Flowing Cloud Technology Ltd 飛天雲動科技有限公司 中期報告 2025 INTERIM REPORT 2025 Flowing Cloud Technology Ltd 飛天雲動科技有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 6610 Interim Report 中期報告 2025 Flowing Cloud Technology Ltd 飛天雲動科技有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 21 | | 獨立審閱報告 | 31 | | 簡明綜合損益及其他全面收入表 | 32 | | 簡明綜合財務狀況表 | 33 | | 簡明綜合權益變動表 | 35 | | 簡明綜合現金流量表 | 36 | | 簡明綜合財務報表附註 | 37 | 釋義 48 公司資料 董事會 執行董事 汪磊先生 （董事會主席兼行政總裁） 徐冰女士 李堯先生 獨立非執行董事 江一先生 陳玥霖女士 （其 ...

INTERIM REPORT 2025 中期報告 信達天下 誠以致遠 | 55 | Corporate Information | | --- | --- | | 57 | Financial Highlights | | 58 | Chairman's Statement | | 62 | Management Discussion and Analysis | | 79 | Corporate Governance Practice | | 84 | Interim Condensed Consolidated Statement of | | | Profit or Loss | | 85 | Interim Condensed Consolidated Statement of | | | Comprehensive Income | | 86 | Interim Condensed Consolidated Statement of | | | Financial Position | | 88 | Interim Condensed Consolidated Statement of | | | ...

於開曼群島註冊成立的成員有限公司 股票代號 : 2188 2025 中期報告 * 僅供識別 Grand Cayman KY1-1111 Cayman Islands 3 中國泰坦能源技術集團有限公司 二零二五年中期報告 公司資料 目錄 | | 頁碼 | | --- | --- | | 公司資料 | 2 | | 管理層討論及分析 | 4 | | 簡明綜合財務報表 | | | 簡明綜合損益及其他全面收益表 | 22 | | 簡明綜合財務狀況表 | 24 | | 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 | | 其他資料 | 47 | 公司資料 二零二五年中期報告 中國泰坦能源技術集團有限公司 2 | 董事會 | 執行董事 | | --- | --- | | | （主席） 高峽先生 | | | 李欣青先生 | | | 畢景峰先生 | | | （行政總裁） 安慰先生 | | | 非執行董事 | | | 陶琛先生 | | | 獨立非執行董事 | | | 李向鋒先生 | | | 劉偉先生 | | | 蔣彥女士 | | 審核委員會 | （委員會主席） 蔣彥女 ...

2025 中期報告 佳源服務控股有限公司 J I A Y U A N S E R V I C E S H O L D I N G S L I M I T E D 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 企業管治及其他資料 | 15 | | 獨立審閱報告 | 18 | | 中期簡明合併全面收益表 | 20 | | 中期簡明合併財務狀況表 | 21 | | 中期簡明合併權益變動表 | 23 | | 中期簡明合併現金流量表 | 24 | | 中期財務資料附註 | 25 | 董事 執行董事 李猛先生 （主席） 辛冰先生 非執行董事 阮紅女士 獨立非執行董事 張辰先生 崔艷女士 蔡思韜先生 審核委員會 崔艷女士 （主席） 張辰先生 蔡思韜先生 薪酬委員會 李猛先生 梁君慧女士 核數師 羅申美會計師事務所 法律顧問 香港法律： CLKW Lawyers LLP （與李智聰律師事務所聯營） 中國法律： 浙江宜景源律師事務所 開曼群島法律： Conyers Dill & Pearman 張辰先生 （主席） 李猛先生 崔艷女士 提名委員會 李猛先生 （主席） 張辰先生 ...

5 何慧餘先生 FCCA MHKCS MHKSI 審核委員會 解端泰先生 陸錦勳先生 甯漢崇先生 薪酬委員會 公司資料 董事會 執行董事 彭德忠先生 MH （主席） 何慧餘先生 （副主席） 彭蘊萍小姐 （行政總裁） 彭志濤先生 獨立非執行董事 解端泰先生 陸錦勳先生 甯漢崇先生 公司秘書 彭德忠先生 MH 解端泰先生 陸錦勳先生 甯漢崇先生 提名委員會 彭德忠先生 MH （主席） 彭蘊萍小姐 （委任自二零二五年六月三十日起生效） 解端泰先生 陸錦勳先生 甯漢崇先生 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 總辦事處及主要營業地點 香港灣仔 港灣道18號 中環廣場6505室 核數師 德勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 法律顧問 樂博律師事務所有限法律責任合夥 杜偉強律師事務所 主要往來銀行 香港股份登記及過戶分處 卓佳證券登記有限公司 香港 夏愨道16號 遠東金融中心17樓 中國銀行（香港）有限公司 星展銀行（香港）有限公司 富邦銀行（香港）有限公司 恒生銀行有限公司 渣打銀行（香港）有限公司 東亞銀行有限公司 香港 ...

目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 權益披露 | 31 | | 企業管治 | 34 | | 獨立核數師審閱報告 | 36 | | 簡明綜合損益及其他全面收益表 | 38 | | 簡明綜合財務狀況表 | 40 | | 簡明綜合權益變動表 | 42 | | 簡明綜合現金流量表 | 44 | | 簡明綜合財務報表附註 | 46 | | 詞彙表 | 78 | 1 康健國際醫療集團有限公司 二零二五年中期報告 公司資料 董事會 執行董事 蔡加讚先生， 金紫荊星章，太平紳士 （主席兼行政總裁） 霍兆榮醫生 張霄雪女士 劉詩音先生 （ 於二零二五年二月二十四日辭任） 黃宇先生 （於二零二五年二月二十四日獲委任） 非執行董事 李蕙苓女士 劉淑卿女士 劉陽先生 張蕾娣女士 獨立非執行董事 于學忠先生 徐衛國博士 韓文欣先生 陳偉根先生 張加銘先生 崔永昌先生 董事委員會 審核委員會 陳偉根先生 （主席） 劉陽先生 徐衛國博士 張加銘先生 薪酬委員會 張加銘先生 （主席） 劉陽先生 于學忠先生 陳偉根先生 提名委員會 蔡加讚 ...

