首程控股(00697) - 2025 - 中期业绩

Financial Summary The company's interim financial performance shows significant growth in revenue, profit attributable to owners, and earnings per share, alongside a substantial dividend declaration Interim Results Overview During the reporting period, the company demonstrated strong financial performance with significant growth in revenue, profit attributable to owners, and a corresponding increase in basic and diluted earnings per share Interim Financial Performance Summary | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 731 | 536 | 36% | | Gross Profit | 295 | 233 | 26% | | Profit Attributable to Owners of the Company | 339 | 261 | 30% | | Basic and Diluted EPS (HK cents) | 4.77 | 3.65 | 1.12 HK cents | Dividend Declaration The Board declared an interim dividend of HKD 271 million for H1 2025 and a special dividend of HKD 768 million on March 26, 2025, payable in three installments - An interim dividend of HKD 271 million was declared for H1 2025 (H1 2024: HKD 208 million)[4] - A special dividend of HKD 768 million was declared, payable in three installments, with the first installment paid on April 14, 2025, and the second and third installments due on September 26, 2025, and December 29, 2025, respectively[4] Condensed Consolidated Interim Statement of Comprehensive Income The company's comprehensive income statement for the interim period shows robust growth in revenue and profit, significantly boosted by foreign exchange gains Condensed Consolidated Interim Statement of Comprehensive Income Summary | Metric (HKD thousands) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 731,158 | 535,843 | 36.45% | | Gross Profit | 294,639 | 233,456 | 26.21% | | Operating Profit | 454,850 | 352,566 | 29.02% | | Profit Before Income Tax | 390,646 | 293,299 | 33.19% | | Profit for the Period | 341,520 | 243,949 | 40.00% | | Profit Attributable to Owners of the Company | 339,026 | 260,551 | 30.12% | | Total Comprehensive Income for the Period | 608,964 | 318,959 | 90.92% | | Basic EPS (HK cents) | 4.77 | 3.65 | 30.68% | - Exchange differences on translation of overseas operations turned from a loss of HKD 119,794 thousand in H1 2024 to a gain of HKD 137,941 thousand in H1 2025, significantly contributing to the substantial increase in total comprehensive income[8] - Fair value changes of financial assets at fair value through other comprehensive income decreased from HKD 215,217 thousand in H1 2024 to HKD 104,811 thousand in H1 2025[8] Condensed Consolidated Interim Statement of Financial Position The company's financial position shows an increase in total assets and liabilities, with a notable rise in current liabilities primarily due to dividend payables Condensed Consolidated Interim Statement of Financial Position Summary | Metric (HKD thousands) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Non-current Assets | 7,801,719 | 7,312,200 | 6.70% | | Total Current Assets | 6,546,065 | 6,516,883 | 0.45% | | Total Assets | 14,347,784 | 13,829,083 | 3.75% | | Equity | | | | | Total Equity | 9,263,880 | 9,515,844 | -2.65% | | Liabilities | | | | | Total Non-current Liabilities | 3,402,156 | 3,333,305 | 2.06% | | Total Current Liabilities | 1,681,748 | 979,934 | 71.62% | | Total Liabilities | 5,083,904 | 4,313,239 | 17.87% | - Total current liabilities significantly increased by 71.62%, primarily due to dividends payable rising from zero to HKD 632,155 thousand and contract liabilities increasing from HKD 68,751 thousand to HKD 156,228 thousand[10] - Time deposits maturing in more than three months increased from HKD 1,626,752 thousand to HKD 3,061,844 thousand, indicating a shift in the company's cash management strategy[9] Notes to the Condensed Consolidated Interim Financial Information This section provides detailed notes on the preparation basis, accounting policies, segment information, and other key financial items for the interim period 1 Basis of Preparation This condensed consolidated interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual financial statements - The financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting"[12] - The auditors issued an unqualified opinion on the 2024 annual financial statements[13] 2 Accounting Policies and Accounting Estimates and Judgements The Group's accounting policies are consistent with the 2024 annual financial statements, with income tax accrued using the applicable tax rate on the expected total annual profit; management is assessing the impact of newly issued but not yet effective standards - Accounting policies are consistent with the 2024 annual financial statements, and income tax is accrued using the applicable tax rate