中国织材控股(03778) - 2025 - 中期业绩

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group recorded an expanded net loss in the first half of 2025, primarily due to decreased revenue and a significant increase in income tax expense, which offset the growth in gross profit | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 511,461 | 577,898 | -11.5% | | Cost of Sales | (479,335) | (552,811) | -13.3% | | Gross Profit | 32,126 | 25,087 | +28.1% | | Other Income | 11,621 | 12,896 | -9.9% | | Other Losses | (759) | (1,321) | -42.5% | | Distribution and Selling Expenses | (10,139) | (9,411) | +7.7% | | Administrative Expenses | (21,820) | (21,059) | +3.6% | | Finance Costs | (8,643) | (10,236) | -15.6% | | Profit/(Loss) Before Tax | 2,386 | (4,044) | N/A (Turned from loss to profit) | | Income Tax (Expense)/Credit | (12,482) | 996 | N/A (Turned to expense) | | Loss and Total Comprehensive Expense for the Period | (10,096) | (3,048) | +231.2% | | Basic Loss Per Share (RMB cents) | (0.81) | (0.24) | +237.5% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's current liabilities still exceeded current assets, but net current liabilities decreased, with total assets and net assets slightly declining while capital structure remained stable | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Non-current Assets | 872,244 | 909,274 | (37,030) | | Current Assets | 507,483 | 488,696 | 18,787 | | Current Liabilities | 621,031 | 684,620 | (63,589) | | Net Current Liabilities | (113,548) | (195,924) | 82,376 | | Non-current Liabilities | 92,000 | 36,558 | 55,442 | | Net Assets | 666,696 | 676,792 | (10,096) | | Total Equity | 666,696 | 676,792 | (10,096) | | Cash and Bank Balances | 195,142 | 209,091 | (13,949) | | Bank and Other Borrowings (Current) | 317,561 | 402,732 | (85,171) | | Bank and Other Borrowings (Non-current) | 55,000 | 10,000 | 45,000 | - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately RMB 113,548,000, and it recorded a net loss of approximately RMB 10,096,000 for the period, indicating significant uncertainty regarding its ability to continue as a going concern[5] - The Board, based on the successful renewal and acquisition of new bank credit facilities (approximately RMB 40,000,000 and RMB 18,000,000), and the ability to secure further financing, believes the Group has sufficient financial resources to meet its working capital needs and financial obligations for the next 12 months, thus preparing financial information on a going concern basis[5][6] Notes to the Condensed Consolidated Financial Information This section details the basis of preparation, accounting policies, segment information, and the composition and changes of various income and expenses, along with an analysis of receivables and payables Basis of Preparation These unaudited condensed consolidated financial statements are prepared in accordance with IAS 34 and the HKEX Listing Rules, adopting consistent accounting policies with the prior year's audited consolidated financial statements, despite current liabilities exceeding current assets and a net loss - The Group's current liabilities exceeded current assets by approximately RMB 113,548,000, and it recorded a net loss of approximately RMB 10,096,000 for the period, constituting a material uncertainty regarding its ability to continue as a going concern[5] - The Board has secured the renewal of short-term bank borrowings of approximately RMB 40,000,000 and obtained new bank credit facilities of approximately RMB 18,000,000 to support its going concern[5] Adoption of New and Revised IFRSs The Group has adopted all new and revised IFRSs effective January 1, 2025, with no significant impact on the current period's financial information - The Group has adopted all new and revised IFRSs effective January 1, 2025, which had no impact on the unaudited condensed consolidated financial information[7] Segment Information The Group operates in a single segment, manufacturing and selling yarn, with over 99% of non-current assets and revenue derived from China, and no single customer accounting for more than 10% of total revenue - The Group's operating business is attributed to a single operating segment, focusing on the production and sale of yarn[8] - Over 99% of the Group's non-current assets and revenue are derived from China[9] - During both periods, no single customer accounted for more than 10% of the Group's total revenue[10] Revenue The Group's primary business is the production and trading of yarn, with revenue recognized at the point of goods delivery - The Group's main business is the production and trading of yarn, with revenue recognized at the point of goods delivery[10] Other Income The Group's other income, primarily comprising interest income, government grants, scrap sales, and rental income, decreased in the current period | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Interest