2025 中期報告 2025 Interim Report 中期報告 摘要 中國旭陽集團有限公司 02 • 於報告期內，焦炭及精細化工產品的產╱加工量分別為10.9百萬噸及2.9百萬噸，較去年同比增加25.3%及11.5%。 • 於報告期內，高純氫的產量為11.1百萬Nm3，較去年同比增加16.8%。 • 於報告期內，收益為人民幣20,548.6百萬元，較去年同比減少18.5%。 • 於報告期內，溢利為人民幣86.9百萬元，較去年同比減少約34.9%。 • 於報告期內，每股基本盈利為人民幣0.66分，較去年同比減少約74.0%。 • 董事會就報告期宣派中期股息每股人民幣0.20分（相當於每股0.22港仙）（上個期間：每股人民幣0.78分或每股0.85港 仙），股息總額為人民幣8,561,000元（相當於9,417,000港元）（上個期間：人民幣33,948,000元或37,430,000港元）。 有權獲發中期股息的合資格股東的記錄日期為2025年9月18日（星期四），而中期股息預計於2025年9月30日（星期二） 或之前派付。 公司資料 公司名稱 中國旭陽集團有限公司 股份代號 目錄 01 2025 中期報告 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,989,654, a decrease of 16.5% compared to RMB 2,381,880 in 2024[7] - Gross profit decreased by 30.1% to RMB 528,670 from RMB 756,439 year-on-year[7] - Operating profit fell by 32.9% to RMB 344,477 compared to RMB 513,662 in the previous year[7] - Net profit for the period was RMB 245,820, down 36.2% from RMB 385,174 in 2024[7] - EBITDA for the same period was RMB 461.3 million, down 28.7% year-on-year, but up 0.5% compared to the second half of 2024[13] - The group's hospital business revenue, including inpatient and outpatient services, was RMB 1,942.2 million, a decrease of 15.8% year-on-year[14] - The group's other income increased by 63.5% to RMB 35.8 million compared to the same period in 2024[50] - The group reported a profit of RMB 247,066,000 for the six months ended June 30, 2025, compared to a profit of RMB 384,571,000 for the same period in 2024, reflecting a decrease of 35.7%[123] - The total comprehensive income for the six months ended June 30, 2025, was RMB 245,820,000, down from RMB 385,174,000 in the same period of 2024, indicating a decline of 36.3%[123] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 1,747,314, a decrease of 4.3% from RMB 1,825,749 at the end of 2024[8] - Total non-current assets increased by 1.0% to RMB 9,197,338 from RMB 9,103,506[8] - Total assets as of June 30, 2025, were RMB 10,944.7 million, an increase of 0.1% from December 31, 2024[64] - Total liabilities as of June 30, 2025, were RMB 4,043.8 million, a decrease of RMB 211.0 million or 5.0% from December 31, 2024[64] - The interest-bearing debt ratio as of June 30, 2025, was 24.1%, a decrease of 1.3 percentage points from December 31, 2024[75] - The asset-liability ratio as of June 30, 2025, was 29.2%, a decrease of 7.1 percentage points from December 31, 2024[76] Cash Flow and Investments - The net cash inflow from operating activities for the six months ended June 30, 2025, was RMB 455.7 million, an increase of 29.9% compared to the same period in 2024[59] - The group's free cash flow for the same period was RMB 213.9 million, an increase of 1,611.2% compared to the same period in 2024[59] - The net cash used in investment activities for the six months ended June 30, 2025, was RMB 46 million, a decrease of 99.3% compared to the same period in 2024[60] - The net cash used in financing activities for the six months ended June 30, 2025, was RMB 212.9 million, an increase of 406.9% compared to the same period in 2024[61] Employee and Management - The group currently has 8,017 full-time employees, a decrease from 8,169 in the previous year[83] - Employee welfare expenses for the six months ended June 30, 2025, were approximately RMB 680.9 million, down from RMB 765.9 million for the same period in 2024[84] - The total remuneration for key management personnel was RMB 2,377,000 for the six months ended June 30, 2025, down 16.9% from RMB 2,862,000 in the same period of 2024[172] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with accounting policies and financial reporting procedures[88] - The group has appointed Deloitte as the new auditor effective June 27, 2025, following the resignation of PwC due to a disagreement over audit fees[89] - The company is committed to timely disclosures regarding its financial performance and governance changes[90] Market and Growth Strategy - The company achieved a market size of RMB 768.7 billion in the oncology medical service sector by 2026, projected to grow to RMB 1,121.4 billion by 2030, with a compound annual growth rate of 17.4% for private oncology services[41] - The elderly population in China is expected to reach 310 million by the end of 2024, accounting for 22.0% of the total population, leading to increased demand for oncology-related medical services[41] - The company aims to strengthen its brand building and talent cultivation systems to enhance the core competitiveness of its hospitals[42] Research and Development - The group has published a total of 859 academic papers in renowned domestic and international journals since its listing[25] - The group has actively engaged in national and provincial key research projects, obtaining several national utility model and invention patents[25] - The group is involved in the development of new technologies in cancer treatment, specifically through advanced radiotherapy methods[186] Social Responsibility and ESG - The group has been recognized for its ESG performance, receiving an "A" rating from Wind and being included in various social responsibility indices[18] - The company has received an "A" rating in ESG performance from authoritative institutions, positioning it as a leader among Hong Kong-listed medical service companies[37] - The group has set environmental goals for 2030, focusing on improving resource usage and compliance with environmental regulations[36]

此年報（「年報」）備有英文及中文版。已收取英文或中文版年報之股東，均可向本公司股票登記處卓佳證券 登記有限公司（地址為香港夏慤道16號遠東金融中心17樓）提出書面要求，索取以另一種語言編製的年報版本。 年報（英文及中文版）已於本公司網站www.sino.com登載。凡選擇以本公司網站瀏覽所登載之公司通訊 （其中包括但不限於年報、財務摘要報告（如適用）、中期報告、中期摘要報告（如適用）、會議通告、 上市文件、通函及代表委任表格）以代替任何或所有印刷本之股東，均可要求索取年報之印刷本。 凡選擇或被視為已同意以透過本公司網站之電子方式收取公司通訊之股東，如在本公司網站收取或瀏覽 年報時遇有困難，可於提出要求下即獲免費發送年報印刷本。 股東可隨時發出書面通知予本公司股票登記處，卓佳證券登記有限公司，郵寄地址為香港夏慤道16號 遠東金融中心17樓，或透過電郵地址tst247-ecom@vistra.com，要求更改所選擇收取公司通訊的 語言版本及收取方式（印刷方式或以透過本公司網站之電子方式）。 目 錄 二零二五年年報 尖沙咀置業集團有限公司 1 2 公司資料 3 集團財務摘要 7 主席報告 21 可持續發展 30 企 ...

Annual Performance Overview [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended June 30, 2025, Khoon Group Limited reported significant changes in revenue, gross profit, and loss for the year compared to the prior period Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Revenue | 77,663,858 | 69,506,635 | | Cost of services | (72,516,420) | (63,615,918) | | Gross profit | 5,147,438 | 5,890,717 | | Other income | 682,908 | 283,128 | | Other gains and losses | (410,354) | (662,856) | | Impairment losses on financial assets and contract assets | (1,949,377) | (790,663) | | Administrative expenses | (5,442,812) | (4,415,795) | | Finance costs | (26,810) | (10,116) | | Loss / (profit) before tax | (1,999,007) | 294,415 | | Income tax expense | (110,155) | (303,311) | | Loss for the year attributable to owners of the Company | (2,109,162) | (8,896) | | Other comprehensive income / (loss) for the year | 189,850 | (226,015) | | Total comprehensive loss for the year attributable to owners of the Company | (1,919,312) | (234,911) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets slightly decreased, primarily due to reduced net current assets, alongside a decrease in non-current liabilities Key Data from Consolidated Statement of Financial Position | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 762,585 | 914,310 | | Total current assets | 47,261,911 | 51,512,969 | | **LIABILITIES** | | | | Total current liabilities | 13,559,782 | 15,897,856 | | Total non-current liabilities | 209,988 | 355,385 | | **EQUITY** | | | | Net assets | 34,254,726 | 36,174,038 | | Equity attributable to owners of the Company | 34,254,726 | 36,174,038 | [Loss Per Share](index=2&type=section&id=Loss%20Per%20Share) For the year ended June 30, 2025, the company's basic and diluted loss per share significantly widened compared to the prior year Loss Per Share | Metric | 2025 (Singapore Cents) | 2024 (Singapore Cents) | | :--- | :--- | :--- | | Basic loss per share | (0.21) | –* | | Diluted loss per share | (0.21) | –* | * Refers to less than (0.01) Singapore Cents - Diluted loss per share is the same as basic loss per share because the Group had no dilutive potential ordinary shares during the reporting year[34](index=34&type=chunk) [Dividends](index=11&type=section&id=Dividends) For the year ended June 30, 2025, the company did not pay, declare, or propose any dividends, consistent with the prior year - As of the year ended June 30, 2025, no dividends were paid, declared, or proposed to the owners of the Company or Group entities (2024: **zero SGD**)[32](index=32&type=chunk) Notes to the Consolidated Financial Statements [General Information](index=5&type=section&id=General%20Information) Khoon Group Limited, registered in the Cayman Islands in 2018 and listed on the HKEX in 2019, primarily provides electrical engineering services, with Southern Heritage Limited as its ultimate holding company - Khoon Group Limited was incorporated in the Cayman Islands on July 24, 2018, and listed on the Main Board of the HKEX from July 5, 2019[6](index=6&type=chunk) - The Company is an investment holding company, and its Singapore operating subsidiary, Khoon Engineering Contractor Pte. Ltd., primarily provides electrical engineering services[7](index=7&type=chunk) - The Company's ultimate holding company is Southern Heritage Limited, wholly owned by Mr. Tan Chee[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with applicable International Financial Reporting Standards and comply with HKEX Listing Rules and Companies Ordinance disclosure requirements - The consolidated financial statements are prepared in accordance with all applicable International Financial Reporting Standards issued by the International Accounting Standards Board[9](index=9&type=chunk) - The financial statements also comply with the applicable disclosure provisions of the HKEX Listing Rules and the disclosure requirements of the Companies Ordinance[9](index=9&type=chunk) [Adoption of New and Revised International Financial Reporting Standards](index=6&type=section&id=Adoption%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) The Group adopted several IFRS amendments effective July 1, 2024, with no significant impact on prior periods, while IFRS 18 on financial statement presentation is being evaluated for its potential impact - The Group has initially applied a number of amendments to International Financial Reporting Standards that are mandatorily effective for annual periods beginning on or after July 1, 2024[10](index=10&type=chunk) - Issued but not yet effective International Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will replace IAS 1, making significant adjustments to the presentation of financial statements, focusing on financial performance information presented in the statement of profit or loss[14](index=14&type=chunk) - The Directors are evaluating the impact of applying International Financial Reporting Standard 18 on the presentation and disclosure of the Group's consolidated financial statements[15](index=15&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from electrical engineering services in Singapore, totaling SGD 77,663,858 in 2025, mainly from public sector clients, with significant remaining performance obligations - Revenue refers to the fair value of consideration received and receivable for providing electrical engineering services recognized over time, primarily including assistance in obtaining statutory approvals, customization and/or installation of electrical systems, and testing and commissioning services[16](index=16&type=chunk) Revenue Analysis | Revenue Source | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Contract revenue recognized over time from electrical engineering services | 77,663,858 | 69,506,635 | | Of which from public sector clients | 77,519,079 | 68,720,958 | | Of which from private sector clients | 144,779 | 785,677 | Transaction Price Allocated to Remaining Performance Obligations | Period | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within one year | 66,504,220 | 81,571,189 | | More than one year but not more than two years | 32,856,159 | 29,365,753 | | More than two years but not more than five years | 30,104,771 | 5,908,624 | | More than five years | 2,642,447 | – | | **Total** | **132,107,597** | **116,845,566** | - The Group primarily operates in Singapore, with 100% of its revenue derived from Singapore for the year ended June 30, 2025 (2024: **100%**)[24](index=24&type=chunk) [Major Customer Information](index=8&type=section&id=Major%20Customer%20Information) In 2025, Clients I, II, and III were the Group's major customers, with Client I's revenue contribution significantly increasing, while Client IV was no longer a major customer Major Customer Revenue Contribution | Client | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Client I | 15,634,730 | 8,864,073 | | Client II | 14,612,896 | N/A* | | Client III | 8,311,134 | N/A* | | Client IV | N/A* | 9,430,019 | * Revenue from this client did not account for 10% or more of the Group's total revenue [Other Income, Gains and Losses](index=9&type=section&id=Other%20Income%2C%20Gains%20and%20Losses) Other income significantly increased in 2025 due to direct material sales and government grants, while other losses decreased, but impairment losses on financial and contract assets substantially rose Other Income | Income Source | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Bank interest income | 125,078 | 98,444 | | Government grants | 205,072 | 34,471 | | Training income | 5,781 | 30,660 | | Direct material sales | 322,484 | 114,868 | | Others | 24,493 | 4,685 | | **Total** | **682,908** | **283,128** | - Government grants in 2025 primarily included Career Transition Programme grants from the Singapore Workforce Development Agency, supporting entities to reskill Singaporean employees[25](index=25&type=chunk) Other Gains and Losses | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | – | 60,617 | | Write-off of trade receivables | – | (537,198) | | Write-off of contract assets | – | (433,563) | | Net foreign exchange (loss) / gain | (410,354) | 247,288 | | **Total** | **(410,354)** | **(662,856)** | Impairment Losses on Financial Assets and Contract Assets | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade receivables | (185,959) | (730,663) | | Contract assets | (1,763,418) | (60,000) | | **Total** | **(1,949,377)** | **(790,663)** | [Finance Costs and Income Tax Expense](index=10&type=section&id=Finance%20Costs%20and%20Income%20Tax%20Expense) Finance costs increased in 2025 due to higher lease liabilities, while income tax expense decreased due to reduced taxable profit Finance Costs | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Interest on lease liabilities | 26,810 | 10,116 | Income Tax Expense | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Provision for corporate income tax for the year | 110,155 | 303,311 | - Corporate income tax is calculated at **17%** of estimated taxable profit, with partial exemptions for Singapore-registered companies[29](index=29&type=chunk) - No income tax was recognized for British Virgin Islands and Hong Kong-registered subsidiaries as they had no taxable profit during the reporting year[30](index=30&type=chunk) [Components of Loss for the Year](index=11&type=section&id=Components%20of%20Loss%20for%20the%20Year) The Group's loss for the year was primarily influenced by depreciation of property, plant and equipment, right-of-use assets, impairment losses on trade and contract assets, auditor's remuneration, material costs, and subcontracting costs Items Deducted in Loss for the Year | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 88,366 | 105,480 | | Depreciation of right-of-use assets | 442,302 | 208,429 | | Impairment loss on trade receivables | 185,959 | 730,663 | | Impairment loss on contract assets | 1,763,418 | 60,000 | | Auditor's remuneration | 166,000 | 166,000 | | Material costs recognized as cost of services | 37,365,841 | 32,861,263 | | Subcontracting costs recognized as cost of services | 25,936,530 | 22,424,163 | [Trade and Other Receivables](index=12&type=section&id=Trade%20and%20Other%20Receivables) Total trade receivables decreased to SGD 7,493,166 in 2025, with a typical credit period of 30 to 35 days, and impairment loss provisions increased to SGD 969,991 Trade Receivables | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade receivables | 8,463,157 | 10,406,559 | | Less: Provision for impairment losses | (969,991) | (784,032) | | **Net** | **7,493,166** | **9,622,527** | - The Group typically grants credit terms of **30 to 35 days** from the invoice date for trade receivables due from all customers[36](index=36&type=chunk) Aging Analysis of Trade Receivables (Net of Impairment Loss Provisions) | Aging | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 4,610,462 | 7,724,045 | | 31 to 60 days | 1,500,931 | 503,823 | | 61 to 90 days | 556,129 | 806,451 | | 91 to 120 days | 168,542 | 22,815 | | Over 120 days | 657,102 | 565,393 | | **Total** | **7,493,166** | **9,622,527** | Movement in Provision for Impairment Losses on Trade Receivables | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Balance at beginning of year | 784,032 | 53,369 | | Impairment losses recognized during the year | 185,959 | 730,663 | | Balance at end of year | 969,991 | 784,032 | [Contract Assets and Liabilities](index=14&type=section&id=Contract%20Assets%20and%20Liabilities) Net contract assets decreased to SGD 28,845,345 in 2025, primarily due to reduced retention receivables and unbilled revenue, with a significant increase