on the expected total annual profit[14][15] - Management is evaluating the potential impact of newly issued but not yet applied standards on the Group's operating results and financial position[15] 3 Revenue and Segment Information The Group primarily engages in infrastructure asset management, with total revenue of HKD 731 million in H1 2025, significantly contributed by operating service income and investment gains from financial assets at fair value through profit or loss Revenue by Type | Revenue Type (HKD thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Service Income | 475,803 | 370,277 | | Construction Income from Service Concession Arrangements | 9,902 | 11,492 | | Fund Management Service Income | 90,854 | 95,206 | | Excess Returns from Investment Funds | – | 97,491 | | Rental Income | 25,424 | 24,003 | | Investment Gains/(Losses) from Financial Assets at Fair Value Through Profit or Loss | 129,175 | (62,626) | | Total Revenue | 731,158 | 535,843 | - Investment gains from financial assets at fair value through profit or loss turned from a loss of HKD 62,626 thousand in H1 2024 to a gain of HKD 129,175 thousand in H1 2025, serving as a significant driver for revenue growth[17] - Excess returns from investment funds were zero in H1 2025, compared to HKD 97,491 thousand in H1 2024[17] 4 Income Tax Expense The Group's income tax expense primarily comprises Hong Kong profits tax (16.5%) and PRC corporate income tax (mainly 25%), with H1 2025 expense remaining stable year-on-year - Hong Kong profits tax rate is 16.5%[19] - PRC mainland subsidiaries' corporate income tax rate is mainly 25%[20] - H1 2025 income tax expense was HKD 49,126 thousand, largely consistent with HKD 49,350 thousand in H1 2024[7] 5 Earnings Per Share In H1 2025, both basic and diluted earnings per share attributable to owners of the company were 4.77 HK cents, an increase from the prior period, calculated based on the weighted average number of ordinary shares outstanding Earnings Per Share | Metric (HK cents) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic EPS | 4.77 | 3.65 | | Diluted EPS | 4.77 | 3.65 | - Profit attributable to owners of the company used for calculating basic and diluted earnings per share was HKD 339,026 thousand (H1 2024: HKD 260,551 thousand)[25] - The weighted average number of ordinary shares used for calculating basic and diluted earnings per share was 7,114,104 thousand shares in H1 2025, slightly lower than 7,132,972 thousand shares in H1 2024[26] - Certain unexercised share options were not included in the diluted earnings per share calculation due to their anti-dilutive effect[27] 6 Trade Receivables As of June 30, 2025, net trade receivables increased to HKD 224,372 thousand from year-end 2024, with receivables over 180 days constituting the largest portion Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 60 days | 37,778 | 50,391 | | 61 to 90 days | 12,106 | 8,073 | | 91 to 180 days | 23,207 | 29,560 | | Over 180 days | 151,281 | 115,068 | | Total | 224,372 | 203,092 | - Trade receivables generally have a credit period of 30 to 180 days[28] - Trade receivables over 180 days increased from HKD 115,068 thousand at year-end 2024 to HKD 151,281 thousand as of June 30, 2025[28] 7 Trade Payables As of June 30, 2025, total trade payables increased to HKD 516,671 thousand from year-end 2024, with payables over 365 days representing the largest portion Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 80,734 | 112,051 | | 91 to 180 days | 65,656 | 48,009 | | 181 to 365 days | 81,833 | 59,030 | | Over 365 days | 288,448 | 233,660 | | Total | 516,671 | 452,750 | - Trade payables over 365 days increased from HKD 233,660 thousand at year-end 2024 to HKD 288,448 thousand as of June 30, 2025[29] 8 Share Capital As of June 30, 2025, the company's issued and fully paid ordinary share capital was HKD 12,994,847 thousand, with the number of shares reduced due to share repurchases - As of June 30, 2025, the number of issued and fully paid ordinary shares was 7,284,455 thousand shares, with share capital of HKD 12,994,847 thousand[30] - In H1 2025, 400,000 shares were repurchased and cancelled for a total consideration of approximately HKD 533 thousand[30] - For the full year 2024, 83,960,000 shares were repurchased and cancelled for a total consideration of approximately HKD 58,736 thousand[30] 9 Dividends The Group recognized final and special dividends during the half-year and declared an interim dividend for H1 2025 Dividends Recognized | Dividend Type (HKD thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Final Dividend | 120,068 | 160,539 | | Special Dividend | 761,621 | – | | Total Dividends Recognized