从玉智农(00875) - 2025 - 中期业绩

Financial Summary The Group's revenue significantly increased, while gross profit and net profit experienced substantial declines during the period Financial Summary for the Six Months Ended June 30, 2025 | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 564,900 | 299,700 | 265,200 | 88.5% | | Gross Profit | 3,400 | 5,000 | (1,600) | -32.6% | | Net Profit | 900 | 5,000 | (4,100) | -82.0% | | Basic Earnings Per Share (HK cents) | 0.30 | 2.45 | (2.15) | -87.8% | Condensed Consolidated Financial Statements This section presents the Group's financial performance and position, highlighting key changes in income, expenses, assets, and liabilities Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue significantly increased, but gross profit declined due to low-margin products, leading to a substantial decrease in net profit Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 564,940 | 299,739 | | Cost of Sales | (561,546) | (294,700) | | Gross Profit | 3,394 | 5,039 | | Other Income | 1,077 | 5,472 | | Selling and Distribution Expenses | (2,364) | (3,483) | | Administrative and Other Expenses | (19,578) | (21,120) | | Finance Costs | (3,319) | (8,418) | | Reversal of / (Impairment Loss) on Trade Receivables | 28,753 | (4,383) | | Reversal of Impairment Loss on Other Receivables | 5,109 | 8,117 | | Impairment Loss / (Reversal of Impairment Loss) on Deposits and Prepayments | (12,160) | 23,794 | | Profit Before Tax | 912 | 5,018 | | Income Tax Expense | – | (71) | | Profit for the Period | 912 | 4,947 | | Exchange Differences on Translation of Foreign Operations | (3,095) | (12,051) | | Total Comprehensive Expense for the Period | (2,183) | (7,104) | | Profit Attributable to Owners of the Company | 1,262 | 9,281 | | Profit Attributable to Non-controlling Interests | (350) | (4,334) | | Basic Earnings Per Share (HK cents) | 0.30 | 2.45 | | Diluted Earnings Per Share (HK cents) | 0.30 | 2.42 | Condensed Consolidated Statement of Financial Position Total assets increased due to higher receivables; both current and non-current liabilities rose, impacting liquidity and gearing ratios Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, Plant and Equipment | 18,738 | 20,739 | | Right-of-use Assets | 17,498 | 18,774 | | Interests in Associates | 296 | 286 | | Total Non-current Assets | 36,532 | 39,799 | | Current Assets | | | | Inventories | 2,260 | 134 | | Trade and Other Receivables | 1,050,088 | 911,212 | | Bank Balances and Cash | 9,645 | 4,575 | | Total Current Assets | 1,061,993 | 915,921 | | Current Liabilities | | | | Trade and Other Payables | 208,614 | 165,687 | | Bank and Other Borrowings | 406,337 | 382,293 | | Lease Liabilities | 3,994 | 3,740 | | Deferred Revenue | 8,695 | 1,247 | | Income Tax Payable | 16,654 | 15,593 | | Total Current Liabilities | 644,294 | 568,560 | | Net Current Assets | 417,699 | 347,361 | | Total Assets Less Current Liabilities | 454,231 | 387,160 | | Non-current Liabilities | | | | Bank and Other Borrowings | 34,677 | 7,209 | | Lease Liabilities | 16,937 | 17,713 | | Deferred Revenue | 7,835 | 7,573 | | Total Non-current Liabilities | 59,449 | 32,495 | | Net Assets | 394,782 | 354,665 | | Total Equity | 394,782 | 354,665 | Notes This section details accounting policies, segment information, and specific financial line items, providing comprehensive disclosures 1 General Information and Basis of Preparation The Group operates in agricultural and meat businesses in China, with financial information prepared under HKAS 34 and Listing Rules - The Company is an investment holding company, with subsidiaries primarily engaged in agriculture and meat businesses in China, including cultivation, trading of agricultural products, meat products, poultry, seafood, and pre-cooked food[7] - The Company's ultimate controlling party is Mr. Lin Yuhao, an executive director[8] - The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual consolidated financial statements, except for the adoption of revised HKFRSs[9][10] 2 Adoption of Revised Hong Kong Financial Reporting Standards The Group adopted revised HKFRSs effective January 1, 2025, with no significant impact on its consolidated financial position or performance - The Group first applied HKAS 7 and HKFRS 7 (Amendments) "Supplier Finance Arrangements" during this interim period[11] - The application