in impairment losses for specific customers, while contract liabilities increased Analysis of Contract Assets and Liabilities Balances | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Contract assets | 30,791,162 | 33,950,755 | | Less: Provision for impairment losses | (1,945,817) | (182,399) | | **Net contract assets** | **28,845,345** | **33,768,356** | | Contract liabilities | (258,746) | (51,846) | | **Total** | **28,586,599** | **33,716,510** | Composition of Contract Assets | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Retention receivables | 12,584,486 | 9,112,975 | | Others (unbilled revenue) | 18,290,697 | 24,928,982 | | Less: Provision for impairment losses | (1,945,817) | (182,399) | | **Total** | **28,929,366** | **33,859,558** | - Changes in contract assets are primarily driven by the amount of retention receivables and the scale and quantity of completed but uncertified contract works[45](index=45&type=chunk) Movement in Provision for Impairment Losses on Contract Assets | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Balance at beginning of year | 182,399 | 822,399 | | Impairment losses recognized during the year | 1,763,418 | 60,000 | | Impairment provision written off | – | (700,000) | | Balance at end of year | 1,945,817 | 182,399 | - For the year ended June 30, 2025, the loss provision significantly increased, mainly due to a substantial increase in credit risk for three specific customers, resulting in an impairment provision expense of **SGD 1,763,418**[49](index=49&type=chunk) Contract Liabilities Analysis | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Total contract liabilities | 342,767 | 143,048 | | Revenue recognized in contract liabilities balance at beginning of year | 143,048 | 342,562 | [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased to SGD 12,571,551 in 2025, with trade payables typically having a 30 to 90-day credit period, and retention payables to subcontractors being interest-free Composition of Trade and Other Payables | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade payables | 6,628,767 | 8,623,132 | | Trade accruals | 1,602,276 | 2,261,331 | | Retention payables | 3,485,416 | 3,343,394 | | Salaries, CPF and MPF payables | 368,731 | 336,024 | | Goods and services tax payables | 288,235 | 214,247 | | Accrued audit fees | 166,000 | 166,000 | | Other payables | 32,126 | 65,583 | | **Total** | **12,571,551** | **15,009,711** | - Retention payables to subcontractors are interest-free and are paid upon the expiry of the warranty period or according to the terms of the relevant contracts (generally within **12 months** after the completion of the relevant works)[52](index=52&type=chunk) Aging Analysis of Trade Payables | Aging | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 2,840,879 | 3,671,211 | | 31 to 60 days | 2,919,793 | 2,974,373 | | 61 to 90 days | 521,149 | 1,482,970 | | 91 to 120 days | 84,993 | 345,641 | | Over 120 days | 261,953 | 148,937 | | **Total** | **6,628,767** | **8,623,132** | [Share Capital](index=17&type=section&id=Share%20Capital) The company's authorized share capital is 1,500,000,000 shares at HKD 0.01 each, with 1,000,000,000 issued and fully paid shares amounting to SGD 1,742,143, and management regularly reviews the capital structure Share Capital Information | Item | 2025 | 2024 | | :--- | :--- | :--- | | Authorized share capital (number of shares) | 1,500,000,000 | 1,500,000,000 | | Authorized share capital (HKD) | 15,000,000 | 15,000,000 | | Issued and fully paid share capital (number of shares) | 1,000,000,000 | 1,000,000,000 | | Issued and fully paid share capital (SGD) | 1,742,143 | 1,742,143 | - The Group's capital structure comprises equity attributable to owners of the Group, including issued share capital, reserves, and accumulated profits[55](index=55&type=chunk) - Management regularly reviews the capital structure, considering the cost of capital and associated risks, and balances the overall capital structure through dividend payments, new share issues, and new debt[55](index=55&type=chunk) Management Discussion and Analysis [Business Review](index=18&type=section&id=Business%20Review) Khoon Group, a Singaporean M&E contractor with over 30 years of experience, saw 2025 revenue grow 11.7% to SGD 77.7 million, but gross profit declined 12.6% to SGD 5.1 million, and net loss widened to SGD 2.1 million - The Group is a Singaporean M&E engineering contractor specializing in providing electrical engineering solutions, with services including customization and/or installation of electrical systems, assistance in obtaining statutory approvals, and testing and commissioning[56](index=56&type=chunk) - The Group has a solid track record in undertaking electrical engineering works for public residential development projects initiated by the Housing & Development Board[56](index=56&type=chunk) Business Review Key Financial Data | Metric | 2025 (million SGD) | 2024 (million SGD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 77.7 | 69.5 | 11.7% | | Gross profit | 5.1 | 5.9 | -12.6% | | Gross margin | 6.6% | 8.5% | -1.9 percentage points | | Loss for the year | (2.1) | –* | N/A | * Refers to less than (0.1) million SGD [Outlook](index=18&type=section&id=Outlook) Singapore's construction demand is projected to be SGD 47-53 billion in 2025 and SGD 39-46 billion annually from 2026-2029, with the Group holding 28 projects valued at SGD 235.5 million, positioning it to capitalize on future demand - The Building and Construction Authority of Singapore forecasts construction demand between **SGD 47 billion** and **SGD 53 billion** in 2025, and an annual total construction demand of **SGD 39 billion** to **SGD 46 billion** from 2026 to 2029[58](index=58&type=chunk) - As of June 30, 2025, the Group had **28 projects** on hand with a nominal or estimated contract value of approximately **SGD 235.5 million**[59](index=59&type=chunk) - The Board believes that, given the Group's expertise in public sector projects, it is well-positioned to capitalize on the increasing construction demand in the coming years[58](index=58&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) This section details the Group's financial performance, including revenue growth, decreased gross profit and margin, increased other income, higher impairment losses, increased administrative and finance costs, and an expanded loss for the year [Revenue](index=19&type=section&id=Revenue) Total revenue increased by 11.7% to SGD 77.7 million in 2025, driven by increased construction demand in Singapore, with public sector projects contributing the majority of revenue - The Group's operating activities involve providing electrical engineering services for public and private sector projects, primarily new building developments, redevelopment, additions and alterations, and upgrading projects[61](index=61&type=chunk) Revenue Contribution by Project Type | Project Type | 2025 Project Count | 2025 Revenue (million SGD) | 2025 % of Total Revenue | 2024 Project Count | 2024 Revenue (million SGD) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Public sector projects | 89 | 77.5 | 99.8 | 64 | 68.7 | 98.9 | | Private sector projects | 8 | 0.2 | 0.2 | 56 | 0.8 | 1.1 | | **Total** | **97** | **77.7** | **100.0** | **120** | **69.5** | **100.0** | - Total revenue increased by approximately **SGD 8.2 million** or **11.7%**, mainly due to increased construction demand in Singapore[63](index=63&type=chunk) [Cost of Services](index=20&type=section&id=Cost%20of%20Services) Cost of services increased by 14.0% to SGD 72.5 million in 2025, primarily due to higher labor, material, and subcontracting costs - Cost of services increased by approximately **SGD 8.9 million** or **14.0%**, primarily due to higher labor and material costs and subcontracting costs[64](index=64&type=chunk) [Gross Profit and Gross Margin](index=20&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 12.6% to SGD 5.1 million, and the gross margin fell by 1.9 percentage points to 6.6%, mainly due to increased cost of services Gross Profit and Gross Margin Analysis | Project Type | 2025 Revenue (million SGD) | 2025 Gross Profit (million SGD) | 2025 Gross Margin (%) | 2024 Revenue (million SGD) | 2024 Gross Profit (million SGD) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Public sector projects | 77.5 | 5.5 | 7.2 | 68.7 | 5.8 | 8.5 | | Private sector projects | 0.2 | (0.4) | N/A | 0.8 | 0.1 | 9.5 | | **Total** | **77.7** | **5.1** | **6.6** | **69.5** | **5.9** | **8.5** | - Gross profit decreased by approximately **12.6%**, and gross margin declined by **1.9 percentage points**, mainly due to increased cost of services[65](index=65&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) Other income increased to SGD 0.7 million in 2025, primarily driven by higher direct material sales revenue - Other income primarily includes direct material sales revenue, bank interest income, government grants, training income, and miscellaneous income[66](index=66&type=chunk) - The increase in other income is attributable to higher revenue from direct material sales for the year ended June 30, 2025[66](index=66&type=chunk) [Other Gains and Losses](index=21&type=section&id=Other%20Gains%20and%20Losses) Other losses decreased to SGD 0.4 million in 2025, mainly due to no write-offs of trade and contract assets, though partially offset by foreign exchange losses - Other gains and losses include write-offs of trade receivables and contract assets, as well as net foreign exchange gains and losses[67](index=67&type=chunk) - The decrease in other losses was mainly due to no write-offs of trade receivables and contract assets in 2025 (2024: approximately **SGD 1.0 million**), but this effect was mitigated by foreign exchange losses of approximately **SGD 0.4 million** recognized in 2025 (2024: foreign exchange gains of approximately **SGD 0.2 million**)[67](index=67&type=chunk) [Impairment Losses on Financial Assets and Contract Assets](index=21&type=section&id=Impairment%20Losses%20on%20Financial%20Assets%20and%20Contract%20Assets) Impairment loss provisions increased to SGD 1.9 million in 2025, primarily due to additional provisions made based on expected credit loss assessments - The increase in impairment loss provisions was primarily due to additional provisions made for impairment losses on financial assets and contract assets arising from expected credit loss assessments[68](index=68&type=chunk) [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) Administrative expenses increased to SGD 5.4 million in 2025, mainly due to higher staff costs - Administrative expenses increased by approximately **SGD 1.0 million**, mainly due to higher staff costs for the year ended June 30, 2025[69](index=69&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) Finance costs increased to SGD 27,000 in 2025, primarily due to an increase in lease liabilities during the year - The increase in finance costs was due to an increase in lease liabilities during the year, leading to higher finance costs[70](index=70&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) Income tax expense decreased to SGD 0.1 million in 2025, primarily due to a reduction in taxable profit - The change in income tax expense was primarily due to a decrease in taxable profit for the year ended June 30, 2025[71](index=71&type=chunk) [Loss for the Year](index=22&type=section&id=Loss%20for%20the%20Year) The loss for the year expanded to SGD 2.1 million in 2025, mainly due to increased impairment losses on financial and contract assets, higher staff costs, and a decline in gross margin - The change in loss for the year was primarily due to increased impairment losses on financial assets and contract assets, as well as higher staff costs[72](index=72&type=chunk) - A decline in gross margin also contributed to the change in net loss for the year[72](index=72&type=chunk) [Trade Receivables](index=22&type=section&id=Trade%20Receivables) Trade receivables amounted to SGD 7.5 million in 2025, with approximately 76.6% settled as of the announcement date - As of June 30, 2025, the Group's trade receivables were approximately **SGD 7.5 million**, of which approximately **SGD 5.7 million** (i.e., approximately **76.6%**) had been settled as of the announcement date[73](index=73&type=chunk) [Contract Assets](index=22&type=section&id=Contract%20Assets) Contract assets (excluding retention receivables) were SGD 16.3 million in 2025, with approximately 54.6% billed as of the announcement date, reflecting lengthy certification and billing processes for ongoing projects - As of June 30, 2025, the Group's contract assets (excluding retention receivables) were approximately **SGD 16.3 million**, of which approximately **SGD 8.9 million** (i.e., approximately **54.6%**) had been billed as of the announcement date[74](index=74&type=chunk) - The certification and billing process for ongoing projects may take a long time (**6 months to 1 year**) as the Group requires additional time to perform extra procedures to verify the functionality of certain electrical engineering works[74](index=74&type=chunk) [Final Dividend](index=22&type=section&id=Final%20Dividend) The Board does not recommend paying a final dividend for the year ended June 30, 2025, consistent with the prior year - The Board does not recommend paying a final dividend for the year ended June 30, 2025 (2024: **zero SGD**)[75](index=75&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group funds its operations, capital expenditures, and liquidity needs through cash, operating cash flows, and net proceeds from share offers, holding approximately SGD 10.0 million in cash with no bank borrowings as of June 30, 2025 - The Group funds its working capital, capital expenditures, and other liquidity needs through its cash and cash equivalents, cash flows generated from operations, and net proceeds from the share offer[76](index=76&type=chunk) - As of June 30, 2025, the Group had total bank balances and cash of approximately **SGD 10.0 million** (2024: approximately **SGD 7.1 million**)[77](index=77&type=chunk) - The Group had no bank borrowings as of June 30, 2025, and June 30, 2024[77](index=77&type=chunk) [Pledge of Assets](index=23&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had approximately SGD 74,000 in pledged deposits serving as collateral for performance guarantees - As of June 30, 2025, the Group had pledged deposits of approximately **SGD 74,000** as part of collateral for performance guarantees in favor of the Group's clients[78](index=78&type=chunk) [Financial Policies](index=23&type=section&id=Financial%20Policies) The Group adopts a prudent financial management approach, maintaining a sound financial position throughout the year, with the Board closely monitoring liquidity to meet funding requirements - The Group adopts a prudent financial management approach for its financial policies, thereby maintaining a sound financial position throughout the year[79](index=79&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of its assets, liabilities, and other commitments can always meet its funding requirements[79](index=79&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in Singapore with most transactions in SGD, the Group faces foreign exchange risk from HKD-denominated bank balances, but this is not expected to significantly impact operating results, thus no hedging instruments are used - The Group primarily operates in Singapore, with most operating transactions and revenue settled in SGD[80](index=80&type=chunk) - As of June 30, 2025, the Group had certain HKD-denominated bank balances of approximately **SGD 2.5 million**, which may expose the Group to foreign exchange risk[80](index=80&type=chunk) - The Group does not expect this risk to have a significant impact on its operating results; therefore, no hedging instruments have been utilized[80](index=80&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio remained at zero, consistent with the prior year - As of June 30, 2025, the Group's gearing ratio was **zero** (as of June 30, 2024: **zero**)[81](index=81&type=chunk) [Material Investments, Acquisitions and Disposals](index=24&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the year ended June 30, 2025, the Group had no material investments in, or acquisitions or disposals of, subsidiaries, associates, or joint ventures - For the year ended June 30, 2025, the Group had no material investments in, or material acquisitions or disposals of, subsidiaries, associates, or joint ventures[82](index=82&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no future plans for material investments or capital assets beyond those disclosed in the prospectus - Except for those disclosed in the Company's prospectus dated June 20, 2019, as of June 30, 2025, the Group had no other future plans for material investments or capital assets[83](index=83&type=chunk) [Employees and Remuneration Policies](index=24&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group employed 208 staff with total staff costs of approximately SGD 10.0 million, and its remuneration policy is regularly reviewed to attract and retain high-quality talent - As of June 30, 2025, the Group employed a total of **208 employees** (2024: **197 employees**)[84](index=84&type=chunk) - Total staff costs for the year ended June 30, 2025, were approximately **SGD 10.0 million** (2024: approximately **SGD 8.7 million**)[84](index=84&type=chunk) - The Group's remuneration policies and benefits are regularly