超威动力(00951) - 2025 - 中期业绩

Financial Highlights Interim Performance Overview Chaowei Power Holdings Limited reported unaudited H1 2025 interim results, showing year-on-year growth in key financial metrics, with no interim dividend declared - The Board resolved not to declare an interim dividend for the period[4] Key Financial Data Comparison for H1 2025 | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 27.257 billion yuan | 21.236 billion yuan | 28.4% | | Gross Profit | 1.786 billion yuan | 1.614 billion yuan | 10.6% | | Profit Attributable to Owners of the Company | 205.2 million yuan | 203.4 million yuan | 0.9% | | Basic Earnings Per Share | 0.19 yuan | 0.18 yuan | 5.6% | Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This section presents the unaudited consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, detailing revenue, cost of sales, gross profit, various expenses, profit before tax, and profit attributable to owners, with a comparison to the same period in 2024 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 27,257,243 | 21,236,322 | | Cost of sales | (25,471,209) | (19,622,114) | | Gross Profit | 1,786,034 | 1,614,208 | | Other income | 258,465 | 391,175 | | Distribution and selling expenses | (437,875) | (442,537) | | Administrative expenses | (281,976) | (317,946) | | Research and development expenses | (657,715) | (555,867) | | Finance costs | (243,952) | (230,246) | | Profit before tax | 367,239 | 408,317 | | Income tax expense | (91,040) | (95,724) | | Profit for the period | 276,199 | 312,593 | | Profit attributable to owners of the Company | 205,169 | 203,355 | | Non-controlling interests | 71,030 | 109,238 | | Basic and diluted earnings per share (RMB yuan) | 0.19 | 0.18 | Interim Condensed Consolidated Statement of Financial Position This section provides the unaudited consolidated statement of financial position as of June 30, 2025, detailing the composition of current assets, non-current assets, current liabilities, non-current liabilities, and equity, compared with audited data as of December 31, 2024 Interim Condensed Consolidated Statement of Financial Position (Summary) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | | | | Property, plant and equipment | 4,541,825 | 4,607,263 | | Right-of-use assets | 627,662 | 636,969 | | Goodwill | 49,447 | 49,447 | | Intangible assets | 45,480 | 66,382 | | Deferred tax assets | 511,398 | 544,124 | | Current assets | | | | Inventories | 4,802,996 | 4,347,571 | | Trade receivables | 3,055,092 | 2,577,941 | | Restricted bank deposits | 4,224,550 | 3,277,050 | | Bank balances and cash | 3,828,789 | 3,612,035 | | Current liabilities | | | | Borrowings | 7,831,133 | 7,197,844 | | Trade payables | 1,681,538 | 1,616,192 | | Bills payable | 1,060,084 | 1,588,565 | | Non-current liabilities | | | | Borrowings | 2,569,189 | 2,242,776 | | Total equity | 7,880,022 | 7,650,064 | Notes to the Interim Condensed Consolidated Financial Statements 1. General Information Chaowei Power Holdings Limited was incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, with its principal business being the manufacturing and sale of lead-acid and lithium-ion batteries, and financial statements presented in RMB - The company was incorporated in the Cayman Islands on January 18, 2010, and listed on the Main Board of the Hong Kong Stock Exchange on July 7, 2010[8] - The Group's principal activities are the manufacturing and sale of lead-acid motive batteries, lithium-ion batteries, and other related products[8] - The condensed consolidated financial statements are presented in RMB, which is also the functional currency of the company and most of its subsidiaries[8] 2. Basis of Preparation The condensed consolidated financial statements for this period are prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2024 - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board[9] - This report should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2024[9] 3. Significant Accounting Policies The Group has not yet applied new and revised IFRSs that have been issued but are not yet effective, and is assessing their potential impact, which is not expected to be material to financial performance and position - The Group has not yet applied new and revised International Financial Reporting Standards (IFRSs) that have been issued but are not yet effective, and intends to adopt them upon their effective dates[10] - Current assessment indicates that the new and revised IFRSs may lead to changes in accounting policies but are unlikely to have a material impact on the Group's financial performance and position[11] - Amendments to IAS 21 regarding currency convertibility assessment and spot exchange rate estimation have no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are convertible[13] 4. Revenue The Group's revenue primarily derives from the sale of lead-acid motive batteries, lithium-ion batteries, and renewable materials, with total revenue of RMB 27.257 billion for the six months ended June 30, 2025, where renewable materials contributed the most, and revenue