敏实集团(00425) - 2025 - 中期财报

2025-09-26 00:00
Company Information [Board of Directors and Corporate Structure](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%85%AC%E5%8F%B8%E6%9E%B6%E6%A7%8B) This section lists the basic company information of Minth Group, including its board members (executive, non-executive, and independent non-executive directors), company secretary, registered office, group headquarters, and regional headquarters - The Board of Directors includes Chairperson and CEO **Wei Qinglian**, along with several executive, non-executive, and independent non-executive directors, with **William Chin, Chen Baihong, and Hu Dingwu appointed on May 30, 2025**, and **Wang Jing retiring on the same day**[7](index=7&type=chunk) - The Group's headquarters are located in Neihu District, Taipei City, with regional headquarters globally in Asia-Pacific (China), North America (USA), Europe (Germany), and a new facility under construction in Canada[7](index=7&type=chunk) [Key Business Contacts](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E5%BE%80%E4%BE%86%E6%A9%9F%E6%A7%8B) This section provides information on Minth Group's key partners, including its principal bankers, share registrars, auditors, and legal advisors, and discloses the company's stock code on the Hong Kong Stock Exchange - Principal bankers include **Bank of China and Citibank**, and the auditor is **Deloitte Touche Tohmatsu**[9](index=9&type=chunk) - The Hong Kong share registrar is **Hong Kong Registrars Limited**, and legal advisors cover Hong Kong, China, and Cayman Islands law[9](index=9&type=chunk) - The company's stock code on the Hong Kong Stock Exchange is **0425**[10](index=10&type=chunk) Management Discussion and Analysis [Industry Overview](index=6&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%88) In the first half of 2025, China's automotive market achieved double-digit growth driven by policy stimuli and new models, with new energy vehicle sales increasing by 40.3% year-on-year and market penetration reaching 44.3%, while Chinese brands' market share rose to 68.5%, and the global light vehicle market grew steadily by 4.9%, primarily boosted by China, North America, and some emerging markets H1 2025 China Automotive Market Overview | Indicator | H1 2025 | Year-on-Year Growth | Market Share | | :--- | :--- | :--- | :--- | | China Passenger Vehicle Production/Sales | Approx. 13.522 million units / 13.531 million units | Approx. 13.8% / 13.0% | - | | China New Energy Vehicle Sales | Approx. 6.937 million units | Approx. 40.3% | Approx. 44.3% | | Chinese Brand Market Share | - | - | 68.5% (up 6.6 percentage points year-on-year) | H1 2025 Global Light Vehicle Market Overview | Indicator | H1 2025 | Year-on-Year Growth | | :--- | :--- | :--- | | Global Light Vehicle Sales | Approx. 44.474 million units | Approx. 4.9% | | US Market Sales | Approx. 8.109 million units | Approx. 3.1% | | Western European Market Sales | Approx. 6.067 million units | Approx. -1.3% | | Japanese Market Sales | Approx. 2.345 million units | Approx. 10.2% | [Company Overview](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) Minth Group primarily engages in the R&D, production, and sales of automotive components and tooling molds, with product lines including metal and trim, plastic parts, aluminum parts, and battery housings, while continuously optimizing operational efficiency, deepening its 'hub + satellite' flexible production network, and planning increased capital expenditure in North America, Europe, and Southeast Asia to accelerate business growth - The Group's main businesses are the R&D, production, and sales of automotive components (metal and trim, plastic parts, aluminum parts, battery housings) and tooling molds[15](index=15&type=chunk) - The Group has R&D, design, production, and sales networks in multiple global locations and plans to increase capital expenditure in North America, Europe, and Southeast Asia to improve its global localized layout[15](index=15&type=chunk)[17](index=17&type=chunk) - The Group continues to deepen the Minth Operational Excellence System, promote lean management across the entire value chain, focus on new business expansion with Chinese brands, new energy vehicle startups, and international brands, and cultivate new track products such as low-altitude aircraft and humanoid robots[18](index=18&type=chunk) [Operational Excellence and Sustainable Development](index=8&type=section&id=%E5%8D%93%E8%B6%8A%E9%81%8B%E7%87%9F%E8%88%87%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95) Minth Group is committed to enhancing operational efficiency and sustainable development through digital transformation, EHS management, and internal control and risk management, deepening digital system applications for standardized operational data and real-time decision-making, fully implementing EHS management systems with 100% energy saving and carbon reduction targets achieved, and strengthening its risk management platform to effectively control cross-border operational risks and ensure stable development [Digital Transformation](index=9&type=section&id=%E6%95%B8%E5%AD%97%E5%8C%96%E8%BD%89%E5%9E%8B) The Group continues to advance digital transformation, deepening the application of various digital systems to achieve full lifecycle digital management of production products, fixed assets, and R&D data, with a focus on deploying global factory SAP systems, improving the Industrial Internet of Things platform, and building digital benchmark factories to enhance AI technology application and real-time decision-making efficiency - The Group deepens the application of digital systems, implementing digital product design and development throughout the entire lifecycle of production products, fixed assets, and R&D data[19](index=19&type=chunk) - It promotes the unified deployment of global factory SAP systems, improves the Industrial Internet of Things platform, builds digital benchmark factories, deepens AI technology application and transparent dashboard management, and enhances real-time decision-making efficiency[19](index=19&type=chunk) [Environmental, Health, and Safety (EHS) Management](index=9&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E5%AE%89%E5%85%A8%E8%88%87%E8%81%B7%E6%A5%AD%E5%81%A5%E5%BA%B7%20(EHS)%20%E7%AE%A1%E7%90%86) The Group is committed to deepening EHS management with a goal of 'Green Intelligent Manufacturing and Sustainable Development,' achieving 100% coverage for ISO45001 and ISO14001 certifications, with 38 factories certified to ISO50001, and 100% achievement of energy saving and carbon reduction targets, while also launching a digital EHS management system and introducing advanced wastewater, exhaust gas, and hazardous waste treatment processes to strengthen safety management and occupational health protection - **ISO45001** occupational health and safety management and **ISO14001** environmental management system certifications achieved **100% coverage**, with **38 factories** certified to **ISO50001** energy management system[20](index=20&type=chunk) - **Energy saving and carbon reduction targets achieved 100%**, and an eight-module digital EHS system, including a carbon emission management system, was launched to support **carbon peaking by 2030 and carbon neutrality by 2050**[20](index=20&type=chunk)[21](index=21&type=chunk) - Advanced wastewater, exhaust gas, and hazardous waste treatment processes were introduced, investment in waste resource utilization equipment increased, and safety management strengthened, with a **lost-time injury rate of 1.03 per million working hours**[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Internal Control and Risk Management](index=11&type=section&id=%E5%85%A7%E9%83%A8%E6%8E%A7%E5%88%B6%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group strictly adheres to internal control and risk management systems, optimizing its intelligent risk management platform and systematically upgrading risk assessment mechanisms, enhancing operational efficiency and risk resilience through a clear organizational structure and digital process reengineering, and conducting comprehensive audits across Asia-Pacific, Europe, and North America to ensure effective anti-bribery management - The intelligent risk management platform is optimized, and risk assessment mechanisms are systematically upgraded to integrate risk management with daily operations, ensuring risk visualization and real-time dynamic monitoring[24](index=24&type=chunk) - Internal control and risk management system construction is strengthened, building an internal control system centered on business processes, and conducting comprehensive audits covering the Asia-Pacific, European, and North American regions[24](index=24&type=chunk) - The **ISO37001** anti-bribery management system is strictly implemented, internal audit management systems and audit qualitative and accountability procedures are updated, and the whistleblowing response mechanism is optimized to ensure a fair and transparent business environment[24](index=24&type=chunk)[25](index=25&type=chunk) [Business and Operational Layout](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E8%88%87%E7%B6%93%E7%87%9F%E4%BD%88%E5%B1%80) In the first half of 2025, Minth Group's revenue increased by 10.8% year-on-year to RMB 12.287 billion, with strong international business performance growing by 21.6% and accounting for 65.0% of total revenue, primarily driven by rapid growth in battery housing and structural parts business in the European market, while the Group achieved significant breakthroughs in battery housings, body chassis structural parts, and intelligent interior/exterior businesses, continuously strengthening its global operational capabilities, promoting localized production, and enhancing factory management and operational efficiency H1 2025 Revenue by Region | Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Growth (%) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 12,286,969 | 11,090,414 | 10.8 | 100.0 | | China | 4,306,273 | 4,525,885 | -4.9 | 35.0 | | International Business | 7,980,696 | 6,564,529 | 21.6 | 65.0 | - Significant breakthroughs were achieved in battery housing and body chassis structural parts businesses, including European Toyota structural parts business, Great Wall and Geely chassis structural parts orders, first entry into Chery battery housing business, and breakthrough in General Motors battery housing structural parts business[27](index=27&type=chunk) - In intelligent interior and exterior trim business, the Group achieved its first breakthrough in North American Ford and Renault bumper assembly businesses, and continued to secure orders from customers such as Toyota and Hyundai-Kia[28](index=28&type=chunk) - The Group continues to implement a light-asset strategy, strictly controlling capital expenditure by reducing dedicated production lines, enhancing production line flexibility, and reallocating global capacity to improve capacity utilization and reduce overall investment[31](index=31&type=chunk) [Global Macroeconomic Environment and Automotive Industry Development Trends](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%AE%8F%E8%A7%80%E7%92%B0%E5%A2%83%E8%88%87%E6%B1%BD%E8%BB%8A%E8%A1%8C%E6%A5%AD%E7%99%BC%E5%B1%95%E6%85%8B%E5%8B%A2) The global macroeconomic environment is complex and volatile, with US government tariff increases and policy adjustments profoundly impacting global trade patterns, yet Minth Group, leveraging its global presence, has optimized localized operations, increased the proportion of local supply, and achieved localized production for most North American orders, effectively controlling tariff and geopolitical risks to achieve stable business growth - US government tariff increases and policy adjustments profoundly impact the global trade landscape, with escalating trade frictions increasing market uncertainty and driving up operational and compliance costs[32](index=32&type=chunk) - Leveraging its comprehensive global layout, the Group optimizes localized operations, continuously increasing the proportion of local supply, with most North American orders now achieving localized production[32](index=32&type=chunk) - Through business and market diversification, balanced development in China, Europe, North America, and Asia-Pacific keeps tariff and geopolitical factors within a controllable range, achieving stable business growth[32](index=32&type=chunk) [Research and Development](index=15&type=section&id=%E7%A0%94%E7%A9%B6%E9%96%8B%E7%99%BC) Minth Group highly values R&D and innovation, with a clear innovation-led strategy, continuous R&D investment, and deep client engagement to proactively drive technological breakthroughs through independent innovation and collaboration, achieving milestone progress in battery housings and body chassis structural parts, intelligent integrated exterior trim, new material technologies, and new track products such as AI, robotics, and low-altitude economy, while emphasizing intellectual property protection - The Group clearly defines innovation leadership as its fundamental strategy, optimizing its R&D organizational structure and enhancing its independent R&D and innovation capabilities in basic materials, products, and technologies[33](index=33&type=chunk) - Through in-depth communication with traditional automakers, new energy vehicle startups, and battery manufacturers, the Group proactively drives process technology breakthroughs through independent innovation and collaboration with leading global enterprises[33](index=33&type=chunk) [Battery Housings and Body Chassis Structural Parts](index=16&type=section&id=%E9%9B%BB%E6%B1%A0%E7%9B%92%E5%8F%8A%E8%BB%8A%E8%BA%AB%E5%BA%95%E7%9B%A4%E7%B5%90%E6%A7%8B%E4%BB%B6) The Group continues to solidify its position as one of the world's largest battery housing suppliers, advancing battery housing technology R&D and innovation to provide multi-material, lightweight product solutions that meet CTB and the latest EV safety standards, achieving significant breakthroughs in cell shell roll-forming high-frequency welding and aluminum extrusion process technologies, and actively expanding peripheral battery housing products to substantially increase per-vehicle value - The Group consolidates its position as one of the world's largest battery housing suppliers, offering multi-material, lightweight product solutions that meet Cell-to-Body (CTB) integration and the latest electric vehicle power battery safety requirements[35](index=35&type=chunk) - Significant breakthroughs were achieved in cell shell roll-forming high-frequency welding and aluminum extrusion process technologies, successfully developing peripheral battery housing products such as front and rear crash modules, subframes, die-cast structural parts, and electronic control housings[35](index=35&type=chunk) [Intelligent Interior and Exterior Trim](index=16&type=section&id=%E6%99%BA%E8%83%BD%E5%85%A7%E5%A4%96%E9%A3%BE) The Group focuses on R&D and development of intelligent front and rear fascia systems, intelligent door systems, and intelligent interior systems to achieve intelligent upgrades for interior and exterior trim, proactively deploying integrated intelligent front fascia solutions that integrate lighting, heating, wave-transmitting, and automatic cleaning functions, achieving breakthroughs in intelligent door systems with independently developed facial recognition smart pillars, electric side-opening door systems, and expanding high-value-added interior assembly products - Proactive R&D deployment