of the revised standards had no significant impact on the consolidated financial position and performance for the current and prior periods[11] 3 Segment Information The Group operates solely in agricultural, seafood, and meat products, with over 90% of non-current assets and revenue located in China - The Group's sole operating and reportable segment is the cultivation, processing, and trading of agricultural products, seafood, and meat products[12] - As of June 30, 2025, over 90% of non-current assets and revenue are located in and generated from China[13] Revenue from Major Customers (For the Six Months Ended June 30) | Customer | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer A | 437,034 | Not Applicable* | | Customer B | Not Applicable* | 58,298 | * Revenue did not account for 10% or more of the Group's revenue, hence not disclosed. 4 Revenue The Group's revenue, entirely from sales of agricultural, seafood, and meat products, significantly increased to HKD 565 million Revenue Analysis (For the Six Months Ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Sales of agricultural products, seafood, and meat products | 564,940 | 299,739 | 5 Other Income Other income significantly decreased by 80.3% to HKD 1.1 million, mainly due to the absence of other interest income and reduced government grants Other Income Analysis (For the Six Months Ended June 30) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Government grants | 537 | 3,160 | | Bank interest income | 2 | 19 | | Other interest income | – | 1,453 | | Service income | 370 | 575 | | Miscellaneous income | 168 | 265 | | Total | 1,077 | 5,472 | - Other interest income was zero in H1 2025, compared to HKD 1,453 thousand in H1 2024, mainly related to imputed interest income on consideration receivables[20] - Government grants decreased to HKD 537 thousand in H1 2025 from HKD 3,160 thousand in H1 2024, primarily for amortization of property, plant, and equipment construction and food trade subsidies[20] 6 Finance Costs Finance costs significantly decreased to HKD 3.3 million, primarily due to a substantial reduction in interest expenses from bank and other borrowings Finance Costs Analysis (For the Six Months Ended June 30) | Cost Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest expense on bank and other borrowings | 2,655 | 7,596 | | Interest expense on lease liabilities | 664 | 822 | | Total | 3,319 | 8,418 | 7 Profit Before Tax Profit before tax significantly decreased to HKD 0.912 million, driven by increased staff and inventory costs, partially offset by lower depreciation Profit Before Tax Deductions (For the Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Total staff costs | 10,356 | 4,686 | | – Salaries and allowances | 9,888 | 4,258 | | – Contributions to retirement benefit schemes | 468 | 428 | | Cost of inventories recognized as expense | 559,732 | 291,793 | | Depreciation expense | | | | – Property, plant and equipment | 2,052 | 3,245 | | – Right-of-use assets | 1,891 | 2,189 | | Short-term lease expenses | – | 195 | 8 Income Tax Expense Income tax expense for the current period was zero, compared to HKD 71 thousand in the prior year, primarily due to under-provision Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | China corporate income tax – Current year | – | – | | China corporate income tax – Under-provision in prior years | – | 71 | | Total | – | 71 | 9 Earnings Per Share Basic earnings per share significantly decreased to 0.30 HK cents from 2.45 HK cents, mainly due to reduced profit attributable to owners - Basic earnings per share is calculated based on the Group's profit attributable to owners of the Company of HKD 1,262 thousand (2024: HKD 9,281 thousand) for the period[23] Weighted Average Number of Ordinary Shares for EPS Calculation (For the Six Months Ended June 30) | Number of Shares | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Weighted average number of ordinary shares for basic EPS calculation | 423,259,235 | 379,257,038 | | Potential dilutive effect of ordinary shares arising from conversion of preference shares | 15,150 | 15,150 | | Potential dilutive effect of ordinary shares arising from share options granted by the Company | – | 3,546,725 | | Weighted average number of ordinary shares for diluted EPS calculation | 423,274,385 | 382,818,913 | 10 Dividends No dividends