Income | 1,308 | 1,642 | (334) | | Government Grants | 187 | 1,063 | (876) | | Scrap Sales Revenue | 9,388 | 9,271 | 117 | | Rental Income | 700 | 588 | 112 | | Others | 38 | 332 | (294) | | Total | 11,621 | 12,896 | (1,275) | Other Losses The Group's other losses, mainly from net foreign exchange losses and losses on disposal of property, plant, and equipment, decreased in the current period | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Net Foreign Exchange Loss | (370) | (681) | 311 | | Loss on Disposal of Property, Plant and Equipment | (480) | (633) | 153 | | Reversal of Impairment Loss on Trade Receivables | 27 | – | 27 | | Realized Gain on Settlement of Derivative Financial Instruments | 64 | – | 64 | | Others | – | (7) | 7 | | Total | (759) | (1,321) | 562 | Finance Costs The Group's finance costs, primarily interest on bank and other borrowings, decreased in the current period | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 8,643 | 10,236 | (1,593) | Income Tax (Expense)/Credit The Group's income tax shifted from a credit in the prior period to an expense in the current period, mainly due to an increase in deferred tax liabilities from a change in the applicable tax rate for a Chinese subsidiary | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Current Tax: PRC Enterprise Income Tax - Provision for the Period | (1,500) | (500) | (1,000) | | Current Tax: PRC Enterprise Income Tax - Underprovision in Prior Years | (408) | – | (408) | | Deferred Tax | (10,574) | 1,496 | (12,070) | | Total | (12,482) | 996 | (13,478) | - The enterprise income tax rate for subsidiary Jiangxi Huachun Color Spinning Technology Development Co., Ltd. is expected to change from a 15% preferential tax rate in H1 2024 to a 25% normal tax rate in H1 2025, leading to an increase in income tax expense[17] Loss for the Period The Group's loss for the period is calculated after deducting key items such as depreciation and cost of inventories sold | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Depreciation - Owned Property, Plant and Equipment | 37,814 | 38,114 | (300) | | Depreciation - Right-of-use Assets | 801 | 815 | (14) | | Cost of Inventories Sold | 479,335 | 552,811 | (73,476) | Dividends The Board declared an interim dividend of 1.5 HK cents per ordinary share, to be paid on or around October 15, 2025 - The Board declared an interim dividend of 1.5 HK cents per ordinary share, which has not been recognized as a payable dividend in the current financial information[19] Loss Per Share The company's basic loss per share significantly increased due to an expanded net loss, with no potential dilutive shares | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Loss | (10,096) | (3,048) | (7,048) | | Number of Shares (thousands) | 1,246,700 | 1,246,700 | 0 | | Basic Loss Per Share (RMB cents) | (0.81) | (0.24) | (0.57) | - No diluted loss per share is presented for the six months ended June 30, 2025 and 2024, as there were no potential dilutive shares[22] Trade and Other Receivables The Group's total trade and other receivables decreased, with a slight increase in trade receivables offset by reductions in prepayments to suppliers and other prepayments and receivables | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Trade Receivables (net of allowance for doubtful debts) | 10,877 | 9,588 | 1,289 | | Prepayments to Suppliers | 7,463 | 9,690 | (2,227) | | Prepayments and Other Receivables | 821 | 1,619 | (798) | | Total | 19,161 | 20,897 | (1,736) | Ageing Analysis of Trade Receivables (net of impairment allowance): | Ageing | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 9,625 | 8,996 | | 31 to 90 days | 1,252 | 592 | | Total | 10,877 | 9,588 | Trade and Other Payables The Group's total trade and other payables increased, primarily due to higher trade payables and other accrued expenses | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Trade Payables | 24,641 | 13,733 | 10,908 | | Other Payables | 8,761 | 9,185 | (424) | | Other Taxes Payable | 14,223 | 20,126 | (5,903) | | Accrued Salaries and Wages | 12,483 | 17,488 | (5,005) | | Other Accrued Expenses | 155,637 | 144,306 | 11,331 | | Payables for Acquisition of Property, Plant and Equipment | 206 | 686 | (480) | | Total | 215,951 | 205,524 | 10,427 | Ageing Analysis of Trade Payables: | Ageing | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 17,895 | 9,174 | | 31 to 90 days | 3,147 | – | | 91 to 180 days | 2,542 | 3,290 | | 181 to 365 days | – | 212 | | Over 365 days | 1,057 | 1,057 | | Total | 24,641 | 13,733 | Operating Review and Outlook This section reviews the global and Chinese textile market environment, analyzes the Group's business performance and financial position, and outlines future market challenges and the company's strategies Market Overview In H1 2025, the global economy faced multiple challenges including geopolitical