中国恒有源集团(08128) - 2025 - 中期财报

Company Information and Regulatory Statements This section provides an overview of the company's listing details and the regulatory disclaimers associated with its GEM market presence Company Overview This report is the 2025 interim report for China Everbright Greentech Group Limited (Stock Code: 8128), incorporated in the Cayman Islands and listed on the GEM of the Hong Kong Stock Exchange - Company name: China Everbright Greentech Group Limited, Stock Code: 8128[2] - The company is incorporated in the Cayman Islands and listed on the GEM of the Hong Kong Stock Exchange[1][2] GEM Listing Characteristics and Disclaimer The GEM market provides a listing platform for small and medium-sized companies with higher investment risks and no guaranteed liquidity; HKEX disclaims responsibility for this report, with directors jointly ensuring its accuracy and completeness - The GEM market provides a listing platform for small and medium-sized companies, entailing higher investment risks and market volatility with no guaranteed liquidity[3] - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this report, with the company's directors jointly assuming responsibility for its accuracy, completeness, and non-misleading nature[3] Financial Highlights and Review This section summarizes the Group's key financial performance and position for the interim period, highlighting revenue, profit, and balance sheet changes Financial Highlights For the six months ended June 30, 2025, the company reported revenue of approximately 32.47 million HKD, a net profit after tax of approximately 3.66 million HKD, and no dividends declared 2025 Interim Financial Highlights | Metric | Six Months Ended June 30, 2025 (thousand HKD) | | :--- | :--- | | Revenue | 32,469 | | Net Profit After Tax | 3,662 | | Dividends Declared | None | Financial Review The Group's revenue slightly increased by 3.17% to 32.47 million HKD, with profit significantly rising to 3.66 million HKD, driven by improved gross margin, increased other income, and higher share of profits from associates/joint ventures; sales and distribution expenses decreased, while administrative expenses rose due to increased legal fees Revenue and Profit Overview (thousand HKD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 32,469 | 31,472 | | Profit for the Period | 3,662 | 159 | | Profit Attributable to Owners of the Parent | 3,948 | 176 | - Revenue slightly increased by 3.17% year-on-year, with principal business income of approximately 32.47 million HKD[10] - Profit for the period significantly increased to 3.66 million HKD, primarily due to higher gross margin, increased other income (including 6.51 million HKD in government grants), and a greater share of profits from associates and joint ventures[10][11] - Sales and distribution expenses decreased year-on-year, while administrative expenses increased by 7.46% due to higher legal service fees[10] Financial Position As of June 30, 2025, the Group's contract value on hand increased to 80 million HKD, net current liabilities improved, and the gearing ratio decreased to 46%, with no significant asset pledges, M&A, or material contingent liabilities during the period - Contract value on hand increased to approximately 80 million HKD, a significant increase from 50 million HKD in the prior year[13] - Net current liabilities improved to approximately 5.91 million HKD (December 31, 2024: 10.17 million HKD)[14] - Gearing ratio decreased to 46% (December 31, 2024: 49%), indicating reduced financial leverage[14] - There were no significant asset pledges, material acquisitions or disposals, or material contingent liabilities during the period[15][16][18] Business Review and Outlook This section reviews the Group's operational performance, outlines strategic directions, and discusses the employee situation and policy support Operating Performance Review During the review period, the Group's operating revenue slightly increased, and gross margin improved, primarily due to cost control and design optimization - The Group's operating revenue slightly increased, and gross margin improved, primarily attributable to cost control and design optimization[20] Strategy and Development Direction The Group actively promotes an exclusive agency system for integrated geothermal heat pump projects, focusing on market expansion, strengthening project management and independent accounting, and enhancing cash flow management and financial risk