澳亚集团(02425) - 2025 - 中期业绩

Interim Results Summary Financial and Key Performance Indicators Overview AustAsia Group's H1 2025 revenue decreased by 7.1% to RMB 1,697.9 million, while gross profit increased 35.1% to RMB 295.9 million, and loss attributable to owners narrowed 40.6% to RMB 377.8 million, with average annual milk yield per mature cow rising 2.9% to 14.1 tonnes | Financial Data (RMB thousand) | H1 2025 | H1 2024 | Change | Change % | | :---------------------------- | :---------- | :---------- | :-------- | :--------- | | Revenue | 1,697,917 | 1,827,965 | (130,048) | -7.1% | | Gross Profit | 295,907 | 219,034 | 76,873 | +35.1% | | Loss from changes in fair value of other biological assets less costs to sell | (462,425) | (605,594) | 143,169 | -23.6% | | Loss attributable to owners of the Company | (377,783) | (636,013) | 258,230 | -40.6% | | Basic Loss Per Share (RMB) | (0.54) | (0.91) | 0.37 | -40.7% | | Cash EBITDA | 343,886 | 231,522 | 112,364 | +48.5% | | Profit/(Loss) for the period (before fair value adjustments of biological assets) | 84,642 | (30,419) | 115,061 | +378.3% | | Key Performance Indicators| 2025 | 2024 | Change| Change % | | Average Annual Milk Yield Per Mature Cow (tonnes) | 14.1 | 13.7 | 0.4 | +2.9% | | Dairy Cattle Inventory (head) | 117,448 | 130,229 | (12,781) | -9.8% | | Beef Cattle Inventory (head) | 25,709 | 39,466 | (13,757) | -34.9% | - Net loss of approximately RMB 377.8 million was primarily due to a loss from changes in fair value of other biological assets less costs to sell of RMB 462.4 million, mainly resulting from assumed decreases in raw milk and culled cattle prices when calculating fair value[5] - The average annual milk yield per mature cow increased to 14.1 tonnes, a 2.9% increase compared to the same period in 2024[5] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group recorded a net loss of RMB 377.8 million for H1 2025, a significant narrowing from RMB 636.0 million in the prior year, with revenue decreasing 7.1% but gross profit increasing 35.1%, mainly due to reduced fair value losses on biological assets | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Revenue | 1,697,917 | 1,827,965 | | Gross Profit | 295,907 | 219,034 | | Loss from changes in fair value of other biological assets less costs to sell | (462,425) | (605,594) | | Loss Before Tax | (371,508) | (628,343) | | Loss for the period | (377,783) | (636,013) | | Basic Loss Per Share (RMB) | (0.54) | (0.91) | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total non-current assets were RMB 7,069.4 million, total current assets were RMB 1,948.6 million, net current liabilities were RMB 1,143.7 million, and net assets were RMB 3,429.7 million, a decrease from year-end 2024 | Indicator (RMB thousand) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Total Non-Current Assets | 7,069,430 | 7,482,170 | | Total Current Assets | 1,948,575 | 2,389,905 | | Total Current Liabilities| 3,092,229 | 3,642,059 | | Net Current Liabilities | (1,143,654) | (1,252,154) | | Net Assets | 3,429,729 | 3,807,512 | | Total Equity | 3,429,729 | 3,807,512 | Notes to the Interim Condensed Consolidated Financial Statements Basis of Preparation These interim financial statements are prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual consolidated financial statements, noting significant uncertainty regarding going concern due to net current liabilities and short-term bank borrowings, despite management's mitigating actions - As of June 30, 2025, the Group had net current liabilities of approximately RMB 1,144 million, total bank borrowings of RMB 3,325 million (of which RMB 2,130 million are repayable within one year), and cash and cash equivalents of RMB 271 million, indicating a material uncertainty related to going concern[12] - The Board has reviewed cash flow forecasts and implemented measures to improve liquidity, including enhancing raw milk production and quality, reducing procurement costs, actively pursuing financing (including a rights issue raising approximately HKD 308.81 million net proceeds), and monitoring capital expenditures[12][14][37] Changes in Accounting Policies and Disclosures The Group's accounting policies are consistent with its 2024 annual consolidated financial statements, except for new standards effective January 1, 2025, with IAS 21 (Amendments) on lack of exchangeability having no material impact - New standards effective January 1, 2025, have