目錄 (於開曼群島註冊成立的有限責任公司) 香港交易所：975 | OTCQX: MOGLF 中期報告 2025 蒙古國巴彥洪戈爾呼赫湖 概述 財務及營運回顧 治理 可持續性 財務報表 詞彙表 MMC | 中期報告 2025 1 | 概述 | 2 | | --- | --- | | 關於我們 | 3 | | 財務及營運回顧 | 5 | | 行業概覽 | 6 | | 經營環境 | 7 | | 二零二五年的展望及業務策略 | 9 | | 業務回顧 | 10 | | 財務回顧 | 19 | | 治理 | 25 | | 可持續性 | 29 | | 財務報表 | 31 | | 獨立審閱報告 | 32 | | 綜合損益表－未經審核 | 33 | | 綜合損益及其他全面收益表－未經審核 | 33 | | 綜合財務狀況表－未經審核 | 34 | | 綜合權益變動表－未經審核 | 35 | | 簡明綜合現金流量表－未經審核 | 36 | | 未經審核中期財務報告附註 | 37 | | 詞彙表 | 47 | 概述 財務及營運回顧 治理 可持續性 財務報表 詞彙表 MMC | 中期報告 2025 2 概述 概述 財務及營運回顧 治 ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's board members and their roles in the audit, remuneration, and nomination committees, including executive directors, independent non-executive directors, and committee chairpersons - The Board of Directors comprises executive directors Feng Changge (Chairman), Feng Shaolun (Vice Chairman), Liu Fenglei (President), Ma Lintao (Vice President), Cheng Junqiang (Vice President), and independent non-executive directors Wang Nengguang, Liu Guoxun, and Song Jiaheng[3](index=3&type=chunk) - The Audit Committee Chairman is Mr. Wang Nengguang, the Remuneration Committee Chairman is Mr. Song Jiaheng, and the Nomination Committee Chairman is Mr. Feng Changge[3](index=3&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=Company%20Contact%20and%20Registration%20Information) This section provides the company's legal counsel, auditor, principal bankers, registered office, principal place of business, and share registrar information - The Company Secretary is Ms. Wong Wai Yee, and authorized representatives are Mr. Liu Fenglei and Ms. Wong Wai Yee[3](index=3&type=chunk) - The legal counsel is Haiwen & Partners, and the auditor is Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd[3](index=3&type=chunk) - The company's stock code is **3836**, and its website is www.hexieauto.com[4](index=4&type=chunk) Management Discussion and Analysis [Industry Overview and Outlook](index=5&type=section&id=Industry%20Overview%20and%20Outlook) In the first half of 2025, China's passenger vehicle retail sales increased by 10.8% year-on-year, with new energy vehicle sales growing by 33.3%; the luxury car market faced challenges, experiencing an 11.8% year-on-year decline in sales, while Chinese new energy vehicle brands demonstrated exceptional export performance, growing by 48.0% Overview of China's Passenger Vehicle Market in H1 2025 | Metric | H1 2025 | Y-o-Y Growth | | :--- | :--- | :--- | | Passenger Vehicle Retail Sales | approx. 10.9 million units | 10.8% | | Cumulative NEV Sales | 5.5 million units | 33.3% | - The luxury car market's cumulative sales in H1 2025 were approximately **1.2 million units**, a **11.8% decrease** compared to the same period last year[7](index=7&type=chunk) - China's new energy vehicle exports significantly increased by **48.0%** year-on-year, with BYD's exports growing by **1.3 times**[8](index=8&type=chunk) - Fiscal policies, such as trade-in subsidies and NEV purchase tax incentives, are expected to continue boosting market demand[8](index=8&type=chunk) [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) In the first half of 2025, the Group achieved a significant 60.6% increase in total sales, driven by strategic overseas market expansion and successful implementation of the '1+2' operating strategy in the domestic market, which also delivered stable operating net profit through focused brand and regional advantages, enhanced synergy, and refined management - Total sales reached **30,666 units** in H1 2025, a significant **60.6% year-on-year increase**[9](index=9&type=chunk) - Sales in Hong Kong and overseas markets reached **15,725 units**, accounting for **51.3%** of total sales and becoming the primary growth driver[9](index=9&type=chunk) - Excluding non-recurring losses of **RMB 32.5 million** related to store closures, adjusted net profit was **RMB 20.7 million**, representing a significant turnaround[9](index=9&type=chunk) [Mainland China Market](index=6&type=section&id=Mainland%20China%20Market) The Mainland China market achieved stable operating net profit through a '1+2' operating strategy (focusing on performance profitability, advantageous brands and regions, and efficient quality) and prudent M&A development; the Group enhanced business synergy, optimized sales pace and model structure, and improved after-sales service gross margin and overall operational efficiency through deep customer demand analysis and refined management - Adjusted operating net profit for the Mainland China market (excluding non-recurring losses related to store closures) was approximately **RMB 17.9 million**[10](index=10&type=chunk) - Adhering to the '1+2' operating strategy, focusing on 3 ultra-luxury brands (Bentley, Rolls-Royce, Ferrari) and 2 luxury brands (BMW, Lexus)[10](index=10&type=chunk) - In H1 2025, the comprehensive gross margin for after-sales services increased from **38.3%** in the same period last year to **39.2%**, a year-on-year increase of approximately **1 percentage point**[12](index=12&type=chunk) - Added **3 Denza brand experience showrooms** to capitalize on the growth opportunities in China's electric vehicle market[13](index=13&type=chunk) [Hong Kong and Overseas Markets](index=8&type=section&id=Hong%20Kong%20and%20Overseas%20Markets) The Group's international new energy vehicle market strategy is showing initial results, establishing a global strategic partnership with BYD, operating 40 4S centers, 36 showrooms, and 6 service centers across Asia-Pacific, Europe, and Africa, with 29 new outlets added in the first half; BYD sales lead in Hong Kong, while Indonesia, Cambodia, and the Philippines markets show significant sales growth, all adopting a 'low-cost, high-efficiency' operating model - Established a global strategic partnership with BYD Company, a leading Chinese automobile manufacturer, for distribution and after-sales services[14](index=14&type=chunk) - As of June 30, 2025, operating **40 4S centers**, **36 showrooms**, and **6 service centers** in Asia, Europe, and Africa, with a total of **29 new outlets** added in the first half[14](index=14&type=chunk) Sales Performance in Hong Kong and Overseas Markets (H1 2025) | Market | Sales (units) | Y-o-Y Growth | | :--- | :--- | :--- | | Hong Kong (BYD) | 4,762 | - | | Indonesia | 2,538 | 226% | | Cambodia | 1,610 | 444% | | Philippines | 1,767 | 89% | - Overseas regions adopt a 'low-cost, high-efficiency' operating model, with lower single-store investment and fewer employees than traditional 4S stores in China[14](index=14&type=chunk) [Future Outlook](index=8&type=section&id=Future%20Outlook) The Group's future systematic deployment will focus on 'framework building, coverage expansion, foundation establishment, refinement, breadth expansion, and deep impact,' aiming to complete global network layout, increase core market density, build localized management and profitability systems, strengthen refined operations, expand NEV-related businesses, and continuously enhance core competitiveness to become the world's largest NEV dealer group - Future plans include rapidly advancing new market development in the Middle East, Africa, and Americas, based on Asia-Pacific and Europe, to complete the global network framework layout[16](index=16&type=chunk) - Continuously building local-demand-oriented management foundations and profitability systems, including talent management, business process standards, used car market business improvement, and integration of derivative business resources like insurance and finance[16](index=16&type=chunk) - Expanding NEV-related businesses such as energy storage, charging solutions, battery repair and recycling, zero-carbon parks, and supporting facilities[16](index=16&type=chunk) - Committed to becoming the world's largest new energy vehicle dealer group[16](index=16&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) In the first half of 2025, the Group's total revenue increased by 29.1% to RMB 9,636.6 million, primarily driven by significant growth in automobile and other sales, especially strong performance in Hong Kong and overseas markets; despite a 52.8% increase in gross profit, the period still recorded a loss due to increased selling and distribution expenses and administrative expenses, though the loss significantly narrowed year-on-year - Total revenue for H1 2025 was **RMB 9,636.6 million**, a **29.1% increase** from H1 2024[18](index=18&type=chunk) - Gross profit increased by **52.8%** from **RMB 366.3 million** in H1 2024 to **RMB 559.8 million**, with gross margin improving from **4.9%** to **5.8%**[23](index=23&type=chunk) - Loss attributable to owners of the Company decreased to **RMB 11.8 million**, compared to a loss of **RMB 76.3 million** in H1 2024[31](index=31&type=chunk) [Revenue Analysis](index=9&type=section&id=Revenue%20Analysis) The Group's total revenue in H1 2025 increased by 29.1% to RMB 9,636.6 million; automobile and other sales revenue grew significantly by 36.7%, accounting for 89.0% of total revenue, primarily due to international sales network expansion, while after-sales service and finance lease service revenues decreased; geographically, Hong Kong and overseas revenue surged 5.0 times, comprising 40.5% of total revenue, whereas Mainland China revenue declined by 15.8% Revenue by Type of Goods or Services (RMB million) | Revenue Source | H1 2025 | H1 2024 | Y-o-Y Change | Share of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Automobile and Other Sales | 8,577.4 | 6,273.6 | +36.7% | 89.0% | | After-sales Services | 1,044.7 | 1,170.5 | -10.7% | 10.8% | | Finance Lease Services | 14.5 | 22.1 | -34.4% | 0.2% | Revenue by