2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 企業管治報告 | 23 | | 董事會報告書 | 26 | | 未經審核中期簡明合併損益表 | 30 | | 未經審核中期簡明合併損益及其他綜合收益表 | 31 | | 未經審核中期簡明合併資產負債表 | 32 | | 未經審核中期簡明合併權益變動表 | 34 | | 未經審核中期簡明合併現金流量表 | 35 | | 未經審核中期簡明合併財務資料附註 | 36 | 2 宏華集團有限公司 2025中報 公司資料 董事會 執行董事 王旭先生 （主席） 朱驊先生 楊強先生 非執行董事 楊養莊先生 劉興貴先生 （於2025年7月25日辭任） 王旭先生 （委員會主席） 張士舉先生 李越冬女士 獨立非執行董事 張士舉先生 李越冬女士 王俊仁先生 董事會秘書 何斌先生 董事會委員會 審核委員會 李越冬女士 （委員會主席） 張士舉先生 楊養莊先生 薪酬委員會 張士舉先生 （委員會主席） 王旭先生 李越冬女士 劉興貴先生 （於2025年7月25日辭任） 王俊仁先生 提名委員會 戰略投資委員會 王旭先生 （委員會 ...

安東油田服務集團 Anton Oilfield Services Group ( 於開曼群島註冊成立之有限公司 ) ( 股份代號 : 3337 ) 中期報告 2025 目錄 | 公司資料 | 2 | 簡明綜合損益表 | 35 | | --- | --- | --- | --- | | 管理層討論與分析 | 4 | 簡明綜合損益及其他綜合收益表 | 36 | | 其他數據 | 20 | 簡明綜合權益變動表 | 37 | | 簡明綜合財務報表的審閱報告 | 32 | | | | | | 簡明綜合現金流量表 | 39 | | 簡明綜合財務狀況表 | 33 | | | | | | 簡明綜合財務報表附註 | 40 | 公司資料 董事會 非執行董事 黃松先生 獨立非執行董事 張永一先生 朱小平先生 WEE Yiaw Hin先生 陳欣女士 審核委員會 朱小平先生（主席） 張永一先生 WEE Yiaw Hin先生 薪酬委員會 WEE Yiaw Hin先生（主席） 朱小平先生 羅林先生 執行董事 羅林先生 皮至峰先生 范永洪先生 歐陽麗妮女士 提名委員會 張永一先生（主席） WEE Yiaw Hin先生 羅林先生 ESG（「環 ...

Company Information [Board of Directors and Corporate Structure](index=3&type=section&id=Board%20of%20Directors%20and%20Corporate%20Structure) The company's board saw changes with the passing of an independent non-executive director, a new appointment, and a new chairperson - Independent Non-Executive Director Mr. Hu Yong Quan passed away on **February 17, 2025**[5](index=5&type=chunk) - Ms. Ju He Feng was appointed as an Independent Non-Executive Director on **August 1, 2025**[5](index=5&type=chunk) - Ms. Yu Ru Min was appointed as the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**[56](index=56&type=chunk) - Mr. Yu Jin Lai ceased to be the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**, and ceased to be a member of the Audit Committee effective **August 1, 2025**[54](index=54&type=chunk) Financial Highlights [Interim Financial Performance for H1 2025](index=4&type=section&id=Interim%20Financial%20Performance%20for%20H1%202025) Group revenue decreased by 27.7% to RMB 185.5 million, gross profit slightly down, but gross margin significantly improved to 18.5%, with profit and total comprehensive income increasing substantially Interim Key Financial Indicators | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 185.5 | 256.8 | -27.7% | | Gross Profit | 34.3 | 34.6 | -0.8% | | Gross Margin | 18.5% | 13.5% | +5.0pp | | Profit and Total Comprehensive Income | 26.1 | 5.5 | +374.5% | | Basic Earnings Per Share | RMB 0.016 | RMB 0.003 | +433.3% | | Interim Dividend | Not Recommended | None | - | Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) The Group, a leading Chinese communications manufacturer, experienced a 27.7% revenue decline but a significant increase in profit and total comprehensive income - The Group recorded revenue of approximately **RMB 185.5 million**, a decrease of approximately **27.7%** compared to the same period in 2024[8](index=8&type=chunk) - Gross profit was approximately **RMB 34.3 million**, a decrease of approximately **0.8%** compared to the same period in 2024[8](index=8&type=chunk) - Profit and total comprehensive income was approximately **RMB 26.1 million**, a significant increase from **RMB 5.5 million** in the same period in 2024[8](index=8&type=chunk) - Basic earnings per share was approximately **RMB 0.016**, a significant increase from **RMB 0.003** in the same period in 2024[8](index=8&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) Revenue and cost of sales decreased, gross margin improved due to lower raw material costs, while finance costs rose significantly, leading to a substantial increase in profit [Revenue](index=5&type=section&id=Revenue) Group revenue, primarily from optical cables and color-coated steel plates, decreased by 27.7% year-on-year - Total revenue was approximately **RMB 185.5 million**, a **27.7% decrease** from RMB 256.8 million in the prior year period[9](index=9&type=chunk) - The Group's principal businesses are the manufacturing and sale of optical cables and related equipment, and the processing and sale of color-coated steel plates, which are combined into one reportable and operating segment[9](index=9&type=chunk) [Cost of Sales](index=5&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 31.9% to RMB 151.2 million year-on-year Cost of Sales Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 151.2 | 222.1 | -31.9% | [Gross Profit and Gross Margin](index=5&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit slightly decreased, but gross margin improved to 18.5% due to a lower proportion of raw material costs Gross Profit and Gross Margin Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 34.3 | 34.6 | -0.8% | | Gross Margin | 18.5% | 13.5% | +5.0pp | - The improvement in gross margin was mainly due to a **decrease in the proportion of raw material costs**, leading to a reduction in cost of sales[11](index=11&type=chunk) [Net Other Income, Gains, Expenses and Losses](index=5&type=section&id=Net%20Other%20Income%2C%20Gains%2C%20Expenses%20and%20Losses) Net other income decreased to RMB 7.1 million, mainly due to lower bank interest income and government grants Net Other Income, Gains, Expenses and Losses Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Other Income | 7.1 | 9.5 | -25.3% | - The decrease was mainly due to **lower bank interest income received** and **government grants recognized** during the reporting period[12](index=12&type=chunk) [Selling and Distribution Expenses](index=6&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 28.1% to RMB 7.9 million, primarily due to lower freight costs Selling and Distribution Expenses Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 7.9 | 11.1 | -28.1% | - The decrease in expenses was primarily due to a **reduction in total freight costs**[13](index=13&type=chunk) [Administrative Expenses](index=6&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 13.9% to RMB 15.0 million, reflecting overall operational and cost control measures Administrative Expenses Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 15.0 | 17.5 | -13.9% | - The decrease in expenses is consistent with the Group's overall operations and stricter control measures on certain business and marketing expenses[14](index=14&type=chunk) [Research Costs](index=6&type=section&id=Research%20Costs) Research costs slightly increased by 1.9% to RMB 13.7 million Research Costs Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Research