中天湖南集团(02433) - 2025 - 中期业绩

Company Information Company Overview Zhongtian Construction (Hunan) Group Co., Ltd. is an investment holding company incorporated in the Cayman Islands, primarily engaged in construction services in China, listed on the HKEX Main Board since March 30, 2023 - The company was incorporated in the Cayman Islands on March 27, 2020, primarily providing construction services in China[9] - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since March 30, 2023[9] Financial Highlights 2025 H1 Performance Overview In H1 2025, the Group's revenue slightly decreased by 2.8% to RMB 346.6 million, while gross profit margin improved to 11.3%, and loss attributable to owners narrowed to RMB 18.4 million H1 2025 Key Financial Indicators | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 346.6 | 356.5 | -2.8% | | Gross Profit | 39.1 | 38.7 | +1.0% | | Gross Profit Margin | 11.3% | 10.9% | +0.4 percentage points | | Loss Attributable to Owners of the Company | (18.4) | (21.6) | Loss narrowed by 14.8% | | Basic Loss Per Share (RMB cents) | (3.19) | (4.25)* | Loss narrowed by 25.0% | - The Board decided not to declare an interim dividend for the six months ended June 30, 2025[4] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income In H1 2025, the Group reported revenue of RMB 346,554 thousand, gross profit of RMB 39,072 thousand, and a total comprehensive loss of RMB 19,533 thousand, with loss attributable to owners at RMB 18,397 thousand Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 346,554 | 356,507 | | Cost of Sales | (307,482) | (317,772) | | Gross Profit | 39,072 | 38,735 | | Loss Before Income Tax | (21,532) | (26,843) | | Income Tax Credit | 1,999 | 4,130 | | Loss and Total Comprehensive Income for the Period | (19,533) | (22,713) | | Loss for the Period Attributable to Owners of the Company | (18,397) | (21,551) | | Basic Loss Per Share (RMB cents) | (3.19) | (4.25)* | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's net current assets were RMB 441,428 thousand, total assets less current liabilities were RMB 480,665 thousand, and net assets were RMB 479,106 thousand Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 39,237 | 36,240 | | Current Assets | 2,302,921 | 2,203,394 | | Current Liabilities | 1,861,493 | 1,738,050 | | Net Current Assets | 441,428 | 465,344 | | Total Assets Less Current Liabilities | 480,665 | 501,584 | | Non-current Liabilities | 1,559 | 3,921 | | Net Assets | 479,106 | 497,663 | | Total Equity | 479,106 | 497,663 | Notes to the Condensed Consolidated Financial Statements General Information The Company is an investment holding company incorporated in the Cayman Islands, primarily engaged in construction services in China, listed on the HKEX Main Board since March 30, 2023 - The company was incorporated in the Cayman Islands on March 27, 2020, primarily providing construction services in China[9] - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since March 30, 2023[9] Basis of Preparation The unaudited condensed consolidated interim financial information is prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies with the 2024 annual report - The financial information is prepared in accordance with HKAS 34 and the Listing Rules[10] - Accounting policies consistent with the 2024 annual report are adopted, except for new or revised HKFRSs[10] Adoption of HKFRSs The Group adopted new and revised standards effective January 1, 2025, including amendments to HKAS 21, which had no material impact on reported results or financial position - New and revised standards effective January 1, 2025, including amendments to HKAS 21, have been adopted[13] - These amendments have no material impact on the Group's reported results or financial position for current and prior reporting periods[13] Segment Information The Group primarily provides construction services in China, with management reviewing business operations as a single operating segment, and all revenue and non-current assets located in China - Management reviews business operations as a single operating segment, with the main operating entities located in China[14] - All revenue and non-current assets for H1 2025 and H1 2024 were generated and located in China[14][15] Operating Segment Information The chief operating decision maker (Executive Directors) reviews business operations as a single segment to allocate resources and assess performance - The chief operating decision maker reviews business operations as a single operating segment[14] Major Customers Information In H1 2025, Customer B contributed RMB 71,798 thousand, exceeding 10% of total revenue, compared to Customer A in H1 2024 Major Customer Revenue Contribution (Over 10% of Total Revenue) | Customer | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | Not applicable | 35,883 | | Customer B | 71,798 | Not applicable | Revenue Total revenue for H1 2025 was approximately RMB 346.6 million, a 2.8% decrease year-on-year, primarily from construction contracts, with growth in