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 640,165,000, a decrease of 11.1% compared to RMB 720,643,000 in 2024[15] - Gross profit for the same period was RMB 381,867,000, down 9.1% from RMB 419,946,000 in 2024[15] - The company reported a loss before income tax of RMB 134,713,000, compared to a profit of RMB 68,897,000 in the previous year[15] - The loss for the period attributable to owners of the company was RMB 141,978,000, contrasting with a profit of RMB 52,414,000 in 2024[15] - Basic and diluted loss per share was RMB (6.84) cents, compared to earnings of RMB 2.52 cents per share in 2024[15] - The Group reported a loss of RMB 141.8 million for the period, compared to a profit of RMB 52.4 million for the same period in 2024, primarily due to impairment losses related to trade debts and decreased revenue from the fashion footwear business[34] - For the six months ended June 30, 2025, the Group's total revenue was RMB 640.2 million, a decrease of 11.2% compared to RMB 720.6 million in the same period last year[34] - The net loss for the period was RMB 141,800,000, compared to a profit of RMB 52,594,000 in the same period last year[181] - Total comprehensive expenses for the period amounted to RMB 149,379,000, compared to a comprehensive income of RMB 44,217,000 in 2024[181] Economic Context - China's GDP in the first half of 2025 reached RMB 66,053.6 billion, representing a year-on-year increase of 5.3%[22] - Total retail sales of consumer goods in China were RMB 2,454.58 billion from January to June 2025, reflecting a year-on-year increase of 5.0%[27] - The World Bank has lowered its forecast for global economic growth in 2025 to 2.3% due to geopolitical tensions and trade protectionism[20] - Global economic growth is projected to slow to 2.3% in the second half of 2025, marking a significant downward revision due to rising trade barriers and policy uncertainty[90] - In China, consumption growth is expected to remain weak amid declining confidence and a sluggish real estate sector[94] Retail Strategy and Operations - As of June 30, 2025, the total number of retail outlets was 968, representing a net decrease of 47 outlets since the beginning of the year[35] - The number of proprietary shoe retail outlets was 790, a net decrease of 44 outlets since the beginning of the year[35] - The Group's strategy includes optimizing channel structure and improving single-store performance to enhance operational efficiency in its offline retail network[40] - The offline sales strategy will focus on closing underperforming department stores while maintaining overall retail business stability[41] - The Group continues to optimize its retail network, focusing on improving single-store operational efficiency and maintaining stable store numbers in outlet and shopping center channels[44] - During the reporting period, the Group implemented a "consolidation and transformation" strategy, closing underperforming department stores while retaining high-efficiency stores in core business circles[45] - The Group aims to enhance same-store sales growth and reduce operational costs by concentrating resources on channels with higher growth potential[45] Supply Chain and Inventory Management - In the first half of 2025, the Group optimized inventory management by strictly controlling first order quantities to mitigate inventory backlog risks, maintaining industry-leading inventory turnover efficiency[49] - The Group established a flexible supply chain system, shortening production and replenishment cycles, and improving supply-demand matching efficiency[50] - Future plans include promoting digital upgrades in the supply chain and exploring pre-sale and on-demand production models to further reduce inventory risks[54] Product Development and Innovation - C.banner's brand matrix includes multiple self-owned brands, with a focus on expanding into fashion leisure and sports categories, which account for 60% to 70% of the product line[55][56] - The company will deepen its "hit style strategy" in the second half of 2025, enhancing market competitiveness through innovative designs while maintaining core product quality[57] - Continuous technological innovation and process upgrades are identified as core driving forces for maintaining brand vitality[57] - C.banner has established a closed-loop system of "fast design-trial production-feedback," achieving a 40% reduction in new product development cycles and a 35% increase in product sales through big data analysis[60] - The introduction of 3D digital sample technology has reduced traditional prototyping cost waste by 60%[60] - C.banner aims to expand scenario-based product lines for various life scenarios, including workplace commuting and social leisure[61] - The company focuses on a dual-track product matrix of "classic + limited edition" to maintain brand identity and market enthusiasm[61] Market Positioning and Customer Engagement - C.banner's sports and leisure shoes have become mainstream, appealing to urban consumers aged 18 to 45, who prioritize comfort and individual expression[62] - The company emphasizes a customer-centric shopping experience, featuring professional shopping guides and a family-friendly store design[68] - The company is implementing a dual-market strategy by exploring European and American orders alongside established domestic sales, enhancing product quality and flexibility in production[77] - C.banner is enhancing its omni-channel integration strategy, optimizing operations on platforms like Youzan Mall and increasing content marketing efforts on Douyin and Xiaohongshu[83] - The company has built a three-dimensional live broadcast system to improve user participation and integrate offline services with online shopping[82] - C.banner aims to deepen its presence in the Chinese market, focusing on strategic expansion and enhanced customer experience to unlock further growth opportunities[74] Financial Position and Cash Flow - As of June 30, 2025, the Group had bank balances and cash of RMB483.4 million, an increase from RMB429.7 million as of December 31, 2024[116] - Net cash generated from operating activities was RMB76.6 million, an increase of RMB49.9 million compared to RMB26.7 million in the same period last year[116] - The net current assets of the Group decreased by 21.8% to RMB672.8 million as of June 30, 2025, down from RMB859.9 million as of December 31, 2024[118] - The Group recorded a currency exchange gain of RMB 0.3 million for the six months ended June 30, 2025, compared to a loss of RMB 1.8 million in the same period of the previous year[127] - The Group's gearing ratio was 0.0% as of both December 31, 2024, and June 30, 2025, indicating no debt relative to total assets[129] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance codes as of June 30, 2025[152] - The audit committee has reviewed the accounting principles and policies adopted by the group for the six months ended June 30, 2025[154] - The Group has adopted all new and revised IFRS Accounting Standards effective from January 1, 2025, with no significant changes to accounting policies[197] - The Company has not yet applied new IFRS Accounting Standards that are issued but not effective, and is assessing their potential impact[198]

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid- sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

[Corporate Information](index=3&type=section&id=CORPORATE%20INFORMATION) This section outlines Luyuan Group Holding (Cayman) Limited's registration in the Cayman Islands, headquarters in Jinhua, China, stock code 2451, and the composition of its board and committees [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) This section provides fundamental details of Luyuan Group Holding (Cayman) Limited, including its registration in the Cayman Islands, headquarters in Jinhua, China, stock code 2451, and the composition of its key governance bodies - Company registered in the **Cayman Islands**[4](index=4&type=chunk) - Headquarters in **Jinhua, Zhejiang Province, China**[4](index=4&type=chunk) - Stock code: **2451**[4](index=4&type=chunk) - Auditor: **PricewaterhouseCoopers**[10](index=10&type=chunk) [Definitions](index=6&type=section&id=DEFINITIONS) This section provides definitions for key terms used throughout the report, covering company entities, legal documents, committees, geographical regions, currencies, and share schemes to ensure clear understanding [Definitions](index=6&type=section&id=Definitions) This section provides definitions for key terms used throughout the report, covering company entities, legal documents, committees, geographical regions, currencies, and share schemes to ensure clear understanding - Reporting Period refers to **January 1, 2025, to June 30, 2025**[20](index=20&type=chunk) - Net Proceeds from the Global Offering were approximately **HKD 706.4 million**[19](index=19&type=chunk) - Company refers to **Luyuan Group Holding (Cayman) Limited**, an exempted limited liability company incorporated in the Cayman Islands on February 18, 2009[17](index=17&type=chunk) [Financial Summary](index=11&type=section&id=FINANCIAL%20SUMMARY) This section presents a concise overview of the company's key financial performance and position for the reporting period [Condensed Consolidated Income Statement](index=11&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company achieved significant growth in both revenue and profit, with profit for the period increasing by 66.9% year-on-year Key Data from Condensed Consolidated Income Statement | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 3,095,669 | 2,533,904 | +22.2% | | Profit before income tax | 117,224 | 66,704 | +75.7% | | Profit for the period | 110,116 | 65,988 | +66.9% | | Total comprehensive income for the period | 109,291 | 66,876 | +63.4% | [Condensed Consolidated Balance Sheet](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets and liabilities both increased, with total assets reaching RMB 5,384.0 million and total equity increasing accordingly Key Data from Condensed Consolidated Balance Sheet | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 1,678,949 | 1,656,054 | +1.38% | | Current assets | 3,705,080 | 2,668,289 | +38.85% | | Total assets | 5,384,029 | 4,324,343 | +24.50% | | Total equity | 1,580,138 | 1,497,732 | +5.50% | | Non-current liabilities | 401,102 | 309,445 | +29.62% | | Current liabilities | 3,402,789 | 2,517,166 | +35.10% | | Total liabilities | 3,803,891 | 2,826,611 | +34.58% | [Management Discussion and Analysis](index=13&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides an in-depth review of the company's operational performance, strategic initiatives, and financial results for the reporting period [Business Review](index=13&type=section&id=BUSINESS%20REVIEW) During the reporting period, the electric two-wheeler market showed growth potential driven by new national standards and smart technologies, with the company's net profit significantly increasing by 66.9% due to product upgrades and improved channel efficiency - The electric two-wheeler market shows considerable long-term growth potential, driven by new national standards, natural replacement cycles, trade-in policies, and advancements in smart technology[29](index=29&type=chunk) - The company's net profit increased by approximately **66.9%** from **RMB 66.0 million** in the same period of 2024 to **RMB 110.1 million** in 2025[29](index=29&type=chunk) - Excluding the impact of share-based payment expenses, profit for the period was **RMB 141.2 million**, representing a year-on-year increase of approximately **114.0%**[29](index=29&type=chunk) [Research and Development](index=13&type=section&id=Research%20and%20Development) The company continues to invest in R&D, holding 912 patents and actively expanding into robotics, with R&D costs increasing by 13.3% - As of June 30, 2025, the company held **912 patents**, demonstrating a leading position in invention patents within the industry[30](index=30&type=chunk) - R&D costs increased by approximately **13.3%** year-on-year, from **RMB 92.0 million** in the same period of 2024 to **RMB 104.2 million** in 2025[34](index=34&type=chunk) - The company is actively developing key components for robotics and co-led the establishment of the Jinhua Economic Development Zone Robotics Industry Alliance[35](index=35&type=chunk) [Products](index=14&type=section&id=Products) The company's product line spans entry-level, mid-range, and high-end models, with a strategic