佛朗斯股份(02499) - 2025 - 年度业绩

Announcement Overview Financial Highlights The Group achieved significant growth in both revenue and net profit for the six months ended June 30, 2025, with revenue increasing by 17.6% to RMB 856.2 million and net profit by 19.2% to RMB 50.3 million year-on-year Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | |---|---|---|---| | Revenue | 856.2 | 728.0 | 17.6% | | Net Profit | 50.3 | 42.2 | 19.2% | Management Discussion and Analysis Market Overview The China in-plant logistics equipment industry is undergoing transformation and upgrading, driven by policy dividends and technological iteration, with national policies supporting reduced logistics costs and improved efficiency - The China in-plant logistics equipment industry is in a critical period of transformation and upgrading, benefiting from policy dividends and technological iteration[5] - National policies support reducing social logistics costs and improving logistics resource utilization efficiency, providing a solid foundation for industry development[5] Group Overview The Group, as a leading in-plant logistics equipment solution provider in China, operates a 'One Body, Two Wings' integrated service system centered on subscription services, covering 48 key cities nationwide and managing over 59,700 units of equipment assets - The Group is a leading in-plant logistics equipment solution provider in China, with innovative in-plant logistics equipment subscription services at its core[6] - Established a 'One Body, Two Wings' integrated service system: in-plant logistics equipment subscription services and professional maintenance services as the main body, with equipment sales and spare parts sales as the link[6] - As of June 30, 2025, the service network covers 48 key cities nationwide, with 89 standardized service outlets, managing a total equipment asset scale of over 59,700 units[6] Performance Review and Strategic Progress In H1 2025, the company adhered to its 'stable growth, strong internal control, solid service, sound organization' strategy, achieving rapid business growth and significant net profit increase through strategic transformation, new business expansion, internationalization, and service system optimization - The company adheres to the 'stable growth, strong internal control, solid service, sound organization' business strategy, achieving steady development in business expansion, financial performance, and market share[8] - The development strategy is to 'build a globally leading high-dimensional sharing ecosystem platform for B2B industrial and logistics equipment', promoting asset-light model transformation and digital upgrading[8] Strategic Transformation and Platform-based Development The company's 'in-plant logistics equipment management platform provider' strategy achieved breakthroughs, significantly boosting revenue and net profit through a 'platform + service' model with asset holders, with maintenance and repair revenue growing by 43% and gross profit margin above 40% - Breakthrough progress in the 'in-plant logistics equipment management platform provider' strategic upgrade, establishing 'asset entrusted operation' cooperation with asset holders through a 'platform + service' operating model[8] - Maintenance and repair services achieved 43% revenue growth, with gross profit margin consistently maintained at a high level of over 40%[8] Electric Loader Business and Category Expansion The electric loader business maintained strong growth, managing a fleet of 316 units with cumulative subscription service revenue exceeding RMB 10 million and a gross profit margin of 60%, with plans to expand into cleaning equipment in H2 - Electric loader business maintained strong growth, managing a fleet of 316 units, with 7 directly operated professional service centers nationwide[9] Key Data for Electric Loader Business | Metric | Data | |---|---| | Cumulative Subscription Service Revenue | over RMB 10 million | | Gross Profit Margin | 60% | - Plans to expand into new equipment category 'cleaning equipment' in H2, focusing on developing product lines such as intelligent industrial cleaning robots and high-pressure cleaning equipment[9] International Expansion In H1, the Indonesian subsidiary was established with a localized team, receiving positive market feedback, while preparations for international outlets in Vietnam, Thailand, and Malaysia have begun to contribute revenue, profit, and brand influence - Completed the establishment of the Indonesian subsidiary in H1 and built a localized operation and service team, with positive feedback from the Indonesian market[10] - Preparations for international outlets in Vietnam, Thailand, and Malaysia have commenced and are gradually establishing local regional operation centers[10] Service System and Industrial Chain Collaboration The company optimized asset operation management and enhanced customer response and satisfaction by establishing a Group 'Service Center' and a three-tier service system, while actively promoting industrial chain collaboration with upstream and downstream partners to consolidate equipment subscription business and expand product application scenarios - Established a Group 'Service Center', integrating resources from 89 service outlets nationwide and building a three-tier service system (headquarters, regional, local) to improve customer response speed[11] - Intelligent diagnostic systems and remote technical assistance continue to shorten average fault resolution time, maintaining high customer satisfaction and renewal rates[11] - Adopted