civil and municipal engineering but significant decline in prefabricated steel structure and other specialized contracting Total Revenue and Year-on-year Change | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 346,554 | 356,507 | -2.8% | Revenue Composition Construction contract revenue forms the majority, with civil and municipal engineering growing by 7.2% and 16.8% respectively, while prefabricated steel structure and other specialized contracting revenue declined over 50% Construction Contract Revenue Breakdown | Construction Contract Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Civil Engineering | 204,101 | 190,329 | +7.2% | | Municipal Engineering | 103,602 | 88,683 | +16.8% | | Foundation Engineering | 4,199 | 4,289 | -2.1% | | Prefabricated Steel Structure Engineering | 13,808 | 29,433 | -53.1% | | Other Specialized Contracting | 20,017 | 42,138 | -52.5% | | Total Construction Contract Revenue | 345,727 | 354,872 | -2.6% | | Revenue from Provision of Construction Machinery and Equipment | 827 | 1,635 | -49.4% | Geographical Information Hunan Province remains the primary revenue source but saw a decrease, while Jiangxi Province experienced significant growth, and Hainan Province's revenue declined Geographical Revenue Distribution | Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Hunan | 193,324 | 257,348 | | Hainan | 30,721 | 50,168 | | Jiangxi | 71,798 | 15,164 | | Others | 50,711 | 33,827 | | Total | 346,554 | 356,507 | Other Income and Net Other Gains Other income and net other gains decreased to RMB 0.3 million in H1 2025, mainly due to reduced government grants Other Income and Net Other Gains | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 349 | 85 | | Government Grants | 8 | 507 | | Gain on Disposal of Property, Plant and Equipment | 32 | 1 | | Others | (84) | (2) | | Total | 305 | 591 | Finance Costs Finance costs decreased to RMB 2.2 million in H1 2025, primarily due to a reduction in average borrowings and partial repayment of loans Finance Costs Components | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 36 | 39 | | Interest Expense on Borrowings | 2,121 | 2,702 | | Total | 2,157 | 2,741 | Loss Before Income Tax Loss before income tax narrowed to RMB 21.5 million in H1 2025 from RMB 26.8 million in the prior year, driven by changes in inventory costs, depreciation, R&D, and short-term lease expenses Key Components of Loss Before Income Tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Inventories | 93,849 | 145,446 | | Depreciation of Owned Property, Plant and Equipment | 1,144 | 2,325 | | Research and Development Costs | 8,986 | 9,352 | | Short-term Lease Expenses — Machinery and Equipment | 31,303 | 19,120 | Income Tax Credit Income tax credit decreased to RMB 2.0 million in H1 2025 from RMB 4.1 million in the prior year, with some subsidiaries enjoying preferential tax rates as high-tech or small-profit enterprises Income Tax Credit | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC Enterprise Income Tax (Current Period) | 1,732 | 527 | | Deferred Tax | (3,731) | (4,657) | | Total | (1,999) | (4,130) | - One subsidiary is certified as a high-tech enterprise, enjoying a 15% preferential enterprise income tax rate[28][53] - Two subsidiaries qualify as small-profit enterprises, entitled to preferential tax rates[28] Dividends No dividends were paid or declared by the Company for H1 2025 or H1 2024 - No dividends were paid or declared by the Company for H1 2025 and H1 2024[29] Loss Per Share Basic loss per share narrowed to RMB 3.19 cents in H1 2025 from RMB 4.25 cents in H1 2024, with diluted loss per share being the same due to no potential dilutive ordinary shares Loss Per Share Data | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (RMB thousand) | (18,397) | (21,551) | | Weighted Average Number of Shares in Issue | 576,000,000 | 507,342,000* | | Basic Loss Per Share (RMB cents) | (3.19) | (4.25)* | - Diluted loss per share is the same as basic loss per share for H1 2025 due to no outstanding potential dilutive ordinary shares[31] Trade and Bills Receivables and Other Receivables As of June 30, 2025, net trade and bills receivables were RMB 329,573 thousand, a decrease from December 31, 2024, while prepayments significantly increased Summary of Trade and Bills Receivables and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 377,050 | 448,472 | | Bills Receivables | 1,061 | 725 | | Impairment Allowance | (48,538) | (35,224) | | Net Trade and Bills Receivables | 329,573 | 413,973 | | Prepayments | 206,630 | 26,780 | | Total | 624,038 | 528,494 | Trade Receivables Aging Analysis (Net of Impairment Losses) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 40,709 | 144,887 | | 91 to 180 days | 25,322 | 11,999 | | 181 to 365 days | 62,821 | 64,941 | | 1 to 2 years | 94,756 | 107,476 | | 2 to 3 years | 64,442 | 53,407 | | Over 3 years | 40,485 | 30,587 | | Total | 328,535 | 413,297 | Trade Payables As of June 30, 2025, total trade payables increased to RMB 1,089,101 thousand, with a