prevention, supported by national policies for renewable energy substitution - Implementing an exclusive agency system for new green industrial projects integrating geothermal heat pumps for efficient and clean heating, with market expansion as the primary focus[20] - Focusing on core business, prioritizing cooperation with well-funded and reputable projects, accelerating the conversion of ongoing projects' output value, and strengthening the independent project accounting system[22] - Strengthening cash flow management, preventing financial risks, improving the cash flow management system, revitalizing cash flow, and enhancing financial control[22] - The National Development and Reform Commission and five other departments issued the 'Guiding Opinions on Vigorously Implementing Renewable Energy Substitution Actions,' providing favorable policy support for the Group's promotion of shallow geothermal energy[22] Staff Information As of June 30, 2025, the Group employed approximately 181 staff members, with remuneration determined by performance, experience, position, and responsibilities Number of Employees | Date | Number of Employees | | :--- | :--- | | 2025年6月30日 | 181 | | 2024年12月31日 | 193 | - Staff remuneration is determined by their performance, experience, position, and responsibilities[19] Condensed Consolidated Financial Statements This section presents the Group's interim financial statements, including profit or loss, comprehensive income, financial position, equity changes, and cash flows Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the Group reported revenue of 32.47 million HKD, gross profit of 9.21 million HKD, profit for the period of 3.66 million HKD, and basic earnings per share attributable to owners of the parent of 0.09 HK cents Key Data from Condensed Consolidated Statement of Profit or Loss (thousand HKD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 32,469 | 31,472 | | Cost of Sales | (23,261) | (22,773) | | Gross Profit | 9,208 | 8,699 | | Other Income and Gains | 11,143 | 4,730 | | Selling and Distribution Expenses | (4,579) | (5,048) | | Administrative Expenses | (17,446) | (16,235) | | Finance Costs | (1,531) | (1,817) | | Profit for the Period | 3,662 | 159 | | Profit Attributable to Owners of the Parent | 3,948 | 176 | | Basic Earnings Per Share (HK cents) | 0.09 | 0.003 | Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, total comprehensive income for the period was 7.54 million HKD, primarily influenced by exchange differences and the share of other comprehensive income from associates Key Data from Condensed Consolidated Statement of Comprehensive Income (thousand HKD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period | 3,662 | 159 | | Exchange Differences Arising from Translation of Foreign Operations | 993 | (1,451) | | Share of Other Comprehensive Income (Loss) of Associates | 3,110 | (157) | | Total Comprehensive Income (Loss) for the Period | 7,543 | (1,787) | | Attributable to Owners of the Parent | 7,559 | (1,706) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were 834.24 million HKD, total liabilities were 541.42 million HKD, and net assets increased to 292.82 million HKD, with an improvement in net current liabilities Key Data from Condensed Consolidated Statement of Financial Position (thousand HKD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 393,950 | 398,982 | | Total Current Assets | 440,285 | 457,820 | | Total Current Liabilities | 446,199 | 467,988 | | Net Current (Liabilities) | (5,914) | (10,168) | | Net Assets | 292,816 | 284,100 | | Total Equity | 292,816 | 284,100 | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, equity attributable to owners of the parent increased to 274.77 million HKD, and total equity rose to 292.82 million HKD, primarily influenced by profit for the period and other comprehensive income Key Data from Condensed Consolidated Statement of Changes in Equity (thousand HKD) | Metric | June 30, 2025 (Unaudited) | January 1, 2024 (Audited) | | :--- | :--- | :--- | | Total Attributable to Owners of the Parent | 274,775 | 249,924 | | Non-controlling Interests | 18,042 | 28,666 | | Total Equity | 292,816 | 278,590 | | Profit for the Period | 3,662 | 159 | | Total Comprehensive Income for the Period | 8,717 | (2,105) | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash outflow from operating activities was 9.19 million HKD, net cash inflow from investing activities was 2.21 million HKD, and net cash inflow from financing