in Half-Year | 881,689 | 160,539 | - The Board declared a special dividend of HKD 768 million on March 26, 2025, payable in three installments, with two installments recognized as liabilities as of June 30, 2025[32] - The Board declared an interim dividend of HKD 271 million for H1 2025, which has not yet been recognized as a liability[33] 10 Events After the Reporting Period Subsequent to the reporting period, the company completed the issuance and listing of USD 180 million 0.75% convertible bonds in July 2025 - On July 9, 2025, the company completed the issuance of USD 180 million 0.75% convertible bonds, which were listed on the Stock Exchange on July 10, 2025[34] Interim Dividend Policy and Arrangements This section outlines the company's interim dividend declaration for H1 2025 and the associated arrangements for share transfer registration Interim Dividend Declaration The Board declared an interim dividend totaling HKD 271 million for the six months ended June 30, 2025, expected to be paid on November 17, 2025 - An interim dividend of HKD 271 million (HKD 3.43 cents per share) was declared, an increase from HKD 208 million in H1 2024[35] - The interim dividend is expected to be paid on November 17, 2025[35] Closure of Register of Members To determine eligibility for the interim dividend, the company will suspend share transfer registration on September 30, 2025, requiring shareholders to complete transfer procedures before this date - The register of members will be closed on September 30, 2025[36] - To be eligible for the interim dividend, all transfer documents must be lodged with the share registrar by 4:30 p.m. on September 29, 2025[36] Management Discussion and Analysis This section provides an in-depth review of the company's business operations, financial performance, risk management strategies, and future outlook Company Overview The Group is a leading intelligent infrastructure asset service provider in China, focusing on "asset operation + asset securitization," with businesses spanning parking asset management, industrial space management, REITs, and equity investments, alongside a forward-looking robotics industry layout - The company is positioned as a leading intelligent infrastructure asset service provider in China, with a core focus on "asset operation + asset securitization"[37] - Business covers four segments: parking asset management, industrial space management, REITs investment, and equity investment[37] - Adopts an "asset cycle + digitalization" operating model to achieve closed-loop management throughout the asset lifecycle[37] - Proactively lays out the robotics industry, investing in several leading enterprises and establishing Beijing Shoucheng Robotics Technology Industrial Co, Ltd[37] Overview of Key Financial Indicators In H1 2025, the company achieved growth in revenue, operating profit, and profit attributable to owners, while maintaining healthy asset-liability and debt-to-capital ratios Key Financial Indicators Overview | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD millions) | 731 | 536 | 36.4% | | Asset Operation Revenue (HKD millions) | 511 | 406 | 25.9% | | Asset Securitization Revenue (HKD millions) | 220 | 130 | 69.2% | | Adjusted EBITDA (HKD millions) | 587 | 482 | 21.8% | | Operating Profit (HKD millions) | 455 | 353 | 28.9% | | Profit Attributable to Owners of the Company (HKD millions) | 339 | 261 | 29.9% | | Basic and Diluted EPS (HK cents) | 4.77 | 3.65 | 30.7% | | Balance Sheet Metrics | June 30, 2025 | December 31, 2024 | Change | | Total Assets (HKD millions) | 14,348 | 13,829 | 3.8% | | Net Assets (HKD millions) | 9,264 | 9,516 | -2.7% | | Asset-Liability Ratio | 35.4% | 31.2% | +4.2% | | Debt-to-Capital Ratio | 12.4% | 15.9% | -3.5% | Non-HKFRS Measures The Group utilizes Adjusted EBITDA, asset-liability ratio, and debt-to-capital ratio as non-HKFRS measures to supplement consolidated financial statements, offering a more comprehensive assessment of operating performance and financial position - Adjusted EBITDA is used to assess core operating performance, excluding non-cash transactions, income tax, finance costs, and non-controlling interests[40] - Asset-liability ratio (total liabilities/total assets) is used to assess the level of indebtedness[40] - Debt-to-capital ratio (total borrowings and bonds payable/equity and reserves attributable to owners of the company) is used to assess the financing structure[40] - These non-HKFRS measures aim to provide additional information, enhancing the understanding of the company's performance and prospects[41] Financial Review In H1 2025, the Group's revenue and gross profit grew significantly, driven by strong