硅鑫集团(08349) - 2025 - 中期业绩

Company Information and Declarations This section outlines the company's profile, GEM listing features, and disclaimers Company Profile Yunhong Silicon Xin Group Holdings Limited, incorporated in the Cayman Islands with stock code 8349, primarily engages in R&D, production, and sales of FRP products and industrial silica sand - The company was incorporated in the Cayman Islands on January 13, 2016, and listed on GEM of the Stock Exchange since January 13, 2017[9] - The Group's principal businesses include: (i) research, development, production, and sale of fiberglass reinforced plastic (FRP) products; and (ii) sale of industrial silica sand materials[9] GEM Listing Characteristics and Disclaimer This announcement highlights GEM as a listing platform for SMEs with higher investment risks, including disclaimers from the Stock Exchange and company directors to ensure information accuracy - The GEM market is positioned as a listing platform for small and medium-sized enterprises, entailing relatively higher investment risks and potential for significant securities market volatility[3] - The Board confirms that the information contained in this announcement is accurate and complete in all material respects, without misleading or fraudulent elements[4] Financial Performance This section presents the Group's condensed consolidated financial statements, including income, balance sheet, equity changes, and cash flows Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue decreased by 21.21% year-on-year, gross profit fell by 24.68%, operating loss widened to RMB 3,836 thousand, and net loss expanded by 124.06% year-on-year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 12,673 | 16,076 | -21.21% | | Cost of Sales | (10,800) | (13,592) | -20.40% | | Gross Profit | 1,873 | 2,484 | -24.68% | | Other Income | 330 | 117 | 182.05% | | Other Net Gains | 1 | 67 | -98.51% | | Distribution Costs | (657) | (1,964) | -66.55% | | Administrative Expenses | (5,383) | (2,309) | 133.13% | | Operating Loss | (3,836) | (1,605) | 139.00% | | Finance Costs | (54) | (102) | -47.06% | | Loss Before Tax | (3,890) | (1,707) | 127.89% | | Income Tax Expense | (105) | (76) | 38.16% | | Loss for the Period | (3,995) | (1,783) | 124.06% | | Basic and Diluted Loss Per Share (RMB cents) | (1.00) | (0.45) | 122.22% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets less current liabilities amounted to RMB 56,021 thousand, with net assets at RMB 53,589 thousand, a decrease from year-end 2024, primarily due to reductions in non-current and net current assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025 and December 31, 2024) | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | | | | | Property, Plant and Equipment | 21,716 | 23,322 | -6.97% | | Right-of-use Assets | 1,344 | 2,687 | -50.00% | | Current Assets | | | | | Inventories | 1,595 | 2,045 | -22.00% | | Trade and Other Receivables | 42,601 | 36,625 | 16.32% | | Cash and Cash Equivalents | 15,270 | 15,347 | -0.50% | | Current Liabilities | | | | | Trade and Other Payables | 21,864 | 15,376 | 42.19% | | Lease Liabilities | 2,154 | 3,519 | -38.79% | | Net Current Assets | 32,961 | 34,007 | -3.07% | | Net Assets | 53,589 | 57,584 | -6.94% | Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, the company's total equity was RMB 53,589 thousand, a decrease of RMB 3,995 thousand from January 1, 2025, primarily due to the loss for the period Condensed Consolidated Statement of Changes in Equity (As of June 30, 2025) | Metric | January 1, 2025 (RMB '000) | Loss for the Period and Total Comprehensive Expense (RMB '000) | June 30, 2025 (RMB '000) | | :--- | :--- | :--- | :--- | | Share Capital | 3,600 | – | 3,600 | | Reserves | 53,984 | (3,995) | 49,989 | | Total | 57,584 | (3,995) | 53,589 | - As of June 30, 2025, total equity attributable to owners of the company was RMB 53,589 thousand, a decrease from RMB 57,584 thousand as of December 31, 2024[7] Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash from operating activities significantly decreased to RMB 1,311 thousand, resulting in a net decrease of RMB 77 thousand in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 1,311 | 7,875 | -83.34% | | Net Cash from (used in) Investing Activities | 21 | (406) | -105.17% | | Net Cash used in Financing Activities | (1,409) | (1,426) | -1.19% | | Net (Decrease) Increase in Cash and Cash Equivalents | (77) | 6,043 | -101.27% | | Cash and Cash Equivalents at End of Period | 15,270 | 15,125 | 0.96% | Notes to the Financial Statements This section provides detailed notes to the financial statements, covering accounting policies, revenue, expenses, and balance sheet items General Information and Basis of Preparation The Group's