reviewed to attract and retain high-quality staff, offering on-the-job training, salary increments, and discretionary bonuses[84](index=84&type=chunk) [Environmental Policies and Compliance](index=24&type=section&id=Environmental%20Policies%20and%20Compliance) Details regarding the Group's environmental policies, performance, and compliance will be provided in the 'Environmental, Social and Governance Report' within the upcoming 2024/2025 Annual Report - Details regarding environmental policies, performance, and compliance with laws and regulations will be included in the 'Environmental, Social and Governance Report' within the Company's forthcoming 2024/2025 Annual Report[85](index=85&type=chunk) Other Information [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) The Group faces contingent liabilities including performance bonds of SGD 1.9 million and an arbitration dispute with a client for approximately SGD 13.8 million, which the Group intends to defend and counterclaim - As of June 30, 2025, the Group had performance bonds of approximately **SGD 1.9 million** granted by insurance companies in favor of the Group's clients[86](index=86&type=chunk) - The Group is a respondent in an arbitration dispute with a client regarding a subcontracting agreement, with the client claiming a total of approximately **SGD 13.8 million**[87](index=87&type=chunk) - The Group intends to defend against the claim and file a counterclaim against the client, as the Directors believe the claim lacks merit[88](index=88&type=chunk) [Capital Expenditure and Commitments](index=25&type=section&id=Capital%20Expenditure%20and%20Commitments) For the year ended June 30, 2025, the Group acquired property, plant, and equipment totaling approximately SGD 110,000, with no significant capital commitments as of the reporting date - For the year ended June 30, 2025, the Group acquired property, plant and equipment items totaling approximately **SGD 110,000** (2024: approximately **SGD 36,000**)[89](index=89&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments[90](index=90&type=chunk) [Use of Net Proceeds from Share Offer](index=25&type=section&id=Use%20of%20Net%20Proceeds%20from%20Share%20Offer) Net proceeds from the share offer, approximately SGD 16.6 million, were fully utilized by December 31, 2024, for purposes including strengthening manpower, upfront costs and working capital, equipment acquisition, and ERP system upgrades - Net proceeds from the share offer, approximately **HKD 95.0 million** (equivalent to approximately **SGD 16.6 million**), were fully utilized by December 31, 2024[91](index=91&type=chunk)[92](index=92&type=chunk) Use of Net Proceeds from Share Offer Details | Planned Use | Disclosed in Prospectus (million SGD) | Utilized as of June 30, 2025 (million SGD) | | :--- | :--- | :--- | | Acquisition of ME01 workhead | 7.1 | – | | Strengthening manpower | 2.5 | 1.0 | | Expansion of premises | 1.8 | – | | Upfront costs and working capital for existing projects | 1.7 | 5.2 | | Upfront costs and working capital for potential new projects | – | 7.1 | | Acquisition of additional machinery and equipment | 1.4 | 0.2 | | Purchase of BIM software and upgrade of ERP system | 0.9 | 0.5 | | Acquisition of additional lorries | 0.3 | 0.2 | | General working capital | 0.9 | 2.4 | | **Total** | **16.6** | **16.6** | [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after June 30, 2025, up to the announcement date, other than those disclosed under 'Contingent Liabilities' - Except for those disclosed in the 'Contingent Liabilities' section, no significant events affecting the Group occurred after the year ended June 30, 2025, up to the announcement date[94](index=94&type=chunk) Corporate Governance and Other Disclosures [Corporate Governance](index=27&type=section&id=Corporate%20Governance) For the year ended June 30, 2025, the company complied with the Corporate Governance Code provisions in Appendix C1 Part 2 of the HKEX Listing Rules and continues to enhance its practices - For the year ended June 30, 2025, the Company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules[95](index=95&type=chunk) - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the new Corporate Governance Code and align with the latest developments[95](index=95&type=chunk) [Directors' Securities Transactions](index=27&type=section&id=Directors%27%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed full compliance for the 2025 financial year - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as the code of conduct for securities transactions by Directors and relevant employees of the Group[96](index=96&type=chunk) - Following specific enquiries by the Company, all Directors confirmed their full compliance with the Model Code for the year ended June 30, 2025[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of the Company's Treasury Shares](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities%20or%20Sale%20of%20the%20Company%27s%20Treasury%20Shares) For the year ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities or treasury shares, and no treasury shares were held as of June 30, 2025 - For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities or sold any of its treasury shares[97](index=97&type=chunk) - As of June 30, 2025, the Company held no treasury shares[97](index=97&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's audited financial results for the year ended June 30, 2025, discussing accounting principles and practices with management and auditors, with no disagreements - The Company's Audit Committee reviewed the Group's audited financial results for the year ended June 30, 2025, and discussed the accounting principles and practices adopted by the Group with the Company's management and auditors, with no disagreements from the Audit Committee or the auditors[98](index=98&type=chunk) [Board Composition](index=28&type=section&id=Board%20Composition) As of the announcement date, the Board comprises two executive directors (Mr. Ang Wee Keng, Mr. Ang Kok Kwang) and three independent non-executive directors (Ms. Leong Wing Chee, Mr. Fok Wai Hung, Mr. So Chi Kai) - As of the announcement date, the Board comprises two executive directors (Mr. Ang Wee Keng and Mr. Ang Kok Kwang) and three independent non-executive directors (Ms. Leong Wing Chee, Mr. Fok Wai Hung, and Mr. So Chi Kai)[98](index=98&type=chunk)

新界 沙田安耀街3號 匯達大廈15樓1501至02室 公司網站 http://www.anchorstone.com.hk 目錄 頁次 2 公司資料 3 管理層討論與分析 7 董事、最高行政人員及主要股東的權益 9 企業管治及其他資料 11 簡明綜合中期損益及其他全面收益表 12 簡明綜合中期財務狀況表 14 簡明綜合中期權益變動表 15 簡明綜合中期現金流量表 16 簡明綜合中期財務資料附註 公司資料 註冊辦事處 Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 香港主要營業地點 公司電郵 info@anchorstone.com.hk 董事會 執行董事 雷雨潤先生 （主席） 雷寶蔚女士 馮偉恒先生（於2025年2月28日辭任） 獨立非執行董事 高子健先生 黃裕暉先生 程韻華女士 嚴建國先生（於2025年8月27日辭任） 董事委員會 審核委員會 高子健先生 （主席） 黃裕暉先生 嚴建國先生（於2025年8月27日辭任） 薪酬委員會 黃裕暉先生 （主席） 高子健先生 雷雨潤先生 提名委員會 雷雨潤先生 ...

̒ϋܓజѓ 目 錄 管理層討論與分析 | 報告期內本集團所從事的主要業務、經營模式及行業情況說明 | 2 | | --- | --- | | 報告期內國際國內能源運輸市場分析 | 6 | | 報告期內經營業績回顧 | 10 | | 成本及費用分析 | 16 | | 合營公司及聯營公司經營情況 | 18 | | 財務狀況分析 | 19 | | 船隊發展 | 27 | | 二零二五年下半年前景展望和工作重點 | 29 | | 其他事項 | 34 | | 財務報告 | | | 簡明綜合中期財務資料審閱報告 | 49 | | 簡明綜合損益及其他全面收益表 | 51 | | 簡明綜合財務狀況表 | 53 | | 簡明綜合權益變動表 | 55 | | 簡明綜合現金流量表 | 57 | | 中期財務資料附註 | 59 | 中遠海運能源運輸股份有限公司 2025 中期報告 1 管理層討論與分析 （一）截至二零二五年六月三十日止六個月（「報告期」）內中遠海遠能源運輸股份有限公司（「本公司」， 及與其附屬公司統稱為「本集團」）所從事的主要業務、經營模式及行業情況說明 1. 所屬行業及其特點 本集團主要從事原油、成品油、液化天然氣 ...

（一家於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2418 202 5 202 5 中期報告 Stock Code : 2418 (A joint stock company incorporated in the People's Republic of China with limited liability) Interim Report 德銀天下股份有限公司 DEEWIN TIANXI Ａ CO.,LTD 2025 Interim Report 中期報告 目 錄 2 公司資料 4 業務回顧及展望 14 管理層討論及分析 25 企業管治及其他資料 33 合併損益及其他綜合收益表 34 合併財務狀況表 36 合併權益變動表 37 簡明合併現金流量表 38 未經審計中期財務報告附註 61 釋義 公司資料 董事會 執行董事 趙鵬先生（於2025年5月29日獲委任） 王文岐先生 王潤梁先生（於2025年5月29日退任） 非執行董事 郭萬才先生 （董事長） 田強先生 趙承軍先生 馮敏女士 獨立非執行董事 李剛先生 葉永威先生 余強先生 監事 季建國先生（於2025年5月29日退任） 張少傑先生（於20 ...

Corporate Information [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) This section outlines directors and their committee roles; executive director position vacant since June 10, 2021 - The executive director position has been vacant since **June 10, 2021**[4](index=4&type=chunk)[5](index=5&type=chunk) - **Liu Gaoyuan** serves as Non-Executive Director and Chairman, **Lu Zhaoquan** as Audit Committee Chairman, **Feng Nianshu** as Remuneration Committee Chairman, and **Liu Gaoyuan** as Nomination Committee Chairman[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Secretary, Auditor, and Principal Bankers](index=3&type=section&id=Company%20Secretary%2C%20Auditor%2C%20and%20Principal%20Bankers) This section provides company secretary, auditor, and principal banker information, ensuring operational transparency and compliance - The company secretary is **Wan Tat Kee**, and the auditor is **Rongcheng (Hong Kong) CPA Limited**[5](index=5&type=chunk) - Principal bankers include **Bank of China (Hong Kong) Limited** and **The Bank of East Asia, Limited**[7](index=7&type=chunk) [Registered Office, Head Office, Share Registrars, Website, and Stock Code](index=4&type=section&id=Registered%20Office%2C%20Head%20Office%2C%20Share%20Registrars%2C%20Website%2C%20and%20Stock%20Code) This section lists the company's registered office, head office, share registrars, website, and HKEX stock code for basic investor information - The company's registered office is in Bermuda, with its head office and principal place of business in Central, Hong Kong[7](index=7&type=chunk)[8](index=8&type=chunk) - The Hong Kong share registrar is **Tricor Secretaries Limited**[7](index=7&type=chunk)[8](index=8&type=chunk) - The company website is **www.prosperityinvestment.hk**, and the HKEX stock code is **00310**[8](index=8&type=chunk) Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) The Group faced limited financial resources, focusing on managing investments, optimizing costs, and raising capital; shares were suspended in April 2024 due to auditor's disclaimer on 2023 financials, with efforts underway to resume trading - The Group faced limited financial resources, focusing on managing existing investments, optimizing operating costs, and raising new capital[10](index=10&type=chunk)[13](index=13&type=chunk) - Trading in the company's shares was suspended on the Stock Exchange in **April 2024** due to the auditor's disclaimer of opinion on the **2023** financial statements[10](index=10&type=chunk)[13](index=13&type=chunk) - The company is making every effort to resolve issues to achieve resumption of share trading[10](index=10&type=chunk)[13](index=13&type=chunk) [Operational Review](index=5&type=section&id=Operational%20Review) The Group continued listed and unlisted investment activities, but proceeds from FVTPL financial asset disposals (income and capital) decreased from 2024, with no new unlisted investments made - The Group continued its investment activities in listed and unlisted investments and other related financial assets[11](index=11&type=chunk)[14](index=14&type=chunk) - Proceeds from the disposal of financial assets at fair value through profit or loss (income in nature) decreased by approximately **HK$1.301 million** compared to the **2024** period[12](index=12&type=chunk)[14](index=14&type=chunk) - Proceeds from the disposal of financial assets at fair value through profit or loss (capital in nature) decreased by approximately **HK$54,000** compared to the **2024** period[12](index=12&type=chunk)[14](index=14&type=chunk) - No new unlisted investments were made during the period, apart from listed investments[12](index=12&type=chunk)[14](index=14&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) This section reviews the Group's financial performance, including period loss, income/expense changes, liquidity, gearing ratio, and contingent liabilities [Results for the Period](index=6&type=section&id=Results%20for%20the%20Period) The Group's loss after tax significantly decreased due to lower investment management expenses and reduced finance costs, despite a substantial decline in gross proceeds from operations 本期间营运所得款项总额 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Loss after tax | 4,290 | 9,460 | | Investment management expenses | 0 | 240 | | Decrease in finance costs | 40 | - | | Gross proceeds from operations | 59 | 1,414 | - Due to stock market fluctuations, fair value changes in listed equity investments at fair value through profit or loss (income in nature) generated a gain of **HK$7,000** (2024 period: loss of HK$3.68 million)[20](index=20&type=chunk) - Administrative expenses decreased to approximately **HK$3.98 million** (2024 period: HK$4.77 million)[20](index=20&type=chunk) [Other Gains/(Losses), Net](index=7&type=section&id=Other%20Gains%2F(Losses)%2C%20Net) Fair value changes in FVTPL financial assets shifted from a net loss to a net gain, primarily due to increased realized net gains and significantly reduced unrealized net losses 按公平值计入损益之金融资产公平值变动 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Realized net gains/(losses) | 7 | (210) | | Unrealized net losses | (2) | (3,926) | | **Total** | **5** | **(4,136)** | [Other Income](index=7&type=section&id=Other%20Income) Other income for the period primarily stemmed from forfeited MPF contributions by former employees, while the prior period's income was from profit on disposal of a motor vehicle 其他收入 | Source | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Forfeited MPF contributions from former employees | 6 | - | | Profit on disposal of a motor vehicle | - | 52 | [Administrative Expenses](index=7&type=section&id=Administrative%20Expenses) Administrative expenses decreased during the period, with staff costs remaining the largest component, accounting for over 70% 行政开支 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Total administrative expenses | 3,977 | 4,773 | | Staff costs | 2,886 | 2,883 | | Staff costs percentage | 72.57% | 60.42% | [Investment Management Expenses](index=7&type=section&id=Investment%20Management%20Expenses) Investment management expenses decreased to zero, a significant reduction from the prior period, reflecting changes in the company's investment management services 投资管理开支 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Investment management expenses | 0 | 240 | [Finance Costs](index=8&type=section&id=Finance%20Costs) Finance costs decreased due to repayment of margin loans from securities brokers, though interest expenses on convertible notes increased 财务成本 | Source | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Interest on margin loans from securities brokers | 0 | 148 | | Interest expenses on convertible notes | 322 | 217 | | **Total** | **322** | **365** | - As of the period-end date, margin loans from securities brokers were **nil HK$** (December 31, 2024: nil HK$)[32](index=32&type=chunk)[33](index=33&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's cash and cash equivalents significantly decreased, while loans from directors and subsidiary directors substantially increased; these loans are interest-free, repayable on demand, and unsecured by the company 流动资金及财务资源 | Metric | As of June 30, 2025 (HK$ '000) | As of December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Cash and cash equivalents | 96 | 334 | | Loans from directors | 2,800 | 1,000 | | Loans from subsidiary directors | 1,288 | 1,160 | - All loans from directors and subsidiary directors are interest-free, repayable on demand, and unsecured by the company[35](index=35&type=chunk)[38](index=38&type=chunk) [Gearing Ratio](index=8&type=section&id=Gearing%20Ratio) The Group's gearing ratio significantly increased during the period, indicating a further rise in debt levels relative to total assets 资本负债比率 | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio (Total liabilities/Total assets) | 356.82% | 268.23% | [Contingent Liabilities](index=8&type=section&id=Contingent%20Liabilities) As of the period-end date, the Group had no contingent liabilities - There were no contingent liabilities as of the period-end date[37](index=37&type=chunk)[40](index=40&type=chunk) [Exposure to Fluctuations in Exchange Rates and Related Hedges](index=9&type=section&id=Exposure%20to%20Fluctuations%20in%20Exchange%20Rates%20and%20Related%20Hedges) The Group's investments are primarily denominated in HKD, USD, and RMB; USD transaction risk is insignificant, and RMB risk is negligible; no foreign exchange hedging policy exists, but management monitors and considers hedging significant foreign currency exposures - The Group's investments are primarily denominated in **HKD, USD, and RMB**, with insignificant USD transaction risk[42](index=42&type=chunk)[48](index=48&type=chunk) - RMB bank and cash balances are immaterial, posing negligible RMB risk[42](index=42&type=chunk)[48](index=48&type=chunk) - The Group has no foreign exchange hedging policy, but management monitors and considers hedging significant foreign currency exposures[43](index=43&type=chunk)[48](index=48&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=9&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%2C%20and%20Joint%20Ventures) During the period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[44](index=44&type=chunk)[49](index=49&type=chunk) [Major Customers and Suppliers](index=9&type=section&id=Major%20Customers%20and%20Suppliers) Due to its business nature, the Group has no major customers or suppliers, thus no aging analysis of trade receivables and payables is performed - Due to its business nature, the