been adopted but did not impact the Group's interim condensed consolidated financial information[15][16] - Amendments to IAS 21 regarding lack of exchangeability had no material impact on the Group's financial statements[17] Operating Segment Information The Group operates in three reportable segments: raw milk, beef cattle, and other businesses, with H1 2025 revenues of RMB 1,309.2 million for raw milk, RMB 234.3 million for beef cattle, and RMB 154.4 million for other businesses, all derived from mainland China - The Group is organized into three reportable operating segments: raw milk business, beef cattle business, and other businesses[18] | Segment Revenue (RMB thousand) | H1 2025 | H1 2024 | | :----------------------------- | :---------- | :---------- | | Raw Milk | 1,309,177 | 1,424,316 | | Beef Cattle | 234,321 | 219,508 | | Other | 154,419 | 184,141 | | Total | 1,697,917 | 1,827,965 | - All revenue is derived from customers in mainland China[21] Other Income and Gains and Other Expenses In H1 2025, other income and gains increased to RMB 52.9 million, primarily due to higher government grants and insurance claims, while other expenses significantly decreased by 81.9% to RMB 1.5 million, mainly from reduced foreign exchange losses and losses on disposal of property, plant and equipment | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :------ | :------ | | Total Other Income and Gains | 52,858 | 25,077 | | Government Grants | 31,352 | 7,399 | | Insurance Claims | 13,061 | 10,068 | | Total Other Expenses | 1,486 | 8,214 | | Net Foreign Exchange Loss| – | 2,350 | | Loss on Disposal of Property, Plant and Equipment | 692 | 5,195 | - The increase in other income and gains was mainly due to an increase in government grants of RMB 24.0 million and insurance claims of RMB 3.0 million[60] - The decrease in other expenses was mainly due to a reduction in foreign exchange losses recognized of RMB 2.4 million and a decrease in loss on disposal of property, plant and equipment of RMB 4.5 million[61] Finance Costs Finance costs for H1 2025 increased by 2.2% year-on-year to RMB 147.0 million, primarily due to an increase in the average amount of bank borrowings | Finance Costs (RMB thousand) | H1 2025 | H1 2024 | | :--------------------------- | :---------- | :---------- | | Interest on Bank Loans | 107,429 | 102,999 | | Interest on Lease Liabilities| 39,598 | 40,938 | | Total | 147,027 | 143,937 | - The overall increase in finance costs was mainly due to an increase in the average amount of bank borrowings during the reporting period, resulting from additional drawdowns of working capital loans[63] Loss Before Tax and Income Tax Expense In H1 2025, loss before tax significantly narrowed to RMB 371.5 million from RMB 628.3 million in the prior year, with income tax expense recorded at RMB 6.3 million | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Loss Before Tax | (371,508) | (628,343) | | Income Tax Expense | 6,275 | 7,670 | Dividends No dividends were paid or declared by the Company for the six months ended June 30, 2025 - No dividends were paid or declared by the Company for the six months ended June 30, 2024 and 2025, respectively[28] Loss Per Share Attributable to Ordinary Equity Holders of the Parent Basic and diluted loss per share for H1 2025 improved to RMB 0.54, compared to RMB 0.91 in the same period last year | Indicator | H1 2025 | H1 2024 | | :-------- | :------------ | :------------ | | Loss (RMB thousand) | (377,783) | (636,013) | | Shares (shares) | 700,463,112 | 700,463,112 | | Basic and Diluted Loss Per Share (RMB) | (0.54) | (0.91) | Trade and Other Receivables As of June 30, 2025, net trade and other receivables decreased to RMB 269.3 million from RMB 296.7 million at year-end 2024, with RMB 246.2 million pledged to banks as security for borrowings | Trade and Other Receivables (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :---------------- | | Trade and Other Receivables | 276,476 | 303,927 | | Impairment | (7,224) | (7,224) | | Net | 269,252 | 296,703 | - As of June 30, 2025, trade and other receivables of RMB 246,163,000 were pledged to banks to secure certain bank borrowings granted to the Group[34] Trade and Other Payables As of June 30, 2025, total trade and other payables significantly decreased to RMB 467.6 million from RMB 692.3 million at year-end 2024 | Trade and Other Payables (RMB thousand) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Trade