were paid or proposed for the six months ended June 30, 2025 - No dividends were paid or proposed during or since the end of the reporting period[25] 11 Trade and Other Receivables Total trade and other receivables increased to HKD 1.05 billion, driven by higher trade deposits and other receivables, with a 60-day average credit period Trade and Other Receivables (As at June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Gross trade receivables (net of accumulated impairment) | 193,402 | 238,477 | | Gross other receivables (net of accumulated impairment) | 398,397 | 279,719 | | Gross trade deposits (net of accumulated impairment) | 456,673 | 392,372 | | Gross rental and utility deposits (net of accumulated impairment) | 546 | 368 | | Prepayments | 1,070 | 276 | | Total trade and other receivables | 1,050,088 | 911,212 | - The average credit period for sales of agricultural products, seafood, and meat products is 60 days[26] Ageing Analysis of Trade Receivables (Net of Accumulated Impairment) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 60 days | 132,694 | 167,977 | | 61 to 120 days | 2,691 | 4,176 | | 121 to 356 days | 38,290 | 28,734 | | Over 365 days | 19,727 | 37,590 | | Total | 193,402 | 238,477 | 12 Trade and Other Payables Total trade and other payables increased to HKD 209 million, mainly due to higher trade payables and accrued expenses, with a 30-day average credit period Trade and Other Payables (As at June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 79,874 | 40,536 | | Accrued expenses | 24,070 | 17,041 | | Other payables | 104,670 | 108,110 | | Total | 208,614 | 165,687 | - The average credit period for trade payables is 30 days[28] Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 60 days | 5,627 | 1,207 | | 61 to 120 days | 20,914 | 288 | | Over 120 days | 53,333 | 39,041 | | Total | 79,874 | 40,536 | 13 Bank and Other Borrowings Total borrowings increased to HKD 441 million, with most repayable within one year, bearing effective interest rates between 3% and 8% Bank and Other Borrowings (As at June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Secured bank loans | 357,942 | 317,923 | | Unsecured other loans | 83,072 | 71,579 | | Total | 441,014 | 389,502 | | Repayable: | | | | Within one year | 406,337 | 382,293 | | In the second to fifth years | 34,677 | 7,209 | | Total | 441,014 | 389,502 | - Bank and other borrowings bear effective interest rates ranging from 3% to 8% per annum (December 31, 2024: 4% to 8% per annum)[30] - Bank loans are secured by the Group's fully depreciated building, properties owned by Mr. Lin, and corporate guarantees from an associated company[33] - Unsecured other loans include promissory notes 2 and 3, with a total carrying amount of approximately HKD 10,911 thousand, which are interest-free and repayable on demand to Mr. Lin Yuhao[33] 14 Share Capital Issued ordinary share capital increased due to new share subscriptions, while preference share capital remained unchanged Share Capital Structure (As at June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Authorized Share Capital | | | | 150,000,000,000 ordinary shares of HKD 0.01 each | 1,500,000 | 1,500,000 | | 10,000,000,000 preference shares of HKD 0.01 each | 100,000 | 100,000 | | Issued and Fully Paid Share Capital | | | | 455,108,445 ordinary shares of HKD 0.01 each | 4,551 | 3,793 | | 3,030,000 preference shares of HKD 0.01 each | 30 | 30 | | Total | 4,581 | 3,823 | Changes in Issued Ordinary Share Capital (For the Six Months Ended June 30) | Event | Number of Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | December 31, 2024 and January 1, 2025 (Audited) | 379,257,038 | 3,793 | | Subscription and issue of ordinary shares under general mandate | 75,851,407 | 758 | | June 30, 2025 (Unaudited) | 455,108,445 | 4,551 | - Preference shares are convertible into ordinary shares but have no right to surplus assets or profits, nor voting rights[38] 15 Potential Litigation Two subsidiaries face civil lawsuits for failure to deliver agricultural products, claiming RMB 45.845 million; the Group is appealing and seeking legal advice - Two wholly-owned subsidiaries of the Company are being sued by independent third parties for disputes arising from failure to deliver agricultural products, with total claims of approximately RMB 45.845 million[34] - The court has