Costs | 13.7 | 13.4 | +1.9% | [Finance Costs](index=6&type=section&id=Finance%20Costs) Finance costs significantly increased by 97.2% to RMB 4.3 million, driven by higher average bank borrowings Finance Costs Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 4.3 | 2.2 | +97.2% | - The increase in finance costs was mainly due to an **increase in average bank borrowings** and the **full recognition of all interest expenses** during the reporting period[16](index=16&type=chunk) [Share of Profit of an Associate](index=6&type=section&id=Share%20of%20Profit%20of%20an%20Associate) Share of profit from an associate, primarily in optical fiber manufacturing, increased by 9.5% to RMB 5.7 million Share of Profit of an Associate Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of Profit of an Associate | 5.7 | 5.2 | +9.5% | - The associate is primarily engaged in the **manufacturing and sale of optical fibers**[17](index=17&type=chunk) [Share of Profit of a Joint Venture](index=6&type=section&id=Share%20of%20Profit%20of%20a%20Joint%20Venture) Share of profit from a joint venture, engaged in optical fiber preform manufacturing, decreased by 16.6% to RMB 1.4 million Share of Profit of a Joint Venture Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of Profit of a Joint Venture | 1.4 | 1.7 | -16.6% | - The joint venture is engaged in the **manufacturing and sale of optical fiber preforms**[18](index=18&type=chunk) [Income Tax Credit/(Expense)](index=6&type=section&id=Income%20Tax%20Credit%2F(Expense)) The Group recorded an income tax credit of RMB 0.3 million, primarily from deferred tax asset recognition, a shift from an expense in the prior period Income Tax Credit/Expense Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Income Tax Credit/(Expense) | 0.3 (Credit) | 2.3 (Expense) | Shift from expense to credit | - The income tax credit was mainly due to the **recognition of deferred tax assets** by the Group[19](index=19&type=chunk) [Profit and Total Comprehensive Income Attributable to Owners of the Company](index=7&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20Attributable%20to%20Owners%20of%20the%20Company) Profit and total comprehensive income attributable to owners of the company significantly increased to RMB 26.1 million Profit and Total Comprehensive Income Attributable to Owners of the Company Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit and Total Comprehensive Income | 26.1 | 5.5 | +374.5% | [Liquidity, Financial and Capital Resources](index=7&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) Operations and capital needs are funded by equity, reserves, bank borrowings, and amounts due to a director, with improved gearing and managed financial risks [Cash and Loan Position](index=7&type=section&id=Cash%20and%20Loan%20Position) Cash and bank balances decreased by 11.5%, while interest-bearing bank borrowings decreased by 28.1%, with all borrowings at floating rates Cash and Loan Position Comparison | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Cash and Bank Balances | 358.5 | 405.2 | -11.5% | | Interest-Bearing Bank Borrowings | 259.0 | 360.3 | -28.1% | | Floating Rate Borrowings | 259.0 | 230.2 | +12.5% | | Fixed Rate Borrowings | 0 | 130.1 | -100% | - All bank borrowings are interest-bearing at **floating rates ranging from 2.20% to 3.30% per annum**[23](index=23&type=chunk) - The Group has not encountered any difficulties in complying with its loan covenants and there have been **no defaults**[24](index=24&type=chunk) [Pledged Assets of the Group](index=7&type=section&id=Pledged%20Assets%20of%20the%20Group) Pledged bank deposits for bills payable significantly decreased to RMB 81.1 million Pledged Assets Comparison | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Pledged Bank Deposits | 81.1 | 173.6 | -53.3% | [Gearing Ratio](index=7&type=section&id=Gearing%20Ratio) The Group's gearing ratio significantly improved to 65.4% from 84.5% at the end of 2024 Gearing Ratio Comparison | Indicator | June 30, 2025 | Dec 31, 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Gearing Ratio | 65.4% | 84.5% | -19.1pp | [Currency Risk](index=8&type=section&id=Currency%20Risk) The Group faces currency risk from foreign currency-denominated balances and borrowings, managed by monitoring exchange rate movements - The Group primarily operates in Mainland China, with sales, production costs, and expenses recorded in **RMB**[27](index=27&type=chunk) - Certain bank deposits, advances, and borrowings are denominated in **foreign currencies**, exposing the Group to currency risk[27](index=27&type=chunk) - Directors manage foreign currency risk by closely monitoring foreign currency exchange rate movements and may use contractual hedging instruments[27](index=27&type=chunk) [Interest Rate Risk](index=8&type=section&id=Interest%20Rate%20Risk) The Group is exposed to fair value and cash flow interest rate risks from fixed and floating rate financial instruments, without derivative hedging - Fair value interest rate risk primarily relates to **fixed-rate bank deposits and borrowings**[28](index=28&type=chunk) - Cash flow interest rate risk arises from **floating-rate financial instruments** such as restricted bank balances, bank balances, and floating-rate bank borrowings[28](index=28&type=chunk) - The Group currently **does not use any derivative instruments** to hedge interest rate risk[28](index=28&type=chunk) [Credit Risk](index=8&type=section&id=Credit%20Risk) Credit risk from trade receivables and bills is managed through credit limits and impairment assessments, with concentration risk from major telecom operators - Credit risk primarily arises from **trade and bills receivables** from customer contracts[29](index=29&type=chunk) - A team is responsible for setting credit limits, monitoring procedures, and performing impairment assessments to estimate expected credit losses[29](index=29&type=chunk) - Credit risk for bank deposits and balances is assessed as **low**[30](index=30&type=chunk) - Approximately **89.3% of trade receivables** are from major PRC telecommunication network operators, indicating a concentration of credit risk[30](index=30&type=chunk) [Liquidity Risk](index=9&type=section&id=Liquidity%20Risk) Management monitors cash flow to maintain funding flexibility through available credit lines and potential new share issuance - Management regularly monitors the Group's cash flow position to ensure **strict