focus on growth in the mid-to-high-end segments and successful new national standard certifications - Product lines cover entry-level, mid-range, and high-end models, strategically emphasizing growth in the mid-to-high-end market segments[36](index=36&type=chunk) - As of June 30, 2025, over **20 new models** were launched, including industry-leading products like K50, MS95, and Moda50D[36](index=36&type=chunk) - The company's products successfully obtained certification under the new "Implementation Rules for Compulsory Product Certification of Electric Bicycles," making it one of the first domestic enterprises to receive this new national standard certification[38](index=38&type=chunk) [Production](index=15&type=section&id=Production) The company's three smart production factories in Zhejiang, Guangxi, and Shandong are on the MIIT whitelist, with the Chongqing smart factory commencing operations in February 2025 to become a full-chain intelligent manufacturing leader - Three smart production factories in Zhejiang (Jinhua), Guangxi (Guigang), and Shandong (Linyi) have been listed on the Ministry of Industry and Information Technology (MIIT) industry whitelist[39](index=39&type=chunk) - The Chongqing smart production factory officially commenced operations in **February 2025**, aiming to become a full-chain intelligent manufacturing leading enterprise[39](index=39&type=chunk) - The company established a manufacturing division to promote resource sharing among different production bases, enhancing product consistency and quality[40](index=40&type=chunk) [Customers and Sales Channels of the Group](index=16&type=section&id=Customers%20and%20Sales%20Channels%20of%20the%20Group) The company's offline distribution network covers 336 cities with over 14,000 retail stores, complemented by online-offline integration driving significant sales and improved customer satisfaction, alongside strategic partnerships and international expansion - As of June 30, 2025, the offline distribution network covered **336 cities** across **31 provincial-level administrative regions** in mainland China, with over **14,000 offline retail stores**[42](index=42&type=chunk) - Online and offline integration led to sales of approximately **300,000 electric two-wheelers** in the past year, with customer satisfaction increasing by **20%** year-on-year[43](index=43&type=chunk) - Established a strategic partnership with Hellobike and became a major supplier for Didi Qingju and Meituan[45](index=45&type=chunk)[47](index=47&type=chunk) - During the reporting period, the company expanded its international business, entering **3 new countries** and achieving significant development in South Asia and Africa[46](index=46&type=chunk)[48](index=48&type=chunk) [Marketing](index=18&type=section&id=Marketing) The company's marketing strategy, centered on "One Vehicle for Ten Years," successfully engaged young female consumers through celebrity endorsements and IP collaborations, achieving over 1 billion online exposures and significant sales growth on Douyin, earning recognition as a "China's 500 Most Valuable Brands" - Marketing theme: "One Vehicle for Ten Years," enhancing deep interaction with consumers[50](index=50&type=chunk) - Expanded into the young female consumer market, inviting Liang Jie as "Spring Riding Ambassador" and launching co-branded products with the popular IP "ZANMANG LOOPY"[50](index=50&type=chunk) - Live streaming marketing achieved significant results: content exposure in collaboration with Wuyou Media exceeded **1 billion views**, online sales surpassed **RMB 500 million**, and total sales on the Douyin platform grew by **72.7%**[50](index=50&type=chunk) - The company was recognized by World Brand Lab as one of "China's 500 Most Valuable Brands"[51](index=51&type=chunk) [Environmental, social, and governance](index=19&type=section&id=Environmental%2C%20social%2C%20and%20governance) The company actively promotes electric two-wheeler battery safety through public awareness campaigns and achieves carbon reduction through core technologies like liquid-cooled motors, digital battery systems, and solid-state electrical systems, with its new Chongqing smart factory adhering to "green factory" standards - Launched the "National Safety Public Welfare Campaign" to promote electric two-wheeler battery safety knowledge and preventive measures[52](index=52&type=chunk) - Utilizes three core technologies—liquid-cooled motors, digital battery systems, and solid-state electrical systems—to enhance product energy efficiency and safety, promote resource conservation and recycling, and achieve carbon reduction[55](index=55&type=chunk) - The newly constructed Chongqing smart production factory strictly adheres to "green factory" standards, exploring carbon neutrality practices across the entire product lifecycle[56](index=56&type=chunk) [Outlook](index=21&type=section&id=OUTLOOK) The company has identified new growth opportunities and developed a comprehensive strategic roadmap, prioritizing high-end electric-assist bicycles and expanding into electric mobility ecosystem services in 2025, anticipating strong market growth and a shift towards quality-driven competition - In 2025, the company will prioritize the development of high-end electric-assist bicycles and strategically expand into electric mobility ecosystem services, including battery swapping infrastructure, shared mobility solutions, and enhanced after-sales services[57](index=57&type=chunk) - The Chinese electric bicycle market is expected to experience strong growth, with market competition shifting from price to quality-driven factors[58](index=58&type=chunk) - The electric-assist bicycle market value is projected to grow from **USD 35 billion** in 2024 to **USD 62 billion** by 2030, with a compound annual growth rate of nearly **10%**[64](index=64&type=chunk) [Sustained Reinforcement of Technological Barriers](index=22&type=section&id=Sustained%20Reinforcement%20of%20Technological%20Barriers) The company plans to enhance its digital battery management system through improved thermal management and low-temperature performance, while establishing a unified R&D platform for standardized modular design and streamlined development - Plans to further enhance its digital battery management system by improving thermal management and low-temperature performance, thereby extending battery life and addressing critical safety concerns[60](index=60&type=chunk) - Aims to establish a unified R&D platform, standardize modular design protocols, and streamline development processes to rapidly respond to market demands[62](index=62&type=chunk) [Strategic Intelligent Manufacturing Transformation](index=22&type=section&id=Strategic%20Intelligent%20Manufacturing%20Transformation) The company plans to implement automation, industrial internet connectivity, digital twin technology, and AI in manufacturing, aiming to build a demonstration smart factory and achieve national recognition by 2026, expecting significant improvements in quality consistency and reduced production costs - Plans to implement automation and industrial internet connectivity, introduce digital twin technology and artificial intelligence into manufacturing processes, and develop standardized and modular component systems[61](index=61&type=chunk) - Aims to build a demonstration smart factory and achieve national recognition by **2026**[61](index=61&type=chunk) - This transformation is expected to significantly improve quality consistency while reducing production costs upon implementation[63](index=63&type=chunk) [Proactive Market Demand Cultivation](index=23&type=section&id=Proactive%20Market%20Demand%20Cultivation) The electric-assist bicycle market is projected to grow significantly, with the company launching its high-end "LYVA" brand and expanding into ecosystem services including battery swapping, rental services, and smart device after-sales to diversify revenue and address consumer needs - The electric-assist bicycle market value is projected to grow from **USD 35 billion** in 2024 to **USD 62 billion** by 2030, with a compound annual growth rate of nearly **10%**[64](index=64&type=chunk) - Launched the "LYVA" high-end electric-assist bicycle brand, with its first self-operated store in Hangzhou West Lake in trial operation, planning to enter the **RMB 10,000-level market**[67](index=67&type=chunk) - The LYVA brand integrates AI riding algorithms and a mid-drive motor system, collaborating with top universities like Peking University and Beijing Sport University to develop personalized "exercise prescriptions" for electric-assist products[70](index=70&type=chunk) - Developing three complementary business lines: battery swapping services, scenic/campus/urban transportation rental services (the "Yuanxingzhe" platform project won the "Gelonhui Golden Grid Award · ESG Excellence Project"), and smart device modification after-sales services[73](index=73&type=chunk)[75](index=75&type=chunk) [Financial Review](index=27&type=section&id=FINANCIAL%20REVIEW) This section provides a detailed review of the company's financial performance during the reporting period, including revenue, cost of sales, gross profit, various expenses, other income and gains, financial assets, receivables and payables, capital structure, liquidity, financial resources, and capital expenditures - Revenue increased by **22.2%** year-on-year to **RMB 3,095.7 million**, primarily driven by technology-driven product upgrades, new retail model innovations, improved single-store efficiency, and store network expansion[77](index=77&type=chunk) - Gross profit increased by **38.5%** year-on-year to **RMB 419.7 million**, with gross profit margin improving by **1.6%** to **13.6%**[87](index=87&type=chunk)[90](index=90&type=chunk) - Profit for the period increased by **66.9%** year-on-year to **RMB 110.1 million**[107](index=107&type=chunk) [Revenue](index=27&type=section&id=REVENUE) This section details the company's revenue breakdown by product category for the reporting period, highlighting the contribution of electric bicycles, electric scooters, batteries, and other components Revenue by Product Category | Product Category | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Proportion (2025) | Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | | Electric Bicycles | 1,996,788 | 1,545,677 | 64.5% | +29.2% | | Electric Scooters | 354,128 | 345,017 | 11.4% | +2.6% | | Batteries | 596,523 | 512,052 | 19.3% | +16.5% | | Electric Two-wheeler Components | 106,815 | 103,955 | 3.5% | +2.7% | | Other Products | 23,537 | 5,838 | 0.8% | +303.2% | | **Total** | **3,095,669** | **2,533,904** | **100.0%** | **+22.2%** | [Cost of Sales, Gross Profit and Gross Profit Margin](index=28&type=section&id=COST%20OF%20SALES%2C%20GROSS%20PROFIT%20AND%20GROSS%20PROFIT%20MARGIN) This section presents the company's cost of sales, gross profit, and gross profit margin for the reporting period, showing a significant increase in gross profit and margin Cost of Sales, Gross Profit and Gross Profit Margin | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 2,675,949 | 2,230,962 | +19.9% | | Gross Profit | 419,720 | 302,942 | +38.5% | | Gross Profit Margin | 13.6% | 12.0% | +1.6% | [Selling and Marketing Costs](index=29&type=section&id=SELLING%20AND%20MARKETING%20COSTS) This section details the company's selling and marketing costs for the reporting period, which increased by 20.7% primarily due to expanded brand building, cross-media collaborations, new retail system upgrades, and increased share-based payment expenses Selling and Marketing Costs | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Costs | 182,032 | 150,811 | +20.7% | - Primarily attributed to expanded brand-building activities targeting specific groups, cross-media collaboration projects, new retail system upgrades, and increased share-based payment expenses[91](index=91&type=chunk) [Administrative Expenses](index=29&type=section&id=ADMINISTRATIVE%20EXPENSES) This section outlines the company's administrative expenses for the reporting period, which increased by 8.2% mainly due to higher year-end bonuses for employees Administrative Expenses | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 56,636 | 52,344 | +8.2% | - Primarily attributed to increased year-end bonuses for the Group's employees[92](index=92&type=chunk) [Research and Development Costs](index=29&type=section&id=RESEARCH%20AND%20DEVELOPMENT%20COSTS) This section presents the company's research and development costs for the reporting period, which increased by 13.3% due to higher investment in new product development Research and Development Costs | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Research and Development Costs | 104,213 | 91,969 | +13.3% | - Primarily attributed to increased investment in new product development[93](index=93&type=chunk) [Reversal/(Provision) of Impairment on Financial Assets](index=29&type=section&id=REVERSAL%2F%28PROVISION%29%20OF%20IMPAIRMENT%20ON%20FINANCIAL%20ASSETS) This section details the company's financial asset impairment reversal/(provision) for the reporting period, which shifted from a provision to a reversal primarily due to the recovery of historical bad debts Reversal/(Provision) of Impairment on Financial Assets | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Reversal/(Provision) of Impairment on Financial Assets | 5,054 | (474) | Shift from provision to reversal | - Primarily due to the recovery of historical bad debts[94](index=94&type=chunk) [Other Income](index=29&type=section&id=OTHER%20INCOME) This section presents the company's other income for the reporting period, which remained relatively stable with a slight decrease of 2.5% Other Income | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Other Income | 37,150 | 38,103 | -2.5% (relatively stable) | [Other Expense](index=29&type=section&id=OTHER%20EXPENSE) This section details the company's other expenses for the reporting period, which decreased by 24.6% primarily due to a reduction in the scale of leased assets, leading to lower electricity and depreciation expenses Other Expense | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Other Expense | 3,591 | 4,761 | -24.6% | - Primarily attributed to a reduction in the scale of the Group's leased assets, leading to decreased electricity and depreciation expenses[96](index=96&type=chunk) [Other Gains – Net](index=30&type=section&id=OTHER%20GAINS%20–%20NET) This section presents the company's net other gains for the reporting period, which decreased by 80.6% primarily due to reduced fair value changes in financial assets at fair value through profit or loss and lower exchange gains Other Gains – Net | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Other Gains – Net | 2,658 | 13,676 | -80.6% | - Primarily due to a decrease in fair value changes of financial assets at fair value through profit or loss resulting from reduced large-denomination deposit investments, as well as lower exchange gains[104](index=104&type=chunk) [Finance Income – Net](index=30&type=section&id=FINANCE%20INCOME%20–%20NET) This section details the company's net finance income for the reporting period, which decreased by 97.5% primarily due to reduced interest income from bank deposits after utilizing proceeds from the global offering Finance Income – Net | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Finance Income – Net | 314 | 12,520 | -97.5% | - Primarily due to reduced interest income from bank deposits after utilizing proceeds from the global offering[105](index=105&type=chunk) [Income Tax Expenses](index=30&type=section&id=INCOME%20TAX%20EXPENSES) This section presents the company's income tax expenses for the reporting period, which increased significantly by 892.7% in line with the growth in profit for the period Income Tax Expenses | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Income Tax Expenses | 7,108 | 716 | +892.7% | - Consistent with the Group's profit growth for the period[106](index=106&type=chunk) [Profit for the Period](index=30&type=section&id=PROFIT%20FOR%20THE%20PERIOD) This section highlights the company's profit for the period, which increased by 66.9% year-on-year Profit for the Period | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 110,116 | 65,988 | +66.9% | [Inventories](index=30&type=section&id=INVENTORIES) This section details the company's inventory levels, which remained relatively stable with a slight increase of 0.5% Inventories | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Inventories | 304,611 | 303,068 | +0.5% (relatively stable) | [Trade Receivables](index=30&type=section&id=TRADE%20RECEIVABLES) This section presents the company's trade receivables, which increased by 26.9% primarily due to a simultaneous increase in orders from corporate and institutional clients Trade Receivables | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables | 396,671 | 312,700 | +26.9% | - Primarily due to a simultaneous increase in orders from corporate and institutional clients[109](index=109&type=chunk) [Other Receivables and Prepayments](index=31&type=section&id=OTHER%20RECEIVABLES%20AND%20PREPAYMENTS) This section details the company's other receivables and prepayments, which increased by 14.0% primarily due to higher prepayments for raw materials for strategic reserves, while loans to third parties remained stable Other Receivables and Prepayments | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Other Receivables and Prepayments | 473,666 | 415,338 | +14.0% | - Primarily due to increased prepayments for raw materials for strategic reserves[116](index=116&type=chunk) - Loans provided to third parties (supporting dealer operations) remained at **RMB 3.4 million**[117](index=117&type=chunk) [Property, Plant and Equipment](index=31&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) This section presents the company's property, plant, and equipment, which increased by 1.4% primarily due to additional machinery and equipment for new production bases Property, Plant and Equipment | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 1,273,473 | 1,255,334 | +1.4% | - Primarily due to increased machinery and equipment for new production bases[119](index=119&type=chunk) [Financial Assets at Fair Value Through Profit or Loss ("FVTPL")](index=31&type=section&id=FINANCIAL%20ASSETS%20AT%20FAIR%20VALUE%20THROUGH%20PROFIT%20OR%20LOSS%20%28%22FVTPL%22%29) This section details the company's financial assets at FVTPL, which increased by 40.8% primarily due to an increase in large-denomination deposits, resulting in a fair value change gain of RMB 8.2 million during the reporting period Financial Assets at Fair Value Through Profit or Loss | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 692,349 | 491,659 | +40.8% | - Primarily attributed to an increase in large-denomination deposits[120](index=120&type=chunk) - During the reporting period, the company recorded a fair value change gain of **RMB 8.2 million**[120](index=120&type=chunk) [Trade Payables](index=32&type=section&id=TRADE%20PAYABLES) This section presents the company's trade payables, which increased by 86.5% primarily due to higher procurement volumes driven by increased sales Trade Payables | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 901,141 | 483,294 | +86.5% | - Primarily due to increased procurement volumes as sales grew[125](index=125&type=chunk) [Capital Structure](index=32&type=section&id=CAPITAL%20STRUCTURE) This section provides key metrics on the company's capital structure, showing increases in total assets, total liabilities, and total asset-to-liability ratio, while the current ratio remained stable Capital Structure Key Metrics | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,384.0 million RMB | 4,324.3 million RMB | +24.5% | | Total Liabilities | 3,803.9 million RMB | 2,826.6 million RMB | +34.6% | | Total Asset-to-Liability Ratio | 70.7% | 65.4% | +5.3% | | Current Ratio | 1.09 times | 1.06 times | +0.03 times | [Liquidity, Financial Resources and Gearing Ratio](index=32&type=section&id=LIQUIDITY%2C%20FINANCIAL%20RESOURCES%20AND%20GEARING%20RATIO) This section details the company's liquidity, financial resources, and gearing ratio, showing a significant increase in cash and cash equivalents due to sales growth, and a higher gearing ratio driven by new production base needs and increased bank borrowings Liquidity and Gearing Ratio | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,060,232 | 554,505 | +91.2% | | Gearing Ratio | 81.5% | 68.1% | +13.4% | | Interest-bearing Bank and Other Borrowings | 1,261,900 | 1,002,300 | +25.9% | - The increase in cash and cash equivalents is primarily attributed to increased net cash flow from operating activities driven by sales growth[128](index=128&type=chunk) - The increase in gearing ratio is primarily due to the need to establish new production bases and increased bank borrowings[132](index=132&type=chunk) - As of June 30, 2025, total bank credit facilities amounted to **RMB 3,736.0 million**, with **RMB 2,485.9 million** utilized[134](index=134&type=chunk) [Capital Expenditures](index=33&type=section&id=CAPITAL%20EXPENDITURES) This section presents the company's capital expenditures, which increased by 7.6% primarily for expanding production capacity, including constructing additional facilities and upgrading existing machinery and equipment Capital Expenditures | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Capital Expenditures | 150,300 | 139,600 | +7.6% | - Primarily used for expanding production capacity, including the construction of additional production facilities and the upgrade of existing machinery and equipment[135](index=135&type=chunk) [Other Management Discussion and Analysis](index=34&type=section&id=Other%20Management%20Discussion%20and%20Analysis) This section covers non-financial operational aspects, including foreign exchange risk management, human resources, contingent liabilities, asset pledges, significant investments, and the use of proceeds, with no interim dividend recommended - The company does not engage in foreign exchange hedging but closely manages