国际精密(00929) - 2025 - 中期业绩

Condensed Consolidated Performance Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the Group's revenue decreased by 2.9% year-on-year to HK$487,743 thousand, with profit for the period at HK$12,183 thousand, a slight decrease of 4.0% from the same period last year. Gross profit remained largely stable, but operating profit and profit before tax both decreased | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 487,743 | 502,149 | (14,406) | -2.9% | | Cost of sales | (350,604) | (364,755) | 14,151 | -3.9% | | Gross profit | 137,139 | 137,394 | (255) | -0.2% | | Other income | 19,097 | 28,779 | (9,682) | -33.6% | | Operating profit | 21,023 | 26,364 | (5,341) | -20.2% | | Profit before tax | 15,015 | 16,904 | (1,889) | -11.2% | | Profit for the period | 12,183 | 12,688 | (505) | -4.0% | | Basic earnings per share | 0.2 HK cents | 0.2 HK cents | 0 | 0% | Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group recorded total comprehensive income of HK$77,690 thousand, primarily benefiting from a significant positive change in exchange differences on translation of foreign operations, reversing the comprehensive loss from the same period last year | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Profit for the period | 12,183 | 12,688 | (505) | | Exchange differences on translation of foreign operations | 65,507 | (35,578) | 101,085 | | Total comprehensive income / (loss) for the period | 77,690 | (22,890) | 100,580 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets and net assets both increased. Non-current assets rose, current assets slightly decreased, but current liabilities significantly reduced, leading to improvements in net current assets and total assets less current liabilities | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total non-current assets | 1,154,660 | 1,114,755 | 39,905 | 3.6% | | Total current assets | 1,332,296 | 1,355,562 | (23,266) | -1.7% | | Total current liabilities | 421,882 | 484,051 | (62,169) | -12.8% | | Net current assets | 910,414 | 871,511 | 38,903 | 4.5% | | Total assets less current liabilities | 2,065,074 | 1,986,266 | 78,808 | 4.0% | | Total non-current liabilities | 39,028 | 38,348 | 680 | 1.8% | | Net assets | 2,026,046 | 1,947,918 | 78,128 | 4.0% | | Total equity | 2,026,046 | 1,947,918 | 78,128 | 4.0% | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash flow from operating activities significantly increased, cash outflow from investing activities substantially decreased, while financing activities shifted from net inflow to net outflow, primarily due to repayment of bank loans | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 70,583 | 23,174 | 47,409 | | Net cash used in investing activities | (52,333) | (254,278) | 201,945 | | Net cash (used in) / generated from financing activities | (97,644) | 110,065 | (207,709) | | Net decrease in cash and cash equivalents | (79,394) | (121,039) | 41,645 | | Cash and cash equivalents at end of period | 439,269 | 556,885 | (117,616) | Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, total equity attributable to owners of the Company amounted to HK$1,858,604 thousand, an increase from the beginning of the year, primarily driven by profit for the period and positive exchange differences on translation of foreign operations | Metric | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 1,794,395 | 1,858,604 | 64,209 | | Non-controlling interests | 153,523 | 167,442 | 13,919 | | Total equity | 1,947,918 | 2,026,046 | 78,128 | - Profit for the period was HK$2,205 thousand, and exchange differences on translation of foreign operations amounted to HK$61,566 thousand, jointly driving equity growth[8] Notes to the Condensed Financial Statements 1. Company Information International Precision Group Limited was incorporated in the Cayman Islands in 2002 and listed on the Hong Kong Stock Exchange in 2004, primarily manufacturing and selling precision metal parts for automotive, hydraulic, and electronic equipment - The Company was incorporated in the Cayman Islands on July 10, 2002, and listed on the Main Board of the Hong Kong Stock Exchange on November 1, 2004[9] - Its principal business involves the manufacturing and sale of precision metal parts for automotive components, hydraulic equipment parts, and electronic equipment parts[9] 2. Basis of Preparation The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention, presented in Hong Kong dollars, with all values rounded to the nearest thousand - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[10] - The statements are prepared on the historical cost basis, except for derivative financial instruments which are measured at fair value, and are presented in Hong Kong dollars[10] 3. Significant Accounting Policies The accounting policies adopted in this interim period are consistent with those of the previous year, with the initial adoption of HKFRS amendments issued by the HKICPA, which had no significant impact on financial position or performance - The accounting policies are consistent with those adopted in the annual financial statements for the year ended December 31, 2024[11] - The Group has initially adopted amendments to HKAS 21 (Amendment) Lack of Exchangeability and other amendments, which had no significant impact on the financial position and performance for the current and prior periods[11] 4. Operating Segment Information The Group is organized into six reportable segments based on customer location: Thailand, Malaysia, Mainland China/Macau/Hong Kong, North America, Europe, and other countries. Segment performance is primarily assessed by monitoring revenue and gross profit, with assets and liabilities reported periodically - The Group manages its business by coordinating departments based on customer location, divided into six reportable segments: Thailand, Malaysia, Mainland China, Macau and Hong Kong, North America, Europe, and other countries[12][14] - Segment performance is primarily assessed based on revenue and gross profit, with segment assets and liabilities reported periodically to senior management[13] Revenue and Gross Profit by Geographical Region (HK$ thousand) | Region | 2025 H1 Revenue | 2025 H1 Gross Profit | 2024 H1 Revenue | 2024 H1 Gross Profit | | :--- | :--- | :--- | :--- | :--- | | Thailand | 2,405 | 676 | 9,562 | 2,616 | | Malaysia | 12,441 | 3,498 | 14,068 | 3,849 | | Mainland China, Macau and Hong Kong | 291,649 | 82,003 | 275,248 | 75,311 | | North America | 95,630 | 26,888 | 102,037 | 27,919 | | Europe | 66,862 | 18,800 | 86,503 | 23,668 | | Other countries | 18,756 | 5,274 | 14,731 | 4,031 | | Total | 487,743 | 137,139 | 502,149 | 137,394 | 5. Revenue and Other Income and Gains The Group's revenue primarily derives from the sale of hydraulic equipment and automotive parts, with total revenue for H1 2025 at HK$487,743 thousand, a 2.9% year-on-year decrease. Total other income and gains were HK$19,097 thousand, a reduction from the prior period, mainly due to decreased exchange differences and bank interest income - Revenue represents the net invoiced value of goods sold during the period, after deducting returns and trade discounts[17] Revenue Composition (HK$ thousand) | Revenue Category | 2025 H1 | 2024 H1 | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales of automotive parts | 216,366 | 226,890 | (10,524) | -4.6% | | Sales of hydraulic equipment parts | 254,322 | 251,685 | 2,637 | 1.0% | | Sales of electronic parts | 12,143 | 14,327 | (2,184) | -15.2% | | Others | 4,912 | 9,247 | (4,335) | -46.9% | | Total Revenue | 487,743 | 502,149 | (14,406) | -2.9% | Other Income and Gains (HK$ thousand) | Category | 2025 H1 | 2024 H1 | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Bank interest income | 1,976 | 4,671 | (2,695) | | Government grants | 5,902 | 6,278 | (376) | | Dividend income | 2,223 | 2,522 | (299) | | Rental income | 4,776 | 5,266 | (490) | | Others | 3,836 | 2,577 | 1,259 | | Gain on disposal of property, plant and equipment | – | 231 | (231) | | Gain on disposal of financial assets at fair value through profit or loss | 384 | – | 384 | | Net exchange differences | – | 7,234 | (7,234) | | Total | 19,097 | 28,779 | (9,682) | 6. Finance Costs For the six months ended June 30, 2025, the Group's finance costs significantly decreased by 38.9% to HK$5,360 thousand, primarily due to reduced bank loan interest and financial arrangement fees | Category | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on bank loans | 5,056 | 8,174 | (3,118) | -38.1% | | Financial arrangement fees | 256 | 510 | (254) | -49.8% | | Interest on lease liabilities | 48 | 93 | (45) | -48.4% | | Total | 5,360 | 8,777 | (3,417) | -38.9% | 7. Profit Before Tax The Group's profit before tax is stated after deducting various expenses, including cost of inventories sold, depreciation, amortization, share option expenses, and auditor's remuneration. Notably, a net exchange difference loss was recorded this period, compared to a gain in the prior period | Item | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 