control**[32](index=32&type=chunk) - The objective is to maintain funding flexibility through available committed credit facilities and the issuance of new ordinary shares[32](index=32&type=chunk) [Capital Commitments](index=9&type=section&id=Capital%20Commitments) Capital commitments for property, plant, and equipment decreased to RMB 16.6 million Capital Commitments Comparison | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Commitments | 16.6 | 20.1 | -17.4% | [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) The Group had approximately 310 employees with total staff costs of RMB 15.4 million, offering competitive remuneration and various benefit plans Employees and Remuneration Comparison | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Employees | 310 | 320 | -3.1% | | Staff Costs | RMB 15.4 million | RMB 15.6 million | -1.3% | - The Group participates in various employee benefit plans, including **pension insurance, medical insurance, and personal injury insurance**[34](index=34&type=chunk) - Remuneration packages are reviewed regularly with reference to market practices and legal requirements to remain competitive[34](index=34&type=chunk) [Outlook](index=9&type=section&id=Outlook) Despite short-term pressure, the optical cable industry is showing recovery, with strong growth expected in H2 2025 driven by new technologies and national policies, while the Group focuses on market expansion, R&D, and cost control - In H1 2025, domestic optical cable production decreased by approximately **2.9%**, a significant narrowing of the decline, indicating the industry downturn is entering a convergence period[35](index=35&type=chunk) - China's total optical cable demand is still expected to decrease slightly by approximately **2.2%** for the full year 2025, but global optical fiber and cable demand is projected to maintain **steady growth between 2025 and 2029**[35](index=35&type=chunk)[36](index=36&type=chunk) - Industry development benefits from the rapid advancement of new-generation information technologies such as **5G-A networks, 10-gigabit optical networks, "East-Data-West-Computing" initiatives, cloud computing, and artificial intelligence**[37](index=37&type=chunk) - The Group will deepen cooperation with operators to solidify its core market and actively expand into **non-operator and overseas markets**[38](index=38&type=chunk) - The Group will increase R&D investment, focusing on **high-speed transmission, high-density data center interconnects, and green and low-carbon products** to optimize its product structure[38](index=38&type=chunk) - The Group will continue to strengthen monitoring of raw material procurement costs and supply chain fluctuations, deepen lean production management, and enhance operational efficiency[38](index=38&type=chunk) Other Information [Interim Dividend](index=11&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[40](index=40&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=11&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) Several directors and their spouses or as founders/beneficiaries of discretionary trusts held long positions in the company's shares or underlying shares Directors' and Chief Executive's Interests in the Company's Shares and Underlying Shares | Director's Name | Nature of Interest | Number of Shares or Underlying Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Yu Ru Min | Founder of a discretionary trust | 840,000,000 | 51.65 | | | Spouse's interest | 56,184,000 | 3.46 | | | Beneficial owner | 14,784,000 | 0.91 | | Mr. Yu Jin Lai | Beneficiary of a discretionary trust | 840,000,000 | 51.65 | | Ms. Yu Ru Ping | Beneficiary of a discretionary trust | 840,000,000 | 51.65 | | | Beneficial owner | 14,784,000 | 0.91 | | Mr. Shi Ming | Spouse's interest | 854,784,000 | 52.56 | | | Beneficial owner | 56,184,000 | 3.46 | - Ms. Yu Ru Min, as the founder of a family trust, is deemed to have an interest in the **840,000,000 shares** held by Pacific Mind[43](index=43&type=chunk) - Mr. Shi Ming is the spouse of Ms. Yu Ru Min and is deemed to have an interest in the shares held by each other under the SFO[42](index=42&type=chunk) [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=12&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20in%20Shares%20and%20Underlying%20Shares) Pacific Mind Development Limited, UBS TC (Jersey) Limited, and UBS Nominee Limited each held 51.65% of the company's shares, with Mr. Yu Jian Guang holding 52.56% due to spouse's interest Substantial Shareholders' and Other Persons' Interests in the Company's Shares and Underlying Shares | Name/Person | Nature of Interest | Number of Shares or Underlying Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Pacific Mind Development Limited | Beneficial owner | 840,000,000 | 51.65 | | UBS TC (Jersey) Limited | Trustee | 840,000,000 | 51.65 | | UBS Nominee Limited | Interest of controlled corporation | 840,000,000 | 51.65 | | Mr. Yu Jian Guang | Spouse's interest | 854,784,000 | 52.56 | - The issued share capital of Pacific Mind is directly owned by UBS Nominee Limited, which is the nominee for a family trust, with UBS TC (Jersey) Limited as the trustee[48](index=48&type=chunk) - Mr. Yu Jian Guang is the spouse of Ms. Yu Ru Ping and is therefore deemed to have an interest in the shares held by Ms. Yu Ru Ping[48](index=48&type=chunk) [Share Option Scheme](index=13&type=section&id=Share%20Option%20Scheme) The share option scheme, adopted in 2016 with a 10-year validity, had its authorized limit fully utilized by December 31, 2022, with no outstanding options - The Share Option Scheme was adopted on **November 24, 2016**, and is valid for **10 years**[50](index=50&type=chunk) - The scheme mandate limit was **fully utilized by December 31, 2022**[50](index=50&type=chunk) - As of **June 30, 2025**, there were **no outstanding share options** available for exercise to subscribe for shares[50](index=50&type=chunk) [Sufficiency of Public Float](index=13&type=section&id=Sufficiency%20of%20Public%20Float) The company maintained a sufficient public float throughout the reporting period and up to the date of this report - The Company maintained a **sufficient public float** throughout the reporting period and up to the date of this report[51](index=51&type=chunk) [Corporate Governance Practices and Other Information](index=13&type=section&id=Corporate%20Governance%20Practices%20and%20Other%20Information) The company adheres to the Corporate