Group has no major customers or suppliers[45](index=45&type=chunk)[50](index=50&type=chunk) [Capital Structure](index=9&type=section&id=Capital%20Structure) The Group's financial policy is to primarily utilize shareholders' funds and internal resources for investment activities and daily operations, borrowing from third parties when necessary; funds are mainly held in HKD, with no hedging policy - The financial policy is to primarily utilize shareholders' funds and internal resources for the Group's investment activities and daily operations[46](index=46&type=chunk)[51](index=51&type=chunk) - The Group may borrow from third parties when appropriate to preserve resources for potential investments and daily operations[46](index=46&type=chunk)[51](index=51&type=chunk) - Funds are primarily held in **HKD** and converted to foreign currencies when needed, with no hedging policy[46](index=46&type=chunk)[51](index=51&type=chunk) [Outlook](index=9&type=section&id=Outlook) Management believes the Hong Kong capital market is recovering and is actively exploring options to meet share resumption conditions and raise equity capital to strengthen the balance sheet and seize domestic and international investment opportunities, benefiting the company and shareholders overall - The Hong Kong capital market appears to be recovering[47](index=47&type=chunk)[51](index=51&type=chunk) - Management is exploring various options to meet all conditions for resuming share trading and to raise additional equity capital[47](index=47&type=chunk)[51](index=51&type=chunk) - The goal is to strengthen the balance sheet, seize domestic and international investment opportunities, and benefit the company and all shareholders overall[47](index=47&type=chunk)[51](index=51&type=chunk) Other Information [Directors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares](index=10&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) This section discloses long positions in shares held by directors, chief executive, and their associates, with Mr. Liu Gaoyuan and his spouse holding a significant proportion through corporate interests 董事于股份之好仓 | Director's Name | Personal Interests* (shares) | Family Interests+ (shares) | Corporate Interests (shares) | Total Interests (shares) | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Gaoyuan | 5,340,000 | 26,689,084 | 26,689,084 | 32,029,084 | 26.44% | - Mr. Liu Gaoyuan indirectly holds **26,689,084** shares through his controlled company, **Sun Matrix Limited**[56](index=56&type=chunk) [Substantial Shareholders](index=11&type=section&id=Substantial%20Shareholders) This section lists substantial shareholders holding interests and short positions in the company's shares, including corporate entities and individuals, with Mr. Liu Gaoyuan and his spouse Ms. Lan Yi collectively holding 26.44% of the shares 主要股东于股份之好仓 | Shareholder Name | Personal Interests (shares) | Family Interests+ (shares) | Corporate Interests (shares) | Total Interests (shares) | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Full Honour Development Limited | — | — | 26,689,084 | 26,689,084 | 22.03% | | Sun Matrix Limited | — | — | 26,689,084 | 26,689,084 | 22.03% | | Liu Gaoyuan* | 5,340,000 | 26,689,084 | 26,689,084 | 32,029,084 | 26.44% | | Lan Yi+ | — | 32,029,084 | 26,689,084 | 32,029,084 | 26.44% | - Mr. Liu Gaoyuan and Ms. Lan Yi (Mr. Liu Gaoyuan's spouse) each control **50%** interest in **Sun Matrix Limited**[60](index=60&type=chunk) [Arrangements to Purchase Shares or Debentures](index=12&type=section&id=Arrangements%20to%20Purchase%20Shares%20or%20Debentures) During the period, neither the company nor its subsidiaries entered into arrangements for directors to benefit from purchasing company shares or debentures, nor did directors, their spouses, or minor children have rights to subscribe for company securities - Neither the company nor any of its subsidiaries entered into any arrangements during the period enabling directors to benefit from purchasing shares or debentures of the company or any other body corporate[63](index=63&type=chunk)[67](index=67&type=chunk) - No director, their spouse, or children under **18** years of age held any rights to subscribe for securities of the company[63](index=63&type=chunk)[67](index=67&type=chunk) [Purchase, Sale, or Redemption of Shares of the Company](index=12&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares%20of%20the%20Company) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares during the period[64](index=64&type=chunk)[68](index=68&type=chunk) [Corporate Governance](index=12&type=section&id=Corporate%20Governance) During the period, the company complied with the Corporate Governance Code, but the executive director position has been vacant since June 10, 2021, requiring prior approval from Prosperity Finance for all investment/disposal activities; the company has received HKEX approval to identify a suitable candidate for executive director and chief executive - During the period, the company complied with the code provisions of the Corporate Governance Code[65](index=65&type=chunk)[69](index=69&type=chunk) - Since **June 10, 2021**, due to the vacancy of the executive director position, all investment/disposal activities must receive prior approval from **Prosperity Finance**[65](index=65&type=chunk)[69](index=69&type=chunk) - The company has received HKEX approval for a suitable candidate to serve as Executive Director and Chief Executive Officer, and an announcement will be made upon appointment[66](index=66&type=chunk)[69](index=69&type=chunk) [Suspension of Trading](index=13&type=section&id=Suspension%20of%20Trading) Due to the auditor's disclaimer of opinion on the 2023 financial statements, the company's shares were suspended from trading on April 2, 2024; the company has received HKEX guidance for resumption and is taking steps to comply with the guidance and relevant Listing Rules - Due to the auditor's disclaimer of opinion on the company's financial statements, trading in the company's shares was suspended on the Stock Exchange from **9:00 a.m. on April 2, 2024**[70](index=70&type=chunk)[74](index=74&type=chunk) - The company has received HKEX guidance for resumption of trading and is taking appropriate measures to comply with the guidance and relevant Listing Rules[71](index=71&type=chunk)[74](index=74&type=chunk) [Audit Committee](index=13&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors, reviews the Group's accounting principles, internal controls, and financial reporting matters, including the unaudited condensed consolidated financial statements for the period - The Audit Committee comprises four independent non-executive directors: **Mr. Lu Zhaoquan** (Chairman), **Mr. Feng Nianshu**, **Ms. Wong Lai Kin**, and **Mr. Yip Kwok Kwong**[72](index=72&type=chunk)[75](index=75&type=chunk) - The Committee reviewed the Group's accounting principles and practices and discussed audit, internal control, and financial reporting matters, including the unaudited condensed consolidated financial statements for the period[72](index=72&type=chunk)[75](index=75&type=chunk) [Model Code for Securities Transactions by Directors](index=13&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code as the standard for securities transactions by directors and relevant employees, with all directors confirming full compliance during the period - The company has adopted the Model Code as the standard for securities transactions by directors and relevant employees[73](index=73&type=chunk)[76](index=76&type=chunk) - All directors confirmed full compliance with the Model Code during the period[73](index=73&type=chunk)[76](index=76&type=chunk) [Board of Directors](index=14&type=section&id=Board%20of%20Directors) As of the reporting date, the Board comprises one non-executive director and four independent non-executive directors; directors' terms began on December 21, 2017, subject to rotation requirements, with remuneration determined by duties and market conditions - The Board of Directors comprises one non-executive director (**Mr. Liu Gaoyuan**) and four independent non-executive directors[77](index=77&type=chunk)[80](index=80&type=chunk) - Non-executive directors receive a monthly remuneration of **HK$200,000**, while independent non-executive directors receive an annual director's fee of **HK$100,000**[79](index=79&type=chunk)[80](index=80&type=chunk) - Directors' terms began on **December 21, 2017**, and are subject to the company's articles of association regarding the retirement by rotation of one-third of the directors[78](index=78&type=chunk)[80](index=80&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group recorded a loss after tax of HK$4.285 million, a significant reduction from the HK$9.459 million loss in the 2024 period, primarily due to improved net other gains/(losses) and reduced administrative and investment management expenses, despite a decrease in gross proceeds from operations 简明综合损益和其他全面收益表摘要 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Gross proceeds from operations | 59 | 1,414 | | Revenue | 3 | 3 | | Other gains/(losses), net | 5 | (4,136) | | Other income | 6 | 52 | | Administrative expenses | (3,977) | (4,773) | | Investment management expenses | – | (240) | | Finance costs | (322) | (365) | | Loss before income tax | (4,285) | (9,459) | | Loss for the period | (4,285) | (9,459) | | Loss per share – basic and diluted (HK cents) | (3.5) | (7.8) | - The loss for the period decreased by **HK$5.174 million** compared to the prior period, representing a **54.7%** reduction[82](index=82&type=chunk) - Net other gains/(losses) shifted from a loss of **HK$4.136 million** in the **2024** period to a gain of **HK$5,000** in the **2025** period[82](index=82&type=chunk) Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's net liabilities significantly increased to HK$14.577 million, primarily due to a rise in net current liabilities; cash and bank balances decreased, while other payables and borrowings substantially increased 简明综合财务状况表摘要 | Metric | As of June 30, 2025 (HK$ '000) | As of December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Plant and equipment | 205 | 267 | | Financial assets at fair value through other comprehensive income | 5,293 | 5,293 | | Financial assets at fair value through profit or loss | 80 | 132 | | Other receivables | 2 | 96 | | Bank balances and cash | 91 | 330 | | Other payables and accrued charges | 8,165 | 6,261 | | Loans | 4,088 | 2,160 | | Convertible notes | 8,000 | 8,000 | | Net current liabilities | (16,075) | (11,859) | | Net liabilities | (14,577) | (10,299) | | Net liabilities per share (HK$) | (0.12) | (0.09) | - Net liabilities increased from **HK$10.299 million** as of **December 31, 2024**, to **HK$14.577 million** as of **June 30, 2025**[88](index=88&type=chunk)[89](index=89&type=chunk) - Net current liabilities increased from **HK$11.859 million** as of **December 31, 2024**, to **HK$16.075 million** as of **June 30, 2025**[86](index=86&type=chunk) Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the Group's total equity further decreased from negative HK$10.299 million as of December 31, 2024, to negative HK$14.577 million, primarily due to the HK$4.285 million loss recorded during the period 简明综合权益变动表摘要 | Metric | As of June 30, 2025 (HK$ '000) | As of December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Share capital | 121 | 121 | | Share premium | 192,895 | 192,895 | | Investment revaluation reserve | (48,753) | (48,753) | | Contributed surplus | 320,243 | 320,243 | | Accumulated losses | (479,083) | (474,805) | | **Total equity** | **(14,577)** | **(10,299)** | - The **HK$4.285 million** loss for the period directly led to an increase in accumulated losses, further reducing total equity[91](index=91&type=chunk) Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group's cash and cash equivalents decreased by HK$238,000, primarily due to continuous cash usage in operating activities, despite cash inflows from financing activities 简明综合现金流量表摘要 | Cash Flow Category | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Net cash used in operating activities | (2,166) | (5,874) | | Net cash from investing activities | – | 43 | | Net cash from financing activities | 1,928 | 2,443 | | Net decrease in cash and cash equivalents | (238) | (3,388) | | Cash and cash equivalents at end of period | 96 | 629 | - Net cash used in operating activities improved, decreasing from **HK$5.874 million** in the **2024** period to **HK$2.166 million** in the current period[93](index=93&type=chunk) - Net cash from financing activities was **HK$1.928 million**, primarily from loans from directors and subsidiary directors[93](index=93&type=chunk) Notes to Condensed Consolidated Financial Statements [General Information](index=20&type=section&id=General%20Information) The company is incorporated in Bermuda, with shares listed on the Main Board, and its principal business is investment holding; the condensed consolidated financial statements are presented in thousands of HKD and were approved for issue by the Board on August 29, 2025 - The company is incorporated in Bermuda as an exempted company with its shares listed on the Main Board of the Stock Exchange[94](index=94&type=chunk)[97](index=97&type=chunk) - The Group's principal business is investment holding[95](index=95&type=chunk)[97](index=97&type=chunk) - The condensed consolidated financial statements for the six months ended **June 30, 2025**, were approved for issue by the Board on **August 29, 2025**[95](index=95&type=chunk)[97](index=97&type=chunk) [Basis of Preparation](index=20&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared according to Listing Rules and HKAS 34, and should be read with the 2024 annual consolidated financial statements - The condensed consolidated financial statements for the period are prepared in accordance with the applicable disclosure requirements of the Listing Rules and **HKAS 34 'Interim Financial Reporting'**[96](index=96&type=chunk)[98](index=98&type=chunk) - The condensed consolidated financial statements should be read in conjunction with the Group's annual consolidated financial statements for the year ended **December 31, 2024**[96](index=96&type=chunk)[98](index=98&type=chunk) [Summary of Significant Accounting Policies](index=21&type=section&id=Summary%20of%20Significant%20Accounting%20Policies) The Group adopted new or revised HKFRS effective January 1, 2025; these adoptions have no material impact on interim financial information or significant changes to accounting policies or reported amounts - The Group has adopted new or revised standards, amendments to standards, and interpretations of Hong Kong Financial Reporting Standards effective for accounting periods beginning on or after **January 1, 2025**[99](index=99&type=chunk)[102](index=102&type=chunk) - The adoption of these new or revised standards has no material impact on the unaudited condensed consolidated interim financial information and will not result in significant changes to the Group's accounting policies or amounts reported for the current and prior periods[99](index=99&type=chunk)[102](index=102&type=chunk) [Critical Accounting Estimates and Judgements](index=21&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) Preparing condensed consolidated financial statements requires management to make accounting judgments, estimates, and assumptions consistent with those used in the 2024 annual consolidated financial statements - The preparation of the condensed consolidated financial statements requires management to make accounting judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[100](index=100&type=chunk)[103](index=103&type=chunk) - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are consistent with those applied in the Group's annual consolidated financial statements for the year ended **December 31, 2024**[101](index=101&type=chunk)[103](index=103&type=chunk) [Segment Information](index=22&type=section&id=Segment%20Information) Due to the executive director position being vacant since June 10, 2021, and the company's business nature, the Board deems it unnecessary to present operating segment information - The executive director position has been vacant since **June 10, 2021**[106](index=106&type=chunk)[107](index=107&type=chunk) - Due to the company's business nature, the Board maintains the same opinion and has not presented segment information[106](index=106&type=chunk)[107](index=107&type=chunk) [Gross Proceeds from Operations/Revenue](index=22&type=section&id=Gross%20Proceeds%20from%20Operations%2FRevenue) Gross proceeds from operations significantly decreased due to reduced proceeds from FVTPL financial asset disposals (income and capital), while dividend income remained unchanged 营运所得款项总额/收入 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Gross proceeds from disposal of financial assets at fair value through profit or loss (income in nature) | 56 | 1,357 | | Gross proceeds from disposal of financial assets at fair value through profit or loss (capital in nature) | – | 54 | | Dividend income | 3 | 3 | | **Total** | **59** | **1,414** | - Revenue refers to dividend income of **HK$3,000**, consistent with the **2024** period[110](index=110&type=chunk) [Other Gains/(Losses), Net](index=23&type=section&id=Other%20Gains%2F(Losses)%2C%20Net) Fair value changes in FVTPL financial assets shifted from a net loss to a net gain, primarily due to increased realized net gains and significantly