a dual-driven strategy, focusing on downstream customer needs and strengthening business collaboration with end-users and peers to consolidate the core equipment subscription business[12] - Deepened strategic cooperation with upstream suppliers, enhancing product technology and enriching product categories based on independently developed asset operation management systems[12] Outlook In H2, the company will deepen its platform provider strategic transformation, based on 'strengthening network, expanding categories, and internationalization' as tactical foundations, implementing five operational guidelines: 'stable growth, strong internal control, solid service, sound organization, and safety assurance' to drive high-quality development - Core strategy for H2: deepen the platform provider strategic transformation, with 'strengthening network, expanding categories, and internationalization' as the tactical implementation foundation[13] - Implement five major operational guidelines: 'stable growth, strong internal control, solid service, sound organization, and safety assurance' to promote high-quality enterprise development[13] Business Development and Technological Innovation The company will continuously optimize product structure, expand new equipment categories, deepen scenario application innovation, and empower product service upgrades through digital technology, focusing on the deep integration of IoT, big data, and core businesses to build an intelligent operation management platform - Continuously optimize product structure, steadily advance the expansion of new equipment categories, and deepen scenario application innovation[14] - Focus on promoting the deep integration of new technologies such as IoT and big data with core businesses to build an intelligent operation management platform[14] Service Enhancement and Customer Experience The company will continue to focus on customer experience, re-engineer service processes with digital tools, create a standardized, professional, and intelligent new service model, and strengthen the service engineer team to improve service quality and response speed - Continuously focus on a customer experience-centric service system, re-engineering service processes through digital tools[14] - Create a standardized, professional, and intelligent new service model, with a key focus on strengthening the service engineer team[14] Advancing Internationalization Strategy The company will actively seize opportunities from the 'Belt and Road' initiative, focusing on expanding into emerging markets such as Southeast Asia and the Middle East, steadily advancing its international presence through localized operations and differentiated product strategies to enhance global service capabilities - Actively seize opportunities from the 'Belt and Road' initiative, focusing on expanding into emerging markets such as Southeast Asia and the Middle East[14] - Steadily advance international expansion through localized operations and differentiated product strategies, enhancing global service capabilities[14] Safety Management The company will actively respond to and implement the '2025 Key Points for Special Equipment Safety Supervision Work', establish and improve safety production responsibility systems, refine safety operating procedures and emergency plans, and deploy intelligent monitoring systems to ensure production safety - Actively respond to and implement the '2025 Key Points for Special Equipment Safety Supervision Work', establishing and improving safety production responsibility systems[15] - Deploy intelligent monitoring systems to achieve real-time monitoring and early warning of equipment operating status, ensuring foolproof production safety[15] Details of Financial Performance Revenue Analysis The Group's revenue for H1 2025 increased by 17.6% year-on-year to RMB 856.2 million, primarily due to comprehensive growth in in-plant logistics equipment subscription services, maintenance and repair services, and equipment and spare parts sales, with maintenance and repair services showing the largest increase of 43.0% Revenue Breakdown by Business Segment | Business Segment | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | YoY Change (%) | |---|---|---|---|---|---| | In-plant Logistics Equipment Subscription Services | 438,807 | 51.2 | 379,749 | 52.2 | 15.6 | | Maintenance and Repair Services | 122,368 | 14.3 | 85,590 | 11.8 | 43.0 | | In-plant Logistics Equipment and Spare Parts Sales | 295,058 | 34.5 | 262,707 | 36.0 | 12.3 | | Total | 856,233 | 100.0 | 728,046 | 100.0 | 17.6 | - Revenue from in-plant logistics equipment subscription services increased by 15.6%, primarily due to business expansion, improved operational capabilities, and growth in the electric loader business[16] - Revenue from maintenance and repair services increased by 43.0%, mainly driven by the implementation of the 'platform + service' operating model, optimization of the service system, and the acquisition of Lifton (Shanghai) to expand the service network[18] - Revenue from in-plant logistics equipment and spare parts sales increased by 12.3%, primarily due to domestic and international market expansion, the addition of the Lifton high-end brand, and the supplement of IoT and new energy innovation businesses[18] Cost of Sales and Gross Profit Cost of sales for H1 2025 increased by 16.5% year-on-year to RMB 592.5 million, consistent with revenue growth, while gross profit increased by 20.1% to RMB 263.8 million, with gross profit margin rising from 30.2% to 30.8%, driven by improved maintenance and