foreign exchange risk[141](index=141&type=chunk) - As of June 30, 2025, the total number of employees was **2,986**, with total staff costs increasing by **11.7%** to **RMB 273.8 million**[142](index=142&type=chunk) - As of June 30, 2025, the company had no significant contingent liabilities[149](index=149&type=chunk)[152](index=152&type=chunk) [Foreign Exchange Risk and Hedging](index=34&type=section&id=FOREIGN%20EXCHANGE%20RISK%20AND%20HEDGING) The company primarily settles transactions in RMB, exposing it to foreign exchange risks in USD and HKD, which are managed through regular reviews of net foreign exchange exposure without active hedging - The company primarily settles transactions in RMB, facing foreign exchange risks in USD and HKD[140](index=140&type=chunk) - As of the reporting date, the company had not hedged against foreign exchange risk but manages it through regular reviews of the Group's net foreign exchange exposure[141](index=141&type=chunk) [Human Resources](index=34&type=section&id=HUMAN%20RESOURCES) As of June 30, 2025, the company had 2,986 employees, with total staff expenses increasing by 11.7% due to higher share-based payment expenses and business growth, supported by pre-IPO and post-IPO share schemes to attract and incentivize qualified employees - As of June 30, 2025, the company had a total of **2,986 employees**[142](index=142&type=chunk) - Total staff expenses increased by approximately **11.7%** to **RMB 273.8 million**, primarily due to increased share-based payment expenses and the impact of business growth[142](index=142&type=chunk) - The company adopted pre-IPO and post-IPO share schemes to attract, reward, incentivize, retain, compensate, and/or provide benefits to eligible employees[146](index=146&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) [Contingent Liabilities](index=35&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[149](index=149&type=chunk)[152](index=152&type=chunk) [Pledge of Assets](index=36&type=section&id=PLEDGE%20OF%20ASSETS) As of June 30, 2025, certain property, plant, and equipment, right-of-use assets, and certificates of deposit were pledged as collateral for borrowings and bills payable, along with the 100% equity interest and certain patents of a wholly-owned subsidiary - As of June 30, 2025, property, plant, and equipment with a net book value of **RMB 383.6 million** and right-of-use assets of **RMB 46.1 million** were pledged as collateral for borrowings[154](index=154&type=chunk) - Certificates of deposit totaling **RMB 635.0 million** were pledged as security for bills payable[154](index=154&type=chunk) - The 100% equity interest in the wholly-owned subsidiary Guangxi Luyuan Electric Vehicle Co., Ltd. and certain patents were pledged as security for bank borrowings[155](index=155&type=chunk) [Significant Investment, Acquisition and Disposal of Subsidiaries, Associates and Joint Ventures](index=36&type=section&id=SIGNIFICANT%20INVESTMENT%2C%20ACQUISITION%20AND%20DISPOSAL%20OF%20SUBSIDIARIES%2C%20ASSOCIATES%20AND%20JOINT%20VENTURES) As of June 30, 2025, the Group held no significant investments and did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - As of June 30, 2025, the Group held no significant investments[156](index=156&type=chunk) - During the reporting period, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[156](index=156&type=chunk) [Use of Proceeds](index=37&type=section&id=USE%20OF%20PROCEEDS) The net proceeds from the global offering, approximately HKD 706.4 million, have been partially reallocated to support the construction of a new production facility in Chongqing, with remaining funds for R&D and international market expansion expected to be fully utilized by the end of 2025 - Net proceeds from the global offering were approximately **HKD 706.4 million**[160](index=160&type=chunk) - The Board resolved to reallocate **HKD 42.0 million** of unutilized net proceeds for the construction of a new production facility in Chongqing, a city in southwestern China[161](index=161&type=chunk) - Upon commencement of operations, the Chongqing factory's production capacity is expected to gradually reach approximately **2 million units per year** by 2026[161](index=161&type=chunk) - A portion of the unutilized net proceeds allocated for R&D of new products and technologies and international market expansion is expected to be fully utilized by the end of 2025[173](index=173&type=chunk) [Events After the Reporting Period](index=41&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) Except as disclosed in this report and Note 22 to the financial statements, no significant events materially affecting the Group's operations and financial performance occurred after June 30, 2025 - Except as disclosed in this report and Note 22 to the financial statements, no significant events materially affecting the Group's operations and financial performance occurred after June 30, 2025[176](index=176&type=chunk) [No Material Change](index=41&type=section&id=NO%20MATERIAL%20CHANGE) There have been no material changes in the Group's business since the publication of its annual report for the year ended December 31, 2024, on April 23, 2025 - There have been no material changes in the Group's business since the publication of its annual report for the year ended December 31, 2024, on April 23, 2025[177](index=177&type=chunk) [Interim Dividend](index=41&type=section&id=INTERIM%20DIVIDEND) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[178](index=178&type=chunk)[183](index=183&type=chunk) [Other Information](index=42&type=section&id=OTHER%20INFORMATION) This section provides additional information on the company's listed securities, share schemes, director changes, interests of directors and substantial shareholders, emolument policy, corporate governance, and audit committee review [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and as of June 30, 2025, the company held 16,497,000 treasury shares for potential future use - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[185](index=185&type=chunk) - As of June 30, 2025, the company held **16,497,000 treasury shares**[186](index=186&type=chunk) [Share Schemes](index=42&type=section&id=SHARE%20SCHEMES) The company has adopted pre-IPO and post-IPO share schemes to attract, incentivize, and retain eligible employees, aligning their interests with the company and shareholders, with specific grants of options and awards and a post-period grant of options - The company adopted pre-IPO and post-IPO share schemes to attract, reward, incentivize, retain, compensate, and/or provide benefits to eligible employees[188](index=188&type=chunk)[213](index=213&type=chunk) - As of June 30, 2025, **15,073,035 share options** under the pre-IPO share scheme remained unexercised, with an exercise price of zero[147](index=147&type=chunk)[206](index=206&type=chunk) - As of June 30, 2025, **8,291,000 share awards** under the post-IPO share scheme remained unvested, with a purchase price of zero[242](index=242&type=chunk)[408](index=408&type=chunk) - Subsequent to the reporting period, on July 3, 2025, the Board resolved to grant **6,348,000 post-IPO share options** to 102 eligible participants, with an exercise price of **HKD 8.00**[247](index=247&type=chunk)[428](index=428&type=chunk) [Pre-IPO Share Scheme](index=42&type=section&id=Pre-IPO%20Share%20Scheme) The pre-IPO share scheme, adopted on July 20, 2023, with a 10-year validity, granted 16,736,000 share options with a zero exercise price to 108 eligible participants, with 15,073,035 options remaining unexercised as of June 30, 2025, and no new grants after listing - The pre-IPO share scheme was adopted on **July 20, 2023**, with a validity period of **10 years**[195](index=195&type=chunk) - **16,736,000 share options** were granted to 108 eligible participants, with an exercise price of **zero**[147](index=147&type=chunk)[200](index=200&type=chunk)[211](index=211&type=chunk) - As of June 30, 2025, **15,073,035 share options** remained unexercised[206](index=206&type=chunk) - No new share options or share awards will be granted after listing[200](index=200&type=chunk)[204](index=204&type=chunk) [Post-IPO Share Scheme](index=47&type=section&id=Post-IPO%20Share%20Scheme) The post-IPO share scheme, conditionally approved on August 21, 2023, with a 10-year validity, allows for share awards or options with specific pricing rules; as of June 30, 2025, 8,291,000 share awards remained unexercised, and a post-period grant of 6,348,000 options was made - The post-IPO share scheme was conditionally approved and adopted on **August 21, 2023**, with a validity period of **10 years**[213](index=213&type=chunk)[227](index=227&type=chunk) - Awards can be in the form of share awards or share options; the purchase price for share awards can be **zero**, and the exercise price for share options shall not be less than the higher of the closing price on the grant date or the average closing price for the preceding five days[218](index=218&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk)[235](index=235&type=chunk) - As of June 30, 2025, **8,316,500 share awards** had been granted, of which **25,500** were cancelled, with **8,291,000** remaining unexercised at period-end[242](index=242&type=chunk)[408](index=408&type=chunk) - Subsequent to the reporting period, on July 3, 2025, the Board resolved to grant **6,348,000 post-IPO share options** to 102 eligible participants, with an exercise price of **HKD 8.00**[247](index=247&type=chunk)[428](index=428&type=chunk) [Changes in Directors' Information](index=57&type=section&id=CHANGES%20IN%20DIRECTORS%27%20INFORMATION) As of the reporting date, there were no changes in directors' information required to be disclosed under Rule 13.51B(1) of the Listing Rules - There were no changes in directors' information required to be disclosed under Rule 13.51B(1) of the Listing Rules[259](index=259&type=chunk)[261](index=261&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=57&type=section&id=DIRECTORS%27%20AND%20CHIEF%20EXECUTIVE%27S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, the company's directors and chief executive held interests in the company's shares, underlying shares, and debentures, with Mr. Ni Jie and Ms. Hu Jihong, as controlling shareholders, holding approximately 34.33% and 30.75% of shares respectively through controlled corporations and spousal interests Directors' and Chief Executive's Shareholdings | Director Name | Capacity/Nature of Interest | Number of Shares/Underlying Shares (L) | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Ni Jie | Interest in controlled corporation | 146,464,000 | 34.33% | | Mr. Ni Jie | Spouse's interest | 131,200,000 | 30.75% | | Ms. Hu Jihong | Interest in controlled corporation | 146,464,000 | 34.33% | | Ms. Hu Jihong | Spouse's interest | 131,200,000 | 30.75% | | Mr. Chen Guosheng | Beneficial owner | 1,897,100 | 0.44% | | Ms. Ni Boyuan | Beneficial owner | 128,000 | 0.03% | - Mr. Ni Jie and Ms. Hu Jihong are spouses and are deemed to be interested in each other's