伟业控股(01570) - 2025 - 中期业绩

Company Information Weiye Holdings Limited's board comprises an executive director and three independent non-executive directors, supported by key committees for governance Board of Directors and Committee Composition The board includes an executive director and three independent non-executive directors, with dedicated audit, nomination, and remuneration committees - Executive Director is Mr. Chen Zhiyong[5] - Independent Non-Executive Directors include Mr. Liu Ning, Mr. Dong Xincheng, and Ms. Chen Shimin[5] - Ms. Chen Shimin chairs the Audit Committee, Mr. Dong Xincheng chairs the Nomination Committee, and Mr. Liu Ning chairs the Remuneration Committee[5] Company Contact and Service Institutions The company's headquarters are in Zhengzhou, with a Hong Kong office, Singapore registered office, and BDO as auditor - Company headquarters and principal place of business are in Zhengdong New District, Zhengzhou, Henan, China[5] - Auditor is BDO Limited, Hong Kong[5] - Hong Kong Share Registrar is Tricor Investor Services Limited[5] Financial Summary For H1 2025, revenue from continuing operations decreased significantly, but the loss attributable to owners narrowed substantially Unaudited Consolidated Results for the Six Months Ended June 30, 2025 H1 2025 saw a 64.3% revenue drop and 82.2% gross profit decline, yet loss attributable to owners narrowed by 69.0% Financial Summary for the Six Months Ended June 30 (Unaudited) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 11,418 | 31,985 | -64.3% | | Gross Profit | 2,013 | 11,272 | -82.2% | | Loss attributable to owners of the company | (22,240) | (71,710) | -69.0% | | Loss per share (RMB cents) | (11.34) | (35.57) | -68.1% | - The company's ordinary shares have been listed and traded on the Main Board of The Stock Exchange of Hong Kong Limited since April 6, 2016[6] Management Discussion and Analysis H1 2025 financial performance shows reduced property development revenue but improved cost control and narrowed net loss Financial Review Property development revenue and gross profit declined, but cost controls reduced expenses, and net finance costs decreased Revenue and Gross Profit from Continuing Operations (Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Property development sales | 11,418 | 31,985 | -64.3% | | Property development gross profit | 2,013 | 11,272 | -82.2% | | Property development gross profit margin | 18% | 35% | -17 percentage points | - The decrease in property development gross profit margin was mainly due to 50% of total revenue from commercial unit sales (contributing 34% gross profit margin), offset by residential unit sales with lower gross profit margins[11] - Sales and distribution expenses decreased by approximately 56% and administrative expenses by approximately 54% compared to the same period in 2024, primarily due to reduced promotional activities and cost control measures[12][13] Net Finance Costs (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest expense | (9,627) | (17,860) | -46.1% | | Interest income | 127 | 407 | -68.8% | | Net finance costs | (9,500) | (17,453) | -45.6% | - Tax expense was approximately RMB 41 thousand (2024 tax credit: RMB 21,383 thousand), mainly due to deferred tax expense resulting from reduced profit[16] - Investment in joint ventures decreased by RMB 110,000,000, primarily due to the court-ordered transfer of a 51% equity interest in Hanfang Pharmaceutical[17] - Trade and other receivables increased by approximately RMB 89,800,000, mainly due to the court-ordered confirmation of receivables from Feng Chaoling of approximately RMB 105,600,000[17] - Net current assets as of June 30, 2025, were approximately RMB 1,120,400,000, an increase of RMB 90,800,000 from December 31, 2024[18] Outlook China's economy and real estate market are expected to stabilize, prompting the Group to accelerate property destocking and asset revitalization - China's macro economy is expected to maintain stable growth, and the real estate market and investment sentiment will gradually stabilize and recover, benefiting from policy tailwinds such as relaxed home purchase and loan restrictions[19] - The Group will actively accelerate the destocking of completed properties while exploring the feasibility of asset revitalization, including but not limited to changing property use and selling all properties[19] Disclosure of Interests This section details the shareholdings and interests of the company's directors, chief executive, and substantial shareholders Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations Executive Director Mr. Chen Zhiyong holds a 20.52% beneficial interest, being the only