香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA SMARTER ENERGY GROUP HOLDINGS LIMITED 中 國 智 慧 能 源 集 團 控 股 有 限 公 司 * （於 百 慕 達 註 冊 成 立 之 有 限 公 司 （股份代號：1004） 截至二零二四年十二月三十一日止年度之 全年業績公告 中國智慧能源集團控股有限公司（「本公司」）董事會（「董事會」）公佈，本公司及 其附屬公司（統稱「本集團」）截至二零二四年十二月三十一日止年度之經審核綜 合業績。本公告列載本公司2024年報全文，並符合香港聯合交易所有限公司（「聯 交所」）證券上市規則內有關全年業績初步公告須附載資料的要求。本公司2024年 報的印刷版本將於二零二五年十月上旬寄發予已選擇收取印刷版本的本公司股東， 並可於其時在香港交易及結算所有限公司的網站(www.hkexnews.hk)及本公司的網 站(www.cse1004.com)閱覽。 繼續暫停買賣 應本公司之 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA SMARTER ENERGY GROUP HOLDINGS LIMITED 中 國 智 慧 能 源 集 團 控 股 有 限 公 司 * 香港，二零二五年九月二十五日 （於 百 慕 達 註 冊 成 立 之 有 限 公 司 （股份代號：1004） 截至二零二四年六月三十日止六個月 未經審核中期業績 中國智慧能源集團控股有限公司（「本公司」）董事會（「董事會」）公佈，本公司 及其附屬公司（統稱「本集團」）截至二零二四年六月三十日止六個月之未經審 核中期簡明綜合業績。本公告列載本公司2024中期報告全文，並符合香港聯合交 易所有限公司（「聯交所」）證券上市規則內有關中期業績初步公告須附載資料 的要求。本公司2024中期報告的印刷版本將於二零二五年十月上旬寄發予已選擇 收取印刷版本的本公司股東，並可於其時在香港交易及結算所有限公司的網站 (www.hkexnews.hk)及本公司的網站(www.cse10 ...

中期報告 2025 ZHONGGUANCUN SCIENCE-TECH LEASING CO., LTD. 中關村科技租賃股份有限公司 | 目錄 | | --- | 本報告以中、英文兩種語言編製，在對本報告的中、英文版本理解上發生歧義時，以英文為準。 2 公司簡介 3 公司資料 5 業績概覽 6 管理層討論與分析 44 其他資料 53 獨立核數師報告 55 簡 明 合併財務報表及附註 92 釋 義 公司簡介 我們洞察客戶需求痛點，創新設計「租投服一體化」高能解決方案，深度結合定制化融資租賃、 戰 略 級 股 權 投 資 與 場 景 化 產 業 服 務，助 力 客 戶 跨 越 新 技 術 應 用 落 地 與 市 場 規 模 化 推 廣 的 成 長鴻溝，增強差異化競爭優勢。 我 們 構 築 資 產 增 值 護 城 河，建 立 起「選、育、物、退」四 位 一 體 的 風 控 體 系，通 過 數 據 化 評 級 模型篩選目標客群，依託產業服務培育客戶成長，強化租賃物閉環管理，前瞻性佈局租賃資 產 退 出 與 股 權 退 出 路 徑，實 現 從「風 險 規 避」向「風 險 免 疫」的 能 力 躍 遷。 我們多措並舉強化 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA SMARTER ENERGY GROUP HOLDINGS LIMITED 截至二零二三年十二月三十一日止年度之 全年業績公告 中國智慧能源集團控股有限公司（「本公司」）董事會（「董事會」）公佈，本公司及 其附屬公司（統稱「本集團」）截至二零二三年十二月三十一日止年度之經審核綜 合業績。本公告列載本公司2023年報全文，並符合香港聯合交易所有限公司（「聯 交所」）證券上市規則內有關全年業績初步公告須附載資料的要求。本公司2023年 報的印刷版本將於二零二五年十月上旬寄發予已選擇收取印刷版本的本公司股東， 並可於其時在香港交易及結算所有限公司的網站(www.hkexnews.hk)及本公司的網 站(www.cse1004.com)閱覽。 繼續暫停買賣 應本公司之要求，本公司股份自二零二四年四月二日上午九時正起於聯交所暫停 買賣，且將繼續暫停買賣，直至另行通知為止。 承董事會命 中國智慧能源集團控股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KWAN YONG HOLDINGS LIMITED 光榮建築控股有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9998） 截至二零二五年六月三十日止年度 全年業績公告 光 榮 建 築 控 股 有 限 公 司（「本公司」）的 董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 年 度 的 綜 合 業 績，連 同截至二零二四年六月三十日止年度的比較數字如下： – 1 – 綜合損益及其他全面收益表 截至二零二五年六月三十日止財政年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 千新加坡元 | 千新加坡元 | | 收 益 | 4 | ...

[Company Information](index=3&type=section&id=Company%20Information) [Board of Directors and Committees](index=3&type=section&id=2.1%20Board%20of%20Directors%20and%20Committees) This section details the composition of Zhejiang Taimei Medical Technology Co., Ltd.'s Board of Directors, including executive and independent non-executive directors, and its key committees - The Board of Directors comprises executive directors (including Chairman Mr. Zhao Lu) and independent non-executive directors[6](index=6&type=chunk) - The company has established an Audit Committee, Remuneration and Appraisal Committee, Nomination Committee, and Supervisory Committee, with their respective chairpersons and members specified[6](index=6&type=chunk) [Corporate Contact and Legal Advisors](index=3&type=section&id=2.2%20Corporate%20Contact%20and%20Legal%20Advisors) This section provides key contact information for the company, including auditors, company secretaries, registered offices, principal places of business, and stock code - The auditor is PricewaterhouseCoopers, and the joint company secretaries are Ms. Ni Xiaomei and Mr. Pan Bingyang[6](index=6&type=chunk) - The company's headquarters are in Jiaxing, Zhejiang Province, China, with its principal place of business in Hong Kong located at Golden Centre, Des Voeux Road Central[6](index=6&type=chunk) - The stock code is **2576**, and the company website is www.taimei.com[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) [Definitions of Key Terms](index=5&type=section&id=3.1%20Definitions%20of%20Key%20Terms) This section defines key terms and abbreviations used in the interim report, covering company entities, industry terminology, regulatory standards, and AI-driven product names - “The Company” or “Taimei Medical Technology” refers to Zhejiang Taimei Medical Technology Co., Ltd. and its predecessors[8](index=8&type=chunk) - “The Group” or “We” refers to the Company and its subsidiaries[8](index=8&type=chunk) Definitions of Key Industry Terms and AI Products | Term | Definition | | :--- | :--- | | CRO | Contract Research Organization, providing drug development services to pharmaceutical companies | | HIPAA | U.S. Health Insurance Portability and Accountability Act, protecting patient medical information privacy and security | | ICH-GCP | International Conference on Harmonisation - Good Clinical Practice, quality management standards for clinical trials of medicinal products | | iCTA | Intelligent Clinical Trial Assistant, an AI-powered agent for intelligent classification, quality control, and naming of trial documents | | iDM | Intelligent Data Manager, an AI-driven automation technology to improve data management efficiency and quality | | iPV | Intelligent Pharmacovigilance, an AI-powered agent for automated processing of individual safety reports, supporting multinational regulatory submissions | | IRC | Independent Review Committee, providing impartial review and analysis of clinical trial imaging data | | PDPA | Personal Data Protection Act, regulating the collection, use, and disclosure of personal data | | SaaS | Software as a Service | | SMO | Site Management Organization, assisting clinical trial sites with specific operational tasks | [Financial Highlights](index=10&type=section&id=Financial%20Highlights) [Overview of Key Financial Indicators](index=10&type=section&id=4.1%20Overview%20of%20Key%20Financial%20Indicators) This section summarizes key financial data for the six months ended June 30, 2025, showing decreased revenue and gross profit, significantly narrowed operating and period losses, and reduced total assets and liabilities Key Financial Data for the Six Months Ended June 30 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 244,221 | 272,784 | -10.5 | | Gross Profit | 100,188 | 110,944 | -9.7 | | Operating Loss | (48,710) | (191,995) | -74.6 | | Loss for the Period | (29,309) | (175,317) | -83.3 | | Adjusted Net Loss (Non-IFRS Measure) | (28,696) | (49,253) | -41.7 | Balance Sheet Data as of June 30, 2025 and December 31, 2024 | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Total Assets | 1,518,520 | 1,583,197 | (64,677) | | Total Liabilities | 302,104 | 348,624 | (46,520) | | Equity Attributable to Owners of the Company | 1,146,000 | 1,157,810 | (11,810) | | Cash and Cash Equivalents | 253,013 | 319,297 | (66,284) | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=11&type=section&id=(I)%20Business%20Review) For the six months ended June 30, 2025, the Group's revenue decreased by **10.5%** to **RMB 244.2 million**, primarily due to reduced digital services income, while gross profit declined, gross margin slightly improved, and losses significantly narrowed Revenue and Profit Overview for the Six Months Ended June 30 | Indicator | 2025 (RMB million) | 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 244.2 | 272.8 | -10.5 | | Gross Profit | 100.2 | 110.9 | -9.7 | | Gross Margin | 41.0% | 40.7% | +0.3 pp | | Loss for the Period | (29.3) | (175.3) | -83.3 | | Adjusted Net Loss | (28.7) | (49.3) | -41.7 | - The company provides solutions for the pharmaceutical and medical device industries, including cloud software (SaaS products, customized products) and digital services, primarily through the "Trials R&D Collaboration Platform" and "PharmaOS Pharmaceutical Digital Marketing Platform," partially enabled by the Vence AI platform[17](index=17&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - In the first half of 2025, cloud software revenue accounted for **38.7%** of operating revenue, while digital services revenue accounted for **61.2%**[23](index=23&type=chunk)[26](index=26&type=chunk) [Business Outlook and Prospects](index=14&type=section&id=(II)%20Business%20Outlook%20and%20Prospects) The company will enhance AI R&D, launching a "Clinical Research Digital Intelligence Evolution Blueprint" and "Digital Employee" system to integrate AI models with SaaS platforms, aiming to implement an AIaaS collaboration model and expand globally through data and delivery centers in China, the US, and Singapore - In the first half of 2025, the company officially released its "Clinical Research Digital Intelligence Evolution Blueprint," introducing an AIaaS (AI as a service) collaboration model through deep integration of large AI models