condensed consolidated interim financial statements are prepared in accordance with GEM Listing Rules and HKFRS, reviewed by the Audit Committee, with consistent accounting policies from the prior year - The Group's principal businesses are the research, development, production, and sale of fiberglass reinforced plastic (FRP) products, and the sale of industrial silica sand materials in the PRC[9] - The unaudited condensed consolidated results for the six months ended June 30, 2025, have been prepared in accordance with the GEM Listing Rules and Hong Kong Financial Reporting Standards, and reviewed by the company's Audit Committee[10] Revenue Analysis Total revenue for the period was RMB 12,673 thousand, a 21.21% year-on-year decrease, with FRP product sales significantly down, while silica sand sales grew 575.33%, becoming a primary revenue source Revenue Composition (For the six months ended June 30) | Product Category | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | FRP Gratings | 2,050 | 9,602 | -78.65% | | Epoxy Wedges | – | 4,901 | -100.00% | | Silica Sand | 10,623 | 1,573 | 575.33% | | Total Revenue | 12,673 | 16,076 | -21.21% | - Revenue is recognized at a point in time[13] Other Income and Other Net Gains Other income for the period increased to RMB 330 thousand, mainly due to payables unlikely to be paid, while other net gains significantly decreased Other Income and Other Net Gains (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other Income | | | | | Interest Income from Bank Deposits | 21 | 69 | -69.57% | | Disposal of Fixed Assets | – | 47 | -100.00% | | Payables Unlikely to be Paid | 309 | – | N/A | | Miscellaneous | – | 1 | -100.00% | | Total Other Income | 330 | 117 | 182.05% | | Other Net Gains | | | | | Net Exchange Gain | 1 | 67 | -98.51% | Components of Loss Before Tax Loss before tax was primarily impacted by staff costs, depreciation, inventory costs, and R&D expenses; staff and R&D costs decreased, while property, plant and equipment depreciation and auditor's remuneration increased Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | | | | | Bank Charges | 9 | 8 | 12.50% | | Interest on Lease Liabilities | 45 | 94 | -52.00% | | Staff Costs | | | | | Salaries, Wages and Other Benefits | 3,824 | 3,953 | -3.26% | | Contributions to Defined Contribution Retirement Schemes | 194 | 312 | -37.82% | | Other Items | | | | | Auditor's Remuneration | 1,084 | 1,658 | -34.62% | | Depreciation of Right-of-use Assets | 1,343 | 1,344 | -0.07% | | Depreciation of Property, Plant and Equipment | 1,585 | 539 | 194.06% | | Cost of Inventories Recognized as Expense | 9,006 | 11,727 | -23.20% | | Research and Development Costs | 182 | 571 | -68.13% | Income Tax Expense Income tax expense for the period was RMB 105 thousand, primarily PRC Enterprise Income Tax, with no income tax in Cayman Islands or BVI, and no assessable profits in Hong Kong Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current Tax | | | | | PRC Enterprise Income Tax | 105 | 76 | 38.16% | - The Group is not subject to any income tax in the Cayman Islands and British Virgin Islands, and is not subject to Hong Kong profits tax[15] - PRC subsidiaries are subject to PRC Enterprise Income Tax at a rate of 25%, and dividends declared to non-resident shareholders are subject to PRC withholding tax at a rate of 10%[15] Loss Per Share For the six months ended June 30, 2025, basic loss per share was RMB 1.00 cent, an increase from RMB 0.45 cent in the prior period, mainly due to increased loss for the period Loss Per Share (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss used in Calculating Basic Loss Per Share | (3,995) | (1,783) | 124.06% | | Number of Shares (thousands) | 400,000 | 400,000 | 0.00% | | Basic Loss Per Share (RMB cents) | (1.00) | (0.45) | 122.22% | - Diluted loss per share is not presented as there were no potential ordinary shares outstanding during the reporting period[17] Segment Reporting The Group's business is segmented into FRP and silica sand; FRP business revenue significantly declined with a loss, while silica sand revenue grew substantially and achieved profitability, with all revenue from PRC domestic customers Segment Revenue and Profit (Loss) (For the six months ended June 30, 2025) | Segment | Revenue (RMB '000) | Profit (Loss) (RMB '000) | | :--- | :--- | :--- | | FRP Business | 2,050 | (2,356) | | Silica Sand Business | 10,623 | 1,957 | | Unallocated | – | (3,596) | | Total | 12,673 | (3,995) | Geographical Location of Revenue from External Customers (For the six months ended June 30) | Customer Type | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | PRC (excluding Hong Kong) | 12,673 | 11,009 | 15.11% | | Overseas Customers | – | 5,067 | -100.00% | | Total | 12,673 | 16,076 | -21.21% | Trade and Other Receivables As of June 30, 2025, total trade and other receivables were RMB 42,601 thousand, an increase from year-end 2024, with net trade receivables decreasing and net other receivables significantly increasing, mainly due to advance payments for raw material supply Trade and Other Receivables (As of June 30, 2025 and December 31, 2024) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Net Trade and Bills Receivables | 21,693 | 34,920 | -37.88% | | Net Other Receivables | 20,027 | 984 | 1935.26% | | Prepayments and Deposits | 881 | 721 | 22.19% | | Total | 42,601 | 36,625 | 16.32% | - The increase in other receivables was primarily due to the company making advance payments to suppliers to secure high-quality raw material supply channels[22] Aging Analysis of Trade and Bills Receivables (As of June 30, 2025 and December 31, 2024) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0–30 Days | 9,569 | 1,466 | | 31–90 Days | 2,398 | 2,801 | | 91–180 Days | 1,275 | 3,640 | | 181–365 Days | 496 | 900 | | Over 365 Days | 7,955 | 26,113 | Trade and Other Payables As of June 30, 2025, total trade and other payables were RMB 21,864 thousand, a significant increase from year-end 2024, primarily due to growth in trade payables and amounts due to directors Trade and Other Payables (As of June 30, 2025 and December 31, 2024) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 7,033 | 2,651 | 165.30% | | Amounts Due to Directors | 4,803 | 3,489 | 37.65% | | Other Payables | 10,028 | 9,236 | 8.58% | | Total | 21,864 | 15,376 | 42.19% | - The increase in trade payables was mainly due to the outstanding payment for raw silica sand purchased from Liaotong Dayou Silica Sand Co., Ltd., for which the settlement period had not yet matured[24] - Amounts due to Director Ms. Zhang Yaping were RMB 4,803 thousand, unsecured, interest-free, and with no fixed repayment terms[26] - Amounts due to related party Tongliao Dayou Silica Sand Co., Ltd. for goods were RMB 2,383 thousand, unsecured and interest-free[27] Share Capital As of June 30, 2025, the company's authorized share capital was 2,000,000 thousand shares, and issued and fully paid share capital was 400,000 thousand shares, both at HKD 0.01 per share, consistent with year-end 2024 Share Capital Structure (As of June 30, 2025 and December 31, 2024) | Category | June 30, 2025 (thousand shares) | December 31, 2024 (thousand shares) | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Authorized Share Capital | 2,000,000 | 2,000,000 | 20,000 (HKD '000) | 20,000 (HKD '000) | | Issued and Fully Paid Share Capital | 400,000 | 400,000 | 3,600 | 3,600 | Significant Related Party Transactions Key management personnel remuneration increased this period, and raw silica sand worth RMB 1,207 thousand was purchased from Tongliao Dayou Silica Sand Co., Ltd., indirectly controlled by Director Mr. Li Yubao Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 1,111 | 910 | 22.09% | Related Party Transactions (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Silica Sand Purchases | 1,207 | 882 | 36.85% | - Raw silica sand was purchased from Tongliao Dayou Silica Sand Co., Ltd., a subsidiary indirectly controlled by Mr. Li Yubao, a director of the company, with pricing policy based on the comparable uncontrolled price method[30] Management Discussion and Analysis This section reviews the Group's operational performance, financial position, and future outlook, including sales, costs, liquidity, and risk factors Review and Outlook The Group's core businesses are FRP products and industrial silica sand; FRP faces challenges from China's economy, subsidy cancellations, and trade war impacts, but the company is responding with technological improvements, cost control, and market expansion, while silica sand benefits from domestic demand growth - The FRP business faces challenges from China's economic environment, government cancellation of wind power equipment subsidies, and the impact of the China-US trade war, leading to a decline in export business[31] - The Group plans to enhance competitiveness by improving product technology, upgrading production lines, hiring professional R&D personnel, boosting R&D capabilities, increasing production efficiency, and reducing costs[32] - The Group will continue to adhere to its policy of promoting its products in countries along the 'Belt and Road' initiative[32] - Increasing domestic market demand for silica sand materials presents growth opportunities for the silica sand business[33] Sales Performance Total sales revenue decreased by 21.21% year-on-year; FRP product sales revenue significantly dropped by 86.0% with negative gross margin, while silica sand sales