issued a second-instance judgment, and the Group is seeking legal advice and plans to appeal[35] - The Group will continue to actively respond to the litigation to protect its legitimate rights and interests[35] 16 Related Party Transactions Significant related party transactions exist, primarily in key management personnel remuneration, which increased during the period Key Management Personnel Remuneration (For the Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 1,473 | 1,071 | Management Discussion and Analysis This section reviews the Group's business and financial performance, covering operational highlights, financial results, liquidity, and future prospects Business Review Poultry and seafood trading and online sales drove an 88.5% revenue increase in agriculture and meat, but gross profit declined 32.6% due to lower-margin products - The Group is primarily engaged in cultivating agricultural products, trading agricultural and meat products, poultry, seafood, and pre-cooked food in China[39] - Revenue from agriculture and meat business increased by 88.5% year-on-year to HKD 564.9 million, but gross profit decreased by 32.6% to HKD 3.4 million, mainly due to increased sales of lower-margin products[40] - Associates Congyu Wanxing and Jiamusi Congyu did not conduct any business during the reporting period, thus recording no revenue[41] Financial Review Revenue grew 88.5%, but gross profit fell 32.6% due to low-margin products; other income decreased 80.3%, resulting in an 82.0% net profit drop - Revenue was approximately HKD 564.9 million, an 88.5% increase year-on-year[42] - Gross profit was approximately HKD 3.4 million, a 32.6% decrease year-on-year, mainly due to increased sales of lower-margin products[42] - Other income was approximately HKD 1.1 million, an 80.3% decrease year-on-year, primarily due to the absence of other interest income and reduced government grants[43] - Selling and distribution expenses decreased by 32.1% to HKD 2.4 million, and administrative and other expenses decreased by 7.3% to HKD 19.6 million[43] - A reversal of impairment loss on trade receivables of approximately HKD 28.8 million was recorded, but an impairment loss on deposits and prepayments of approximately HKD 12.2 million was recognized[44] - Net profit was approximately HKD 0.9 million, an 82.0% decrease year-on-year, mainly affected by lower gross profit and reduced other income[45] Liquidity and Financial Resources The Group relies on internal cash flow and bank financing; bank balances increased, but the quick ratio dropped, with total borrowings rising, mostly short-term - The Group primarily finances its operations through internally generated cash flow and general bank financing[46] Key Liquidity and Financial Resources Indicators | Indicator | June 30, 2025 (HKD thousands/times) | December 31, 2024 (HKD thousands/times) | | :--- | :--- | :--- | | Bank balances and cash | 9,600 | 4,600 | | Quick ratio | 0.32 times | 1.10 times | | Total borrowings | 441,000 | 389,500 | | Borrowings repayable within one year | 406,300 | 382,300 | | Fixed-rate borrowings | 328,900 | 317,900 | - Borrowings are mainly denominated in HKD and RMB, with some bearing fixed interest rates[47] - Lease liabilities represent office properties and cultivated land leases with fixed terms of 2 to 26 years[48] Capital Structure and Gearing Ratio The Group manages capital for continuous operation and shareholder returns; net debt to adjusted equity and gearing ratios both increased - The Group manages its capital by optimizing the debt-to-equity ratio to ensure continuous operation and maximize shareholder returns[49] - The net debt to adjusted equity ratio (calculated as net debt divided by total capital) was 0.52 (December 31, 2024: 0.42)[55] - The gearing ratio (calculated as total liabilities divided by total shareholders' equity) was 1.12 (December 31, 2024: 0.73)[55] Fund Raising Activities The Group raised HKD 42.3 million net proceeds through new share subscriptions for procurement, debt repayment, and working capital, increasing issued ordinary shares - On February 21, 2025, the Company entered into a subscription agreement with subscribers to issue 75,851,407 subscription shares at a subscription price of HKD 0.565 per share[52] - Net proceeds from the subscription were approximately HKD 42.3 million, intended