中国科创产业投资(00339) - 2025 - 中期业绩

Company Information and Report Overview Company Basic Information China Sci-Tech Industrial Investment Group Limited (Stock Code: 339) announced its interim results for the six months ended June 30, 2025, with the company incorporated in Bermuda, listed on the Main Board of the HKEX, and primarily engaged in investing and trading listed and unlisted securities - Company Name: China Sci-Tech Industrial Investment Group Limited (Stock Code: 339)[2] - The company is incorporated in Bermuda, with its principal place of business in Hong Kong, and its shares are listed on the Main Board of the Hong Kong Stock Exchange[5] - The company's principal business involves investing in and trading listed and unlisted securities[5] Report Statement and Basis of Preparation This interim results announcement is unaudited, prepared in accordance with HKAS 34 and the HKEX Listing Rules, using the same accounting policies as the 2024 annual consolidated financial statements, without early adoption of new standards - The condensed consolidated financial statements are unaudited[7] - Prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the HKEX Listing Rules[8] - Accounting policies are consistent with the 2024 annual consolidated financial statements, with no early adoption of new and revised Hong Kong Financial Reporting Standards[8] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group achieved a profit of HKD 5,107,044, a significant turnaround from a loss of HKD 3,757,925 in the prior period, primarily due to a substantial increase in other income (directors' waived remuneration and loans) and net fair value changes of financial assets Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 69,163 | 82,643 | ↓16.3% | | Other Income | 5,572,694 | – | Significant increase | | Net fair value changes of financial assets at fair value through profit or loss | 1,516,360 | 504,420 | ↑200.6% | | Gain on disposal of subsidiaries | 681,555 | – | New item | | Administrative and other operating expenses | (2,691,713) | (4,282,395) | ↓37.1% | | Finance costs | (41,015) | (62,593) | ↓34.5% | | Profit/(Loss) before income tax expense | 5,107,044 | (3,757,925) | Turnaround to profit | | Profit/(Loss) for the period attributable to owners of the Company | 5,107,044 | (3,757,925) | Turnaround to profit | | Basic and diluted earnings/(loss) per share | 0.018 | (0.013) | Turnaround to profit | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's net assets turned from a net liability of HKD 742,061 at the end of 2024 to net assets of HKD 4,363,829, primarily due to a substantial increase in financial assets at fair value through profit or loss and a significant reduction in current liabilities Summary of Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 June 30 (HKD) | 2024 Dec 31 (HKD) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 2,022,558 | 2,571,102 | ↓21.4% | | Current assets | 9,706,155 | 5,964,680 | ↑62.7% | | Financial assets at fair value through profit or loss | 6,687,060 | 5,170,700 | ↑29.3% | | Cash and cash equivalents | 2,690,945 | 354,521 | ↑658.9% | | Current liabilities | 4,468,989 | 7,819,343 | ↓42.9% | | Accruals and other payables | 775,502 | 3,127,679 | ↓75.2% | | Directors' loans (current) | – | 3,600,000 | ↓100% | | Net current assets/(liabilities) | 5,237,166 | (1,854,663) | Turnaround to profit | | Non-current liabilities | 2,895,895 | 1,458,500 | ↑98.5% | | Net assets/(liabilities) | 4,363,829 | (742,061) | Turnaround to profit | | Total equity/(deficit) | 4,363,829 | (742,061) | Turnaround to profit | Notes to the Condensed Consolidated Financial Statements 1. General Information The Company is an investment holding company primarily engaged in investing in and trading listed and unlisted securities, with its shares listed on the Main Board of the Hong Kong Stock Exchange - The Company is an investment holding company, with its principal business being the investment and trading of listed and unlisted securities[5] 2. Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, applying the same accounting policies as the previous year, without early adoption of newly issued but not yet effective HKFRSs - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure provisions of the HKEX Listing Rules[8] - The basis of preparation is consistent with the accounting policies adopted in the annual consolidated financial statements for the year ended December 31, 2024, with no early adoption of new and revised Hong Kong Financial Reporting Standards[8] 3. Changes in Hong Kong Financial Reporting Standards The Group has adopted several HKFRS amendments effective for the first time in the current accounting period, none of which had a significant impact on the results or financial position for the current or prior periods - The Group has adopted several amendments to Hong Kong Financial Reporting Standards effective for the first time in the current accounting period, including HKAS 21 (Amendment) Lack of Exchangeability[9] - These amendments had no significant impact on the Group's results or financial position[9] 4. Revenue and Segment Information Revenue for the period was HKD 