director with a disclosable significant interest Directors' and Chief Executive's Interests | Director's Name | Capacity/Nature of Interest | Number of Securities | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Chen Zhiyong | Beneficial interest | 40,240,256 (L) | 20.52% | - Save for Mr. Chen Zhiyong, no other directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[20] Interests and Short Positions of Substantial Shareholders and Other Persons in Shares and Underlying Shares Substantial shareholder Mr. Zhang Wei holds a combined 54.46% interest, directly and indirectly through Meiyi Holdings Limited Substantial Shareholders' Interests | Name of Substantial Shareholder | Capacity/Nature of Interest | Number and Class of Securities | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Zhang Wei | Beneficial interest | 91,029,648 (L) | 46.41% | | | Controlled corporation interest (Note) | 15,792,290 (L) | 8.05% | | Meiyi Holdings Limited | Beneficial interest | 15,792,290 (L) | 8.05% | - Mr. Zhang Wei is deemed to be interested in the 15,792,290 shares held by Meiyi Holdings Limited[21] Corporate Governance and Other Information This section covers the Group's employee policies, investment holdings, capital structure, and compliance with governance codes Employees and Remuneration Policy The Group's employee count significantly decreased to 33, with total employee benefit expenses reduced by 72% - As of June 30, 2025, the Group had 33 employees, a significant decrease from 243 in 2024[23] Total Employee Benefit Expenses (Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Total employee benefit expenses | 4,200 | 15,100 | Material Investments Held The Group held no material equity investments in other companies during the period, apart from subsidiaries and joint ventures - For the six months ended June 30, 2025, the Group did not hold any material investments in the equity of any other company[24] Material Acquisitions and Disposals The Group had no material acquisitions or disposals of subsidiaries during the period, beyond those disclosed - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries[25] Net Gearing Ratio The Group's net gearing ratio slightly increased to 76% as of June 30, 2025, from 73% at the end of 2024 Net Gearing Ratio | Date | Net Gearing Ratio | | :--- | :--- | | June 30, 2025 | 76% | | December 31, 2024 | 73% | Foreign Exchange Risk The Group's primary operations in RMB and SGD lead to a non-significant foreign exchange risk, with no hedging instruments used - The Group's property development business primarily operates in RMB and SGD, with most monetary assets and liabilities denominated in RMB and SGD[27] - The Directors believe the Group's foreign exchange risk is not significant, and no financial instruments are used for hedging[27] Contingent Liabilities Details of the Group's contingent liabilities are provided in Note 18 of the condensed consolidated financial statements - Details of the Group's contingent liabilities are set out in Note 18 to the condensed consolidated financial statements for the six months ended June 30, 2025[28] Share Capital The Company's issued share capital remained unchanged for the six months ended June 30, 2025, as detailed in Note 13 - For the six months ended June 30, 2025, there was no change in the Company's issued share capital[29] - Details of share capital are set out in Note 13 to the condensed consolidated financial statements[29] Compliance with Corporate Governance Code The Company consistently complied with all applicable provisions of the Corporate Governance Code throughout the reporting period - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the six months ended June 30, 2025[30] Purchase, Sale or Redemption of the Company's Listed Securities The Company did not engage in any purchase, redemption, or sale of its listed securities during the reporting period - For the six months ended June 30, 2025, the Company did not purchase, redeem, or sell any of its listed securities[31] Interim Dividend The Board does not recommend declaring any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the declaration of an interim dividend for the six months ended June 30, 2025[32] Share Option Scheme As of June 30, 2025, the Company did not have any share option scheme in place - As of June 30, 2025, there was no share option scheme[33] Events After Reporting Period No significant events occurred after the reporting period and up to the date of this report - No significant events occurred after the six months ended June 30, 2025, and up to the date of this report[34] Competition and Conflicts of Interest No directors, controlling shareholders, or