) The Group faces a put option dispute over **49%** equity in Lead Group and loan arbitration, with ongoing proceedings and no provisions made - Minsheng Vocational Education is in dispute with the seller regarding a put option for **49%** of Lead Group's shares, with the seller claiming the exercise price is inflated by **RMB 2,180,735,567.50**[260](index=260&type=chunk)[261](index=261&type=chunk) - Minsheng Vocational Education believes the seller's exercise is invalid, and that it issued a deed of grant of option on August 3, 2023, but the seller failed to exercise it by the specified deadline, causing the deed to automatically expire[260](index=260&type=chunk)[261](index=261&type=chunk) - The Group provided a **RMB 400 million** loan to Lead Guojiao Education Technology (Beijing) Co., Ltd., secured by **49%** of Lead Group's shares[263](index=263&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk) - The seller claims the loan obligation has been offset, but the Group believes the outstanding principal and interest, and the pledge, remain in effect[263](index=263&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk) - As of the date of approval of the consolidated financial statements, arbitrations at the Hong Kong International Arbitration Centre and China International Economic and Trade Arbitration Commission are ongoing, and the Group has made no provisions for these arbitrations[262](index=262&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) [Commitments](index=67&type=section&id=Commitments) Total contractual commitments amounted to **RMB 280.3 million**, primarily for equipment, buildings, and private school acquisitions Contractual Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Equipment | 58,141 | 86,627 | | Buildings | 130,315 | 164,569 | | Acquisition of private schools | 91,800 | 91,800 | | **Total** | **280,256** | **342,996** | - As of the end of the reporting period, the Group had no authorized but uncontracted material capital commitments[270](index=270&type=chunk) [Related Party Transactions](index=68&type=section&id=Related%20Party%20Transactions) The Group engaged in loan and interest transactions with Minsheng Group Co., Ltd., with **RMB 172.6 million** owed and **RMB 13.3 million** in key management compensation Related Party Transactions (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loans from Minsheng Group Co., Ltd. | 38,982 | 124,719 | | Repayment of loans from Minsheng Group Co., Ltd. | 33,029 | – | | Interest expenses paid to Minsheng Group Co., Ltd. | 560 | 744 | - As of the end of the reporting period, the Group had an outstanding balance of **RMB 172,636 thousand** payable to its ultimate holding company, Minsheng Group Co., Ltd., which is unsecured, bears interest at **5%** per annum, and is repayable within one year[273](index=273&type=chunk)[274](index=274&type=chunk) Key Management Personnel Compensation (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 12,983 | 12,826 | | Contributions to pension schemes | 273 | 259 | | **Total** | **13,256** | **13,085** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=70&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Total fair value of financial assets was **RMB 129.9 million**, and financial liabilities **RMB 2,474.5 million**, with most short-term instruments valued at book value Fair Value of Financial Assets (As of June 30, 2025) | Item | Carrying Amount (RMB thousand) | Fair Value (RMB thousand) | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss – Equity investments | 10,850 | 10,850 | | Financial assets at fair value through profit or loss – Contingent consideration | 107,301 | 107,301 | | Financial assets at fair value through profit or loss – Short-term investments | 2,500 | 2,500 | | Financial assets included in other non-current assets | 9,260 | 9,260 | | **Total** | **129,911** | **129,911** | Fair Value of Financial Liabilities (As of June 30, 2025) | Item | Carrying Amount (RMB thousand) | Fair Value (RMB thousand) | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings (excluding lease liabilities) | 2,502,006 | 2,474,525 | - Management has assessed that the fair values of cash and cash equivalents, trade receivables, trade payables, and other short-term financial instruments approximate their carrying amounts[284](index=284&type=chunk)[287](index=287&type=chunk) - Fair value measurements primarily use Level 2 (significant observable inputs), including short-term investments and contingent consideration[292](index=292&type=chunk)[294](index=294&type=chunk)[297](index=297&type=chunk)[299](index=299&type=chunk)[302](index=302&type=chunk)[304](index=304&type=chunk) [Event After the Period](index=77&type=section&id=Event%20After%20the%20Period) No significant events occurred after the reporting period - No significant events occurred after the reporting period[306](index=306&type=chunk)[308](index=308&type=chunk)

2025 中期報告 * 僅供識別 目錄 公司資料 2 管理層討論及分析 4 其他資料 21 簡明合併財務狀況表 32 簡明合併利潤表 34 簡明合併全面收益表 36 簡明合併權益變動表 37 簡明合併現金流量表 39 簡明合併財務資料附註 40 3 華油能源集團有限公司 2 二零二五中期報告 公司資料 董事會 執行董事 吳東方先生 （主席兼行政總裁） 李強先生 丁克臣先生 非執行董事 王國強先生 武吉偉先生 陳春花女士 獨立非執行董事 張渝涓女士 胡國強先生 馬小虎先生 審核委員會 胡國強先生 （主席） 陳春花女士 馬小虎先生 薪酬委員會 張渝涓女士 （主席） 吳東方先生 胡國強先生 提名委員會 吳東方先生 （主席） 張渝涓女士 胡國強先生 授權代表 吳東方先生 黎少娟女士 公司秘書 黎少娟女士 （FCG 、HKFCG） 公司網站 www.sptenergygroup.com 香港主要營業地點 香港 銅鑼灣 希慎道33 號 利園一期 19 樓1918 室 中國主要營業地點 中國 北京市 朝陽區 紅軍營東路甲 8 號 鴻懋商務大廈 5 層 （郵編：100012 ） 3 華油能源集團有限公司 2 二零二五中期報告 ...