69,163, a 16.3% year-on-year decrease, primarily from dividend income from listed equity investments, with no segment information presented as all revenue is derived from Hong Kong investment operations Revenue Composition (For the six months ended June 30) | Source of Revenue | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Dividend income from listed equity investments | 69,125 | 77,633 | ↓11.1% | | Bank interest income | 35 | 114 | ↓69.3% | | Other interest income | 3 | 4,896 | ↓99.9% | | Total Revenue | 69,163 | 82,643 | ↓16.3% | - All of the Group's revenue, operating results, assets, and liabilities are derived from investment operations in Hong Kong, thus no segment information is presented[10] 5. Other Income Other income for the period was HKD 5,572,694, primarily from directors waiving accrued remuneration of HKD 1,972,694 and directors' loans of HKD 3,600,000, with no such income in the prior period - For the six months ended June 30, 2025, other income amounted to HKD 5,572,694[11] - Other income primarily arose from directors waiving accrued directors' remuneration of HKD 1,972,694 and directors' loans of HKD 3,600,000[11] - There was no other income in the corresponding period of 2024[11] 6. Net Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss Net unrealized gains from financial assets at fair value through profit or loss significantly increased to HKD 1,516,360 for the period, representing a substantial 200.6% year-on-year growth Net Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Net unrealized gains | 1,516,360 | 504,420 | ↑200.6% | 7. Finance Costs Finance costs for the period primarily consisted of interest expense on lease liabilities, amounting to HKD 41,015, a 34.5% year-on-year decrease Finance Costs (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Interest expense on lease liabilities | 41,015 | 62,593 | ↓34.5% | 8. Profit/(Loss) Before Income Tax Expense Profit before income tax expense for the period was HKD 5,107,044, primarily influenced by reduced administrative and other operating expenses (lower directors' remuneration) and decreased depreciation charges Key Expense Items (For the six months ended June 30) | Expense Item | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Auditor's remuneration | 50,000 | 50,000 | No change | | Depreciation - property, plant and equipment | 2,415 | 73,907 | ↓96.7% | | Depreciation - right-of-use assets | 546,129 | 548,039 | ↓0.3% | | Directors' remuneration - fees | 360,000 | 1,428,000 | ↓74.8% | 9. Income Tax Expense The Group incurred no income tax expense for the period, as sufficient tax losses offset taxable profits; as of June 30, 2025, the Group had unutilized tax losses of HKD 118,868,784 available to offset future profits, but no deferred tax assets were recognized - No Hong Kong profits tax provision was made for the period, as there were sufficient available tax losses to offset taxable profits[17] - As of June 30, 2025, the Group had unutilized tax losses of HKD 118,868,784 (December 31, 2024: HKD 122,091,318) and unrealized losses on financial assets at fair value through profit or loss of HKD 3,060,573 (December 31, 2024: HKD 4,576,933) available to offset future profits[17] - No deferred tax assets were recognized due to the unpredictability of future profit sources[17] 10. Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[18] 11. Earnings/(Loss) Per Share Basic and diluted earnings per share for the period were HKD 0.018, a turnaround from a loss of HKD 0.013 per share in the prior period, primarily due to increased profit for the period while the weighted average number of ordinary shares outstanding remained unchanged Earnings/(Loss) Per Share (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Basic and diluted earnings/(loss) per share | 0.018 | (0.013) | Turnaround to profit | - Earnings/(loss) per share is calculated based on the profit/(loss) attributable to owners of the Company and the weighted average number of ordinary shares outstanding of 288,000,000[19] - Diluted earnings/(loss) per share is the same as basic earnings/(loss) per share due to the absence of potentially dilutive ordinary shares[19] 12. Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, the Group's financial assets at fair value through profit or loss (primarily Hong Kong listed equity securities) increased to HKD 6,687,060, a significant 29.3% year-on-year growth, aiming for returns through dividend income and fair value gains Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Indicator | 2025 June 30 (HKD) | 2024 Dec 31 (HKD) | Change | | :--- | :--- | :--- | :--- | | Equity securities - Hong Kong listed | 6,687,060 | 5,170,700 | ↑29.3% | - These investments refer to listed equity securities, aiming for returns through dividend income and fair value gains, with no fixed maturity or coupon rate[21] - The fair value of listed securities is determined based on market quotations[22] 13. Disposal of Subsidiaries During the period, the Company disposed of its entire interests in two wholly-owned subsidiaries, CEIG One Limited and CEIG Two Limited, generating a gain on disposal of HKD 681,555 - The Company disposed of its