of integrated intelligent front fascia solutions, integrating lighting, heating, wave-transmitting, and automatic cleaning functions, possessing industry-leading patented technology applicable to **L4 and above autonomous driving scenarios**[36](index=36&type=chunk) - Active deployment in the intelligent door sector, independently developing facial recognition smart pillars, electric side-opening door systems, and ultra-light door assemblies, and signing cooperation agreements with European and Korean brands for joint R&D of future intelligent door solutions[37](index=37&type=chunk) - Significant breakthroughs achieved in composite material lightweighting for door systems, with product solutions combining **VarinTech® technology** gaining recognition from multiple new energy vehicle customers[37](index=37&type=chunk) [New Track Products (AI, Robotics, Low-Altitude Economy)](index=17&type=section&id=%E6%96%B0%E8%B3%BD%E9%81%93%E7%94%A2%E5%93%81%20(AI%E3%80%81%E6%A9%9F%E5%99%A8%E4%BA%BA%E3%80%81%E4%BD%8E%E7%A9%BA%E7%B6%93%E6%BF%9F)) The Group actively explores new fields such as AI, robotics, low-altitude economy, and smart mobility, deploying electric vehicle wireless charging systems and forming a strategic partnership with Siemens Germany, focusing on independent R&D of integrated joint modules and robot electronic skin in the intelligent robotics sector, signing a strategic cooperation agreement with ZHIYUAN Robotics, deeply collaborating with multiple leading flying car/eVTOL OEMs in the low-altitude economy sector, and securing mass production orders, while also developing AI liquid cooling system related products - Proactive layout in electric vehicle wireless charging systems, and signing a strategic cooperation framework agreement with **Siemens Germany**[38](index=38&type=chunk) - In the intelligent robotics sector, focusing on independent R&D of integrated joint modules, robot electronic skin, and intelligent masks, signing a strategic cooperation agreement with **ZHIYUAN Robotics**, and establishing demonstration production lines for humanoid robots in internal factories[38](index=38&type=chunk)[39](index=39&type=chunk) - In the low-altitude economy sector, focusing on two product systems: low-altitude aircraft bodies and rotors, signing a strategic cooperation agreement with **EHang Intelligent**, deeply participating in airworthiness model design and certification, and securing mass production orders[39](index=39&type=chunk) [New Material Technologies](index=18&type=section&id=%E6%96%B0%E6%9D%90%E6%96%99%E6%8A%80%E8%A1%93) The Group highly prioritizes new material technology R&D, mastering four core materials—high-performance crash aluminum, high-performance elastomer materials, functional plastics, and green materials—along with their surface treatment technologies, successfully developing Minal®-S748 aluminum alloy with over 60 related patents, and independently developing ECO-ALUMIN® S series green crash aluminum and various green low-carbon polymer materials, achieving an overall carbon reduction ratio exceeding 36% - Mastering four core materials: high-performance crash aluminum, high-performance elastomer materials, functional plastics, and green materials, along with their related surface treatment technologies[40](index=40&type=chunk) - Successfully developed **Minal®-S748 aluminum alloy**, featuring **ultra-high yield strength of 500 MPa** and excellent crash performance, holding **over 60 core patents** related to aluminum alloys[40](index=40&type=chunk) - Independently developed **ECO-ALUMIN® S series green crash aluminum** (carbon emissions less than **2.5 Kg.CO2/Kg.AL**) and various green low-carbon polymer materials, achieving an **overall carbon reduction ratio exceeding 36%**[40](index=40&type=chunk)[41](index=41&type=chunk) [Intellectual Property Protection](index=19&type=section&id=%E7%9F%A5%E8%AD%98%E7%94%A2%E6%AC%8A%E4%BF%9D%E8%AD%B7) The Group emphasizes intellectual property protection and operation, comprehensively deploying patents and trademarks for innovative products, with 72 new patent applications and 5 new trademark registrations in the first half of 2025, and 135 patents authorized by competent authorities, while actively engaging in IP rights protection and risk prevention management H1 2025 Intellectual Property Data | Indicator | Quantity | | :--- | :--- | | New Patent Applications | 72 items | | New Trademark Registrations | 5 items | | New Patents Granted | 135 items | | Trademarks Successfully Registered | 5 items | - The Group promotes the utilization and industrialization of intellectual property, conducting **242 patent licenses** and jointly building a new energy vehicle patent pool, focusing on cutting-edge areas such as lightweighting, impact resistance, and intelligent front fascia systems[41](index=41&type=chunk) [Financial Review](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, Minth Group's revenue increased by 10.8% year-on-year to RMB 12.287 billion, with profit attributable to owners of the company growing by 19.5% to RMB 1.277 billion, while gross profit margin remained at 28.3%, driven by strong international business performance and rapid growth in battery housing business, as the Group continued to optimize cost structure, strictly control expenses, maintain a healthy liquidity position, and reduce its gearing ratio to 22.3% [Performance](index=19&type=section&id=%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's revenue increased by 10.8% year-on-year to RMB 12.287 billion, and profit attributable to owners of the company grew by 19.5% year-on-year to RMB 1.277 billion, primarily due to economies of scale from revenue growth, improved capacity utilization in the battery housing product line, and cost reduction and efficiency enhancement measures H1 2025 Key Financial Performance | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 12,286,969 | 11,090,414 | 10.8 | | Profit Attributable to Owners of the Company | 1,276,562 | 1,068,192 | 19.5 | [Segment Revenue](index=20&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E5%85%A5) In the first half of 2025, battery housing business revenue increased by 49.8% year-on-year, with its share rising to 29.2%, becoming the main growth driver, while international business performed strongly with revenue growth of 21.6% and a 65.0% share, and China region revenue decreased by 4.9%, mainly due to a decline in market share of joint venture brands in the Chinese market H1 2025 Revenue by Product Type | Segment Category | H1 2025 (RMB thousand) | Share (%) | H1 2024 (RMB thousand) | Share (%) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Battery Housings | 3,581,923 | 29.2 | 2,390,969 | 21.6 | 49.8 | | Plastic Parts | 2,867,481 | 23.3 | 2,842,566 | 25.6 | 0.9 | | Metal and Trim | 2,660,040 | 21.6 | 2,541,801 | 22.9 | 4.6 | | Aluminum Parts | 2,469,038 | 20.1 | 2,372,380 | 21.4 | 4.1 | | Others | 1,669,679 | 13.6 | 1,515,748 | 13.7 | 10.2 | | Inter-segment Eliminations | (961,192) | (7.8) | (573,050) | (5.2) | 67.7 | | **Total Revenue** | **12,286,969** | **100.0** | **11,090,414** | **100.0** | **10.8** | H1 2025 Revenue by Market Category | Market Category | H1 2025 (RMB thousand) | Share (%) | H1 2024 (RMB thousand) | Share (%) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | People's Republic of China | 4,306,273 | 35.0 | 4,525,885 | 40.8 | -4.9 | | Other Countries | 7,980,696 | 65.0 | 6,564,529 | 59.2 | 21.6 | | **Total Revenue** | **12,286,969** | **100.0** | **11,090,414** | **100.0** | **10.8** | [Gross Profit](index=21&type=section&id=%E6%AF%9B%E5%88%A9) In the first half of 2025, the Group's gross profit increased by 9.9% year-on-year to RMB 3.473 billion, with a gross profit margin of 28.3%, a slight decrease of 0.2 percentage points from the same period last year, maintaining a healthy level primarily due to economies of scale from revenue growth, reduced procurement costs, and global localized production layout H1 2025 Gross Profit Overview | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 3,473,060 | 3,161,637 | 9.9 | | Gross Profit Margin | 28.3% | 28.5% | -0.2 percentage points | [Investment Income](index=21&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E5%85%A5) In the first half of 2025, the Group's investment income was RMB 108 million, a decrease of approximately RMB 83 million from the same period last year, mainly due to lower interest income H1 2025 Investment Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Investment Income | 107,686 | 190,648 | -82,962 | [Other Income](index=21&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) In the first half of 2025, the Group's other income was RMB 125 million, a decrease of approximately RMB 81 million from the same period last year, primarily due to reduced government grants related to income H1 2025 Other Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Other Income | 125,212 | 206,501 | -81,289 | [Other Gains and Losses](index=21&type=section&id=%E5%85%B6%E4%BB%96%E5%88%A9%E5%BE%97%E8%88%87%E6%90%8D%E5%A4%B1) In the first half of 2025, the Group's other gains and losses resulted in a net gain of RMB 94 million, a significant increase from the net gain in the same period last year, primarily due to increased realized net gains from derivative financial instruments H1 2025 Other Gains and Losses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Other Gains and Losses (Net Gain) | 94,231 | 20 | 94,211 | [Distribution and Selling Expenses](index=22&type=section&id=%E5%88%86%E9%8A%B7%E5%8F%8A%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's distribution and selling expenses were RMB 512 million, a year-on-year decrease of 3.5%, with its proportion to revenue falling by 0.6 percentage points to 4.2%, mainly due to the easing of the Red Sea incident, a decline in unit transportation costs, and localized production strategies and cost control measures H1 2025 Distribution and Selling Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Share of Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | 512,241 | 531,118 | -18,877 | 4.2 (down 0.6 percentage points) | [Administrative Expenses](index=22&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's administrative expenses were RMB 805 million, an 8.3% year-on-year increase, primarily due to talent acquisition for global business expansion and increased share option expenses, yet its proportion to revenue decreased by 0.2 percentage points to 6.5%, indicating the Group's continuous optimization of organizational structure and strict control over expenditures H1 2025 Administrative Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Share of Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 804,519 | 742,501 | 62,018 | 6.5 (down 0.2 percentage points) | [Research and Development Expenses](index=22&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's R&D expenses were RMB 726 million, a 1.6% year-on-year increase, with its proportion to revenue decreasing by 0.5 percentage points to 5.9%, as the Group deepened its R&D strategic transformation, focusing on innovative areas such as new material technologies, intelligent integrated exterior trim, low-altitude aircraft, and intelligent robots, driving long-term sustainable growth through more precise and efficient investment H1 2025 Research and Development Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Share of Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 726,299 | 714,608 | 11,691 | 5.9 (down 0.5 percentage points) | [Interest Expenses](index=23&type=section&id=%E5%88%A9%E6%81%AF%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's interest expenses were RMB 178 million, a 38.6% year-on-year decrease, primarily due to a reduction in both the average borrowing balance and average market loan interest rates H1 2025 Interest Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Interest Expenses | 178,487 | 290,690 | -112,203 | [Share of Results of Joint Ventures](index=23&type=section&id=%E5%88%86%E4%BD%94%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's share of results of joint ventures was a net profit of RMB 21.845 million, largely consistent with the same period last year H1 2025 Share of Results of Joint Ventures | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Share of Results of Joint Ventures (Net Profit) | 21,845 | 21,439 | 406 | [Share of Results of Associates](index=23&type=section&id=%E5%88%86%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's share of results of associates was a net loss of RMB 10.816 million, a decrease of approximately RMB 3.266 million from the net loss in the same period last year, primarily due to one of the associate companies turning from loss to profit H1 2025 Share of Results of Associates | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Share of Results of Associates (Net Loss) | 10,816 | 14,082 | -3,266 | [Income Tax Expense](index=23&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's income tax expense was RMB 251 million, a 28.3% year-on-year increase, with the effective tax rate rising by 0.6 percentage points to 16.0% H1 2025 Income Tax Expense | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 251,428 | 196,031 | 55,397 | | Effective Tax Rate | 16.0% | 15.4% | +0.6 percentage points | [Profit Attributable to Non-Controlling Interests](index=24&type=section&id=%E9%9D%9E%E6%8E%A7%E8%82%A1%E6%AC%8A%E7%9B%8A%E6%87%89%E4%BD%94%E6%BA%A2%E5%88%A9) In the first half of 2025, the Group's profit attributable to non-controlling interests was RMB 42.622 million, a significant year-on-year increase of 303.2%, primarily due to increased net profit from non-wholly owned subsidiaries H1 2025 Profit Attributable to Non-Controlling Interests | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Profit Attributable to Non-Controlling Interests | 42,622 | 8,470 | 34,152 | [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, Minth Group's total cash and cash equivalents were approximately RMB 5.731 billion, with net cash flow from operating activities at RMB 2.237 billion, indicating a healthy cash flow position, while trade receivables turnover days shortened to 77 days, trade payables turnover days increased to 94 days, and inventory turnover days increased to 95 days, with the current ratio maintained at 1.2 and the gearing ratio decreasing to 22.3% H1 2025 Liquidity Overview | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Cash and Cash Equivalents | 5,731,340 | 5,274,971 | 456,369 | | Net Cash Flow from Operating Activities | 2,236,847 | 1,730,626 (H1 2024) | 506,221 | | Low-Cost Borrowings | 8,859,868 | 8,419,056 | 440,812 | H1 2025 Operational Efficiency Indicators | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Trade Receivables Turnover Days | 77 days | 78 days | -1 day | | Trade Payables Turnover Days | 94 days | 91 days | +3 days | | Inventory Turnover Days | 95 days | 94 days | +1 day | | Current Ratio | 1.2 | 1.2 | Unchanged | | Gearing Ratio | 22.3% | 24.3% | -2.0 percentage points | [Funding and Financial Policies](index=26&type=section&id=%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%94%BF%E7%AD%96) Minth Group adheres to prudent funding and financial policies, primarily meeting capital expenditure and working capital needs through cash generated from operating activities and bank loans, with the Board of Directors regularly reviewing and evaluating these policies to ensure financial stability and support sustainable growth - The Group primarily meets capital expenditure, working capital needs, and other liquidity requirements through cash generated from