activities was 1.18 million HKD, resulting in a net decrease of 5.80 million HKD in cash and cash equivalents Key Data from Condensed Consolidated Statement of Cash Flows (thousand HKD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash From (Used In) Operating Activities | (9,190) | (14,331) | | Net Cash From Investing Activities | 2,212 | 937 | | Net Cash From (Used In) Financing Activities | 1,175 | – | | Net Increase (Decrease) in Cash and Cash Equivalents | (5,803) | (13,394) | | Cash and Cash Equivalents at End of Period | 46,353 | 53,110 | Notes to the Financial Statements This section provides detailed notes on the Group's accounting policies, segment information, revenue breakdown, finance costs, tax, dividends, and financial instruments Company Information and Accounting Policies The company's principal businesses include shallow geothermal energy systems, air/shallow geothermal heat pump sales, property investment, and securities trading; interim financial statements are prepared in accordance with GEM Listing Rules and HKAS 34, with consistent accounting policies and no material impact from new accounting standards adoption - The Group's principal businesses include providing, installing, and maintaining shallow geothermal energy utilization systems; selling air/shallow geothermal heat pump products; property investment for potential rental income; and securities trading and other investments[33] - The condensed consolidated interim financial statements are prepared in accordance with Chapter 18 of the GEM Listing Rules and HKAS 34, with accounting policies consistent with the annual financial statements for the year ended December 31, 2024[32][34] Operating Segment Information The Group's operations are divided into four segments: shallow geothermal energy, air/shallow geothermal heat pumps, property investment and development, and securities investment and trading; the shallow geothermal energy segment contributes the majority of revenue and results, while property investment and development revenue significantly increased - The Group's operating segments include shallow geothermal energy, air/shallow geothermal heat pumps, property investment and development, and securities investment and trading[37] Segment Revenue (thousand HKD) | Segment | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Shallow Geothermal Energy | 29,586 | 30,617 | | Air/Shallow Geothermal Heat Pumps | 101 | 635 | | Property Investment and Development | 2,782 | 220 | | Securities Investment and Trading | – | – | | Total Sales to External Customers | 32,469 | 31,472 | Segment Results (thousand HKD) | Segment | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Shallow Geothermal Energy | 10,059 | 9,185 | | Air/Shallow Geothermal Heat Pumps | 18 | 635 | | Property Investment and Development | 1,254 | 220 | | Securities Investment and Trading | – | – | | Total Segment Results | 11,331 | 9,500 | Revenue, Other Income and Gains The Group's total revenue was 32.47 million HKD, comprising 29.69 million HKD from contracts with customers and 2.78 million HKD from rental income; other income significantly increased to 11.14 million HKD, primarily due to 6.52 million HKD in government grants Revenue Analysis (thousand HKD) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 29,687 | 31,252 | | Rental Income | 2,782 | 220 | | Total Revenue | 32,469 | 31,472 | Other Income (thousand HKD) | Other Income Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Interest Income | 1,570 | 1,749 | | Dividend Income | 2,283 | 1,221 | | Subsidy Income | 6,519 | – | | Others | 771 | 1,695 | | Total | 11,143 | 4,730 | - Revenue from contracts with customers primarily derived from construction services (shallow geothermal energy) and industrial product sales (air/shallow geothermal heat pumps) in Mainland China[45][46] Finance Costs For the six months ended June 30, 2025, finance costs were 1.41 million HKD, primarily consisting of interest on lease liabilities, with bank loan interest reduced to zero Finance Costs Analysis (thousand HKD) | Source of Finance Costs | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | – | 392 | | Interest on Lease Liabilities | 1,408 | 1,425 | | Total | 1,408 | 1,817 | Profit (Loss) Before Tax For the six months ended June 30, 2025, profit before tax was 3.84 million HKD, after deducting costs of inventories sold, costs of services provided, depreciation, and staff welfare expenses Deductions for Profit (Loss) Before Tax (thousand