conflicts, high inflation and interest rates, and trade frictions, leading to volatile oil prices, weak cotton prices, and downward revisions in global GDP growth forecasts, keeping the textile industry under pressure - The global economy continues to face geopolitical risks such as the Russia-Ukraine conflict, Gaza conflict, and Israel-Iran conflict, alongside the dampening effects of high inflation and interest rates[25] - The 'reciprocal tariffs' policy implemented by the US Trump administration disrupted global trade order, exacerbating uncertainty[25] - International crude oil prices fluctuated sharply, falling from approximately USD 80 per barrel to below USD 60, then rebounding to over USD 75 due to geopolitical conflicts, with the downward trend in oil prices being unfavorable for the polyester yarn market[26] - International and Chinese domestic cotton prices remained generally stable but weak, primarily due to sluggish market demand[27] - The Chinese textile industry faces multiple challenges including a complex international trade environment, global supply chain adjustments, and high domestic production costs, resulting in continued weakness in both domestic and export markets[27] Business Review The Group experienced a decrease in yarn product sales volume and revenue, but achieved gross profit growth through capacity replacement and product structure adjustment, actively responding to market competition, adjusting pricing strategies, and strengthening marketing efforts | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Yarn Product Sales Volume | approx. 45,254 tonnes | approx. 49,113 tonnes | -7.9% | | Yarn Product Production | approx. 51,113 tonnes | approx. 50,000 tonnes | +2.2% | | Yarn Product Revenue | RMB 511.5 million | RMB 577.9 million | -11.5% | | Gross Profit | approx. RMB 32.1 million | approx. RMB 25.1 million | +28.1% | | Loss Attributable to Owners of the Company | approx. RMB 10.1 million | approx. RMB 3.0 million | +236.7% | - Subsidiary Jiangxi Jinyuan Textile Co., Ltd. temporarily suspended production in Workshop No. 1 for renovation assessment, with its capacity transferred to the newly built Workshop No. 9, enhancing production efficiency while maintaining stable overall capacity[29] - The Group adjusted its product structure, shifting products from Jinyuan Workshop No. 5 from polyester yarn to melange polyester colored yarn, which has higher technical barriers and better profit margins[29] - To counter market competition and uncertainties from the US 'reciprocal tariffs' policy, the Group implemented an aggressive pricing strategy to ensure sales volume and maintain economies of scale[30] Financial Review This section provides an in-depth analysis of the Group's financial performance, including changes in revenue, gross profit, expenses, tax, loss, liquidity, capital structure, and foreign exchange risk Revenue The Group's operating revenue decreased by 11.5% year-on-year, primarily due to reduced yarn product sales volume and lower average selling prices | Product Type | H1 2025 (RMB thousands) | Percentage (%) | H1 2024 (RMB thousands) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Polyester Yarn | 180,520 | 35.3% | 220,653 | 38.2% | | Polyester-Cotton Blended Yarn | 177,723 | 34.7% | 197,098 | 34.1% | | Melange Polyester Colored Yarn | 153,218 | 30.0% | 135,816 | 23.5% | | Others | – | – | 24,331 | 4.2% | | Total | 511,461 | 100.0% | 577,898 | 100.0% | - The decrease in operating revenue primarily resulted from a reduction in yarn product sales volume from approximately 49,113 tonnes to approximately 45,253 tonnes, and a decrease in average selling price from approximately RMB 11,767 per tonne to approximately RMB 11,302 per tonne[31] Gross Profit and Gross Margin The Group's gross profit and gross margin both increased, primarily benefiting from lower raw material costs and product portfolio adjustments, despite a decrease in sales volume | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | approx. RMB 32.1 million | approx. RMB 25.1 million | +28.1% | | Gross Margin | approx. 6.3% | approx. 4.3% | +2.0 percentage points | - The increase in gross margin primarily stemmed from reduced cost of sales due to lower raw material costs and product portfolio adjustments, focusing more on high-margin melange polyester colored yarn products[32] Other Income The Group's other income decreased by 9.9%, mainly due to reduced government grants and interest income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 11,600 | 12,900 | -9.9% | | Primary Reason | Decrease in government grants and interest income | | | Other Losses The Group's other losses decreased by 42.5%, primarily due to a reduction in net foreign exchange losses and losses on disposal of property, plant, and equipment | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other Losses | 800 | 1,300 | -42.5% | | Primary