350,604 | 364,755 | (14,151) | | Depreciation of property, plant and equipment | 46,334 | 39,334 | 7,000 | | Depreciation of right-of-use assets | 464 | 863 | (399) | | Amortisation | 5,239 | 5,073 | 166 | | Equity-settled share option expenses | 438 | – | 438 | | Auditor's remuneration | 1,320 | 1,236 | 84 | | Net exchange differences | 4,914 | (7,234) | 12,148 | | Loss / (gain) on disposal of property, plant and equipment | 772 | (231) | 1,003 | 8. Income Tax For the six months ended June 30, 2025, the Group's income tax expense was HK$2,832 thousand, a decrease from the prior period, primarily due to the recognition of deferred tax assets - Hong Kong Profits Tax is provided at a rate of 16.5%, with other regions calculated at their respective prevailing local tax rates[21] | Category | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Current | 4,151 | 4,216 | (65) | | Deferred | (1,319) | – | (1,319) | | Total | 2,832 | 4,216 | (1,384) | 9. Earnings Per Share For the six months ended June 30, 2025, both basic and diluted earnings per share remained at 0.2 HK cents, consistent with the prior period, despite a slight decrease in profit attributable to equity holders of the Company | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (HK$ thousand) | 2,205 | 2,378 | | Weighted average number of ordinary shares in issue (thousand shares) | 1,052,254 | 1,052,254 | | Basic earnings per share (HK cents) | 0.2 | 0.2 | | Diluted earnings per share (HK cents) | 0.2 | 0.2 | 10. Interim Dividend Per Share The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil per ordinary share)[25] 11. Property, Plant and Equipment As of June 30, 2025, the net book value of property, plant and equipment was HK$1,012,201 thousand, an increase from December 31, 2024, primarily due to additions and exchange adjustments during the period Net Book Value of Property, Plant and Equipment (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Total | 1,012,201 | 973,341 | 38,860 | - Additions to property, plant and equipment amounted to HK$63,042 thousand during the period, with exchange adjustments of HK$96,485 thousand[26] 12. Inventories As of June 30, 2025, the Group's total inventories amounted to HK$327,693 thousand, a slight increase from December 31, 2024, primarily reflecting growth in work-in-progress and finished goods inventories | Inventory Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Raw materials | 83,579 | 97,580 | (14,001) | | Consumables | 18,293 | 16,321 | 1,972 | | Work-in-progress | 86,698 | 70,298 | 16,400 | | Finished goods | 139,123 | 134,722 | 4,401 | | Total | 327,693 | 318,921 | 8,772 | 13. Trade Receivables As of June 30, 2025, total trade receivables amounted to HK$404,617 thousand, an increase from December 31, 2024. The Group grants customers credit terms of 60 to 120 days and maintains strict control over overdue balances - The Group's trade terms with customers are primarily on an open account basis, with credit periods generally ranging from 60 to 120 days[28] Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Within 1 month | 217,981 | 175,321 | 42,660 | | 1 to 2 months | 72,156 | 71,405 | 751 | | 2 to 3 months | 52,212 | 51,043 | 1,169 | | 3 to 4 months | 34,483 | 35,049 | (566) | | 4 to 12 months | 24,943 | 37,450 | (12,507) | | Over 1 year | 2,842 | – | 2,842 | | Total | 404,617 | 370,268 | 34,349 | 14. Cash and Bank Balances As of June 30, 2025, cash and bank balances amounted to HK$439,269 thousand, a decrease from December 31, 2024, primarily due to a reduction in pledged and restricted deposits | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Bank deposits, bank and cash in hand | 458,232 | 549,893 | (91,661) | | Less: Pledged and restricted deposits | (18,963) | (34,733) | 15,770 | | Cash and cash equivalents | 439,269 | 515,160 | (75,891) | 15. Trade Payables As of June 30, 2025, total trade payables amounted to HK$106,366 thousand, a slight increase from December 31, 2024 | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Within 1 month | 59,541 | 64,756 | (5,215) | | 1 to 2 months | 23,190 | 21,781 | 1,409 | | 2 to 3 months | 12,812 | 6,312 | 6,500 | | Over 3 months | 10,823 | 12,311 | (1,488) | | Total | 106,366 | 105,160 | 1,206 | 16. Share Capital As of June 30, 2025, the Group's authorized share capital and issued and fully paid share capital remained unchanged at HK$200,000 thousand and HK$105,225 thousand, respectively | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Authorized share capital | 200,000 | 