significant portion aged over one year Trade Payables Summary | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables — Third Parties | 1,055,899 | 945,415 | | Trade Payables — Related Parties | 33,202 | 39,891 | | Total | 1,089,101 | 985,306 | Trade Payables Aging Analysis | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 86,078 | 226,489 | | 91 to 180 days | 66,952 | 35,362 | | 181 to 365 days | 249,734 | 262,185 | | 1 to 2 years | 534,396 | 353,674 | | Over 2 years | 151,941 | 107,596 | | Total | 1,089,101 | 985,306 | Borrowings As of June 30, 2025, total interest-bearing borrowings decreased by 17.5% to approximately RMB 93.3 million, mostly current liabilities, with some financial covenant breaches waived by banks Borrowings Composition | Borrowing Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Borrowings | 92,727 | 110,261 | | Non-current Borrowings | 622 | 2,800 | | Total | 93,349 | 113,061 | - The Group failed to comply with certain financial covenants for bank borrowings totaling RMB 73.5 million, but waivers were obtained from the banks after the reporting period[37] Pledged Assets for Borrowings | Pledged Assets | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 5,019 | 5,022 | | Trade and Bills Receivables | — | 33,750 | | Investment Properties | 8,782 | 6,934 | | Bank Deposits | — | 5,000 | | Intangible Assets | — | 38 | Business Review and Future Outlook Business Review In H1 2025, the Group operated in a challenging market with a slight revenue decrease, but civil and municipal engineering grew, and gross profit margin improved due to cost control and project selection - Operated in a challenging market environment with a continued downturn in China's real estate sector and a slow economic recovery[38] - Total revenue slightly decreased by 2.8% year-on-year to approximately RMB 346.6 million, with a narrower decline compared to the previous year[38] - Revenue from civil engineering and municipal engineering recorded mid-single-digit and double-digit growth, respectively, while prefabricated steel structure engineering and other specialized contracting revenue significantly declined[38] - Gross profit margin slightly increased to approximately 11.3% (H1 2024: approximately 10.9%), primarily due to a focus on cost control and stringent project selection[39] Future Outlook and Strategies The Group anticipates continued pressure in China's construction industry and will maintain a cautious strategy focusing on resilient segments, risk management, cost discipline, liquidity, and exploring new opportunities for long-term growth - China's construction industry is expected to remain under pressure, with intense competition for new projects and liquidity management as a key challenge[40] - Strategies include prioritizing civil engineering and municipal engineering projects; strengthening project selection criteria, focusing on clients with strong credit profiles; strict control over administrative expenses to enhance operational efficiency; prudent working capital management and accelerating receivables collection; and evaluating potential growth areas such as urban renewal, infrastructure upgrades, and green building initiatives[41][42] Financial Performance Analysis Revenue Analysis Total revenue for H1 2025 was approximately RMB 346.6 million, a 2.8% year-on-year decrease, with a narrower decline indicating business stabilization - Revenue for H1 2025 was approximately RMB 346.6 million, a decrease of approximately 2.8% compared to H1 2024[43] - The decrease was significantly narrower than in H1 2024, indicating a gradual stabilization of business operations[43] Construction Contract Revenue Construction contract revenue was approximately RMB 345.7 million. Civil and municipal engineering revenue grew by 7.2% and 16.8%, while prefabricated steel structure and other specialized contracting revenue significantly declined by 53.1% and 52.5% Construction Contract Revenue Breakdown and Changes | Construction Contract Type | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Civil Engineering | 204.1 | 190.3 | +7.2% | | Municipal Engineering | 103.6 | 88.7 | +16.8% | | Prefabricated Steel Structure Engineering | 13.8 | 29.4 | -53.1% | | Other Specialized Contracting | 20.0 | 42.1 | -52.5% | Revenue from Provision of Construction Machinery and Equipment Revenue from providing construction machinery and equipment decreased from approximately RMB 1.6 million in H1 2024 to RMB 0.8 million in H1 2025 Revenue from Provision of Construction Machinery and Equipment | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Revenue from Provision of Construction Machinery and Equipment | 0.8 | 1.6 | Cost of Sales and Gross Profit Cost of sales decreased by 3.2% to RMB 307.5 million, aligning with revenue reduction, while gross profit slightly increased to RMB 39.1 million, and gross profit margin rose to 11.3%, reflecting improved project mix and cost management Cost of Sales and Gross Profit | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 