HKD) | Deduction Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cost of Inventories Sold | 9,991 | 9,782 | | Cost of Services Provided | 13,270 | 12,981 | | Depreciation | 1,839 | 2,270 | | Staff Welfare Expenses | 8,087 | 12,400 | Income Tax Expense For the six months ended June 30, 2025, income tax expense was 0.17 million HKD, primarily current tax in Mainland China; some Chinese subsidiaries, as high-tech enterprises, enjoy a 15% preferential tax rate Income Tax Expense (thousand HKD) | Tax Type | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Current - Mainland China | 173 | 53 | | Over-provision in Prior Years | – | (3,015) | | Deferred | – | – | | Total Tax Charged for the Period | 173 | (2,962) | - Certain PRC subsidiaries, as high-tech enterprises, enjoy a preferential income tax rate of 15%[55] Dividends For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any interim dividends - No interim dividends were paid, declared, or proposed for the six months ended June 30, 2025[57] Earnings (Loss) Per Share Attributable to Ordinary Equity Holders of the Parent For the six months ended June 30, 2025, basic earnings per share attributable to ordinary equity holders of the parent was 0.09 HK cents, a significant increase from the prior year Earnings (Loss) Per Share Analysis | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit (Loss) Attributable to Ordinary Equity Holders of the Parent (thousand HKD) | 3,948 | 176 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 4,513,234 | 4,526,925 | | Basic Earnings Per Share (HK cents) | 0.09 | 0.003 | Property, Plant and Equipment For the six months ended June 30, 2025, the Group did not make any significant acquisitions of property, plant, and equipment - The Group did not make any significant acquisitions of property, plant, and equipment for the six months ended June 30, 2025[60] Trade Receivables As of June 30, 2025, net trade receivables were 3.17 million HKD, with a typical credit period of three months; the Group maintains strict control over outstanding receivables and has no significant concentration of credit risk Ageing Analysis of Trade Receivables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 2,433 | 3,997 | | 91 to 180 days | 89 | 116 | | 181 to 365 days | 297 | 282 | | Over 365 days | 355 | 416 | | Total | 3,174 | 4,811 | - The Group primarily enters into transactions with customers on credit terms, with a typical credit period of three months, and maintains a credit control department to mitigate credit risk[62] Trade Payables and Bills Payable As of June 30, 2025, total trade payables and bills payable were 119.60 million HKD, a decrease from the end of 2024, and are typically settled within six months Ageing Analysis of Trade Payables and Bills Payable (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 15,271 | 22,968 | | 91 to 180 days | 13,587 | 13,867 | | 181 to 365 days | 11,884 | 17,048 | | Over 365 days | 78,854 | 85,486 | | Total | 119,596 | 139,369 | - Trade payables and bills payable are interest-free and generally settled within six months[64] Share Capital As of June 30, 2025, the company's issued and fully paid ordinary share capital was 353.04 million HKD, with 4,523,909 thousand shares outstanding Share Capital Information | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (thousand shares) | 4,523,909 | 4,505,573 | | Share Capital (thousand HKD) | 353,043 | 353,043 | Capital Commitments The Group had no material capital commitments at the end of the reporting period - The Group had no material capital commitments at the end of the reporting period[66] Related Party Transactions The Group had receivables/payables with related parties and engaged in transactions such as key management personnel remuneration and rental expenses from associates Related Party Transactions (thousand HKD) | Transaction Type | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Remuneration for Key Management Personnel of the Group | 3,956 | 3,820 | | Rental Expenses from Associates | 330 | 330 | - Amounts due from/to related companies and associates are included in the condensed consolidated statement of financial position[68] Fair Value of Financial Instruments The Group's financial instruments, including trade receivables, equity investments designated at fair value through other comprehensive income, and financial assets at fair value through profit or loss, have carrying amounts that approximate their fair values Carrying Amount and Fair