shareholdings[269](index=269&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=59&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%27%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, substantial shareholders held interests in the company's shares or underlying shares, with Mr. Ni Jie and Ms. Hu Jihong holding approximately 34.33% and 30.75% respectively through controlled corporations (Drago Investments and Apex Marine) and spousal interests Substantial Shareholders' Shareholdings | Shareholder Name/Entity | Capacity/Nature of Interest | Number of Shares/Underlying Shares (L) | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Ni Jie | Interest in controlled corporation | 146,464,000 | 34.33% | | Mr. Ni Jie | Spouse's interest | 131,200,000 | 30.75% | | Ms. Hu Jihong | Interest in controlled corporation | 146,464,000 | 34.33% | | Ms. Hu Jihong | Spouse's interest | 131,200,000 | 30.75% | | Apex Marine | Beneficial owner | 131,200,000 | 30.75% | | Drago Investments | Beneficial owner | 131,200,000 | 30.75% | - Mr. Ni and Ms. Hu are spouses, and both are deemed to be interested in the shares in which the other is deemed to have an interest[278](index=278&type=chunk) [Emolument Policy](index=60&type=section&id=EMOLUMENT%20POLICY) The company values its employees as crucial long-term assets, focusing on attracting and retaining qualified staff through fair remuneration, comprehensive benefits, workplace safety, social security participation, and long-term incentives via share schemes, with the Remuneration Committee overseeing executive compensation - The company regards employees as important assets for long-term development and places great emphasis on attracting and recruiting qualified employees[275](index=275&type=chunk) - Remuneration packages include wages, employee benefits, workplace safety and health conditions, and participation in various social security schemes[277](index=277&type=chunk) - The company implements share incentive schemes to provide long-term motivation and encouragement to employees[277](index=277&type=chunk) - The Remuneration Committee is responsible for reviewing the remuneration policy and structure for directors and senior management[279](index=279&type=chunk) [Compliance with the Corporate Governance Code](index=61&type=section&id=COMPLIANCE%20WITH%20THE%20CORPORATE%20GOVERNANCE%20CODE) The company is committed to maintaining and implementing stringent corporate governance, fully complying with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and will continue to review and monitor its corporate governance status - The company is committed to maintaining and implementing stringent corporate governance and has fully complied with the code provisions set out in the Corporate Governance Code[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) [Compliance with the Model Code for Securities Transactions](index=61&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code for Securities Transactions as its code of conduct for directors' securities dealings, with all directors confirming strict compliance during the reporting period, and has established guidelines for employees with unpublished inside information, with no non-compliance incidents found - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for the Group's directors in securities transactions[283](index=283&type=chunk) - All directors confirmed their strict compliance with the Model Code throughout the reporting period[286](index=286&type=chunk) - The company has established written guidelines, no less exacting than the Model Code, for relevant employees who may possess unpublished inside information, and no non-compliance incidents were found during the reporting period[288](index=288&type=chunk)[291](index=291&type=chunk) [Rights to Acquire the Company's Securities and Equity-Linked Agreements](index=62&type=section&id=RIGHTS%20TO%20ACQUIRE%20THE%20COMPANY%27S%20SECURITIES%20AND%20EQUITY-LINKED%20AGREEMENTS) Excluding disclosures related to share schemes, neither the company nor its subsidiaries entered into any arrangements during the reporting period that would grant directors, the chief executive, or their associates rights to subscribe for company securities or benefit from acquiring shares or debentures, nor did the company enter into any equity-linked agreements - Except for disclosures related to share schemes, during the reporting period, neither the company nor any of its subsidiaries entered into any arrangements that would grant the company's directors or chief executive or their respective associates any rights to subscribe for securities of the company or any of its associated corporations[289](index=289&type=chunk) - The company also did not enter into any equity-linked agreements[289](index=289&type=chunk) [Audit Committee and Review of Financial Information](index=62&type=section&id=AUDIT%20COMMITTEE%20AND%20REVIEW%20OF%20FINANCIAL%20INFORMATION) As of the reporting date, the company's Audit Committee, comprising three independent non-executive directors with Mr. Wu Xiaoya as chairman, has reviewed the Group's accounting principles, practices, risk management, internal controls, and financial reporting matters, including the interim results for the six months ended June 30, 2025 - The company's Audit Committee comprises three independent non-executive directors, with Mr. Wu Xiaoya, the chairman, possessing the appropriate professional qualifications as required by the Listing Rules[290](index=290&type=chunk) - The Audit Committee, together with management, has reviewed the accounting principles and practices adopted by the Group and discussed matters related to risk management, internal controls, and financial reporting, including the review of the interim results for the six months ended June 30, 2025[293](index=293&type=chunk) [Unaudited Condensed Consolidated Income Statement](index=63&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20INCOME%20STATEMENT) This section presents the unaudited condensed consolidated income statement for the six months ended June 30, 2025 [Unaudited Condensed Consolidated Income Statement](index=63&type=section&id=Unaudited%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company reported revenue of RMB 3,095.7 million, profit for the period of RMB 110.1 million, and basic earnings per share of RMB 0.29 Unaudited Condensed Consolidated Income Statement | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 3,095,669 | 2,533,904 | | Gross Profit | 419,720 | 302,942 | | Operating Profit | 118,110 | 54,362 | | Profit for the period | 110,116 | 65,988 | | Basic earnings per share (RMB) | 0.29 | 0.16 | [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=64&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) This section presents the unaudited condensed consolidated statement of comprehensive income for the six months ended June 30, 2025 [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=64&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a profit for the period of RMB 110.1 million and total comprehensive income of RMB 109.3 million, primarily influenced by exchange differences and fair value changes of debt instruments Unaudited Condensed Consolidated Statement of Comprehensive Income | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Profit for the period | 110,116 | 65,988 | | Exchange differences on translation of overseas operations | 7,803 | (4,024) | | Exchange differences on translation of the Company | (8,471) | 4,912 | | Other comprehensive (loss)/income for the period, net of tax | (825) | 888 | | Total comprehensive income for the period | 109,291 | 66,876 | [Unaudited Condensed Consolidated Balance Sheet](index=65&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) This section presents the unaudited condensed consolidated balance sheet as of June 30, 2025 [Unaudited Condensed Consolidated Balance Sheet](index=65&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were RMB 5,384.0 million, with current assets at RMB 3,705.1 million, total equity at RMB 1,580.1 million, and total liabilities at RMB 3,803.9 million Unaudited Condensed Consolidated Balance Sheet | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Total Assets | 5,384,029 | 4,324,343 | | Non-current assets | 1,678,949 | 1,656,054 | | Current assets | 3,705,080 | 2,668,289 | | Total equity | 1,580,138 | 1,497,732 | | Total liabilities | 3,803,891 | 2,826,611 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=67&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) This section presents the unaudited condensed consolidated statement of changes in equity for the six months ended June 30, 2025 [Unaudited Condensed Consolidated Statement of Changes in Equity](index=67&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased from RMB 1,497.7 million at the beginning of the period to RMB 1,580.1 million, primarily influenced by profit for the period, share-based payment expenses, and transfers to statutory reserves, alongside a dividend payment of RMB 56.6 million Unaudited Condensed Consolidated Statement of Changes in Equity | Metric | January 1, 2025 (RMB'000) | June 30, 2025 (RMB'000) | | :--- | :--- | :--- | | Total Equity (Beginning of Period) | 1,497,732 | - | | Profit for the period | 110,116 | - | | Share-based payment expenses | 31,054 | - | | Dividends paid | (56,628) | - | | Total Equity (End of Period) | - | 1,580,138 | [Unaudited Condensed Consolidated Statement of Cash Flows](index=69&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) This section presents the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2025 [Unaudited Condensed Consolidated Statement of Cash Flows](index=69&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities significantly increased to RMB 815.5 million, net cash used in investing activities was RMB 489.9 million, and net cash from financing activities was RMB 180.5 million, with cash and cash equivalents totaling RMB 1,060.2 million at period-end Unaudited Condensed Consolidated Statement of Cash Flows | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash from operating activities | 815,510 | 43,619 | | Net cash used in investing activities | (489,905) | (138,546) | | Net cash from financing activities | 180,458 | 254,221 | | Net increase in cash and cash equivalents | 506,063 | 159,294 | | Cash and cash equivalents at end of period | 1,060,232 | 1,160,155 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=71&type=section&id=NOTES%20TO%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering general information, accounting policies, revenue, expenses, financial instruments, and related party transactions [General Information](index=71&type=section&id=GENERAL%20INFORMATION) The company, incorporated in the Cayman Islands on February 18, 2009, primarily engages in the electric vehicle business in China, with Mr. Ni Jie and Ms. Hu Jihong as ultimate controlling shareholders, and its shares listed on the Hong Kong Stock Exchange on October 12, 2023 - The company was incorporated in the **Cayman Islands** on **February 18, 