with SaaS platforms[28](index=28&type=chunk) - The company pioneered a "Digital Employee" system, embedding AI agents across the entire clinical research process to boost productivity; for instance, iDM (Intelligent Data Manager) can improve database creation efficiency by **80%**, iCTA (Intelligent Clinical Trial Assistant) can reduce attribute filling time by **70%**, and iPV (Intelligent Pharmacovigilance) can increase efficiency by **300%**[28](index=28&type=chunk)[29](index=29&type=chunk) - The company plans to leverage the "Digital Employee" system as a core driver to implement the AIaaS business model, billing based on "task volume + effect" and enhancing products and services through data security and compliance expertise[30](index=30&type=chunk) - International expansion is underway, with three data and delivery centers established in China, the US, and Singapore, and multiple international certifications such as HIPAA, PDPA, and ICH-GCP obtained, aiming to meet client demands for high-quality and efficient global multi-center clinical research[31](index=31&type=chunk) [Financial Review](index=16&type=section&id=(III)%20Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, noting a **10.5%** revenue decrease, reduced gross profit with a slight margin increase, significant declines in operating expenses, and substantial narrowing of losses, alongside improved liquidity ratios Revenue Breakdown for the Six Months Ended June 30 | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Cloud Software - SaaS Products | 82,425 | 81,564 | 1.1 | | Cloud Software - Customized Products | 12,171 | 15,993 | -23.9 | | **Cloud Software Subtotal** | **94,596** | **97,557** | **-3.0** | | Digital Services | 149,371 | 175,227 | -14.8 | | Others | 254 | – | Not applicable | | **Total** | **244,221** | **272,784** | **-10.5** | - Cost of sales decreased by **11.0%** year-on-year to **RMB 144.0 million**, primarily due to improved labor efficiency and reduced revenue[35](index=35&type=chunk) - Gross profit decreased by **9.7%** year-on-year to **RMB 100.2 million**, with the gross margin slightly increasing from **40.7%** to **41.0%**[36](index=36&type=chunk) Major Expense Changes for the Six Months Ended June 30 | Expense Category | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 37,573 | 51,158 | -26.6 | | Administrative Expenses | 57,679 | 217,186 | -73.4 | | Research and Development Expenses | 37,705 | 50,924 | -26.0 | - The significant reduction in administrative expenses was primarily due to a **RMB 121.3 million** decrease in share-based payments and a **RMB 30.3 million** reduction in staff costs[38](index=38&type=chunk) - Other income decreased from **RMB 9.8 million** to **RMB 2.4 million**, mainly due to a **RMB 6.8 million** reduction in government grants[41](index=41&type=chunk) - A net other loss of **RMB 12.9 million** was recorded (compared to a net gain of **RMB 7.8 million** in the same period of 2024), primarily impacted by a net foreign exchange loss of **RMB 16.1 million**[43](index=43&type=chunk) - Loss for the period decreased by **83.3%** from **RMB 175.3 million** to **RMB 29.3 million**[45](index=45&type=chunk) - Adjusted net loss (non-IFRS measure) was **RMB 28.7 million**, a year-on-year decrease of **41.7%**[16](index=16&type=chunk)[47](index=47&type=chunk) Liquidity Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 5.66 | 5.05 | | Debt-to-Asset Ratio | 19.9% | 22.0% | [Other Financial Information](index=20&type=section&id=(IV)%20Other%20Financial%20Information) This section covers the Group's significant investment plans, contingent liabilities, capital commitments, off-balance sheet commitments, and employee remuneration, noting no major activities or liabilities during the reporting period and proper allocation of global offering proceeds - During the reporting period and up to the report date, the Group had no other significant investment and capital asset plans, nor any material acquisitions or disposals of subsidiaries, associates, and joint ventures[55](index=55&type=chunk)[56](index=56&type=chunk) - As of June 30, 2025, the Group had no material contingent liabilities, capital commitments, or off-balance sheet commitments and arrangements[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) Employee Functional Distribution as of June 30, 2025 | Function | Number of Employees | Percentage of Total (%) | | :--- | :--- | :--- | | R&D | 127 | 19.4 | | Sales & Marketing | 85 | 13.0 | | Professional & Technical Staff | 359 | 54.7 | | Administrative | 85 | 13.0 | | **Total** | **656** | **100.0** | - For the six months ended June 30, 2025, total staff costs amounted to **RMB 152.1 million**, a year-on-year decrease[60](index=60&type=chunk) Use of Net Proceeds from Global Offering (as of June 30, 2025) | Intended Use of Net Proceeds | Allocated (HKD million) | Approximate Percentage of Total Net Proceeds (%) | Utilized (HKD million) | Unutilized (HKD million) | Planned Utilization Schedule | | :--- | :--- | :--- | :--- | :--- | :--- | | Improvement and Upgrade of Platform and Cloud Software | 90.8 | 35% | 9.2 | 81.6 | Before December 31, 2029 | | Enhancement of Core Technologies and R&D Capabilities | 77.9 | 30% | 5.7 | 72.2 | Before December 31, 2029 | | Strengthening Sales and Marketing Capabilities | 26.0 | 10% | 0.7 | 25.3 | Before December 31, 2029 | | Selectively Seeking Strategic Investments and Acquisitions | 38.9 | 15% | 0 | 38.9 | Before December 31, 2029 | | Working Capital and General Corporate Purposes | 25.9 | 10% | 3.1 | 22.9 | Before December 31, 2029 | | **Total** | **259.5** | **100%** | **18.7** | **240.8** | | [Other Information](index=22&type=section&id=Other%20Information) [Interim Dividend and Corporate Governance](index=22&type=section&id=5.1%20Interim%20Dividend%20and%20Corporate%20Governance) The Board does not recommend an interim dividend for the six months ended June 30, 2025, intending to retain future earnings for operations and business expansion, while maintaining high corporate governance standards in compliance with listing rules - The Board does not recommend the payment of an interim dividend for the reporting period (2024: nil)[64](index=64&type=chunk) - The company expects to retain all future earnings for operations and business expansion, currently having no dividend policy[66](index=66&type=chunk) - The Group is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code[65](index=65&type=chunk) [Securities Transactions and Audit Committee](index=22&type=section&id=5.2%20Securities%20Transactions%20and%20Audit%20Committee) The company has adopted the Model Code for securities transactions by directors, supervisors, and senior management, with all relevant personnel confirming compliance, and the Audit Committee has reviewed the interim financial results, confirming adherence to accounting standards and regulations - All directors and supervisors confirmed compliance with the Model Code set out in Appendix C3 of the Listing Rules throughout the reporting period[67](index=67&type=chunk) - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[68](index=68&type=chunk) - The Audit Committee has reviewed the interim financial results for the six months ended June 30, 2025, and deemed them compliant with relevant accounting standards, rules, and regulations[69](index=69&type=chunk) [Events After Reporting Period](index=23&type=section&id=5.3%20Events%20After%20Reporting%20Period) After the reporting period, Mr. Jiang Chengwen resigned as Chief Financial Officer due to personal matters, and Mr. Wang Wei was appointed as the new Chief Financial Officer, effective July 25, 2025 - Mr. Jiang Chengwen resigned as the company's Chief Financial Officer, effective July 25, 2025[70](index=70&type=chunk) - The Board resolved to appoint Mr. Wang Wei as the company's Chief Financial Officer, effective July 25, 2025[70](index=70&type=chunk) [Interests of Directors, Supervisors and Chief Executive](index=23&type=section&id=5.4%20Interests%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive) This section discloses the interests of directors, supervisors, and the chief executive in the company's shares and related shares as of June 30, 2025, with Chairman and Executive Director Mr. Zhao Lu holding significant interests Directors' Interests in Shares (as of June 30, 2025) | Director's Name | Position | Nature of Interest | Class of Shares | Number of Shares/Related Shares Held | Approximate Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Zhao Lu | Chairman and Executive Director | Beneficial owner; interest in