repair service margins, electric loader contributions, and Lifton (Shanghai) integration Cost of Sales | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | |---|---|---|---| | Cost of Sales | 592,477 | 508,464 | 16.5 | Gross Profit and Gross Profit Margin by Revenue Segment | Business Segment | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | YoY Gross Profit Change (%) | |---|---|---|---|---|---| | In-plant Logistics Equipment Subscription Services | 139,149 | 31.7 | 123,119 | 32.4 | 13.0 | | Maintenance and Repair Services | 52,645 | 43.0 | 35,669 | 41.7 | 47.6 | | In-plant Logistics Equipment and Spare Parts Sales | 71,962 | 24.4 | 60,794 | 23.1 | 18.4 | | Total | 263,756 | 30.8 | 219,582 | 30.2 | 20.1 | - The increase in gross profit margin was primarily driven by significantly improved gross profit margin in maintenance and repair services, outstanding contribution from the electric loader business (gross profit margin as high as 60%), and successful integration of the Lifton (Shanghai) high-end brand[19] Expense Analysis In H1 2025, selling and distribution expenses, administrative expenses, and finance costs all increased, mainly due to expanded business volume, integration of Lifton (Shanghai), and higher bank loan interest, while other income and gains slightly decreased due to reduced government subsidies Selling and Distribution Expenses Selling and distribution expenses increased by 21.9% year-on-year to RMB 55.9 million, primarily due to increased business volume and the integration of Lifton (Shanghai), leading to higher rental and personnel costs for the marketing department Selling and Distribution Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Selling and Distribution Expenses | 55.9 | 45.8 | 21.9 | - The increase in expenses was mainly due to increased business volume and the integration of Lifton (Shanghai), leading to higher rental and personnel costs for the marketing department[20] Administrative Expenses Administrative expenses increased by 22.6% year-on-year to RMB 106.2 million, primarily due to increased management employee headcount resulting from business expansion and the inclusion of Lifton (Shanghai) into the Group's operations Administrative Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Administrative Expenses | 106.2 | 86.7 | 22.6 | - The increase in expenses was mainly due to business expansion and the inclusion of Lifton (Shanghai) into the Group's operations, leading to an increase in the number of management employees[21] Other Income and Expenses Other income and gains decreased by 6.8% year-on-year to RMB 8.9 million, mainly due to reduced government subsidies, while other expenses increased by 14.8% to RMB 1.1 million, primarily due to higher operating costs for idle facilities at the Hefei base Other Income and Gains | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Other Income and Gains | 8.9 | 9.5 | -6.8 | - The decrease in other income and gains was mainly due to a reduction in related government subsidies[22] Other Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Other Expenses | 1.1 | 1.0 | 14.8 | - The increase in other expenses was mainly due to higher operating costs for idle facilities at the Hefei base[23] Finance Costs Finance costs increased by 6.5% year-on-year to RMB 53.3 million, primarily due to increased interest on bank loans and financing borrowings supporting business development Finance Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Finance Costs | 53.3 | 50.1 | 6.5 | - The increase in finance costs was mainly due to increased interest on bank loans and financing borrowings supporting business development[24] Income Tax and Profit for the Period Income tax expense for H1 2025 was approximately RMB 3.9 million, with an effective tax rate of about 7.2%, an increase from the prior period, mainly due to higher taxable profit, resulting in a 19.2% year-on-year increase in profit for the period to RMB 50.3 million Income Tax Expense and Effective Tax Rate | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | |---|---|---| | Income Tax Expense | 3.9 | 1.4 | | Effective Tax Rate | 7.2% | 3.1% | - The main reason for the change in income tax expense and effective tax rate was an increase in taxable profit[25] Profit for the Period | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | |---|---|---|---| | Profit for the Period | 50.3 | 42.2 | 19.2 | Earnings Per Share For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the Company increased to RMB 0.14 from RMB 0.12 in the prior period Earnings Per Share | Metric | H1 2025 | H1 2024 | |---|---|---| | Basic and Diluted Earnings Per Share | RMB 0.14 | RMB 0.12 | - The weighted average number of ordinary shares outstanding used to calculate basic earnings per share was 348,022,816 shares, consistent with the prior period[60] Financial Position and Liquidity Liquidity and Capital Structure As of June 30, 2025, the Group's current assets slightly increased by 0.4% to RMB 897.2 million, current liabilities increased by 0.8% to RMB 1,406.6 million, resulting in a net current liability of approximately RMB 509.4 million, with the current ratio maintained at 0.64; cash and cash equivalents were RMB 167.6 million, and total bank facilities and other borrowings increased to RMB 5,611.3 million Liquidity Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | |---|---|---|---| | Current Assets | 897.2 | 893.5 | 0.4 | | Current Liabilities | 1,406.6 | 1,394.9 | 0.8 | | Net Current Liabilities | (509.4) | (501.4) | - | | Current Ratio | 0.64 | 0.64 | 0.0 | | Cash and Cash Equivalents | 