大山教育(09986) - 2025 - 中期业绩

Company Information Board of Directors The Board of Directors comprises executive and independent non-executive directors, with details on the composition of audit, remuneration, nomination, and investment management committees - The Board of Directors comprises three executive directors and three independent non-executive directors, Chairman is Mr. Zhang Hongjun, CEO is Mr. Li Jing[10] - Audit, Remuneration, Nomination, and Investment Management Committees are established, ensuring robust corporate governance[10] Company Information Key company information includes auditor, legal advisor, principal bankers, share registrar, registered office, principal place of business, website, stock code, and listing date - Auditor is Zhonghui Anda Certified Public Accountants Limited, Hong Kong legal advisor is Lo & Lo Solicitors LLP[11] - The company's stock code is 9986, listed on the Stock Exchange on July 15, 2020[12] Management Discussion and Analysis Business Review The Group provides after-school personal quality courses, overseas education consulting, and diversified consulting services, expanding into brand operation and management for beauty and health products - The Group's principal businesses include after-school personal quality courses, overseas education consulting services, and diversified consulting services[14] - During the reporting period, overseas education consulting services cover cities including Zhengzhou, Shenzhen, Hangzhou, Wuhan, and Xi'an, with after-school personal quality courses having dance teaching centers in Zhengzhou and Beijing[15] - Brand operation and management consulting services expanded into beauty and health products, adding two new brands[15] Future Outlook The Group will adapt to regulatory changes, explore business opportunities to expand its international education ecosystem, and enhance brand operation and management through technology and potential acquisitions - The Group will closely monitor the regulatory environment, adjust business plans, and actively explore opportunities to expand business breadth and depth[16] - Committed to building an international education ecosystem, providing high-quality, diversified integrated services, and expanding into language training, cultural exchange, profile enhancement, and academic guidance[16] - Will actively expand diversified consulting services, especially brand operation and management, planning collaborations with high-quality beauty and health brands, leveraging technology to reconstruct the brand value chain, and exploring acquisition opportunities[17] Financial Review Revenue decreased and loss for the period significantly increased due to share-based payment expenses, despite an improved gross margin, while net other gains turned into losses Revenue Total revenue decreased by 12.6% to RMB41.5 million, with declines in existing segments partially offset by new brand operation and management revenue of RMB5.7 million Revenue Overview (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 41.5 | 47.5 | -12.6% | | After-school Courses Segment | 13.3 | 16.6 | -19.9% | | Overseas Education Segment | 19.3 | 22.5 | -14.2% | | Training and Consulting Segment | 3.0 | 7.9 | -62.0% | | Other Segment | 0.2 | 0.5 | -60.0% | | Brand Operation and Management Segment | 5.7 | - | New | Cost of Sales and Services Cost of sales and services decreased by RMB4.4 million to RMB24.2 million, aligning with the reduction in revenue Cost of Sales and Services (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Cost of Sales and Services | 24.2 | 28.6 | -4.4 | Gross Profit and Gross Margin Gross profit decreased by RMB1.6 million to RMB17.3 million, while the gross margin improved from 39.9% to 41.7% Gross Profit and Gross Margin (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Gross Profit | 17.3 | 18.9 | -1.6 | | Gross Margin | 41.7% | 39.9% | +1.8% | Other Income Other income decreased by RMB0.1 million to RMB0.4 million for the period Other Income (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Other Income | 0.4 | 0.5 | -0.1 | Net Other Gains and Losses Net other gains and losses turned into a RMB1.0 million loss from a RMB6.0 million gain, primarily due to the absence of software disposal gains and reduced fair value losses on financial assets Net Other Gains and Losses (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Net Other Gains and Losses | (1.0) | 6.0 | -7.0 (Turned from gain to loss) | | Gain on Disposal of Software Under Development | - | 10.0 | -10.0 | | Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss | (0.1) | (5.6) | +5.5 (Loss reduced) | Selling and Marketing Expenses Selling and marketing expenses increased by RMB0.6 million to RMB6.6 million, driven by expanded business operations Selling and Marketing Expenses (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 6.6 | 6.0 | +0.6 | Administrative Expenses Administrative expenses