surged by 575.33% with improved gross margin, becoming the Group's main growth driver, and overseas sales became zero, with domestic market share increasing to 100% Sales Revenue and Gross Profit Margin (For the six months ended June 30) | Product Category | 2025 Sales Revenue (RMB '000) | 2025 Gross Profit Margin (%) | 2024 Sales Revenue (RMB '000) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | FRP Gratings | 2,050 | -62.3 | 9,602 | 21.0 | | Epoxy Wedges | – | – | 4,901 | 4.0 | | Silica Sand | 10,623 | 29.6 | 1,573 | 18.2 | | Total | 12,673 | 14.8 | 16,076 | 15.5 | - The decrease in FRP sales revenue was mainly due to overcapacity in China, government cancellation of wind power subsidies, and the impact of the China-US trade war[34] - The significant increase in silica sand sales revenue was primarily due to silica sand being a new business with strong demand and the company's proactive market expansion[35] - Domestic market sales proportion increased from approximately 68.5% in the same period of 2024 to 100% in the same period of 2025, with overseas market sales becoming zero[34] Operating Costs and Expenses Distribution costs significantly decreased by 66.5% due to the contraction of the FRP business, and administrative expenses also fell by 15.6% due to reduced audit and legal professional fees - Distribution costs decreased by 66.5% from approximately RMB 1.96 million to approximately RMB 0.66 million, mainly due to the contraction of the FRP business[38] - Administrative expenses decreased by 15.6% from approximately RMB 6.4 million to approximately RMB 5.4 million, mainly due to reduced audit fees and legal and professional fees[38] Operating Results For the six months ended June 30, 2025, the Group's net loss expanded to RMB 4.00 million, primarily due to the contraction of the FRP business and the reversal of expected credit loss provisions in the prior full year Net Loss (For the six months ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Loss | 4.00 | 1.78 | 124.72% | - The increase in net loss was primarily due to the contraction of the FRP business and the reversal of expected credit loss provisions in the prior full year[39] Liquidity and Financial Resources The Group primarily funds its operations through cash generated from operating activities, with no bank borrowings as of June 30, 2025 - The Group primarily funds its operations through cash generated from operating activities[40] - As of June 30, 2025, the Group had no bank borrowings[40] Capital Structure As of June 30, 2025, share capital remained unchanged, while total equity attributable to equity holders of the company slightly decreased Capital Structure (As of June 30, 2025 and December 31, 2024) | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Share Capital | 3.6 | 3.6 | 0.00% | | Total Equity Attributable to Equity Holders | 53.6 | 57.6 | -6.94% | Exchange Rate Fluctuation Risk The Group primarily faces USD foreign exchange risk, but management mitigates this by controlling repayment periods and has not used financial instruments for hedging; foreign exchange risk has a negligible impact on general operations - The Group is primarily exposed to USD foreign exchange risk arising from future commercial transactions and recognized assets and liabilities denominated in non-RMB currencies[43] - Management mitigates foreign exchange risk by controlling repayment periods and has not used any financial instruments to hedge foreign exchange risk for the six months ended June 30, 2025[43] Pledge of Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[44] Significant Investments, Acquisitions and Disposals For the six months ended June 30, 2025, the Group made no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - The Group held no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures for the six months ended June 30, 2025[45] Employees and Remuneration Policy As of June 30, 2025, the Group had 61 employees with total staff costs of RMB 4.0 million; remuneration policy is based on qualifications, position, seniority, and performance, offering retirement benefits and training Employees and Remuneration (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 61名 | 60名 | | Total Staff Costs (RMB million) | 4.0 | 4.3 | - Remuneration is determined based on employees' respective qualifications, positions, and seniority, with year-end discretionary bonuses awarded based on the Group's and individual employee's performance[46] Other Information This section covers additional corporate information, including dividends, post-reporting events, shareholdings, and corporate governance practices Dividends 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[47] Events After Reporting Period As of the