三一国际(00631) - 2025 - 中期业绩

Company Information Company Overview Sany Heavy Equipment International Holdings Company Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025 - Sany Heavy Equipment International Holdings Company Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2] Company Details The company, incorporated in the Cayman Islands, primarily manufactures and sells mining, logistics, oil, and new energy equipment in mainland China - The company was incorporated in the Cayman Islands on July 23, 2009, primarily engaged in manufacturing and selling mining equipment, logistics equipment, oil equipment, new energy manufacturing equipment, electric power, lithium batteries, energy storage systems, and accessories, and providing related services in mainland China[8] - The company's direct holding company is Sany Hong Kong Group Co., Ltd., and its ultimate holding company is Sany Heavy Equipment Investment Co., Ltd[8] Financial Highlights Financial Performance Overview For the six months ended June 30, 2025, the Group's revenue increased by 13.8% year-on-year to RMB 12,236.6 million, with profit before tax margin rising 3.3 percentage points to 14.0% 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Growth/Change | | :--- | :--- | :--- | :--- | | Revenue | 12,236.6 | 10,756.1 | +13.8% | | Profit before tax margin | 14.0% | 10.7% | +3.3 percentage points | | Profit for the period | 1,294.2 | 987.0 | +31.1% | | Profit attributable to owners of the parent | 1,294.4 | 1,032.7 | +25.3% | | Basic earnings per share | 0.39 RMB | - | - | Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Income Statement For the six months ended June 30, 2025, the Group reported revenue of RMB 12,236.6 million, gross profit of RMB 2,898.7 million, and profit attributable to owners of the parent of RMB 1,294.4 million Condensed Consolidated Interim Income Statement (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 12,236,558 | 10,756,056 | | Cost of sales | (9,337,876) | (8,130,487) | | Gross profit | 2,898,682 | 2,625,569 | | Other income and gains | 594,104 | 368,568 | | Selling and distribution costs | (576,305) | (563,037) | | Administrative expenses | (985,711) | (1,108,543) | | Net impairment losses on financial and contract assets | (93,846) | (54,159) | | Finance costs | (122,046) | (113,330) | | Profit before tax | 1,707,237 | 1,152,535 | | Income tax expense | (413,064) | (165,580) | | Profit for the period | 1,294,173 | 986,955 | | Profit attributable to owners of the parent | 1,294,383 | 1,032,749 | | Basic earnings per share (RMB) | 0.39 | 0.31 | Condensed Consolidated Interim Statement of Comprehensive Income For the six months ended June 30, 2025, the Group's profit for the period was RMB 1,294.2 million, with total comprehensive income of RMB 1,252.6 million primarily due to exchange differences Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 1,294,173 | 986,955 | | Exchange differences on translation of financial statements | (41,553) | (3,548) | | Total comprehensive income for the period | 1,252,620 | 983,407 | | Attributable to owners of the parent | 1,252,830 | 1,029,201 | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2025, the Group's total non-current assets were RMB 15,084.9 million, total current assets were RMB 28,553.6 million, and total equity was RMB 12,510.0 million Condensed Consolidated Interim Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 15,084,891 | 14,700,627 | | Total current assets | 28,553,556 | 26,227,101 | | Total current liabilities | 23,103,840 | 21,209,793 | | Net current assets | 5,449,716 | 5,017,308 | | Total non-current liabilities | 8,024,575 | 7,542,675 | | Net assets | 12,510,032 | 12,175,260 | | Total equity | 12,510,032 | 12,175,260 | Notes to the Condensed Consolidated Interim Financial Information Basis of Preparation and Changes in Accounting Policies The interim financial information is prepared in accordance with IAS 34 and presented in RMB, with no significant impact from newly adopted IFRS amendments - The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and presented in RMB[9] - The revised International Financial Reporting Standards (IFRS) accounting standards (amendment to IAS 21 Lack of Exchangeability) adopted for the first time in the current period did not have a significant impact on the condensed consolidated interim financial information[10][11] Operating Segment Information The Group operates in four reportable segments: mining equipment, logistics equipment, oil and gas equipment, and emerging industry equipment, with emerging industry equipment showing significant revenue growth - The Group's four reportable operating segments are: mining equipment, logistics equipment, oil and gas equipment, and emerging industry equipment[12] Segment Revenue (For the six months ended June 30) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Mining equipment | 4,636,791 | 5,938,343 | | Logistics equipment | 3,680,398 | 3,282,225 | | Oil and gas equipment | 1,324,966 | 845,853 | | Emerging industry equipment | 2,594,403 | 689,635 | | Total | 12,236,558 | 10,756,056 | - Sales revenue from fellow subsidiaries for the six months ended June 30, 2025, was approximately RMB 2,487.3 million, a significant increase from