200,000 | | Issued and fully paid share capital | 105,225 | 105,225 | - There were no changes in the issued and fully paid share capital for the six months ended June 30, 2025, and for the year ended December 31, 2024[30] 17. Bank and Other Borrowings As of June 30, 2025, total bank and other borrowings amounted to HK$205,776 thousand, a significant decrease from December 31, 2024, primarily due to the repayment of secured bank loans | Loan Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Bank loans – secured | – | 110,000 | (110,000) | | Bank loans – secured with a repayment on demand clause | 199,486 | 171,541 | 27,945 | | Bank loans – unsecured | – | 4,242 | (4,242) | | Other loans – non-controlling shareholders | 6,290 | 5,981 | 309 | | Total | 205,776 | 291,764 | (85,988) | Bank Loan Maturity Profile (HK$ thousand) | Maturity Period | June 30, 2025 | December 31, 2024 | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Within 1 year or on demand | 44,645 | 128,040 | (83,395) | | In the second year | 16,626 | 15,863 | 763 | | In the third to fifth year | 80,234 | 52,835 | 27,399 | | Over 5 years | 57,981 | 89,045 | (31,064) | | Total | 199,486 | 285,783 | (86,300) | 18. Capital Commitments As of June 30, 2025, the Group's total contracted but unprovided capital commitments amounted to HK$10,690 thousand, a decrease from December 31, 2024, primarily reflecting reduced commitments for buildings and plant and machinery | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Plant and machinery | 1,474 | 3,299 | (1,825) | | Buildings | 9,216 | 15,321 | (6,105) | | Total | 10,690 | 18,620 | (7,930) | 19. Related Party Transactions As of June 30, 2025, total remuneration paid to key management personnel amounted to HK$5,674 thousand, a decrease from the same period last year | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Short-term employee benefits | 5,434 | 6,299 | (865) | | Post-employment benefits | 240 | 222 | 18 | | Total remuneration paid to key management personnel | 5,674 | 6,521 | (847) | Chairman's Report Business Review Amidst a complex international economic environment, the Group's H1 2025 sales slightly decreased by 2.9% to HK$487,743 thousand. Sales of hydraulic equipment parts grew by 1.0%, while automotive and electronic equipment parts businesses declined. The Group is addressing challenges through cost control and the commencement of production at its Thailand factory - Affected by the US tariff war, the Russia-Ukraine conflict, and domestic industry 'involution', the Group's overall revenue remained relatively stable, with H1 sales recorded at HK$487,743 thousand, a year-on-year decrease of 2.9%[35] - Sales of hydraulic equipment parts business were HK$254,322 thousand, a year-on-year increase of 1.0%, primarily achieved through price reductions to maintain volume and expansion into the agricultural machinery sector[36] - Sales of automotive parts business were HK$216,366 thousand, a year-on-year decrease of 4.6%, negatively impacted by both US tariff policies and increased penetration of new energy vehicles. Some parts have been transferred to the Thailand factory for production[37] - Sales of electronic equipment parts business were HK$12,143 thousand, a year-on-year decrease of 15.2%, largely maintaining last year's level[37] - Through cost optimization measures such as lean projects, enhanced automation, and optimized supply chain management, the Group maintained its gross profit margin at 28.1% (prior period: 27.4%)[38] Financial Review Despite a 2.9% decrease in total sales, the gross profit margin was maintained at 28.1% through cost control and automation. The reduction in other income was mainly due to lower exchange gains from a weaker US dollar and decreased bank interest income. Administrative expenses increased due to a non-wholly owned subsidiary's closure and exchange losses, but finance costs significantly decreased by 38.9% due to bank loan repayments. Net profit for the period slightly declined by 4.0% - Total sales decreased by 2.9% year-on-year to HK$487,743 thousand, but the gross profit margin was maintained at 28.1% (prior period: 27.4%), with gross profit at HK$137,139 thousand[39] - Total other income amounted to HK$19,097 thousand, a year-on-year decrease, primarily due to unrealized exchange gains from a weaker US dollar (prior period exchange gain: HK$7,234 thousand) and a HK$2,695 thousand reduction in bank interest income[39] - Administrative expenses and other expenses were HK$91,251 thousand, a year-on-year