reduced unrealized net losses 按公平值计入损益之金融资产公平值变动 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | — Capital in nature for tax purposes | – | (458) | | — Income in nature for tax purposes | 5 | (3,678) | | **Total** | **5** | **(4,136)** | - Fair value changes include a realized net gain of **HK$7,000** (2024 period: realized net loss of HK$210,000) and an unrealized net loss of **HK$2,000** (2024 period: unrealized net loss of HK$3.926 million)[113](index=113&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs decreased due to zero interest on margin loans from securities brokers, though interest expenses on convertible notes increased 财务成本 | Source | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Interest on margin loans from securities brokers | – | 148 | | Interest expenses on convertible notes | 322 | 217 | | **Total** | **322** | **365** | [Income Tax Expense](index=24&type=section&id=Income%20Tax%20Expense) No provision for Hong Kong profits tax was made for either period, as no assessable profits were generated - No provision for Hong Kong profits tax was made for either period, as no assessable profits were generated[117](index=117&type=chunk)[118](index=118&type=chunk) [Loss for the Period](index=24&type=section&id=Loss%20for%20the%20Period) Loss for the period is stated after deducting items such as staff costs (including directors' emoluments) and depreciation 本期间亏损已扣除项目 | Item | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Staff costs (including directors' emoluments) | 2,886 | 2,883 | | Contributions to defined contribution retirement plans | 67 | 65 | | Depreciation under administrative expenses — owned assets | 62 | 96 | [Loss Per Share](index=25&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share for the period was 3.5 HK cents, an improvement from 7.8 HK cents in 2024; diluted loss per share was calculated without assuming conversion of convertible notes, as this would reduce the loss per share 每股亏损 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Loss attributable to owners of the company | (4,285) | (9,459) | | Weighted average number of ordinary shares in issue ('000 shares) | 121,132 | 121,132 | | Loss per share – basic and diluted (HK cents) | (3.5) | (7.8) | - Diluted loss per share for the period was calculated without assuming conversion of convertible notes, as this assumption would result in a reduction in loss per share[122](index=122&type=chunk)[125](index=125&type=chunk) [Dividend](index=25&type=section&id=Dividend) The Directors do not recommend the payment of an interim dividend for the period - The Directors do not recommend the payment of an interim dividend for the period (2024 period: nil HK$)[123](index=123&type=chunk)[126](index=126&type=chunk) [Plant and Equipment](index=25&type=section&id=Plant%20and%20Equipment) Depreciation of plant and equipment for the period was HK$62,000, a decrease from HK$96,000 in 2024, calculated on a straight-line basis 厂房和设备折旧 | Metric | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Depreciation of plant and equipment | 62 | 96 | - Depreciation is provided on a straight-line basis over their estimated useful lives at rates of **3 to 5** years[124](index=124&type=chunk)[127](index=127&type=chunk) [Financial Assets at FVOCI/FVTPL](index=26&type=section&id=Financial%20Assets%20at%20FVOCI%2FFVTPL) The Group holds unlisted equity investments (FVOCI) and listed equity investments (FVTPL); unlisted investments remained unchanged, while listed investments decreased; unlisted investments are considered long-term strategic holdings 金融资产分类 | Metric | As of June 30, 2025 (HK$ '000) | As of December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Unlisted equity investments at fair value through other comprehensive income | 5,293 | 5,293 | | Listed equity investments at fair value through profit or loss (income in nature) | 80 | 132 | - Unlisted equity investments are not held for trading but for long-term strategic purposes[131](index=131&type=chunk)[132](index=132&type=chunk) [Other Receivables](index=27&type=section&id=Other%20Receivables) Other receivables significantly decreased during the period, primarily comprising other prepayments and deposits 其他应收账项 | Metric | As of June 30, 2025 (HK$ '000) | As of December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Other prepayments and deposits | 2 | 96 | [Convertible Notes](index=28&type=section&id=Convertible%20Notes) The company issued two tranches of convertible notes, each with a principal of HK$4 million, in December 2023 and April 2024, both at 8% annual interest; noteholders can convert or redeem at maturity, but the 2024 notes' conversion option is not yet HKEX approved - The company issued convertible notes with a principal amount of **HK$4 million** on **December 29, 2023**, maturing on **December 29, 2025**, at an annual interest rate of **8%**[135](index=135&type=chunk)[136](index=136&type=chunk)[140](index=140&type=chunk) - The company issued convertible notes with a principal amount of **HK$4 million** on **April 30, 2024**, maturing on **April 30, 2026**, at an annual interest rate of **8%**[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) - If all notes are converted into ordinary shares, additional shares representing **16.59%** of the enlarged share capital will be issued, with an additional **HK$320,000** in interest paid[137](index=137&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk) - As of **December 31, 2024**, and the date of this report, the conversion option for the convertible notes issued in **2024** has not yet been approved by the **Hong Kong Stock Exchange**[139](index=139&type=chunk)[141](index=141&type=chunk) [Share Capital](index=29&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was 100 billion shares with a par value of HK$0.001 each, and issued and fully paid share capital was 121,132,020 shares 股本结构 | Metric | Number of Shares | Par Value (HK$ '000) | | :--- | :--- | :--- | | Authorized share capital (HK$0.001 par value per share) | 100,000,000,000 | 100,000 | | Issued and fully paid share capital (HK$0.001 par value per share) | 121,132,020 | 121 | [Net (Liabilities)/Asset Value Per Share](index=29&type=section&id=Net%20(Liabilities)%2FAsset%20Value%20Per%20Share) As of June 30, 2025, net liabilities per share increased to HK$0.12 from HK$0.09 as of December 31, 2024, reflecting the growth in net liabilities 每股负债净值 | Metric | As of June 30, 2025 (HK$) | As of December 31, 2024 (HK$) | | :--- | :--- | :--- | | Net liabilities per share | (0.12) | (0.09) | - Net liabilities per share is calculated based on net liabilities of **HK$14.577 million** as of the period-end date (December 31, 2024: HK$10.299 million) and **121,132,020** issued and fully paid shares[88](index=88&type=chunk)[143](index=143&type=chunk)[89](index=89&type=chunk) [Particulars of Investments Held by the Group](index=30&type=section&id=Particulars%20of%20Investments%20Held%20by%20the%20Group) The Group holds various listed and unlisted equity securities, with investments across energy, insurance, e-commerce, banking, and real estate; unlisted investments are primarily concentrated in zinc and lead mining 2025年6月30日集团持有之上市股本证券 | Name | Place of Incorporation | Proportion of Capital Held in Investee Entity | Original Cost (HK$ million) | Fair Value (HK$ million) | Dividend Income for the Period (HK$ million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Assets Holdings Limited (00006.HK) | Hong Kong | 0.00002% | 0.03 | 0.03 | 0.001 | | AIA Group Limited (01299.HK) | Hong Kong | 0.000002% | 0.01 | 0.01 | 0.0003 | | Alibaba Group Holding Limited (09988.HK) | Cayman Islands | 0.000001% | 0.01 | 0.01 | 0.0002 | | China Construction Bank Corporation (00939.HK) | China | 0.0000004% | 0.01 | 0.01 | 0.0004 | | The Hong Kong and China Gas Company Limited (00003.HK) | Hong Kong | 0.00001% | 0.01 | 0.01 | 0.0002 | | HSBC Holdings plc (00005.HK) | United Kingdom | 0.0000004% | 0.004 | 0.01 | 0.0002 | | Link Real Estate Investment Trust (00823.HK) | Hong Kong | 0.000004% | 0.005 | 0.004 | – | | Meituan (3690.HK) | Cayman Islands | 0.0000003% | 0.001 | 0.003 | – | | JD.com, Inc. (9618.HK) | Cayman Islands | 0.0000006% | 0.002 | 0.002 | 0.0001 | 2025年6月30日集团持有之非上市股本证券 | Name | Place of Incorporation | Proportion of Capital Held in Investee Entity | Original Cost (HK$ million) | Fair Value (HK$ million) | Dividend Income for the Period (HK$ million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Kangzhan Investment Limited | Hong Kong | 14.7% | 54.05 | 5.29 | – | - **Kangzhan Investment Limited** is principally engaged in zinc and lead mining[149](index=149&type=chunk)[150](index=150&type=chunk) [Related Party/Connected Transactions](index=34&type=section&id=Related%20Party%2FConnected%20Transactions) During the period, the Group's transactions with related parties Prosperity Capital and Prosperity Securities Limited decreased, with investment management fees and financial advisory fees both falling to zero; total remuneration for directors and key management personnel also decreased 关连方/关连交易 | Name | Relationship | Nature of Transaction | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Prosperity Capital | Investment Manager of the Company | Investment management fee expenses | – | 240 | | Prosperity Securities Limited | Company controlled by the same entity as Prosperity Capital | Financial advisory fees for convertible notes | – | 40 | 董事和主要管理层薪酬 | Item | Six Months Ended June 30, 2025 (HK$ '000) | Six Months Ended June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Directors' emoluments | 1,400 | 1,400 | | Short-term employee benefits | 960 | 1,145 | | Contributions to retirement benefit schemes | 42 | 47 | | **Total** | **2,402** | **2,592** | [Fair Value Measurements of Financial Instruments](index=35&type=section&id=Fair%20Value%20Measurements%20of%20Financial%20Instruments) The Group's financial assets are measured across fair value hierarchy levels (Level 1, 2, 3); listed equity investments are Level 1, while unlisted equity investments are Level 3, with fair values estimated using discounted cash flow and not re-estimated during the period 金融资产公平值层级 | Metric | Level 1 (HK$ '000) | Level 2 (HK$ '000) | Level 3 (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | **As of June 30, 2025** | | | | | | Financial assets at fair value through profit or loss — listed equity investments | 80 | — | — | 80 | | Financial assets at fair value through other comprehensive income — unlisted equity investments | — | — | 5,293 | 5,293 | | **Total** | **80** | **—** | **5,293** | **5,373** | | **As of December 31, 2024** | | | | | | Financial assets at fair value through profit or loss — listed equity investments | 132 | — | — | 132 | | Financial assets at fair value through other comprehensive income — unlisted equity investments | — | — | 5,293 | 5,293 | | **Total** | **132** | **—** | **5,293** | **5,425** | - The fair value of unlisted equity investments is estimated using the discounted cash flow method, with key inputs including a discount rate of **20.96%**, projected annual production of **220,000 tonnes**, a projected selling price of **RMB2,007** per tonne, and a marketability discount of **20.50%**[166](index=166&type=chunk) - Consistent with the **2024** period, the fair value of unlisted equity investments was not adjusted at the period-end date; any adjustments will be made with auditor involvement on **December

Company Information This section provides fundamental information about Haina Intelligent Equipment International Holdings Limited, including its board members, committees, auditors, registered office, and stock details [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) This section outlines the basic information of Haina Intelligent Equipment International Holdings Limited, including its board members, committee compositions, company secretary, auditor, registered office, principal place of business, share registrar, principal bankers, stock code, and website - The Board of Directors includes Executive Directors Hong Yiyuan (Chairman and CEO), Zhang Zhixiong, Su Chengya, He Ziping, Non-executive Director Zheng Zhixiong, and Independent Non-executive Directors Chen Mingjie, Chen Minyi, Dr. Xia Anjun (Dr. Wang Fengxiang resigned on April 9, 2025, and Dr. Xia Anjun was appointed)[3](index=3&type=chunk) - The company's principal places of business are located in Wuli Science and Technology Industrial Park, Jinjiang Economic Development Zone, Jinjiang City, China, and Unit C, 21st Floor, Top Glory Centre, 373 King's Road, North Point, Hong Kong[4](index=4&type=chunk) - The company's stock code is **1645**, and its official website is www.haina-intelligent.com[6](index=6&type=chunk) Management Discussion and Analysis This section provides an overview of the company's business performance, future outlook, and financial results for the period [Business Review](index=5&type=section&id=Business%20Review) Haina Intelligent, as a manufacturer of automated machinery for disposable hygiene products, achieved steady growth in the first half of 2025 amidst a moderate economic recovery in China, driven by technological innovation and market expansion, with significant breakthroughs in production efficiency and energy consumption, and active expansion into overseas markets - The company's principal business is the design and manufacture of automated machinery for disposable hygiene products, including baby diapers, adult diapers, feminine sanitary napkins, and wet wipes[8](index=8&type=chunk) - The company operates three production bases in Jinjiang, Hangzhou, and Foshan, China, with a total construction area of approximately **130,000 square meters**, with part of the new Hangzhou production base completed and operational[9](index=9&type=chunk) - The company's sales network has expanded to over **14 overseas countries**, achieving significant sales growth and enhanced market penetration[10](index=10&type=chunk) - As of June 30, 2025, the company held **165 patents** in China[10](index=10&type=chunk) - The company achieved technological breakthroughs: the new generation high-speed smart diaper production line increased production speed by nearly **30%** (from 700 pieces/minute to 900 pieces/minute), with an estimated **30% reduction** in energy consumption per unit product; the full-servo panty liner production line increased capacity by nearly **150%** (from a maximum of 1,200 pieces/minute to 3,000 pieces/minute), with an estimated **60% reduction** in energy consumption per unit product[11](index=11&type=chunk) - The company prioritizes sustainable development as a core strategy, launching energy-efficient intelligent equipment and actively promoting green factory construction to deepen digital and green transformation[12](index=12&type=chunk) [Future Outlook](index=6&type=section&id=Future%20Outlook) Looking ahead to the second half of 2025, the company anticipates a promising outlook for the disposable hygiene products industry, focusing on enhancing R&D efficiency, expanding production capacity, deepening its global 'platformization' strategy, and strengthening risk management to address global economic uncertainties [Industry Outlook](index=6&type=section&id=Industry%20Outlook) Despite global economic uncertainties, the disposable hygiene products industry has an optimistic outlook, driven by an aging population, intelligent innovation upgrades, and increased hygiene awareness, with significant growth potential particularly in emerging markets - The global economy still faces uncertainties, but the disposable hygiene products industry has a promising outlook, driven by an aging population, intelligent innovation upgrades, and increased hygiene awareness[13](index=13&type=chunk) - Emerging markets (such as Asia, Africa, and South America) show particularly significant industry growth potential, accompanied by consumption upgrades and accelerated urbanization[13](index=13&type=chunk)[18](index=18&type=chunk) [Development Strategies](index=6&type=section&id=Development%20Strategies) The company will enhance R&D efficiency by establishing R&D centers and acquiring precision equipment; expand production capacity and provide integrated solutions by building new digital factories and increasing the self-sufficiency rate of core components; and deepen its global market strategy by increasing investment in emerging markets and enhancing brand exposure - The company will establish an R&D center, expected to be fully operational in the second half of 2025, to enhance R&D efficiency, shorten customized product development cycles, and optimize production line layout and intelligent manufacturing levels[14](index=14&type=chunk)[47](index=47&type=chunk) - R&D expenses (including capitalized expenses) for the period were approximately **RMB 15.1 million**, with the company continuously acquiring various precision manufacturing and automation equipment to strengthen R&D activities[14](index=14&type=chunk)[47](index=47&type=chunk) - Parts of the company's new digital factory have been delivered and put into use, and once fully operational, it will primarily engage in the design and production of automated machinery for disposable hygiene products, meeting customer demands and providing integrated solutions[15](index=15&type=chunk)[48](index=48&type=chunk) - The company will accelerate technological iteration and process upgrades, gradually increasing the self-sufficiency rate of core components to replace external