and Other Payables | 467,597 | 692,302 | Events After the Reporting Period The Company successfully completed a rights issue on August 5, 2025, issuing 280,185,244 rights shares and raising net proceeds of approximately HKD 308.81 million, aimed at improving its financial position and expanding its capital base - The Company successfully completed a rights issue on August 5, 2025, issuing 280,185,244 rights shares and raising net proceeds of approximately HKD 308.81 million[37] - The rights issue aims to improve the Group's financial position and expand its capital base to support long-term development without incurring additional interest burdens[37] Management Discussion and Analysis Industry Overview In H1 2025, China's GDP grew 5.3% year-on-year, but consumption and investment remained below expectations; the dairy farming sector faced challenges with declining Holstein cattle inventory and slowing milk production growth, yet de-capacity efforts yielded results and feed costs decreased, while the beef cattle industry gradually recovered with significant price increases, supported by favorable government policies promoting sustainable dairy development - In H1 2025, China's GDP grew by 5.3% year-on-year, but consumption and investment remained below expectations, with total retail sales of consumer goods declining to 4.8% year-on-year[38] - The operating environment for dairy farms in China remained challenging, with Holstein cattle inventory decreasing by 4.2% year-on-year and milk production increasing by a mere 0.5% year-on-year, though de-capacity efforts were effective and breeding costs decreased[38] - The beef cattle industry gradually emerged from difficulties, achieving a recovery in profitability; as of June 12, 2025, the average beef price in major domestic production areas surged to RMB 63.75/kg, a cumulative increase of 16.84% from the beginning of the year and a year-on-year increase of 10.49%[40] - The Chinese government actively introduced favorable policies for the dairy industry, including the implementation of the "National Food Safety Standard for Sterilized Milk" (prohibiting reconstituted milk), childcare subsidy systems, and fiscal and financial support, to help dairy farming overcome difficulties[39] Business Overview AustAsia Group primarily engages in dairy farming and raw milk sales, as well as beef cattle farming and fattening, ranking as China's fourth-largest raw milk producer in 2024, and also sells dairy and feed products under its own brands - The Group is primarily engaged in dairy farming, producing and selling high-quality raw milk, as well as beef cattle farming and fattening businesses[42] - In 2024, according to Holstein magazine, we were the fourth largest raw milk producer in China (by output), with an annual production of approximately 916,600 tonnes[42] - In addition to raw milk and beef cattle businesses, the Group also sells dairy products and feed products under its own brands "AustAsia Dairy Farm" and "AustAsia Feed"[42] Business Review In H1 2025, the Group continued to optimize operations, with the raw milk business significantly reducing feed costs through formula adjustments and centralized procurement, leading to a 2.9% year-on-year increase in annualized milk yield to 14.1 tonnes, while the beef cattle business's gross margin turned positive due to lower feed costs; the Group also employs in-vitro fertilization and embryo transfer technologies for breeding and holds SQF certification for high product quality - Raw Milk Business: As of June 30, 2025, the Group owned and operated 11 large-scale modern dairy farms in Shandong and Inner Mongolia, China, with a dairy cattle inventory of 117,448 head[43] - Raw Milk Business: Feed costs were significantly reduced through adjusting feed formulas, improving cattle absorption levels and feed conversion rates, and centralized procurement activities[44] - Raw Milk Business: Annualized milk yield increased by 2.9% year-on-year to 14.1 tonnes, attributed to improved herd management, upgraded genetic breeding technology, and an increased number of cows in peak lactation[44] - Beef Cattle Business: During the reporting period, the gross margin of the beef cattle business turned positive from negative, benefiting from a decrease in feed costs[46] - Breeding: The Group employs in-vitro fertilization and embryo transfer technologies to breed superior dairy cattle, possesses a core