controlled corporation | Domestic Shares | 178,203,028 | 31.61 | | | | | H Shares | 1,216,500 | 0.22 | | Mr. Zhang Hongwei | Executive Director and Head of Digital Marketing Business Unit | Interest in controlled corporation | Domestic Shares | 20,312,190 | 3.60 | - As of June 30, 2025, the company had **563,779,000** shares in total, comprising **363,186,467** domestic shares and **200,592,533** H shares[74](index=74&type=chunk) [Interests of Substantial Shareholders](index=25&type=section&id=5.5%20Interests%20of%20Substantial%20Shareholders) This section lists the interests of substantial shareholders (excluding directors, supervisors, or chief executives) in the company's shares and related shares as of June 30, 2025, including Ms. Tang Lili, employee shareholding platforms, Tencent, Matrix Partners, Northern Light Venture Capital, Zheshang Venture Capital, and SoftBank-related entities Substantial Shareholders' Interests in Shares (as of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Tang Lili | Interest in controlled corporation; spouse's interest | 178,203,028 Domestic Shares | 31.61 | | Shanghai Kunrui | Beneficial owner | 19,344,866 Domestic Shares | 3.43 | | Shanghai Xiaoju | Beneficial owner | 20,312,190 Domestic Shares | 3.60 | | Xinyu Shenkong | Beneficial owner | 18,204,844 Domestic Shares | 3.23 | | Oriental Power Holdings Limited | Interest in controlled corporation | 51,911,405 Domestic Shares, 12,977,851 H Shares | 9.21, 2.30 | | Tencent Holdings Limited | Interest in controlled corporation | 51,911,405 Domestic Shares, 12,977,851 H Shares | 9.21, 2.30 | | Ma Huateng | Interest in controlled corporation | 44,880,821 Domestic Shares, 11,220,205 H Shares | 7.96, 1.99 | | Matrix Partners China V (Hangzhou) Venture Capital Partnership (Limited Partnership) | Beneficial owner | 22,349,533 Domestic Shares, 28,100,879 H Shares | 3.96, 4.98 | | Zuo Lingye | Interest in controlled corporation | 23,908,953 Domestic Shares, 30,061,593 H Shares | 4.24, 5.33 | | Northern Light Venture Capital (Suzhou) Zheng Yuan Venture Capital Partnership (Limited Partnership) | Beneficial owner | 10,139,955 H Shares | 1.80 | | Zheshang Venture Capital Co., Ltd. | Beneficial owner; interest in controlled corporation | 10,094,225 H Shares | 1.79 | | Zhang Xu | Interest in controlled corporation | 12,285,138 H Shares | 2.19 | - Ms. Tang Lili, as the spouse of Mr. Zhao Lu, is deemed to have an interest in the H shares and domestic shares in which Mr. Zhao has an interest or is deemed to have an interest[81](index=81&type=chunk) [Changes in Information of Directors and Supervisors and Continuing Disclosure Obligations](index=32&type=section&id=5.6%20Changes%20in%20Information%20of%20Directors%20and%20Supervisors%20and%20Continuing%20Disclosure%20Obligations) There have been no significant changes in the information of directors and supervisors since the publication of the 2024 annual report, and the company has no other continuing disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - No changes in the information of directors and supervisors requiring disclosure under Rule 13.51B(1) of the Listing Rules have occurred since the publication date of the 2024 annual report and up to the date of this interim report[91](index=91&type=chunk) - The company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[92](index=92&type=chunk) [Interim Financial Information Review Report](index=33&type=section&id=Interim%20Financial%20Information%20Review%20Report) [Independent Auditor's Review Conclusion](index=33&type=section&id=6.1%20Independent%20Auditor's%20Review%20Conclusion) PricewaterhouseCoopers reviewed the Group's interim financial information for the six months ended June 30, 2025, finding no matters suggesting it was not prepared in all material respects in accordance with IAS 34 - PricewaterhouseCoopers has reviewed the Group's interim financial information for the six months ended June 30, 2025[94](index=94&type=chunk) - The scope of the review is substantially less than an audit, thus no audit opinion is expressed[95](index=95&type=chunk) - Conclusion: Nothing has come to the auditor's attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting"[96](index=96&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) [Profit or Loss Performance for the Six Months Ended June 30, 2025](index=34&type=section&id=7.1%20Profit%20or%20Loss%20Performance%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's revenue was **RMB 244,221 thousand**, a **10.5%** year-on-year decrease, with gross profit at **RMB 100,188 thousand**, operating loss at **RMB (48,710) thousand**, and loss for the period significantly narrowed to **RMB (29,309) thousand** Interim Condensed Consolidated Statement of Profit or Loss (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 244,221 | 272,784 | | Cost of Sales | (144,033) | (161,840) | | Gross Profit | 100,188 | 110,944 | | Selling Expenses | (37,573) | (51,158) | | Administrative Expenses | (57,679) | (217,186) | | Research and Development Expenses | (37,705) | (50,924) | | Operating Loss | (48,710) | (191,995) | | Loss for the Period | (29,309) | (175,317) | | Loss Attributable to Owners of the Company | (22,802) | (171,126) | | Loss Attributable to Non-controlling Interests | (6,507) | (4,191) | | Basic and Diluted Loss Per Share (RMB) | (0.04) | (0.32) | [Interim Condensed Consolidated Statement of Comprehensive Loss](index=35&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Loss) [Comprehensive Loss Performance for the Six Months Ended June 30, 2025](index=35&type=section&id=8.1%20Comprehensive%20Loss%20Performance%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's loss for the period significantly decreased to **RMB (29,309) thousand**, with total comprehensive loss for the period narrowing to **RMB (18,770) thousand** after considering exchange differences from translating overseas operations Interim Condensed Consolidated Statement of Comprehensive Loss (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (29,309) | (175,317) | | Exchange differences arising from translation of overseas operations | 10,539 | (2,098) | | Other comprehensive income/(loss) for the period (net of tax) | 10,539 | (2,098) | | Total comprehensive loss for the period | (18,770) | (177,415) | | Total comprehensive loss for the period attributable to owners of the Company | (12,423) | (173,240) | | Total comprehensive loss for the period attributable to non-controlling interests | (6,347) | (4,175) | [Interim Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Financial Position as of June 30, 2025](index=36&type=section&id=9.1%20Financial%20Position%20as%20of%20June%2030%2C%202025) As of June 30, 2025, the Group's total assets were **RMB 1,518,520 thousand**, slightly down from December 31, 2024, with increased short-term bank deposits offsetting decreased cash and cash equivalents, while total liabilities and total equity also decreased Interim Condensed Consolidated Statement of Financial Position (as of June 30, 2025) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 96,304 | 106,097 | | Current assets | 1,422,216 | 1,477,100 | | **Total assets** | **1,518,520** | **1,583,197** | | **Equity** | | | | Equity attributable to owners of the Company | 1,146,000 | 1,157,810 | | Non-controlling interests | 70,416 | 76,763 | | **Total equity** | **1,216,416** | **1,234,573** | | **Liabilities** | | | | Non-current liabilities | 50,696 | 56,032 | | Current liabilities | 251,408 | 292,592 | | **Total liabilities** | **302,104** | **348,624** | | **Total equity and liabilities** | **1,518,520** | **1,583,197** | - Short-term bank deposits within current assets increased from **RMB 599,920 thousand** to **RMB 736,071 thousand**, while cash and cash equivalents decreased from **RMB 319,297 thousand** to **RMB 253,013 thousand**[102](index=102&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Changes in Equity for the Six Months Ended June 30, 2025](index=38&type=section&id=10.1%20Changes%20in%20Equity%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's total equity decreased from **RMB 1,234,573 thousand** to **RMB 1,216,416 thousand**, primarily due to a loss for the period of **RMB (29,309) thousand**, partially offset by exchange differences and share-based payments Interim Condensed Consolidated Statement of Changes in Equity (for the Six Months Ended June 30) | Indicator | Share Capital (RMB '000) | Other Reserves (RMB '000) | Currency Translation Reserve (RMB '000) | Accumulated Losses (RMB '000) | Total (RMB '000) | Non-controlling Interests (RMB '000) | Total