performance in asset operation and securitization businesses, with finance costs slightly up, income tax stable, and adjusted EBITDA substantially increasing Revenue and Cost of Sales In H1 2025, the Group's total revenue increased by 36% year-on-year, with asset operation revenue up 26% and asset securitization revenue up 69%, leading to a 26% rise in gross profit - Total revenue was approximately HKD 731 million, a year-on-year increase of 36%[42] - Asset operation revenue was approximately HKD 511 million, a year-on-year increase of 26%, primarily benefiting from new projects like the Xi'an Xianyang International Airport T5 terminal parking project and improved operational efficiency of existing projects[42] - Asset securitization revenue was approximately HKD 220 million, a year-on-year increase of 69%[42] - Overall gross profit was approximately HKD 295 million, a year-on-year increase of 26%[42] Finance Costs In H1 2025, finance costs were approximately HKD 61 million, an increase of about 5% year-on-year, primarily comprising interest on lease liabilities and borrowings and bonds payable - Finance costs were approximately HKD 61 million, a year-on-year increase of about 5%[43] - The main components are interest on lease liabilities and interest on borrowings and bonds payable[43] Taxation In H1 2025, income tax expense was approximately HKD 49 million, consistent with the prior period, mainly comprising corporate income tax for PRC subsidiaries - Income tax provision was approximately HKD 49 million, consistent with H1 2024[44] - Primarily corporate income tax for PRC mainland subsidiaries calculated at a 25% tax rate[44] Adjusted EBITDA In H1 2025, Adjusted EBITDA was approximately HKD 587 million, a year-on-year increase of about 22%, reflecting strong cash profit growth from core operations Adjusted EBITDA Reconciliation | Metric (HKD millions) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit Before Income Tax | 391 | 293 | 33.4% | | Non-controlling Interests | (10) | 9 | -211.1% | | Finance Costs | 61 | 58 | 5.2% | | Depreciation of Property, Plant and Equipment | 14 | 11 | 27.3% | | Depreciation of Right-of-Use Assets | 115 | 97 | 18.6% | | Amortization of Other Non-current Assets | 16 | 14 | 14.3% | | Adjusted EBITDA | 587 | 482 | 21.8% | - Adjusted EBITDA increased by 22% year-on-year, reaching HKD 587 million, reflecting growth in cash profit from core operations[45] - The calculation of Adjusted EBITDA excludes the impact of depreciation, amortization, income tax expense, finance costs, and non-controlling interests[45] Business Review The Group achieved significant progress in both asset operation and securitization, enhancing efficiency through a "asset cycle + digitalization" model, accelerating robotics industry layout, and deepening REITs-based full-lifecycle asset management capabilities Asset Scale and Operational Efficiency Growth and Digitalization Progress The Group continued to expand its parking resource layout, adding the Xi'an Xianyang International Airport project, accelerating "parking + charging" business development, and enhancing operational efficiency through digitalized operations like AI smart customer service - The Xi'an Xianyang International Airport T5 terminal parking project commenced operations in February 2025, offering over 5,200 parking spaces and completing the national transportation hub project layout[46] - Accelerated the layout of "parking + charging" business, extending parking asset management to comprehensive services[46] - Launched AI smart customer service and Q&A functions built on DeepSeek V3 and Alibaba Tongyi Qianwen models, reducing manual customer service workload by over 50%[46] Asset Securitization and Operational Synergy and Robotics Industry Layout The Group invests in cutting-edge fields like humanoid and medical robots through industrial funds, leveraging its infrastructure management expertise to provide scenario implementation and data support for robotics companies, building an integrated "investment + operation + ecosystem" development path - Invested in core robotics industry chain companies such as Unitree Robotics and Galaxy Universal through multiple industrial funds, covering cutting-edge fields like humanoid robots, medical robots, industrial robots, and low-altitude economy[47] - Utilizes managed parking lots and industrial park physical scenarios to provide real operational data for robotics companies, accelerating product iteration and commercialization[48] - Its subsidiary, Beijing Shoucheng Robotics Technology Industrial Co, Ltd, promotes the application and secondary development of robotics products through sales agency, leasing, and