operating activities and bank and other loans[64](index=64&type=chunk) - The Board of Directors reviews and evaluates the Group's funding and financial policies from time to time to ensure their adequacy and effectiveness in supporting sustainable growth[64](index=64&type=chunk) [Commitments](index=26&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, Minth Group had contracted capital expenditures of RMB 407 million that were not provided for in the condensed consolidated financial statements, primarily for the acquisition of property, plant, and equipment, a decrease from the end of 2024 Capital Expenditure Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 406,547 | 468,437 | [Interest Rate and Foreign Exchange Risk](index=26&type=section&id=%E5%88%A9%E7%8E%87%E5%8F%8A%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) As of June 30, 2025, Minth Group's bank borrowings totaled approximately RMB 8.860 billion, with most bearing floating interest rates and approximately RMB 6.004 billion denominated in non-functional currencies, prompting the Group to actively manage foreign exchange risk through currency borrowings, hedging instruments, and local currency settlements, and utilizing financial derivatives for risk prevention June 30, 2025 Bank Borrowings Overview | Indicator | Amount (RMB thousand) | | :--- | :--- | | Bank Borrowings Balance | 8,859,868 | | Due within One Year | 7,015,322 | | Due after One Year | 1,844,546 | | Fixed Interest Rate | 929,256 | | Floating Interest Rate | 7,930,612 | | Denominated in Non-Functional Currency | 6,004,216 | - The Group's management highly focuses on foreign exchange risk, partially hedging net foreign currency investments through currency borrowings and other hedging instruments, and selecting local currencies as settlement currencies based on international strategic layout to reduce the scale of foreign currency business[68](index=68&type=chunk) - The Group also uses financial derivative products such as forward foreign exchange contracts, currency swaps, options, and interest rate swaps to further mitigate interest rate and foreign exchange risks[68](index=68&type=chunk) [Contingent Liabilities](index=27&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, Minth Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[69](index=69&type=chunk) [Pledged Assets](index=28&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, Minth Group had pledged land use rights, property, plant and equipment, bills receivable, and bank deposits as collateral for various borrowings, with a total carrying value of approximately RMB 589 million June 30, 2025 Pledged Assets Overview | Pledged Asset Type | Carrying Value (RMB thousand) | | :--- | :--- | | Land Use Rights | 6,034 | | Property, Plant and Equipment | 22,466 | | Bills Receivable | 14,778 | | Bank Deposits | 545,537 | | **Total** | **588,815** | [Capital Expenditure](index=29&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) In the first half of 2025, Minth Group's capital expenditure was RMB 902 million, a 17.5% year-on-year decrease, primarily invested in international market capacity layout and expansion of products such as battery housings and body chassis structural parts, with the reduction attributed to the realization of global capacity layout, strict control over fixed asset investments, and improved capacity utilization efficiency H1 2025 Capital Expenditure | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 902,056 | 1,093,333 | -17.5 | - Capital expenditure was primarily directed towards international market capacity layout and capacity expansion for products such as battery housings and body chassis structural parts[72](index=72&type=chunk) - The reduction in capital expenditure is mainly due to the Group's achieved global capacity layout and synergy, strict control over fixed asset investments, active promotion of old equipment renovation and reuse, and improved capacity utilization efficiency[72](index=72&type=chunk) [Placing and Subscription](index=29&type=section&id=%E9%85%8D%E5%94%AE%E5%8F%8A%E8%AA%8D%E8%B3%BC) In the first half of 2025, Minth Group did not place or subscribe for any shares - During the review period, the Group did not place or subscribe for any shares[73](index=73&type=chunk) [Significant Acquisitions and Disposals](index=29&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E8%88%87%E5%87%BA%E5%94%AE) In the first half of 2025, Minth Group had no significant acquisitions or disposals of subsidiaries, joint ventures, or associates - During the review period, the Group had no significant acquisitions or disposals of subsidiaries, joint ventures, or associates[74](index=74&type=chunk) [Employees](index=29&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, Minth Group had 26,357 employees, an increase of 694 from the end of 2024, primarily due to increased manpower demand from revenue growth and global strategy, as the Group continued to advance organizational efficiency upgrades, strengthen global operational capabilities, deepen human resource global governance, and optimize compensation and benefits strategies to incentivize core talent and support sustainable development Employee Count and Costs | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 26,357 | 25,663 | Increase of 694 | | Total Staff Costs (H1 2025) | RMB 2,589.123 million | RMB 2,356.933 million (H1 2024) | Increase of RMB 232.19 million | - The Group continues to advance its organizational efficiency upgrade strategy, strengthening global operational capabilities by promoting R&D system upgrades and supply chain vertical integration to achieve deep coupling of technological R&D and business needs[76](index=76&type=chunk) - Deepening human resource global governance, successfully building a global human resource sharing platform, empowering European and American teams with digital tools, and updating talent and compensation & benefits strategies in key European markets to ensure high-quality product delivery[78](index=78&type=chunk) [Directors](index=32&type=section&id=%E8%91%A3%E4%BA%8B) This section lists the changes in Minth Group's Board of Directors during the review period, including executive, non-executive, and independent non-executive directors, and discloses resignation information for some directors - Executive Directors include **Wei Qinglian (Chairperson and CEO), Ye Guoqiang, Zhang Yuxia, and William Chin (appointed on May 30, 2025)**[81](index=81&type=chunk) - Independent Non-Executive Directors **Chen Baihong and Hu Dingwu were appointed on May 30, 2025**, and **Wang Jing retired on the same day**[81](index=81&type=chunk) - **Mr. Chen Baihong resigned as an independent non-executive director of Kaisa Prosperity Holdings Limited on June 27, 2025**[81](index=81&type=chunk) [Share Option Scheme](index=33&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) Minth Group has a share option scheme designed to incentivize and reward selected participants who contribute to the Group, with the 2022 Share Option Scheme valid for ten years and the total number of shares that may be allocated and issued cumulatively not exceeding 10% of the issued shares, and as of the date of this interim report, the total number of outstanding share options under the 2012 and 2022 Share Option Schemes was 46,214,000, representing approximately 3.97% of the issued shares - The **2022 Share Option Scheme** aims to grant share options to the Company's directors, Group employees, and service providers as incentives and rewards[82](index=82&type=chunk) - The **2022 Share Option Scheme** is valid for **ten years**, and the total number of shares that may be allocated and issued cumulatively shall not exceed **10% of the Company's issued shares as of May 31, 2022 (i.e., 116,183,579 shares)**[83](index=83&type=chunk) Share Option Scheme Overview (as of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | 2012 Share Option Scheme Outstanding Options | 7,995,000 options (approx. 0.69% of issued shares) | | 2022 Share Option Scheme Outstanding Options | 27,003,000 options (approx. 2.32% of issued shares) | | Total Share Options as of January 1, 2025 | 47,450,600 options | | Share Options Exercised in H1 2025 | 409,400 options | | Share Options Lapsed in H1 2025 | 827,200 options | | Total Share Options as of June 30, 2025 | 46,214,000 options | [Share Award Scheme](index=38&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) Minth Group adopted a Share Award Scheme on July 28, 2020, to recognize the contributions of eligible participants, retain talent, and attract suitable personnel, with a total of 112,892,450 award shares available for grant as of the date of this interim report, representing approximately 9.71% of the total issued shares, and in the first half of 2025, the Group granted 895,000 award shares, with 1,339,450 award shares vested and 692,550 forfeited - The Share Award Scheme aims to recognize the contributions of eligible participants, provide incentives to retain talent, and attract suitable personnel for the Group's further development[94](index=94&type=chunk) - Eligible participants include employees (including executive directors), non-executive directors, independent non-executive directors, or key personnel of any member company of the Group, as well as individuals or employees of companies/entities providing services[95](index=95&type=chunk) Share Award Scheme Overview (as of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | Total Award Shares Available for Grant as of January 1, 2025 | 113,094,900 shares | | Total Award Shares Available for Grant as of June 30, 2025 | 112,892,450 shares (approx. 9.71% of total issued shares) | | Award Shares Granted in H1 2025 | 895,000 shares | | Award Shares Vested in H1 2025 | 1,339,450 shares | | Award Shares Forfeited in H1 2025 | 692,550 shares | [Outlook and Strategies](index=49&type=section&id=%E5%B1%95%E6%9C%9B%E8%88%87%E7%AD%96%E7%95%A5) Minth Group anticipates China's passenger vehicle sales to reach 28.9 million units and new energy vehicle sales to reach 16 million units in 2025, with global light vehicle sales projected to increase by 1.7%, as the Group actively responds to industry changes by focusing on customer needs, continuously building comprehensive competitiveness in technology, quality, and cost, deepening global localized supply capabilities, flexibly adjusting global production capacity, closely monitoring tariff policies, and further increasing the proportion of localized production in North America to achieve a parallel global and regional layout 2025 Automotive Market Forecast | Market | Forecast Sales | Year-on-Year Growth | | :--- | :--- | :--- | | China Passenger Vehicles | 28.9 million units | 4.9% | | China New Energy Vehicles | 16 million units | 24.4% | | Global Light Vehicles | 89.6 million units | 1.7% | - The Group will be customer-centric, continuously building comprehensive competitiveness in technology, quality, and cost, and strategically planning and innovating technologies in line with trends such as new energy product development, intelligent technology innovation, and lightweighting[119](index=119&type=chunk) - To address tariffs and geopolitical factors, the Group will further increase the proportion of localized production in North America, while continuously strengthening business and market diversification to achieve a parallel global and regional layout[120](index=120&type=chunk)[121](index=121&type=chunk) [Dividends](index=51&type=section&id=%E8%82%A1%E6%81%AF) The Directors do not recommend the payment of 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 (H1 2024: nil)[122](index=122&type=chunk) Other Information [Major Shareholders](index=52&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) As of June 30, 2025, Mr. Qin Ronghua and Minth Holdings Limited, wholly owned by him, were Minth Group's major shareholders, collectively holding 38.72% of the company's issued shares, with JPMorgan Chase & Co. also holding significant shares June 30, 2025 Major Shareholder Holdings | Major Shareholder Name | Capacity | Long/Short Position | Total Ordinary Shares | Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Qin Ronghua | Interest of controlled corporation/Spouse's interest | Long Position | 450,072,000 / 750,000 | 38.72% / 0.06% | | Minth Holdings Limited | Beneficial owner | Long Position | 450,072,000 | 38.72% | | JPMorgan Chase & Co. | Investment manager/Beneficial owner/Person with security interest in shares/Approved lending agent | Long/Short Position | 52,125,583 (Long) / 6,845,354 (Short) | 4.48% (Long) / 0.59% (Short) | [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company or Any Associated Corporation](index=54&type=section&id=%E8%91%A3%E4%BA%8B%E5%92%8C%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E5%9C%A8%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E4%BB%BB%E4%BD%95%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%96%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%92%8C%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%92%8C%E6%B7%A1%E5%80%89) As of June 30, 2025, Minth Group's directors and chief executive and their associates held interests and short positions in the company's shares, underlying shares, and debentures, with Ms. Wei Qinglian holding a 0.06% beneficial owner interest and a 38.72% spouse interest, and other directors such as Mr. Ye Guoqiang, Ms. Zhang Yuxia, and Mr. William Chin also holding varying proportions of beneficial owner interests June 30, 2025 Directors' and Chief Executive's Shareholdings | Name | Capacity | Total Ordinary Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Wei Qinglian | Beneficial owner | 750,000 | 0.06% | | Wei Qinglian | Spouse's interest | 450,072,000 | 38.72% | | Ye Guoqiang | Beneficial owner | 865,000 | 0.07% | | Zhang Yuxia | Beneficial owner | 1,080,000 | 0.09% | | William Chin | Beneficial owner | 300,000 | 0.03% | | Qin Qianya | Beneficial owner | 250,000 | 0.02% | | Mo Guibiao | Beneficial owner | 50,000 | 0.004% | | Sako Tatsunobu | Beneficial owner | 50,000 | 0.004% | | Meng Liqiu | Beneficial owner | 50,000 | 0.004% | | Wang Jing | Beneficial owner | 150,000 | 0.01% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=56&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In the first half of 2025, Minth Group repurchased 886,000 of its own shares and held them as treasury shares at a total cost of HKD 16,806,270, while share option scheme grantees exercised 409,400 share options and 827,200 share options lapsed, and under the share award scheme, 895,000 award shares were granted, 1,339,450 shares vested, and 692,550 shares lapsed H1 2025 Share Repurchase Activity | Date of Repurchase | Number of Shares Repurchased | Total Price Paid (HKD) | | :--- | :--- | :--- | | March 2025 | 246,000 | 5,158,300.20 | | April 2025 | 640,000 | 11,647,969.80 | | **Total** | **886,000** | **16,806,270.00** | - Grantees of the share option scheme exercised a total of **409,400 share options**, and **827,200 share options lapsed** due to grantees' resignation[132](index=132&type=chunk) - Under the share award scheme, a total of **895,000 award shares were granted**, **1,339,450 award shares vested**, and **692,550 award shares were forfeited** due to grantees' resignation or failure to meet key performance indicators[132](index=132&type=chunk) [Compliance with Corporate Governance Code and Model Code](index=57&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%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) Minth Group's corporate governance practices are based on the HKEX