significantly increased by RMB29.5 million to RMB54.9 million, primarily due to share-based payment expenses recognized Administrative Expenses (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 54.9 | 25.4 | +29.5 | Finance Costs Finance costs increased to RMB389 thousand from RMB239 thousand in the prior period Finance Costs (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Finance Costs | 389 | 239 | +150 | Taxation Income tax credit for the period was RMB273 thousand, compared to RMB509 thousand in the prior period Income Tax Credit (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Income Tax Credit | 273 | 509 | -236 | Loss for the Period Loss for the period widened to RMB45.9 million, an increase of RMB37.1 million, primarily due to the recognition of share-based payment expenses Loss for the Period (For the Six Months Ended 30 June) | Indicator | 2025 (RMB million) | 2024 (RMB million) | YoY Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss for the Period | (45.9) | (8.8) | -37.1 | Loss Per Share Basic and diluted loss per share was RMB5.66 cents, compared to RMB1.29 cents in the prior period Loss Per Share (For the Six Months Ended 30 June) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | YoY Change (RMB cents) | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (5.66) | (1.29) | -4.37 | Non-HKFRS Measures The company presents adjusted loss for the period as a non-HKFRS measure to exclude equity-settled share option and award expenses, facilitating period-over-period operational performance comparison Adjusted Loss for the Period (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (45,905) | (8,810) | | Add: Equity-settled Share Option and Share Award Expenses | 29,914 | – | | Adjusted Loss for the Period | (15,991) | (8,810) | Financial Position As of June 30, 2025, the Group's net current liabilities increased, bank balances and cash significantly decreased, gearing ratio rose, and both trade receivables and payables increased with new inventories Liquidity Net current liabilities increased by approximately 40.6% to RMB57.5 million as of June 30, 2025, primarily due to a decrease in bank balances and cash Net Current Liabilities (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 57.5 | 40.9 | +40.6% | Bank Balances and Cash Bank balances and cash decreased by approximately 62.9% to RMB19.3 million as of June 30, 2025, from RMB52.0 million at December 31, 2024 Bank Balances and Cash (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 19.3 | 52.0 | -62.9% | Borrowings Total borrowings significantly increased to RMB7.2 million as of June 30, 2025, from RMB2.3 million at December 31, 2024 Total Borrowings (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total Borrowings | 7.2 | 2.3 | +4.9 | Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[33] Gearing Ratio The gearing ratio increased to approximately 57.8% as of June 30, 2025, from approximately 38.5% at December 31, 2024 Gearing Ratio (As of 30 June) | Indicator | 30 June 2025 | 31 December 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | 57.8% | 38.5% | +19.3% | Working Capital Working capital saw significant increases in both trade receivables and payables, alongside the introduction of inventories Trade Receivables Trade receivables increased by approximately 46.2% to RMB1.9 million as of June 30, 2025 Trade Receivables (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 1.9 | 1.3 | +46.2% | Trade Payables Trade payables significantly increased to RMB5.1 million as of June 30, 2025, from RMB0.1 million at December 31, 2024 Trade Payables (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Trade Payables | 5.1 | 0.1 | +5.0 | Inventories Inventories amounted to RMB5.7 million as of June 30, 2025, with no inventories reported at December 31, 2024 Inventories (As of 30 June) | Indicator | 30 June 2025 (RMB million) | 31 December 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Inventories | 5.7 | 0 | +5.7 | Capital Expenditure and Capital Commitments Capital expenditure for the period was RMB1,674 thousand, primarily for property, plant, and equipment additions, significantly increasing from the prior period, with no material capital commitments at period-end Capital Expenditure (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 1,674 | 96 | +1,578 | - As of June 30, 2025, the Group had no capital commitments for additions to property, plant, and equipment[39] Pledge of Assets and Charges As of June 30, 2025, the Group had no pledges or charges on its assets - As of June 30, 2025, the Group had no pledges or charges on its assets[40] Interest Rate Risk The Group faces cash flow interest rate risk from variable-rate bank balances and fair value interest rate risk from fixed-rate borrowings, currently not hedged but monitored for future action - The Group faces cash flow interest rate risk (from variable-rate bank balances) and fair value interest rate