entire interests in wholly-owned subsidiaries CEIG One Limited (an investment holding company with no business activities) and CEIG Two Limited (a company with no business operations)[23] - The disposal was completed in June 2025, resulting in a gain on disposal of HKD 681,555[23] 14. Events After the Reporting Period Subsequent to the reporting period, the Company completed a rights issue, issuing up to 144,000,000 rights shares at HKD 0.07 per share, raising gross proceeds of approximately HKD 10.08 million and net proceeds of approximately HKD 9.2 million for general working capital - The Company proposed a rights issue on the basis of one rights share for every two shares held, at a subscription price of HKD 0.07 per rights share, aiming to raise gross proceeds of up to approximately HKD 10.08 million[24] - The rights issue was completed in July 2025, with approximately 25.6% of the rights shares validly applied for, and the remaining 74.4% unsubscribed shares successfully placed[24][25] - The net proceeds from the rights issue (after deducting expenses) were approximately HKD 9.2 million, to be used as general working capital for the Company[25] Management Discussion and Analysis 4.1 Performance Review The Group achieved a profit of approximately HKD 5.107 million for the period, a significant improvement from a loss of approximately HKD 3.758 million in the prior period, primarily driven by other income from directors' waived remuneration and loans, increased fair value gains on financial assets, and reduced operating expenses Key Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. 69,000 | Approx. 83,000 | ↓16.9% | | Other Income | Approx. 5,573,000 | Nil | Significant increase | | Profit/(Loss) attributable to owners of the Company | Approx. 5,107,000 | Approx. (3,758,000) | Turnaround to profit | | Administrative and other operating expenses | Approx. 2,692,000 | Approx. 4,282,000 | ↓37.1% | | Net fair value gains on financial assets at fair value through profit or loss | Approx. 1,516,000 | Approx. 504,000 | ↑200.8% | - The decrease in revenue was primarily due to reduced dividend income from listed equity securities[26] - The reduction in administrative and other operating expenses was mainly attributable to certain directors waiving their remuneration[26] 4.2 Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[27] 4.3 Business Review In the first half of 2025, the Hang Seng Index surged over 20%, driven by tech stock recovery, favorable mainland China economic policies, and southbound capital inflows; against this backdrop, the Group disposed of two non-operating subsidiaries and continued to invest in listed equity securities, diversifying its portfolio across internet and technology, investment, property, and resort management sectors - In the first half of 2025, the Hang Seng Index surged by over 20%, primarily driven by the recovery of technology stocks, favorable economic policies in mainland China, and continuous southbound capital inflows[28] - The Group disposed of its entire interests in two wholly-owned subsidiaries, CEIG One Limited and CEIG Two Limited, generating a gain on disposal of HKD 681,555[29] - The Company continued to invest in listed equity securities, with a diversified investment portfolio including Alibaba, Tencent, Dingli Capital, and New Silkroad Culturaltainment[29] 4.4 Liquidity, Financial Resources, and Capital The Group primarily relies on shareholders' funds, directors' loans, proceeds from share placements, and rights issues to fund its operations; as of June 30, 2025, cash and cash equivalents significantly increased, net assets turned positive from a net liability, and the gearing ratio substantially decreased, indicating improved financial health - The Group primarily relies on shareholders' funds, loans from directors, proceeds from share placements and rights issues, and cash generated from business operations to fund its operations and expansion[30] Summary of Liquidity and Financial Resources (As of June 30) | Indicator | 2025 June 30 (HKD) | 2024 Dec 31 (HKD) | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 2,690,945 | 354,521 | ↑658.9% | | Consolidated net assets/(liabilities) | 4,363,829 | (742,061) | Turnaround to profit | | Consolidated net assets/(liabilities) per share | 0.0152 | (0.0026) | Turnaround to profit | | Accruals and other payables | 775,502 | 3,127,679 | ↓75.2% | | Share application monies | 2,579,535 | – | New item | | Lease liabilities | 1,709,847 | 2,250,164 | ↓24.0% | | Gearing ratio | Approx. 0.63 | Approx. 