Value of Financial Assets (thousand HKD) | Financial Assets | June 30, 2025 (Carrying Amount) | December 31, 2024 (Carrying Amount) | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :--- | :--- | :--- | :--- | :--- | | Trade Receivables, Non-current Portion | 46,921 | 55,332 | 46,921 | 55,332 | | Equity Investments Designated at Fair Value Through Other Comprehensive Income | 55,500 | 54,661 | 55,500 | 54,661 | | Financial Assets at Fair Value Through Profit or Loss | 4,461 | 4,895 | 4,461 | 4,895 | | Total | 106,882 | 114,888 | 106,882 | 114,888 | - The carrying amounts of the Group's financial instruments are reasonably close to their fair values[69] Share Capital and Corporate Governance This section details directors' and substantial shareholders' interests, share schemes, corporate governance practices, and recent changes in company structure and auditor Directors' and Chief Executive's Interests As of June 30, 2025, several directors and the chief executive held company shares, with Mr. Xu Shengheng and his spouse collectively holding 15.99% of voting shares, and Mr. Zhang Yiying and his controlled corporations holding 5.65%; no directors held short positions in the company's or associated corporations' debt securities or equity derivatives during the period Shareholdings of Directors and Chief Executive | Name | Capacity of Holding Shares | Number of Shares | % of Issued Voting Shares | | :--- | :--- | :--- | :--- | | Mr. Xu Shengheng | Beneficial Owner and Spouse's Interest | 723,153,400 | 15.99% | | Ms. Liu Ening | Beneficial Owner | 253,000,000 | 5.59% | | Mr. Zhang Yiying | Beneficial Owner and Interest of Controlled Corporation | 255,504,000 | 5.65% | | Mr. Wu Qiang | Beneficial Owner | 5,000,000 | 0.11% | | Mr. Guan Chenghua | Beneficial Owner | 5,000,000 | 0.11% | | Mr. Yang Mingzhong | Beneficial Owner | 1,760,000 | 0.04% | - As of June 30, 2025, none of the other directors of the company held any equity interests in the company or any of its associated corporations[72] - As of June 30, 2025, none of the directors and chief executive held any short positions in the shares, debentures, or equity derivatives of the company or its associated corporations[73] Substantial Shareholders' and Other Persons' Interests As of June 30, 2025, China Energy Conservation and Environmental Protection (Hong Kong) Investment Co., Ltd. and its parent, China Energy Conservation and Environmental Protection Group Co., Ltd., were the largest shareholders, holding 26.30% of voting shares; Ms. Lu Haiwen, Mr. Wang Zhiyu, and Ms. Wang Xinmeng also held significant shares through spouse interests Shareholdings of Substantial Shareholders and Other Persons | Name | Capacity of Holding Shares | Number of Shares | % of Issued Voting Shares | | :--- | :--- | :--- | :--- | | China Energy Conservation and Environmental Protection (Hong Kong) Investment Co., Ltd. | Beneficial Owner | 1,190,000,000 | 26.30% | | China Energy Conservation and Environmental Protection Group Co., Ltd. | Interest of Controlled Corporation | 1,190,000,000 | 26.30% | | Ms. Lu Haiwen | Beneficial Owner and Spouse's Interest | 723,153,400 | 15.99% | | Mr. Wang Zhiyu | Spouse's Interest | 253,000,000 | 5.59% | | Ms. Wang Xinmeng | Spouse's Interest | 255,504,000 | 5.65% | | Universal Zone Limited | Beneficial Owner | 250,000,000 | 5.53% | - As of June 30, 2025, the company was not aware of any substantial shareholders or other persons holding any long or short positions in shares and underlying shares through equity derivatives[77][78] Share Schemes The company adopted an option scheme and a share award scheme on September 6, 2024, both valid for ten years; as of June 30, 2025, no options or awarded shares were granted, exercised, cancelled, or lapsed under these schemes - The 2024 Share Option Scheme and the 2024 Share Award Scheme were adopted on September 6, 2024, and are valid for ten years[80] - For the six months ended June 30, 2025, no share options or awarded shares were granted, exercised, cancelled, or lapsed under the aforementioned schemes[80][81] - As of June 30, 2025, the number of shares available for grant under the schemes was 452,692,516 shares[81] Competition and Conflicts of Interest None of the company's directors, substantial shareholders, or their respective associates are engaged in businesses that compete or may compete with the Group's business, nor do they have any other conflicts of interest - None of the company's directors, substantial