risk (from fixed-rate borrowings)[41] - Interest rate risk is currently unhedged, but will be monitored, and hedging considered if necessary[41] Foreign Exchange Risk Most of the Group's revenue, expenses, and bank balances are denominated in RMB or HKD, with foreign exchange risk currently unhedged but monitored for potential future hedging - The Group's operations are primarily denominated in RMB and HKD, with foreign exchange risk currently unhedged[42] - Foreign exchange risk will be monitored, and hedging considered if necessary[42] Interim Dividend The Board of Directors resolved not to declare an interim dividend for the reporting period - The Board of Directors resolved not to declare an interim dividend[43] Material Investments Held As of June 30, 2025, the Group had no material investments other than those disclosed in the interim report - As of June 30, 2025, the Group had no other material investments[43] Future Plans for Material Investments and Capital Assets As of June 30, 2025, the Group had no immediate plans for material investments and capital assets - As of June 30, 2025, the Group had no immediate plans for material investments and capital assets[44] Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures beyond those disclosed in the interim report - During the reporting period, the Group had no other material acquisitions or disposals of subsidiaries, associates, or joint ventures[45] Corporate Governance and Other Information Use of Proceeds from Listing The company's 2020 listing generated HKD204.0 million in net proceeds, with the Board reallocating unutilized funds in 2022 for overseas education expansion, strategic acquisitions, and internal growth, with HKD4.4 million remaining to be utilized by end-2025 - Net proceeds from listing were approximately HKD204.0 million[47] - On August 29, 2022, the Board resolved to reallocate unutilized net proceeds, primarily for expanding overseas education business, strategic acquisitions of education-related services, and after-school personal quality courses[47] Use of Net Proceeds from Listing (As of 30 June 2025) | Intended Use | Original Allocation (HKD million) | Utilized as of 29 Aug 2022 (HKD million) | Unutilized as of 29 Aug 2022 (HKD million) | Revised Allocation (HKD million) | Utilized from 29 Aug 2022 to 31 Dec 2024 (HKD million) | Utilized during Period (HKD million) | Unutilized as of 30 Jun 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expand after-school academic education services for primary and secondary students and self-operated teaching center network | 122.4 | 52.4 | 70.0 | – | – | – | – | | Strategic acquisitions or establishment of joint ventures to expand geographical presence in China and scale of after-school academic education services for primary and secondary students | 61.2 | 6.1 | 55.1 | – | – | – | – | | Expand education business outside China | – | – | – | 60.0 | 58.6 | 0.6 | 0.8 | | Strategic acquisitions or establishment of joint ventures to expand education-related services, after-school personal quality courses, and vocational education | – | – | – | 50.0 | 50.0 | – | – | | Expand education-related services, after-school personal quality courses, and vocational education through internal growth | – | – | – | 15.1 | 11.0 | 0.5 | 3.6 | | Working capital purposes | 20.4 | 14.4 | 6.0 | 6.0 | 6.0 | – | – | | Total | 204.0 | 72.9 | 131.1 | 131.1 | 125.6 | 1.1 | 4.4 | - The estimated utilization period for unutilized net proceeds has been extended to end-2025[49] Equity Fund Raising Activities or Disposal of Treasury Shares for Cash and Use of Proceeds During the reporting period, the company did not engage in any equity fundraising activities or dispose of treasury shares for cash - During the reporting period, the company did not engage in equity fundraising activities or dispose of treasury shares[50] Changes in Directors and Directors' Information No disclosable changes in directors or their information occurred during the reporting period or up to the interim report date - There were no changes in directors or their information during the reporting period[51] Directors' Service Contracts Service contracts or appointment letters for executive and independent non-executive directors are for three-year terms, terminable according to their respective provisions - Directors' service contracts or appointment letters are for three-year terms, terminable according to their provisions[52] Employees and Remuneration Policy As of June 30, 2025, the Group had 319 employees with total staff costs of approximately RMB28.6 million, offering comprehensive remuneration including wages, bonuses, retirement, medical benefits, and share-based incentive schemes Number of Employees and Staff Costs (As of 30 June) | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Number of Employees | 319 | 429 | | Total Staff Costs (For the Six Months Ended 30 June, RMB million) | 28.6 | 28.8 | - Remuneration policy is based on qualifications, experience, position, and performance, offering wages, performance bonuses, retirement benefits, and medical benefits[53] - Share option and share award schemes are in place to incentivize employees[53] Share Option Scheme As of June 30, 2025, 80,000,000 share options remained unexercised under the share option scheme, with no grants, exercises, cancellations, or lapses during the period Movements in Share Option Scheme (As of 30 June 2025) | Grant Date | Participant | Exercise Price (HKD) | Unexercised as of 1 Jan 2025 | Granted during Period | Exercised during Period | Lapsed/Cancelled during Period | Unexercised as of 30 Jun 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 14 November 2024 | Employee | 3.88 | 60,000,000 | – | – | – | 60,000,000 | | 30 December 2024 | Employee | 2.41 | 20,000,000 | – | – | – | 20,000,000 | | Total | | | 80,000,000 | – | – | – | 80,000,000 | - The number of vested share options will be determined based on the grantee's individual performance rating during the vesting period[56] Share Award Scheme As of June 30, 2025, 75,000,000 award shares were available for grant under the share award scheme, with 5,000,000 granted but unvested, and no grants, exercises, cancellations, or lapses during the period Movements in Share Award Scheme (As of 30 June 2025) | Eligible Person | Grant Date | Unvested as of 1 Jan 2025 | Granted during Period | Vested during Period | Cancelled during Period | Lapsed during Period | Unvested as of 30 Jun 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employee | 30 December 2024 | 5,000,000 | – | – | – | – | 5,000,000 | | Total | | 5,000,000 | – | – | – | – | 5,000,000 | - Award shares will vest on the first anniversary of the grant date (December 30, 2025), with the number of vested shares determined by the grantee's individual performance rating during the vesting period[59] Purchase, Sale or Redemption of the Company's Listed Securities During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[60] Corporate Governance The Group is committed to maintaining high corporate governance standards and complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period - The Group is committed to maintaining high corporate governance standards and complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules[61] Standard Code for Securities Transactions by Directors The company adopted the Standard Code set out in Appendix C3 of the Listing Rules, with all directors confirming compliance during the reporting period - All directors confirmed compliance with the Standard Code set out in Appendix C3 of the Listing Rules during the reporting period[62] Competition and Conflicts of Interest As of the interim report date, no director held direct or indirect interests in businesses competing with the Group or had other conflicts of interest - As of the report date, no directors had significant competing interests or conflicts of interest with the Group's business[63] Directors' and Chief Executive's Interests and Short Positions in Securities As of June 30, 2025, Mr. Zhang Hongjun held a 7.75% equity interest in the company through a controlled corporation and significant shareholder rights in associate Dashan Training, where Mr. Shan Jingchao also held a minor interest Interests in Shares and Underlying Shares of the Company Mr. Zhang Hongjun held 62,000,000 shares, representing approximately 7.75% of the issued share capital, through his controlled corporation, Baitai Directors' Interests in Shares and Underlying Shares of the Company (As of 30 June 2025) | Director Name | Capacity of Interest Held | Number of Shares Held (L) | Approximate % of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Zhang Hongjun | Interest in controlled corporation (Baitai) | 62,000,000 | 7.75 | Interests in Ordinary Shares of Associated Corporations of the Company Mr. Zhang Hongjun held 13,562,500 shares (42.04%) as a nominee shareholder and 13,750,000 shares (42.62%) through Houde Education in Dashan Training, where Mr. Shan Jingchao held 125,000 shares (0.39%) as a nominee shareholder Directors' Interests in Ordinary Shares of Associated Corporations of the Company (As of 30 June 2025) | Director Name | Associated Corporation Name | Capacity of Interest Held | Number of Shares Held | Approximate % of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Zhang Hongjun | Dashan Training | Nominee Shareholder | 13,562,500 | 42.04 | | | Dashan Training | Interest in controlled corporation (Houde Education) | 13,750,000 | 42.62 | | Shan Jingchao | Dashan Training | Nominee Shareholder | 125,000 | 0.39 | Substantial Shareholders' Interests and Short Positions in Securities As of June 30, 2025, major shareholders included INFINITE APEX ENTERPRISES LIMITED (26.31%), Ruitian International Limited (26.23%), and Baitai (7.75%), with their respective controlling entities Interests in Shares