Governance Code, having restored compliance with independent non-executive director requirements after a temporary shortfall - The Company has adopted the **Corporate Governance Code** as set out in Appendix C1 to the Listing Rules[52](index=52&type=chunk) - During the reporting period, the number of independent non-executive directors was temporarily **below the minimum required** by Rule 3.10(1) of the Listing Rules[53](index=53&type=chunk) - Following the appointment of Ms. Ju He Feng as an independent non-executive director on **August 1, 2025**, the Company has complied with Rule 3.10(1) of the Listing Rules[53](index=53&type=chunk) [Changes in Directors' Information](index=13&type=section&id=Changes%20in%20Directors'%20Information) Mr. Yu Jin Lai resigned as Board Chairman and Nomination Committee Chairman, and from the Audit Committee, while Ms. Yu Ru Min and Ms. Ju He Feng were appointed to new roles - Mr. Yu Jin Lai ceased to be the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**, and ceased to be a member of the Audit Committee effective **August 1, 2025**[54](index=54&type=chunk) - Ms. Yu Ru Min was appointed as the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**[56](index=56&type=chunk) - Ms. Ju He Feng was appointed as an Independent Non-Executive Director and a member of the Audit Committee effective **August 1, 2025**[56](index=56&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=14&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) All directors, except the late Mr. Hu Yong Quan, complied with the Model Code for securities transactions during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 to the Listing Rules[57](index=57&type=chunk) - All Directors, save for the late Mr. Hu Yong Quan, have complied with the required standards set out in the Model Code during the reporting period and up to the date of this report[57](index=57&type=chunk) [Audit Committee](index=14&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated financial statements for the period - The Audit Committee comprises three independent non-executive directors: Mr. Chan Kai Wing (Chairman), Mr. Lau Ching Yee, and Ms. Ju He Feng[58](index=58&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended **June 30, 2025**[58](index=58&type=chunk) [Contingent Liabilities and Litigation](index=14&type=section&id=Contingent%20Liabilities%20and%20Litigation) As of the date of this report, the Group had no contingent liabilities or litigation - As of the date of this report, the Group had **no contingent liabilities or litigation**[59](index=59&type=chunk) [Environmental Policies and Performance](index=14&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to reducing environmental impact through pollution reduction and resource efficiency, striving for compliance with environmental laws - The Group is committed to reducing the environmental impact of its factories and offices by **minimizing pollution and efficiently utilizing resources**[60](index=60&type=chunk) - The Group strives to comply with relevant environmental laws and regulations and continuously improves its performance[60](index=60&type=chunk) [Key Relationships with Employees, Customers and Suppliers](index=14&type=section&id=Key%20Relationships%20with%20Employees%2C%20Customers%20and%20Suppliers) The Group maintains good relationships with employees, customers, and suppliers, fostering a positive workplace, delivering quality products, and building long-term partnerships - The Group strives to maintain **good relationships with its employees, customers, and suppliers**[61](index=61&type=chunk) - The Group is committed to creating a positive workplace for employees, producing quality products to meet customer requirements, and building long-term relationships with suppliers[61](index=61&type=chunk) [Compliance with Laws and Regulations](index=15&type=section&id=Compliance%20with%20Laws%20and%20Regulations) Except for a temporary non-compliance with independent non-executive director requirements, the Group was unaware of any material non-compliance with laws and regulations - For the six months ended **June 30, 2025**, the Group was unaware of any non-compliance with relevant laws and regulations that had a material impact on it, except for the non-compliance with Rule 3.10(1) of the Listing Rules[63](index=63&type=chunk) - As of the date of this report, following the new appointment of an independent non-executive director, the Company has complied with Rule 3.10(1) of the Listing Rules[64](index=64&type=chunk) [Material Investments](index=15&type=section&id=Material%20Investments) The Group holds significant investments in Southern Optical Fiber, Yingke Optoelectronics, and Source Photonics Group, with a sale agreement for the latter's preferred shares - The Group holds a **49% equity interest** in Jiangsu Southern Optical Fiber Technology Co., Ltd., with a total investment of approximately **RMB 73.5 million** and a share of profit of approximately **RMB 5.7 million**[68](index=68&type=chunk) - The Group holds a **51% equity interest** in Jiangsu Yingke Optoelectronics Technology Co., Ltd., with a total investment of approximately **RMB 38.3 million** and a share of profit of approximately **RMB 1.4 million**[68](index=68&type=chunk) - Pacific Smart, an indirect wholly-owned subsidiary of the Company, holds **8,235,293 Series A Preferred Shares** in Source Photonics Group, representing approximately **4.00% equity interest**, with a fair value of approximately **RMB 179.5 million**[65](index=65&type=chunk)[68](index=68&type=chunk) - A sale and purchase agreement has been entered into for the disposal of the Series A Preferred Shares in Source Photonics Group, which constitutes a **very substantial disposal** subject to shareholder approval[66](index=66&type=chunk)[72](index=72&type=chunk) [Future Plans for Material Investments](index=16&type=section&id=Future%20Plans%20for%20Material%20Investments) The Group plans to continue investing in development projects and acquiring plant and machinery, funded by internal resources, equity, or borrowings, with no other major plans disclosed - The Group will continue to invest in development projects and acquire suitable plant and machinery when appropriate[69](index=69&type=chunk) - These investments will be funded by internal resources, external equity financing, and/or borrowings[69](index=69&type=chunk) - Save as disclosed in this interim report, the