307.5 | 317.8 | -3.2% | | Gross Profit | 39.1 | 38.7 | +1.0% | | Gross Profit Margin | 11.3% | 10.9% | +0.4 percentage points | - The decrease in cost of sales was primarily due to reduced material costs and subcontracting expenses resulting from the contraction of prefabricated steel structure and other specialized contracting projects[47] Analysis of Other Income and Expenses Other income and net other gains decreased due to reduced government subsidies, administrative and other expenses remained stable, impairment of financial and contract assets remained stable, and finance costs decreased due to lower average borrowings - Other income and net other gains decreased to RMB 0.3 million, mainly due to a reduction in government subsidies[49] - Administrative and other expenses remained relatively stable at RMB 34.5 million[50] - Net impairment of financial and contract assets remained stable at RMB 24.3 million[51] - Finance costs decreased to RMB 2.2 million, primarily due to a reduction in average borrowings and partial repayment of certain borrowings[52] Net Loss Analysis Loss attributable to owners narrowed to RMB 18.4 million in H1 2025, an improvement of approximately 14.6%, primarily due to reduced impairment expenses and finance costs Loss Attributable to Owners of the Company | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (18.4) | (21.6) | Loss narrowed by 14.6% | - The narrowing of the loss was mainly due to reduced impairment expenses and finance costs[54] Liquidity and Capital Structure Liquidity and Financial Resources As of June 30, 2025, net current assets were approximately RMB 441.4 million, current ratio slightly decreased to 1.24, and cash and cash equivalents increased by 25.0% to RMB 40.7 million, still reflecting working capital pressure Liquidity Indicators | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 441.4 | 465.3 | -5.1% | | Current Ratio | 1.24 | 1.27 | -0.03 | | Cash and Cash Equivalents | 40.7 | 32.5 | +25.0% | - The increase in cash was mainly due to improved operating cash inflow and tighter control over capital expenditure, but the cash balance remains at a relatively modest level, reflecting ongoing working capital pressure[55] - The Group will continue to strengthen receivables collection and actively manage contract assets to enhance liquidity[55] Funding and Treasury Policy The Group maintains a prudent funding and treasury policy, keeping surplus funds in licensed banks and closely monitoring liquidity to meet funding needs - The Group maintains a prudent funding and treasury policy, with surplus funds held as cash deposits in licensed banks[57] - The Board closely monitors the Group's liquidity position to ensure funding needs are met[57] Capital Commitments As of June 30, 2025, the Group's capital commitments for property, plant, and equipment acquisition were approximately RMB 14.5 million, consistent with December 31, 2024 Capital Commitments | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 14.5 | 14.5 | Gearing Ratio As of June 30, 2025, the gearing ratio (total interest-bearing debt divided by total equity) decreased to approximately 19.5% from 23.0% at December 31, 2024, reflecting debt reduction and a sound capital structure approach Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 19.5% | 23.0% | Pledge of Assets Details of assets pledged by the Group to secure borrowings are provided in Note 14 to the condensed consolidated financial statements, primarily including property, plant, and equipment, and investment properties - Details of assets pledged by the Group to secure borrowings are contained in Note 14 to the condensed consolidated financial statements[65] Use of Proceeds from Global Offering Net proceeds from the global offering were approximately RMB 76.6 million, with RMB 65.1 million utilized by H1 2025 for project pre-expenses, technology center working capital, and general corporate purposes, and the remaining RMB 11.5 million expected for machinery and equipment by December 2025 Use and Application of Proceeds from Global Offering | Purpose | Intended Use (RMB million) | Utilized in H1 2025 (RMB million) | Unutilized as of June 30, 2025 (RMB million) | Estimated Timeline for Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Funding pre-expenses for three ongoing projects | 38.3 | 38.3 | — | Not applicable | | Purchasing and/or replacing construction machinery and equipment | 15.3 | 3.8 | 11.5 | Before December 2025 | | Funding establishment and operation of a technology center | 15.3 | 15.3 | — | Not applicable | | Working capital and general corporate purposes | 7.7 | 7.7 | — | Not applicable | | Total | 76.6 | 65.1 | 11.5 | | Employees and Remuneration Employees and Remuneration Policy As of June 30, 2025, the Group employed 335 staff with total staff costs of approximately RMB 10.9 million, utilizing an appraisal system for salary reviews and bonuses, alongside various benefits and training Employees and Staff Costs | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 