consulting services[49] - Signed agreements with over 50 robotics companies at the June 2025 Robotics Industry Ecosystem Summit and launched a robotics technology experience store during the World Humanoid Robot Games, covering a "technology-product-market" closed loop[49] Deepening REITs-Based Full-Lifecycle Asset Management The Group, in partnership with China Life, established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, strategically investing in multiple REITs projects and reserving high-quality infrastructure assets for full-lifecycle management through asset securitization and public REITs - Jointly established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life, with a fund size of RMB 5.237 billion[50] - Strategically invested in REITs projects such as Southern Vanke Data Center, Southern Runze Technology Data Center, CICC-Shounong Industrial Park, and China Everbright Huadian Clean Energy through proprietary funds and Beijing Pingzhun Fund strategic placements[50] - The Urban Development Fund reserves high-quality infrastructure assets in the Beijing-Tianjin-Hebei, East China, Chengdu-Chongqing, and Greater Bay Area regions, with future exits planned through asset securitization and public REITs[51] Principal Risks and Uncertainties The Group faces market risks (currency, interest rate, price), credit risk, and liquidity risk, managing them through Board-approved guidelines to mitigate potential adverse impacts Currency Risk The Group's operations are primarily in mainland China and Hong Kong, exposing it to exchange rate fluctuations of HKD, USD, and RMB, which are mitigated by matching foreign currency assets with borrowing bases - Faces exchange rate fluctuation risks for HKD, USD, and RMB[53] - Mitigates exchange rate risk by matching foreign currency assets with foreign currency cash flows as the borrowing base[53] Interest Rate Risk The Group primarily faces cash flow interest rate risk associated with floating-rate bank balances and borrowings - Primarily faces cash flow interest rate risk related to floating-rate bank balances and borrowings[54] Capital Structure The Group's capital structure comprises borrowings, bonds payable, and equity attributable to owners of the company, reviewed semi-annually by the Board to balance it through dividends, new share issues, share repurchases, and debt management - Capital structure includes borrowings, bonds payable, and equity attributable to owners of the company[55] - The Board reviews the capital structure semi-annually, balancing it through dividends, new share issues, share repurchases, and debt management[55] Liquidity and Financial Resources The Group is committed to diversifying funding sources, maintaining high-liquidity assets, and preserving healthy asset-liability and debt-to-capital ratios High Liquidity Assets | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 2,702 | 2,622 | 3.05% | | Wealth Management Products and Fixed-Income Financial Assets | 3,198 | 1,746 | 83.16% | | Total High Liquidity Assets | 5,900 | 4,368 | 35.08% | Asset-Liability Ratio | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Liabilities | 5,084 | 4,313 | 17.87% | | Total Assets | 14,348 | 13,829 | 3.75% | | Asset-Liability Ratio | 35.4% | 31.2% | +4.2% | Debt-to-Capital Ratio | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Borrowings and Bonds Payable | 1,137 | 1,496 | -23.99% | | Equity and Reserves Attributable to Owners of the Company | 9,174 | 9,421 | -2.62% | | Debt-to-Capital Ratio | 12.4% | 15.9% | -3.5% | - The asset-liability ratio increased by 4.2%, primarily due to the provision for two installments of special dividends payable during the period[57] - The debt-to-capital ratio decreased by 3.5%, mainly because the Group repaid all bank term loans, reducing total borrowings[58][59] - As of June 30, 2025, all bank term loans were repaid, with a 3-year medium-term note balance of approximately HKD 548 million and a REITs-like structured asset-backed product balance of approximately HKD 589 million[59][60][61] Significant Investments Held The Group holds significant investments in CICC GLP REIT and Shougang Fushan Resources Group Limited, with CICC GLP REIT realizing fair value change gains in H1 2025 Major Strategic Investments | Strategic Investment Name | Investment Cost (RMB) | Fair Value (RMB) (June 30, 2025) | Fair Value as % of Total Assets | Unrealized Fair Value Change Gain (RMB) (H1 2025) | Dividends Received (RMB) (H1 2025) | | :--- | :--- | :--- | :--- | :--- | :--- | | CICC GLP REIT | 583,500,000 | 571,650,000 | 4.37% | 71,400,000 | 7,425,000 | - CICC GLP REIT primarily invests in warehousing and logistics infrastructure