Corporate Governance Code, with deviations noted in the attendance of independent non-executive directors at general meetings and the combined roles of Chairman and CEO, though the Board believes sufficient checks and balances are in place, and all directors confirm strict compliance with the Model Code - Independent Non-Executive Directors **Mr. Sako Tatsunobu and Dr. Wang Jing attended the 2025 Annual General Meeting electronically**, while **Mr. Mo Guibiao attended in person**, and **Ms. Qin Qianya and Professor Meng Liqiu were unable to attend due to other business commitments**[136](index=136&type=chunk) - The roles of Chairperson and Chief Executive Officer are combined and held by **Ms. Wei Qinglian**, which the Board believes remains appropriate during the transition period to enhance decision-making efficiency, and sufficient checks and balances have been implemented[136](index=136&type=chunk)[137](index=137&type=chunk) - All Directors confirm strict compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** during the review period[137](index=137&type=chunk) [Major Litigation and Arbitration](index=58&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E5%92%8C%E4%BB%B2%E8%A3%81) In the first half of 2025 and up to the date of this interim report, Minth Group had no major litigation or arbitration matters - During the review period and up to the date of this interim report, the Group had no major litigation or arbitration matters[138](index=138&type=chunk) [Audit Committee and Auditor](index=58&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E6%A0%B8%E6%95%B8%E5%B8%AB) Minth Group's Audit Committee, comprising five independent non-executive directors, is responsible for reviewing internal control systems and financial statements, and has reviewed and recommended the adoption of the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, with auditor Deloitte Touche Tohmatsu expressing an unmodified opinion on the interim financial report - The Audit Committee, composed of **five independent non-executive directors**, is responsible for reviewing the Group's internal control systems and the completeness and accuracy of its financial statements[139](index=139&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and this interim report, and recommended their adoption by the Board of Directors[139](index=139&type=chunk) - The auditor, **Deloitte Touche Tohmatsu**, has reviewed the interim financial report in accordance with **Hong Kong Standard on Review Engagements 2410** and issued an unmodified opinion[140](index=140&type=chunk) [Supplementary Information](index=59&type=section&id=%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) This section provides additional supplementary information for Minth Group's 2024 annual report, including updates on continuing connected transactions and planned uses of treasury shares [Continuing Connected Transactions](index=59&type=section&id=%E6%8C%81%E7%BA%8C%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93) Minth Group entered into multiple procurement agreements with Jiaxing Chunmin Electronics Co., Ltd. for automotive camera devices, parts, and accessories, and on December 31, 2024, the Group signed new Jiaxing Camera Procurement Agreements and Hubei Camera Procurement Agreements, replacing the original agreements, valid until December 31, 2027, with an annual cap of RMB 46.302 million for each - The Group entered into multiple procurement agreements with **Jiaxing Chunmin Electronics Co., Ltd.** for automotive camera devices, parts, and accessories, as well as printed circuit board assemblies[142](index=142&type=chunk) - On **December 31, 2024**, the Group signed new Jiaxing Camera Procurement Agreements and Hubei Camera Procurement Agreements, replacing the original agreements, with a term from **January 1, 2025, to December 31, 2027**[144](index=144&type=chunk) Annual Cap for Continuing Connected Transactions | Agreement | Term | Annual Cap (RMB thousand) | | :--- | :--- | :--- | | Jiaxing Camera Procurement Agreement and Hubei Camera Procurement Agreement | Three years ending December 31, 2027 | 46,302 per year | [Planned Use of Treasury Shares](index=61&type=section&id=%E5%BA%AB%E5%AD%98%E8%82%A1%E4%BB%BD%E4%B9%8B%E8%A8%88%E5%8A%83%E7%94%A8%E9%80%94) Minth Group plans to determine whether and how to use repurchased treasury shares based on market conditions and capital management needs, in accordance with the Listing Rules and applicable laws - The Company plans to determine whether and how to use such repurchased treasury shares based on prevailing market conditions and the Group's capital management needs, in accordance with the Listing Rules, the Company's Memorandum and Articles of Association, and applicable laws of the Cayman Islands[146](index=146&type=chunk) Review Report on Condensed Consolidated Financial Statements [Scope of Review and Conclusion](index=62&type=section&id=%E5%AF%A9%E9%96%B1%E7%AF%84%E5%9C%8D%E8%88%87%E7%B5%90%E8%AB%96) Deloitte Touche Tohmatsu has completed its review of Minth Group's condensed consolidated financial statements, with the scope of review being less than an audit, thus no audit opinion is expressed, and based on the review, the auditor has not noted any matters that cause them to believe that the condensed consolidated financial statements are not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - The auditor conducted the review in accordance with **Hong Kong Standard on Review Engagements 2410**, with a scope significantly smaller than an audit conducted in accordance with Hong Kong Standards on Auditing, thus no audit opinion is expressed[150](index=150&type=chunk) - Based on the review, the auditor did not note any matters that caused them to believe that the condensed consolidated financial statements were not prepared in all material respects in accordance with **Hong Kong Accounting Standard 34**[151](index=151&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [H1 2025 Performance Overview](index=64&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, Minth Group's revenue reached RMB 12.287 billion, profit for the period was RMB 1.319 billion, and profit attributable to owners of the company was RMB 1.277 billion, with total comprehensive income for the period at RMB 1.919 billion and basic earnings per share at RMB 1.120 H1 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 12,286,969 | 11,090,414 | | Gross Profit | 3,473,060 | 3,161,637 | | Profit Before Tax | 1,570,612 | 1,272,693 | | Profit for the Period | 1,319,184 | 1,076,662 | | Profit Attributable to Owners of the Company | 1,276,562 | 1,068,192 | | Total Comprehensive Income for the Period | 1,918,542 | 1,001,976 | | Basic Earnings Per Share | RMB 1.120 | RMB 0.928 | - Exchange differences arising from the translation of financial statements of overseas operations turned from a **loss of RMB 74,456 thousand in H1 2024 to a gain of RMB 600,436 thousand in H1 2025**, significantly impacting total comprehensive income positively[155](index=155&type=chunk) Condensed Consolidated Statement of Financial Position [Financial Position Overview as of June 30, 2025](index=66&type=section&id=2025%E5%B9%B46%E6%9C%8830%E6%97%A5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E6%A6%82%E8%A7%88) As of June 30, 2025, Minth Group's total assets were RMB 40.637 billion, a 2.6% increase from the end of 2024, with net current assets at RMB 2.897 billion and total equity at RMB 22.728 billion, where property, plant, and equipment constituted the largest portion of non-current assets, and current liabilities primarily consisted of trade payables and borrowings June 30, 2025 Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-Current Assets | 22,139,611 | 21,589,587 | | Current Assets | 18,497,961 | 17,169,349 | | Current Liabilities | 15,601,267 | 14,576,791 | | Net Current Assets | 2,896,694 | 2,592,558 | | Total Assets Less Current Liabilities | 25,036,305 | 24,182,145 | | Total Equity | 22,727,904 | 21,258,931 | | Non-Current Liabilities | 2,308,401 | 2,923,214 | - Property, plant and equipment is the largest non-current asset, totaling **RMB 16.252 billion**, an increase from the end of 2024[158](index=158&type=chunk) - Total borrowings amounted to **RMB 8.860 billion**, of which **RMB 7.015 billion were current liabilities** and **RMB 1.845 billion were non-current liabilities**[159](index=159&type=chunk) Condensed Consolidated Statement of Changes in Equity [H1 2025 Equity Movement Overview](index=68&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, Minth Group's total equity increased from RMB 21.259 billion as of January 1, 2025, to RMB 22.728 billion, with equity attributable to owners of the company increasing by RMB 1.841 billion, primarily influenced by profit for the period and other comprehensive income, especially the increase in exchange reserves, and a final dividend of RMB 465 million for 2024 was distributed during the period H1 2025 Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | January 1, 2025 (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 20,445,152 | 21,847,677 | | Non-Controlling Interests | 813,779 | 880,227 | | **Total Equity** | **21,258,931** | **22,727,904** | | Profit for the Period | - | 1,276,562 (Attributable to Owners of the Company) | | Other Comprehensive Income for the Period | - | 564,302 (Attributable to Owners of the Company) | | Equity-Settled Share-Based Payments Recognized | - | 32,045 | | Dividends Declared | - | (460,639) | | Exercise of Share Options and Vesting of Restricted Shares | - | 5,731 | | Treasury Shares | - | (15,610) | - Exchange reserves turned from a **loss of RMB 179,432 thousand as of January 1, 2025, to a gain of RMB 385,948 thousand as of June 30, 2025**, positively impacting equity attributable to owners of the company[161](index=161&type=chunk) - On **June 25, 2025**, a dividend of **HKD 0.435 per share** was distributed to shareholders as the **2024 final dividend**, totaling **RMB 465,211 thousand**[192](index=192&type=chunk) Condensed Consolidated Statement of Cash Flows [H1 2025 Cash Flow Overview](index=70&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, Minth Group's net cash generated from operating activities was RMB 2.237 billion, net cash used in investing activities was RMB 161 million, and net cash used in financing activities was RMB 1.149 billion, with cash and cash equivalents at the end of the period totaling RMB 3.413 billion, an increase of RMB 927 million from the beginning of the period H1 2025 Condensed Consolidated Statement of Cash Flows Key Data | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 2,236,847 | 1,730,626 | | Net Cash (Used in) Generated from Investing Activities | (160,965) | 31,017 | | Net Cash (Used in) Financing Activities | (1,149,320) | (437,574) | | Net Increase in Cash and Cash Equivalents | 926,562 | 1,324,069 | | Cash and Cash Equivalents at End of Period | 3,412,703 | 5,503,250 | - Net cash from investing activities turned from a **net inflow in H1 2024 to a net outflow in H1 2025**, primarily due to the **purchase of property, plant and equipment (RMB 902 million)** and **investment in other financial assets (RMB 2.478 billion)**[165](index=165&type=chunk) - Net cash outflow from financing activities increased, mainly due to **repayment of borrowings (RMB 11.593 billion)** and **dividends paid (RMB 461 million)**, despite being partially offset by **new borrowings (RMB 11.912 billion)**[166](index=166&type=chunk) Notes to the Condensed Consolidated Financial Statements [Basis of Preparation](index=72&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and are presented in Renminbi, which is also the functional currency of the Company - The condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[167](index=167&type=chunk) - The condensed consolidated financial statements are presented in **Renminbi**, which is also the functional currency of the Company[168](index=168&type=chunk) [Principal Accounting Policies](index=72&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, and the Group first applied the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability' during this interim period, which had no significant impact on its financial position or performance - The condensed consolidated financial statements are prepared on a **historical cost basis**, except for certain financial instruments measured at fair value[169](index=169&type=chunk) - The Group first applied the revised **Hong Kong Accounting Standard 21 'Lack of Exchangeability'** issued by the Hong Kong Institute of Certified Public Accountants during this interim period, which had no significant impact on the Group's financial position and performance and/or the disclosures contained in these condensed consolidated financial statements for the current and prior periods[170](index=170&type=chunk) [Revenue from Contracts with Customers](index=73&type=section&id=%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E5%85%A5) In the first half of 2025, Minth Group's total revenue from contracts with customers amounted to RMB 12.287 billion, with automotive component sales accounting for RMB 11.635 billion and mold sales for RMB 652 million, all revenue recognized at a point in time, and international market revenue comprising 65.0% of the total H1 2025 Revenue from Contracts with Customers Details | Type of Goods | Automotive Components (RMB thousand) | Molds (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Sale of Goods | 11,634,570 | 652,399 | 12,286,969 | | **Geographical Market** | | | | | China | 4,007,449 | 298,824 | 4,306,273 | | Other Countries | 7,627,121 | 353,575 | 7,980,696 | - All of the Group's revenue is rec
山高控股(00412) - 2025 - 中期财报
2025-09-25 23:30
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沧海控股(02017) - 2025 - 中期财报
2025-09-25 23:27
INTERIM REPORT 中期報告 25 20 INTERIM REPORT 中期報告 2025 Contents 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 5 | Financial Highlights | 財務摘要 | | 7 | Management Discussion and Analysis | 管理層討論及分析 | | 21 | Other Information and | 其他資料及企業管治概要 | | | Corporate Governance Highlights | | | 28 | Condensed Consolidated Statement of Profit | 簡明綜合損益及 | | | or Loss and Other Comprehensive Income | 其他全面收益表 | | 29 | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | | | Financial Position | | | 31 | Condensed ...
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2025-09-25 23:02
DIRECTEL HOLDINGS LIMITED 直 通 電 訊 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) (股份代號:8337) 中期報告 二零二五 INTERIM REPORT 2025 中期業績報告二零二五 DIRECTEL HOLDINGS LIMITED 直 通 電 訊 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8337) INTERIM REPORT 2025 香港聯合交易所有限公司(「聯交所」)GEM的特色 GEM的定位,乃為中小型公司提供一個上市的市場,此等公司相比起其他在聯交所 上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險, 並應經過審慎周詳的考慮後方作出投資決定。 簡明合併損益及其他全面收益表 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | 附註 | (未經審核) | (未經審核) | ...
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2025-09-25 22:25
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梧桐国际(00613) - 2025 - 中期财报
2025-09-25 22:25
613 (於百慕達註冊成立之有限公司) 股份代號: (Incorporated in Bermuda with limited liability) 中期報告 Stock code: 613 梧桐國際發展有限公司 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 管理層討論與分析 | 3 | | 其他資料 | 10 | | 中期財務資料審閱報告 | 13 | | 簡明綜合損益及其他全面收入表 | 14 | | 簡明綜合財務狀況表 | 16 | | 簡明綜合權益變動表 | 17 | | 簡明綜合現金流動表 | 19 | | 簡明綜合財務報表附註 | 20 | 1 中期報告 2025 梧桐國際發展有限公司 公司資料 提名委員會 陳仕鴻先生 (主席) 張嘉儀女士 鍾國斌先生 馬嘉祺先生 董事會 執行董事 張廷基先生 (副主席) 張嘉儀女士 戴斌先生 林曉露先生 黃健俊先生 非執行董事 莊友衡博士 (主席) 獨立非執行董事 陳仕鴻先生 鍾國斌先生 馬嘉祺先生 張爽先生 委員會 審核委員會 馬嘉祺先生 (主席) 陳仕鴻先生 鍾國斌先生 薪酬委員會 馬嘉祺先生 (主席) 張嘉儀女士 鍾國斌 ...