2009**[304](index=304&type=chunk) - Primarily engaged in the electric vehicle business in **China**[304](index=304&type=chunk) - The ultimate controlling shareholders are **Mr. Ni Jie** and **Ms. Hu Jihong**[305](index=305&type=chunk) - The company's shares were listed on the **Hong Kong Stock Exchange** on **October 12, 2023**[305](index=305&type=chunk) [Accounting Policies](index=71&type=section&id=ACCOUNTING%20POLICIES) These interim financial statements are prepared in accordance with HKEX Listing Rules and HKAS 34, adopting the same accounting policies as the 2024 annual financial statements, with new standards effective January 1, 2025, having no significant impact, while the company assesses HKFRS 18's effect on the statement of comprehensive income presentation - The interim financial statements are prepared in accordance with the **Hong Kong Stock Exchange Listing Rules** and **Hong Kong Accounting Standard 34**[307](index=307&type=chunk)[310](index=310&type=chunk) - The accounting policies adopted are consistent with those used in the 2024 annual financial statements, and new standards effective January 1, 2025, have no significant impact on financial position or operating results[312](index=312&type=chunk)[316](index=316&type=chunk)[318](index=318&type=chunk) - The company is assessing the potential impact of **HKFRS 18** on the presentation of the consolidated statement of comprehensive income[319](index=319&type=chunk)[320](index=320&type=chunk) [Revenue and Segment Reporting](index=75&type=section&id=REVENUE%20AND%20SEGMENT%20REPORTING) For the six months ended June 30, 2025, the company reported goods sales revenue of RMB 3,077.8 million and service revenue of RMB 17.9 million, with revenue primarily recognized at a point in time; the company operates a single reportable segment in electric vehicle development, manufacturing, and sales, with no geographical information presented due to over 90% of revenue and assets being in China Revenue Breakdown | Revenue Source | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Sales of goods | 3,077,791 | 2,512,539 | | Revenue from services | 17,878 | 21,365 | | **Total** | **3,095,669** | **2,533,904** | - The company has only one reportable operating segment, which is the development, manufacturing, and sale of electric vehicles and related accessories[331](index=331&type=chunk) - Due to over **90%** of revenue and operating profit originating from China, and over **90%** of non-current assets and liabilities located in China, no geographical information is presented[332](index=332&type=chunk)[334](index=334&type=chunk) [Other Income and Expense](index=77&type=section&id=OTHER%20INCOME%20AND%20EXPENSE) For the six months ended June 30, 2025, the company's other income was RMB 37.2 million, primarily government grants of RMB 23.2 million, while other expenses totaled RMB 3.6 million, mainly comprising costs for obsolete materials and work-in-progress Other Income and Expense | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Other Income | 37,150 | 38,103 | | Of which: Government grants | 23,237 | 27,149 | | Other Expense | (3,591) | (4,761) | - Government grants primarily include general support from local governments, employment stabilization subsidies, tax refunds, and other subsidies[337](index=337&type=chunk) [Other Gains – Net](index=78&type=section&id=OTHER%20GAINS%20–%20NET) For the six months ended June 30, 2025, the company's net other gains were RMB 2.7 million, primarily including fair value change gains of RMB 8.2 million from financial assets at fair value through profit or loss, but offset by exchange losses and losses from the disposal of financial assets Other Gains – Net | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Exchange (loss)/gain | (332) | 5,005 | | Fair value change of financial assets at fair value through profit or loss | 8,225 | 11,806 | | Loss on disposal of financial assets at fair value through other comprehensive income | (3,706) | (3,217) | | **Total** | **2,658** | **13,676** | [Expenses by Nature](index=79&type=section&id=EXPENSES%20BY%20NATURE) For the six months ended June 30, 2025, the company's total expenses, including cost of sales, selling and marketing costs, administrative expenses, and R&D costs, amounted to RMB 3,018.8 million, with raw materials and consumables usage at RMB 2,498.6 million and employee benefit expenses at RMB 192.4 million Expenses by Nature | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Raw materials and consumables used | 2,498,573 | 2,067,992 | | Employee benefit expenses | 192,355 | 179,455 | | Advertising expenses | 61,613 | 51,835 | | Outsourcing labor costs | 81,430 | 65,649 | | Research and development costs | 104,213 | 91,969 | | **Total** | **3,018,830** | **2,526,086** | [Finance Income – Net](index=80&type=section&id=FINANCE%20INCOME%20–%20NET_note) For the six months ended June 30, 2025, the company's net finance income was RMB 0.3 million, with finance costs primarily comprising interest on bank and other borrowings of RMB 9.7 million, and finance income mainly from bank deposit interest of RMB 10.4 million Finance Income – Net | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Interest on bank and other borrowings | (9,650) | (11,246) | | Interest on lease liabilities | (445) | (166) | | Interest income from bank deposits | 10,409 | 23,932 | | **Net finance income** | **314** | **12,520** | [Income Tax Expenses](index=80&type=section&id=INCOME%20TAX%20EXPENSES_note) For the six months ended June 30, 2025, the company's income tax expenses significantly increased to RMB 7.1 million, reflecting the general 25% corporate income tax rate in China, with preferential rates for high-tech and small-profit enterprises, and deferred tax liabilities recognized for expected distributions of Chinese subsidiary retained earnings Income Tax Expenses | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | China corporate income tax | 19,272 | 11,872 | | Deferred income tax | (12,164) | (11,156) | | **Total income tax expenses** | **7,108** | **716** | - The general China corporate income tax rate is **25%**, with preferential tax rates for certain high-tech enterprises and small-profit enterprises[347](index=347&type=chunk) - Deferred tax liabilities of **RMB 2,344,000** were recognized for retained earnings of Chinese subsidiaries expected to be distributed in the foreseeable future[349](index=349&type=chunk) [Earnings Per Share](index=82&type=section&id=EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, the company's basic earnings per share were RMB 0.29, and diluted earnings per share were RMB 0.28, with diluted earnings reflecting adjustments for share-based compensation Earnings Per Share | Metric | June 30, 2025 (RMB) | June 30, 2024 (RMB) | | :--- | :--- | :--- | | Basic earnings per share | 0.29 | 0.16 | | Diluted earnings per share | 0.28 | 0.16 | - The calculation of diluted earnings considers share options and awards granted to employees under the pre-IPO and post-IPO share schemes[356](index=356&type=chunk)[357](index=357&type=chunk) [Property, Plant and Equipment](index=83&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT_note) For the six months ended June 30, 2025, the company acquired property, plant, and equipment at a cost of RMB 74.3 million, with certain buildings and construction in progress, totaling RMB 383.6 million in net book value, pledged as collateral for bank loans - For the six months ended June 30, 2025, the company acquired property, plant, and equipment at a cost of **RMB 74,342,000**[361](index=361&type=chunk) - As of June 30, 2025, certain buildings and construction in progress with a total net book value of **RMB 383,645,000** were pledged as collateral for the Group's bank loans[362](index=362&type=chunk)[363](index=363&type=chunk) [Inventories](index=84&type=section&id=INVENTORIES_note) As of June 30, 2025, the company's total inventories amounted to RMB 304.6 million, primarily comprising finished goods, raw materials, and work-in-progress, with the cost of inventories recognized in cost of sales during the reporting period being RMB 2,498.6 million Inventory Composition | Inventory Category | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Raw materials | 75,840 | 83,885 | | Work-in-progress | 24,183 | 22,057 | | Finished goods | 203,890 | 196,611 | | Goods in transit | 698 | 515 | | **Total** | **304,611** | **303,068** | - For the six months ended June 30, 2025, the amount of inventories recognized in cost of sales was approximately **RMB 2,498,573,000**[368](index=368&type=chunk) [Trade and Notes Receivables](index=85&type=section&id=TRADE%20AND%20NOTES%20RECEIVABLES) As of June 30, 2025, the company's trade receivables (current) totaled RMB 396.7 million and notes receivables were RMB 45.9 million, with the majority of trade receivables (current) being due within one year and denominated in RMB Trade and Notes Receivables | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables – current (net) | 396,671 | 312,216 | | Notes receivables (net) | 45,912 | 48,086 | | **Total** | **442,583** | **360,302** | - Of the current trade receivables, **RMB 395,764,000** were due within one year[373](index=373&type=chunk) - The majority of the Group's trade and notes receivables are denominated in RMB[376](index=376&type=chunk) [Other Receivables and Prepayments](index=88&type=section&id=OTHER%20RECEIVABLES%20AND%20PREPAYMENTS_note) As of June 30, 2025, the company's non-current other receivables and prepayments amounted to RMB 188.7 million, and current amounted to RMB 284.9 million, totaling RMB 473.7 million, with the current portion primarily including RMB 91.0 million in prepayments for raw materials Other Receivables and Prepayments | Category | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Non-current other receivables and prepayments | 188,738 | 177,373 | | Current other receivables and prepayments | 284,928 | 237,965 | | **Total** | **473,666** | **415,338** | - The current portion primarily includes prepayments for raw materials of **RMB 90,957,000**[378](index=378&type=chunk) [Dividends](index=89&type=section&id=DIVIDENDS) For the six months ended June 30, 2025, the company distributed a final dividend of RMB 56.6 million (HKD 0.15 per fully paid share) for the year ended December 31, 2024 Dividends Paid | Metric | June 30, 2025 (RMB'000) | June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Final dividend paid for 2024 | 56,628 | – | - **HKD 0.15** per fully paid share[379](index=379&type=chunk) [Trade and Notes and Other Payables](ind

二五年中期報告 目錄 2 業績摘要 3 管理層討論與分析 49 其他資料 53 內含價值 59 中期財務資料的審閱報告 60 財務報表及附註 116 釋義 120 公司資料 業績摘要 專 業 讓保險更保險 EMPOWER YOUR INSURANCE BY EXPERTISE 二O二五年中期報告 二 O 管理層討論與分析 概覽 本集團經營財產再保險、人身再保險、財產險直保、資產管理、保險中介及其他業務。我們主要通過中再產 險、橋社以及新加坡分公司經營境內外財產再保險業務；主要通過中再壽險、中再壽險（香港）以及新加坡 分公司經營境內外人身再保險業務；主要通過中國大地保險、橋社經營境內外財產險直保業務；主要通過中 再資產對保險資金進行集中化和專業化運用與管理；主要通過華泰經紀及其子公司經營保險中介業務；主要 通過中再巨災打造巨災風險管理行業技術平台，開展巨災風險減量管理與服務；主要通過中再數科提供科技 資源整合、科技建設運營和科技服務支撐賦能。此外，集團公司委託中再產險管理境內外財產再保險業務， 委託中再壽險管理境內外人身再保險業務。 | 單位：人民幣百萬元，百分比及另有標註除外 | | --- | | | 截至 ...