Group had **no other future plans for material investments** as of the date of this report[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the reporting period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period and up to the date of this report[70](index=70&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=16&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The Group had no material acquisitions or disposals of subsidiaries and associates, but an agreement was made to sell shares in a target company - During the reporting period and up to the date of this report, the Group had **no material acquisitions or disposals** of its subsidiaries and associates[71](index=71&type=chunk) [Disposal of Sale Shares in the Target Company](index=16&type=section&id=Disposal%20of%20Sale%20Shares%20in%20the%20Target%20Company) Pacific Smart agreed to sell 8,235,293 Series A Preferred Shares in Source Photonics Group for US$25.18 million, constituting a very substantial disposal requiring shareholder approval - Pacific Smart has entered into a sale and purchase agreement to dispose of its **8,235,293 Series A Preferred Shares** (representing approximately **4.00% equity interest**) in Source Photonics Group[72](index=72&type=chunk) - The consideration for the disposal is **US$25,181,055.41** (approximately **RMB 180.8 million**)[72](index=72&type=chunk) - This disposal constitutes a **very substantial disposal** under the Listing Rules and is subject to approval by the Company's shareholders at an extraordinary general meeting[72](index=72&type=chunk) Events After the Reporting Period [Events After the Reporting Period](index=17&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group occurred after the reporting period and up to the date of this report - No significant events affecting the Group have occurred since the end of the reporting period and up to the date of this report[75](index=75&type=chunk) Publication of Interim Report [Publication of Interim Report](index=17&type=section&id=Publication%20of%20Interim%20Report) This interim report has been published on the websites of HKEX and the company - This interim report is published on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company's website (www.jsnfgroup.com)[76](index=76&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Overview of Profit or Loss and Comprehensive Income](index=17&type=section&id=Overview%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income) Revenue decreased by 27.7% to RMB 185.5 million, but profit and total comprehensive income significantly increased to RMB 26.1 million due to lower cost of sales and fair value gains Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 185,520 | 256,750 | | Cost of Sales | (151,207) | (222,146) | | Gross Profit | 34,313 | 34,604 | | Net Other Income, Gains, Expenses and Losses | 7,107 | 9,474 | | Fair value change of financial assets at fair value through profit or loss | 18,222 | – | | Selling and Distribution Expenses | (7,948) | (11,061) | | Administrative Expenses | (15,033) | (17,457) | | Research Costs | (13,678) | (13,419) | | Finance Costs | (4,253) | (2,157) | | Share of Profit of an Associate | 5,674 | 5,180 | | Share of Profit of a Joint Venture | 1,418 | 1,700 | | Profit Before Income Tax | 25,822 | 7,787 | | Income Tax Credit/(Expense) | 314 | (2,268) | | Profit and Total Comprehensive Income for the Period | 26,136 | 5,519 | | Earnings Per Share | RMB 0.016 | RMB 0.003 | Condensed Consolidated Statement of Financial Position [Overview of Financial Position](index=18&type=section&id=Overview%20of%20Financial%20Position) Total assets less current liabilities slightly decreased, but net current assets and gearing ratio improved due to reduced trade receivables, payables, and bank borrowings Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 213,766 | 208,236 | | Interests in an Associate | 112,900 | 107,076 | | Financial assets at fair value through profit or loss | 179,500 | 161,278 | | **Current Assets** | | | | Trade and Bills Receivables | 349,487 | 436,221 | | Bank Deposits, Bank Balances and Cash | 271,072 | 201,084 | | **Current Liabilities** | | | | Trade and Bills Payables | 237,049 | 278,330 | | Bank Borrowings (Current) | 132,000 | 201,342 | | **Non-current Liabilities** | | | | Bank Borrowings (Non-current) | 127,000 | 159,000 | | **Total** | | | | Net Current Assets | 357,263 | 380,224 | | Total Assets Less Current Liabilities | 995,370 | 1,001,338 | | Equity Attributable to Owners of the Company | 844,120 | 817,984 | Condensed Consolidated Statement of Changes in Equity [Overview of Changes in Equity](index=21&type=section&id=Overview%20of%20Changes%20in%20Equity) Equity attributable to owners of the company increased from RMB 817.984 million to RMB 844.120 million, driven by profit and total comprehensive income Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 817,984 | 778,048 | | Profit and Total Comprehensive Income for the Period | 26,136 | 5,519 | | Amortization for the Period | – | – | | Equity Attributable to Owners of the Company at End of Period | 844,120 | 783,567 | Condensed Consolidated Statement of Cash Flows [Overview of Cash Flows](index=22&type=section&id=Overview%20of%20Cash%20Flows) Net cash from operating activities significantly increased, investment activities shifted to net cash generation, and financing activities used less cash, resulting in a net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 36,910 | 19,787 | | Net Cash Generated from/(Used in) Investing Activities | 137,745 | (21,753) | | Net Cash Used in Financing Activities | (104,653) | (33,889) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 70,002 | (35,855) | | Cash and Cash Equivalents at Beginning of Period | 201,084 | 247,767 | | Cash and Cash Equivalents at End of Period | 271,072 | 211,912 | - Net cash generated from investing activities primarily resulted from **withdrawals of restricted bank deposits and balances (RMB 92.483 million)** and **withdrawals of bank deposits with original maturity over three months (RMB 24.200 million)**, as well as **fair value changes of financial assets at fair value through profit or loss (RMB 18.080 million)**[83](index=83&type=chunk) Notes to the Condensed Consolidated Financial Statements [1. Basis of Preparation](index=23&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with IAS 34 and applicable HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with **International Accounting Standard 34 Interim Financial Reporting** and the applicable disclosure requirements of **Appendix D2 to the Listing Rules** of The Stock Exchange of Hong Kong Limited[84](index=84&type=chunk) [2. Principal Accounting Policies](index=23&type=section&id=2.