Equity (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 563,779 | 2,295,189 | 1,919 | (1,703,077) | 1,157,810 | 76,763 | 1,234,573 | | Loss for the period | – | – | – | (22,802) | (22,802) | (6,507) | (29,309) | | Exchange differences arising from translation of overseas operations | – | – | 10,379 | – | 10,379 | 160 | 10,539 | | Share-based payments | – | 613 | – | – | 613 | – | 613 | | **As of June 30, 2025** | **563,779** | **2,295,802** | **12,298** | **(1,725,879)** | **1,146,000** | **70,416** | **1,216,416** | [Interim Condensed Consolidated Statement of Cash Flows](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flow Analysis for the Six Months Ended June 30, 2025](index=39&type=section&id=11.1%20Cash%20Flow%20Analysis%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, the Group's cash and cash equivalents decreased by **RMB 64,274 thousand**, with a significantly reduced net cash used in operating activities and a shift to net cash inflow from investing activities Interim Condensed Consolidated Statement of Cash Flows (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash used in operating activities | (47,927) | (132,927) | | Net cash from/(used in) investing activities | 218 | (304,455) | | Net cash used in financing activities | (16,565) | (15,394) | | Net decrease in cash and cash equivalents | (64,274) | (452,776) | | Cash and cash equivalents at end of period | 253,013 | 65,934 | - Net cash used in operating activities significantly decreased from **RMB (132,927) thousand** in the same period of 2024 to **RMB (47,927) thousand** in 2025[107](index=107&type=chunk) - Investing activities shifted from a net outflow of **RMB (304,455) thousand** in the same period of 2024 to a net inflow of **RMB 218 thousand** in 2025, primarily due to changes in deposits and redemptions of short-term bank deposits[107](index=107&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=40&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [General Information](index=40&type=section&id=12.1%20General%20Information) Zhejiang Taimei Medical Technology Co., Ltd., established in China in 2013 and listed on the HKEX in 2024, primarily provides life science R&D and marketing digitalization solutions in China and overseas, with Mr. Zhao Lu as the ultimate controlling shareholder - The company was established in China on June 6, 2013, completed its share restructuring on September 11, 2020, and was listed on the Main Board of the Hong Kong Stock Exchange on October 8, 2024[108](index=108&type=chunk)[110](index=110&type=chunk) - The Group is primarily engaged in providing life science R&D and marketing digitalization solutions[108](index=108&type=chunk) - The ultimate controlling shareholder of the Group is Mr. Zhao Lu[109](index=109&type=chunk) [Basis of Preparation](index=40&type=section&id=12.2%20Basis%20of%20Preparation) This condensed consolidated interim financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024 - The condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[111](index=111&type=chunk) - This report should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024[111](index=111&type=chunk) [New Standards and Interpretations](index=41&type=section&id=12.3%20New%20Standards%20and%20Interpretations) The Group first applied IAS 21 (amended) "Lack of Exchangeability" for the fiscal year beginning January 1, 2025, with no significant impact on the interim financial information, and other unadopted new standards are not expected to have a material effect - The Group first applied IAS 21 (amended) "Lack of Exchangeability" for the fiscal year beginning January 1, 2025, which had no significant impact[113](index=113&type=chunk)[114](index=114&type=chunk) - Other amendments to existing standards not yet adopted are not expected to have a material impact on the Group's condensed consolidated interim financial information[115](index=115&type=chunk) [Fair Value Measurement of Financial Instruments](index=42&type=section&id=12.4%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) This section outlines the Group's fair value measurement of financial instruments across three levels, with warrant liabilities classified as Level 3 and sensitive to changes in discount rates as of June 30, 2025 Fair Value Hierarchy of Financial Instruments (as of June 30, 2025) | Indicator | Level 1 (RMB '000) | Level 2 (RMB '000) | Level 3 (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Warrant liabilities | – | – | 35,318 | 35,318 | Fair Value Hierarchy of Financial Instruments (as of December 31, 2024) | Indicator | Level 1 (RMB '000) | Level 2 (RMB '000) | Level 3 (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | – | – | 120,792 | 120,792 | | Warrant liabilities | – | – | 35,347 | 35,347 | - If the discount rate for warrant liabilities decreased/increased by **1%**, the loss before income tax for the six months ended June 30, 2025, would increase/decrease by approximately **RMB 344,000**, respectively[123](index=123&type=chunk) [Segment Information](index=46&type=section&id=12.5%20Segment%20Information) The Group operates and is managed as a single segment, thus no segment information is presented, with no single external customer accounting for 10% or more of revenue, and both revenue and non-current assets primarily originating from mainland China - The Group's operations are managed as a single segment, and therefore no segment information is presented[124](index=124&type=chunk) - For the six months ended June 30, 2025, no revenue from transactions with a single external customer accounted for **10%** or more of the Group's revenue[125](index=125&type=chunk) Consolidated Total Revenue by Customer Location (for the Six Months Ended June 30) | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 238,577 | 267,292 | | South Korea | 1,058 | 2,292 | | Singapore | 1,872 | 1,750 | | Europe | 1,360 | 1,030 | | Others | 1,354 | 420 | | **Total** | **244,221** | **272,784** | - As of June 30, 2025, total non-current assets amounted to **RMB 84,465 thousand**, with **RMB 83,283 thousand** located in mainland China[127](index=127&type=chunk) [Revenue](index=47&type=section&id=12.6%20Revenue) For the six months ended June 30, 2025, the Group's revenue was **RMB 244,221 thousand**, primarily from digital services and cloud software products, with most revenue recognized over time, and contract assets increasing while contract liabilities decreased Revenue Breakdown (for the Six Months Ended June 30) | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cloud Software Products - SaaS Products | 82,425 | 81,564 | | Cloud Software Products - Customized Products | 12,171 | 15,993 | | Digital Services | 149,371 | 175,227 | | Other Services | 254 | – | | **Total** | **244,221** | **272,784** | - By timing of revenue recognition, **RMB 238,162 thousand** was recognized over time, and **RMB 6,059 thousand** was recognized at a point in time[128](index=128&type=chunk) - Contract assets increased from **RMB 16,614 thousand** as of December 31, 2024, to **RMB 19,722 thousand** as of June 30, 2025[129](index=129&type=chunk) - Contract liabilities decreased from **RMB 86,699 thousand** as of December 31, 2024, to **RMB 69,699 thousand** as of June 30, 2025[130](index=130&type=chunk) [Expenses by Nature](index=49&type=section&id=12.7%20Expenses%20by%20Nature) For the six months ended June 30, 2025, the Group's total expenses significantly decreased to **RMB 276,990 thousand** from **RMB 481,108 thousand** in the prior year, primarily due to reduced employee benefits and the absence of share compensation and listing expenses present in the previous period Analysis of Expenses by Nature (for the Six Months Ended June 30) | Expense Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Employee benefit expenses (excluding share-based payments) | 152,050 | 209,643 | | Clinical research related costs | 70,322 | 74,207 | | IT infrastructure and data service costs | 14,423 | 17,728 | | Office, business development and travel expenses | 11,708 | 12,749 | | Consultancy and professional service fees | 6,827 | 3,666 | | Depreciation of right-of-use assets | 5,223 | 13,045 | | Depreciation of property, plant and equipment | 3,068 | 10,609 | | Amortisation of intangible assets | 2,115 | 2,107 | | Short-term lease expenses | 644 | 757 | | Share-based payments | 613 | 22,242 | | Share compensation to certain shareholders | – | 92,836 | | Listing expenses related to global offering | – | 10,986 | | Other expenses | 9,997 | 10,533 | | **Total** | **276,990** | **481,108** | [Other