is recognized upon transfer of control and delivery of goods Disaggregation of Revenue from Contracts with Customers (H1 2025) | Product Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Electric bicycle batteries | 9,147,158 | 8,596,208 | | Electric vehicle batteries and special purpose electric vehicle batteries | 4,062,935 | 4,061,933 | | Lithium-ion batteries | 357,106 | 65,459 | | Renewable materials | 13,690,044 | 8,512,722 | | Total Revenue | 27,257,243 | 21,236,322 | - Revenue is recognized when control of the goods has been transferred and the goods have been delivered to the customer's designated location (at the time of delivery)[15] - The Group generally offers credit terms of 45 to 90 days to customers with good credit records; otherwise, sales are conducted on a cash basis[15] 5. Profit Before Tax This section details various expenses affecting profit before tax, including staff costs, depreciation and amortization, cost of inventories sold, impairment loss provisions, and loss on disposal of property, plant and equipment, with a comparison to the prior period Items Deducted From / (Credited To) Profit Before Tax (Summary) | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Total staff costs | 866,474 | 822,520 | | Total depreciation and amortization | 321,076 | 467,331 | | Cost of inventories sold | 25,471,209 | 19,622,114 | | Provision for impairment losses | 56,827 | (19,777) | | Loss on disposal of property, plant and equipment | 5,258 | 7,159 | | Net foreign exchange loss (gain) | 507 | (770) | - Total staff costs increased by 5.34% year-on-year, primarily due to higher wages, salaries, and contributions to retirement benefit plans[16] - Total depreciation and amortization decreased by 31.3% year-on-year, mainly due to reduced amortization of intangible assets and depreciation of property, plant and equipment[16] 6. Income Tax Expense Income tax expense for the period was RMB 91.04 million, a 4.9% year-on-year decrease, with Chinese subsidiaries subject to a 25% corporate income tax rate, and some high-tech enterprises enjoying a 15% preferential rate, leading to an effective tax rate increase to 24.8% due to higher-taxed subsidiaries' increased profit contribution Composition of Income Tax Expense | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax — PRC Enterprise Income Tax | 47,524 | 59,252 | | Under-provision (over-provision) in prior years — PRC Enterprise Income Tax | 6,920 | (4,346) | | Deferred tax | 36,596 | 40,818 | | Total Income Tax Expense | 91,040 | 95,724 | - The tax rate for PRC subsidiaries is 25%, with certain high-tech enterprises eligible for a preferential income tax rate of 15%[17] - The effective tax rate for the period was approximately 24.8%, higher than 23.4% in the same period of 2024, primarily due to higher-taxed subsidiaries contributing more profit[56] 7. Earnings Per Share For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company was RMB 0.19, up from RMB 0.18 in the same period of 2024, with no adjustment for diluted ordinary shares as none were issued Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the purpose of basic earnings per share (RMB thousand) | 205,169 | 203,355 | | Weighted average number of ordinary shares (thousand shares) | 1,104,127 | 1,104,127 | | Basic earnings per share (RMB yuan) | 0.19 | 0.18 | - Basic earnings per share amounts were not adjusted as the Group did not issue any potentially dilutive ordinary shares during either period[21] 8. Dividends During the period, the company declared a final dividend of HKD 0.043 (approximately RMB 0.039) per share for the year ended December 31, 2024, totaling approximately RMB 43.297 million, and the Board resolved not to declare an interim dividend for the current period - A final dividend of HKD 0.043 (approximately RMB 0.039) per share for the year ended December 31, 2024, totaling approximately RMB 43,297,000, was declared during the period[22] - The Board resolved not to declare an interim dividend for the period[23] 9. Trade Receivables As of June 30, 2025, net trade receivables amounted to RMB 3.055 billion, an increase from December 31, 2024, with the Group generally offering 45 to 90 days credit and providing detailed aging analysis Trade Receivables and Provision for Credit Losses | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables from customer contracts | 3,835,192 | 3,308,520 | | Less: Provision for credit losses | (780,100) | (730,579) | | Net amount | 3,055,092 | 2,577,941 | Aging Analysis of Trade Receivables (Net of Provision for Doubtful Debts) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–45 days | 1,558,578 | 1,304,205 | | 46–90 days | 387,125 | 345,114 | | 91–180 days | 685,267 | 568,424 | | 181–365 days | 215,216 | 243,805 | | Over 365 days | 208,906 | 116,393 | | Total | 3,055,092 | 2,577,941 | 10. Receivables at Fair Value Through Other Comprehensive Income This balance represents bills receivable held by the Group measured at fair value through other comprehensive income, whose business model is to achieve objectives by collecting contractual cash