for procurement (HKD 25 million), repayment of other borrowings and payables (HKD 14 million), and general working capital (HKD 3.3 million)[52] Use of Proceeds from New Share Subscription | Intended Use | Actual Use (HKD millions) | | :--- | :--- | | Procurement of agricultural products, meat products, poultry, seafood, and pre-cooked food | 25.0 | | Repayment of other borrowings and other payables | 14.0 | | General working capital purposes | 3.3 | | Total | 42.3 | - As of June 30, 2025, the Company had 455,108,445 issued ordinary shares and 3,030,000 issued preference shares[55] Material Investments The Group did not undertake any material investments during the reporting period - The Group had no material investments during the reporting period[57] Material Acquisitions and Disposals of Subsidiaries and Associates The Group did not engage in any material acquisitions or disposals of subsidiaries and associates during the reporting period - The Group had no material acquisitions or disposals of subsidiaries and associates during the reporting period[58] Pledge of the Group's Assets The Group pledged a fully depreciated building as collateral for bank credit; bank deposits were also pledged for bills payable - A fully depreciated building has been pledged as collateral for bank credit granted to the Group[59] - Bank deposits of approximately HKD zero million (December 31, 2024: HKD 0.4 million) were pledged as collateral for the Group's bills payable[59] Foreign Exchange Risk Revenue and costs are primarily in HKD or RMB, indicating minimal foreign exchange risk, but management will monitor RMB fluctuations and consider hedging - The Group's revenue and costs are primarily denominated in HKD or RMB, resulting in minimal foreign exchange risk[60] - Management will closely monitor exchange rate risks arising from the continuous fluctuations of RMB and decide whether to formulate hedging policies[60] Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities during the reporting period[61] Employees and Remuneration Policy The Group had 71 full-time employees with HKD 10.4 million in staff costs; remuneration is based on qualifications, experience, duties, performance, and market practice - As of June 30, 2025, the Group had 71 full-time employees (December 31, 2024: 51 employees)[62] - Total staff costs (including directors' remuneration) for the reporting period were HKD 10.4 million (2024: HKD 4.7 million)[62] - Employee remuneration is determined by individual qualifications, experience, duties, performance, Group results, and market practice, offering discretionary bonuses, MPF scheme, and Central Provident Fund scheme contributions[62] - The Company's share option scheme adopted in 2013 expired on June 6, 2023, and no further share options can be granted thereafter[62] Litigation A subsidiary faces a lawsuit claiming RMB 25.1 million for failure to deliver goods; the Group is appealing a second-instance judgment and seeking legal advice - A subsidiary of the Group faces a lawsuit from a customer claiming RMB 25.1 million plus interest for failure to deliver goods under a procurement contract[63] - The legal proceedings are ongoing, with uncertain outcomes and an undetermined impact on the Group's profit[63] - The court has issued a second-instance judgment, and the Group is seeking legal advice and plans to appeal[63] - The Group will continue to actively respond to the litigation to protect its legitimate rights and interests[64] Prospects The Group plans to diversify agricultural and food products, strengthen farm collaborations, launch agricultural e-commerce and low-altitude economy initiatives with AI, and explore e-commerce partnerships - The Group will seek investment opportunities, develop its existing business portfolio, and engage in new businesses with growth potential to diversify and expand revenue streams[65] - Actively developing trading businesses in agricultural products, meat products, poultry, seafood, pre-cooked food, and tea, and has begun supplying products to Chinese supermarkets and online platforms[65] - Established partnerships with multiple farms and agricultural companies to build a "farmers + company + government" model, creating a food supply base for the Guangdong-Hong Kong-Macao Greater Bay Area[66] - Successfully leased Chonghua Macun Reservoir and