167.6 | 205.4 | -18.4 | | Total Bank Facilities and Other Borrowings | 5,611.3 | 4,614.2 | 21.6 | - H shares were listed on the Stock Exchange from May 15, 2025, with no other changes in the company's share capital structure[28] - The company adopts a prudent financial management approach, aiming to maintain sufficient cash and credit lines, and meet working capital needs through funds generated from operations and a combination of equity and debt[29] Pledged Assets and Exchange Rate Risk As of June 30, 2025, the Group's pledged assets amounted to approximately RMB 459.5 million as collateral for bank borrowings, a 4.2% decrease from the end of 2024; the Group's business is primarily settled in RMB, with some overseas transactions in USD, and currently no foreign exchange contracts or hedging transactions are in place, but exchange rate risk is regularly monitored Pledged Assets | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | |---|---|---|---| | Pledged Assets | 459.5 | 479.9 | -4.2 | - The Group's business is primarily conducted in China, with most transactions settled in RMB, and some overseas transactions settled in USD[32] - As of June 30, 2025, the Group had not entered into any foreign exchange contracts or hedging transactions for the exchange rate fluctuation risk of RMB against USD, but regularly monitors foreign exchange risk[32] Use of Proceeds from Global Offering Net proceeds from the global offering were approximately HKD 116.3 million, with an unutilized balance of RMB 41.7 million as of June 30, 2025; funds are primarily used for enhancing service capabilities, expanding supply chain infrastructure, improving technological capabilities, and strategic acquisitions, expected to be fully utilized by the end of 2025 Use of Net Proceeds from Global Offering | Use | Approx. % of Total | Net Proceeds from Global Offering (HKD million) | Amount Utilized (RMB million) | Unutilized Net Proceeds (RMB million) | Expected Timeline | |---|---|---|---|---|---| | Enhance service capabilities, customer coverage, and expand categories | 45.0 | 52.3 | 26.2 | 21.9 | Before end of 2025 | | Expand and upgrade supply chain infrastructure | 20.0 | 23.3 | 11.7 | 9.7 | Before end of 2025 | | Enhance technological capabilities and infrastructure | 15.0 | 17.4 | 8.8 | 7.2 | Before end of 2025 | | Strategic acquisitions | 10.0 | 11.6 | 7.8 | 2.9 | Before end of 2025 | | General working capital and corporate purposes | 10.0 | 11.6 | 10.7 | — | Before end of 2025 | | Total | 100.0 | 116.3 | 65.2 | 41.7 | | - The Board will continuously evaluate the use of proceeds and may change or revise them based on market conditions[33] Trade Receivables and Bills Receivable As of June 30, 2025, trade receivables and bills receivable totaled RMB 453.4 million, an increase from the end of 2024, with the largest portion aged within three months; trade payables and bills payable totaled RMB 360.3 million, a decrease from the end of 2024, with the largest portion also aged within three months Aging Analysis of Trade Receivables and Bills Receivable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Within 3 months | 338,179 | 290,156 | | 4 to 6 months | 76,238 | 65,312 | | 6 to 12 months | 20,138 | 17,415 | | Over 1 year | 18,890 | 16,343 | | Total | 453,445 | 389,226 | Aging Analysis of Trade Payables and Bills Payable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Within 3 months | 324,351 | 350,176 | | 3 months to 1 year | 30,345 | 33,003 | | Over 1 year | 5,585 | 6,088 | | Total | 360,281 | 389,267 | Corporate Operations and Governance Employee Information As of June 30, 2025, the Group's full-time employees increased to 2,098, with total employee benefit expenses of RMB 155.4 million; the company is committed to providing equal employment opportunities, maintaining employee diversity, and offering diverse training programs Number of Employees | Metric | June 30, 2025 | June 30, 2024 | |---|---|---| | Full-time Employees | 2,098 | 1,800 | Total Employee Benefit Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | |---|---|---| | Total Employee Benefit Expenses | 155.4 | 122.8 | - The company is committed to providing equal employment opportunities and maintaining employee diversity, offering diverse training programs covering corporate culture, internal systems, professional knowledge, and leadership skills[35][36] Significant Investments and Post-Balance Sheet Events The Board is unaware of any significant investments or events during the six months ended June 30, 2025, or subsequent to the reporting period, that could materially impact the Group's operations and financial performance - The Board is unaware of any significant investments and events that could materially impact the Group's operations and financial performance for the six months ended June 30, 2025[37] - The Group is unaware of any significant events subsequent to the reporting period that could materially impact its operations and financial performance[38] Corporate Governance Practices The company is committed to high standards of corporate governance, has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, and complied with all principles and applicable code provisions during the reporting period, with directors and supervisors also adhering to the Model Code for Securities Transactions - The Company has adopted the code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own corporate governance code[63] - During the reporting period, the Company has complied with all principles and applicable code provisions of the Corporate Governance Code[64] - Directors