flows and selling financial assets, with contractual cash flows solely comprising principal and interest payments on the outstanding principal amount - The balance represents bills receivable held by the Group measured at fair value through other comprehensive income[25] - The business model for these bills is to achieve objectives by collecting contractual cash flows and selling financial assets, and the contractual cash flows are solely payments of principal and interest on the outstanding principal amount[25] 11. Trade Payables As of June 30, 2025, total trade payables amounted to RMB 1.6815 billion, a slight increase from December 31, 2024, with an aging analysis provided by invoice date Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–30 days | 931,557 | 958,901 | | 31–90 days | 485,211 | 348,006 | | 91–180 days | 99,935 | 165,659 | | 181–365 days | 35,190 | 27,178 | | 1–2 years | 20,939 | 32,605 | | Over 2 years | 108,706 | 83,843 | | Total | 1,681,538 | 1,616,192 | 12. Bills Payable All bills payable are transactional in nature and are due within one year from their issue date - All bills payable are transactional in nature and are due within one year from their issue date[27] Management Discussion and Analysis Overall Financial Performance The Group primarily manufactures and sells lead-acid and lithium-ion batteries and related products, with total revenue increasing by 28.4% to RMB 27.257 billion and gross profit by 10.6% to RMB 1.786 billion, though gross margin declined to 6.6%, while profit attributable to owners grew by 0.9% to RMB 205.2 million, and basic earnings per share reached RMB 0.19 - The Group's principal activities are the manufacturing and sale of lead-acid motive batteries, lithium-ion batteries, and other related products[28] Overview of Overall Financial Performance | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 27.257 billion yuan | 21.236 billion yuan | Increased by 28.4% | | Gross Profit | 1.786 billion yuan | 1.614 billion yuan | Increased by 10.6% | | Overall Gross Margin | 6.6% | 7.6% | Decreased by 1.0 percentage point | | Profit Attributable to Owners of the Company | 205.2 million yuan | 203.4 million yuan | Increased by 0.9% | | Basic Earnings Per Share | 0.19 yuan | 0.18 yuan | Increased by 0.01 yuan | Industry Review China's electric bicycle market continues to grow due to efficiency, convenience, and environmental benefits, with increasing demand from instant delivery services and new national standards and trade-in subsidies expected to further boost sales, while lead-acid batteries maintain dominance due to cost-effectiveness, safety, and high recycling rates - Electric bicycles remain a crucial short-distance transportation tool in China, favored by consumers for their efficiency, convenience, environmental friendliness, and cost-effectiveness[29] - China's instant delivery order volume reached 42 billion in 2023, projected to exceed 48 billion in 2024, driving demand in the electric bicycle market[29] - China's annual electric bicycle sales are expected to reach 52 million units in 2025, benefiting from the release of new national standard policies and trade-in subsidies[30] - The new "Electric Bicycle Safety Technical Specification" will be implemented on September 1, 2025, aiming to enhance electric bicycle safety[31] - The "Implementation Plan for Promoting Electric Bicycle Trade-in" and related notices were issued, confirming the continuation of trade-in programs with consumer subsidies starting January 1, 2025[31] - Lead-acid motive batteries maintain a dominant share in the electric bicycle sector due to their high cost-effectiveness, safety, stability, wide applicability, and high recycling rate, with a substantial replacement market[33] Business Operations The Group's lead-acid motive battery business achieved stable growth, contributing 48.5% of total revenue, with ongoing graphene battery technology innovation, while the lithium-ion battery business grew steadily to RMB 357 million in sales, and the renewable materials business established a nationwide standardized recycling network through a "trade-in, reverse logistics" model, obtaining hazardous waste operating permits - Lead-acid motive batteries are the Group's primary product, with sales revenue of approximately RMB 13.21 billion during the period, accounting for approximately 48.5% of total revenue[34] - The Group continues to innovate in graphene battery technology, having accumulated over 39 related patents and engaged Nobel laureate Professor Andre Geim[35] - The lithium-ion battery business achieved "National Torch Program Industrialization Demonstration Project Certificate" through the development and application of new materials, technologies, and processes, with sales revenue of approximately RMB 357 million during the period[36] - The Group fully initiated producer responsibility extension, establishing a nationwide standardized recycling network through "trade-in, reverse logistics" pilot programs in major cities across the country[37] - The Group has established recycling companies