procurement, thereby shortening procurement cycles, optimizing production processes, and integrating supporting equipment supply[17](index=17&type=chunk)[50](index=50&type=chunk) - The company will deeply advance its global 'platformization' strategy, increasing investment in emerging markets (such as Asia, Africa, and South America) and enhancing brand exposure and penetration through domestic and international media advertising and exhibitions[18](index=18&type=chunk) [Risks and Challenges](index=7&type=section&id=Risks%20and%20Challenges) The company faces challenges such as global economic uncertainties, raw material price fluctuations, and supply chain pressures, which it will address by strengthening risk management, optimizing supply chain layout, and improving operational efficiency - The company faces numerous challenges, including global economic uncertainties, raw material price fluctuations, and supply chain pressures[19](index=19&type=chunk) - To address risks, the company will strengthen risk management, optimize supply chain layout, and improve operational efficiency to ensure steady business growth[19](index=19&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) In the first half of 2025, the company's total revenue increased by **22.9%** to **RMB 224.2 million**, with a significant increase in profit after tax. Gross profit margin improved, but other income decreased, while selling and distribution costs, administrative expenses, and finance costs all increased. The company's capital structure remained sound, but the gearing ratio increased [Revenue](index=8&type=section&id=Revenue) Total revenue for the period was approximately **RMB 224.2 million**, a **22.9% year-on-year increase**, primarily driven by significant growth in sales of baby diaper machines and adult diaper machines, partially offset by reduced sales of feminine sanitary napkin machines, wet wipe machines, and parts and components Total Revenue Comparison | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 224,153 | 182,391 | Revenue by Product Type | Product Type | H1 2025 (Units) | H1 2025 (RMB thousands) | H1 2025 (%) | H1 2024 (Units) | H1 2024 (RMB thousands) | H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baby Diaper Machines | 15 | 115,800 | 52 | 11 | 78,121 | 43 | | Adult Diaper Machines | 6 | 81,897 | 37 | 9 | 61,031 | 33 | | Feminine Sanitary Napkin Machines | 2 | 9,401 | 4 | 5 | 20,605 | 11 | | Wet Wipe Machines | – | – | – | 4 | 3,468 | 2 | | Parts and Components | Not applicable | 17,055 | 7 | Not applicable | 19,166 | 11 | | **Total** | **23** | **224,153** | **100** | **29** | **182,391** | **100** | - As of June 30, 2025, the company had signed sales contracts with customers totaling approximately **RMB 242.2 million** for baby diaper machines, **RMB 137.7 million** for adult diaper machines, **RMB 46.4 million** for feminine sanitary napkin machines, and **RMB 1.7 million** for wet wipe machines[21](index=21&type=chunk) [Gross Profit and Gross Profit Margin](index=8&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit for the period increased by approximately **RMB 21.2 million** to **RMB 51.7 million**, with gross profit margin improving by **6.4 percentage points** to **23.1%**, primarily due to higher selling prices from upgraded technical configurations and a decrease in prices of major raw materials and components Changes in Gross Profit and Gross Profit Margin | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 51,651 | 30,533 | Increase of 21,118 (69.1%) | | Gross Profit Margin | 23.1% | 16.7% | Increase of 6.4 percentage points | - The increase in gross profit and gross profit margin was primarily due to (i) higher selling prices of machines sold resulting from upgraded technical configurations; and (ii) a decrease in prices of major raw materials and components[22](index=22&type=chunk) [Other Income](index=9&type=section&id=Other%20Income) Other income decreased by **49.0%** from approximately **RMB 5.1 million** in the prior period to approximately **RMB 2.6 million** in the current period, mainly due to reduced bond interest income and foreign exchange gains/losses Changes in Other Income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Income | 2,552 | 5,145 | - The decrease in other income was mainly attributable to reduced bond interest income and foreign exchange gains/losses during the period[24](index=24&type=chunk) [Selling and Distribution Costs](index=9&type=section&id=Selling%20and%20Distribution%20Costs) Selling and distribution costs increased by **37.7%** year-on-year to approximately **RMB 10.6 million**, primarily due to increased advertising expenses, consulting fees, exhibition travel expenses, and after-sales service fees Changes in Selling and Distribution Costs | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Selling and Distribution Costs | 10,584 | 7,708 | - The increase in selling and distribution costs was mainly due to increased advertising expenses, consulting fees, exhibition travel expenses, and after-sales service fees during the period[25](index=25&type=chunk) [Administrative and Other Operating Expenses](index=9&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses increased by **5.7%** year-on-year to approximately **RMB 35.1 million**, primarily due to increased R&D expenses, administrative staff salaries, and welfare benefits Changes in Administrative and Other Operating Expenses | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Administrative and Other Operating Expenses | 35,111 | 33,152 | - The increase in administrative and other operating expenses was mainly due to increased R&D expenses, administrative staff salaries, and welfare benefits during the period[26](index=26&type=chunk) [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs increased by **100.0%** year-on-year to approximately **RMB 1.4 million**, primarily due to increased bank borrowing interest Changes in Finance Costs | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Costs | 1,404 | 725 | - The increase in finance costs was mainly due to increased bank borrowing interest[27](index=27&type=chunk) [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense increased by **500.0%** year-on-year to approximately **RMB 0.6 million**, primarily due to increased taxable profits of the company's operating subsidiaries in China Changes in Income Tax Expense | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Income Tax Expense | 636 | 117 | - The increase in income tax expense was mainly due to increased taxable profits of the Group's operating subsidiaries in China during the period[28](index=28&type=chunk) [Profit Attributable to Owners of the Company](index=10&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) Profit attributable to owners of the company for the period was approximately **RMB 8.8 million**, compared to a loss of approximately **RMB 11.6 million** in the prior period, primarily benefiting from increased gross profit Changes in Profit (Loss) Attributable to Owners of the Company | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit (Loss) Attributable to Owners of the Company | 8,787 | (11,627) | - The increase in profit attributable to owners of the company was mainly due to increased gross profit[30](index=30&type=chunk) [Interim Dividend](index=10&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the period - The Board does not recommend the payment of an interim dividend for the period[10](index=10&type=chunk)[31](index=31&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's working capital primarily originates from internal resources and interest-bearing borrowings, with the current ratio maintained at approximately **0.7 times**. The company regularly monitors liquidity requirements to ensure sufficient cash reserves - The Group's working capital primarily originates from internal resources and interest-bearing borrowings[32](index=32&type=chunk) - As of June 30, 2025, the Group's current ratio was approximately **0.7 times** (December 31, 2024: approximately **0.7 times**)[32](index=32&type=chunk) - The Group's policy is to regularly monitor current and anticipated liquidity requirements to ensure it maintains sufficient cash reserves[34](index=34&type=chunk) [Capital Structure](index=10&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's capital structure comprised equity of approximately **RMB 269.6 million** and bank borrowings of approximately **RMB 308.7 million** Capital Structure Composition | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity | 269,610 | 265,967 | | Bank Borrowings | 308,737 | 281,037 | [Borrowings](index=10&type=section&id=Borrowings) As of June 30, 2025, total bank loans amounted to approximately **RMB 308.7 million**, an increase from the end of 2024 - As of June 30, 2025, the Group had bank loans of approximately **RMB 308.7 million** (December 31, 2024: approximately **RMB 281.0 million**)[36](index=36&type=chunk) Borrowings Composition | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Loans - Unsecured | 6,000 | 6,000 | | Bank Loans - Secured | 302,737 | 275,037 | | **Total** | **308,737** | **281,037** | Effective Interest Rate Range | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed-rate Borrowings | 2.00% to 3.65% | 2.00% to 3.30% | | Variable-rate Borrowings | 2.00% to 3.78% | 2.00% to 3.90% | [Gearing Ratio](index=11&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was approximately **117.7%**, an increase from **109.0%** at the end of 2024 Changes in Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 117.7% | 109.0% | [Capital Commitments](index=11&type=section&id=Capital%20Commitments) As of June 30, 2025, total capital expenditure commitments amounted to **RMB 65.9 million**, primarily for construction in progress and development of intangible assets, a decrease from the end of 2024 Capital Expenditure Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Construction in Progress | 38,178 | 61,261 | | Development of Intangible Assets | 27,679 | 27,679 | | **Total** | **65,857** | **88,940** | - The development project for the '5G+ Smart Equipment Operation and Maintenance Service Platform' was suspended in 2024 due to the platform's application not meeting expectations[40](index=40&type=chunk) [Contingent Liabilities](index=11&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - Save as disclosed elsewhere in this report, the Group had no significant contingent liabilities as of June 30, 2025 (December 31, 2024: nil)[41](index=41&type=chunk) [Foreign Exchange Risk Management](index=11&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group's monetary assets, liabilities, and transactions are primarily denominated in RMB, HKD, and USD, and no difficulties arose from exchange rate fluctuations during the period. The company has not entered into any foreign exchange derivative contracts but will regularly review and may consider hedging when appropriate - The Group's monetary assets, liabilities, and transactions are primarily denominated in **RMB**, **HKD**, and **USD**[42](index=42&type=chunk) - The Group did not enter into any foreign exchange derivative contracts to manage currency translation risk during the period but will continue to regularly review its foreign exchange risk and may consider using financial instruments for hedging when appropriate[42](index=42&type=chunk)[43](index=43&type=chunk) [Human Resources](index=12&type=section&id=Human%20Resources) As of June 30, 2025, the Group had approximately **563 employees**, with staff costs of approximately **RMB 36.1 million**. Remuneration policy is based on performance, experience, and market conditions, with discretionary bonuses provided - As of June 30, 2025, the Group employed a total of approximately **563 employees** in Hong Kong and China (June 30, 2024: approximately **529 employees**)[44](index=44&type=chunk) - During the period, staff costs (including directors' emoluments) were approximately **RMB 36.1 million** (prior period: approximately **RMB 31.0 million**)[44](index=44&type=chunk) - Remuneration is determined based on employees' performance, professional experience, and prevailing market conditions, with discretionary bonuses distributed as incentives[44](index=44&type=chunk) [Pledge of the Group's Assets](index=12&type=section&id=Pledge%20of%20the%20Group's%20Assets) As of June 30, 2025, the Group pledged land use rights, buildings, and construction in progress, along with personal guarantees provided by controlling shareholders, to support bank credit facilities - As of June 30, 2025, secured bank deposits were jointly guaranteed by the Group's land use rights of approximately **RMB 41.1 million**, buildings of approximately **RMB 48.5 million**, and construction in progress of approximately **RMB 343.2 million** at their total net book value[125](index=125&type=chunk) - Mr. Hong Yiyuan, one of the controlling shareholders, provided a personal guarantee of approximately **RMB 10.0 million**[125](index=125&type=chunk) [Material Investments, Acquisitions and Disposals](index=12&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) During the period, the Group had no material investments, acquisitions, or disposals - During the period, the Group had no material investments, acquisitions, or disposals[46](index=46&type=chunk) [Future Plans for Material Investments and Capital Assets](index=12&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group plans to continue advancing the construction of its R&D center and new digital factory to enhance R&D efficiency, expand production capacity, optimize production line layout, and gradually increase the self-sufficiency rate of core components, aiming for integrated solutions and green factory objectives - The main structure of the R&D center has been progressively topped out and is expected to be completed in the second half of 2025, which will optimize production line layout and intelligent manufacturing standards, enhancing production precision and speed[47](index=47&type=chunk) - The new digital factory saw partial delivery and use by the end of 2024, with the remaining areas in the final stages of completion; once fully operational, it will meet customer demand for automated packaging equipment, provide integrated solutions, and promote green factory construction[48](index=48&type=chunk) - The Group will gradually produce and process components for its machinery in the future, replacing the previous external procurement model, thereby accelerating component supply management and technological process upgrades[50](index=50&type=chunk) [Events After Reporting Period](index=13&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, Jinjiang Haina faces a civil lawsuit seeking approximately **RMB 3.2 million** in contract payments and approximately **RMB 1.0 million** in damages from a service provider, currently in the early stages of legal proceedings - In July 2025, a service provider of Jinjiang Haina filed a civil lawsuit with the Jinjiang City People's Court in Fujian Province, claiming approximately **RMB 3,218,000** in unpaid contract amounts and approximately **RMB 965,000** in damages from Jinjiang Haina for the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform'[138](index=138&type=chunk) - As of the date of this report, the claim is still in the early stages of legal proceedings, and the Directors believe that no further provision for the claim is required as of June 30, 2025[138](index=138&type=chunk) Corporate Governance and Other Information This section details the company's adherence to corporate governance codes, directors' and major shareholders' interests, and share option schemes [Compliance with Corporate Governance Code](index=14&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has adopted the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are held by the same individual, deviating from Code Provision C.2.1. The Board believes this arrangement ensures consistent leadership and efficiency and will review it periodically - The company has adopted the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the period[54](index=54&type=chunk) - Mr. Hong Yiyuan, the Chairman and Chief Executive Officer of the company, currently holds both positions, which deviates from Code Provision C.2.1 of the Corporate Governance Code[54](index=54&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer ensures consistent leadership within the Group, making the Group's overall strategic planning more effective and efficient[54](index=54&type=chunk) [Compliance with Model Code](index=14&type=section&id=Compliance%20with%20Model%20Code) The company has adopted the Model Code as set out in Appendix C3 of the Listing Rules, and all Directors confirmed full compliance with the code during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its code of conduct for Directors' securities transactions[55](index=55&type=chunk) - Following specific enquiries made to all Directors, all Directors confirmed that they had fully complied with the required standards set out in the Model Code during the period[55](index=55&type=chunk) [Audit Committee](index=14&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors and one non-executive director, with Ms. Chen Minyi, the Chairwoman, possessing professional accounting qualifications. The Committee has reviewed the interim financial information and deemed it compliant with applicable accounting standards and disclosure requirements - The Audit Committee comprises three independent