and Underlying Shares of the Company INFINITE APEX ENTERPRISES LIMITED and its controller Xi Wang held 210,510,800 shares (26.31%), Ruitian International Limited and its controllers Giga Talent Investment Limited and Ms. Liu Bing Tian held 209,872,000 shares (26.23%), and Baitai and its controller Mr. Zhang Hongjun held 62,000,000 shares (7.75%) Substantial Shareholders' Interests in Shares and Underlying Shares of the Company (As of 30 June 2025) | Name | Capacity of Interest Held | Number of Shares Held (L) | Approximate % of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | INFINITE APEX ENTERPRISES LIMITED | Beneficial Owner | 210,510,800 | 26.31 | | Xi Wang | Interest in controlled corporation | 210,510,800 | 26.31 | | Ruitian International Limited | Beneficial Owner | 209,872,000 | 26.23 | | Giga Talent Investment Limited | Interest in controlled corporation | 209,872,000 | 26.23 | | Liu Bing Tian | Interest in controlled corporation | 209,872,000 | 26.23 | | Baitai | Beneficial Owner | 62,000,000 | 7.75 | Audit Committee The Audit Committee, comprising three independent non-executive directors, reviews and oversees financial reporting, risk management, and internal control systems, having reviewed the unaudited condensed consolidated financial statements - Reviewed the unaudited condensed consolidated financial statements of this interim report[74] - The committee comprises three independent non-executive directors, with Dr. Xie Xiangbing as Chairman[74] Material Litigation During the reporting period and up to the interim report date, the Group was not involved in any material legal proceedings or arbitration - There were no material legal proceedings or arbitration during the reporting period[75] Publication of Interim Report on HKEX and Company Website This interim report will be dispatched to shareholders upon request and is available on the HKEX and company websites - The interim report is available on the HKEX website and the company website[76] Acknowledgement The Board expresses gratitude to management, all employees, shareholders, business partners, students and their families, clients, and the auditor for their support - The Board thanks management, employees, shareholders, partners, clients, and the auditor for their support[77] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's loss widened significantly to RMB45.9 million from RMB8.8 million, driven by decreased revenue, reduced gross profit, and increased administrative expenses due to share-based payments Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended 30 June) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 41,452 | 47,504 | | Cost of Sales and Services | (24,232) | (28,562) | | Gross Profit | 17,220 | 18,942 | | Other Income | 433 | 484 | | Net Other Gains and Losses | (975) | 6,028 | | Selling and Marketing Expenses | (6,621) | (6,031) | | Administrative Expenses | (54,895) | (25,391) | | Share of Results of Associates | (951) | (3,112) | | Finance Costs | (389) | (239) | | Loss Before Tax | (46,178) | (9,319) | | Income Tax Credit | 273 | 509 | | Loss for the Period | (45,905) | (8,810) | | Total Comprehensive Expense for the Period | (45,838) | (8,818) | | Basic and Diluted Loss Per Share (RMB cents) | (5.66) | (1.29) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets less current liabilities decreased to RMB57.4 million from RMB81.9 million, with net assets at RMB43.8 million, reflecting increased net current liabilities and reduced bank balances and cash Condensed Consolidated Statement of Financial Position (As of 30 June) | Indicator | 30 June 2025 (RMB thousand) | 31 December 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 114,933 | 122,802 | | Property, Plant and Equipment | 38,759 | 44,949 | | Interests in Associates | 40,984 | 41,866 | | Current Assets | 57,805 | 72,004 | | Inventories | 5,652 | – | | Bank Balances and Cash | 19,250 | 52,019 | | Current Liabilities | 115,308 | 112,904 | | Contract Liabilities | 83,386 | 86,257 | | Net Current Liabilities | (57,503) | (40,900) | | Total Assets Less Current Liabilities | 57,430 | 81,902 | | Non-current Liabilities | 13,601 | 14,043 | | Net Assets | 43,829 | 67,859 | | Total Equity | 43,829 | 67,859 | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners decreased from RMB99.4 million to RMB77.1 million, primarily due to the loss for the period and share repurchases for the share award scheme, while share-based payment reserves significantly increased Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended 30 June 2025) | Indicator | 1 January 2025 (RMB thousand) | Total Comprehensive Expense for the Period (RMB thousand) | Equity-settled Share-based Payments Recognized (RMB thousand) | Shares Repurchased under Share Award Scheme (RMB thousand) | 30 June 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Company | 99,424 | (43,158) | 29,914 | (9,120) | 77,127 | | Non-controlling Interests | (31