their associates had competing businesses or conflicts of interest with the Group - For the six months ended June 30, 2025, no director, controlling shareholder, or their respective associates engaged in any business competing or likely to compete with the Group's business or had any other conflicts of interest with the Group[35] Audit Committee The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's H1 2025 consolidated results - The Audit Committee comprises three independent non-executive directors: Ms. Chen Shimin (Chairperson), Mr. Dong Xincheng, and Mr. Liu Ning[36] - The Audit Committee has reviewed the Group's consolidated results for the six months ended June 30, 2025[36] Changes in Directors' Information No changes in directors' information requiring disclosure occurred since the 2024 annual report - No changes in directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules have occurred since the publication of the Company's annual report for the year ended December 31, 2024, and up to the date of this report[37] Standard Code for Securities Transactions by Directors All directors confirmed compliance with the Model Code for securities transactions during the reporting period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as its own code of conduct regarding directors' securities transactions[38] - All Directors confirmed that they have complied with all relevant provisions of the Model Code throughout the six months ended June 30, 2025[38] Audit or Review of Financial Results The Group's H1 2025 consolidated results have not been audited or reviewed by the Company's auditor - The Company's auditor has not audited or reviewed the Group's consolidated results for the six months ended June 30, 2025[39] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income H1 2025 saw a significant revenue decline and reduced gross profit, but the period's loss narrowed to RMB 22,997 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Six Months Ended June 30, 2025 Revenue from continuing operations decreased, leading to a substantial gross profit reduction, but the period's loss narrowed to RMB 22,997 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 11,418 | 31,985 | | Gross Profit | 2,013 | 11,272 | | Operating results | (13,456) | (65,673) | | Net finance costs | (9,500) | (17,453) | | Loss before tax | (22,956) | (83,126) | | Tax expense | (41) | 21,383 | | Loss for the period from continuing operations | (22,997) | (61,743) | | Profit/(Loss) for the period from discontinued operations | – | (2,115) | | Loss for the period | (22,997) | (63,858) | | Loss attributable to owners of the company | (22,240) | (71,710) | | Total comprehensive loss for the period | (23,770) | (63,493) | | Basic loss per share (RMB cents) | (11.34) | (36.56) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, non-current assets decreased due to joint venture transfer, while current assets and net current assets increased Condensed Consolidated Statement of Financial Position as of June 30, 2025 Non-current assets decreased due to joint venture transfer, while current assets and net current assets increased, with total equity slightly reduced Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Total non-current assets | 588,144 | 702,725 | | Property, plant and equipment | 9,994 | 11,236 | | Investment properties | 463,000 | 466,000 | | Joint ventures | – | 110,000 | | Total current assets | 3,074,023 | 2,995,424 | | Properties under development and prepaid costs | 1,845,474 | 1,833,008 | | Trade and other receivables | 936,813 | 847,062 | | Cash and cash equivalents | 7,617 | 31,220 | | Total current liabilities | 1,953,639 | 1,965,865 | | Loans and borrowings (current) | 858,883 | 853,996 | | Trade and other payables | 761,051 | 789,059 | | Net current assets | 1,120,384 | 1,029,559 | | Net assets | 1,296,248 | 1,320,018 | | Total equity | 1,296,248 | 1,320,018 | Condensed Consolidated Statement of Cash Flows H1 2025 saw improved net cash used in operating activities, but overall cash and cash equivalents decreased to RMB 2,654 thousand Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2025 Net cash used in operating activities improved significantly, but overall cash and cash equivalents decreased to RMB 2,654 thousand Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash used in operating activities | (18,508) | (195,005) | | Net cash from investing activities | 418 | 7,102 | | Net cash from financing activities | 13,861 | 164,378 | | Net decrease in cash and cash equivalents | (4,229) | (23,525) | | Cash and cash equivalents at beginning of financial period | 7,656 | 41,423 | | Effect of exchange rate changes