Longtan Reservoir, planning to utilize advanced ecological aquaculture technology to build high-quality, environmentally friendly fishery bases[67] - Launching an agricultural vertical e-commerce platform and developing the agricultural low-altitude economy, utilizing drones, low-altitude IoT, and AI large models to build a real-time monitoring and precise management system, integrating the entire "production-management-sales-finance" data chain[68] - Exploring cooperation with multiple e-commerce operators and online sales platforms to strengthen online sales and diversify revenue sources[69] - Seeking vertical integration business opportunities, including providing distribution services for agricultural products, seafood, and meat products in China[70] Other Information This section covers various corporate governance and administrative matters, including dividend policy, securities transactions, compliance, and post-reporting period events Interim Dividend The Board does not recommend the payment of an interim dividend for the reporting period - No dividends were paid, declared, or proposed during the reporting period, and the Directors do not recommend an interim dividend[71] Purchase, Sale or Redemption of the Company’s Listed Securities 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 any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[72] - As of June 30, 2025, the Company did not hold any treasury shares[72] Standard Code for Securities Transactions by Directors Each Director confirmed compliance with the Company's adopted code for securities transactions throughout the reporting period - The Company has adopted a code for securities transactions by Directors, and each Director confirmed compliance with the code throughout the reporting period[73] Corporate Governance Code The Company complied with the Corporate Governance Code, with deviations regarding an INED's AGM absence and the Chairman/CEO role, deemed appropriate by the Board - The Company complied with the Corporate Governance Code during the reporting period, with two deviations[74] - Deviation one: Independent Non-executive Director Ms. Li Yang was unable to attend the Annual General Meeting due to other commitments[74] - Deviation two: The roles of Chairman of the Board and Chief Executive Officer are held by the same person, Mr. Lin Yuhao, which the Board believes facilitates business strategy execution and operational efficiency, with appropriate checks and balances in place[75] Events After the Reporting Period The Board is unaware of any significant events occurring after the reporting period up to the date of this announcement - The Board is unaware of any significant events occurring after the reporting period up to the date of this announcement[77] Sufficiency of Public Float The Company maintained the public float required by Listing Rules, with at least 25% of issued shares held by the public - The Company has maintained the public float required by the Listing Rules, with at least 25% of its total issued shares held by the public as of the date of this announcement[78] Review by Audit Committee The interim financial information was not audited, but the Audit Committee and management reviewed it, deeming it compliant with standards and regulations - The Group's condensed consolidated interim financial information for the reporting period was not reviewed or audited by the Company's auditor[79] - The Audit Committee and management reviewed the financial information and deemed it compliant with applicable accounting standards, Listing Rules, and legal requirements, with sufficient disclosures made[79] - The Audit Committee comprises entirely Independent Non-executive Directors, including Ms. Li Yang (Chairperson), Mr. Li Shaohua, and Ms. Zhu Rouxiang[79] Publication of Interim Results and Interim Report This results announcement is published on the Company's and HKEX websites; the interim report will be dispatched to shareholders and published online in due course - This results announcement is published on the Company's website (www.cyia.hk) and the HKEX website (www.hkexnews.hk)[80](index=80&type=chunk) - The Company will dispatch the interim report for the six months ended June 30, 2025, to shareholders who choose to receive printed versions and publish it on the aforementioned websites in due course[80]