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开拓药业(09939) - 2025 - 中期财报
2025-09-25 22:08
[Corporate Information](index=3&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with audit, nomination, and remuneration committees ensuring a sound corporate governance structure - Board members include **Dr. Tong Youzhi** (Chairman and CEO) and **Dr. Ni Xiang** (Executive Director)[4](index=4&type=chunk) - The **Audit**, **Nomination**, and **Remuneration Committees** are all chaired by independent non-executive directors[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Details and Contacts](index=4&type=section&id=Company%20Details%20and%20Contacts) This section provides essential contact and registration information, including the company's registered office, China headquarters, Hong Kong principal place of business, legal advisors, auditors, share registrar, principal bankers, company website, and stock code - The company is registered in the Cayman Islands, with its China headquarters in Suzhou, Jiangsu Province, and its principal place of business in Hong Kong located in Wan Chai[7](index=7&type=chunk) - The auditor is **PricewaterhouseCoopers**, and the Hong Kong share registrar is **Hong Kong Registrars Limited**[8](index=8&type=chunk)[9](index=9&type=chunk) - The company's stock code is **9939**, with a board lot size of **500 shares**[10](index=10&type=chunk) [Financial and Business Highlights](index=6&type=section&id=Financial%20and%20Business%20Highlights) [FINANCIAL HIGHLIGHTS](index=6&type=section&id=FINANCIAL%20HIGHLIGHTS) For the six months ended June 30, 2025, the company's revenue significantly increased to **RMB 6.0 million**, primarily driven by global sales of the high-end cosmetic brand KOSHINÉ; however, net loss expanded by **16.5% to RMB 83.3 million** due to increased R&D and marketing costs, partially offset by reduced administrative expenses, with cash and cash equivalents at **RMB 52.9 million** and no interim dividend declared 2025 H1 Financial Highlights | Metric | As of June 30, 2025 (RMB million) | As of June 30, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 6.0 | 0 | 6.0 | N/A | | Net Loss | (83.3) | (71.5) | (11.8) | 16.5% | | R&D Costs | 48.6 | 39.3 | 9.3 | 23.6% | | Administrative Expenses | 25.2 | 33.9 | (8.7) | (25.6%) | | Marketing Costs | 8.3 | 1.8 | 6.5 | 369.0% | | Cash and Cash Equivalents (End of Period) | 52.9 | N/A | N/A | N/A | - Revenue growth is primarily attributed to global sales of the new high-end cosmetic brand **KOSHINÉ**[13](index=13&type=chunk) - Increased R&D costs are mainly due to the Group's enhanced focus on core dermatology pipelines **KX-826** and **GT20029**[13](index=13&type=chunk) - Reduced administrative expenses are primarily due to decreased employee benefits, travel, and office expenses resulting from layoffs during the reporting period[13](index=13&type=chunk) - Significant increase in marketing costs is mainly due to higher marketing and promotion expenses for the **KOSHINÉ** cosmetic and raw material businesses[13](index=13&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[20](index=20&type=chunk) [BUSINESS HIGHLIGHTS](index=7&type=section&id=BUSINESS%20HIGHLIGHTS) As of the report date, the company achieved significant progress with its two core dermatology products, **KX-826** and **GT20029**, and the new whitening raw material **KT-939**; **KX-826** met primary endpoints in both long-term safety Phase III clinical trials and clinical observation studies for alopecia, demonstrating excellent safety and efficacy, while **GT20029**'s China Phase II clinical trial for acne also successfully reached its primary endpoint, and **KT-939** completed its first sale as a functional whitening ingredient, establishing a "three-pronged" business model - Topline data from the **KX-826** topical solution long-term safety Phase III clinical trial for alopecia in China met the primary endpoint, demonstrating excellent safety and efficacy[19](index=19&type=chunk)[21](index=21&type=chunk) - Clinical observation study of **KX-826** combined with minoxidil for male androgenetic alopecia in China reached its primary endpoint, validating the clinical advantages of the combination therapy[19](index=19&type=chunk)[21](index=21&type=chunk) - Topline data from the **KX-826** topical solution **1.0%** pivotal Phase II clinical trial for alopecia demonstrated excellent efficacy and safety[27](index=27&type=chunk)[29](index=29&type=chunk) - The pivotal Phase III clinical trial of **KX-826** topical solution **1.0%** for alopecia has completed enrollment of **666 patients**, with completion anticipated in early **2026**[27](index=27&type=chunk)[29](index=29&type=chunk) - Topline data from the China Phase II clinical trial of **AR-PROTAC** compound **GT20029** gel for acne successfully met the primary endpoint, determining the recommended Phase III clinical trial dose as **0.5%**[23](index=23&type=chunk)[25](index=25&type=chunk) - **KT-939** completed its first sale as a functional whitening and spot-reducing cosmetic raw material, forming a "three-pronged" business model encompassing B2B functional cosmetic raw materials, B2C functional cosmetic products, and topical innovative drug R&D[28](index=28&type=chunk)[30](index=30&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [OVERVIEW](index=10&type=section&id=OVERVIEW) The company is a clinical-stage innovative drug developer focused on dermatology and oncology, extending its business into functional cosmetics; the cosmetic business (KOSHINÉ brand) provides both funding for drug R&D and valuable market data, with core products **KX-826** and **GT20029** showing rapid clinical trial progress and positive results in China and the US - The company is a clinical-stage innovative drug enterprise in China focused on addressing unmet clinical needs and expanding into functional cosmetics[33](index=33&type=chunk)[35](index=35&type=chunk) - The development of the cosmetic business provides necessary funding for drug R&D activities and market data for future pharmaceutical sales strategies[33](index=33&type=chunk)[35](index=35&type=chunk) - Since the official launch of the new high-end cosmetic brand **KOSHINÉ** in the second half of **2024**, eight products have been launched, including anti-hair loss liquid, acne cream, and whitening series[34](index=34&type=chunk)[35](index=35&type=chunk) - **KX-826** has completed multiple trials for male alopecia in China, including pivotal Phase II and long-term safety Phase III clinical trials, demonstrating excellent efficacy and safety[41](index=41&type=chunk)[42](index=42&type=chunk) - **GT20029** is the world's first topical **PROTAC** compound to complete Phase II clinical trials, with topline data from its China acne Phase II clinical trial determining the recommended Phase III dose as **0.5%**[43](index=43&type=chunk)[45](index=45&type=chunk) [Product Pipeline](index=14&type=section&id=Product%20Pipeline) The company possesses a risk-balanced and diversified drug pipeline covering dermatology (e.g., alopecia, acne) and oncology, aiming to address significant unmet medical needs; core products **KX-826** and **GT20029** have made breakthrough progress in dermatology, with active exploration of commercialization paths including the launch of the high-end cosmetic brand **KOSHINÉ**, while other products like **GT1708F**, **GT0486**, and **ALK-1** antibody have accumulated substantial clinical data, indicating high commercial collaboration value - The company's pipeline includes **5** potential first-in-class/best-in-class drugs in Phase I-III clinical stages and **1** new whitening raw material, **KT-939**[15](index=15&type=chunk)[17](index=17&type=chunk) - **KX-826** has completed patient enrollment for its pivotal Phase III clinical trial for male alopecia in China, and its long-term safety Phase III trial met the primary endpoint[49](index=49&type=chunk)[50](index=50&type=chunk) - The Phase II clinical trial of **AR-PROTAC** compound **GT20029** for acne in China has reached its primary endpoint[49](index=49&type=chunk)[50](index=50&type=chunk) - **GT1708F** has received conditional approval for a Phase II clinical trial for IPF indication in China and completed a Phase I clinical trial for hematological malignancies in China[49](index=49&type=chunk)[50](index=50&type=chunk) [BUSINESS REVIEW](index=15&type=section&id=BUSINESS%20REVIEW) This section details the development progress of the company's five clinical-stage drugs and one new raw material; core products **KX-826** and **GT20029** demonstrated good safety and efficacy in clinical trials for alopecia and acne, achieving multiple milestones, while other pipelines like **GT1708F**, **GT0486**, and **ALK-1** antibody continue to advance in oncology and idiopathic pulmonary fibrosis, and the new raw material **KT-939** completed its first sale and entered long-term safety trials [Main Products](index=15&type=section&id=Main%20Products) The company's main product lines include **KX-826** (AR antagonist), **AR-PROTAC** compound **GT20029**, **Hedgehog/SMO** inhibitor **GT1708F**, **mTOR** kinase inhibitor **GT0486**, and **ALK-1** antibody **GT90001**; these products show significant clinical progress and positive trial results in dermatology (alopecia, acne) and oncology (IPF, hematological malignancies, liver cancer, solid tumors), with **KX-826** and **GT20029** already in late-stage clinical development - **KX-826** is a topical **AR** antagonist, with its core patent valid until **September 8, 2030**, used for treating alopecia and acne[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) - **GT20029** is the world's first topical **AR-PROTAC** compound to complete Phase II clinical trials, with the potential to become a new generation treatment for alopecia and acne[79](index=79&type=chunk)[82](index=82&type=chunk) - **GT1708F** is a **Hedgehog/SMO** signaling pathway inhibitor, primarily used for treating IPF and hematological malignancies, and has received conditional approval from China's **NMPA** to conduct a Phase II clinical trial for IPF[92](index=92&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk)[101](index=101&type=chunk) - **ALK-1** antibody (**GT90001**) is a potential first-in-class antibody that inhibits **ALK-1/TGF-β** signaling and tumor angiogenesis, used for treating various solid tumors, especially in combination with **PD-1** inhibitors for advanced HCC[104](index=104&type=chunk)[107](index=107&type=chunk) - **GT0486** is a **PI3K/mTOR** signaling pathway inhibitor, having completed Phase I clinical trials, primarily used for treating metastatic solid tumors such as breast cancer, prostate cancer, and HCC[109](index=109&type=chunk)[112](index=112&type=chunk) - **c-Myc** molecular glue holds significant R&D potential, with related research published in core journals like **Nature Communications**, demonstrating its excellent potential in tumor treatment[110](index=110&type=chunk)[113](index=113&type=chunk) [New Raw Material (KT-939)](index=33&type=section&id=New%20Raw%20Material%20(KT-939)) **KT-939** is a tyrosinase inhibitor with melanin-inhibiting, antioxidant, and anti-inflammatory properties; this raw material has received approval from the International Nomenclature Committee for Cosmetic Ingredients (**INCI**) and the Japan Cosmetic Industry Association (**JNCI**), completed its first sale, and its human long-term safety trial has completed subject enrollment - **KT-939** effectively inhibits melanin production, possesses antioxidant and anti-inflammatory properties, and is actively preparing for registration as a new cosmetic ingredient in China[114](index=114&type=chunk)[119](index=119&type=chunk) - **KT-939** has received **INCI** review approval (**Mono ID 39815**) and **JNCI** approval, and completed its first sale as a functional whitening and spot-reducing cosmetic raw material[114](index=114&type=chunk)[115](index=115&type=chunk)[119](index=119&type=chunk) - The human long-term safety trial for **KT-939** has completed enrollment of **130 subjects**, primarily focusing on the skin safety of continuous **48-week** topical application of **0.2% KT-939**[116](index=116&type=chunk)[119](index=119&type=chunk) [RESEARCH AND DEVELOPMENT](index=34&type=section&id=RESEARCH%20AND%20DEVELOPMENT) The company has established an integrated R&D platform focused on **AR** inhibitors and **PROTAC** technology, achieving significant progress in dermatology with **KX-826** and **GT20029**; R&D efforts are led by an experienced team of scientists, actively exploring combination therapies and external collaboration opportunities to accelerate drug commercialization and enhance R&D capabilities - The company has established an integrated R&D platform supporting drug development projects from discovery to clinical stages, primarily utilizing internal R&D resource management processes[121](index=121&type=chunk)[124](index=124&type=chunk) - The company has accumulated industry-leading expertise in **AR** signaling pathways, molecular design, and **PK/PD** modeling, utilizing its **AR** technology platform to develop **KX-826**[122](index=122&type=chunk)[124](index=124&type=chunk) - **PROTAC** is a novel drug discovery technology; the company developed **GT20029** based on the **PROTAC** platform for alopecia and acne, making **GT20029** the world's first topical **PROTAC** compound to complete Phase IIa clinical trials for alopecia and Phase II clinical trials for acne in China[123](index=123&type=chunk)[125](index=125&type=chunk) - The company possesses molecular glue technology for targeting and/or degrading undruggable and oncogene mutation drivers[123](index=123&type=chunk)[125](index=125&type=chunk) - The company also has **3** other clinical-stage products and is actively seeking co-development or out-licensing opportunities to unlock drug value[126](index=126&type=chunk)[130](index=130&type=chunk) [MANUFACTURING AND COMMERCIALISATION](index=35&type=section&id=MANUFACTURING%20AND%20COMMERCIALISATION) Since the launch of the high-end cosmetic brand **KOSHINÉ** in the second half of **2024**, the company has gradually established a product matrix including anti-hair loss liquid, acne cream, and whitening series; cosmetic production is currently outsourced, and the company plans to strengthen market promotion, expand product application scenarios, accelerate global market expansion, and expedite the launch of new cosmetics to enhance brand awareness and market penetration - Sales of the new high-end cosmetic brand **KOSHINÉ** officially commenced in the second half of **2024**, and a product matrix has been gradually established[128](index=128&type=chunk)[131](index=131&type=chunk) - Cosmetic production is currently outsourced, involving no facility construction or equipment installation[128](index=128&type=chunk)[131](index=131&type=chunk) - The company will continue to focus on the dermatology sector, strengthen market promotion, expand product application scenarios, accelerate global market expansion, and expedite the launch of new cosmetics[129](index=129&type=chunk)[131](index=131&type=chunk) [FINANCIAL REVIEW](index=36&type=section&id=FINANCIAL%20REVIEW) This section details the financial performance for the six months ended June 30, 2025; the company recorded its first cosmetic and raw