on cash held | (773) | 185 | | Cash and cash equivalents at end of financial period | 2,654 | 18,083 | Condensed Consolidated Statement of Changes in Equity Equity attributable to owners decreased to RMB 964,540 thousand due to period loss and exchange differences Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2025 Equity attributable to owners decreased to RMB 964,540 thousand due to the period's loss and other comprehensive loss from exchange differences Condensed Consolidated Statement of Changes in Equity (As of June 30, 2025) | Item | 2025 (RMB '000) | 2025 (RMB '000) | | :--- | :--- | :--- | | | June 30 | January 1 | | Share capital | 359,700 | 359,700 | | Merger reserve | (59,669) | (59,669) | | Capital reserve | (550) | (550) | | Other reserves | (4,391) | (4,391) | | Exchange fluctuation reserve | (21,333) | (20,560) | | Statutory reserve | 135,915 | 135,915 | | Retained earnings | 554,868 | 577,108 | | Total equity attributable to owners of the company | 964,540 | 987,553 | | Non-controlling interests | 331,708 | 332,465 | | Total equity | 1,296,248 | 1,320,018 | - Total comprehensive loss for the period was RMB (23,770) thousand, of which RMB (23,013) thousand was attributable to owners of the company[47] Notes to the Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures for the Group's financial statements 1. General Information Weiye Holdings Limited, incorporated in Singapore and listed in Hong Kong, primarily engages in property development in China - Weiye Holdings Limited was incorporated in the Republic of Singapore and listed on the Main Board of The Stock Exchange of Hong Kong Limited on April 6, 2016[48] - The Group's principal business is property development in the People's Republic of China[49] 2. Basis of Preparation and Principal Accounting Policies This interim report adheres to HKEX Listing Rules and IAS 34, using accounting policies consistent with the 2024 annual financial statements - This interim financial report is prepared in accordance with the applicable disclosure provisions of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[50] - The report was approved for issue on August 28, 2023, and prepared using the same accounting policies adopted in the 2024 annual financial statements[50] 3. Changes in Accounting Policies The Group adopted amendments to IAS 21 and IFRS 1 effective January 1, 2025, with no significant financial impact expected - The new standards and amendments first adopted by the Group in 2025 are amendments to IAS 21 and IFRS 1 "Lack of Exchangeability"[51][52] - The application of the amended IFRSs is not expected to have a significant impact on the Group's financial position and performance and/or disclosures in these condensed consolidated financial statements for the current and prior periods[52] 4. Segment Information The Group operates in property development and a discontinued equipment manufacturing segment, with revenue solely from property development in H1 2025 - The Group's principal operating segment is property development, including commercial and residential property development, resettlement housing construction, and investment property leasing[54] - The equipment manufacturing segment ceased operations for the year ended December 31, 2024, and was reclassified as a discontinued operation for the periods ended June 30, 2025, and 2024[56] Segment Revenue and Results Reconciliation (Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue from external customers | | | | Property development | 11,418 | 31,985 | | Equipment manufacturing | – | 26,731 | | Total revenue | 11,418 | 58,716 | | Segment results | | | | Property development | (13,456) | (65,673) | | Equipment manufacturing | – | (1,406) | | Total segment results | (13,456) | (67,079) | Geographical Segment Revenue (Six Months Ended June 30) | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | China (Property development) | 11,418 | 31,985 | | China (Equipment manufacturing) | – | 1,942 | | Singapore (Equipment manufacturing) | – | 24,660 | | Other countries (Equipment manufacturing) | – | 129 | | Total revenue | 11,418 | 58,716 | 5. Other Income Total other income decreased to RMB 3,202 thousand, primarily due to a reduced gain on disposal of a joint venture Other Income (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Rental income | 3,074 | 4,600 | | Gain on disposal of property, plant and equipment | 1 | – | | Gain on disposal of a joint venture | – | 916 | | Government grants | 9 | 3 | | Others | 118 | 212 | | Total | 3,202 | 5,731 | 6. Net Finance Costs Net finance costs significantly decreased to RMB 9,500 thousand, driven by lower interest expenses Net Finance Costs (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest expense | (9,627) | (17,860) | | Interest income | 127 | 407 | | Net finance costs | (9,500) | (17,453) | 7. Taxation Tax expense was RMB 41 thousand, a shift from a tax credit, influenced by deferred tax and prior year's land appreciation tax Tax Expense (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax expense | – | (1,558) | | Deferred tax expense | (41) | (121) | | Land appreciation tax expense | – | 23,062 | | Total | (41) | 21,383 | - The corporate income tax rate in China has been unified at 25%, and a 10% withholding tax is levied on dividends declared to foreign-invested holding companies[69] - Land appreciation tax is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, with the actual liability subject to determination by tax authorities[69][70] 8. Loss Before Tax The Group's loss before tax was primarily influenced by depreciation of property, plant and equipment and amortization of intangible assets Deductions from Loss Before Tax (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 747 | 2,853 | | Amortisation of intangible assets | 20 | 20 | | Write-off of property, plant and equipment | – | 89 | 9. Property, Plant and Equipment Expenditure on property, plant and equipment acquisitions was zero for H1 2025, a significant reduction from the prior period Acquisition Expenditure for Property, Plant and Equipment | Period | Acquisition Expenditure (RMB '000) | | :--- | :--- | | Six months ended June 30, 2025 | 0 | | Six months ended June 30, 2024 | 300 | 10. Trade and Other Receivables Trade receivables totaled RMB 7,971 thousand, with a significant portion overdue by more than 365 days - Trade receivables are non-interest bearing and generally settled within a period of 30 to 180 days[73] Ageing Analysis of Trade Receivables | Ageing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | | June 30 | December 31 | | 0 to 30 days | – | – | | 31 to 90 days | 295 | – | | 91 to 180 days | – | – | | 181 to 365 days | – | 2,730 | | Over 365 days | 7,676 | 4,946 | | Total | 7,971 | 7,676 | 11. Trade and Other Payables Trade payables, mainly construction costs, totaled RMB 262,922 thousand, with most due within 30 days - Trade payables primarily comprise construction costs payable to third parties[75] Ageing Summary of Trade Payables | Ageing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | | June 30 | December 31 | | 0 to 30 days | 247,200 | 263,385 | | 31 to 60 days | – | – | | 61 to 90 days | 796 | – | | Over 90 days | 14,926 | 15,373 | | Total | 262,922 | 278,758 | 12. Loans and Borrowings Total loans and borrowings were RMB 993,481 thousand, largely secured and due within one year or on demand Total Loans and Borrowings | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | | June 30 | December 31 | | Secured | 903,881 | 903,994 | | Unsecured | 89,600 | 84,600 | | Total | 993,481 | 988,594 | - Loans and borrowings are secured by legal mortgages over assets of subsidiaries, property development units, and investment properties; legal mortgages over property, plant and equipment; corporate guarantees from Group companies; and guarantees from third parties[78] 13. Share Capital The Company's issued and fully paid share capital remained unchanged at RMB 359,700 thousand, with 196,133 thousand shares Issued Share Capital | Item | Share Capital (RMB '000) | Number of Shares ('000) | | :--- | :--- | :--- | | As at January 1, 2025 and June 30, 2025 | 359,700 | 196,133 | - Holders of the Company's ordinary shares are entitled to receive declared dividends, and each ordinary share carries one unrestricted voting right[79] 14. Dividends The Board did not declare or propose any interim dividend for the six months ended June 30, 2025 - The Board did not declare or propose any interim dividend for the six months ended June 30, 2025[81] 15. Loss Per Share Basic and diluted loss per share significantly narrowed to RMB 11.34 cents due to reduced loss from continuing operations Loss Per Share (From Continuing and Discontinued Operations) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic loss per share | (11.34) | (36.56) | | Diluted loss per share | (11.34) | (36.56) | Loss Per Share (From Continuing Operations) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic loss per share | (11.34) | (35.57) | | Diluted loss per share | (11.34) | (35.57) | - As there were no potential dilutive ordinary shares as of June 30, 2025, and June 30, 2024, the calculation of diluted loss per ordinary share is the same as that for basic loss per ordinary share[86] 16. Net Asset Value Net asset value attributable to owners was RMB 964,540 thousand, with RMB 4.92 