increase of 6.5%, mainly due to HK$2,200 thousand compensation from the closure of a non-wholly owned subsidiary and HK$4,914 thousand exchange losses from a weaker US dollar, partially offset by HK$851 thousand savings in utilities[40] - Research and development expenses were HK$29,875 thousand, a slight decrease, but continuous investment is maintained to preserve market competitiveness[41] - Finance costs were HK$5,360 thousand, a year-on-year decrease of 38.9%, primarily due to the use of internal funds to repay bank loans[41] - Net profit for the period was HK$12,183 thousand, a year-on-year decrease of 4.0%[41] Pledge of the Group's Assets The Group reduced total bank and other borrowings by HK$85,988 thousand by repaying high-cost bank loans with internal funds. Some loans are secured by subsidiary equity and properties, with certain deposits restricted for loan repayment or letter of guarantee issuance - Total bank and other borrowings amounted to HK$205,776 thousand, a decrease of HK$85,988 thousand from the end of last year, primarily due to the use of internal funds to repay high-cost bank loans[42] - Loans are guaranteed by the Company and its subsidiaries, and secured by equity interests in subsidiaries and properties[42] - As of June 30, 2025, no deposits were pledged to secure general working capital (December 31, 2024: HK$20,000 thousand)[43] - Deposits of HK$16,660 thousand were restricted solely for loan repayment purposes[43] Liquidity, Financial Resources and Financial Ratios The Group's net cash flow from operating activities significantly increased to HK$70,583 thousand, primarily benefiting from improved working capital management and the release of restricted funds. Cash outflow from investing activities substantially decreased, while net cash outflow from financing activities was mainly used for repaying high-cost bank loans. Overall net cash increased - Net cash generated from operating activities was HK$70,583 thousand, a year-on-year increase of HK$47,409 thousand, primarily due to improved working capital management and reduced restricted funds releasing liquidity[44] - Net cash outflow from investing activities was HK$52,333 thousand, a year-on-year decrease of HK$201,945 thousand, mainly due to significant acquisition expenditures in the prior period[45] - Net cash outflow from financing activities was HK$97,644 thousand, primarily due to the use of internal funds to repay high-cost bank loans[45] - As of June 30, 2025, the Group's net cash was HK$233,493 thousand, an increase of HK$10,097 thousand from December 31, 2024[45] Currency Risk and Management The Group faces foreign currency exchange rate fluctuation risks, particularly the negative impact of RMB appreciation on profitability, as revenue is primarily settled in USD, EUR, and RMB, while expenses are settled in JPY, RMB, THB, and HKD. Management continuously assesses and implements measures to mitigate these risks - The Group is exposed to foreign currency exchange rate fluctuation risks, with revenue primarily settled in USD, EUR, and RMB, while expenses are settled in JPY, RMB, THB, and HKD[46] - RMB appreciation would have a negative impact on the Group's profitability[46] - Management continuously assesses foreign exchange risks and takes measures to mitigate them when necessary[46] Human Resources The Group is committed to talent pipeline development and employee safety training, with a share option scheme and retirement benefit plans in place. As of June 30, 2025, the total number of employees was 2,138, a year-on-year decrease of 119 employees - The Company formulates a talent pipeline reserve list and development plans to ensure an ample supply of core talent[47] - To protect employees, the Company enhances production safety awareness and training, strengthening employees' understanding of risk points on production lines[47] - A share option scheme is in place to encourage and reward contributions from selected participants, and a Mandatory Provident Fund Scheme and local retirement benefit plans are established for employees[47] - As of June 30, 2025, the total number of employees was 2,138, a decrease of 119 employees from the same period last year[47] Outlook Facing a complex international economic environment and tariff policies, the Group will mitigate operational risks by expanding domestic sales and shifting US customer orders to its Thailand production base. The second half will focus on sales breakthroughs, developing new regional markets (e.g., Eastern