material sales revenue of **RMB 6.0 million**, but net loss expanded to **RMB 83.3 million**, primarily due to increased R&D and marketing costs, while administrative expenses decreased due to layoffs; the company faces liquidity pressure with a significant reduction in cash and cash equivalents and a declining current ratio, actively seeking various financing avenues to alleviate this pressure [Overview of Financial Performance](index=36&type=section&id=Overview%20of%20Financial%20Performance) For the six months ended June 30, 2025, the company recorded **RMB 6.0 million** in cosmetic and raw material sales revenue, compared to zero in the prior year period; net loss for the period increased by **16.5% to RMB 83.3 million**, primarily due to increased R&D and marketing costs 2025 H1 Financial Overview | Metric | As of June 30, 2025 (RMB million) | As of June 30, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 6.0 | 0 | 6.0 | N/A | | Loss and Total Comprehensive Loss | (83.3) | (71.5) | (11.8) | 16.5% | - Revenue growth primarily benefited from global sales of the high-end cosmetic brand **KOSHINÉ**[132](index=132&type=chunk)[136](index=136&type=chunk) - Operating loss primarily stemmed from R&D costs and administrative expenses[132](index=132&type=chunk)[136](index=136&type=chunk) [Operating Expenses Analysis](index=37&type=section&id=Operating%20Expenses%20Analysis) During the reporting period, the company's other income significantly decreased by **79.5% to RMB 1.3 million**, mainly due to reduced government grants and bank interest income; marketing costs surged by **369.0% to RMB 8.3 million**, primarily for **KOSHINÉ** cosmetic promotion and team expansion; administrative expenses decreased by **25.6% to RMB 25.2 million** due to layoffs; R&D costs increased by **23.6% to RMB 48.6 million**, mainly driven by the rapid advancement of **KX-826** and **GT20029** clinical trials 2025 H1 Other Income Changes | Metric | As of June 30, 2025 (RMB million) | As of June 30, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other Income | 1.3 | 6.1 | (4.9) | (79.5%) | 2025 H1 Marketing Cost Details | Item | As of June 30, 2025 (RMB thousand) | Share of Total (%) | As of June 30, 2024 (RMB thousand) | Share of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Marketing and Promotion Expenses | 4,872 | 58.9 | — | 0.0 | | Employee Benefits Expenses (incl. share-based compensation) | 3,098 | 37.4 | 1,266 | 71.8 | | Total | 8,274 | 100.0 | 1,764 | 100.0 | - Marketing costs increased by **369.0% to RMB 8.3 million**, primarily due to a **RMB 4.9 million** increase in marketing and promotion expenses and a **RMB 1.8 million** increase in personnel costs from marketing team expansion[146](index=146&type=chunk)[147](index=147&type=chunk) 2025 H1 Administrative Expense Details | Item | As of June 30, 2025 (RMB thousand) | Share of Total (%) | As of June 30, 2024 (RMB thousand) | Share of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Employee Benefits Expenses (incl. share-based compensation) | 14,976 | 59.4 | 18,864 | 55.6 | | Utilities and Office Expenses | 3,580 | 14.2 | 6,901 | 20.4 | | Depreciation and Amortization | 3,055 | 12.1 | 4,340 | 12.8 | | Total | 25,231 | 100.0 | 33,908 | 100.0 | - Administrative expenses decreased by **25.6% to RMB 25.2 million**, mainly due to a **RMB 3.9 million** reduction in employee benefits (due to staff reduction), a **RMB 3.3 million** decrease in utilities and office expenses, and a **RMB 1.3 million** reduction in depreciation and amortization[153](index=153&type=chunk)[155](index=155&type=chunk) 2025 H1 R&D Cost Details | Item | As of June 30, 2025 (RMB thousand) | Share of Total (%) | As of June 30, 2024 (RMB thousand) | Share of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Clinical Research Expenses | 20,375 | 41.9 | (1,777) | (4.5) | | Employee Benefits Expenses (incl. share-based compensation) | 15,404 | 31.7 | 29,335 | 74.6 | | Third-Party Contract Fees | 4,619 | 9.5 | 5,033 | 12.8 | | Total | 48,617 | 100.0 | 39,332 | 100.0 | - R&D costs increased by **23.6% to RMB 48.6 million**, primarily due to a **RMB 22.2 million** increase in clinical research expenses (driven by **KX-826** and **GT20029** clinical trial advancements), partially offset by a **RMB 13.9 million** reduction in R&D employee benefits expenses[159](index=159&type=chunk)[164](index=164&type=chunk) [Non-IFRS Financial Measures](index=43&type=section&id=Non-IFRS%20Financial%20Measures) The company uses adjusted loss and total comprehensive loss (excluding share-based compensation expenses) as a non-IFRS financial measure to provide a clearer view of operating performance, facilitating shareholder and investor understanding and evaluation of the company's performance, and enabling period-over-period and company-to-company comparisons - Adjusted loss and total comprehensive loss exclude non-cash items such as share-based compensation expenses to reflect the Group's normal operating performance[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) Reconciliation of Loss for the Period to Adjusted Loss | Metric | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss and Total Comprehensive Loss for the Period | (83,268) | (71,493) | | Add: Share-based Compensation Expenses | (443) | 4,600 | | Adjusted Loss and Total Comprehensive Loss for the Period | (83,711) | (66,893) | [Human Resources and Compensation](index=44&type=section&id=Human%20Resources%20and%20Compensation) As of June 30, 2025, the company had **136** full-time employees, with clinical and R&D functions accounting for nearly **43%**; the company has established a compensation package including base salary, position-specific pay, performance bonuses, and project bonuses, and utilizes the **2020 Employee Incentive Scheme** to retain and motivate key management and staff Employee Function Distribution as of June 30, 2025 | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Core Management | 6 | 4.4% | | Clinical | 22 | 16.2% | | R&D | 36 | 26.5% | | Production | 16 | 11.8% | | Commercialization | 23 | 16.9% | | Project Management | 9 | 6.6% | | Other | 24 | 17.6% | | Total | 136 | 100.0% | - The total number of employees in clinical and R&D functions accounts for nearly **43%**[178](index=178&type=chunk)[183](index=183&type=chunk) - The company utilizes the **2020 Employee Incentive Scheme** to retain and motivate key management and staff[178](index=178&type=chunk)[183](index=183&type=chunk) [Liquidity and Capital Management](index=45&type=section&id=Liquidity%20and%20Capital%20Management) As of June 30, 2025, the company's cash and cash equivalents significantly decreased by **64.1% to RMB 52.9 million**, and the current ratio dropped from **103.0% to 44.3%**, resulting in net current liabilities of **RMB 79.6 million** and facing significant liquidity risk; to mitigate this risk, the company is implementing multiple plans, including seeking bank credit renewal, equity financing (such as the **2025 "placing of existing shares and subscription of new shares"**), out-licensing pipeline drugs, and expanding cosmetic sales channels Liquidity Position | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 52.9 | 147.4 | (94.6) | (64.1%) | | Net Current Assets/(Liabilities) | (79.6) | 5.1 | (84.7) | N/A | | Current Ratio | 44.3% | 103.0% | (58.7%) | N/A | - The decrease in cash and cash equivalents is primarily due to R&D and administrative expenses, as well as loan repayments[180](index=180&type=chunk)[185](index=185&type=chunk) - The company is implementing multiple plans and measures, such as the **2025 "placing of existing shares and subscription of new shares"**, to ensure continued support for clinical trials and R&D advancement[18](index=18&type=chunk)[20](index=20&type=chunk) - As of June 30, 2025, the company had utilized **RMB 87.0 million** in bank financing and had **RMB 30.0 million** in unutilized bank financing[181](index=181&type=chunk)[185](index=185&type=chunk) - As of June 30, 2025, total bank borrowings amounted to **RMB 86.983 million**, with all borrowings repayable within one year or on demand[208](index=208&type=chunk)[209](index=209&type=chunk)[333](index=333&type=chunk) [Financial Risk Management](index=49&type=section&id=Financial%20Risk%20Management) The company faces market risks (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk; management monitors foreign exchange risk, anticipating minimal impact from interest rate changes on interest-bearing assets; credit risk is low due to deposits with state-owned banks and good credit quality of trade receivables; however, due to continuous losses and operating cash outflows, the company faces significant liquidity risk and has implemented multiple measures to mitigate it - The company primarily operates in China, with most transactions settled in **RMB**; currently, there is no foreign currency hedging policy, but management monitors foreign exchange risk[215](index=215&type=chunk)[219](index=219&type=chunk) - Interest rate risk primarily arises from fixed-rate borrowings, and management expects interest rate changes to have a minimal impact on interest-bearing assets[217](index=217&type=chunk)[218](index=218&type=chunk)[220](index=220&type=chunk) - Credit risk is low because cash and cash equivalents are mainly deposited in state-owned banks, and trade receivables are from companies with good credit standing[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[225](index=225&type=chunk) - The company faces significant liquidity risk, recording a net loss of **RMB 83.3 million**, net operating cash outflow of **RMB 69.5 million**, and net current liabilities of **RMB 79.6 million** as of June 30, 2025[229](index=229&type=chunk)[231](index=231&type=chunk) - The company has implemented multiple plans and measures, including seeking bank credit renewal, equity financing, out-licensing pipeline drugs, and expanding cosmetic sales channels, to mitigate liquidity risk[229](index=229&type=chunk)[231](index=231&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=53&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company recorded revenue of **RMB 5,984 thousand**, compared to zero in the prior year period; due to increased cost of sales, gross profit turned into a gross loss of **RMB 196 thousand**; operating loss expanded to **RMB 80,828 thousand**, ultimately leading to an increase in loss and total comprehensive loss for the period to **RMB 83,268 thousand**, with basic and diluted loss per share at **RMB (0.19)** Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Metric | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 5,984 | — | | Cost of Sales | (6,180) | 1,128 | | (Gross Loss)/Gross Profit | (196) | 1,128 | | Other Income | 1,254 | 6,106 | | Marketing Costs | (8,274) | (1,764) | | Administrative Expenses | (25,231) | (33,908) | | R&D Costs | (48,617) | (39,332) | | Operating Loss | (80,828) | (66,260) | | Finance Costs | (2,236) | (5,215) | | Loss Before Income Tax | (83,545) | (71,475) | | Income Tax Credit/(Expense) | 277 | (18) | | Loss and Total Comprehensive Loss for the Period | (83,268) | (71,493) | | Basic and Diluted Loss Per Share (RMB) | (0.19) | (0.17) | - Revenue increased from zero in the prior year period of **2024** to **RMB 5,984 thousand** in **2025**[232](index=232&type=chunk) - Gross profit turned into a gross loss of **RMB 196 thousand** in **2025**, from a gross profit of **RMB 1,128 thousand** in **2024**[232](index=232&type=chunk) - Loss and total comprehensive loss for the period increased from **RMB 71,493 thousand** in **2024** to **RMB 83,268 thousand** in **2025**[232](index=232&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=54&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets decreased from **RMB 515,126 thousand** on December 31, 2024, to **RMB 391,895 thousand**; current assets significantly declined, resulting in net current liabilities of **RMB 79,588 thousand**, compared to net current assets of **RMB 5,100 thousand** at the end of 2024; total liabilities decreased to **RMB 175,890 thousand**, and total equity decreased to **RMB 216,005 thousand** Summary of Interim Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Assets | 391,895 | 515,126 | | Non-Current Assets | 328,545 | 343,396 | | Current Assets | 63,350 | 171,730 | | Total Liabilities | 175,890 | 221,046 | | Non-Current Liabilities | 32,952 | 54,367 | | Current Liabilities | 142,938 | 166,679 | | Total Equity | 216,005 | 294,080 | - Net current assets decreased from **RMB 5,100 thousand** on December 31, 2024, to net current liabilities of **RMB 79,588 thousand** on June 30, 2025, primarily due to a reduction in cash and cash equivalents[203](index=203&type=chunk)[206](index=206&type=chunk) - Cash and cash equivalents decreased from **RMB 147,419 thousand** on December 31, 2024, to **RMB 52,862 thousand** on June 30, 2025[233](index=233&type=chunk) - Total borrowings decreased from **RMB 131,763 thousand** on December 31, 2024, to **RMB 86,983 thousand** on June 30, 2025[234](index=234&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=56&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity decreased from **RMB 294,080 thousand** on January 1, 2025, to **RMB 216,005 thousand**; key changes include a loss for the period of **RMB 83,268 thousand**, and adjustments related to share-based payments and vested shares under the employee incentive scheme Summary of Interim Condensed Consolidated Statement of Changes in Equity | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Equity at Beginning of Period | 294,080 | 458,112 | | Loss and Total Comprehensive Loss for the Period | (83,268) | (71,493) | | Share-based Payments | (443) | 4,600 | | Shares Vested and Transferred under Employee Incentive Scheme | 5,636 | 356 | | Total Equity at End of Period | 216,005 | 391,575 | - Loss for the period is the primary factor contributing to the decrease in total equity[235](index=235&type=chunk) - Share-based payments were a credit of **RMB 443 thousand** in **2025**, compared to an expense of **RMB 4,600 thousand** in **2024**[235](index=235&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=57&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **RMB 69,521 thousand**, an improvement from **RMB 110,661 thousand** in the prior year period; net cash from investing activities was **RMB 14,732 thousand**, primarily from the disposal of land use rights; net cash used in financing activities was **RMB 40,057 thousand**; cash and cash equivalents at period-end decreased to **RMB 52,862 thousand** Summary of Interim Condensed Consolidated Statement of Cash Flows | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (69,521) | (110,661) | | Net Cash From/(Used in) Investing Activities | 14,732 | (680) | | Net Cash Used in Financing Activities | (40,057) | (14,881) | | Net Decrease in Cash and Cash Equivalents | (94,846) | (126,222) | | Cash and Cash Equivalents at End of Period | 52,862 | 319,181 | - Net cash used in operating activities primarily includes cash used in operations, interest paid, and income tax paid, partially offset by interest received[193](index=193&type=chunk)[198](index=198&type=chunk) - Net cash from investing activities primarily resulted from proceeds of **RMB 15,646 thousand** from the disposal of land use