herd of over 10,030 dairy cattle, and plans to commercialize its embryo transfer business for external farms[48] - Milk Quality: All 11 dairy farms have obtained Food Safety Quality (SQF) certification and implement stringent internal quality control systems[49] - Customers: The Group has a diversified customer base and is not reliant on its controlling shareholder, with sales to its top five raw milk customers accounting for 73.1% of raw milk revenue[50] Revenue In H1 2025, the Group's revenue decreased by 7.1% year-on-year to RMB 1,697.9 million, primarily due to lower selling prices for raw milk and beef cattle | Product Type (RMB thousand) | H1 2025 | H1 2024 | | :-------------------------- | :---------- | :---------- | | Raw Milk | 1,309,177 | 1,424,316 | | Beef Cattle | 234,321 | 219,508 | | Other | 154,419 | 184,141 | | Total | 1,697,917 | 1,827,965 | - The decrease in revenue was mainly due to lower selling prices for raw milk and beef cattle[52] Cost of Sales In H1 2025, cost of sales was RMB 1,691.6 million, a 6.8% year-on-year decrease, with direct material costs for raw milk and beef cattle businesses decreasing by 15.4% and 2.1% respectively, primarily due to lower feed costs | Cost of Sales (RMB thousand) | H1 2025 | H1 2024 | | :--------------------------- | :---------- | :---------- | | Cost of Sales for Raw Milk | 1,309,177 | 1,424,316 | | Cost of Sales for Beef Cattle| 234,321 | 219,508 | | Cost of Sales for Other Businesses | 148,083 | 171,145 | | Total Cost of Sales | 1,691,581 | 1,814,969 | - Direct material costs for the raw milk business (mainly silage, forage, corn, and soy products) decreased by 15.4% year-on-year to RMB 720.0 million, primarily due to lower feed costs[55] - Direct material costs for the beef cattle business decreased by 2.1% year-on-year to RMB 195.5 million, primarily due to lower feed costs[56] Gross Profit In H1 2025, the Group's gross profit increased by 35.1% year-on-year to RMB 295.9 million, with gross margin improving to 17.4%, driven by a 9.5% increase in raw milk gross profit and a turnaround from loss to profit in the beef cattle business, mainly due to lower feed costs | Business | H1 2025 Gross Profit (RMB thousand) | H1 2025 Gross Margin | H1 2024 Gross Profit (RMB thousand) | H1 2024 Gross Margin | | :------- | :---------------------------------- | :------------------- | :---------------------------------- | :------------------- | | Raw Milk | 283,609 | 21.7% | 258,914 | 18.2% | | Beef Cattle | 5,962 | 2.5% | (52,876) | -24.1% | | Other | 6,336 | 4.1% | 12,996 | 7.1% | | Total| 295,907 | 17.4% | 219,034 | 12.0% | - Gross profit for the raw milk business increased by 9.5% year-on-year to RMB 283.6 million, mainly due to lower feed costs during the reporting period[57] - Gross profit for the beef cattle business was RMB 6.0 million (H1 2024: gross loss of RMB 52.9 million), mainly due to lower feed costs during the reporting period[58] Loss from Changes in Fair Value of Other Biological Assets Less Costs to Sell In H1 2025, the loss from changes in fair value of other biological assets less costs to sell decreased to RMB 462.4 million from RMB 605.6 million in the prior year, primarily due to lower raw milk price assumptions used in fair value calculations | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Loss from changes in fair value of other biological assets less costs to sell | (462,425) | (605,594) | - The significant loss was mainly due to lower raw milk prices adopted in the assumptions for calculating the fair value of biological assets[59] Administrative Expenses Administrative expenses for H1 2025 decreased by 8.4% year-on-year to RMB 103.4 million | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Administrative Expenses | (103,381) | (112,895) | - Administrative expenses decreased by 8.4% year-on-year[62] Loss Before Tax and Loss Attributable to Owners of the Company In H1 2025, loss before tax was RMB 371.5 million and loss attributable to owners of the Company was RMB 377.8 million, both significantly narrowed from the prior year, primarily due to increased gross profit and reduced fair value losses on biological assets | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Loss Before Tax | (371,508) | (628,343) | | Loss Attributable to Owners of the Company | (377,783) | (636,013) | - The narrowing of loss was mainly due to a 35.1% increase in the Group's gross profit to RMB 295.9 million (primarily from