目錄 Contents 2025年中期報告 Interim Report 2025 1 2 公司資料 Corporate Information 5 集團財務概要 Group Financial Highlights 6 主席報告 Chairman's Statement 13 管理層討論與分析 Management Discussion and Analysis 28 其他資料 Other Information 39 中期簡明綜合財務報表的審閱報告 Report on Review of the Interim Condensed Consolidated Financial Statements 41 簡明綜合損益及其他全面收益表 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 43 簡明綜合財務狀況表 Condensed Consolidated Statement of Financial Position 45 簡明綜合權益變動表 Condensed Consolidated Sta ...

羅振邦先生 （主席） 陳靜茹女士 彭建國先生 薪酬委員會 陳靜茹女士 （主席） 薛蘭女士 劉永先生 （於2025年2月14日獲委任） 華崇志先生 （於2025年2月14日辭任） 公司資料 董事局 羅振邦先生 （獨立） 陳靜茹女士 （獨立） 薛蘭女士 （獨立） 滕方遷先生 彭建國先生 劉永先生 （於2025年2月14日獲委任） 華崇志先生 （於2025年2月14日辭任） 審核委員會 執行董事 王暉先生 （主席） 宋樹清先生 （總裁） 非執行董事 王暉先生 （主席） 羅振邦先生 陳靜茹女士 薛蘭女士 滕方遷先生 環境、社會及管治委員會 王暉先生 （主席） 羅振邦先生 劉永先生 （於2025年2月14日獲委任） 華崇志先生 （於2025年2月14日辭任） 公司秘書 羅宇昕先生 （於2025年7月16日獲委任） 黃楚貞女士 （於2025年7月16日辭任） 註冊地址 香港九龍 紅磡德豐街18號 海濱廣場一期1103至1107A室 電話：(852) 2193 8888 傳真：(852) 2193 8899 電郵：public@casil-group.com 網址：http://www.casil-group.com 1 ...

| 目錄 | | | --- | --- | | 公司資料 | 2 | | 公司概覽 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 18 | | 獨立審閱報告 | 36 | | 中期簡明綜合損益及其他全面收益表 | 37 | | 中期簡明綜合財務狀況表 | 38 | | 中期簡明綜合權益變動表 | 40 | | 中期簡明綜合現金流量表 | 41 | | 中期簡明綜合財務資料附註 | 43 | | 釋義 | 58 | 科笛集團 二零二五年中期報告 公司資料 執行董事 張樂樂女士 黃雨青先生 非執行董事 陳連勇博士 （主席） 謝沁博士 黃瀟博士 楊雲霞女士 獨立非執行董事 鍾明杰先生 葉曉翔先生 張志嵩先生 （於2025年8月28日獲委任） 陶德仁先生 （於2025年8月28日辭任） 審核委員會 鍾明杰先生 （主席） 葉曉翔先生 張志嵩先生 （於2025年8月28日獲委任） 陶德仁先生 （於2025年8月28日辭任） 薪酬委員會 葉曉翔先生 （主席） 陳連勇博士 鍾明杰先生 提名委員會 陳連勇博士 （主席） 謝沁博士 （於2025年8月28日獲委任） 鍾明杰先生 張志嵩先生 （於2025年8月2 ...

Drug Development and Commercialization - BeOne Medicines Ltd. reported significant advancements in drug commercialization and regulatory approvals, indicating a strong pipeline for future growth[9]. - The company is focused on expanding its sales and marketing capabilities, aiming to launch and commercialize new drugs upon approval[10]. - BeOne Medicines Ltd. is actively developing both small molecule drugs and large molecule biologics to meet global demand, enhancing its production and clinical research facilities[10]. - The company emphasizes the importance of maintaining and expanding regulatory approvals for its drugs and candidates[9]. - BeOne Medicines Ltd. is assessing the potential market size for its drugs and candidates, indicating a strategic focus on market access and acceptance rates[10]. - The company is focused on the successful completion of clinical trials and obtaining regulatory approvals for its candidate drugs[10]. - The company maintains a leading position in the BTK inhibitor market with Baiyueze® across five approved indications in the U.S.[16]. - The European Medicines Agency granted priority medicine designation for BGB-16673, a BTK degrader, for patients previously treated with BTK inhibitors[17]. - The company received positive opinions from the CHMP recommending the approval of Baiyueze® for preoperative and postoperative treatment in high-risk resectable non-small cell lung cancer patients[19]. - The company has launched a new generation BCL2 inhibitor, Sotokura, showing positive results in clinical trials for adult patients with mantle cell lymphoma[17]. - The company anticipates over 20 research milestones within the next 18 months, including advancements in solid tumor pipelines targeting various high-incidence cancers[16]. Financial Performance - Total revenue increased by 44.7% from $1.680 billion for the six months ended June 30, 2024, to $2.433 billion for the six months ended June 30, 2025[28]. - Product revenue net increased by 44.5% to $2.411 billion for the six months ended June 30, 2025, compared to $1.668 billion for the same period last year[29]. - Sales of Baiyueze® reached $1.741 billion, a 54.7% increase from $1.126 billion year-over-year[29]. - Baiyueze® global sales totaled $1.741 billion, with U.S. sales at $1.247 billion, reflecting a 50.1% increase from $830 million[30]. - Baiyueze® sales in Europe reached $266 million, a 79.7% increase, driven by market share growth across major European markets[30]. - The company achieved GAAP profitability for the first time in both Q1 and Q2 of 2025, with positive free cash flow in Q2[25]. - Net profit for the six months ended June 30, 2025, was $95.6 million, compared to a net loss of $371.6 million in the same period last year[27]. - Adjusted net profit for the six months ended June 30, 2025, was $389.0 million, compared to a loss of $122.6 million in the same period of 2024[46]. Research and Development - The company has a dedicated oncology research team of over 1,200 scientists, ensuring continuous innovation and market leadership[22]. - The company has invested in various technology platforms, including CDAC protein degraders and bispecific antibodies, to enhance its research and innovation capabilities[22]. - R&D expenses rose by 10.0% to $1.007 billion, while total operating expenses increased by 12.2% to $2.004 billion[27]. - External R&D expenses increased by $70.132 million (21.2%) to $400.259 million, driven by higher costs associated with advancing clinical projects[36]. Cash Flow and Liquidity - Cash and cash equivalents were approximately $2.8 billion as of June 30, 2025[25]. - Operating cash flow provided $307,680 thousand, a significant increase of $711,800 thousand compared to the same period last year, driven by substantial revenue growth and a gross profit increase of $359,700 thousand[64]. - The company plans to utilize existing cash to meet significant cash needs, including operational, capital, and production expenditures[69]. - Cash used in investing activities was $188,546 thousand, a decrease from $320,863 thousand in the previous year, primarily due to reduced capital expenditures[65]. Debt and Equity - Total debt decreased by 6.2% from $1.018 billion as of December 31, 2024, to $954.5 million as of June 30, 2025[60]. - The company's debt-to-equity ratio decreased from 30.6% as of December 31, 2024, to 25.3% as of June 30, 2025, primarily due to a reduction in debt and an increase in shareholder equity[87]. - The company has $615.4 million in outstanding floating-rate debt as of June 30, 2025, with a potential increase of approximately $6.2 million in annual pre-tax interest expense for every 100 basis points rise in interest rates[80]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adhered to the applicable corporate governance code principles[179]. - The audit committee consists of four independent non-executive directors, with Shalini Sharp serving as the chair, ensuring compliance with financial reporting and internal controls[181]. - The remuneration committee is composed of three independent non-executive directors, with Margaret Han Dugan as the chair, responsible for reviewing and recommending executive compensation[182]. - The nomination and corporate governance committee is currently led by Anthony C. Hooper, ensuring compliance with the Hong Kong listing rules regarding board composition[183]. Shareholder Information - The total number of issued shares as of June 30, 2025, is 1,539,858,562 shares[106]. - Amgen Inc. holds 246,269,426 shares, representing 15.99% of the total shares[101]. - The company has issued 21,880,885 shares under equity awards, which are currently considered circulating shares[97]. - The company has a stock option plan that allows for the issuance of shares to employees, with 133,000,000 shares held by a subsidiary for this purpose[106]. Employee Stock Options and Incentives - The company plans to continue expanding its stock option program to incentivize employee performance and retention[156]. - The exercise price for options granted under the revised 2016 plan must not be lower than the higher of the fair market value at the time of grant or the average closing price over the previous five trading days[133]. - The total number of unexercised stock options as of the report date is 64,383,926[155]. - The stock options granted are subject to a vesting schedule, with 25% vesting on the first anniversary and the remaining 75% vesting monthly over 36 months[152].