rights[196](index=196&type=chunk)[199](index=199&type=chunk) - Net cash used in financing activities primarily included loan repayments of **RMB 88,168 thousand**, partially offset by loan proceeds of **RMB 43,388 thousand** and proceeds from shares under the employee incentive scheme of **RMB 5,488 thousand**[201](index=201&type=chunk)[205](index=205&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=58&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [GENERAL INFORMATION](index=59&type=section&id=GENERAL%20INFORMATION) Kintor Pharmaceutical Limited was incorporated in the Cayman Islands on **May 16, 2018**, primarily engaged in the R&D of innovative drug products, extending into functional cosmetics; the company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since **May 22, 2020** - The company is primarily engaged in the R&D of innovative drug products and has expanded into functional cosmetics[241](index=241&type=chunk)[244](index=244&type=chunk) - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **May 22, 2020**[241](index=241&type=chunk)[245](index=245&type=chunk) [BASIS OF PREPARATION](index=59&type=section&id=BASIS%20OF%20PREPARATION) This condensed consolidated interim financial information is prepared in accordance with International Accounting Standard **34**; the company faces significant liquidity uncertainty, having recorded a net loss of **RMB 83.3 million**, net operating cash outflow of **RMB 69.5 million**, and net current liabilities of **RMB 79.6 million** as of June 30, 2025; the Board has considered multiple plans and measures (e.g., bank financing, equity financing, licensing collaborations, expanding cosmetic sales) to ensure the company's continued operation - This condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard **34** "Interim Financial Reporting"[246](index=246&type=chunk) - For the six months ended June 30, 2025, the Group incurred a net loss of **RMB 83,268,000** and a net operating cash outflow of **RMB 69,521,000**[247](index=247&type=chunk)[248](index=248&type=chunk) - As of June 30, 2025, the Group had net current liabilities of **RMB 79,588,000**, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[247](index=247&type=chunk)[248](index=248&type=chunk) - The company has implemented multiple plans and measures, including seeking bank credit renewal, equity financing, out-licensing pipeline drugs, and expanding cosmetic sales channels, to alleviate liquidity pressure and improve its financial position[249](index=249&type=chunk)[254](index=254&type=chunk) [ACCOUNTING POLICIES](index=62&type=section&id=ACCOUNTING%20POLICIES) The accounting policies adopted in this condensed financial report are consistent with those applied in the annual financial statements for the year ended December 31, 2024, except for new and amended standards first adopted from January 1, 2025; these new standards have no significant impact on the company's financial performance and position, requiring no retrospective adjustments, and unadopted new standards are also not expected to have a significant impact - The accounting policies adopted in this condensed financial report are consistent with those applied in the annual financial statements for the year ended **December 31, 2024**[255](index=255&type=chunk)[257](index=257&type=chunk) - New and amended standards first adopted from **January 1, 2025** (such as **IAS 21 (Amendment) Lack of Exchangeability**) have no significant impact on the Group's financial performance and position[255](index=255&type=chunk)[256](index=256&type=chunk)[258](index=258&type=chunk) - New standards and amendments to standards not yet adopted (such as **IFRS 18** and **IFRS 19**) are not expected to have a significant impact on the Group's consolidated financial statements[259](index=259&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS](index=64&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES%20AND%20JUDGEMENTS) The preparation of condensed consolidated interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses; the key sources of judgment and estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - Management is required to make judgments, estimates, and assumptions in preparing financial information, and these estimates may differ from actual results[263](index=263&type=chunk)[267](index=267&type=chunk) - The key sources of significant judgment and estimation uncertainty in the application of accounting policies are the same as those applied in the consolidated financial statements for the year ended **December 31, 2024**[264](index=264&type=chunk)[267](index=267&type=chunk) [FINANCIAL RISK MANAGEMENT](index=64&type=section&id=FINANCIAL%20RISK%20MANAGEMENT) The company faces market risks (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk; there have been no changes in risk management policies since December 31, 2024; the company has no recurring financial assets or liabilities measured at fair value, except for wealth management products and foreign currency options, which are classified as Level 3 in the fair value hierarchy; management believes the carrying amounts of financial assets approximate their fair values - The Group's activities expose it to various financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk[265](index=265&type=chunk)[268](index=268&type=chunk) - There have been no changes in risk management policies since **December 31, 2024**[266](index=266&type=chunk)[269](index=269&type=chunk) - The Group has no recurring financial assets or liabilities measured at fair value, except for its wealth management products and foreign currency options, which are measured at fair value through profit or loss and constitute Level 3 of the fair value hierarchy[274](index=274&type=chunk)[279](index=279&type=chunk) - The Group believes that the carrying amounts of its financial assets accounted for at amortized cost in the consolidated financial statements approximate their fair values[281](index=281&type=chunk)[282](index=282&type=chunk) [REVENUE FROM CONTRACTS WITH CUSTOMERS](index=68&type=section&id=REVENUE%20FROM%20CONTRACTS%20WITH%20CUSTOMERS) For the six months ended June 30, 2025, the company recorded revenue of **RMB 5,984 thousand**, entirely from cosmetic and functional raw material sales, with no revenue in the prior year period; revenue primarily originated from cosmetic and raw material retail in mainland China, as well as cosmetic retail overseas; Customer A contributed over **10%** of total revenue 2025 H1 Revenue from Contracts with Customers Breakdown | Product Line/Region | Mainland China (RMB thousand) | Overseas (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Cosmetic Retail | 2,532 | 1,843 | 4,375 | | Raw Material Retail | 1,609 | — | 1,609 | | Total | 4,141 | 1,843 | 5,984 | - For the six months ended June 30, 2025, the company's revenue was **RMB 5,984 thousand**, while no revenue was recorded in the corresponding period of **2024**[283](index=283&type=chunk)[284](index=284&type=chunk) - Customer A contributed **RMB 1,593 thousand** to the Group's total revenue, accounting for over **10%**[288](index=288&type=chunk)[289](index=289&type=chunk) [OTHER INCOME](index=70&type=section&id=OTHER%20INCOME) For the six months ended June 30, 2025, the company's other income was **RMB 1,254 thousand**, a significant decrease from **RMB 6,106 thousand** in the prior year period; the main reasons were reduced government grants and bank balance interest income Other Income Details | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 1,113 | 2,604 | | Bank Balance Interest Income | 95 | 3,322 | | Fixed Deposit Interest Income | — | 175 | | Other | 46 | 5 | | Total | 1,254 | 6,106 | - Government grants decreased by **RMB 1,491 thousand**, and bank balance interest income decreased by **RMB 3,227 thousand**[291](index=291&type=chunk) [OPERATING LOSS](index=71&type=section&id=OPERATING%20LOSS) Operating loss calculation has deducted various expenses, including employee benefits expenses of **RMB 33,478 thousand**, clinical research expenses of **RMB 20,375 thousand**, depreciation of property, plant and equipment of **RMB 5,982 thousand**, and amortization of intangible assets of **RMB 5,872 thousand**; these expenses reflect the company's investments in R&D and operations Operating Loss Deductions Details | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Employee Benefits Expenses | 33,478 | 49,465 | | Clinical Research Expenses | 20,375 | (1,777) | | Utilities and Office Expenses | 6,500 | 9,607 | | Depreciation of Property, Plant and Equipment | 5,982 | 6,138 | | Amortization of Intangible Assets | 5,872 | 80 | | Marketing and Promotion Expenses | 4,872 | — | | Outsourced R&D Expenses | 4,619 | 5,033 | | Materials and Consumables Used | 1,037 | 187 | | Depreciation of Right-of-Use Assets | 804 | 2,488 | - Clinical research expenses significantly increased from **RMB (1,777) thousand** in **2024** to **RMB 20,375 thousand** in **2025**[295](index=295&type=chunk) - Amortization of intangible assets significantly increased from **RMB 80 thousand** in **2024** to **RMB 5,872 thousand** in **2025**[295](index=295&type=chunk) [OTHER GAINS — NET](index=72&type=section&id=OTHER%20GAINS%20%E2%80%94%20NET) For the six months ended June 30, 2025, the company recorded other net gains of **RMB 236 thousand**, a decrease from **RMB 1,510 thousand** in the prior year period; this was primarily attributable to a reduction in net foreign exchange gains Other Net Gains Details | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Foreign Exchange Gains | 265 | 1,480 | | (Loss)/Gain on Disposal of Property, Plant and Equipment | (9) | 35 | | Gain on Disposal of Right-of-Use Assets | 5 | — | | Other | (25) | (5) | | Total | 236 | 1,510 | - Net foreign exchange gains decreased from **RMB 1,480 thousand** in **2024** to **RMB 265 thousand** in **2025**[297](index=297&type=chunk) [FINANCE COSTS](index=72&type=section&id=FINANCE%20COSTS) For the six months ended June 30, 2025, the company's finance costs were **RMB 2,236 thousand**, a significant decrease from **RMB 5,215 thousand** in the prior year period; this was primarily due to reduced interest expenses on bank borrowings Finance Costs Details | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expenses on Borrowings | 2,219 | 5,100 | | Interest Expenses on Lease Liabilities | 17 | 115 | | Total | 2,236 | 5,215 | - Interest expenses on borrowings decreased from **RMB 5,100 thousand** in **2024** to **RMB 2,219 thousand** in **2025**[299](index=299&type=chunk) [INCOME TAX CREDIT/(EXPENSE)](index=73&type=section&id=INCOME%20TAX%20CREDIT%2F(EXPENSE)) For the six months ended June 30, 2025, the company recorded an income tax credit of **RMB 277 thousand**, compared to an income tax expense of **RMB 18 thousand** in the prior year period; this credit was primarily due to a reduction in deferred tax liabilities from the amortization of ongoing R&D for **KX-826**, partially offset by withholding tax; entities in the Cayman Islands, Hong Kong, the US, Ireland, and mainland China are subject to different tax rates, but most entities did not incur income tax due to the absence of assessable profits Income Tax Credit/(Expense) Details | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax Expense — Underprovision in Prior Year | (1,178) | (18) | | Deferred Income Tax Credit | 1,455 | — | | Total | 277 | (18) | - The income tax credit was primarily due to a **RMB 1,455 thousand** reduction in deferred tax liabilities from the amortization of ongoing R&D for **KX-826**[301](index=301&type=chunk) - Mainland China subsidiaries are subject to enterprise income tax at a rate of **25%**, but no provision was made due to the absence of assessable profits[310](index=310&type=chunk)[314](index=314&type=chunk) [DIVIDEND](index=74&type=section&id=DIVIDEND) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the six months ended June 30, 2024 - The Board resolved not to declare any interim dividend for the six months ended **June 30, 2025** (six months ended June 30, 2024: nil)[315](index=315&type=chunk) [LOSS PER SHARE](index=75&type=section&id=LOSS%20PER%20SHARE) For the six months ended June 30, 2025, the company's basic and diluted loss per share was **RMB (0.19)**, an increase from **RMB (0.17)** in the prior year period; as a loss was recorded for the period, potential ordinary shares had an anti-dilutive effect, thus diluted loss per share was the same as basic loss per share Loss Per Share Calculation | Metric | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (83,268) | (71,493) | | Weighted Average Number of Issued Ordinary Shares (thousand shares) | 434,071 | 430,425 | | Basic Loss Per Share (RMB) | (0.19) | (0.17) | - As the Group recorded losses for the six months ended **June 30, 2025**, and **2024**, potential ordinary shares had an anti-dilutive effect, thus diluted loss per share was the same as basic loss per share[319](index=319&type=chunk)[320](index=320&type=chunk) [PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS](index=76&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%2C%20INTANGIBLE%20ASSETS%20AND%20RIGHT-OF-USE%20ASSETS) As of June 30, 2025, the total net book value of property, plant and equipment, intangible assets, and right-of-use assets amounted to **RMB 311,430 thousand**, a decrease from **RMB 323,183 thousand** on January 1, 2025; this was primarily due to depreciation and amortization expenses, with a significant increase in intangible asset amortization; certain land use rights, buildings, and construction in progress have been pledged for bank borrowings Changes in Net Book Value of Assets | Item | As of January 1, 2025 (RMB thousand) | As of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 164,645 | 159,647 | | Intangible Assets | 148,949 | 143,077 | | Right-of-Use Assets | 9,589 | 8,706 | | Total | 323,183 | 311,430 | - Total depreciation/amortization expenses amounted to **RMB 12,658 thousand**, of which intangible asset amortization was **RMB 5,872 thousand**[322](index=322&type=chunk) - As of June 30, 2025, certain land use rights, buildings, and construction in progress have been pledged for the Group's borrowings of **RMB 65,000 thousand**[324](index=324&type=chunk) [INVENTORIES](index=78&type=section&id=INVENTORIES) As of June 30, 2025, the company's inventories (including raw materials and finished goods) amounted to **RMB 2,998 thousand**, an increase from **RMB 2,215 thousand** on December 31, 2024 Inventories Details | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw Materials and Finished Goods | 2,998 | 2,215 | [BORROWINGS](index=78&type=section&id=BORROWINGS) As of June 30, 2025, the company's total borrowings amounted to **RMB 86,983 thousand**, a decrease from **RMB 131,763 thousand** on December 31, 2024; all borrowings are repayable within one year or on demand, including secured and unsecured long-term and short-term bank borrowings at fixed interest rates Borrowings Details | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-Current Long-Term Bank Borrowings | — | 20,000 | | Current Short-Term Bank Borrowings | 41,133 | 14,383 | | Current Long-Term Bank Borrowings | 45,850 | 97,380 | | Total | 86,983 | 131,763 | - As of June 30, 2025, all bank borrowings are repayable within one year or on demand[208](index=208&type=chunk)[209](index=209&type=chunk)[333](index=333&type=chunk) - Long-term