date of this announcement, the Group had no significant events after June 30, 2025 - There were no significant events after June 30, 2025, and up to the date of this announcement[48] Directors' and Chief Executive's Interests in Shares of the Company As of June 30, 2025, Mr. Li Yubao held 40.65% of the company's shares through controlled corporations, being the only director among key executives to disclose share interests Directors' and Chief Executive's Long Position in Shares of the Company (As of June 30, 2025) | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. Li Yubao | Interest in Controlled Corporation | 162,600,000 | 40.65% | - Mr. Li Yubao is the ultimate controlling shareholder of LF INTERNATIONAL PTE. LTD. and Yunhong Group Co., Ltd., which together hold 162,600,000 shares of the company[49] Major Shareholders' Interests in Shares of the Company As of June 30, 2025, LFS, LFB, Yunhong, and Mr. Huang Xuechao were major shareholders of the company, with LFS and LFB indirectly controlled by Mr. Li Yubao Major Shareholders' Interests in Shares of the Company (As of June 30, 2025) | Name/Designation | Capacity/Nature of Interest | Number of Ordinary Shares Held/Interested | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | LFS | Interest in Controlled Corporation | 162,600,000 | 40.65% | | LFB | Beneficial Owner | 122,600,000 | 30.65% | | Yunhong | Beneficial Owner | 40,000,000 | 10.00% | | Mr. Huang Xuechao | Beneficial Owner | 44,880,000 | 11.22% | - LFB is wholly-owned by LFS, which is wholly-owned by Mr. Li. LFS holds a 70% interest in Yunhong, which beneficially owns 10% of the company's shares[57] Purchase, Sale or Redemption of the Company's Listed Securities 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, and there were 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[55] - As of June 30, 2025, the company had no treasury shares[56] Competing Interests Directors confirm that for the six months ended June 30, 2025, no director or their close associates held any business interests competing or potentially competing with the Group's business - Directors confirm that for the six months ended June 30, 2025, no director or their respective close associates held any interest in any business directly or indirectly competing or potentially competing with the Group's business[58] Directors' Securities Transactions All directors have confirmed compliance with the dealing rules for directors' securities transactions as set out in the GEM Listing Rules for the six months ended June 30, 2025 - All directors have confirmed compliance with the dealing rules as set out in Rules 5.48 to 5.67 of the GEM Listing Rules for the six months ended June 30, 2025[59] Corporate Governance Practices The Group is committed to maintaining high corporate governance standards and has complied with all applicable code provisions in Appendix C1 Section 2 of the GEM Listing Rules for the six months ended June 30, 2025 - The company has adopted the Corporate Governance Code as set out in Appendix C1 Section 2 of the GEM Listing Rules as its own corporate governance code[60] - For the six months ended June 30, 2025, the company has complied with all applicable code provisions contained in the Corporate Governance Code[60] Audit Committee The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and overseeing financial reporting, internal controls, and risk management, and has reviewed the Group's unaudited results for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors: Mr. Wu Shiliang (Chairman), Mr. Wen Peng, and Ms. Long Mei[61] - The Audit Committee's primary responsibilities include reviewing and overseeing financial reporting processes, internal control, and risk management systems, and it has reviewed the Group's unaudited results for the six months ended June 30, 2025[61] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the Stock Exchange and company websites, and the interim report will be dispatched to shareholders and published in due course - This interim results announcement has been published on the Stock Exchange website (www.hkexnews.hk) and the company's website (www.nantongrate.com)[62](index=62&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[62] Resignation of Executive Director Ms. Jin Dan resigned as an executive director effective August 25, 2025, due to other work commitments, confirming no disagreement with the Board - Ms. Jin Dan resigned as an executive director effective August 25, 2025, due to other work commitments[63] - Ms. Jin has confirmed that she has no disagreement with the Board and there are no other matters relating to her resignation that need to be brought to the attention of the company's shareholders and the Stock Exchange[63]