Income](index=50&type=section&id=12.8%20Other%20Income) For the six months ended June 30, 2025, the Group's other income significantly decreased to **RMB 2,445 thousand** from **RMB 9,824 thousand** in the prior year, primarily due to a **RMB 6,807 thousand** reduction in government grants Other Income Breakdown (for the Six Months Ended June 30) | Income Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants | 1,734 | 8,541 | | Others | 711 | 1,283 | | **Total** | **2,445** | **9,824** | - Government grants received during the period primarily comprised financial subsidies from various local government authorities in mainland China[132](index=132&type=chunk) [Other (Losses)/Gains, Net](index=50&type=section&id=12.9%20Other%20(Losses)%2FGains%2C%20Net) For the six months ended June 30, 2025, the Group recorded a net other loss of **RMB 12,932 thousand**, a shift from a net gain of **RMB 7,849 thousand** in the prior year, primarily driven by a net foreign exchange loss of **RMB 16,075 thousand** Other (Losses)/Gains, Net Breakdown (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 1,123 | 6,954 | | Net foreign exchange (losses)/gains | (16,075) | 5,275 | | Fair value gains/(losses) on warrant liabilities | 29 | (936) | | Others | 1,991 | (3,444) | | **Total** | **(12,932)** | **7,849** | [Net Finance Income](index=51&type=section&id=12.10%20Net%20Finance%20Income) For the six months ended June 30, 2025, the Group's net finance income increased to **RMB 19,401 thousand** from **RMB 16,678 thousand** in the prior year, primarily due to a **RMB 2,846 thousand** increase in interest income Net Finance Income Breakdown (for the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Finance income - Interest income | 19,775 | 16,929 | | Finance income - Accrued income on long-term receivables | 205 | – | | Finance costs - Interest expense on bank borrowings | (130) | – | | Finance costs - Interest expense on lease liabilities | (449) | (251) | | **Net finance income** | **19,401** | **16,678** | [Income Tax Expense](index=51&type=section&id=12.11%20Income%20Tax%20Expense) The Group recorded no income tax expense for the six months ended June 30, 2025, due to a loss for the period, with eligible entities in mainland China enjoying preferential tax rates and no tax provision made for overseas subsidiaries without estimated taxable profits - For the six months ended June 30, 2025, the Group recorded no income tax expense[99](index=99&type=chunk) - Entities in mainland China qualified as "High and New Technology Enterprises" enjoy a preferential income tax rate of **15%**[135](index=135&type=chunk) - Certain subsidiaries in mainland China qualified as "Small and Micro Profit Enterprises" enjoy a preferential income tax rate of **20%**[135](index=135&type=chunk) - No income tax provision was made for subsidiaries in Singapore and the United States due to no estimated taxable profits subject to profit tax[136](index=136&type=chunk)[137](index=137&type=chunk) [Loss Per Share](index=52&type=section&id=12.12%20Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share significantly narrowed to **RMB (0.04)** from **RMB (0.32)** in the prior year, with diluted loss per share being the same as basic loss per share due to the anti-dilutive effect of potential ordinary shares Loss Per Share (for the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (RMB '000) | (22,802) | (171,126) | | Weighted average number of ordinary shares in issue ('000 shares) | 563,779 | 538,000 | | **Basic loss per share (expressed in RMB per share)** | **(0.04)** | **(0.32)** | - As the Group incurred a loss for the period, potential ordinary shares were not included in the calculation of diluted loss per share, thus diluted loss per share is the same as basic loss per share[140](index=140&type=chunk) [Dividends](index=53&type=section&id=12.13%20Dividends) The company neither declared nor paid any dividends for the six months ended June 30, 2025, consistent with the prior year - For the six months ended June 30, 2025, the company neither declared nor paid any dividends (2024: nil)[141](index=141&type=chunk) [Property, Plant and Equipment](index=53&type=section&id=12.14%20Property%2C%20Plant%20and%20Equipment) The Group's net book value of property, plant, and equipment decreased to **RMB 10,295 thousand** as of June 30, 2025, from **RMB 12,201 thousand** as of December 31, 2024, primarily due to depreciation expenses, which are mainly recognized in administrative expenses - The net book value of property, plant, and equipment decreased from **RMB 12,201 thousand** as of December 31, 2024, to **RMB 10,295 thousand** as of June 30, 2025[142](index=142&type=chunk) - Total depreciation expense for the six months ended June 30, 2025, was **RMB 3,068 thousand**, of which **RMB 2,126 thousand** was recognized in administrative expenses[143](index=143&type=chunk) [Right-of-use Assets and Lease Liabilities](index=54&type=section&id=12.15%20Right-of-use%20Assets%20and%20Lease%20Liabilities) The Group's net book value of right-of-use assets (primarily leased buildings) decreased to **RMB 17,819 thousand** as of June 30, 2025, from **RMB 23,003 thousand** as of December 31, 2024, with a corresponding reduction in lease liabilities, and depreciation expenses mainly recognized in administrative expenses and cost of sales - The net book value of right-of-use assets (leased buildings) decreased from **RMB 23,003 thousand** as of December 31, 2024, to **RMB 17,819 thousand** as of June 30, 2025[145](index=145&type=chunk)[147](index=147&type=chunk) - Total lease liabilities decreased from **RMB 24,754 thousand** as of December 31, 2024, to **RMB 18,772 thousand** as of June 30, 2025[145](index=145&type=chunk) - Depreciation expense for right-of-use assets for the six months ended June 30, 2025, was **RMB 5,223 thousand**, with **RMB 1,834 thousand** recognized in administrative expenses and **RMB 1,801 thousand** in cost of sales[148](index=148&type=chunk) [Intangible Assets](index=56&type=section&id=12.16%20Intangible%20Assets) The Group's net book value of intangible assets slightly decreased to **RMB 56,351 thousand** as of June 30, 2025, from **RMB 58,181 thousand** as of December 31, 2024, primarily due to amortization, while goodwill remained unchanged at **RMB 37,008 thousand** from a 2019 acquisition - The net book value of intangible assets decreased from **RMB 58,181 thousand** as of December 31, 2024, to **RMB 56,351 thousand** as of June 30, 2025[149](index=149&type=chunk) - Amortization expense for the six months ended June 30, 2025, was **RMB 2,115 thousand**, primarily recognized in administrative expenses[150](index=150&type=chunk) - Goodwill balance was **RMB 37,008 thousand**, arising from the 2019 acquisitions of Taimei Xinghuan and Beijing Nuoming Technology Co., Ltd[151](index=151&type=chunk) [Deferred Income Tax](index=58&type=section&id=12.17%20Deferred%20Income%20Tax) As of June 30, 2025, the Group had no net deferred income tax assets or liabilities, as deferred tax assets and liabilities were offset, with changes primarily related to tax losses, credit loss provisions, and lease liabilities - As of June 30, 2025, the Group had no net deferred income tax assets or liabilities[152](index=152&type=chunk) - Changes in deferred income tax assets and liabilities were primarily influenced by tax losses, credit loss provisions, and lease liabilities[153](index=153&type=chunk) [Contract Fulfilment Costs](index=60&type=section&id=12.18%20Contract%20Fulfilment%20Costs) The Group's contract fulfilment costs increased to **RMB 6,172 thousand** as of June 30, 2025, from **RMB 3,546 thousand** as of December 31, 2024, arising from customized software contracts and to be recognized as cost of sales within 2 to 6 months after performance obligations are met - Contract fulfilment costs increased from **RMB 3,546 thousand** as of December 31, 2024, to **RMB 6,172 thousand** as of June 30, 2025[154](index=154&type=chunk) - Contract fulfilment costs are recognized from costs incurred in fulfilling customized software contracts and will be recognized as cost of sales within 2 to 6 months after the related performance obligations are satisfied[154](index=154&type=chunk) [Trade and Bills Receivables](index=60&type=section&id=12.19%20Trade%20and%20Bills%20Receivables) The Group's total trade and bills receivables slightly decreased to **RMB 165,861 thousand** as of June 30, 2025, from **RMB 170,013 thousand** as of December 31, 2024, with an increase in impairment provision for trade receivables, and most receivables aged within six