1.09 | ↓42.2% | 4.4.1 Directors' Loans During the period, Mr. Sun Bo and Mr. Yang Zhicheng waived directors' loans totaling HKD 3,600,000; concurrently, directors provided several interest-free loans totaling HKD 1,900,000 to support daily operations, repayable by December 31, 2027 - Mr. Sun Bo and Mr. Yang Zhicheng have waived repayment of their directors' loans as of December 31, 2024, totaling HKD 3,600,000 (Mr. Sun: HKD 3,300,000; Mr. Yang: HKD 300,000)[33] New Directors' Loans During the Period | Lender | Date | Principal Amount (HKD) | Interest | Maturity Date | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Sun | 2025 Jan 7 | 150,000 | Interest-free | 2027 Dec 31 | Support daily operations | | Mr. Sun | 2025 Feb 26 | 110,000 | Interest-free | 2027 Dec 31 | Support daily operations | | Mr. Yang | 2025 Mar 3 | 40,000 | Interest-free | 2027 Dec 31 | Support daily operations | | Mr. Sun | 2025 Mar 27 | 700,000 | Interest-free | 2027 Dec 31 | Support daily operations | | Mr. Sun | 2025 May 6 | 300,000 | Interest-free | 2027 Dec 31 | Support daily operations | | Mr. Sun | 2025 May 30 | 700,000 | Interest-free | 2027 Dec 31 | Support daily operations | | Total | | 1,900,000 | | | | 4.4.2 Rights Issue Subsequent to the reporting period, the Company completed a rights issue on a one-for-two basis, issuing up to 144,000,000 rights shares at HKD 0.07 per share, raising gross proceeds of approximately HKD 10.08 million and net proceeds of approximately HKD 9.2 million for general working capital - The Company proposed a rights issue on the basis of one rights share for every two shares held on the record date, at a subscription price of HKD 0.07 per share, aiming to raise gross proceeds of up to approximately HKD 10.08 million[35] - The rights issue was completed after the period, with net proceeds of approximately HKD 9.2 million to be used as general working capital for the Company[35] 4.5 Waiver of Directors' Remuneration Mr. Sun Bo and Mr. Yang Zhicheng voluntarily waived accrued directors' remuneration totaling HKD 1,972,694 as of December 31, 2024, and agreed to forgo further directors' fees and other remuneration for the current period - Mr. Sun Bo and Mr. Yang Zhicheng voluntarily waived their accrued directors' remuneration payable as of December 31, 2024, amounting to HKD 1,828,500 and HKD 144,194 respectively, totaling HKD 1,972,694[36] - Both directors agreed to waive their rights to receive further directors' fees and other remuneration for the current period[36] 4.6 Capital Structure Aside from the rights issue, there were no other significant changes to the Company's overall share capital structure, with the Group comprising solely ordinary shares - Save for what is disclosed in the "Liquidity, Financial Resources and Capital" section, there were no other significant changes to the Company's overall share capital structure[37] - As of June 30, 2025, and December 31, 2024, the Group comprised solely ordinary shares[37] 4.7 Capital Expenditure For the six months ended June 30, 2025, the Group incurred no capital expenditure, compared to HKD 14,299 in the prior period - For the six months ended June 30, 2025, the Group incurred no capital expenditure (2024: HKD 14,299)[38] 4.8 Capital Commitments As of June 30, 2025, the Group had no significant capital commitments, consistent with the end of the prior year - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: nil)[39] 4.9 Foreign Exchange Risk The Group is exposed to foreign exchange risk from business transactions denominated in RMB and USD, currently without a hedging policy, but the Board will closely monitor it - The Group is exposed to foreign exchange risk arising from certain business transactions denominated in Renminbi and US Dollars[40] - The Group currently has no foreign exchange hedging policy in respect of foreign currency transactions, assets, and liabilities[40] - The Board will closely monitor foreign exchange risk[40] 4.10 Employees and Remuneration Policy As of June 30, 2025, the Group had a total of 10 employees (including directors), with total staff costs of HKD 999,000, a significant 56.2% year-on-year decrease; remuneration packages are determined based on market conditions, individual qualifications, and performance - As of June 30, 2025, the Group employed a total of 10 employees (including the Company's directors), consistent with December 31, 2024[41] Staff Costs (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total staff costs | 999,000 | 2,282,000 | ↓56.2% | - Remuneration packages include basic salaries, mandatory provident fund contributions, medical insurance, and other benefits, determined with reference to market conditions, individual qualifications, and performance[41] 4.11 Pledge of Group Assets As of June 30, 2025, the Group had no pledge of its assets, consistent with the end of the prior year - As of June 30, 2025, the Group had no pledge of its assets (December 31, 2024: nil)[42] 4.12 Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities, consistent with the end of the prior year - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[43] 4.13 Outlook Facing market volatility and global economic challenges, the Group will prudently manage existing investments and actively seek high-potential opportunities to enrich its portfolio and enhance long-term shareholder returns - The Group will prudently manage its existing investments and strictly adhere to its established objectives and policies[44] - The Group will continue to actively seek and evaluate high-potential investment opportunities to enrich its investment portfolio and enhance long-term shareholder returns[44] 4.14 Significant Acquisitions and Disposals During the period, the Group disposed of its entire interests in two non-operating