Reason | Decrease in net foreign exchange losses and losses on disposal of property, plant and equipment | | | Distribution and Selling Expenses The Group's distribution and selling expenses increased by 7.7%, mainly influenced by changes in customer structure and destination mix, with its proportion to total revenue also rising | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | 10,100 | 9,400 | +7.7% | | Percentage of Total Revenue | 2.0% | 1.6% | +0.4 percentage points | Administrative Expenses The Group's administrative expenses slightly increased by 3.6%, primarily due to higher staff costs, with its proportion to total revenue also rising | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 21,800 | 21,100 | +3.6% | | Percentage of Total Revenue | 4.3% | 3.6% | +0.7 percentage points | Finance Costs The Group's finance costs decreased by 15.6%, mainly due to reduced bank borrowings, a decrease in the Loan Prime Rate (LPR), and more favorable refinancing terms | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 8,600 | 10,200 | -15.6% | | Primary Reason | Reduced bank borrowings, lower LPR, optimized refinancing terms | | | Income Tax (Expense)/Credit The Group's income tax shifted from a credit in the prior period to an expense in the current period, mainly due to an increase in deferred tax liabilities from a change in the applicable tax rate for a Chinese subsidiary | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Income Tax Expense/Credit | (12,500) | 1,000 | (13,500) | | Primary Reason | Change in applicable tax rate for a Chinese subsidiary leading to increased deferred tax liabilities | | | Loss Attributable to Owners of the Company and Net Loss Margin Loss attributable to owners of the company significantly increased by 2.3 times, with the net loss margin rising from 0.5% to 2.0%, primarily due to an expanded net loss driven by higher income tax expense | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners | 10,100 | 3,000 | +236.7% | | Net Loss Margin | 2.0% | 0.5% | +1.5 percentage points | | Primary Reason | Increased income tax expense | | | Loss Per Share The company's basic loss per share increased by 2.3 times, primarily due to the expanded net loss in the first half of the year | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | 0.81 | 0.24 | +237.5% | | Primary Reason | Expanded net loss | | | Liquidity and Financial Resources The Group primarily met its funding needs through internal operating cash flow and bank credit facilities, generating net cash inflow from operating activities during the period, while cash and bank balances slightly decreased | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 195,100 | 209,100 | (14,000) | | Short-term Time Deposits | – | 4,600 | (4,600) | | Pledged Bank Deposits | 52,200 | 57,200 | (5,000) | | Net Cash Inflow from Operating Activities | (Specific amount not disclosed, but "generated net cash inflow" mentioned) | | | Capital Structure and Pledged Assets The Group's total interest-bearing borrowings decreased, with most maturing within one year, and bank credit facilities are secured by right-of-use assets, property, plant, equipment, and pledged bank deposits | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Total Interest-bearing Borrowings | 372,600 | 412,700 | (40,100) | | Borrowings Due Within One Year or On Demand | 317,600 (85.2%) | 402,700 (97.6%) | (85,100) | | Total Carrying Value of Pledged Assets | 418,700 | 433,100 | (14,400) | Gearing Ratio The Group's gearing ratio decreased, with a reduction in net current liabilities and a slight decline in net assets | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | 31.7% | 34.6% | -2.9 percentage points | | Net Current Liabilities | approx. RMB 113.5 million | approx. RMB 195.9 million | decreased by approx. RMB 82.4 million | | Net Assets | approx. RMB 666.7 million | approx. RMB 676.8 million | decreased by approx. RMB 10.1 million | Foreign Exchange Risk The Group primarily faces foreign exchange risk from HKD and USD, but did not use any financial instruments for hedging during the period - The Group primarily faces foreign exchange risk from HKD and USD, with the carrying values of foreign currency denominated monetary assets and liabilities being approximately RMB 1.7 million and RMB 5.1 million respectively as of June 30, 2025[44] - The Group did not use any financial instruments for hedging during the six months ended June 30, 2025[44] Contingent Liabilities As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[45] Outlook The Group anticipates a challenging textile market ahead, continuously monitoring market conditions, adjusting inventory, capacity, product mix, and pricing strategies, and enhancing production efficiency through increased automation to navigate market changes and seize opportunities for industry improvement - The textile industry faces