months - Total trade and bills receivables decreased from **RMB 170,013 thousand** as of December 31, 2024, to **RMB 165,861 thousand** as of June 30, 2025[155](index=155&type=chunk) - Impairment provision for trade receivables increased from **RMB 20,629 thousand** as of December 31, 2024, to **RMB 25,401 thousand** as of June 30, 2025[155](index=155&type=chunk) Ageing Analysis of Trade Receivables (as of June 30, 2025) | Ageing | Amount (RMB '000) | | :--- | :--- | | Within 3 months | 83,279 | | 3 to 6 months | 32,854 | | 6 months to 1 year | 31,124 | | 1 to 2 years | 28,366 | | 2 to 3 years | 11,051 | | Over 3 years | 3,681 | | **Total** | **190,355** | [Other Receivables and Prepayments](index=62&type=section&id=12.20%20Other%20Receivables%20and%20Prepayments) The Group's total other receivables and prepayments slightly decreased to **RMB 81,194 thousand** as of June 30, 2025, from **RMB 82,444 thousand** as of December 31, 2024, primarily comprising prepayments for products and services and deductible input VAT - Total other receivables and prepayments decreased from **RMB 82,444 thousand** as of December 31, 2024, to **RMB 81,194 thousand** as of June 30, 2025[158](index=158&type=chunk) - Key components include prepayments for products and services (**RMB 52,736 thousand**) and deductible input VAT (**RMB 19,578 thousand**)[158](index=158&type=chunk) [Long-term Receivables](index=63&type=section&id=12.21%20Long-term%20Receivables) The Group's long-term receivables slightly decreased to **RMB 11,839 thousand** as of June 30, 2025, from **RMB 12,712 thousand** as of December 31, 2024, primarily from installment sales contracts with terms of 1 to 5 years and significant financing components - Long-term receivables decreased from **RMB 12,712 thousand** as of December 31, 2024, to **RMB 11,839 thousand** as of June 30, 2025[160](index=160&type=chunk) - Long-term receivables primarily refer to amounts due in installments, generally over 1 to 5 years, and include a significant financing component[159](index=159&type=chunk) [Short-term Treasury Bond Investments](index=63&type=section&id=12.22%20Short-term%20Treasury%20Bond%20Investments) The Group's short-term treasury bond investments remained stable at **RMB 160,083 thousand** as of June 30, 2025, compared to **RMB 159,374 thousand** as of December 31, 2024, comprising redeemable fund products with a **3%** fixed interest return, primarily backed by short-term US treasury bonds - Short-term treasury bond investments increased from **RMB 159,374 thousand** as of December 31, 2024, to **RMB 160,083 thousand** as of June 30, 2025[161](index=161&type=chunk) - These investments comprise multiple redeemable fund products with a fixed interest return of **3%**, primarily backed by short-term US treasury bonds[161](index=161&type=chunk) [Cash and Cash Equivalents, Restricted Cash and Short-term Bank Deposits](index=64&type=section&id=12.23%20Cash%20and%20Cash%20Equivalents%2C%20Restricted%20Cash%20and%20Short-term%20Bank%20Deposits) The Group's cash and cash equivalents decreased to **RMB 253,013 thousand** as of June 30, 2025, from **RMB 319,297 thousand** as of December 31, 2024, while restricted cash significantly reduced due to resolved litigation, and short-term bank deposits with initial maturities over three months increased - Cash and cash equivalents decreased from **RMB 319,297 thousand** as of December 31, 2024, to **RMB 253,013 thousand** as of June 30, 2025[162](index=162&type=chunk) - Restricted cash significantly decreased from **RMB 5,100 thousand** as of December 31, 2024, to **RMB 100 thousand** as of June 30, 2025, primarily due to the resolution of pending litigation[163](index=163&type=chunk) - Short-term bank deposits with initial maturities exceeding three months increased from **RMB 599,920 thousand** as of December 31, 2024, to **RMB 736,071 thousand** as of June 30, 2025[162](index=162&type=chunk) [Share Capital](index=65&type=section&id=12.24%20Share%20Capital) The company's number of ordinary shares and share capital remained unchanged at **563,779,000** shares and **RMB 563,779 thousand** respectively as of June 30, 2025 - The company's number of ordinary shares was **563,779,000** and share capital was **RMB 563,779 thousand** as of January 1, 2025, and June 30, 2025, remaining unchanged[164](index=164&type=chunk) [Other Reserves](index=65&type=section&id=12.25%20Other%20Reserves) The Group's other reserves slightly increased to **RMB 2,295,802 thousand** as of June 30, 2025, from **RMB 2,295,189 thousand** as of January 1, 2025, primarily due to share-based payments - Other reserves increased from **RMB 2,295,189 thousand** as of January 1, 2025, to **RMB 2,295,802 thousand** as of June 30, 2025[165](index=165&type=chunk) - The increase was primarily attributable to share-based payments of **RMB 613 thousand**[165](index=165&type=chunk) [Warrant Liabilities](index=66&type=section&id=12.26%20Warrant%20Liabilities) The Group's warrant liabilities remained stable at **RMB 35,318 thousand** as of June 30, 2025, compared to **RMB 35,347 thousand** as of December 31, 2024, stemming from warrants issued to third-party investors in 2022 for future equity financing and classified as non-current liabilities - Warrant liabilities changed from **RMB 35,347 thousand** as of December 31, 2024, to **RMB 35,318 thousand** as of June 30, 2025[166](index=166&type=chunk) - Warrants were issued to third-party investors in 2022, granting them the right to subscribe for new shares at a preferential price in the next round of subsidiary equity financing[166](index=166&type=chunk) - As the next round of equity financing is not expected to commence before June 30, 2026, warrant liabilities are classified as non-current liabilities[166](index=166&type=chunk) [Share-based Payments](index=67&type=section&id=12.27%20Share-based%20Payments) The Group operates a share award scheme to incentivize directors, senior management, and employees, with **174,001** unvested restricted shares in the company and **450,500** in subsidiaries as of June 30, 2025, and share-based payment expenses significantly reduced to **RMB 613 thousand** for the six months ended June 30, 2025 - As of June 30, 2025, the company had **174,001** unvested restricted shares with a 3-year vesting period and an exercise price of **RMB 0.86**[171](index=171&type=chunk) - As of June 30, 2025, subsidiaries had **450,500** unvested restricted shares with a 5-year vesting period and exercise prices ranging from **RMB 1.00** to **RMB 2.00**[174](index=174&type=chunk) Share-based Payments (for the Six Months Ended June 30) | Expense Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Selling expenses | – | 3,099 | | Administrative expenses | 599 | 18,158 | | Research and development expenses | 14 | 985 | | **Total** | **613** | **22,242** | [Trade and Other Payables](index=69&type=section&id=12.28%20Trade%20and%20Other%20Payables) The Group's total trade and other payables decreased to **RMB 170,913 thousand** as of June 30, 2025, from **RMB 184,418 thousand** as of December 31, 2024, primarily comprising trade payables, staff salaries and benefits, and a reduced provision for pending litigation and claims, with most trade payables aged within three months - Total trade and other payables decreased from **RMB 184,418 thousand** as of December 31, 2024, to **RMB 170,913 thousand** as of June 30, 2025[176](index=176&type=chunk) - Key components include trade payables to third parties (**RMB 109,563 thousand**) and staff salaries and welfare payable (**RMB 43,426 thousand**)[176](index=176&type=chunk) - Provision for pending litigation and claims decreased from **RMB 4,313 thousand** as of December 31, 2024, to **RMB 716 thousand** as of June 30, 2025[177](index=177&type=chunk) Ageing Analysis of Trade Payables (as of June 30, 2025) | Ageing | Amount (RMB '000) | | :--- | :--- | | Within 3 months | 44,539 | | 3 to 6 months | 17,271 | | 6 months to 1 year | 28,983 | | 1 to 2 years | 18,544 | | Over 2 years | 226 | | **Total** | **109,563** | [Deferred Income](index=70&type=section&id=12.29%20Deferred%20Income) The Group's non-current deferred income remained unchanged at **RMB 7,402 thousand** as of June 30, 2025, compared to December 31, 2024, primarily representing government grants received but not yet recognized in other income - Non-current deferred income remained unchanged at **RMB 7,402 thousand** as of June 30, 2025, compared to December 31, 2024[179](index=179&type=chunk) - Deferred income primarily represents government grants received but not yet