%20Principal%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with new IFRS standards having no material impact on financial position or performance - The condensed consolidated financial statements are prepared on a **historical cost basis**, except for certain financial instruments that are measured at fair value where applicable[85](index=85&type=chunk) - The application of new and revised International Financial Reporting Standards has **no material impact** on the Group's financial position and performance for the current and prior periods and/or the disclosures set out in these condensed consolidated financial statements[86](index=86&type=chunk) [3. Revenue](index=24&type=section&id=3.%20Revenue) Revenue from optical cables, FDN equipment, and color-coated steel plates is recognized at a point in time, with credit terms for major telecom operators - The Group's revenue represents the amounts received and receivable from the **sale of optical cables, optical fiber distribution network equipment, and color-coated steel plates**, with revenue recognized at a point in time[87](index=87&type=chunk) - Major customers include the **four largest state-owned telecommunication network operators in the PRC** and other companies[89](index=89&type=chunk) - The Group allows credit periods of **up to six months** to major PRC telecommunication network operators and **up to one year** to other customers[89](index=89&type=chunk) [4. Segment Information](index=24&type=section&id=4.%20Segment%20Information) The Group merged its optical cable and color-coated steel plate segments into one reportable segment, primarily operating in China - The Group has combined its manufacturing and sale of optical cables and related equipment segment with its processing and sale of color-coated steel plates segment into **one reportable and operating segment**[90](index=90&type=chunk) - The Group primarily operates in **Mainland China**, where all its non-current assets (excluding financial assets at fair value through profit or loss and deferred tax assets) are located[91](index=91&type=chunk) [5. Net Other Income, Gains, Expenses and Losses](index=25&type=section&id=5.%20Net%20Other%20Income%2C%20Gains%2C%20Expenses%20and%20Losses) Net other income, gains, expenses, and losses decreased to RMB 7.107 million, mainly due to lower bank interest income and government grants Net Other Income, Gains, Expenses and Losses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 1,551 | 3,557 | | Net foreign exchange (losses)/gains | (35) | 801 | | Gains on sales of electricity and other materials | 2,759 | 607 | | Government grants recognized | 2,187 | 4,714 | | (Losses)/gains on disposal of property, plant and equipment | (191) | 15 | | Others | 836 | (220) | | **Total** | **7,107** | **9,474** | [6. Finance Costs](index=25&type=section&id=6.%20Finance%20Costs) Finance costs significantly increased to RMB 4.253 million, primarily due to higher interest on borrowings with no capitalized amounts Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on borrowings | 4,253 | 3,706 | | Interest on lease liabilities | – | 1 | | Less: Amount capitalized into construction in progress | – | (1,550) | | **Finance Costs** | **4,253** | **2,157** | - The capitalization rate used to determine the amount of interest incurred and capitalized for the six months ended **June 30, 2025**, was approximately **1.85%**[93](index=93&type=chunk) [7. Income Tax (Credit)/Expense](index=26&type=section&id=7.%20Income%20Tax%20(Credit)%2FExpense) The Group recorded an income tax credit of RMB 0.314 million, mainly from deferred tax asset recognition. Southern Communication and Yingke, as "High and New Technology Enterprises," enjoy a 15% corporate income tax preferential rate Income Tax (Credit)/Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC corporate income tax – current tax | 627 | 1,769 | | PRC corporate income tax – deferred tax | (941) | 499 | | **Income Tax (Credit)/Expense** | **(314)** | **2,268** | - The income tax credit was mainly due to the **recognition of deferred tax assets** by the Group[94](index=94&type=chunk) - Southern Communication and Yingke, as "High and New Technology Enterprises," enjoy a **preferential corporate income tax rate of 15%**[95](index=95&type=chunk) [8. Profit Before Income Tax](index=26&type=section&id=8.%20Profit%20Before%20Income%20Tax) Profit before income tax was RMB 25.822 million. During the reporting period, inventory costs recognized as cost of sales were RMB 151.207 million, and total staff costs were RMB 15.424 million Profit Before Income Tax Related Data (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Inventory costs recognized as cost of sales | 151,207 | 222,146 | | Depreciation of property, plant and equipment | 2,884 | 3,648 | | Depreciation of right-of-use assets | 474 | 604 | | Total staff costs | 15,424 | 15,611 | [9. Earnings Per Share](index=27&type=section&id=9.%20Earnings%20Per%20Share) Basic earnings per share significantly increased to RMB 0.016, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Earnings Per Share | 0.016 | 0.003 | - The weighted average number of ordinary shares used for calculating basic earnings per share was **1,626,240 thousand shares**[97](index=97&type=chunk) - No diluted earnings per share is presented as there were **no potential ordinary shares outstanding** for both periods[97](index=97&type=chunk) [10. Dividends](index=27&type=section&id=10.%20Dividends) The directors do not recommend an interim dividend for the six months ended June 30, 2025 - The directors do not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[98](index=98&type=chunk) [11. Property, Plant and Equipment](index=27&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) Acquisitions of property, plant, and equipment decreased to RMB 8.4 million during the reporting period Acquisitions of Property, Plant and Equipment (For the six months ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Acquisitions of Property, Plant and Equipment | 8.4 | 23.6 | [12. Trade and Bills Receivables](index=28&type=section&id=12.