lower feed costs), and a RMB 143.2 million reduction in loss from changes in fair value of other biological assets less costs to sell[65] Non-IFRS Financial Measures The Group uses non-IFRS financial measures such as Cash EBITDA and Profit/Loss before fair value adjustments of biological assets to better reflect normal operating performance, with H1 2025 Cash EBITDA at RMB 343.9 million and Profit before fair value adjustments of biological assets at RMB 84.6 million - Non-IFRS financial measures are used to adjust for the potential impact of certain non-recurring items to reflect the Group's normal operating performance[66] | Non-IFRS Measures (RMB thousand) | H1 2025 | H1 2024 | | :------------------------------- | :---------- | :---------- | | Cash EBITDA | 343,886 | 231,522 | | Profit/(Loss) for the period (before fair value adjustments of biological assets) | 84,642 | (30,419) | Liquidity and Capital Resources The Group primarily funds its operations through cash generated from operating activities and bank borrowings, with H1 2025 net cash from operating activities at RMB 500.3 million, net cash used in investing activities at RMB 162.9 million, net cash used in financing activities at RMB 348.4 million, and cash and cash equivalents at period-end of RMB 270.9 million | Cash Flows (RMB thousand) | H1 2025 | H1 2024 | | :------------------------ | :---------- | :---------- | | Net Cash Flows from Operating Activities | 500,263 | 709,860 | | Net Cash Flows Used in Investing Activities | (162,907) | (378,163) | | Net Cash Flows Used in Financing Activities | (348,404) | (500,875) | | Net Decrease in Cash and Cash Equivalents | (11,048) | (169,178) | | Cash and Cash Equivalents at End of Period | 270,863 | 104,864 | - Net cash flows used in investing activities primarily comprised payments for biological assets of RMB 288.1 million and purchases of property, plant and equipment of RMB 65.6 million, partially offset by proceeds from disposal of biological assets of RMB 188.0 million[76] - Net cash flows used in financing activities were mainly attributable to repayment of interest-bearing bank borrowings of RMB 2,622.0 million, principal lease payments of RMB 65.9 million, and interest payments of RMB 99.2 million, partially offset by new interest-bearing bank borrowings of RMB 2,439.8 million[77] | Interest-Bearing Bank Borrowings (RMB thousand) | June 30, 2025 | December 31, 2024 | | :-------------------------------------------- | :------------ | :---------------- | | Current | 2,129,845 | 2,462,495 | | Non-Current | 1,195,400 | 1,035,897 | | Total | 3,325,245 | 3,498,392 | Contingent Liabilities and Pledged Assets As of June 30, 2025, the Group's bank borrowings are secured by various assets including trade receivables, inventories, property, plant and equipment, biological assets, right-of-use assets, and subsidiary shares, with certain bank loans also guaranteed by the Company, subsidiaries, and controlling shareholders; the Group is involved in a lawsuit concerning trade receivables but has no other significant litigation - The Group's bank loans are secured by trade and other receivables (RMB 246.2 million), inventories (RMB 655.5 million), property, plant and equipment (RMB 283.7 million), biological assets (RMB 3,013.6 million), right-of-use assets (RMB 12.7 million), and shares of subsidiaries (RMB 562.0 million)[81] - Bank loans of RMB 3,187.5 million are guaranteed by the Company and certain subsidiaries, and bank loans of RMB 179.0 million are guaranteed by certain controlling shareholders[81] - Shanghai AustAsia applied for a property preservation order against Hebei Yuanfuda for failure to pay for dairy products totaling RMB 7,223,812.5, with the related lawsuit to be heard after criminal charges are resolved[82] Foreign Currency Risk The Group is exposed to foreign currency risk primarily from USD and SGD denominated transactions, but management considers the risk not significant and currently has no hedging policy - The Group's foreign currency risk primarily involves USD and SGD denominated transactions, with USD 43.0 million in working capital loans and USD 19.0 million in term loans outstanding as of June 30, 2025[83] - Management considers foreign currency risk not significant and currently has no foreign exchange hedging policy, but will monitor it closely and consider hedging if necessary[83] Employees Total employee compensation expenses for H1 2025 decreased