challenges from the Russia-Ukraine conflict, Israel-Palestine conflict, sluggish growth in developed economies, and US 'reciprocal tariffs', leading to continued suppression of global demand and consumption[48] - China's textile product export market remains weak, with no clear signs of recovery in the domestic sales market[48] - The Group will continue to closely monitor market conditions, adjust inventory levels and production capacity, and improve its product portfolio and pricing strategies[49] - The Group will continue to prioritize industrial production safety and enhance production efficiency through increased automation to consolidate its advantageous position[49] Other Information This section covers other important information regarding the company's employees, remuneration, dividend distribution, securities transactions, corporate governance, audit committee functions, and interim report publication Employees, Remuneration and Share Option Scheme As of June 30, 2025, the Group had 2,436 employees, with remuneration determined based on performance, experience, and market practice; the company has a share option scheme but no options have been granted since its adoption | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Number of Employees | 2,436 employees | 2,410 employees | +26 employees | - The company adopted a share option scheme on June 25, 2021, but no share options have been granted under the scheme since its adoption[46] Significant Investments and Acquisitions and Disposals of Subsidiaries For the six months ended June 30, 2025, the Group had no significant investments or acquisitions or disposals of subsidiaries - For the six months ended June 30, 2025, the Group had no significant investments or acquisitions or disposals of subsidiaries[47] Dividends and Closure of Register of Members The Board declared an interim dividend of HK 1.5 cents per share, with the share transfer registration suspended from September 16 to 17, 2025, and payment expected on or around October 15, 2025 - The Board declared an interim dividend of HK 1.5 cents per share for the six months ended June 30, 2025[50] - The company's register of members will be closed from September 16, 2025, to September 17, 2025, during which no share transfers will be registered[50] - The 2025 interim dividend is expected to be paid on or around October 15, 2025, to shareholders registered as of September 17, 2025[50] Purchase, Sale or Redemption of the Company's Securities During the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares[51] Corporate Governance Practices The company has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, except for not establishing an internal audit function, considering its operational scale, complexity, and cost, believing existing management's close monitoring provides effective internal control - The company has complied with the current Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, except for not establishing an internal audit function[52] - The company believes its existing organizational structure and close monitoring by the management team provide effective internal control and risk management functions, and will review annually whether an internal audit function is necessary[52] Model Code for Securities Transactions by Directors The company has adopted the Model Code set out in Appendix C3 of the Listing Rules and confirmed that all directors complied with it during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules, and confirmed that all directors complied with the code during the period[53] Audit Committee The company's Audit Committee has reviewed the accounting principles and policies adopted by the Group, as well as the unaudited condensed consolidated financial information for the current period, with management - The company's Audit Committee, together with management, has reviewed the accounting principles and policies adopted by the Group, and the unaudited condensed consolidated financial information for the six months ended June 30, 2025[54] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the HKEX website and the company's website, and the interim report will be dispatched to shareholders and published on the websites in due course - This interim results announcement will be published on the HKEX website www.hkexnews.hk and the company's website www.chinaweavingmaterials.com[55](index=55&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to the company's shareholders and published on the aforementioned websites in due course[55] Acknowledgement The Board extends its sincere gratitude to the Group's management and employees, customers, suppliers, shareholders, and various government departments - The Board, on behalf of the company, extends its sincere gratitude to the management, employees, customers, suppliers, shareholders, and various government departments[56]