bank borrowings include **RMB 30,000 thousand** secured (at **4.90%** interest) and **RMB 15,850 thousand** unsecured (at **4.00% to 3.95%** interest)[329](index=329&type=chunk)[331](index=331&type=chunk) - Short-term bank borrowings include **RMB 35,000 thousand** secured and **RMB 6,133 thousand** unsecured (at **3.60% to 3.50%** interest)[330](index=330&type=chunk)[331](index=331&type=chunk) [TRADE AND OTHER PAYABLES](index=80&type=section&id=TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, the company's total trade and other payables amounted to **RMB 55,541 thousand**, an increase from **RMB 53,111 thousand** on December 31, 2024; the primary increase stemmed from amounts payable to service providers; all payables are non-interest-bearing with short maturities, and their fair values approximate their carrying amounts Trade and Other Payables Details | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Amounts Payable to Service Providers | 47,082 | 39,373 | | Salaries and Employee Benefits Payable | 2,527 | 5,084 | | Payables Arising from Materials and Consumables | 1,931 | 1,583 | | Other | 4,001 | 7,071 | | Total | 55,541 | 53,111 | - Amounts payable to service providers increased from **RMB 39,373 thousand** on December 31, 2024, to **RMB 47,082 thousand** on June 30, 2025[335](index=335&type=chunk) - As of June 30, 2025, amounts payable to service providers and for materials and consumables exceeding one year totaled **RMB 17,550 thousand**[339](index=339&type=chunk) [SHARE CAPITAL](index=81&type=section&id=SHARE%20CAPITAL) On **June 15, 2023**, the company increased its authorized share capital to **USD 70,000**, divided into **700,000,000** shares of **USD 0.0001** par value each; as of June 30, 2025, the number of issued ordinary shares was **447,499,600**, with an equivalent par value of **RMB 314,633 thousand** - On **June 15, 2023**, the company increased its authorized share capital to **USD 70,000**, divided into **700,000,000** shares of **USD 0.0001** par value each[341](index=341&type=chunk) Share Capital Details | Item | Number of Shares | Par Value of Shares (USD) | Equivalent Par Value of Shares (RMB thousand) | | :--- | :--- | :--- | :--- | | As of January 1, 2025 and June 30, 2025 | 447,499,600 | 44,750 | 314,633 | [SHARES HELD FOR THE EMPLOYEE INCENTIVE SCHEME](index=82&type=section&id=SHARES%20HELD%20FOR%20THE%20EMPLOYEE%20INCENTIVE%20SCHEME) The company has a **2020 Employee Incentive Scheme** designed to motivate and retain senior management and employees through the grant of restricted share units or restricted shares; the scheme is administered by the Board or a designated administrator, with multiple tranches of awards granted, some of which have vested, and some canceled and re-granted due to changes in market conditions; as of March 31, 2025, **886,762** Batch A shares and **5,806,926** Batch D shares were vested - The **2020 Employee Incentive Scheme** aims to incentivize senior management and employees, funded by the company's existing shares[344](index=344&type=chunk)[346](index=346&type=chunk) - Awards may be granted in the form of restricted share awards or restricted share units under the scheme[346](index=346&type=chunk)[348](index=348&type=chunk) - As of **March 31, 2025**, a total of **886,762** Batch A shares and **5,806,926** Batch D shares were vested, and the Group received approximately **RMB 5,488,000** in total from the grantees[354](index=354&type=chunk)[355](index=355&type=chunk) Changes in Number of Restricted Share Units under 2020 Employee Incentive Scheme | Item | As of June 30, 2025 (Unaudited) | As of June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Beginning of Period | 13,300,552 | 8,101,790 | | Granted During Period | — | 13,569,064 | | Vested During Period | (6,693,688) | (1,152,176) | | Lapsed During Period | (22,750) | — | | Recovered During Period | (1,448,538) | (1,265,262) | | Cancelled During Period | — | (4,719,064) | | End of Period | 5,135,576 | 14,534,352 | [RESERVES](index=86&type=section&id=RESERVES) As of June 30, 2025, the company's total reserves amounted to **RMB 215,697 thousand**, a decrease from **RMB 293,777 thousand** on January 1, 2025; key changes include a loss for the period of **RMB 83,268 thousand**, and adjustments related to share-based payments and vested shares under the employee incentive scheme Reserves Movement Details | Item | As of January 1, 2025 (RMB thousand) | Loss for the Period (RMB thousand) | Share-based Payments (RMB thousand) | Vested and Transferred Shares (RMB thousand) | As of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share Premium | 4,210,139 | — | — | 23,280 | 4,233,419 | | Share-based Compensation Reserve | 23,594 | — | (443) | (17,649) | 5,502 | | Accumulated Losses | (3,939,956) | (83,268) | — | — | (4,023,224) | | Total | 293,777 | (83,268) | (443) | 5,631 | 215,697 | - Loss for the period of **RMB 83,268 thousand** is the primary reason for the decrease in reserves[358](index=358&type=chunk) - For the six months ended June 30, 2025, Kiya transferred **6,693,688** ordinary shares of the company to grantees upon vesting of award shares[359](index=359&type=chunk) [RELATED PARTY TRANSACTIONS](index=87&type=section&id=RELATED%20PARTY%20TRANSACTIONS) This section discloses transactions and balances between the company and related parties; as of June 30, 2025, amounts payable to related parties (related to government grants) have been cleared; total key management personnel compensation decreased from **RMB 14,240 thousand** in H1 2024 to **RMB 5,773 thousand** in H1 2025, primarily due to changes in share-based compensation expenses Related Party Balances | Related Party Name | Relationship | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Dr. Lu Qun | Key Management Personnel until August 30, 2024 | — | 400 | | Dr. Ren Zhihua | Key Management Personnel until February 28, 2025 | — | 159 | | Total | | — | 559 | - As of June 30, 2025, all amounts payable to related parties have been cleared[369](index=369&type=chunk) Key Management Personnel Compensation | Item | As of June 30, 2025 (RMB thousand) | As of June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, Wages and Bonuses | 6,555 | 8,563 | | Contributions to Pension Schemes | 120 | 133 | | Housing Provident Fund, Medical Insurance and Other Social Insurance | 153 | 165 | | Share-based Compensation Expenses | (1,055) | 5,379 | | Total | 5,773 | 14,240 | - Total key management personnel compensation decreased from **RMB 14,240 thousand** in H1 2024 to **RMB 5,773 thousand** in H1 2025, primarily due to changes in share-based compensation expenses[372](index=372&type=chunk) [COMMITMENTS](index=90&type=section&id=COMMITMENTS) As of June 30, 2025, the company has lease commitments and capital commitments; lease commitments primarily involve offices and equipment with lease terms of less than one year or low value; capital commitments mainly consist of investments in an associate and a joint venture, totaling **RMB 513 thousand** Lease Commitments | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 Year | 120 | 262 | Capital Commitments | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Investments in an Associate and a Joint Venture | 513 | 513 | [SUBSEQUENT EVENTS](index=91&type=section&id=SUBSEQUENT%20EVENTS) On **August 14, 2025**, the company completed a "placing of existing shares and subscription of new shares", issuing **20,673,000** new ordinary shares at **HKD 2.08** per share, raising net proceeds of approximately **HKD 40,340,000**; these funds will be allocated to share capital and share premium, used to supplement working capital - On **August 14, 2025**, the company issued **20,673,000** new ordinary shares at **HKD 2.08** per share, raising net proceeds of approximately **HKD 40,340,000**[378](index=378&type=chunk)[379](index=379&type=chunk) - Of the net proceeds, **RMB 14,748** was credited to share capital, with the remaining amount, after deducting issue expenses, credited to share premium[378](index=378&type=chunk)[379](index=379&type=chunk) [Other Information](index=92&type=section&id=Other%20Information) [FUTURE AND OUTLOOK](index=92&type=section&id=FUTURE%20AND%20OUTLOOK) The company will continue to deepen pipeline development in dermatology and oncology, particularly advancing clinical trials for **KX-826** and **GT20029**, and expanding the first-mover advantage of topical **PROTAC**; concurrently, the company will accelerate global market expansion for the high-end cosmetic brand **KOSHINÉ**, enrich its product portfolio, and enhance brand awareness and market share through multi-channel digital marketing and membership operation strategies; the company also plans to seek external collaborations to accelerate drug commercialization - The company will continue to explore the value of **KX-826** and **GT20029** in dermatology and advance multiple clinical trials[382](index=382&type=chunk)[384](index=384&type=chunk) - The pivotal Phase III clinical trial of **KX-826** topical solution **1.0%** for male androgenetic alopecia in China has completed patient enrollment, with completion anticipated in early **2026**[383](index=383&type=chunk)[385](index=385&type=chunk) - **GT20029** is the world's first topical **PROTAC** compound to complete Phase II clinical trials; the company will continue to advance its development to further expand its first-mover advantage[386](index=386&type=chunk)[390](index=390&type=chunk) - The company will accelerate the global market expansion of the high-end cosmetic brand **KOSHINÉ**, enrich its product portfolio, and deepen collaborations with e-commerce platforms such as **Tmall**, **JD.com**, **Douyin**, **Xiaohongshu**, and **Amazon**[383](index=383&type=chunk)[385](index=385&type=chunk)[391](index=391&type=chunk)[392](index=392&type=chunk) - The company will focus on refined membership management and accumulating high-quality users, enhancing member repurchase rates and revenue contribution through member-exclusive days and regular follow-up communications[392](index=392&type=chunk)[393](index=393&type=chunk) [COMPLIANCE WITH THE CG CODE](index=95&type=section&id=COMPLIANCE%20WITH%20THE%20CG%20CODE) For the six months ended June 30, 2025, the company complied with all applicable provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Dr. Tong; the Board believes this arrangement ensures consistent leadership and efficient strategic planning, with sufficient checks and balances provided by independent non-executive directors on the Board - The company has complied with all applicable code provisions under the Corporate Governance Code, except for a deviation where the roles of Chairman and Chief Executive Officer are concurrently held by **Dr. Tong**[394](index=394&type=chunk)[395](index=395&type=chunk)[397](index=397&type=chunk) - The Board believes that Dr. Tong's dual role ensures consistent leadership within the Group and makes overall strategic planning more effective and efficient[395](index=395&type=chunk)[397](index=397&type=chunk) - Three out of seven directors on the Board are independent non-executive directors, ensuring sufficient checks and balances[395](index=395&type=chunk)[397](index=397&type=chunk) [COMPLIANCE WITH MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS](index=96&type=section&id=COMPLIANCE%20WITH%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS%20OF%20LISTED%20ISSUERS) For the six months ended June 30, 2025, and up to the date of approval of this report, all directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers; the company also found no instances of non-compliance with the Model Code by relevant employees - All directors confirmed compliance with the Model Code throughout the six months ended **June 30, 2025**, and up to the date of approval of this report[398](index=398&type=chunk)[401](index=401&type=chunk) - The company found no instances of non-compliance with the Model Code by relevant employees[399](index=399&type=chunk)[401](index=401&type=chunk) [DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY OF ITS ASSOCIATED CORPORATIONS](index=96&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20OR%20ANY%20OF%20ITS%20ASSOCIATED%20CORPORATIONS) As of June 30, 2025, Dr. Tong held a **10.51%** share interest in the company through a controlled corporation and beneficially owned **0.56%** of shares; Dr. Ni beneficially owned **0.42%** of shares; no other directors or chief executives held any disclosable interests or short positions in shares or underlying shares Directors' and Chief Executives' Share Interests | Director Name | Nature of Interest | Number of Ordinary Shares Interested | Approximate Percentage of Company's Issued Shares | | :--- | :--- | :--- | :--- | | Dr. Tong | Interest in Controlled Corporation | 47,050,270 (L) | 10.51% | | Dr. Tong | Beneficial Owner | 2,500,000 (L) | 0.56% | | Dr. Ni | Beneficial Owner | 1,862,500 (L) | 0.42% | - **Dr. Tong** holds **47,050,270** shares through **KT International Investment Limited** and beneficially owns **2,500,000** vested and unvested restricted shares[407](index=407&type=chunk) - **Dr. Ni** beneficially owns **931,250** vested and **931,250** unvested restricted shares[407](index=407&type=chunk) [SUBSTANTIAL SHAREHOLDERS' INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES](index=98&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, substantial shareholders include **KT International Investment Limited** (controlled by Dr. Tong, holding **10.51%** of shares) and **Zhuhai Gree Group Co., Ltd.** (holding **5.56%** of shares through Zhuhai Gree Financial Investment Management Co., Ltd.) Substantial Shareholders' Share Interests | Name | Nature of Interest | Number of Relevant Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | KT International Investment Limited | Beneficial Owner | 47,050,270 (L) | 10.51% | | Zhuhai Gree Group Co., Ltd. | Interest in Controlled Corporation | 24,873,500 (L) | 5.56% | | Zhuhai Gree Financial Investment Management Co., Ltd. | Beneficial Owner | 24,873,500 (L) | 5.56% | - **KT International Investment Limited** is wholly owned by **Dr. Tong**[411](index=411&type=chunk)[414](index=414&type=chunk) - The ultimate shareholder of **Zhuhai Gree Financial Investment Management Co., Ltd.** is **Zhuhai Gree Group Co., Ltd.**, which is owned and supervised by the **Zhuhai Municipal People's Government State-owned Assets Supervision and Administration Commission**[413](index=413&type=chunk)[414](index=414&type=chunk) [2020 EMPLOYEE INCENTIVE SCHEME](index=99&type=section&id=2020%20EMPLOYEE%20INCENTIVE%20SCHEME) The **2020 Employee Incentive Scheme** was approved by the Board on **March 31, 2020**, aiming to incentiviz
通达宏泰(02363) - 2025 - 中期财报
2025-09-25 22:06
2025 通達宏泰控股有限公司 2025 中期報告 於開曼群島註冊成立之有限公司 股份代號:2363 TONGDA HONG TAI HOLDINGS LIMITED Interim Report 2025 中期報告 通達宏泰控股有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 有關前瞻性陳述的警告陳述 | 4 | | 管理層討論及分析 | 5 | | 簡明綜合收益表 | 12 | | 簡明綜合全面收益表 | 13 | | 簡明綜合財務狀況表 | 14 | | 簡明綜合權益變動表 | 16 | | 簡明綜合現金流量表 | 18 | | 簡明綜合中期財務報表附註 | 20 | | 補充資料 | 45 | 1 通達宏泰控股有限公司 中期報告2025 公司資料 董事會 執行董事 李敬安先生 (主席) (於2025年6月25日獲委任為主席) 王明志先生 王明利先生 (行政總裁) (於2025年6月25日辭任) 獨立非執行董事 陳劭民先生 尹志強先生 陳陸安先生 郭秀琼女士 審核委員會 陳劭民先生 (主席) 尹志強先生 陳陸安先生 郭秀琼女士 薪酬委員會 尹志強先生 (主席) 陳劭民先生 陳陸安 ...