in provinces and cities including Tianjin, Hebei, Shanghai, Shandong, Fujian, and Guangxi, obtained "Hazardous Waste Operating Permits", and set up over 65 centralized transfer points[38] Market and Brand The Group's sales network covers first and second-tier markets, employing a localized production strategy to reduce costs and enhance efficiency, while market promotion efforts, including exhibitions and celebrity endorsements, deepen brand influence, alongside active corporate social responsibility and consistent market recognition for technological advantages and high-quality development - The Group's sales and distribution network fully covers national first and second-tier markets, supported by a national service hotline and a comprehensive sales service system[39] - The Group adopts a strategic localized production layout, deploying manufacturing facilities in regions with high demand for lead-acid motive batteries to reduce warehousing and logistics costs and improve operational efficiency[40] - During the period, multiple market promotion activities were conducted, including participation in the 17th Shenzhen International Battery Technology Exchange Exhibition, and the 22nd consecutive year of engaging renowned actor Mr. Donnie Yen as brand ambassador[41] - The Group actively fulfills its social responsibilities, establishing a dedicated charity fund and co-organizing the "Technology Leads New Energy, Illuminating Students' Green Power Dreams Public Welfare Activity"[42] - The Group has received widespread market recognition, being included in prestigious lists such as "China's Top 500 Enterprises" and "China's Top 500 Private Enterprises," and successfully listed on the "China Brand Value Evaluation Information List"[43] - Research and development expenses for the period amounted to approximately RMB 658 million, accounting for approximately 2.4% of total revenue, reflecting continued investment in technological innovation[44] - As of June 30, 2025, the Group has engaged over 30 renowned domestic and international experts and established multiple R&D platforms, including a National Certified Enterprise Technology Center and a National Accredited Laboratory[45] Future Development Strategies The Group will continue to prioritize technological innovation, seize opportunities in cutting-edge technologies, explore diversified innovation models focusing on "new technologies, new materials, and new products" to build an industrial upgrading system, while also pursuing green development, promoting "Zero-Carbon Chaowei" and "Smart Chaowei" initiatives, and optimizing strategic layouts to expand overseas markets and build a global new energy platform - The Group will continue to firmly prioritize technological innovation, seize opportunities in cutting-edge technologies, and pursue a path of sustainable high-quality development[46] - It will explore diversified innovation models, focusing on "new technologies, new materials, and new products," to build an industrial upgrading system through material innovation, intelligent manufacturing, and ecological synergy[46] - The Group will continue to practice green development, vigorously promoting the construction of "Zero-Carbon Chaowei" and "Smart Chaowei"[46] - Strategic layouts will be optimized to expand overseas markets in multiple directions, building a global new energy platform and driving towards a new stage of high-quality development[46] Financial Review Revenue Analysis Revenue for the period was approximately RMB 27.257 billion, an increase of approximately 28.4% compared to the same period in 2024, primarily driven by increased sales of renewable materials Revenue Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 27,257,243,000 | 21,236,322,000 | Increased by 28.4% | - The increase in revenue was primarily due to increased sales of renewable materials[48] Gross Profit Analysis Gross profit for the period was approximately RMB 1.786 billion, a year-on-year increase of approximately 10.6%, however, the gross margin decreased from 7.6% in the same period of 2024 to 6.6% this period, mainly due to increased revenue from lower-margin renewable materials Gross Profit and Gross Margin Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Gross Profit | 1,786,034,000 | 1,614,208,000 | Increased by 10.6% | | Gross Margin | 6.6% | 7.6% | Decreased by 1.0 percentage point | - The decrease in gross margin was primarily due to increased revenue from lower-margin renewable materials[49] Other Income Analysis Other income for the period was approximately RMB 258.465 million, a decrease of approximately 33.9% compared to the same period in 2024, mainly due to a reduction in government grants received Other Income Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Other Income | 258,465,000 | 391,175,000 | Decreased by 33.9% | - The decrease in other income was primarily due to a reduction in government grants received during the period[50] Distribution and Selling Expenses Analysis Distribution and selling expenses for the period were approximately RMB 437.875 million, a