Europe and Southeast Asia), accelerating new product R&D and mass production, and recruiting key talent to enhance production processes and R&D capabilities - To reduce reliance on overseas sales markets, the Group will expand its domestic sales market by launching new products; sales in the China region have increased from 55% in the prior period to 60% in the current period[48] - To mitigate tariff risks, the Group continues to gradually transfer US customer orders to its Thailand production base while expanding into Southeast Asian markets[48] - The primary task for the second half is sales breakthroughs, developing new regional markets (e.g., Eastern Europe and Southeast Asia), actively seeking new projects, accelerating new product sample progress, and achieving mass production[48] - The Group will drive future development through R&D, iterating and upgrading products, optimizing functions, and recruiting key talent to enhance production processes and R&D capabilities[48] Additional Information Purchase, Redemption or Sale of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the Company held no treasury shares - 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 on the Stock Exchange[51] - As of June 30, 2025, the Company did not hold any treasury shares[51] Interim Dividend The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[52] Standard Code for Securities Transactions The Company has adopted its own code of conduct no less exacting than the Listing Rules' Standard Code, and established written guidelines for employees. All Directors confirmed compliance with the code, with no non-compliance by relevant employees identified - The Company has adopted its own code of conduct no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules, and has established written guidelines for employees[53] - All Directors confirmed compliance with their own code and the Standard Code throughout the six months ended June 30, 2025[53] - The Company is not aware of any non-compliance by relevant employees with the written guidelines for employees[53] Events After the Reporting Period Save as disclosed in this announcement, there have been no significant events after June 30, 2025, and up to the date of this announcement - There have been no significant events after June 30, 2025, and up to the date of this announcement[54] Corporate Governance The Company is committed to maintaining high corporate governance standards and has adopted the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules. Despite the Chairman and CEO roles being combined and independent non-executive directors missing a general meeting, the Board believes this structure benefits shareholders overall - The Company has adopted the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules and considers that it has complied with the code during the review period[55] - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Zeng Guangsheng, which the Board believes provides strong and consistent leadership, benefiting shareholders as a whole[56] - Non-executive Director Mr. Chen Kuangguo and Independent Non-executive Director Mr. Yang Rusheng were unable to attend the Annual General Meeting held on May 16, 2025, due to other work commitments, constituting a deviation from Corporate Governance Code Provision C.1.5[56] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters relating to risk management, internal control, and financial reporting procedures[55] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the Stock Exchange's website and the Company's website. The interim report will be dispatched to shareholders and published on the websites in due course - This interim results announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (http://www.ipegroup.com)[57](index=57&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course[57] Board of Directors As of the date of this announcement, the Board of Directors comprises seven directors, including two executive directors (Mr. Zeng Guangsheng, also Chairman and CEO; Mr. Wu Kaiping), two non-executive directors (Ms. Zeng Jing; Mr. Chen Kuangguo), and three independent non-executive directors (Mr. Yang Rusheng; Mr. Zhang Zhenyu; Mr. Zhu Jianbiao) - The Board of Directors consists of seven directors: Mr. Zeng Guangsheng (Chairman and Chief Executive Officer), Mr. Wu Kaiping (Executive Director), Ms. Zeng Jing, Mr. Chen Kuangguo (Non-executive Directors), Mr. Yang Rusheng, Mr. Zhang Zhenyu, and Mr. Zhu Jianbiao (Independent Non-executive Directors)[58]