non-executive directors (Mr. Chen Mingjie, Dr. Xia Anjun, and Ms. Chen Minyi) and one non-executive director (Mr. Zheng Zhixiong)[56](index=56&type=chunk) - The Chairwoman of the Audit Committee is Ms. Chen Minyi, who possesses the appropriate professional accounting qualifications and financial management expertise as required by the Listing Rules[56](index=56&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial information for the period and is of the opinion that these statements have been prepared in accordance with applicable accounting standards, the requirements of the Listing Rules, and other applicable legal requirements, and that adequate disclosures have been made[56](index=56&type=chunk) [Purchase, Sale or Redemption of Shares](index=14&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[57](index=57&type=chunk) - As of June 30, 2025, the company held no treasury shares[57](index=57&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=15&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Directors including Hong Yiyuan, Zhang Zhixiong, Su Chengya, He Ziping, and Zheng Zhixiong held interests in the company's shares through controlled corporations and share options, with controlling shareholders collectively deemed to hold **61.92%** equity Directors' Interests in the Company's Shares | Director's Name | Capacity | Number of Shares (excluding equity derivatives) | Number of Underlying Shares held under Share Option Scheme | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Hong Yiyuan | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. Zhang Zhixiong | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. Su Chengya | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. He Ziping | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. Zheng Zhixiong | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Interest held jointly with other persons | – | 10,000,000 | 1.77% | - Pursuant to the confirmation of acting in concert, Mr. Hong, Mr. Zhang, Mr. Su, Mr. He, Mr. Zheng, and Well Fame International are parties acting in concert and are collectively deemed to be interested in **61.92%** of the company's issued share capital[59](index=59&type=chunk) [Interests of Major Shareholders](index=16&type=section&id=Interests%20of%20Major%20Shareholders) As of June 30, 2025, Well Fame International, as a major shareholder, directly held **61.92%** equity in the company and was deemed to hold **1.77%** equity related to share options due to the acting in concert agreement Major Shareholders' Interests | Name | Capacity | Number of Shares/Underlying Shares held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Well Fame International | Beneficial owner | 349,188,000 | 61.92% | | | Interest held jointly with other persons | 10,000,000 | 1.77% | - Well Fame International is beneficially and legally owned by Mr. Hong, Mr. Zhang, Mr. Su, Mr. He, and Mr. Zheng, with **46.84%**, **26.13%**, **19.64%**, **6.31%**, and **1.08%** interests, respectively[62](index=62&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on May 8, 2020, to incentivize and retain talent. No share options were granted or exercised during the period, and as of June 30, 2025, the number of share options available for grant under the scheme was **32,400,000** - The company adopted a share option scheme on May 8, 2020, to provide incentives or rewards for participants' contributions to the Group and/or to enable the Group to recruit and retain outstanding employees[127](index=127&type=chunk) - The share option scheme is valid and effective for **ten years** from the date of adoption[127](index=127&type=chunk) - During the period, no share options were granted or exercised. As of June 30, 2025, the number of share options available for grant under the share option scheme was **32,400,000**[64](index=64&type=chunk) - On May 21, 2021, the company granted a total of **14,000,000** share options to certain eligible participants, with an exercise price of **HKD 1.14** per company share, of which **10,000,000** were granted to executive directors and **4,000,000** to certain employees of the Group[129](index=129&type=chunk) [Update on Directors' Information Pursuant to Rule 13.51B(1) of the Listing Rules](index=17&type=section&id=Update%20on%20Directors'%20Information%20Pursuant%20to%20Rule%2013.51B(1)%20of%20the%20Listing%20Rules) Save as disclosed elsewhere in this report and in the announcement published on April 9, 2025, there were no other updates on Directors' information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules during the period - Save as disclosed elsewhere in this report and in the announcement published by the company on April 9, 2025, there was no other information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules during the period[65](index=65&type=chunk) Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income In the first half of 2025, the company achieved revenue of **RMB 224.2 million**, a **22.9% year-on-year increase**, turning a loss into a profit, recording a profit for the period of **RMB 7.3 million**, compared to a loss of **RMB 13.6 million** in the prior period. Basic earnings per share were **1.56 RMB cents** Key Financial Data for H1 2025 (Profit or Loss Statement) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 224,153 | 182,391 | | Cost of Sales | (172,502) | (151,858) | | Gross Profit | 51,651 | 30,533 | | Other Income | 2,552 | 5,145 | | Selling and Distribution Costs | (10,584) | (7,708) | | Administrative and Other Operating Expenses | (35,111) | (33,152) | | Finance Costs | (1,404) | (725) | | Profit (Loss) Before Tax | 7,913 | (13,438) | | Income Tax Expense | (636) | (117) | | Profit (Loss) for the Period | 7,277 | (13,555) | | Profit (Loss) Attributable to Owners of the Company | 8,787 | (11,627) | | Basic Earnings (Loss) Per Share | 1.56 RMB cents | (2.06) RMB cents | Unaudited Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were **RMB 924.5 million**, comprising non-current assets of approximately **RMB 474.9 million** and current assets of approximately **RMB 449.6 million**. Net current liabilities amounted to **RMB 198.6 million**, and total equity was **RMB 269.6 million** Key Financial Data as of June 30, 2025 (Statement of Financial Position) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 474,907 | 448,180 | | Current Assets | 449,560 | 423,679 | | **Total Assets** | **924,467** | **871,859** | | Current Liabilities | 648,148 | 598,508 | | Non-current Liabilities | 6,709 | 7,384 | | **Total Liabilities** | **654,857** | **605,892** | | Net Current Liabilities | (198,588) | (174,829) | | Net Assets | 269,610 | 265,967 | | Total Equity | 269,610 | 265,967 | - Key assets include property, plant and equipment of approximately **RMB 468.1 million**, inventories of approximately **RMB 243.4 million**, and trade and other receivables of approximately **RMB 159.4 million**[68](index=68&type=chunk) - Key liabilities include trade and other payables of approximately **RMB 335.1 million**, and interest-bearing borrowings of approximately **RMB 308.7 million**[68](index=68&type=chunk) Unaudited Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, total equity attributable to owners of the company was **RMB 270.7 million**, an increase from **RMB 266.4 million** as of January 1, 2025, primarily due to the contribution from profit for the period, partially offset by exchange losses Changes in Equity Attributable to Owners of the Company | Metric | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 266,426 | 270,679 | - Profit for the period of **RMB 8,787 thousand** was recognized in accumulated profits, contributing to equity growth[71](index=71&type=chunk) - Total other comprehensive loss for the period was **RMB 4,655 thousand**, mainly from exchange differences, partially offsetting the equity growth[71](index=71&type=chunk) Unaudited Condensed Consolidated Statement of Cash Flows In the first half of 2025, net cash generated from operating activities was **RMB 27.4 million**, net cash used in investing activities was **RMB 54.8 million**, and net cash generated from financing activities was **RMB 24.9 million**. Cash and cash equivalents at the end of the period amounted to **RMB 29.0 million** H1 2025 Cash Flow Overview | Activity Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated From (Used In) Operating Activities | 27,437 | (14,552) | | Net Cash Used In Investing Activities | (54,800) | (100,302) | | Net Cash Generated From Financing Activities | 24,899 | 127,969 | | Net (Decrease) Increase in Cash and Cash Equivalents | (2,464) | 13,115 | | Cash and Cash Equivalents at End of Reporting Period | 29,013 | 69,018 | - Cash flow from operating activities shifted from an outflow in the prior period to an inflow, primarily benefiting from improved profit before tax and changes in working capital[72](index=72&type=chunk) - In financing activities, new bank borrowings amounted to **RMB 82.5 million**, and bank borrowings repaid were **RMB 54.8 million**[74](index=74&type=chunk) Notes to the Unaudited Condensed Consolidated Financial Statements This section provides detailed notes to the unaudited condensed consolidated financial statements, covering general information, basis of preparation, accounting policies, segment information, and specific financial items [1. General Information](index=24&type=section&id=1.%20General%20Information) Haina Intelligent was incorporated in the Cayman Islands, with its principal business being investment holding, and its subsidiaries in China are engaged in the design and production of automated machinery for disposable hygiene products. The ultimate controlling parties are the controlling shareholders, including Hong Yiyuan - The company was incorporated as an exempted company in the Cayman Islands under the Companies Act on December 20, 2017, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 3, 2020[75](index=75&type=chunk) - The company's principal business is investment holding. The Group is primarily engaged in the design and production of automated machinery for disposable hygiene products in the People's Republic of China[76](index=76&type=chunk) - The Directors consider Well Fame International Limited to be the immediate and ultimate holding company, and the ultimate controlling parties to be Mr. Hong Yiyuan, Mr. Zhang Zhixiong, Mr. Su Chengya, Mr. He Ziping, and Mr. Zheng Zhixiong (collectively referred to as the 'Controlling Shareholders')[76](index=76&type=chunk) [2. Basis of Preparation](index=24&type=section&id=2.%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, presented in RMB, and based on historical cost. Company management assessed that, based on future cash flow forecasts and credit commitments, the Group will prepare its financial statements on a going concern basis - The Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, have been 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 provisions of the Rules Governing the Listing of Securities on the Stock Exchange[77](index=77&type=chunk) - The interim financial statements are presented in **RMB**, and all amounts are rounded to the nearest thousand[78](index=78&type=chunk) - As of June 30, 2025, the Group recorded net current liabilities of approximately **RMB 198,588,000**. The Directors believe that the Group will have sufficient working capital to finance its normal operations and meet its liabilities falling due within twelve months from the end of the reporting period, and thus the financial statements are prepared on a going concern basis[81](index=81&type=chunk) [3. Adoption of New/Revised Hong Kong Financial Reporting Standards](index=25&type=section&id=3.%20Adoption%20of%20New%2FRevised%20Hong%20Kong%20Financial%20Reporting%20Standards) During the period, the Group first adopted the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability', which had no significant impact on financial position or performance. The Directors anticipate that new standards adopted in the future will also have no material impact - During the current interim period, the Group has first adopted new/revised Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, including the amendment to Hong Kong Accounting Standard 21 'Lack of Exchangeability'[82](index=82&type=chunk) - The adoption of new/revised Hong Kong Financial Reporting Standards during the current period had no significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures contained in the interim financial statements[83](index=83&type=chunk) [4. Segment Information](index=25&type=section&id=4.%20Segment%20Information) The Group manages its overall business as a single operating segment, which is the design and production of automated machinery for disposable hygiene products. Geographical revenue indicates that Mainland China remains the primary market, but South Asia, South America, and East Africa markets showed significant growth [Geographical Information](index=26&type=section&id=Geographical%20Information) The Group's revenue from external customers primarily originated from Mainland China, but revenue from South Asia, South America, and East Africa markets achieved substantial growth in the first half of 2025. Non-current assets are mainly located in Mainland China Revenue from External Customers (by Geographical Location) | Region | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 97,751 | 109,823 | | Southeast Asia | 47,153 | 54,345 | | South Asia | 40,526 | 33 | | South America | 22,073 | 7,509 | | Central Asia | 6,576 | 10,649 | | East Africa | 5,879 | – | | West Asia | 3,755 | – | | Others | 440 | 32 | | **Total** | **224,153** | **182,391** | Non-current Assets (by Geographical Location) | Region | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 472,667 | 445,835 | | Hong Kong | 66 | 171 | | **Total** | **472,733** | **446,006** | [Information About Major Customers](index=27&type=section&id=Information%20About%20Major%20Customers) In the first half of 2025, Customer A contributed **RMB 23.7 million** in revenue, accounting for over **10%** of total revenue Major Customer Revenue | Customer | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Customer A | 23,725 | – | [5. Revenue](index=28&type=section&id=5.%20Revenue) Revenue primarily derived from machine sales (baby diapers, adult diapers, feminine sanitary napkins, wet wipes) and parts and components sales. Total revenue for the first half of 2025 was **RMB 224.2 million**, a **22.9%** increase from the prior period Revenue Composition | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Baby Diaper Machines | 115,800 | 78,121 | | Adult Diaper Machines | 81,897 | 61,031 | | Feminine Sanitary Napkin Machines | 9,401 | 20,605 | | Wet Wipe Machines | – | 3,468 | | Parts and Components Sales | 17,055 | 19,166 | | **Total** | **224,153** | **182,391** | - During the current and prior periods, the amount of revenue recognized that was included in contract liabilities at the beginning of each reporting period was approximately **RMB 55.3 million** and **RMB 50.5 million**, respectively[93](index=93&type=chunk) [6. Other Income](index=28&type=section&id=6.%20Other%20Income) Other income primarily includes government grants, scrap sales, and bank interest income. Other income for the first half of 2025 was **RMB 2.6 million**, a **49.0%** decrease from the prior period, mainly due to reduced bond interest income and foreign exchange gains Other Income Details | Income Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Interest Income | 184 | 340 | | Interest Income from Debt Instruments | – | 1,341 | | Net Foreign Exchange Gains | – | 1,350 | | Government Grants | 544 | 380 | | Additional Input VAT Deduction | 268 | – | | Scrap Sales | 731 | 607 | | Others | 825 | 1,127 | | **Total** | **2,552** | **5,145** | - Government grants primarily refer to unconditional grants provided by Fujian provincial government authorities[94](index=94&type=chunk) - Jinjiang Haina Machinery Co., Ltd. and Hangzhou Haina Machinery Co., Ltd. qualify for a **5%** additional input VAT deduction as advanced manufacturing enterprises[94](index=94&type=chunk) [7. Profit (Loss) Before Tax](index=29&type=section&id=7.