and supervisors confirm compliance with the required standards regarding securities transactions as set out in the Model Code in Appendix C3 to the Listing Rules during the reporting period[65] - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[66] - From the reporting period to the date of this announcement, the Directors are unaware of any pending or threatened material litigation or claims against the Group[67] Audit Committee Report The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and the disclosures in this announcement, deeming the financial information prepared in compliance with applicable accounting practices and regulatory requirements - The Audit Committee comprises three independent non-executive Directors, with Mr Du Lizhu as the chairman[68] - The Audit Committee has reviewed and considered the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and the disclosures in this announcement, with no disagreements[69] - The Audit Committee believes that the financial information has been prepared in accordance with applicable accounting practices and policies, the requirements of the Listing Rules, and any other applicable legal requirements, with adequate disclosures[69] Dividend Policy The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[71] Supplemental Information for 2024 Annual Report Independent non-executive directors conducted an annual review of potential conflicts of interest between the Group and its controlling shareholder, confirming no conflicts were found - Independent non-executive directors conducted an annual review of whether there were any conflicts of interest between the Group and its controlling shareholder[73] - At the Audit Committee meeting on March 19, 2025, all independent non-executive directors confirmed that no conflicts of interest were found[73] Condensed Consolidated Financial Statements Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income This statement presents the Group's unaudited consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing year-on-year growth in revenue, gross profit, and profit for the period Summary of Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | |---|---|---| | Revenue | 856,233 | 728,046 | | Gross Profit | 263,756 | 219,582 | | Profit Before Tax | 54,210 | 43,554 | | Profit for the Period | 50,289 | 42,198 | | Basic and Diluted Earnings Per Share | RMB 0.14 | RMB 0.12 | Condensed Consolidated Interim Statement of Financial Position This statement presents the Group's unaudited consolidated financial position as of June 30, 2025, showing increases in both non-current assets and current liabilities, leading to an expanded net current liability, but with continued growth in net assets Summary of Condensed Consolidated Interim Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Total Non-current Assets | 3,064,412 | 2,887,759 | | Total Current Assets | 897,218 | 893,477 | | Total Current Liabilities | 1,406,644 | 1,394,912 | | Net Current Liabilities | (509,426) | (501,435) | | Net Assets | 1,218,842 | 1,178,750 | Notes to the Financial Statements Basis of Preparation and Accounting Policies The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and consistent with the accounting policies used in the 2024 annual consolidated financial statements, except for the first-time adoption of amended HKFRS 21 (Lack of Exchangeability), which had no significant impact on the Group - The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and is consistent with those adopted in the 2024 annual consolidated financial statements[42][44] - The first-time adoption of amended HKFRS 21 (Lack of Exchangeability) had no impact on the condensed consolidated interim financial information, as the currency used for the Group's transactions is convertible[45] - The Directors believe that the Group will have sufficient working capital for the next twelve months, and the preparation of financial information on a going concern basis is appropriate[43] Operating Segment Information The Group has only one reportable operating segment, and management reviews financial performance on an overall basis, thus no further information on operating segments is presented - The Group does not categorize business units based on its services and products, and has only one reportable operating segment[46] - The information reported to the Directors for resource allocation and performance assessment does not include financial information for unrelated operating segments, therefore no further information on operating segments is presented[46] Income Tax Group member companies pay income tax based on the profits in their registered and operating jurisdictions; the Company is recognized as a 'High-tech Enterprise' enjoying a 15% preferential tax rate, while other subsidiaries enjoy 5% to 10% preferential tax rates based on 'Small and Micro Enterprise' qualifications - The Company is recognized as a 'High-tech Enterprise', enjoying a 15% preferential income tax rate from 2022 to 2024, and is currently reapplying for this qualification[53] - Except for specific subsidiaries, other subsidiaries of the Group in China are recognized as 'Small and Micro Enterprises', enjoying preferential income tax rates of 5% to 10%[53] Income Tax Expense Details | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | |---|---|---| | Current | 5,736 | 1,079 | | Deferred | (1,815) | 277 | | Total | 3,921 | 1,356 | Definitions This section provides definitions for key terms and abbreviations used in this announcement to ensure readers' accurate understanding of the report content