RMB 1,269.5 million in the same period of 2024[18] Revenue, Other Income and Gains For the six months ended June 30, 2025, the Group's revenue from contracts with customers was RMB 12,236.6 million, primarily from industrial product sales in mainland China, with other income and gains increasing significantly Revenue from Contracts with Customers (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 12,236,558 | 10,756,056 | Revenue by Type of Goods or Services (For the six months ended June 30) | Type of goods or services | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sale of industrial products | 11,198,732 | 10,519,113 | | Construction services | 584,109 | — | | Oilfield services | 276,105 | 24,340 | | Maintenance services and others | 126,525 | 174,427 | Other Income and Gains (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 118,623 | 59,234 | | Government grants | 293,842 | 170,929 | | Net exchange differences | 45,859 | 4,479 | | Net fair value gains | 59,574 | 57,752 | | Total other income and gains | 594,104 | 368,568 | Profit Before Tax The Group's profit before tax is derived after deducting various expenses such as cost of inventories sold, service costs, depreciation, R&D costs, and employee benefits, while including net exchange differences and fair value gains Items Deducted/Included in Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 8,919,939 | 7,970,054 | | Cost of services provided | 330,587 | 128,164 | | Depreciation of property, plant and equipment | 394,051 | 289,924 | | Research and development costs | 701,742 | 813,063 | | Total employee benefit expenses | 1,162,962 | 1,272,542 | | Net impairment of financial and contract assets | 93,846 | 54,159 | | Net fair value gains | (59,574) | (57,752) | Finance Costs For the six months ended June 30, 2025, the Group's finance costs totaled RMB 122.0 million, primarily consisting of interest on interest-bearing bank and other borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on interest-bearing bank and other borrowings | 115,226 | 102,287 | | Interest on discounted bills | 5,407 | 9,812 | | Interest on lease liabilities | 1,413 | 1,231 | | Total | 122,046 | 113,330 | Income Tax The Group's income tax expense was RMB 413.1 million, with an effective tax rate of approximately 24.2%, reflecting varying tax rates for Hong Kong and mainland China operations, including preferential rates for high-tech enterprises - Hong Kong profits tax is provided at 8.25% to 16.5%, while mainland China operating companies are subject to a 25% corporate income tax rate[27] - Eleven major operating companies (including Sany Heavy Equipment, Sany Marine Heavy Industry, etc.) are recognized as high-tech enterprises and are subject to a preferential corporate income tax rate of 15%[29] Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current — Hong Kong | 127,221 | 35,781 | | Current — Mainland China | 215,100 | 164,926 | | Deferred | 42,288 | (19,518) | | Total tax expense for the period | 413,064 | 165,580 | Dividends Shareholders approved a final dividend of HKD 0.29 per share for the year ended December 31, 2024, totaling approximately RMB 983.7 million, with no interim dividend proposed for H1 2025 - Shareholders approved a final dividend of HKD 0.29 per share for the year ended December 31, 2024, totaling approximately RMB 983.7 million[31] - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[32] Earnings Per Share Attributable to Ordinary Equity Holders of the Parent For the six months ended June 30, 2025, basic earnings per share were RMB 0.39 and diluted earnings per share were RMB 0.35, both showing an increase from the prior year Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic earnings per share | 0.39 | 0.31 | | Diluted earnings per share | 0.35 | 0.28 | - Basic earnings per share are calculated based on profit attributable to ordinary equity holders of the parent of RMB 1,294.4 million and a weighted average of 3,219.5 million ordinary shares outstanding[34] - Diluted earnings per share calculation considers the potential dilutive effect of share options and convertible preference shares converting into ordinary shares[35] Property, Plant and Equipment As of June 30, 2025, the carrying amount of property, plant and equipment was RMB 8,185.1 million, with additions of RMB 645.5 million and depreciation of RMB 394.1 million during the period Changes in Property, Plant and Equipment (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount at January 1 | 7,989,762 | 7,275,832 | | Additions | 645,513 | 1,229,866 | | Depreciation for the period/year | (394,051) | (548,985) | | Carrying amount at June 30/December 31 | 8,185,096 | 7,989,762 | Trade and Bills Receivables As of June 30, 2025, net trade receivables were RMB 13,041.6 million and bills receivables were RMB 755.2 million, with an impairment provision of RMB 798.7 million for trade receivables Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (gross) | 13,840,233 | 11,692,009 | | Impairment | (798,661) | (718,022) | | Trade receivables (net) | 13,041,572 | 10,973,987 | | Bills receivables | 755,191 | 1,131,661 | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 180 days | 8,850,894 | 7,447,691 | | 181 to 365 days | 2,665,291 | 2,242,741 | | 1 to 2 years | 1,358,170 | 1,142,848 | - The Group endorsed bills receivables with a carrying amount of RMB 567.1 million to suppliers to settle trade payables and continued to recognize them, as it retained substantially all risks and rewards[41] - The Group endorsed bills receivables with a carrying amount of RMB 947.7 million to suppliers and derecognized them, as substantially all risks and rewards were transferred[42] Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, the Group's total financial assets at fair value through profit or loss amounted to RMB 2,069.4 million, primarily wealth management products issued by Chinese banks Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current | 1,966,880 | 2,393,996 | | Non-current | 102,500 | 57,500 | | Total | 2,069,380 | 2,451,496 | - Unlisted investments primarily consist of wealth management products issued by banks and other financial institutions in mainland China, and investments in limited liability partnerships and companies[43] Trade and Bills Payables As of June 30, 2025, the Group's total trade and bills payables were RMB 12,051.1 million, with the largest portion due within 30 days, and RMB 914.6 million owed to fellow subsidiaries Ageing Analysis of Trade and Bills Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 6,556,471 | 5,776,501 | | 31 to 90 days | 3,860,448 | 1,572,728 | | 91 to 180 days | 1,306,412 | 3,245,574 | | Total | 12,051,100 | 11,213,230 | - Trade and bills payables include amounts due to fellow subsidiaries of RMB 914.6 million[45] Interest-Bearing Bank and Other Borrowings As of June 30, 2025, the Group's total interest-bearing bank and other borrowings were RMB 10,889.5 million, with varying interest rates and some borrowings secured by leased land or power charges Interest-Bearing Bank and Other Borrowings (As of June 30) | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total current borrowings | 4,612,267 | 4,250,167 | | Total non-current borrowings | 6,277,202 | 5,684,432 | | Total | 10,889,469 | 9,934,599 | - Secured bank and other borrowings bear interest at annual rates ranging from 1.77% to 3.98%, while unsecured borrowings bear interest at 1.75% to 4.35%[46] - Some bank loans are secured by the Group's leased land and power charge pledges, and Sany Group Co., Ltd. provides guarantees for certain bank loans[48] Government Grants As of June 30, 2025, the Group's total government grants were RMB 1,683.2 million, with RMB 293.8 million transferred to the income statement during the period, primarily for property, plant, equipment, or R&D projects Government Grants (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 | 1,765,642 | 1,916,665 | | Received during the period/year | 198,778 | 257,888 | | Transferred to income statement during the period/year | (293,842) | (425,668) | | At June 30/December 31 | 1,683,160 | 1,765,642 | - Government grants are primarily used for certain projects involving the purchase of property, plant and equipment or for research and development project funding[47] Share Capital As of June 30, 2025, the company's total issued and fully paid share capital was RMB 318.9 million, including ordinary and convertible preference shares, with 16,813,599 new ordinary shares issued for share awards Issued and Fully Paid Share Capital (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total issued and fully paid share capital | 318,941 | 317,394 | - For the six months ended June 30, 2025, the company issued 16,813,599 new ordinary shares for share awards[50] - Convertible preference shares are convertible into ordinary shares of the company at any time and have the same rights as ordinary shares to receive declared dividends[49] Commitments As of June 30, 2025, the Group's capital commitments amounted to approximately RMB 1,186.7 million, primarily for buildings, plant, and machinery Capital Commitments (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Buildings | 349,296 | 432,905 | | Plant and machinery | 837,404 | 772,588 | | Total | 1,186,700 | 1,205,493 | Business Review Principal Products The Group's products are categorized into four segments: mining equipment, logistics equipment, oil and gas equipment, and emerging industries, covering a wide range of specialized machinery and new energy solutions - The Group's products are divided into four major segments: mining equipment, logistics equipment, oil and gas equipment, and emerging industries[53] - Mining equipment includes roadheader equipment, coal mining equipment, engineering tunnel boring machines, mining transportation vehicles, and smart mining operation systems[53] - Emerging industries include solar modules, hydrogen production equipment, power battery modules, and energy storage systems[53] Overall Business Performance In H1 2025, the Group achieved revenue of RMB 12,236.6 million, a 13.8% year-on-year increase, and profit for the period of RMB 1,294.2 million, up 31.1%, driven by global, digital, and low-carbon strategies - The Group continued to implement its globalization, digitalization, and low-carbon operation strategies, achieving steady business development[54] Overall Business Performance (2025 H1) | Indicator | 2025 H1 (RMB million) | YoY Growth | | :--- | :--- | :--- | | Revenue | 12,236.6 | +13.8% | | Profit for the period | 1,294.2 | +31.1% | | Profit attributable to shareholders | 1,294.4 | +25.3% | | International revenue | 4,018.9 | +5.4% | - The rapidly developing second curve created by emerging industries has become a new profit growth point[54] Financial Performance Analysis The Group's H1 2025 revenue grew by 13.8% due to global strategy, increased sales in key segments, and acquisitions, leading to a 3.3 percentage point rise in profit before tax margin despite a slight decrease in gross margin - Revenue increase was primarily due to the deep implementation of globalization, digitalization, and low-carbon strategies, leading to significant increases in revenue from large port machinery, oil and gas equipment, emerging industries, and overseas mining vehicles, as well as new revenue streams from the acquisition of lithium energy business[55] - Other income and gains increased by 61.2% to RMB 594.1 million, mainly due to increased government grants and bank interest income[56] - Gross margin decreased by 0.7 percentage points to 23.7%, primarily due to an increased proportion of sales revenue from products with relatively lower gross margins[58] - Research and development expenses decreased by 13.7% to RMB 701.7 million, with its proportion to revenue decreasing by 1.9 percentage points to 5.7%, mainly due to changes in R&D system management and focus on core product R&D[61] - Profit before tax margin increased by 3.3 percentage points to 14.0%, mainly due to a decrease in the ratio of selling and distribution costs and administrative expenses to revenue, and an increase in other income[64] - Profit attributable to owners of the parent increased by 25.3% to RMB 1,294.4 million[66] Liquidity and Capital Resources As of June 30, 2025, the Group's total current assets were RMB 28,553.6 million, total current liabilities were RMB 23,103.8 million, and the asset-liability ratio was 63.5%, with positive operating cash flow and increased working capital days Asset and Liability Status (As of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total current assets | 28,553.6 | 26,227.1 | | Total current liabilities | 23,103.8 | 21,209.8 | | Total assets | 43,638.4 | 40,927.7 | | Total liabilities | 31,128.4 | 28,752.5 | | Asset-liability ratio | 63.5% | 63.2% | - Gross trade and bills receivables increased by 13.8% to RMB 14,595.4 million, with trade receivables increasing by 18.4% and bills receivables decreasing by 33.3%[68] - Interest-bearing bank and other borrowings increased to RMB 10,889.5 million, mainly to meet the development needs of emerging industries and daily operations[69] Cash Flow (For the six months ended June 30) | Cash flow type | 2025 H1 (RMB million) | 2024 H1 (RMB million) | | :--- | :--- | :--- | | Net cash inflow from operating activities | 368.4 | (152.9) | | Net cash inflow from investing activities | 92.6 | (346.7) | | Net cash inflow from financing activities | 460.5 | 1,734.0 | - Average inventory turnover days increased by 24 days to 106 days, mainly due to increased inventory in emerging industries and increased overseas stock to ensure timely delivery to overseas markets[71] - Trade and bills receivables turnover days increased by 2 days to 204 days, mainly due to an increased proportion of revenue from products with relatively longer collection cycles[71] - Trade and bills payables turnover days increased by 40 days to 228 days, mainly due to the implementation of offline settlement and extended contract payment cycles[72] - Financial guarantee contracts have provisions of RMB 20.7 million for outstanding loans and lease amounts of RMB 5,075.7 million[73] Employees and Remuneration Policy As of June 30, 2025, the Group had 7,843 full-time employees, with a focus on talent development and incentive programs including year-end bonuses, share option schemes, and equity award plans - As of June 30, 2025, the Group had 7,843 full-time employees[75] - The Group motivates employees by providing training, year-end bonuses, and implementing share option schemes and equity award plans[75] Significant Investments, Acquisitions and Disposals Sany Marine Heavy Industry (Hunan) and Sany Heavy Steel Structure agreed to sell certain tower assets to Sany Tower Technology for approximately RMB 52.9 million, with no other significant transactions during the reporting period - Sany Marine Heavy Industry (Hunan) and Sany Heavy Steel Structure have agreed to sell certain tower assets to Sany Tower Technology for a total consideration of approximately RMB 52.9 million[76] - For the six months ended June 30, 2025, there were no other significant investments held, nor any significant acquisitions or disposals of subsidiaries, associates, and joint ventures[77] Pledged Assets As of June 30, 2025, the Group's pledged bank deposits of approximately RMB 88.0 million were for bank acceptance bill guarantees, with leased land and power charge pledges securing bank loans - Pledged bank deposits of approximately RMB 88.0 million are used as guarantees for bank acceptance bills[79] - Leased land of approximately RMB 677.4 million and power charge pledges of approximately RMB 64.6 million are used to secure bank loans[79] Foreign Exchange Risk As