recognized in other income[179](index=179&type=chunk) [Related Party Transactions](index=71&type=section&id=12.30%20Related%20Party%20Transactions) The Group's related party transactions primarily involve key management personnel compensation, which significantly decreased to **RMB 8,669 thousand** for the six months ended June 30, 2025, from **RMB 51,380 thousand** in the prior year, mainly due to reduced share-based payments Key Management Personnel Compensation (for the Six Months Ended June 30) | Compensation Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Salaries, wages and bonuses | 8,043 | 10,974 | | Contributions to retirement benefit schemes | 305 | 260 | | Other social security costs, housing benefits and other employee benefits | 321 | 278 | | Share-based payments | – | 39,868 | | **Total** | **8,669** | **51,380** | - Total key management personnel compensation significantly decreased, primarily due to share-based payments reducing from **RMB 39,868 thousand** in the same period of 2024 to zero in 2025[181](index=181&type=chunk) [Contingent Matters and Commitments](index=71&type=section&id=12.31%20Contingent%20Matters%20and%20Commitments) As of June 30, 2025, the Group had no significant contingent matters other than pending litigation and claims disclosed in Note 28(b), nor any material capital commitments - As of June 30, 2025, the Group had no significant contingent matters other than pending litigation and claims disclosed in Note 28(b)[182](index=182&type=chunk) - As of June 30, 2025, the Group had no material capital commitments[183](index=183&type=chunk) [Events After the Reporting Period](index=71&type=section&id=12.32%20Events%20After%20the%20Reporting%20Period) As of the report date, the Group had no significant events after June 30, 2025 - There were no significant events after June 30, 2025, and up to the date of this report[184](index=184&type=chunk)

泓盈城市運營服務集團股份有限公司 HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD （於中華人民共和國註冊成立的股份有限公司） 股份代號：2529 中期報告 2025 2025 中期報告 INTERIM REPORT 目 錄 釋義 44 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 19 | | 中期財務報告審閱報告 | 22 | | 綜合損益及其他全面收益表 | 24 | | 綜合財務狀況表 | 25 | | 綜合權益變動表 | 27 | | 簡明綜合現金流量表 | 28 | | 未經審核中期財務報告附註 | 30 | 公司資料 董事 執行董事 謝毅先生 （董事長） 陽鑫先生 段文明先生 王國賦先生 非執行董事 余效先生 獨立非執行董事 陳嘉麗女士 戴曉鳳博士 謝志偉先生 監事 薪酬及評估委員會 戴曉鳳博士 （主席） 陽鑫先生 陳嘉麗女士 提名委員會 謝毅先生 （主席） 戴曉鳳博士 謝志偉先生 授權代表 王國賦先生 林庚墀先生 黃國輝先生 彭娟鵑女士 肖名希女士 審計委員會 陳嘉 ...

Financial Performance - The group's revenue for the fiscal year 2025 was approximately HKD 644.4 million, an increase of about 9.1% compared to fiscal year 2024[3] - The profit attributable to the company's owners for fiscal year 2025 was approximately HKD 26.3 million, an increase of about HKD 2.1 million or approximately 8.9% from fiscal year 2024[3] - Basic earnings per share for fiscal year 2025 were approximately HKD 0.069, compared to HKD 0.064 for fiscal year 2024[5] - Gross profit for fiscal year 2025 was HKD 295.5 million, compared to HKD 269.9 million in fiscal year 2024[4] - The total comprehensive income for the year was HKD 25.2 million, compared to HKD 19.2 million in the previous year[5] - The group reported a pre-tax profit of HKD 29.9 million for fiscal year 2025, compared to HKD 26.6 million for fiscal year 2024[4] - The group reported a net profit of HKD 26.632 million, compared to HKD 24.189 million in the previous year, indicating an increase of about 10.1%[24] - Adjusted profit before tax for the group was HKD 29.942 million, up from HKD 26.564 million, marking a growth of around 9.0%[24] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.03 for fiscal year 2025, up from HKD 0.028 in fiscal year 2024[3] - The group proposed a final dividend of HKD 0.03 per share for 2025, compared to HKD 0.028 per share in 2024, totaling HKD 11.4 million for 2025[43] Assets and Liabilities - Non-current assets increased to HKD 484,322,000 in 2025 from HKD 442,759,000 in 2024, representing a growth of 9.5%[6] - Current assets decreased to HKD 587,649,000 in 2025 from HKD 613,614,000 in 2024, a decline of 4.2%[6] - Total liabilities decreased from HKD 215,820,000 in 2024 to HKD 203,721,000 in 2025, a reduction of 5.6%[6] - Non-current liabilities increased to HKD 86,501,000 in 2025 from HKD 73,887,000 in 2024, an increase of 17.0%[7] - Total equity rose to HKD 781,749,000 in 2025 from HKD 766,666,000 in 2024, reflecting a growth of 2.0%[7] - Cash and cash equivalents decreased to HKD 439,903,000 in 2025 from HKD 489,583,000 in 2024, a decline of 10.1%[6] - The group's total liabilities amounted to HKD 290,222,000 in 2025, slightly up from HKD 289,707,000 in 2024[25] Revenue Segmentation - The external customer revenue for the general medical services segment was HKD 410.825 million, up from HKD 398.388 million, indicating a growth of about 3.6%[24] - The specialty medical services segment reported a loss of HKD 13.114 million, an improvement from a loss of HKD 39.270 million in the previous year[24] - The dental services segment generated revenue of HKD 67.757 million, compared to HKD 58.469 million, reflecting an increase of approximately 15.5%[24] - Revenue from primary healthcare services increased by approximately HKD 12.4 million or 3.1% to about HKD 410.8 million in fiscal year 2025, driven by an increase in patient visits and average spending per visit[45] - Revenue from specialist medical services rose by approximately HKD 31.9 million or 23.8% to about HKD 165.8 million in fiscal year 2025, attributed to an increase in patient visits and average spending per visit[45] - Revenue from dental services increased by approximately HKD 9.3 million or 15.9% to about HKD 67.8 million in fiscal year 2025, mainly due to increased patient visits following the acquisition of Youde Dental[45] Operational Efficiency - The group's administrative and other expenses for fiscal year 2025 were HKD 271.7 million, compared to HKD 264.0 million in fiscal year 2024[4] - The group's service costs increased by approximately HKD 28.0 million or 8.7% to about HKD 349.0 million for the fiscal year 2025, primarily due to increased payments to doctors and dentists[46] - Financing costs decreased to HKD 6.6 million in fiscal year 2025 from HKD 8.2 million in fiscal year 2024[4] - The impairment loss on trade receivables decreased to HKD 10.9 million in 2025 from HKD 11.2 million in 2024[41] Acquisitions and Market Position - The group completed the acquisition of Youde Dental in fiscal year 2025, contributing to overall revenue growth in the dental segment despite competitive pressures[59] - The acquisition of Yau Tak Dental was completed, contributing to a revenue of approximately HKD 67.8 million in FY2025, reflecting a year-on-year growth of about 15.9%[65] - The number of dental service points increased from 15 to 35, a 133% rise compared to FY2024, enhancing patient accessibility and market coverage[66] Community Engagement and Health Initiatives - The group actively participated in community health programs in collaboration with the Hong Kong government, including seasonal flu vaccination and chronic disease management initiatives[71] - The group emphasizes good corporate governance and responsible business practices, aiming to create a positive and lasting impact on the community[89] Digital Transformation and Technology Integration - In the fiscal year 2025, the group achieved significant progress in digital transformation, implementing a comprehensive clinic operation system and an all-channel sales platform to enhance customer satisfaction[70] - The group emphasizes the integration of technology into operations to enhance nursing quality and efficiency, reflecting its commitment to improving healthcare services[70] Employee and Governance - The company employed 402 full-time employees and 207 part-time employees as of June 30, 2025, compared to 388 full-time and 355 part-time employees in the previous year[107] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the fiscal year 2025, except for a deviation regarding the separation of the roles of Chairman and CEO[112]