%20Profit%20(Loss)%20Before%20Tax) Profit before tax for the first half of 2025 was **RMB 7.9 million**, compared to a loss of **RMB 13.4 million** in the prior period. This section details the composition of finance costs, staff costs, and other items [7(a) Finance Costs](index=29&type=section&id=7(a)%20Finance%20Costs) Total finance costs amounted to **RMB 4.5 million**, including bank borrowing interest of **RMB 4.4 million** and finance costs on lease liabilities of **RMB 0.2 million**, with a portion capitalized to construction in progress Finance Costs Details | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 4,366 | 2,334 | | Finance costs on lease liabilities | 181 | 373 | | **Total** | **4,547** | **2,707** | | Less: Interest on bank borrowings capitalized to construction in progress | (3,143) | (1,982) | | **Net Finance Costs** | **1,404** | **725** | [7(b) Staff Costs](index=29&type=section&id=7(b)%20Staff%20Costs) Total staff costs amounted to **RMB 36.1 million**, primarily comprising salaries, allowances, discretionary bonuses, and other benefits in kind, as well as contributions to defined contribution plans Staff Costs Details | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, allowances, discretionary bonuses and other benefits in kind | 30,680 | 26,901 | | Equity-settled share-based payment expenses | 121 | 280 | | Contributions to defined contribution plans | 5,323 | 3,812 | | **Total** | **36,124** | **30,993** | [7(c) Other Items](index=29&type=section&id=7(c)%20Other%20Items) Other items include cost of inventories, auditor's remuneration, amortization of intangible assets, depreciation of property, plant and equipment, foreign exchange gains/losses, short-term lease payments, and R&D expenses Other Items Details | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories | 172,502 | 151,858 | | Auditor's remuneration | 196 | 194 | | Amortisation of intangible assets | 2,095 | 2,703 | | Depreciation of property, plant and equipment (net) | 6,376 | 7,550 | | Net foreign exchange losses (gains) | 573 | (1,350) | | Research and development expenses | 15,108 | 13,920 | [8. Income Tax Expense](index=30&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense for the first half of 2025 was **RMB 0.6 million**, a significant increase from the prior period. Chinese operating entities are subject to a **25%** corporate income tax rate, but high-tech enterprises can enjoy a preferential rate of **15%**. Hong Kong profits tax is calculated under a two-tiered system Income Tax Expense Details | Tax Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC corporate income tax - current period | 352 | 117 | | Hong Kong profits tax - current period | 284 | – | | **Income Tax Expense for the Period** | **636** | **117** | - Entities established by the Group in China are subject to PRC corporate income tax at a statutory rate of **25%**, while Jinjiang Haina, Hangzhou Haina, and Jinjiang Haijia Intelligent Equipment Co., Ltd. are recognized as high-tech enterprises and are entitled to a preferential tax rate of **15%**[97](index=97&type=chunk) - During the period, Hong Kong profits tax was calculated under a two-tiered profits tax system, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and profits above that at **16.5%**[98](index=98&type=chunk) [9. Dividends](index=30&type=section&id=9.%20Dividends) The Board has resolved not to declare an interim dividend for the period - The Board has resolved not to declare an interim dividend for the period (prior period: nil)[100](index=100&type=chunk) [10. Earnings (Loss) Per Share](index=31&type=section&id=10.%20Earnings%20(Loss)%20Per%20Share) Basic earnings per share for the first half of 2025 were **1.56 RMB cents**, compared to a loss per share of **2.06 RMB cents** in the prior period. Diluted earnings per share were the same as basic earnings per share Earnings (Loss) Per Share | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and Diluted Earnings (Loss) Per Share | 1.56 | (2.06) | - The weighted average number of ordinary shares used in the calculation of basic earnings (loss) per share was **563,976 thousand shares**[102](index=102&type=chunk) - Diluted earnings (loss) per share were the same as basic earnings (loss) per share for the current and prior periods because there was no assumption of the exercise of the company's share options in calculating diluted earnings (loss) per share[102](index=102&type=chunk) [11. Property, Plant and Equipment](index=31&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) During the period, property, plant and equipment purchases amounted to approximately **RMB 34.3 million**, and right-of-use assets of approximately **RMB 1.6 million** were recognized. The Hangzhou production facility previously faced impairment losses due to market competition - During the period, the Group purchased property, plant and equipment (excluding right-of-use assets) of approximately **RMB 34,322,000**[103](index=103&type=chunk) - During the period, the Group recognized right-of-use assets of approximately **RMB 1,578,000** by incurring lease liabilities[103](index=103&type=chunk) - In the prior period, in view of the intense market competition faced by the Group's Hangzhou production facility, which led to reduced revenue and continuous operating losses, the Group's management considered that there were indications of impairment for the property, plant and equipment allocated to Hangzhou Haina, and an impairment loss of approximately **RMB 1,705,000** was recognized[104](index=104&type=chunk) [12. Trade and Other Receivables](index=32&type=section&id=12.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to **RMB 159.4 million**, with net trade receivables of **RMB 87.8 million**. The company generally grants customers a credit period of up to **30 days** and holds certain retention monies [12(a) Trade Receivables](index=32&type=section&id=12(a)%20Trade%20Receivables) As of June 30, 2025, net trade receivables amounted to **RMB 87.8 million**. The company generally grants customers a credit period of up to **30 days** and holds certain retention monies to be collected after the warranty period expires Net Trade Receivables | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Trade Receivables | 87,826 | 55,613 | - The Group generally grants its customers a credit period of up to **30 days** from the invoice date. Trade receivables include a portion of contract amounts retained by customers, payable upon the expiry of the Group's product warranty period (generally **12 months** from customer acceptance of the machinery)[106](index=106&type=chunk) Ageing Analysis of Trade Receivables (net of provision for expected credit losses) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 39,565 | 3,278 | | 31 to 60 days | 6,653 | 6,054 | | 61 to 90 days | 1,997 | 4,665 | | 91 to 180 days | 14,917 | 11,273 | | 181 to 365 days | 12,995 | 19,544 | | Over 365 days | 12,035 | 11,328 | | **Total** | **88,162** | **56,142** | [12(b) Bills Receivable](index=34&type=section&id=12(b)%20Bills%20Receivable) As of June 30, 2025, bills receivable amounted to **RMB 0.3 million**, are interest-free, guaranteed by PRC banks, and have maturity dates of less than one year - As of June 30, 2025, bills receivable were interest-free, guaranteed by PRC banks, and had maturity dates of less than one year[109](index=109&type=chunk) Bills Receivable Amount | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills Receivable | 336 | 529 | [12(c) Consideration Receivable](index=34&type=section&id=12(c)%20Consideration%20Receivable) As of June 30, 2025, consideration receivable amounted to **RMB 2.3 million**, representing the final installment payment for the disposal of unlisted equity instruments - As of June 30, 2025, consideration receivable refers to the final installment payment, before expected credit losses, with a carrying amount of **HKD 2,500,000** (equivalent to approximately **RMB 2,280,000**) for the disposal of unlisted equity instruments to an independent third party for a total consideration of **HKD 14,200,000** during the year ended December 31, 2022, as the investment no longer met the Group's investment objectives[110](index=110&type=chunk) [13. Debt Instruments Measured at Amortized Cost](index=34&type=section&id=13.%20Debt%20Instruments%20Measured%20at%20Amortized%20Cost) As of June 30, 2025, the balance of debt instruments measured at amortized cost was nil, as a full provision for expected credit losses had been made. The company has issued legal letters to the issuer and guarantor demanding repayment of the outstanding bond principal and interest Debt Instruments Measured at Amortized Cost | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Unlisted debt instruments, unsecured | – | 871 | | Less: Provision for expected credit losses | (31,912) | (31,939) | | **Net Amount** | **–** | **871** | - The company entered into a subscription agreement with Penggao Holdings Group Limited to subscribe for bonds with a principal amount of **HKD 40,000,000** (equivalent to approximately **RMB 33,248,000**), with the maturity date extended to July 25, 2023, and the annual interest rate revised to **8%**, guaranteed by an independent third party[111](index=111&type=chunk)[112](index=112&type=chunk) - On August 1, 2025, the company issued a statutory demand requiring the issuer to repay the outstanding principal of **HKD 35,000,000** (equivalent to approximately **RMB 31,912,000**) and related accrued interest of approximately **HKD 3,588,000** (equivalent to approximately **RMB 3,271,000**) as of July 31, 2025[115](index=115&type=chunk) [14. Trade and Other Payables](index=35&type=section&id=14.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **RMB 335.1 million**, primarily comprising trade payables, bills payable, contract liabilities, and payables for construction in progress [14(a) Trade Payables](index=36&type=section&id=14(a)%20Trade%20Payables) As of June 30, 2025, trade payables amounted to **RMB 84.4 million**, are interest-free, and generally have a credit period of up to **180 days** Trade Payables | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 84,416 | 87,953 | - Trade payables are interest-free, and the Group is generally granted a credit period of up to **180 days**[117](index=117&type=chunk) Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 56,680 | 54,441 | | 31 to 60 days | 7,394 | 10,132 | | 61 to 90 days | 6,086 | 9,865 | | 91 to 180 days | 7,670 | 8,312 | | 181 to 365 days | 2,748 | 2,404 | | Over 365 days | 3,838 | 2,799 | | **Total** | **84,416** | **87,953** | [14(b) Accruals and Other Payables](index=36&type=section&id=14(b)%20Accruals%20and%20Other%20Payables) As of June 30, 2025, accruals and other payables included approximately **RMB 2.9 million** related to the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform' - As of June 30, 2025, and December 31, 2024, the balance of accruals and other payables included approximately **RMB 2,915,000**, which was related to the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform'[119](index=119&type=chunk) [15. Interest-bearing Borrowings](index=36&type=section&id=15.%20Interest-bearing%20Borrowings) As of June 30, 2025, total interest-bearing borrowings amounted to **RMB 308.7 million**, primarily secured bank loans. The borrowings are jointly secured by land use rights, buildings, construction in progress, and personal guarantees from controlling shareholders Total Interest-bearing Borrowings | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Loans - Unsecured | 6,000 | 6,000 | | Bank Loans - Secured | 302,737 | 275,037 | | **Total** | **308,737** | **281,037** | Maturity Analysis of Interest-bearing Borrowings | Maturity | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within one year | 52,289 | 65,851 | | Over one year but within two years | 12,096 | 13,288 | | Over two years but within five years | 33,154 | 28,336 | | Over five years | 210,006 | 174,754 | | **Total** | **308,737** | **281,037** | - Secured bank deposits are jointly guaranteed by the Group's land use rights of approximately **RMB 41.1 million**, buildings of approximately **RMB 48.5 million**, and construction in progress of approximately **RMB 343.2 million** at their total net book value, and a personal guarantee of approximately **RMB 10.0 million** provided by Mr. Hong Yiyuan, one of the controlling shareholders[123](index=123&type=chunk)[125](index=125&type=chunk) [16. Share Capital](index=38&type=section&id=16.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was **2,000,000,000 shares** of **HKD 0.01** each, with issued and fully paid share capital of **563,976,000 shares**, equivalent to **RMB 5.1 million** Share Capital Composition | Metric | Number of Shares | HKD | Equivalent RMB thousands | | :--- | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.01 each) | 2,000,000,000 | 20,000,000 | 10,695 | | Issued and fully paid share capital (ordinary shares of HKD 0.01 each) | 563,976,000 | 5,639,760 | 5,088 | [17. Share-based Payments](index=39&type=section&id=17.%20Share-based%20Payments) The company adopted a share option scheme on May 8, 2020, to incentivize employees. On May 21, 2021, **14,000,000** share options were granted with an exercise price of **HKD 1.14**. Share-based payment expenses of approximately **RMB 0.1 million** were recognized during the period - Pursuant to the company's general meeting on May 8, 2020, a share option scheme was approved and adopted to provide incentives or rewards for participants' contributions to the Group and/or to enable the Group to recruit and retain outstanding employees[127](index=127&type=chunk) - On May 21, 2021, the company granted a total of **14,000,000** share options to certain eligible participants, with an exercise price of **HKD 1.14** per company share, of which **10,000,000** were granted to the company's executive directors and **4,000,000** to certain employees of the Group[129](index=129&type=chunk) - During the period, the Group recognized equity-settled share-based payment expenses of approximately **RMB 121,000** (prior period: approximately **RMB 280,000**)[132](index=132&type=chunk) [18. Related Party/Connected Transactions](index=41&type=section&id=18.%20Related%20Party%2FConnected%20Transactions) This section discloses the Group's key management personnel compensation and material purchase and sales transactions with related parties (companies controlled by relatives of controlling shareholders or ultimate controlling parties) [18(a) Related Party Transactions](index=41&type=section&id=18(a)%20Related%20Party%20Transactions) During the current and prior periods, there were no other related party transactions apart from those disclosed elsewhere - Save as disclosed elsewhere in the interim financial statements, the Group had the following transactions with related parties: during the current and prior periods, there were no other related party transactions[133](index=133&type=chunk) [18(b) Compensation of the Group's Key Management Personnel](index=42&type=section&id=18(b)%20Compensation%20of%20the%20Group's%20Key%20Management%20Personnel) Total compensation for the Group's key management personnel (including Directors) amounted to **RMB 1.3 million**, primarily comprising salaries, discretionary bonuses, and share-based payment expenses Compensation of the Group's Key Management Personnel | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, allowances and benefits | 560 | 553 | | Discretionary bonuses | 540 | 546 | | Share-based payment expenses | 85 | 200 | | Contributions to defined contribution plans | 146 | 143 | | **Total** | **1,331** | **1,442** | [18(c) Connected Transactions](index=42&type=section&id=18(c)%20Connected%20Transactions) The Group engaged in material purchase and sales transactions with connected parties such as Hengqin Machinery, Shengrong Machinery, Guangdong Aimeigao, and Foshan Houdao, which are ultimately controlled by relatives of controlling shareholders or controlling shareholders of Aopusi Purchase of Materials from Connected Persons | Connected Person | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Jinjiang Hengqin Machinery Industry and Trade Co., Ltd. | 1,885 | 2,817 | | Jinjiang Shengrong Machinery Equipment Co., Ltd. | 1,180 | 653 | | Guangdong Aimeigao Intelligent Equipment Co., Ltd. | 742 | 1,062 | | Foshan Houdao Packaging Equipment Co., Ltd. | 351 | – | - Sales of materials to Guangdong Aimeigao Intelligent Equipment Co., Ltd.: **RMB 28 thousand** in H1 2025 (H1 2024: **RMB 912 thousand**)[135](index=135&type=chunk) - Hengqin Machinery is wholly owned by three relatives of one of the company's controlling shareholders; Shengrong Machinery is wholly owned by one relative of one of the company's controlling shareholders; Guangdong Aimeigao and Foshan Houdao are ultimately controlled by the controlling shareholders of Aopusi Intelligent Packaging System (Foshan) Co., Ltd.[139](index=139&type=chunk) [19. Commitments](index=43&type=section&id=19.%20Commitments) As of June 30, 2025, the Group's total capital expenditure commitments amounted to **RMB 65.9 million**, primarily for construction in progress and development of intangible assets Capital Expenditure Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Construction in Progress | 38,178 | 61,261 | | Development of Intangible Assets | 27,679 | 27,679 | | **Total** | **65,857** | **88,940** | [20. Events After Reporting Period](index=43&type=section&id=20.%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, Jinjiang Haina faces a civil lawsuit seeking approximately **RMB 3.2 million** in contract payments and approximately **RMB 1.0 million** in damages from a service provider, currently in the early stages of legal proceedings - In July 2025, a service provider of Jinjiang Haina filed a civil lawsuit with the Jinjiang City People's Court in Fujian Province, claiming approximately **RMB 3,218,000** in unpaid contract amounts and approximately **RMB 965,000** in damages from Jinjiang Haina for the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform'[138](index=138&type=chunk) - As of the date of this report, the claim is still in the early stages of legal proceedings, and the Directors believe that no further provision for the claim is required as of June 30, 2025[138](index=138&type=chunk)

VISION 願景 Strive to become China's leading environmentally friendly paper packaging enterprise 致力成為 中國領先環保紙類包裝企業 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Chairman's Statement | 董事長報告 | 6 | | Financial Highlights | 財務摘要 | 13 | | Condensed Consolidated Statement of | 簡明綜合損益及其他 | 15 | | Profit or Loss and Other | 全面收益表 | | | Comprehensive Income | | | | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | 16 | | Financial Position | | | | Condensed Consolidated Statement of | 簡明綜合權益變 ...