335 | 295 | | Total Staff Costs (RMB million) | 10.9 | 14.8 | - An appraisal system is used for salary reviews and bonus determination, along with various additional benefits and training opportunities[59] - A share option scheme was adopted on March 10, 2023, but no share options have been granted from the listing date up to June 30, 2025[60] Investment and Asset Plans Future Plans for Material Investments and Capital Assets Except for disclosures in the prospectus and June 7, 2024 announcement, the Group had no other future plans for material investments and capital assets as of June 30, 2025 - Except for information disclosed in the prospectus and the announcement dated June 7, 2024, the Group had no other future plans for material investments and capital assets as of June 30, 2025[61] Material Investments, Acquisitions and Disposals In H1 2025, the Group did not hold any material investments or undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - In H1 2025, the Group did not hold any material investments or undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[69] Risk Management Contingent Liabilities Except for certain outstanding litigations and claims arising in the ordinary course of business, the Group had no material contingent liabilities as of June 30, 2025 - Except for certain outstanding litigations and claims arising in the ordinary course of business, the Group had no material contingent liabilities as of June 30, 2025[62] Foreign Exchange Risk The Group's assets, liabilities, and transactions are primarily denominated in RMB, with no foreign exchange contracts to hedge fluctuations, and directors consider foreign exchange risk to be minimal - The Group's assets, liabilities, and transactions are primarily denominated in RMB[63] - No foreign exchange contracts have been entered into to hedge against exchange rate fluctuations, and the Directors consider foreign exchange risk to be minimal[63] Share Capital and Dividends Share Transactions Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in H1 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in H1 2025[66] Interim Dividend The Board does not recommend an interim dividend for H1 2025, consistent with H1 2024 - The Board does not recommend an interim dividend for H1 2025 (H1 2024: nil)[70] Corporate Governance Audit Committee The Audit Committee, established on March 10, 2023, comprises three independent non-executive directors, advising on auditor appointment, financial statement review, internal control, and risk management, and has reviewed H1 2025 interim financial information - The Audit Committee was established on March 10, 2023, and comprises three independent non-executive directors[71] - Its primary responsibilities include advising on the appointment of external auditors, reviewing financial statements, and overseeing financial reporting procedures, internal control, and risk management systems[71] - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for H1 2025[72] Corporate Governance Practices The Board is committed to high standards of corporate governance and adopted and complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during H1 2025 - The Board is committed to achieving high standards of corporate governance and adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during H1 2025[73] Model Code for Securities Transactions The Company adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, with all directors confirming compliance during H1 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[74] - All Directors confirmed their compliance with the required standards of dealing as set out in the Model Code throughout H1 2025[74] Other Important Information Significant Events After H1 2025 The Directors noted no significant events concerning the Group's business or financial performance after June 30, 2025 - The Directors noted no significant events concerning the Group's business or financial performance after June 30, 2025[75] Interim Report Publication The H1 2025 interim report will be dispatched to shareholders and published on the HKEX and Company websites in due course - The H1 2025 interim report will be dispatched to shareholders and published on the HKEX website and the Company's website in due course[76] Acknowledgements and Board Composition The Board extends gratitude to management, staff, shareholders, business partners, and professionals for their support, with the Board comprising four executive and three independent non-executive directors as of the announcement date - The Board extends its sincere gratitude to the Group's management and all staff for their efforts and contributions, as well as to shareholders, business partners, and other professionals for their support[77] - The Board comprises Mr. Yang Zhongjie (Chairman and Executive Director); Mr. Liu Xiaohong, Mr. Chen Weiwu, and Mr. Min Shixiong (Executive Directors); and Dr. Liu Jianlong, Ms. Deng Jianhua, and Mr. Liu Guohui (Independent Non-executive Directors)[80]