subsidiaries, CEIG One Limited and CEIG Two Limited, for a total consideration of HKD 1,560, generating a gain on disposal of HKD 681,555, which was not material to the overall financial position and operating results - The Group disposed of its entire interests in two wholly-owned subsidiaries, CEIG One Limited and CEIG Two Limited, for a total consideration of HKD 1,560[45] - The disposal was completed in June 2025, resulting in a gain on disposal of HKD 681,555[45] - The Group considers these disposals to have no material impact on its overall financial position and operating results[45] 4.15 Future Investment Plans As of the announcement date, the Group has no future plans or executed agreements for significant investments or capital assets, but will conduct feasibility studies for potential investment opportunities in the future - As of the date of this announcement, the Group has not entered into any agreements for significant investments or capital assets, nor does it have any other future plans regarding significant investments or capital assets[46] - Should any potential investment opportunities arise in the future, the Group will conduct feasibility studies and prepare to implement plans[46] 4.16 Events After Reporting Period The Company completed a rights issue after the reporting period (July 7, 2025), raising net proceeds of approximately HKD 9.2 million for general working capital - The Company completed a rights issue on July 7, 2025, issuing up to 144,000,000 rights shares at HKD 0.07 per share, raising gross proceeds of approximately HKD 10.08 million[47] - The estimated net proceeds from the rights issue are approximately HKD 9.2 million, to be used as general working capital for the Company[47] 4.17 Dealings in Listed Securities During the period, 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 - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[48] - The Company held no treasury shares as of June 30, 2025[48] Corporate Governance and Other Information 5.1 Corporate Governance The Company is committed to maintaining high standards of corporate governance practices, having adopted principles and procedures compliant with Appendix C1 of the Listing Rules' Corporate Governance Code, and adhered to relevant code provisions during the period - The Company is committed to maintaining and ensuring high standards of corporate governance practices, and has adopted principles and procedures in compliance with the Corporate Governance Code set out in Appendix C1 of the Listing Rules[49] - For the six months ended June 30, 2025, the Company complied with the mandatory disclosure requirements and applicable code provisions under the Corporate Governance Code[49] 5.2 Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the period after specific enquiry - The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, with terms no less exacting than those in the Model Code[50] - Following specific enquiry with all Directors, all Directors complied with the required standards and their code of conduct as set out in the Standard Code during the period[50] 5.3 Audit Committee The Company's Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and discussed financial reporting procedures, internal controls, and risk management systems - The Company's Audit Committee comprises three independent non-executive directors: Mr. Mok Ho Ming (Chairman), Mr. Chan Ming, and Mr. Wong Yan Wai, whose terms of reference comply with the Listing Rules[51] - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and discussed financial reporting procedures, internal controls, and risk management systems[51] 5.4 Review of Accounts The external auditor, L&H CPA Limited, reviewed the condensed consolidated financial statements for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA - The external auditor, L&H CPA Limited, reviewed the condensed consolidated financial statements for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[52] 5.5 Publication of Report This announcement has been published on the Company's website and the HKEX website, and the interim report will be published and dispatched to shareholders who elected to receive printed copies at the appropriate time - This announcement has been published on the Company's website (www.ceig.hk) and the HKEX website (www.hkexnews.hk)[53](index=53&type=chunk) - The Group's 2025 interim report for the six months ended June 30, 2025, will be published and dispatched to shareholders of the Company who elected to receive printed copies at the appropriate time[53] 5.6 Board Information This announcement is issued by Mr. Sun Bo, Chairman of the Board, on behalf of the Board, and lists the executive, non-executive, and independent non-executive directors as of the announcement date - This announcement is issued by Mr. Sun Bo, Chairman of the Board, on behalf of the Board[54] - As of the announcement date, the Board members include Executive Directors Mr. Sun Bo (Chairman) and Mr. Wang Daming; Non-executive Directors Mr. Yang Zhicheng (Vice Chairman), Mr. He Yu, and Ms. Yan Jia; and Independent Non-executive Directors Mr. Chan Ming, Mr. Mok Ho Ming, and Mr. Wong Yan Wai[55]