shareholders, or their respective associates are engaged in businesses that compete or may compete with the Group's business, nor do they have any other conflicts of interest with the Group[83] Audit Committee The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and overseeing the Group's financial reporting, risk management, and internal control systems, and has reviewed these interim results - The Audit Committee is comprised of three independent non-executive directors, with primary responsibilities including reviewing and overseeing the Group's financial reporting process, risk management, and internal control systems[84] - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[84] Directors' Securities Transactions The company has not adopted a code for directors' securities transactions, but inquiries revealed no non-compliance with GEM Listing Rules trading standards by directors during the review period - The company has not adopted a code for directors' securities transactions, but no instances of non-compliance with the trading standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules by directors were found during the review period[85] Corporate Governance Code During the review period, the company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except for one non-executive director who was absent from the annual general meeting due to other commitments - The company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except that non-executive director Mr. Liao Yuan was absent from the annual general meeting due to other commitments[86] Update on Directors' Information Mr. Wu Qiang resigned as an independent non-executive director and from related committee positions on March 28, 2025, and Mr. Guo Guanglei was appointed as an independent non-executive director and chairman of related committees on the same day - Mr. Wu Qiang resigned as an independent non-executive director, member of the Audit Committee, Remuneration Committee, and Nomination Committee, and chairman of the Group Development Strategy Committee on March 28, 2025[87] - Mr. Guo Guanglei was appointed as an independent non-executive director, member of the Audit Committee, Remuneration Committee, and Nomination Committee, and chairman of the Group Development Strategy Committee on March 28, 2025[88] Repurchase, Redemption or Sale of the Company's Listed Securities The company obtained shareholder authorization for share repurchases, buying back 4,080,000 shares for a total consideration of 170,864 HKD during the review period; additionally, 22,416,000 treasury shares were sold via off-market transactions, with proceeds used for general working capital - The company obtained 2024 and 2025 repurchase mandates, allowing for the repurchase of up to 10% of the total issued shares (excluding treasury shares)[89] Details of Share Repurchases | Repurchase Period | Number of Shares Repurchased | Total Consideration Paid (HKD) | | :--- | :--- | :--- | | January 2025 (2024 Mandate) | 1,064,000 | 47,704 | | May 2025 (2025 Mandate) | 1,744,000 | 73,352 | | June 2025 (2025 Mandate) | 1,272,000 | 49,808 | | Total (As of June 30, 2025) | 4,080,000 | 170,864 | - On April 17, 2025, the company sold 22,416,000 treasury shares to an independent third party at 0.06 HKD per share, representing a premium of approximately 53.85% over the closing price on that day, with proceeds used for general working capital[93] Amendments to and Adoption of New Memorandum and Articles of Association At the Annual General Meeting on May 22, 2025, the company passed a special resolution to approve and adopt new Memorandum and Articles of Association, primarily empowering the company to hold and deal with treasury shares and making administrative amendments - At the Annual General Meeting on May 22, 2025, the company passed a special resolution to approve and adopt new Memorandum and Articles of Association[96] - The new articles primarily empower the company to hold and deal with treasury shares and include administrative amendments to enhance clarity and consistency of provisions[96] Change of Auditor's Registered Name Effective June 30, 2025, the company's auditor's registered name changed from 'CL Partners CPA Limited' to 'Rongcheng (Hong Kong) CPA Limited' - Effective June 30, 2025, the company's auditor's English registered name changed from 'CL Partners CPA Limited' to 'Rongcheng (Hong Kong) CPA Limited', and its Chinese name changed from '先机会计师行有限公司' to '容诚（香港）会计师事务所有限公司'[97]