by 4.0% year-on-year to RMB 188.9 million, as the Company focuses on attracting, retaining, and motivating talent through regular training and guidance | Indicator (RMB thousand) | H1 2025 | H1 2024 | | :----------------------- | :---------- | :---------- | | Total Employee Compensation Expenses | 188,924 | 196,747 | - Total employee compensation expenses decreased by 4.0% year-on-year[84] - The Company recruits employees through campus recruitment, recruitment agencies, and online channels, and provides regular training and guidance to enhance skills and performance[84] 2025 Actions and Strategic Outlook Despite challenges in China's economy and dairy industry, the Group is confident in market recovery and will focus on enhancing operational efficiency, diversifying customer base and sales channels, upgrading beef cattle business and expanding into mid-to-high-end markets, leveraging genetic breeding technology and feed operations, and integrating sustainable development into its operations to achieve its vision of becoming a top-three global dairy farm operator in operational efficiency and ecological sustainability - The vision is to become a top-three global dairy farm operator in operational efficiency and ecological sustainability[85] - Strategies include continuously improving operational efficiency and diversifying the customer base (without capital-intensive investments, expanding customers and sales channels)[85] - Strategies include upgrading the beef cattle business and exploring mid-to-high-end sales channels (expanding Wagyu and Angus breeding, and expanding downstream sales channels for branded beef products)[86] - Strategies include focusing on genetic breeding technology and feed operations to strengthen internal integration and improve operational efficiency (advancing commercialization of in-vitro fertilization and embryo transfer technologies, optimizing feed quality and cost management)[87] - Strategies include integrating sustainable development into operational drivers (establishing an effective ESG governance framework, promoting carbon reduction, standard setting, equipment R&D, and model promotion)[88] - Key actions for 2025 include enhancing operational efficiency; advancing customer and channel diversification; reducing raw milk cost per kilogram; executing beef cattle strategic transformation; expanding feed business sales to third-party customers; and strengthening genetic improvement programs[89] Other Information Purchase, Sale or Redemption of the Company's Listed Securities During the reporting period and up to the announcement date, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period and up to the date of this announcement, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[90] - As of June 30, 2025, the Company did not hold any treasury shares[90] Corporate Governance and Directors' Securities Transactions The Company is committed to maintaining good corporate governance, having adopted the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers, and complied with relevant provisions during the reporting period - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange, and has complied with the applicable provisions during the reporting period[91] - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions, and all directors confirmed compliance with the code throughout the reporting period after due enquiry[92] Interim Dividend The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[94] Audit Committee The Audit Committee has reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, along with the adopted accounting principles and policies - The Audit Committee comprises one non-executive Director and two independent non-executive Directors, with Mr. Xin Dinghua as Chairman[95] - The Audit Committee has reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, and the accounting principles and policies adopted by the Group[95] Publication of Interim Results Announcement and Interim Report This announcement and the interim report will be published on the HKEX website and the Company's website, and will be dispatched to shareholders in due course - This announcement will be published on the HKEX website www.hkexnews.hk and the Company's website www.austasiadairy.com[96](index=96&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be published on the aforementioned websites and dispatched to shareholders (upon request) in due course[96]