decrease of approximately 1.1% compared to the same period in 2024, mainly due to reduced advertising and transportation expenses Distribution and Selling Expenses Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | 437,875,000 | 442,537,000 | Decreased by 1.1% | - The decrease in distribution and selling expenses was primarily due to reduced advertising and transportation expenses during the period[51] Administrative Expenses Analysis Administrative expenses for the period were approximately RMB 281.976 million, a decrease of approximately 11.3% compared to the same period in 2024, mainly due to reduced consulting fees and depreciation expenses Administrative Expenses Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 281,976,000 | 317,946,000 | Decreased by 11.3% | - The decrease in administrative expenses was primarily due to reduced consulting fees and depreciation expenses incurred during the period[52] Research and Development Expenses Analysis Research and development expenses for the period were approximately RMB 657.715 million, an increase of approximately 18.3% compared to the same period in 2024, mainly due to increased R&D expenses for lead-acid motive batteries and other new technology products Research and Development Expenses Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 657,715,000 | 555,867,000 | Increased by 18.3% | - The increase in research and development expenses was primarily due to increased R&D expenses for lead-acid motive batteries and other new technology products during the period[53] Finance Costs Analysis Finance costs for the period were approximately RMB 243.952 million, an increase of approximately 6.0% compared to the same period in 2024, mainly due to increased interest expenses on bank borrowings Finance Costs Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Finance Costs | 243,952,000 | 230,246,000 | Increased by 6.0% | - The increase in finance costs was primarily due to increased interest expenses on bank borrowings during the period[54] Profit Before Tax Analysis Profit before tax decreased by approximately 10.1% to RMB 367.239 million for the period, primarily due to the combined impact of the aforementioned changes in income and expenses Profit Before Tax Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit Before Tax | 367,239,000 | 408,317,000 | Decreased by 10.1% | Income Tax Expense Analysis Income tax expense decreased by approximately 4.9% to RMB 91.04 million for the period, while the effective tax rate increased from 23.4% in the same period of 2024 to 24.8% this period, mainly due to higher-taxed subsidiaries contributing more profit Income Tax Expense and Effective Tax Rate Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 91,040,000 | 95,724,000 | Decreased by 4.9% | | Effective Tax Rate | 24.8% | 23.4% | Increased by 1.4 percentage points | - The increase in the effective tax rate was primarily due to higher-taxed subsidiaries contributing more profit during the period[56] Profit Attributable to Owners of the Company Analysis Profit attributable to owners of the company for the period was approximately RMB 205.169 million, an increase of approximately 0.9% compared to the same period in 2024 Profit Attributable to Owners of the Company Comparison | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 205,169,000 | 203,355,000 | Increased by 0.9% | Liquidity and Financial Resources As of June 30, 2025, the Group's net current assets were approximately RMB 4.238 billion, with cash and bank balances of approximately RMB 3.829 billion, net debt of approximately RMB 2.351 billion, a current ratio of 1.30, and a gearing ratio of 9.6%, indicating a sound financial position with ample cash and bank facilities and no significant foreign exchange risk Key Indicators of Liquidity and Financial Resources | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Net Current Assets | 4,238,035,000 | 3,662,836,000 | | Cash and Bank Balances | 3,828,789,000 | 3,612,035,000 | | Net Debt | 2,350,856,000 | 2,559,471,000 | | Current Ratio | 1.30 | 1.27 | | Gearing Ratio | 9.6% | 10.7% | - Borrowings are primarily used to finance the Group's capital expenditures, raw material purchases, and operations, with approximately RMB 2.275 billion bearing fixed interest rates and approximately RMB 7.831 billion repayable within one year[58] - The Group adopts a centralized financial and treasury policy, monitors interest rate risk conservatively, and has no significant foreign exchange rate risk as its business primarily operates in China and transacts in RMB[58][60] Pledge of Assets As of June 30, 2025, the Group pledged certain assets as collateral for bank facilities, including buildings, right-of-use assets, receivables at fair value through other comprehensive income, restricted bank deposits, and inventories Total Carrying Amount of Pledged Assets | Asset Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Buildings | 353,036 | 367,491 | | Right-of-use assets | 74,681 | 147,478 | | Receivables at fair value through other comprehensive income | 900,467 | 2,033,792 | | Restricted bank deposits | 4,224,550 | 3,277,050 | | Inventories | 50,355 | – | Contingent Liabilities As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[61] Other Information Human Resources and Employee Remuneration As of June 30, 2025, the Group employed 13,770 staff, with total employee costs of approximately RMB 866.474 million, and continues to strengthen employee training and offer competitive remuneration Human Resources Overview | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 13,770 | 15,654 | | Total Employee Costs (RMB) | 866,474,000 | 822,520,000 | - The Group continues to strengthen employee training and offers competitive remuneration[62] Material Investments and Acquisitions/Disposals As of June 30, 2025, the Group held no material investments, nor did it undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - As of June 30, 2025, no material investments were held[63] - No material acquisitions or disposals of subsidiaries, associates, or joint ventures were undertaken during the period[63] - The Board has not authorized any plans for other significant investments or increases in capital assets[63] Purchase, Sale or Redemption of Listed Securities Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period, and as of June 30, 2025, the number of treasury shares held by the company was zero - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[64] - As of June 30, 2025, the number of treasury shares held by the company was zero[65] Corporate Governance The company is committed to maintaining high standards of corporate governance and has complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, though the roles of Chairman and CEO are not separated, which the Board believes benefits business strategy execution and operational efficiency - The company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the period[66] - Mr. Zhou Mingming serves as both Chairman and Chief Executive Officer, an arrangement the Board believes facilitates the execution of business strategies and enhances operational efficiency[66] Directors' Securities Transactions The company has adopted a code of conduct for securities transactions by directors, senior management, and relevant employees, and all directors have confirmed compliance with the required standards and the company's code of conduct during the period - The company has adopted a code of conduct for securities transactions by directors, senior management, and relevant employees, which is no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[67] - All directors confirmed compliance with the Model Code and the company's code of conduct during the period[67] Audit Committee The company's Audit Committee comprises three independent non-executive directors, chaired by Mr. Li Gangwei, and has reviewed the Group's unaudited results for the period, deeming them compliant with relevant accounting standards, rules, and regulations - The Audit Committee comprises three independent non-executive directors: Mr. Li Gangwei (Chairman), Mr. Wu Zhijie, and Mr. Sun Wenping[68] - The Committee has reviewed the Group's unaudited results for the period and considers them to be in compliance with relevant accounting standards, rules, and regulations[68] Interim Dividends The Board resolved not to declare an interim dividend for the period - The Board resolved not to declare an interim dividend for the period[69] General Information (Auditor's Review) The Group's unaudited condensed consolidated financial statements for the period have been reviewed by Ernst & Young in accordance with International Standard on Review Engagements 2410 - The Group's unaudited condensed consolidated financial statements for the period have been reviewed by Ernst & Young in accordance with International Standard on Review Engagements 2410[70] Publication of Interim Report The company's full 2025 interim report will be dispatched to shareholders and published on the HKEXnews website and the company's website in due course - The company's full 2025 interim report will be published on the HKEXnews website (www.hkexnews.hk) and the company's website (www.chaowei.com.hk)[71](index=71&type=chunk) Acknowledgements The Board extends its sincere gratitude to the company's shareholders, the public, and all employees for their continued support and dedicated efforts - The Board extends its sincere gratitude to the company's shareholders and the public for their continued support, and to all employees for their efforts and dedication[72] Board of Directors Composition As of the date of this announcement, the Board comprises four executive directors, including Mr. Zhou Mingming (Chairman and CEO), one non-executive director, Ms. Fang Jianjun, and three independent non-executive directors, including Mr. Li Gangwei - The executive directors are Mr. Zhou Mingming (Chairman and Chief Executive Officer), Mr. Zhou Longrui, Ms. Yang Yunfei, and Mr. Yang Xinxin[74] - The non-executive director is Ms. Fang Jianjun[74] - The independent non-executive directors are Mr. Li Gangwei, Mr. Wu Zhijie, and Mr. Sun Wenping[74]