Company Overview [Company Profile and Business Model](index=3&type=section&id=Company%20Profile%20and%20Business%20Model) Fanyuan International Holdings Group Limited, a prominent cross-border e-commerce logistics service provider listed on the Main Board of the Stock Exchange on December 22, 2023, offers end-to-end cross-border logistics services with a customer-centric approach and customized supply chain solutions - The Company was listed on the Main Board of the Stock Exchange on **December 22, 2023**, as a renowned cross-border e-commerce logistics service provider[6](index=6&type=chunk) - The Company's headquarters are in China, primarily providing end-to-end cross-border logistics services with service outlets in major Chinese trade centers[6](index=6&type=chunk) - The Company offers flexible and reliable delivery options, manages the entire logistics value chain, and customizes supply chain solutions based on client needs[7](index=7&type=chunk) Company Information [Board and Committee Composition](index=4&type=section&id=Board%20and%20Committee%20Composition) This section details the Board of Directors, Company Secretary, authorized representatives, and members of the Audit, Remuneration, Nomination, and Investment Committees, along with auditor and legal counsel information - Board members include Executive Directors Mr. Wang Quan (Chairman), Mr. Yang Zhilong, Mr. Zhang Guangyang, Mr. Zhu Jiong, Non-executive Directors Mr. Wei Ran, Mr. Yao Shenjie, and Independent Non-executive Directors Mr. Ye Xingyue, Mr. Ren Tiangan, and Ms. Wang Jiaofei[8](index=8&type=chunk) - The Company Secretary is Mr. Liang Lesheng (appointed on April 30, 2025), and the Auditor is BDO Limited[8](index=8&type=chunk) [Registration and Operating Locations](index=5&type=section&id=Registration%20and%20Operating%20Locations) This section outlines the Company's registered office, China headquarters, principal place of business in Hong Kong, share registrar, principal bankers, stock code, company website, and listing date - The Company's registered office is in the Cayman Islands, China headquarters in Gongshu District, Hangzhou, Zhejiang Province, and principal place of business in Hong Kong is in Central[9](index=9&type=chunk) - The Hong Kong share registrar is Hong Kong Registrars Limited, and the principal bankers are Hangzhou United Rural Commercial Bank Co., Ltd. (Shiqiao Branch)[9](index=9&type=chunk) - The Company's stock code is **2516**, and the listing date was **December 22, 2023**[9](index=9&type=chunk) Financial Summary [Group Performance and Balance Sheet Summary](index=6&type=section&id=Group%20Performance%20and%20Balance%20Sheet%20Summary) For the six months ended June 30, 2025, the Group's revenue decreased by 43.4% year-on-year to RMB 808.2 million, turning from profit to a loss of RMB 14.49 million for the period, with total assets and liabilities decreasing and net assets slightly down by 3.9% Group Performance Summary (for the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 808,208 | 1,427,976 | (43.4%) | | Gross profit | 73,693 | 104,799 | (29.7%) | | (Loss) Profit before tax | (14,802) | 40,041 | (137.0%) | | (Loss) Profit for the period | (14,489) | 38,062 | (138.1%) | | (Loss) Profit for the period attributable to owners of the parent | (14,350) | 38,093 | (137.7%) | Group Assets and Liabilities Summary | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 1,442,701 | 1,722,331 | (16.2%) | | Total liabilities | (748,885) | (1,000,036) | (25.1%) | | Net assets | 693,816 | 722,295 | (3.9%) | | Total equity attributable to owners of the Company | 694,017 | 722,713 | (4.0%) | Management Discussion and Analysis [Business Review](index=7&type=section&id=Business%20Review) In the first half of 2025, China's goods trade imports and exports increased by 2.9%, and cross-border e-commerce by 5.7%; however, the Group's total revenue decreased by 43.4% to RMB 800 million, resulting in a loss, as the Company actively responded to US tariff changes by acquiring US logistics equity and joining the Amazon service network to enhance competitiveness and expand markets - In the first half of 2025, China's total goods trade import and export value was approximately **RMB 21.79 trillion**, an increase of **2.9%** year-on-year; cross-border e-commerce import and export value was approximately **RMB 1.32 trillion**, an increase of **5.7%** year-on-year[13](index=13&type=chunk)[14](index=14&type=chunk) - The Group's total revenue in the first half of 2025 reached approximately **RMB 800 million**, a decrease of **43.4%** compared to the same period in 2024; loss attributable to owners of the Company was approximately **RMB 14.4 million**, compared to a profit of **RMB 38.1 million** in the same period of 2024[15](index=15&type=chunk) - Changes in US tariff policies impacted the Group's export business to the United States, with the Company implementing measures such as close policy monitoring, service adjustments, tariff cost pass-through, optimized logistics route design, diversified revenue streams, and strengthened overseas infrastructure development[16](index=16&type=chunk)[19](index=19&type=chunk) - The Group primarily provides end-to-end cross-border delivery services (accounting for approximately **62.1%** of total revenue), freight forwarding services (accounting for approximately **5.8%**), and other logistics services (accounting for approximately **32.1%**)[17](index=17&type=chunk) - The Company's indirect wholly-owned subsidiary, Ingrun Holdings Limited, acquired a **30% equity interest** in US logistics company Advanced Logistics Solutions LLC to enhance competitiveness in the US and overseas logistics networks[18](index=18&type=chunk) - Hangzhou Fanyuan International Logistics Co., Ltd. joined the Amazon service provider network and was recognized as a benchmark logistics enterprise in Hangzhou for 2025[20](index=20&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 significantly decreased by 43.4% due to US tariff policy changes, leading to a 29.7% reduction in gross profit, though the gross profit margin increased due to service mix shifts; the period turned from profit to loss, mainly impacted by reduced gross profit, increased impairment losses, and higher finance costs, while net current assets and gearing ratio both declined - Revenue: For the six months ended June 30, 2025, revenue was approximately **RMB 800 million**, a **43.4% decrease** from the same period in 2024, primarily due to reduced freight volume caused by changes in US tariff policies[21](index=21&type=chunk) - Cost of sales: Cost of sales decreased by **44.5%** year-on-year to approximately **RMB 700 million**, primarily related to changes in revenue[22](index=22&type=chunk) - Gross profit: Gross profit was approximately **RMB 73.7 million**, a **29.7% decrease** year-on-year. Gross profit margin increased from **7.3% to 9.1%**, mainly due to a reduced proportion of lower-margin freight forwarding services and an increase in gross profit margin for other logistics services, partially offset by a decrease in gross profit margin for end-to-end cross-border delivery services[23](index=23&type=chunk)[24](index=24&type=chunk) - Other income, gains and losses, net: A net loss of approximately **RMB 5.2 million** was recorded, an improvement from a net loss of **RMB 9.2 million** in the same period last year, primarily due to reduced exchange losses[25](index=25&type=chunk) - Impairment loss on trade and other receivables: Impairment loss was approximately **RMB 14.4 million**, an increase from the same period last year, primarily due to a slower client repayment speed leading to a higher expected credit loss rate[26](index=26&type=chunk) - Finance costs: Finance costs increased by **25.5%** to approximately **RMB 9.7 million**, primarily due to an increase in bank borrowings during the period[27](index=27&type=chunk) - Loss for the period: The Group recorded a loss of approximately **RMB 14.4 million** for the period ended June 30, 2025, turning from a profit of approximately **RMB 38.1 million** in the same period of 2024[30](index=30&type=chunk) - Trade receivables: As of June 30, 2025, trade receivables were approximately **RMB 429.2 million**, a **35.0% decrease** from approximately **RMB 660.4 million** as of December 31, 2024[31](index=31&type=chunk) - Trade payables: As of June 30, 2025, trade payables were approximately **RMB 59.1 million**, a **29.0% decrease** from approximately **RMB 83.3 million** as of December 31, 2024[32](index=32&type=chunk) - Liquidity: Net current assets were approximately **RMB 484.6 million**, with bank balances and cash of approximately **RMB 4

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TOP FORM INTERNATIONAL LIMITED 黛麗斯國際有限公司* （於百慕達註冊成立之有限公司） （股份代號：333） 截至二零二五年六月三十日止年度之 全年業績公告 全年業績 黛麗斯國際有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「黛麗斯」或「本集團」）截至二零二五年六月三十日止年度之 綜合業績如下： 綜合損益表 截至二零二五年六月三十日止年度 （除另有說明者外，均以港元列示） | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 1,215,731 | 1,130,164 | | 銷售成本 | | (973,757) | (874,674) | | 毛利 | | 241,974 | 255,490 | | 其他收入淨額 | 4 | ...