%20Trade%20and%20Bills%20Receivables) Trade and bills receivables significantly decreased to RMB 349.487 million, with the majority being less than 6 months old and including amounts due from an associate Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables, net | 347,333 | 431,916 | | Bills receivables | 2,154 | 4,305 | | **Total** | **349,487** | **436,221** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 6 months | 313,516 | 411,022 | | Over 6 months but less than 1 year | 21,902 | 9,197 | | Over 1 year | 11,915 | 11,697 | - Trade receivables include an amount due from an associate of approximately **RMB 266,000**[102](index=102&type=chunk) [13. Restricted Bank Deposits and Balances](index=29&type=section&id=13.%20Restricted%20Bank%20Deposits%20and%20Balances) The Group's restricted bank deposits and balances are pledged to banks for bills payable - The Group's restricted bank deposits and balances are **pledged to banks for the issuance of bills payable**[103](index=103&type=chunk) [14. Trade and Bills Payables](index=29&type=section&id=14.%20Trade%20and%20Bills%20Payables) Trade and bills payables decreased to RMB 237.049 million, with an average credit period of four months for material purchases and bills secured by restricted bank deposits Trade and Bills Payables (As of June 30) | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 104,805 | 156,438 | | Bills payables | 132,244 | 121,892 | | **Total** | **237,049** | **278,330** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 6 months | 98,459 | 145,225 | | Over 6 months but less than 1 year | 1,069 | 3,562 | | Over 1 year | 5,277 | 7,651 | - The average credit period for purchases of materials is **within four months** after receipt of materials and relevant VAT invoices[104](index=104&type=chunk) - Bills payable are secured by the Group's **restricted bank deposits and balances**[106](index=106&type=chunk) [15. Bank Borrowings](index=30&type=section&id=15.%20Bank%20Borrowings) Interest-bearing bank borrowings decreased to RMB 259.0 million, all at floating rates between 2.20% and 3.30%, with no covenant breaches Bank Borrowings (As of June 30) | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | | :--- | :--- | :--- | | Interest-Bearing Bank Borrowings | 259.0 | 360.3 | | Floating Rate Borrowings | 259.0 | 230.2 | | Fixed Rate Borrowings | 0 | 130.1 | - All bank borrowings are interest-bearing at **floating rates ranging from 2.20% to 3.30% per annum**[107](index=107&type=chunk) - The Group has not encountered any difficulties in complying with its covenants and there have been **no defaults**[108](index=108&type=chunk) [16. Share Capital](index=31&type=section&id=16.%20Share%20Capital) The company's authorized share capital is 8,000,000,000 shares of HKD 0.001 each, with 1,626,240,000 shares issued and fully paid, valued at RMB 1.418 million Share Capital (As of June 30) | Item | June 30, 2025 (HKD thousand) | Dec 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Authorized Share Capital (8,000,000,000 shares) | 8,000 | 8,000 | | Issued and Fully Paid Share Capital (1,626,240,000 shares) | 1,626 | 1,626 | | Presented in Condensed Consolidated Statement of Financial Position (RMB thousand) | 1,418 | 1,418 | [17. Fair Value Measurement of Financial Instruments](index=31&type=section&id=17.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) Non-listed equity investments, classified as Level 3 fair value measurements, were valued at RMB 179.5 million by an independent valuer, with a sale agreement in place Financial Assets at Fair Value Through Profit or Loss (Level 3) (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-listed Equity Investments | 179,500 | 161,278 | Reconciliation of Level 3 Financial Instruments (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at Beginning of Period | 161,278 | 154,121 | | Fair value change of financial assets at fair value through profit or loss | 18,222 | 7,157 | | Balance at End of Period | 179,500 | 161,278 | - The fair value of non-listed equity investments is determined by an **independent qualified professional valuer** using the market approach[112](index=112&type=chunk) - The Company has entered into a sale and purchase agreement with the buyer group for the disposal of the non-listed equity investments, which has **not yet been completed** as of the date of this report[113](index=113&type=chunk) [18. Capital Commitments](index=33&type=section&id=18.%20Capital%20Commitments) Contracted but unprovided capital expenditure for property, plant, and equipment decreased to RMB 16.635 million Capital Commitments (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital Expenditure for Acquisition of Property, Plant and Equipment | 16,635 | 20,144 | [19. Related Party Transactions](index=33&type=section&id=19.%20Related%20Party%20Transactions) Significant related party transactions included sales to and purchases from an associate, purchases from a joint venture partner's affiliates, and director/key management remuneration Related Party Transactions (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of other materials to an associate | 509 | 832 | | Purchases of optical fibers and other materials from an associate | 44,646 | 71,723 | | Purchases of raw materials from the holding company and fellow subsidiaries of the Group's joint venture partner | 17,113 | 10,072 | Directors' and Key Management Remuneration (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and allowances | 1,641 | 1,861 | | Contributions to retirement benefit schemes | 89 | 123 | | **Total** | **1,730** | **1,984** | [20. Events After the Reporting Period](index=33&type=section&id=20.%20Events%20After%20the%20Reporting%20Period) No material subsequent events occurred after June 30, 2025, up to the date of this report, other than those disclosed - Save as disclosed in this interim report, the Group has **not undertaken any material subsequent events** after **June 30, 2025**, up to the date of this report[118](index=118&type=chunk)

Contents 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | UNAUDITED INTERIM RESULTS: | 未經審核中期業績： | | | Condensed Consolidated Statement of | 簡明綜合損益表 | 4 | | Profit or Loss | | | | Condensed Consolidated Statement of | 簡明綜合全面收益表 | 5 | | Comprehensive Income | | | | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | 6 | | Financial Position | | | | Condensed Consolidated Statement of | 簡明綜合權益變動表 | 8 | | Changes in Equity | | | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 9 | | No ...