projects, with its fund units listed on the Shanghai Stock Exchange[64] - The Group completed the disposal of a portion of Shougang Resources shares on February 3, 2025[64] Significant Acquisitions and Disposals During the reporting period, the company's wholly-owned subsidiary, Fine Power Group Limited, completed the disposal of approximately 11.92% of Shougang Resources shares to related party Shougang Holding - On February 3, 2025, Fine Power Group Limited completed the disposal of 606,927,640 shares (approximately 11.92%) of Shougang Resources to Shougang Holding[65] Events After the Reporting Period Subsequent to the reporting period, the company completed the issuance and listing of USD 180 million 0.75% convertible bonds in July 2025 - On July 9, 2025, the company completed the issuance of USD 180 million 0.75% convertible bonds, which were listed on the Stock Exchange on July 10, 2025[66] Employee Relations The Group is committed to providing an equal, diverse, and non-discriminatory work environment, attracting and retaining talent through a competitive compensation and incentive system and comprehensive employee benefits, including equity incentives, social insurance, annual health checks, and recreational activities - As of June 30, 2025, the Group had a total of 442 employees[67] - Implements a compensation and incentive system that is "competitive externally and fair internally," including fixed salaries, performance-based variable pay, discretionary bonuses, project bonuses, and equity incentive plans[67] - Provides medical allowances, hospitalization plans, and pension schemes for Hong Kong employees; arranges social insurance benefits (five insurances and one housing fund) and annual health checks for mainland China employees[67][68] - Enhances team cohesion and sense of belonging through recreational activities and employee assemblies[68] Outlook Looking ahead, the Group will continue to increase investment in core regions, focused industries, and assets, deepen the robotics industry ecosystem, and create long-term shareholder returns through an integrated "investment, production, and service" model - Future plans include increasing investment in core regions, focused industries, and focused assets[69] - Continues to deeply lay out the robotics industry, building a complete robotics industry ecosystem through "investment, production, and service"[69] - The goal is to promote the upgrading of China's intelligent manufacturing industry, enhance the digital and intelligent management level of managed assets, and create sustainable value returns for shareholders[69] Purchase, Sale or Redemption of the Company's Listed Securities In H1 2025, the company repurchased and cancelled 400,000 shares on the Stock Exchange for a total consideration of HKD 532,949.60 Share Repurchases | Month | Number of Shares Repurchased (shares) | Highest Price Paid (HKD) | Lowest Price Paid (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 400,000 | 1.38 | 1.28 | 532,949.60 | | Total | 400,000 | | | 532,949.60 | - All repurchased shares have been cancelled[70] Compliance with Corporate Governance Code For the six months ended June 30, 2025, the company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - The company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules[71] Other Information This section details changes to the company's registered office address and expresses gratitude to stakeholders Change of Registered Office Address The company's registered office address will change to Units 3706-08, 37/F, AIA Tower, 183 Electric Road, North Point, Hong Kong, effective September 1, 2025 - The registered office address will change to Units 3706-08, 37/F, AIA Tower, 183 Electric Road, North Point, Hong Kong, effective September 1, 2025[72] Acknowledgements The Board expresses gratitude for the trust and support of shareholders and strategic investors, reaffirming the company's core competitive advantages as an intelligent infrastructure asset service provider and deep participant in the robotics industry, committed to creating sustainable shareholder value - The Board thanks shareholders and strategic shareholders (including Shougang Group Co, Ltd, ORIX Corporation, Chow Tai Fook Enterprises Limited, Beijing State-owned Capital Operation and Management Co, Ltd, and Sunshine Insurance Group Co, Ltd) for their support[73] - The company will continue to leverage its core competitive advantages in asset operation and management, capital synergy and integration, and scenario empowerment and innovation to promote the upgrading of the intelligent manufacturing industry and create sustainable value for shareholders[73]