per ordinary share Net Asset Value Per Ordinary Share | Date | Net Asset Value Attributable to Owners of the Company (RMB '000) | Number of Ordinary Shares ('000) | Net Asset Value Per Ordinary Share (RMB) | | :--- | :--- | :--- | :--- | | 2025 (June 30) | 964,540 | 196,133 | 4.92 | | 2024 (December 31) | 987,553 | 196,133 | 5.04 | 17. Capital Commitments Authorized and contracted capital commitments for development expenditure slightly decreased to RMB 106,291 thousand Capital Commitments | Date | Authorized and Contracted Development Expenditure (RMB '000) | | :--- | :--- | | June 30, 2025 | 106,291 | | December 31, 2024 | 107,188 | 18. Contingent Liabilities Contingent liabilities primarily consist of RMB 107,543 thousand in guarantees for property purchasers, released upon receipt of ownership certificates Contingent Liabilities | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | | June 30 | December 31 | | Guarantees provided to financial institutions on behalf of purchasers of property units | 107,543 | 107,543 | - The Group provides loan guarantees for property purchasers and is required to maintain a certain amount of cash in designated bank accounts as collateral[89] - The guarantees are released when the banks receive the property ownership certificates from the customers[89] 19. Net Gearing Ratio The net gearing ratio increased to 76% due to higher net debt and slightly reduced total equity Net Gearing Ratio | Date | Net Debt (RMB '000) | Total Equity (RMB '000) | Gearing Ratio | | :--- | :--- | :--- | :--- | | June 30, 2025 | 985,864 | 1,296,248 | 76% | | December 31, 2024 | 957,374 | 1,320,018 | 73% | 20. Share Options As of June 30, 2025, the Company did not have any share option scheme - As of June 30, 2025, the Company did not have any share option scheme[91] 21. Contract Balances Contract balances include trade receivables, contract costs, contract assets, and contract liabilities, reflecting revenue recognition and prepayments Contract Balances | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | | June 30 | December 31 | | Trade receivables | 2,995 | 2,700 | | Contract costs | 268 | 268 | | Contract assets | 214,246 | 214,246 | | Contract liabilities | (97,597) | (86,598) | - Contract assets relate to the Group's right to consideration for work completed but not yet invoiced at the reporting date[94] - Contract liabilities primarily relate to customer prepayments for property sales and equipment sales before revenue recognition criteria are met[94] - The Group capitalizes success-based sales commissions as contract costs[95] 22. Significant Related Party Transactions Key management personnel remuneration increased slightly to RMB 1,659 thousand, including directors' fees and salaries Key Management Personnel Remuneration (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Directors' fees | 330 | 330 | | Salaries | 1,222 | 1,142 | | China statutory welfare fund | 64 | 64 | | Central Provident Fund and defined contributions | 43 | 44 | | Total | 1,659 | 1,580 | 23. Disposal of Joint Ventures The Group transferred its 51% equity in Hanfang Pharmaceutical under court order and recognized a significant receivable - In February 2025, the Group transferred its 51% equity interest in Hanfang Pharmaceutical to Feng Chaoling under a court order, ceasing to hold any equity interest in Hanfang Pharmaceutical[100] - The Group prevailed in the lawsuit and recognized receivables from Feng Chaoling of approximately RMB 105,600,000, and has successfully obtained a court order to freeze Feng Chaoling's assets[17][100] - On January 31, 2024, the Group disposed of its entire interest in Hubei Nonggu Zhonglenglian Investment Co., Ltd., generating a gain of approximately RMB 916.7 thousand[101] Other Information This section covers the publication of the interim report and an acknowledgement from the Executive Chairman Publication of Interim Report The results announcement is available online, and the interim report will be dispatched to shareholders and published on websites - This results announcement has been published on the HKEXnews website (www.hkexnews.hk) and the Company's website (www.weiyeholdings.com)[103](index=103&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the HKEXnews and Company websites in due course[103] Acknowledgement Executive Chairman Chen Zhiyong extends gratitude to the Group's management, employees, shareholders, and partners for their support - Executive Chairman Chen Zhiyong expresses sincere gratitude to the Group's management and employees for their dedication and diligent efforts, and to shareholders, suppliers, customers, and banks for their continuous support[104][105]