of June 30, 2025, the Group held cash and bank balances denominated in foreign currencies, such as USD and EUR, equivalent to approximately RMB 4,296.7 million, and will monitor and consider hedging foreign exchange risk - The Group's cash and bank balances denominated in foreign currencies such as USD and EUR amounted to approximately RMB 4,296.7 million[80] - The Group will monitor the risks it is exposed to and will consider hedging significant currency risks when necessary[80] Events After the Reporting Period As of the announcement date, there were no significant events for the Group after June 30, 2025 - There were no significant events for the Group after June 30, 2025, and up to the date of this announcement[81] Corporate Governance and Other Information Social Responsibility The Group actively practices corporate social responsibility, promotes low-carbon development, strengthens R&D capabilities, and implements globalization, digitalization, and low-carbon transformation strategies - The Group actively practices corporate social responsibility, is committed to promoting low-carbon development, and drives globalization, digitalization, and low-carbon transformation strategies by strengthening independent R&D capabilities[82] - Products such as the EBZ260H full-rock roadheader, upgraded electric heavy forklifts, and pure water hydraulic supports contribute to mine water protection and green transformation of the coal industry, and promote the deep transformation of industrial vehicles towards "intelligence, green, and scenario-based" development[82][83] - The Group actively engages in industry and university-enterprise collaborations to explore innovative paths for AI-driven industrial intelligence[83] Corporate Governance The company is committed to establishing sound corporate governance practices, complying with the Corporate Governance Code in Appendix C1 of the Listing Rules, and ensuring business transparency to create shareholder value - The company is committed to establishing sound corporate governance practices and procedures to be accountable to shareholders with transparency and responsible institutions[84] - The company has adopted the Corporate Governance Code set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and has complied with all applicable code provisions for the six months ended June 30, 2025[84] Compliance with the Model Code for Securities Transactions by Directors The company has adopted the Model Code in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions, and all directors confirmed compliance - The company has adopted the Model Code set out in Appendix C3 to the Listing Rules as its own code of conduct for securities transactions[85] - All directors confirmed that they have complied with the required standards set out in the Model Code for the six months ended June 30, 2025[85] Audit Committee The Audit Committee, comprising three independent non-executive directors with Mr. Pan Zhaoguo as chairman, has reviewed the Group's unaudited interim financial statements for H1 2025 - The Audit Committee is composed of three independent non-executive directors, with Mr. Pan Zhaoguo as chairman[86] - The Audit Committee has held meetings to discuss audit, internal control, risk management, and financial reporting matters, and has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025[86] Review of Interim Financial Statements The Group's interim financial statements for the six months ended June 30, 2025, were not audited or reviewed by external auditors but were reviewed by the Audit Committee - The Group's interim financial statements for the six months ended June 30, 2025, have not been audited or reviewed by the company's external auditors[87] - The interim financial statements were reviewed by the Audit Committee before being recommended to the Board for approval[87] Interim Dividend The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[88] Purchase, Sale or Redemption 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 of the company's listed securities, and no treasury shares were held - 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[89] - As of June 30, 2025, the company did not hold any treasury shares[89] Publication of Information on Websites This announcement is published on the HKEX and company websites, and the interim report will be available and dispatched to shareholders in due course - This announcement is published on the HKEX website www.hkexnews.hk and the company's website www.sanyhe.com[90](index=90&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be available on the same websites and dispatched to shareholders in due course[90] Board of Directors As of the announcement date, the Board comprises executive directors Mr. Liang Zaizhong, Mr. Qi Jian, and Mr. Fu Weizhong, non-executive directors Mr. Tang Xiuguo and Mr. Xiang Wenbo, and independent non-executive directors Mr. Pan Zhaoguo, Mr. Hu Jiquan, Mr. Yang Shuyong, and Ms. Zhou Lan - The executive directors are Mr. Liang Zaizhong, Mr. Qi Jian, and Mr. Fu Weizhong[92] - The non-executive directors are Mr. Tang Xiuguo and Mr. Xiang Wenbo[92] - The independent non-executive directors are Mr. Pan Zhaoguo, Mr. Hu Jiquan, Mr. Yang Shuyong, and Ms. Zhou Lan[92]